MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	VEEJAY LAKSHMI ENGINEERING WORKS LIMITED
Registered Office :	Sengalipalayam, N.G.G.O. Colony Post, Coimbatore - 641022, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.08.1974
Com. Reg. No.:	18-000705
Capital Investment / Paid-up Capital :	Rs.50.719 Millions
CIN No.: [Company Identification No.]	L29191TZ1974PLC000705
TAN No.: [Tax Deduction & Collection Account No.]	CMPV03277B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Textile Machinery and Spare Parts.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss during the current year. The rating also take into consideration the deterioration in Veejay Group’s business risk profile, marked by continued slowdown in textile machinery order flow. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 trade 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB-: Long Term Rating (Downgraded from BBB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	January 30, 2013

Rating Agency Name	CRISIL
Rating	A3: Short Term Rating: (Downgraded from A3+)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	January 30, 2013

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 PARTED BY

Name :	Ms. Padma
Designation :	Accounts Department
Contact No.:	91-422-2460662
Date :	28.10.2013

LOCATIONS

Registered Office :	Sengalipalayam, N.G.G.O. Colony Post, Coimbatore - 641022, Tamilnadu, India
Tel. No.:	91-422-2460662/ 2460365/ 2460561/ 2460562/ 2461564/ 2461672
Fax No.:	91-422-2461565/ 2460453
E-Mail :	accounts@veerajlakshmi.com compsec@veejaylakshmi.com sales@veejaylakshmi.com  spares@veejaylakshmi.com
Website :	http://www.veejaylakshmi.com
Location :	Owned
Works :	Engg. Unit - I Sengalipalayam, Coimbatore – 641022, Tamilnadu, India Engg. Units - II and III Kariyampalayam, Annur, Coimbatore - 641653 Tamilnadu, India Engg. Unit IV Athippalayam Road, Vellamadai (P.O.), Coimbatore- 641110, Tamilnadu, India
Wind Mills :	Kethanur, Palladam, Tirupur - 638671 Tamilnadu, India Sinjuwadi, Pollachi, Coimbatore – 642007, Tamilnadu, India Irukkanthurai, Radhapuram, Tirunelveli District - 627011 Tamilnadu, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. V. J. Jayaraman
Designation :	Chairman cum Managing Director
Name :	Mr. N. M. Ananthapadmanabhan
Designation :	Director
Date of Birth/Age :	10.03.1935
Qualification :	B.Com (Hons)
Date of Appointment :	29.10.2001
Name :	Mr. B. Selvarajan
Designation :	Director
Name :	Mr. N. Athimoolam Naidu
Designation :	Director
Name :	Mr. J. Vijayakumar
Designation :	Director
Date of Birth/Age :	09.12.1952
Qualification :	B.Com., B.S., and MBA
Date of Appointment :	03.09.1990
Name :	Mr. J. Anand
Designation :	Managing Director
Date of Birth/Age :	23.09.1971
Qualification :	B.E., M.S in industrial Engineering from IIinois Institute of Technology, USA.
Name :	Mr. B. Sriram
Designation :	Director
Date of Birth/Age :	08.12.1970
Qualification :	B E Mechanical
Date of Appointment :	29.01.2001
Name :	Mr. D. Ranganathan
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Ms. Padma
Designation :	Accounts Department
Name :	Mr. S. Vinod Kumar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3060892	60.35
Bodies Corporate	19075	0.38
Sub Total	3079967	60.73
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3079967	60.73
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	200	0.00
Central Government / State Government(s)	100	0.00
Insurance Companies	500	0.01
Sub Total	800	0.02
(2) Non-Institutions
Bodies Corporate	228909	4.51
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1373317	27.08
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	201105	3.97
Any Others (Specify)	187802	3.70
Any Other	187802	3.70
Sub Total	1991133	39.26
Total Public shareholding (B)	1991933	39.27
Total (A)+(B)	5071900	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5071900	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Textile Machinery and Spare Parts.
Exports :
Products :	Finished Goods
Countries :	Bangladesh Indonesia
Imports :
Products :	Raw Materials
Countries :	USA China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

700 (Approximately)

Bankers :

State Bank of India, Commercial Branch, Coimbatore, Tamilnadu, India

Tel. No.: 91-422-2302961

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
TERM LOANS BORROWINGS
Technology Development Board Secured by hypothecation of moveable Fixed Assets of the Company and guarantees by two Directors of the Company and also the guarantee of the subsidiary. Repayment 2013-14 Rs.16.700 Millions, 2014-15 Rs.16.700 Millions, 2015-16 Rs.16.700 Millions. Excludes installments of Rs.16.700 Millions due before 31.03.2014 included under current liabilities	33.400	50.100
SHORT TERM BORROWINGS
From Banks
State Bank of India	0.000	7.769
Bank of Baroda	0.289	1.247
Indian Overseas Bank	0.007	0.165
Corporation Bank Secured by a first charge on current assets, mortgage of factory land and buildings and second charge on movable fixed assets on pari passu basis.	0.054	0.146
Liability for imports for finance availed from foreign banks under Buyers' Credit Scheme secured by the Letters of Credit opened by the Banks	2.081	0.000
Total	35.831	59.427

