MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	VIJAY TANKS AND VESSELS PRIVATE LIMITED (w.e.f.08.09.2011)
Formerly Known As :	VIJAY TANKS AND VESSELS LIMITED
Registered Office :	B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.09.2004
Com. Reg. No.:	11-014340
Capital Investment / Paid-up Capital :	Rs. 54.641 Millions
CIN No.: [Company Identification No.]	U29132MH2004PTC014340
TAN No.: [Tax Deduction & Collection Account No.]	MUMV01330A
PAN No.: [Permanent Account No.]	AAACV4048A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pressure Vessels, Heat Exchangers, Cryogenic Storage Systems, etc.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5450000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. There appears slight dip in profitability during 2012. However, general financial strength is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating : A
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	December 2012

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 :	Mr. Rajesh Nair
Designation :	Finance Head
Contact No.:	91-9727769325

LOCATIONS

Registered Office :	B – 504, Vrindavan Apartment, Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25684419 / 25910667
Mobile No.:	91-9727769325 [Mr. Rajesh]
Fax No.:	91-22-25684419
E-Mail :	tarun@vijaytanks.com rn@vijaytanks.com akbari@vijaytanks.com avijay@vijaytanks.com ho@vijaytanks.com mumbai@vijaytanks.com accounts@vijaytanks.com avg@vijaytanks.com
Website :	www.vijaytanks.com
Area :	5000 Sq. ft
Location :	Owned
Head Office / Works 1 :	National Highway No. 8, Sankarda, Vadodara – 391350, Gujarat, India
Tel. No.:	91-265-2840168/ 2840171/ 2840572
Fax No.:	91-265-2840577/ 2841305
E Mail:	ho@vijaytanks.com
Area :	5,50,000 Sq. ft.
Location :	Owned
Kandla Export Works 2 :	Plot No. 315 to 324, 442-D and 443 E, Kandla Special Economic Zone, Gandhidham-370230, Gujarat, India
Tel No:	91-2836-227562
Fax No.:	91-2836-227562
E Mail:	kandla@vijaytanks.com
Area :	60,000 Sq. ft
Location :	Leased
Works 3 :	State Highway No. 20, Mithoi Lalpur, Khambhalia, Jamnagar - 361305, Gujarat, India
E Mail:	jamnagar@vijaytanks.com
Overseas Office :	Post Box No. 94439, Abu Dhabi - UAE
Tel. No.:	971 - (0) 2 - 6454961
Fax No.:	971 - (0) 2 - 6454962
E-Mail :	abudhabi@vijaytanks.com
Branch Office :	Located at: · New Delhi · Chennai

DIRECTORS

AS ON 20.09.2012

Name :

Mr. Ranganathan Raghavan

Designation :

Chairman and Managing director

Address :

9, Saraswati Society, Vasana Road, Vadodara - 390007, Gujarat, India

Date of Birth/Age :

26.10.1970

Qualification :

B.E. Mechanical

Experience :

18 Years

Date of Appointment :

01.04.2010

PAN No.:

ABQPR2549J

DIN No.:

00376645

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	U29132MH2004PTC014340	VIJAY TANKS AND VESSELS PRIVATE LIMITED	Managing director	01/04/2010	01/04/2005	-	Active	NO

Name :

Mr. Sunderrajan Veeraraghavan

Designation :

Whole-time director

Address :

Tarangan Society, Near Geb School Akota, Vadodara - 390007, Gujarat, India

Date of Birth/Age :

14.04.1953

Qualification :

B. Sc

Date of Appointment :

01.04.2010

DIN No.:

00376765

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	U29132MH2004PTC014340	VIJAY TANKS AND VESSELS PRIVATE LIMITED	Whole-time director	01/04/2010	30/09/2004	-	Active	NO

Name :

Mr. Kannan Rajagopalan

Designation :

Whole-time director

Address :

3, Yogi Sagar Apartment, Urmi Society Alkapuri, Vadodara - 390007, Gujarat, India

Date of Birth/Age :

15.06.1954

Qualification :

B. Sc

Date of Appointment :

01.04.2010

DIN No.:

00376719

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	U29132MH2004PTC014340	VIJAY TANKS AND VESSELS PRIVATE LIMITED	Whole-time director	01/04/2010	30/09/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Nair
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2012

Names of Shareholders	No. of Shares
Prema Raghavan	650
Gayatri Rajan	100
Ranganathan Raghavan	431673
Padma Raghunathan	28355
Kausalya Srinivasan	28665
Rajalakshmi Raghavan	28814
Vasundara Raghavan	28157
Total	546414

AS ON 20.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pressure Vessels, Heat Exchangers, Cryogenic Storage Systems, etc.

