MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	CETHAR LIMITED (w.e.f.26.05.2011)
Formerly Known As :	CETHAR VESSELS LIMITED (w.e.f.16.01.2008) CETHAR VESELLS PRIVATE LIMITED
Registered Office :	No.4, Dindigul Road, Tiruchirappalli – 620001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.11.1981
Com. Reg. No.:	18-009067
Capital Investment / Paid-up Capital :	Rs. 572.135 Millions
CIN No.: [Company Identification No.]	U28991TN1981PLC009067
TAN No.: [Tax Deduction & Collection Account No.]	CHEC05058E
PAN No.: [Permanent Account No.]	AAACC2721M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Erection and Commissioning of Power Generation Equipment.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 32880000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established company having a satisfactory track record. The company has incurred a loss from its operations during 2012, which is then mitigated by reversing excess depreciation of earlier years. However, the overall financial and liquidity position appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported as regular. In view of experienced promoters and directors, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Natrajan Kartha Kuan
Designation :	Finance Head
Contact No.:	91-431-2484000
Date :	22.10.2013

LOCATIONS

Registered/ Administrative Office/ Headquarter :	No.4, Dindigul Road, Tiruchirappalli – 620001, Tamilnadu, India
Tel. No.:	91-431-2484000
Fax No.:	91-431-2481079
E-Mail :	natrajankarthakuan@cethar.com chandrasekaran.c@cethar.com marketing@cethar.com finance@cethar.com
Website :	http://www.cethar.com
Factory 1 :	SF No.9/1, Avoor Road Kumaramangalam Village, Mathur Post Pudukkottai District – 622515, Tamilnadu, India
Factory 2 :	SF No. 37, 38, 39, 41and 42, Trichy-Madurai Main Road, Alundhur Village, E-Pudur Post, Tiruchirapalli District – 620012, Tamilnadu, India
Factory 3 :	SF No. 113/2, Trichy-Madurai Road, Vadugapatti Village, Viralimalai Post, Pudukkottai District – 621316, Tamilnadu, India
Factory 4 :	SF No. 132 and 133, Trichy-Pudukkotai Main Road, Mathur Industrial Estate, Post Mathur, Pudukkottai District – 622515, Tamilnadu, India
Factory 5 :	SF No. 256, Trichy-Thuraiyur Main Road, Peramangalam Village, Pulivalam Post, Tiruchirapalli District – 621006, Tamilnadu, India
Factory 6 :	SF No.204, 205 and 32, Trichy-Chennai Highway, Irungalur Village Samayapuram, Post Mannachanallur Taluk, Tiruchirapalli District – 621112, Tamilnadu, India
Factory 7 :	SF No.4, 5, 6 and 7, Trichy-Madurai Main Road, Boothakudi/ Melapachakudi Village, Viralimalai Post, Pudukkottai District – 621316, Tamilnadu, India
International Office :	Located at: · CA, USA · Easton, PA, USA · Singapore
Regional Offices :	Located at: · Ahmedabad · Bangalore · Kolkata · Mumbai · Raipur · Secunderabad · Ludhiana · New Delhi

DIRECTORS

AS ON 23.11.2012

Name :

Nagalapuram Kandasamy Pothiraaj

Designation :

Managing director

Address :

30 and 31, Cethar Gardens, K.K. Nagar, Trichy - 620021, Tamilnadu, India

Date of Birth/Age :

07.04.1957

Qualification :

B. E (Mechanical Engineering)

Date of Appointment :

01.04.2010

PAN No.:

AAEPP9937F

DIN No.:

00276720

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26943TN1988PTC016497	PIPELINES AND PROCESS EQUIPMENTS PRIVATE LIMITED	Director	27/09/1993	27/09/1993	-	Active	NO
2	U28991TN1981PLC009067	CETHAR LIMITED	Managing director	01/04/2010	12/04/2005	-	Active	NO
3	U74910TN2005PLC057913	CETHAR CONSULTING ENGINEERS LIMITED	Director	28/10/2005	28/10/2005	15/07/2013	Active	NO
4	U74140TN2005PLC058247	CETHAR CONSULTANCY SERVICES LIMITED	Director	07/12/2005	07/12/2005	-	Active	NO
5	U28122TN2006PTC059436	TRICHY FABRICATORS PRIVATE LIMITED	Director	05/04/2006	05/04/2006	01/04/2013	Active	NO
6	U40109TN2006PLC059441	CETHAR ENERGY LIMITED	Director	05/04/2006	05/04/2006	-	Active	NO
7	U40100TN2008PLC067673	CETHAR ELECTRICALS LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
8	U45203TN2008PLC067668	CETHAR CONSTRUCTIONS LIMITED	Managing director	09/04/2011	08/05/2008	-	Active	NO
9	U65993TN2009PTC071240	CETHAR HOLDINGS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO

Name :

Kandasamy Subburaj

Designation :

Whole-time director

Address :

15, Cethar Gardens, K. K. Nagar, Trichy – 620021, Tamilnadu, India

Date of Birth/Age :

02.12.1949

Qualification :

B. E (Mechanical Engineering)

Date of Appointment :

01.04.2010

PAN No.:

AALPS4566Q

DIN No.:

00292869

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28991TN1981PLC009067	CETHAR LIMITED	Whole-time director	01/04/2010	16/09/1989	-	Active	NO
2	L18101TN1990PLC019364	CETHAR INDUSTRIES LIMITED	Director	10/08/1994	10/08/1994	-	Active	NO
3	U74910TN2005PLC057913	CETHAR CONSULTING ENGINEERS LIMITED	Director	28/10/2005	28/10/2005	15/07/2013	Active	NO
4	U74140TN2005PLC058247	CETHAR CONSULTANCY SERVICES LIMITED	Director	07/12/2005	07/12/2005	-	Active	NO
5	U28122TN2006PTC059436	TRICHY FABRICATORS PRIVATE LIMITED	Director	05/04/2006	05/04/2006	01/04/2013	Active	NO
6	U40109TN2006PLC059441	CETHAR ENERGY LIMITED	Director	08/02/2012	05/04/2006	-	Active	NO
7	U24111TN1980PLC008156	VAIGHAI CHEMICAL INDUSTRIES LIMITED	Director	03/09/2006	03/09/2006	15/06/2009	Active	NO
8	U45203TN2008PLC067668	CETHAR CONSTRUCTIONS LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
9	U40100TN2008PLC067673	CETHAR ELECTRICALS LIMITED	Managing director	10/02/2012	08/05/2008	-	Active	NO
10	U65993TN2009PTC071240	CETHAR HOLDINGS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO

Name :

Kulandaiah Thambithurai

Designation :

Additional director

Address :

Mark Residence, 12/31, VOC Road, Cantonment, Trichy – 620001, Tamilnadu India

Date of Birth/Age :

15.06.1948

Date of Appointment :

14.08.2013

DIN No.:

00897554

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28991TN1981PLC009067	CETHAR LIMITED	Additional director	14/08/2013	31/10/2006	-	Active	NO
2	U45203TN2008PLC067668	CETHAR CONSTRUCTIONS LIMITED	Director	23/08/2011	15/11/2010	18/01/2012	Active	NO

Name :

Jagat Mohan Ghosh

Designation :

Additional director

Address :

G1, Rohinimayflower, 36 and 37, Ranganathapuram, Puthur Trichy – 620017, Tamilnadu, India

Date of Birth/Age :

22.11.1951

Date of Appointment :

16.09.2013

DIN No.:

01874721

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45400MH2012PTC239171	FLETCHER INFRA PROJECTS PRIVATE LIMITED	Additional director	25/04/2013	25/04/2013	Active	NO
2	U28991TN1981PLC009067	CETHAR LIMITED	Additional director	16/09/2013	16/09/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Natrajan Kartha Kuan
Designation :	Finance Head
Name :	V. Balasubramanian
Designation :	Secretary
Address :	B-2/S-1, Paris Appartments, 30, Mettu Street, Guindy, Chennai – 600035, Tamilnadu, India
Date of Birth/Age :	02.08.1957
Date of Appointment :	23.12.2009
PAN No.:	ACZPB5201B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.11.2012