Banking Relations :	--
Auditors :
Name :	N.R. Doraiswami and Company Chartered Accountants
Address :	No. 48, Race Course, Coimbatore – 641018, Tamilnadu, India
Companies / firms with which the Company had transactions during the year :	Veejay Lakshmi Textiles Limited Veejay Sales and Services Limited Veejay Terry Products Limited Veejay Marketing Veejay Syntex Private Limited Veejay Tool and Die Private Limited
Companies/firms with which the Company had no transactions during the year :	The Krishna Mills Private Limited Lakshmi Precision Tools Limited Deluxe Marketing Deluxe Components Ranba Castings Limited Samrajyaa and Company The Suguna Mills Private Limited Magna Electro Castings Limited Prathishta Weaving and Knitting Company Limited Augustan Knit Wear Private Limited Augustan Textile Colors Private Limited Augustan Coimbatore Knitting Company Private Limited
Wholly Owned Subsidiary Company :	Veejay Lakshmi Textile Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5071900	Equity Shares	Rs.10/- each	Rs.50.719 Millions

	No. of Shares
No of shares paid up outstanding at the beginning of reporting period	5071900
Changes during the reporting period	--
No of shares paid up outstanding at the end of reporting period	5071900

No of shares held by persons holding more than 5% of total shares

	No. of Shares
V.J. Jayaraman	1225385
J. Vidya	725700
J. Anand	1109807

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.719	50.719	50.719
(b) Reserves & Surplus	658.429	687.226	686.782
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	709.148	737.945	737.501
(3) Non-Current Liabilities
(a) long-term borrowings	46.699	63.593	89.723
(b) Deferred tax liabilities (Net)	20.145	33.113	34.272
(c) Other long term liabilities	8.212	7.472	6.514
(d) long-term provisions	5.199	4.692	1.064
Total Non-current Liabilities (3)	80.255	108.870	131.573
(4) Current Liabilities
(a) Short term borrowings	2.431	9.327	46.373
(b) Trade payables	28.597	20.266	78.266
(c) Other current liabilities	77.241	95.440	92.493
(d) Short-term provisions	13.342	20.490	30.648
Total Current Liabilities (4)	121.611	145.523	247.780
TOTAL	911.014	992.338	1116.854
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	276.976	316.798	359.720
(ii) Intangible Assets	1.956	2.605	0.477
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	240.185	240.185	241.985
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.599	46.097	45.649
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	565.716	605.685	647.831
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	283.128	331.644	330.887
(c) Trade receivables	5.578	8.342	58.283
(d) Cash and cash equivalents	9.862	5.077	4.076
(e) Short-term loans and advances	14.658	13.234	26.040
(f) Other current assets	32.072	28.356	49.737
Total Current Assets	345.298	386.653	469.023
TOTAL	911.014	992.338	1116.854

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	657.085	587.188	1004.969
		Other Income	0.866	0.968	0.444
		TOTAL (A)	657.951	588.156	1005.413
Less	EXPENSES
		Cost of Materials consumed	281.124	300.779	596.465
		Changes in Inventories of Finished goods, Work-in process and Stock in trade	78.796	2.648	(67.969)
		Employees Benefit Expense	113.654	109.429	128.679
		Other expenses	121.523	101.834	194.034
		Exceptional items	47.537	0.000	0.000
		TOTAL (B)	642.634	514.690	851.209
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.317	73.446	154.204
Less	FINANCIAL EXPENSES (D)		7.209	15.927	24.865
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.108	57.539	129.339
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.857	51.561	52.363
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(41.749)	5.978	76.976
Less	TAX (H)		(12.952)	5.534	30.112
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(28.797)	0.444	46.864
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		118.120	117.676	81.997
Less	APPROPRIATIONS
		Provision for Dividends	0.000	0.000	7.608
		Dividend Distribution Tax	0.000	0.000	1.234
		Transfer to Generation Reserve	0.000	0.000	2.343
	BALANCE CARRIED TO THE B/S		89.323	118.120	117.676
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	66.092	13.816	64.023
	TOTAL EARNINGS		66.092	13.816	64.023
	IMPORTS
		Raw Materials	2.976	13.815	14.005
		Stores & Spares Parts	130.424	156.509	274.084
		Capital Goods	4.626	0.571	4.231
	TOTAL IMPORTS		138.026	170.895	292.320
	Earnings/ (Loss) Per Share (Rs.)		(5.68)	0.09	9.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(4.38)	0.08	4.66
Net Profit Margin (PBT/Sales)	(%)	(6.35)	1.02	7.66
Return on Total Assets (PBT/Total Assets}	(%)	(6.22)	0.79	8.80
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.01	0.10
Debt Equity Ratio (Total Debt/Networth)		0.07	0.10	0.18
Current Ratio (Current Asset/Current Liability)		2.84	2.66	1.89