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Installed Capacity
Storage Tanks	M.T	50000
Process Equipments	M.T	20000

GENERAL INFORMATION

Customers :

End Users

Ø Oil and Gas

Snamprogetti / Saudi Aramco, KSA

Petrofac / British Gas, Tunisia

Daelim / KOC, Kuwait

Ø Refinery

JGC/KNPC, Kuwait

ABB/ Essar Oil, Jamnagar

Basrah Refnery, Iraq

Ø LNG

IHI /Petronet LNG, Dahej

Bechtel/ConocoPhilips, Egypt

Tecnimont / Shell, Hazira

Ø Fertiliser

Snamprogetti/Omifco, Oman

Fertil, UAE

SNC Lavalin/Burrup Fertilise, Australia

Ø Power

BHEL/Gecol, Libya

Bechtel/Enron, Dabhol

Nuclear Power Corp., India

Ø Petrochemical

Toyo /IOC, Panipat

Flour/Reliance, Hazira

Praxair / HPL, Haldia

Ø Marketing Terminals

Aker Kvaerner / Elf Gas, Mangalore

ENOC, UAE

SCOT, Syria

Ø Metals and Mining

Foster Wheeler/Inco, New Caledonia

Midrex/Shadeed Iron & Steel, Oman

Kobe Steel/Qasco, Qatar

Ø Chemical

Trust Chemicals, Egypt

Technip/Chemplast Sanmar, Karaikal

Chiyoda / PRC, India

No. of Employees :

3500 (Approximately)

Bankers :

Ø IDBI Bank, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India Tel No.: 91-22-22189111/ 66553355

Ø The Karur Vysya Bank Limited, 13, Sioup Tower, Race Course Circle, Alkapuri, Vadodara – 390007, Gujarat, India

Ø ICICI Bank Limited

Ø State Bank of India

Ø State Bank of Indore

Ø State Bank of Saurashtra

Ø EXIM Bank

Ø Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India

Ø Dena Bank

Ø HDFC Bank Limited

Ø Standard Chartered Bank, Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	3.128	42.287
SHORT-TERM BORROWINGS
Working capital loans from banks	9.409	0.000
Total	12.537	42.287

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Associates Chartered Accountants
Address :	87, Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-61537500/22022224/8857
Fax No.:	91-22-22023856
E-Mail :	mumbai.office@sharp-tannan.com
Income-tax PAN of auditor or auditor's firm :	AAAFS1034J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
690,000	Equity Shares	Rs. 100/- each	Rs. 69.000 Millions
10,000	Preference Shares	Rs. 100/- each	Rs. 1.000 Million
	Total		Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
546,414	Equity Shares	Rs. 100/- each	Rs. 54.641 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	54.641	54.641
(b) Reserves & Surplus	1309.223	1144.896
(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)	1363.864	1199.537
(3) Non-Current Liabilities
(a) long-term borrowings	3.128	42.287
(b) Deferred tax liabilities (Net)	43.371	42.459
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.998	1.817
Total Non-current Liabilities (3)	49.497	86.563
(4) Current Liabilities
(a) Short term borrowings	9.409	0.000
(b) Trade payables	189.643	506.711
(c) Other current liabilities	691.209	838.846
(d) Short-term provisions	55.646	50.803
Total Current Liabilities (4)	945.907	1396.360
TOTAL	2359.268	2682.460
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	449.624	460.590
(ii) Intangible Assets	11.063	13.063
(iii) Capital work-in-progress	3.613	6.141
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.122	0.123
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	22.620	26.739
(e) Other Non-current assets	4.004	5.720
Total Non-Current Assets	491.046	512.376
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	115.823	241.488
(c) Trade receivables	773.179	901.788
(d) Cash and cash equivalents	655.073	744.463
(e) Short-term loans and advances	168.287	157.991
(f) Other current assets	155.860	124.354
Total Current Assets	1868.222	2170.084
TOTAL	2359.268	2682.460

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		54.641
2] Share Application Money		0.000
3] Reserves & Surplus		915.107
4] (Accumulated Losses)		0.000
NETWORTH		969.748
LOAN FUNDS
1] Secured Loans		159.288
2] Unsecured Loans		0.000
TOTAL BORROWING		159.288
DEFERRED TAX LIABILITIES		37.633
TOTAL		1166.669
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		463.678
Capital work-in-progress		9.883
INVESTMENT		0.123
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.554
	Sundry Debtors	741.875
	Cash & Bank Balances	873.248
	Other Current Assets	12.912
	Loans & Advances	376.183
Total Current Assets		2098.772
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	335.788
	Other Current Liabilities	851.217
	Provisions	218.782
Total Current Liabilities		1405.787
Net Current Assets		692.985
MISCELLANEOUS EXPENSES		0.000
TOTAL		1166.669