Names of Shareholders	No. of Shares
K. Subburaj	2304373
S. Vimala	1414090
S. Kanagaraj	447780
N.K. Pothiraaj	276236
K.S. Kanthasamy	9404
N. Sridhar	185835
S. EIango	19089
B. Vijaya	12519
V. Bharathi	9562
M. Gunasekaran	4854
R. Venkatesh	4854
J.M. Ghosh	4854
P.K. Sinha	4854
PV. Kannan	4854
M. Jayaprakash	4854
A.S. Raman	4854
Kirit N. Parikh	4829
N. Rajaraman	4854
R. Sekar	4843
P.V. Krishna Kumar	4245
KK. Parthiban	4245
A.N.C. Shanmugam	1129
Beta Holdings Limited, Mauritius	984316
Lina Manish Modi	25
Total	5721352

AS ON 23.11.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	17.20
Directors or relatives of directors	77.65
Others	5.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Erection and Commissioning of Power Generation Equipment.

Products/ Services :

ITC Code No.	Product Descriptions
84021100	Water Tube Boiler with steam production exceeding 45 T / hour
85115000	Water Tube Boiler with steam production not exceeding 45 T / hour
85114000	Parts of Water Tube Boiler

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Canara Bank, 26, Nandhikoil Street, Teppakulam, Tiruchirapalli - 620006, Tamilnadu, India

· Indian Bank, Cantonment Branch, 5, Williams Road, Trichy - 620001, Tamilnadu, India

· The Hongkong and Shanghai Banking Corporation Limited, 76, Cathedral Road, Chennai - 600086, Tamilnadu, India

· Deutsche Bank AG, 114, M G Road, P.O. Box No.6353, Chennai - 600034, Tamilnadu, India

· Andhra Bank, 73B, Lakshmi Complex, Salai Road, Tiruchirapalli - 620018, Tamilnadu, India

· IDFC Limited, KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India

· IDBI Bank Limited, No.1, Cenotaph Road, Teynampet, Chennai - 600018, Tamilnadu, India

· The Lakshmi Vilas Bank Limited, Thillai Nagar Branch, 4th Cross Street, Thillai Nagar, Tiruchirapalli - 620018, Tamilnadu, India

· The Federal Bank Limited

· ICICI Bank Limited

· State Bank of India

· Karur Vysya Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	141.321	476.206
Term loans from others	660.000	952.097
SHORT TERM BORROWINGS
Working capital loans from banks	4178.327	2297.127
Total	4979.648	3725.430