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
TERM LOANS BORROWINGS
Loans from Directors Unsecured loans are from promotors and have no fixed maturity. It is repayable at the option of the company or the promotors. Interest is payable only at the time of repayment of the loan. The amount to be withdrawn in the next 12 months from the balance sheet date has been classfied as current liability based on the information provided by the promotors.	13.299	13.493
Total	13.299	13.493

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10288733	28/10/2011 *	50,000,000.00	INDIAN OVERSEAS BANK	1027-AVINASHI ROAD, NEAR VOC GROUND, UPPLIPALAYAM, COIMBATORE, TAMILNADU - 641018, INDIA	B28067254
2	10150298	14/07/2011 *	175,000,000.00	BANK OF BARODA	COIMBATORE MAIN BRANCH, 82,BANK ROAD III ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	B18167122
3	10120015	22/08/2008	83,000,000.00	TECHNOLOGY DEVELOPMENT BOARD	WING A, GROUND FLOOR, VISHWAKARMA BHAWAN, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA	A44644623
4	10075080	14/07/2011 *	65,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	B18086496
5	90009379	14/07/2011 *	110,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1443 TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	B18009621

* Date of charge modification

OPERATIONS

The recessionary trend prevailed in the previous year continued in the current year also and hence the capacity could not be fully utilized. The sales turnover from sale of textile machinery and spares during the year is Rs. 626.200 Millions as against Rs. 563.400 Millions in the previous year. The income from the wind mill is higher due to higher generation and increase in the rates.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INTRODUCTION

The Company started its operations in the year 1975 to produce Twisting machines. The Company has been specializing in the Twisting machines and Automatic Cone Winder was added to the product line in the year 1998. Both the products are used in textile mills for post spinning/weaving preparatory operations. The Company diversified into textile spinning in the year 1993 and the textile unit now functions under a wholly owned subsidiary from 2003. The Company has also invested in Wind Mills.

INDUSTRIAL SCENARIO

Indian Textile engineering industry is more than 50 years old and one of the largest capital goods segments in India and has potential for growth. The prospects of the industry are directly related to the prospect of the user textile industry. The industry, which was working under protective environment for a long time has been dependent on foreign technical know-how. With the opening of economy and removal of all controls the local industry has been exposed to competition and is under compulsion to update its technology with improvement in quality and prompt after-sales service. The industry is suffering with low capacity utilization mainly due to imports and fluctuation in demand.

The non-availability of adequate power, increase in cost of self-generated power, non-availability of labour, vagaries in the prices of cotton and yarn and increase in the cost of inputs are affecting both the user industry and also the machinery manufacturers.

HIGHLIGHTS OF OPERATIONS:

SEGMENTWISE/PRODUCTWISE PERFORMANCE

The sale of Twisters is 104 nos of value Rs.150.100 Millions as against 48 nos of value Rs.72.200 Millions in the previous year. The sale of winders is 51 nos of value Rs.386.900 Millions as against 59 nos. of value Rs.407.800 Millions in the previous year.

Assembly/Random winder sales have increased from Rs.10.000 Millions to Rs.14.100 Millions. The facilities available to produce Aluminium die cast and Plastic injection moulded components have been used only for in-house requirement of components.

The income from windmills is Rs.17.300 Millions as against Rs.13.800 Millions in the previous year.

OUTLOOK

There is some improvement in the order inflow for twisters as the new models introduced have been well received in the market. The sale of assembly winders is also picking up. Even though new projects will look for machines with higher automation there will be still good demand for the Automatic cone Winders produced by the company for replacement/modernization of manual winders. The Company can increase its sales volume and market share if it can offer new models with latest technology.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2013	31.03.2012
a. Claims against the Company not acknowledged as Debts
Income tax Liability on expenses disallowed/additions proposed disputed in appeals	0.130	6.616
Amounts claimed by Excise and Service Tax authorities	2.816	2.889
b. Guarantees
Guarantees issued by Banks on behalf of the Company	58.970	90.174
Guarantee issued on behalf of an associate Company in which Directors are interested	--	34.500
Guarantees given on behalf of the Directors or other officers of the Company	--	--
Credit facilities of Subsidiary guaranteed by the Company outstanding- both fund based and non fund based	152.889	204.628
Letter of Credit opened by Banks on behalf of the Company	8.753	7.626
c. Other money for which Company is contingently liable
Duty Liability and interest on account of pending export obligation against EPCG Licences	--	--
Duty Liability against Advances Licences for Deemed Exports	--	7.221