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3575.703	3502.263	3576.824
		Other Income	31.936	32.829	35.604
		TOTAL	3607.639	3535.092	3612.428
Less	EXPENSES
		Manufacturing, Construction and Operating Expenses	2831.260	2728.818
		Employee benefit Expenses	361.928	373.817
		Sales, Administrative and Other Expenses	52.183	48.501
		TOTAL	3245.371	3151.136	3258.190
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		362.268	383.956	354.238
Less	FINANCIAL EXPENSES		6.250	9.990	9.471
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		356.018	373.966	344.767
Less/ Add	DEPRECIATION/ AMORTISATION		58.941	45.548	42.358
	EXCEPTIONAL ITEMS		0.000	0.822	(0.772)
	PROFIT BEFORE TAX		297.077	329.240	301.637
Less	TAX		109.897	76.482	63.529
	PROFIT AFTER TAX		187.180	252.758	238.108
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		266.368	65.837	50.030
Less	APPROPRIATIONS
		Transfer to General Reserve	30.135	30.000	200.000
		SEZ Re-investment Allowance Reserve	28.205	0.000	0.000
		Dividend	19.125	19.125	19.125
		Tax on Dividend	3.102	3.102	3.176
	BALANCE CARRIED TO THE B/S		372.981	266.368	65.837
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	733.677	380.903	1426.050
	Earnings Per Share (Rs.)		342.56	462.58	43.576

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.19	7.15	6.59
Net Profit Margin (PBT/Sales)	(%)	8.31	9.40	8.43
Return on Total Assets (PBT/Total Assets}	(%)	12.61	12.30	11.77
Return on Investment (ROI) (PBT/Networth)		0.22	0.27	0.31
Debt Equity Ratio (Total Debt/Networth)		0.01	0.04	0.16
Current Ratio (Current Asset/Current Liability)		1.98	1.55	1.49

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	Yes
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	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION

Subject was incorporated under the Companies Act, 1956 on August 1, 1969. To comply with regulatory requirements, the Company was converted from a ‘Private Limited’ Company to a ‘deemed Public’ Company in 1989. The status was reverted back to Private Limited Company during the year. On September 8, 2011 the Company’s name was changed to Vijay Tanks and Vessels Private Limited.

The Company is principally engaged in executing number of turnkey projects involving construction / manufacturing of large Storage tanks of different configuration, Pressure Vessels, Process Columns etc for the Refinery, Petrochemical, Power, Paper etc. These Projects are delivered across the Indian subcontinent, the Middle East, Africa and Australia.

The Company has shop floor fabrication facility at Vadodara, Central Stores and Maintenance facility at Jamnagar. It also has SEZ units located at Kandla and Dahej.

FINANCIAL REVIEW

The financial performance for the year has remained stable despite tightening market conditions with a marginal 2.10% increase in Sales to Rs. 3575.700 Millions, a decrease of 5.33% in EBIDTA to Rs. 361.900 Millions with PAT decreasing 25.94% to Rs. 187.200 Millions. Earnings per share moved down to Rs. 3425.600 as compared to Rs. 4625.800 in the previous year.

The Order Backlog as on 31.03.12 stood at Rs. 6047.300 translating into a healthy Order Backlog / Sales ratio of 1 .69. Additional orders worth Rs. 736.000 Millions have been booked during the current year till date and their bid list includes a range of significant opportunities that are being actively pursued.

Returns generated remain reasonable across metrics. With a fresh range of projects coming into the market this year, they look forward with confidence to building on their strong market positions.

MANAGEMENT DISCUSSION AND ANALYSIS

COMPANY OVERVIEW

VTV is amongst the first generation of indigenously founded engineering and construction companies in India. The Company was built amidst the confluence of two powering influences - the buccaneering spirit of its Founder Sri. R. Ramanujan and the technical excellence of his son Sri. R. V. Raghavan. VTV brings to bear a great legacy of engineering skill and metal-working excellence in providing services for delivering Oil and Gas Storage Terminals and Heavy Process Equipment. Their credentials include benchmark engagements that rank them amongst the leading engineering and construction companies in the world in their sphere of operation.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Forward movement on a range of large capital investment projects in the domestic Refinery, Petrochemical, Fertiliser and LNG sectors provide a strong impetus towards a revival in sentiment. However, given the recessionary overhang from the trailing few years and the slowdown in the domestic power sector due to feedstock bottlenecks, the overall competitive environment is expected to remain intense until initial order booking targets are fulfilled.