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	No.4, (Old No.55-A), Chevaliar Sivaji Ganesan Road, (South Boag Road) , Thyagarayanagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFS5023Q
Subsidiary Companies :	Domestic: · Cethar Consulting Engineers Limited [U74910TN2005PLC057913] · Cethar Consultancy Services Limited [U74140TN2005PLC058247] · Cethar Energy Limited [U40109TN2006PLC059441] · Cethar Electricals Limited [U40100TN2008PLC067673] · Cethar Constructions Limited [U45203TN2008PLC067668] Overseas: · Cethar Inc., USA, · Cethar Engineering Services (Pte) Limited, Singapore
Other Companies :	· Micromax Systems (Private) Limited [U29255TN1992PTC023066] · Pipelines and Process Equipment (Private) Limited [U26943TN1988PTC016497] · Cethar Industries Limited [L18101TN1990PLC019364] · Trichy Fabricators (Private) Limited [U28122TN2006PTC059436] · Cethar Healthcare Services (Private) Limited [U85110TN2010PTC078413] · Metso Power India (Private) Limited [U74200TN2008PTC067754] · NR Airpreheaters Private Limited [U29299TN2008PTC066334]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8,500,000	Equity Shares	Rs. 100/- each	Rs. 850.000 Millions
5,000,000	Preference Shares	Rs. 100/- each	Rs. 500.000 Millions
	Total		Rs. 1350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,721,352	Equity Shares	Rs. 100/- each	Rs. 572.135 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	572.135	1028.610
(b) Reserves & Surplus	7648.978	7142.120
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8221.113	8170.730
(3) Non-Current Liabilities
(a) long-term borrowings	801.321	1428.303
(b) Deferred tax liabilities (Net)	858.232	835.974
(c) Other long term liabilities	372.072	298.316
(d) long-term provisions	77.628	92.758
Total Non-current Liabilities (3)	2109.253	2655.351
(4) Current Liabilities
(a) Short term borrowings	4178.327	2297.127
(b) Trade payables	5021.073	4116.946
(c) Other current liabilities	9925.355	9282.433
(d) Short-term provisions	74.114	218.384
Total Current Liabilities (4)	19198.869	15914.890
TOTAL	29529.235	26740.971
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4984.683	3857.252
(ii) Intangible Assets	94.471	132.260
(iii) Capital work-in-progress	1328.948	856.259
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1419.683	1248.209
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	102.173	202.692
(e) Other Non-current assets	591.393	379.514
Total Non-Current Assets	8521.351	6676.186
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5880.105	5377.860
(c) Trade receivables	8853.402	9139.207
(d) Cash and cash equivalents	1329.564	2258.313
(e) Short-term loans and advances	4944.813	3289.405
(f) Other current assets	0.000	0.000
Total Current Assets	21007.884	20064.785
TOTAL	29529.235	26740.971

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		468.780
2] Share Application Money		0.000
3] Reserves & Surplus		3023.231
4] (Accumulated Losses)		0.000
NETWORTH		3492.011
LOAN FUNDS
1] Secured Loans		4499.726
2] Unsecured Loans		19.346
TOTAL BORROWING		4519.072
DEFERRED TAX LIABILITIES		515.889
TOTAL		8526.972
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3901.101
Capital work-in-progress		703.785
INVESTMENT		185.685
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3713.146
	Sundry Debtors	4461.721
	Cash & Bank Balances	1199.079
	Other Current Assets	0.000
	Loans & Advances	2966.350
Total Current Assets		12340.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.643
	Other Current Liabilities	8474.118
	Provisions	115.134
Total Current Liabilities		8603.895
Net Current Assets		3736.401
MISCELLANEOUS EXPENSES		0.000
TOTAL		8526.972

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	20365.800	22925.847	9765.358
		Other Income	185.412	174.098	107.514
		TOTAL (A)	20551.212	23099.945	9872.872
Less	EXPENSES
		Cost of materials consumed	6281.795	6116.457
		Purchases of stock-in-trade	6639.162	6765.625
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1250.835)	(655.002)
		Employee benefit expense	1365.815	1464.497
		Other expenses	7265.224	6273.971
		Exceptional items	(908.346)	0.000
		TOTAL (B)	19392.815	19965.548	8548.643
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1158.397	3134.397	1324.229
Less	FINANCIAL EXPENSES (D)		695.802	615.628	643.607
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		462.595	2518.769	680.622
Less/ Add	DEPRECIATION/ AMORTISATION (F)		374.021	632.407	436.041
	PROFIT BEFORE TAX (E-F) (G)		88.574	1886.362	244.581
Less	TAX (H)		38.192	661.577	83.236
	PROFIT AFTER TAX (G-H) (I)		50.382	1224.785	161.345
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	837.992	62.173	9.404
	IMPORTS
		Raw Materials	999.084	1767.409	302.326
		Capital Goods	90.845	0.000	12.090
	TOTAL IMPORTS		1089.929	1767.409	314.416
	Earnings Per Share (Rs.)
	Basic		NA	249.17	34.42
	Diluted		NA	243.09	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.25	5.30	1.63
Net Profit Margin (PBT/Sales)	(%)	0.43	8.23	2.50
Return on Total Assets (PBT/Total Assets}	(%)	0.33	7.66	1.51
Return on Investment (ROI) (PBT/Networth)		0.01	0.23	0.07
Debt Equity Ratio (Total Debt/Networth)		0.61	0.46	1.29
Current Ratio (Current Asset/Current Liability)		1.09	1.26	1.43