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013

(Rs. In Millions)

SI. No.	Particulars	Stand alone for the Quarter ending
		30.6.2013
	PART I	Unaudited
1	a. Net Sales/Income from Operations(Net of Excise Duty)	210.100
	b. Other operating Income	0.400
	Total Income from operations (net) (1a+1b)	210.500
2	Expenditure
	a. Cost of Materials Consumed	114.100
	b. Purchase of stock in trade	0.000
	c. Changes in inventories of finished goods, work-in-progress and stock in trade	11.500
	d. Employee benefit expenses	34.500
	e. Depreciation and amortisation expenses	11.800
	f. Other expenditure	33.500
	Total Expenditure	205.400
3	Profit(+)/Loss(-) from Operations before Other income, Finance costs and exceptional items (1-2)	5.100
4	Other income	0.100
5	Profit(+)/Loss(-) from ordinary activities before finance costs and exceptional items (3+4)	5.200
6	Finance costs	1.300
7	Profit(+)/Loss(-) from ordinary activities after finance costs but before exceptional items (5-6)	3.900
8	Exceptional Items (Income(+)/Expenses(-))	0.000
9	Profit (+)/Loss (-) from Ordinary Activities before tax (7+8)	3.900
10	Tax Expenses
	Regular-Current	1.500
	-Prior year	0.000
	Deferred Tax	(2.300)
	Fringe Benefit Tax
	Total	(0.800)
11	Net Profit (+)/Loss (-) from Ordinary Activities after Tax (9-10)	4.700
12	Extra Ordinary Items (net of tax expense)	0.000
13	Net Profit (+) / Loss (-) for the period (11-12)	4.700
14	Share of profit/(loss) of associates	0.000
15	Minority Interest	0.000
16	Net Profit/(Loss) after taxes, minority interest and share of profit/(loss) of associates (13-14-15)	4.700
17	Paid up Equity Share Capital (Face value Rs.10/-each)	50.700
18	Reserves excluding Revaluation Reserves as per the Balance sheet of the previous year
19	Earnings per share (of Rs.10/- each) (before and after extra ordinary items (not annualised)
	Basic and Diluted	0.93
	a. basic
	b. Diluted
	PART -II
A.	Particulars of Shareholding
1	Public Shareholding - Number of Shares	2003408
	- Percentage of shareholding	39.50
2	Promoters and Promoters group share holding
	a)Pledged/encumbered	-
	b) Non encumbered	-
	Number of shares	3068492
	Percentage of shares as a % to the total share holding of the promoter and promoter group	100.00
	Percentage of shares as a % to the total share capital of the Company	60.50

B.	Particulars of Investors Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

SEGMENT RESULTS FOR THE QUARTER ENDED 30.06.2013

(Rs. In Millions)

Sl. No.	Particulars	Stand alone for the Quarter ending
		30.6.2013
		Unaudited
1	Segment Revenue
	Net Sales/Income from operations
	Engineering Division	204.300
	Wind Mills	6.200
	Unallocated (Incl. Exceptional Inc.)	0.000
	Total	210.500
	Less: Inter segment revenue	0.000
	Net Sales/Income from operations	210.500
2	Segment Results
	- Profit/(Loss) before Interest and Tax
	- Engineering Division	1.000
	- Wind Mills	4.300
	- Unallocated	0.000
	Total	5.300
	Less:
	- Finance Costs	1.300
	- Other un-allocable expenditure (including exceptional items)	0.200
	- Un allocable income (including exceptional items)	(0.100)
	Total Profit before tax	3.900
3	Capital employed
	- Engineering Division	459.100
	- Wind Mills	32.900
	- Unallocated	0.000
	Total	492.000

Notes:

1. The unaudited financial results have been reviewed by the Audit Committee and were approved by the Board of Directors at their meeting held on 05.08.2013. The Statutory auditors have carried out a limited review of the above results.

2. Exceptional items consists of VRS expenditure.

3. Tax expenses is net of MAT credit entitlement.

4. Previous year/quarter figures have been grouped/rearranged wherever necessary.

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Machinery
• Vehicles
• Furniture and Fittings
• Office Equipments

Intangible Assets

• Computer Software

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.61.46
UK Pound	1	Rs.98.99
Euro	1	Rs.84.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.