In the international market, opportunities are accessed amidst strong geo-political alignments and an increasing risk profile. However, the momentum of investments in the Middle East and Australia and the untapped demand that remains in Africa provide a wide landscape upon which they can develop their international business.

PERFORMANCE REVIEW AND PROSPECTS FOR THE COMING YEAR

Their operational performance during the year remained strong and the volume of fresh orders booked during the year provide them with a good degree of revenue visibility. With large investments planned in the domestic LNG, Refinery, Petrochemicals and Fertiliser sectors, they look forward to the future with a great degree of optimism.

Projects Division

Work on the 2 Nos. LNG Tanks at the Petronet LNG Kochi Import Terminal have been completed. Balance of Plant work by others is still underway and the facility is expected to be commissioned during the current financial year. With major expansion plans currently being unveiled by Petronet LNG, their creditable performance on this project puts them in a strong position to merit further opportunities in the near future.

Progress on the Cryogenic Ethylene Storage and Handling System at Opal’s Dahej Petrochemical Facility has moved smoothly with the significant milestone of roof air raising being achieved for both the Tanks. Construction work on associated facilities is also progressing well and they are currently moving into the peak phase of construction work. Opal and EIL have expressed their appreciation for the project management, quality and safety practices deployed by them on this project.

Construction progress on the 6 Nos. Spheres at the BCPL Assam Gas Cracker Project are moving forward well. For the 3 Nos. spheres at MRPL, while delivery of prefabricated material was completed a long time ago, delays in site handover followed by difficulties in civil works progress due to the rocky sub-soil and lack of access has delayed project progress. With these issues now behind them progress on this project has gathered momentum.

Their scope of engagement on Gulf Petrochem’s Pipavav Project has been extended to cover the entire terminal facility on a turnkey basis. Regulatory approvals are now in place and construction work is expected to commence shortly on this ` 309 Crore Project.

Manufacturing Division

Both the Sankarda and Kandla Shops had a busy year with a good mix of orders. With investment momentum returning to the market, they will strive to secure work that supports the development of their Shops in line with the broad strategic directions laid out by them.

Sankarda Works

The Company successfully delivered 9 Nos. Columns to the BCPL Assam Gas Cracker project. This project was being monitored directly by the PMO (Prime Ministers Office) and their creditable performance on the same was acknowledged by BCPL and EIL. Additional orders from Reliance, GAIL and BCPL are also under execution.

Another major win for the Sankarda Shop was the contract award for the design and supply of the Crude and Vacuum Columns for the new Unit being installed at the BPCL Mahul Refinery. Given the logistical constraints at the refinery, the Columns will be prefabricated at the Sankarda Shop and assembled in a fabrication yard within the refinery premises. This further strengthens their position as one of the leading suppliers of Crude and Vacuum Columns in the country.

They are in the final stages of completion of 4 units of Air Cooled Condensers in partnership with Jord International for a project in Morocco. A follow on order for Air Cooled Heat Exchangers for a project is Russia is under currently finalisation. They are working to develop this partnership to service the large domestic demand for heat and mass transfer equipment which would increase their engagement with their existing clients.

Kandla Works

An order from Green Energy (Norway) for a Steam Separator to be delivered to a project in Africa was recently completed. Orders have also recently been secured from ABB (Italy) for delivery of pressure vessels to a Power Plant in Iraq. They have also secured 3 contracts from Arabian CBandI for prefabrication of Spheres and Spheroids for their projects in Saudi Arabia. Bidding activity for this facility is progressing well and they look forward to further momentum in order booking during the current year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10373568	10/08/2012	285,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II GROUND FLOOR, NEAR MITHAKALI SIX ROAD S, AHMEDABAD, GUJARAT - 380006, INDIA	B56841448
2	10344443	07/03/2012	880,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B35866870
3	10255182	25/11/2010	575,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A99304776
4	10249703	17/05/2012 *	1,150,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B40557001
5	10173797	10/04/2012 *	75,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B37025392
6	10135542	19/11/2010 *	145,200,000.00	THE KARUR VYSYA BANK LIMITED	13, SIDCUP TOWERS, RACE COURSE CIRCLE, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA	A99765927
7	90229311	06/09/2010 *	1,745,000,000.00	STATE BANK OF INDIA	GRESHAM HOUSE, SIR P M ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A94197811

NOTE: * Date of charge modification

Fixed Assets

Ø Land

Ø Factory Shed

Ø Office Building

Ø Plant and Machinery

Ø Electrical Installation

Ø Furniture and Fixtures

Ø Office Equipments

Ø Vehicles

Ø Computer

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. 65.86
UK Pound	1	Rs. 102.52
Euro	1	Rs. 87.06

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--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.