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:
Case No.:	938
Year :	2013
Petitioner :	M/S.LAKSHMI RING TRAVELLERS
Respondent :	M/S.CETHAR LIMITED
Pet's Advocate :	M/S.HARISHANKAR MANI
Res's Advocate :
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Sep 10 2013
No Connected Application(s)	No Connected Matter(s)

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10433976	24/09/2013 *	50,000,000.00	IDFC LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B85740686
2	10423789	14/09/2013 *	54,000,000.00	CANARA BANK	26, NANDHIKOIL STREET, TEPPAKULAM, TIRUCHIRAPALLI - 620006, TAMILNADU, INDIA	B87013009
3	10416015	26/03/2013	3,800,000,000.00	ICICI BANK LIMITED	NO.1, CENOTAPH ROAD, TEYNAMPET, CHENNAI - 600018, TAMILNADU, INDIA	B71893242
4	10281115	30/03/2011	20,372,400,000.00	INDIAN BANK	CANTONMENT BRANCH, 5, WILLIAMS ROAD, TRICHY - 620001, TAMILNADU, INDIA	B10978344
5	10242265	27/09/2010	2,600,000,000.00	ICICI BANK LIMITED	NUNKAMBAKKAM, CHENNAI - 600034, TAMILNADU, INDIA	A95874061
6	10212506	26/02/2010	7,200,000.00	CANARA BANK	26, NANDHIKOIL STREET, TEPPAKULAM, TIRUCHIRAPALLI - 620006, TAMILNADU, INDIA	A83317552
7	10141304	24/09/2013 *	200,000,000.00	IDFC LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B85741098
8	10130784	24/10/2008	30,000,000.00	INDIAN BANK	5E, BHARATHIAR SALAI, 2 FLOOR - JENNIE PLAZA BUILDING, CANTONMENT, TRICHY - 620001, TAMILNADU, INDIA	A50937986
9	10116971	01/08/2008	250,000,000.00	KARUR VYSYA BANK	5, BHARATHIYAR SALAI, JENNY PLAZA, CANTONMENT, TRICHY - 620001, TAMILNADU, INDIA	A42965327
10	10120722	18/06/2008	423,200,000.00	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L IMITED	UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA	A43152636
11	10087379	08/02/2008	2,740,000,000.00	INDIAN OVERSEAS BANK	215, MADURAI ROAD, CANTONMENT, TRICHY - 620001, TAMILNADU, INDIA	A32273849
12	10105462	14/11/2007	500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, 93, SANTHOME HIGH ROAD, SANTHOME, CHENNAI – 600028, TAMILNADU, INDIA	A39198254
13	10085588	25/10/2007	1,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	115, ANNA SALAI, SAIDAPET, CHENNAI - 600015, TAMILNADU, INDIA	A31354251
14	10071418	09/02/2008 *	3,050,000,000.00	STATE BANK OF INDIA	LEATHER & INTERNATIONAL BRANCH, MVJ' TOWER, 177/1 P.H. ROAD, KILPAUK, CHENNAI - 600010, TAMILNADU, INDIA	A34465260
15	10074413	31/03/2009 *	401,000,000.00	THE FEDERAL BANK LIMITED	9, CHINNAKADAI STREET, TRICHY - 620002, TAMINADU, INDIA	A62711494
16	10112045	20/09/2012 *	2,322,000,000.00	ANDHRA BANK	73B, LAKSHMI COMPLEX, SALAI ROAD, TIRUCHIRAPALLI - 620018, TAMILNADU, INDIA	B59839365
17	10062544	19/10/2007 *	210,000,000.00	ICICI BANK LIMITED	CICI BANK TOWERS, 93, SANTHOME HIGH ROAD, SANTHOME, CHENNAI - 600028, TAMILNADU, INDIA	A25002254
18	10069666	21/06/2007	210,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, 93, SANTHOME HIGH ROAD, SANTHOME, CHENNAI - 600028, TAMILNADU, INDIA	A18365445
19	10054003	24/09/2013 *	350,000,000.00	IDFC LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B85741957
20	10053171	24/09/2013 *	850,000,000.00	IDFC LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B85742294
21	90288633	24/09/2013 *	332,000,000.00	IDFC LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B85741437
22	90290993	09/12/2005	332,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	RAMON HOUSE 2ND FLOOR, 169 B.R., MUMBAI - 400020, MAHARASHTRA, INDIA	-
23	90289751	23/09/2010 *	5,487,500,000.00	INDIAN BANK	CANTONMENT BRANCH, 5, WILLIAMS ROAD, TRICHY - 620001, TAMILNADU, INDIA	A96759758
24	90290756	27/10/2006 *	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	-
25	90297993	09/03/2005	50,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TIRUCHIRAPALLI - 620018, TAMILNADU, INDIA	-
26	90297984	14/12/2004	23,700,000.00	THE FEDERAL BANK LIMITED	THILLAINAGAR, TIRUCHIRAPALLI - 620018, TAMILNADU, INDIA	-
27	90297982	29/11/2004	5,000,000.00	THE FEDERAL BANK LIMITED	THILLAINAGAR, TIRUCHIRAPALLI - 620018, TAMILNADU, INDIA	-
28	90296618	28/08/2004	6,900,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRICHY - 620002, TAMILNADU, INDIA	-
29	90289155	31/08/2005 *	64,500,000.00	FEDERAL BANK	CHINNAKKADAI STREET, TIRUCHIRAPALLI - 620002, TAMILNADU, INDIA	-
30	90297968	12/04/2005 *	64,500,000.00	FEDERAL BANK	CHINNAKKADAI STREET, TRICHIRAPALLI - 620002, TAMILNADU, INDIA	-
31	90297964	28/10/2004 *	67,200,000.00	ANDHRA BANK	73 B; SALAI ROAD, THILLAINAGAR, TRICHIRAPALLI - 620018, TAMILNADU, INDIA	-
32	90297960	17/05/2004	117,500,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRICHIRAPALLI - 620002, TAMILNADU, INDIA	-
33	90297958	16/03/2004	75,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY - 620018, TAMILNADU, INDIA	-
34	90297955	15/02/2004	23,700,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY - 620018, TAMILNADU, INDIA	-
35	90297940	09/10/2003	5,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY - 620018, TAMILNADU, INDIA	-
36	90297937	21/10/2003 *	5,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY - 620018, TAMILNADU, INDIA	-
37	90290341	05/06/2012 *	19,968,500,000.00	CANARA BANK	26, NANDHI KOVIL STREET, TRICHY - 620002, TAMILNADU, INDIA	B43037852
38	90287798	17/01/2006 *	111,400,000.00	CANARA BANK	26, NANDHI KOVIL STREET, TRICHY - 620002, TAMILNADU, INDIA	-
39	90297892	28/09/2012 *	150,000,000.00	LAKSHMI VILAS BANK LIMITED	THILLAI NAGAR BRANCH, 4TH CROSS STREET, THILLAI NAGAR, TIRUCHIRAPALLI - 620018, TAMILNADU, INDIA	B60251840
40	90292954	06/11/2003 *	40,250,000.00	THE LAXMI VILAS BANK	T NAGAR, MADRAS, TAMILNADU, INDIA	-
41	90296315	09/10/1995	10,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	480; ANNASALAI, NANDANAM, MADRAS - 600003, TAMILNADU, INDIA	-
42	90297636	19/08/1994	32,828,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRICHIRAPALLI - 620002, TAMILNADU, INDIA	-
43	90297634	11/08/1994	250,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRICHIRAPALLI - 620002, TAMILNADU, INDIA	-
44	90297511	10/09/1990	3,150,000.00	CANARA BANK	TEPPAKULAM BRANCH, TRICHY - 620002, TAMILNADU, INDIA	-
45	90296058	03/07/1989	1,480,000.00	CANARA BANK	TEPPAKULAM BRANCH, NO. 26; NANDIKOIL STREET, TRICHY - 620002, TAMILNADU, INDIA	-
46	90297378	22/12/1995 *	6,000,000.00	THE LAKSHMI VILAS BANK LIMITED	C-94; FOR STATION ROAD, THILLAINAGAR, TRICHIRAPALLI - 620018, TAMILNADU, INDIA	-

* Date of charge modification

PERFORMANCE HIGHLIGHTS

With its global standard manufacturing infrastructure and knowledgeable and experienced human resource Company is taking efforts to convince private sector power plant developers to qualify the company for supercritical boilers. It could convince only one of its existing customers so far. The company could achieve following milestones:

1. Commissioning Two Units of Circulating Fluidised Bed Combustion Boilers (CFB) based Power plants of 150 MW for Shree Cements Limited. The first unit was commissioned in 22 months 22 days which is the lowest in India.

2. Commissioning one unit of 135 MW CFB based power plant for Aryan Coal Benefications (India) Limited. This boiler uses 100% washery rejects as fuel. This unit handles ash quantity as high as that of 330 MW boiler using F Grade Coal.

3. The company has invited global companies to its manufacturing plants to promote manufacturing orders and thus increase its utilization.

4. Company has executed an export contract for Critical Piping required for 135 MW Power Plant to the fullest satisfaction of its client.

5. The company has commissioned Cement Plant Waste Heat Recovery based power plants during last year.

PROSPECTS

The capacity addition in coal based plants is focusing only with supercritical boilers from the current five year plan period of 2012-2017. All the developers demand Joint Deed of Undertaking from Technology Partner and a Working Installation of almost similar capacity running unit at least for a period of one year at the time of bid submission. In view of this condition, though company could offer cost effective solution, the developers are not qualifying the Company for 660 MW Power Plant Boilers. Apart from this recent notification on power plants exempted from import duty indicates reduced opportunities during the plan period 2012-2017. Owing to creation of huge capacity in the country for boilers and difficulties faced on account of prequalification, Company would need alternate strategy to participate in this market potential. The competition in Industrial Boilers and Captive Power Plant segment has increased which will have impact on the performance in the coming years.

The company has demonstrated its expertise in CFB based power plants to enhance its potential in cement industry and washery reject based power plants in the coming years.

Company is planning to find newer strategies and association to go through competitive environment coupled with reduced opportunities.

CONTINGENT LIABILITIES [AS ON 31.03.2012] :

1. Counter Guarantee to Bankers in respect of guarantee given by them on Company’s behalf Rs.3379.448 Millions (Previous year Rs.2935.153 Millions)

2. Un-expired Corporate Guarantee given to the customers amounting to Rs. 1570.042 Millions (Previous year Rs.667.971 Millions) towards performance.

3. Claims against the Company not acknowledged as debt: Rs.52.930 Millions (Previous year Rs 84.571 Millions)

4. Sales\VAT\CENVAT demands Rs.9.960 Millions (Previous year Rs12.062 Millions) under appeals.

5. Estimated Amount of contracts remaining to be executed on Capital account : Rs. 214.212 Millions (Previous year Rs. 299.784 Millions).

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Know-how

PRESS RELEASES

EX-EMPLOYEES CONSIDER LEGAL ACTION AGAINST BOILER MAJOR FOR WITHHOLDING DUES

JULY 29, 2013

TRICHY: A Trichy-based major private boiler manufacturer, which was earlier in the news following the suicide of a redundant contractual employee, has now been drawn into another row after a group of ex-employees alleged that their retirement benefits were not paid by the company. They have now sought legal action against the company, Cethar Limited (former Cethar Vessels), to retrieve their money.

On Sunday, affected former employees who formed an association, told media that they were taken for a ride by Cethar. ANC Shanmugam, the coordinator of Former Aggrieved Cethar Employees (FACE), said that they formed the association with 53 affected employees to fight against the 'injustice' done to them. Shanmugam, a former vice-president (VP) of Cethar, also said that hundreds of employees were allegedly forced to resign or they were made redundant by the company in July 2012 citing business losses. Though the company reportedly received payments in lieu of the notice period of the resigned employees, the company did not settle the retirement benefits like gratuity and provident fund (PF), he said.

A Amirtharajan, former joint VP of the company who resigned the job following the alleged non-payment of salary for few months, said that though the affected former employees submitted petitions to the district collector, commissioner of police, the registrar of companies etc., they didn't get any reply. "Fearing legal consequences, the company is refusing to give an explanation in writing for withholding the dues. Now, we are struggling to run a normal life and many of us are unable to fund children's education and medical emergencies. Company owes me more than Rs 3.000 Millions as retirement due for 27 years of service."

Shanmugam alleged that though the company can settle the dues, it is refusing to do so with an intention to take us for a ride. "We learnt that the company's contributions to the PF account of the employees were not paid. So, we are unable to make use of the PF amount too."

When contacted, the chairman of the company K Subburaj admitted to TOI on Sunday, it is yet to clear the dues. "It is true that we have to pay the arrears to both the former and the current employees. As we are going through a tough time in our business, we need to sell our assets to settle the dues. For various reasons we couldn't sell the assets by June this year as we had planned.

Subburaj, however, slammed the former employees for taking the matter to the public. "Some ex- employees with an intention to spoil the image of the company raise such issues unnecessarily," he said.

It may be recalled that on October 17, last year, A Johnson David, a 22-year-old redundant contract worker of Cethar, set himself on fire in front of the company demanding reinstatement of 2,800 contract workers, including himself, who faced redundancy. He succumbed to the injuries the next day.

CETHAR VESSELS PLANS PUBLIC OFFER TO FUND POWER PROJECTS

CHENNAI, APRIL 23:  

Tiruchi-based power plant equipment manufacturer Cethar Vessels Limtied plans to come out with its initial public offering within a year, the company's Chairman, Mr. K. Subburaj, told Business Line on Thursday.

The company, which ended 2010-11 with a turnover of Rs 24370.000 Millions, would use the Rs 20000.000-odd Millions it would raise from the public to invest in the proposed power generation plants of its newly-formed subsidiary, Cethar Energy Limited.

Cethar Vessels — which raised Rs 3700.000 Millions from Barings Capital in December, with option to raise Rs 1000.000 Millions more — is using a part of the funds to buy lands for the proposed projects. Cethar Energy's intention is to put up two power stations of 4,000 MW each in two of the States of Tamil Nadu, Andhra Pradesh and Orissa.

For a better part of its 27-year existence, Cethar Vessels has produced and supplied boilers for industries that need the equipment for generating steam rather than electricity. Only recently — after Mr. Subburaj bought out the stake of his co-promoters in 2005 — did the company break into boilers for electricity generation, and started planning to increase capacities.

Currently, the company is executing a 4x300 MW project for SKS Ispat and another 350 MW for Ind Bharat. Cethar Vessels has no experience in power generation but Mr. Subburaj, for one, is not daunted by the enormity of the ultra-mega-sized projects proposed. He has not only mapped out the funding sequence for the projects, but has also conceived of a unique combination of conventional and circulating fluidised bed combustion boilers that are more expensive but can handle low-grade fuels too.

Confident

Projects of 8,000 MW will call for investments of the order of Rs 300000.000 Millions, but Mr. Subburaj says proceeds from the public offer, complemented with his own resources and funds generated by a further dilution of stake in Cethar Vessels, will be enough to write out the cheque for the equity portion of the first 4,000 MW.

The confidence arises out of the order booking run-rate of Cethar Vessels, which has begun 2011-12 with on-hand orders worth Rs 80000.000 Millions. Mr. Subburaj says the company's turnover in the current year would be Rs 46000.000 Millions, crossing the $1-billion mark. An example of the confidence is the Rs 1100.000 Millions, swanky corporate office of the Cethar group that is coming up on the outskirts of Tiruchi.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.78
UK Pound	1	Rs. 99.66
Euro	1	Rs. 84.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.