MIRA INFORM REPORT

Report Date :

14.09.2013

IDENTIFICATION DETAILS

Name :	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED (w.e.f. 1993)
Formerly Known As :	KRUPP INDUSTRIES INDIA LIMITED
Registered Office :	154C, Mittal Tower, 15^th Floor, 210, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	23.01.1947
Com. Reg. No.:	11-005508
Capital Investment / Paid-up Capital :	Rs.97.870 millions
CIN No.: [Company Identification No.]	U74999MH1947PTC005508
TAN No.: [Tax Deduction & Collection Account No.]	PNET03957C
PAN No.: [Permanent Account No.]	AAACK1947K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sugar Machinery, Cement Machinery, Material Handling Equipments etc.
No. of Employees :	1500 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 20190000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Thyssenkrupp Industrial Solutions AG It is a well established company having a good track record. There appears a dip in the sales turnover as well as net profitability during 2012. However, financial position of the company appears to be sound and healthy. Fundamental seems strong. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

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	ICRA
Rating	Long term fund based limits AA
Rating Explanation	High degree of safety and lowest credit risk.
Date	April 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 (GENERAL DETAILS)

Name :	Mr. Pramod Thar
Designation :	Senior Manager in Finance
Contact No.:	91-20-27425461
Date :	11.09.2013

LOCATIONS

Registered Office/Factory :	154 C, Mittal Tower, 15^th Floor, 210, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-27425461/22020064
Mobile No.:	91-9822479741 (Mr. Gopal Prabhu)
Fax No.:	91-22-22044025/22026837
E-Mail :	khushroo.dastoor@thyssenkrupp.com gopal.prabhu@thyssenkrupp.com contactus@thyssenkrupp.com
Website :	http://www.thyssenkruppindia.com
Area :	4500 sq. ft
Location :	Owned
Head Office / Factory 2:	Pimpri, Pune - 411018, Maharashtra, India
Tel. No.:	91-20-27425461 / 2 / 3 / 4
Fax No.:	91-20-27425350
E Mail :	contactus.tkii@thyssenkrupp.com
Factory 3 :	Cherlapally, Hyderabad - 500051, Andhra Pradesh, India
Tel. No.:	91-40-27263540
Fax No.:	91-40-27263162
E-Mail :	tkii.hydbad@thyssenkrupp.com

DIRECTORS

As on: 01.03.2013

Name :	Shehata Ramsis Shehata
Designation :	Director
Address :	28, Strathaven Mews SW, Calgary, Cananda –T3H2G2
Date of Birth/Age :	06.05.1951
Date of Appointment :	23.05.2003
Din No.:	00480010
Name :	Mr. Dara Nadirshaw Damania
Designation :	Director
Address :	11, Abbas Road, 11 G.G Thakkar Road, Pune-411001, Maharashtra, India
Date of Birth/Age :	02.12.1936
Date of Appointment :	01.01.1978
Din No.:	00403834
Election Commission Identity Card No:	MT/42/250/486422
Name :	Mr. Detlev Walter Rose
Designation :	Director
Address :	Saarlandstrasse 6 Olelde, GermanyD-59302
Date of Birth/Age :	23.05.1962
Date of Appointment :	13.11.2007
Din No.:	01928197
Name :	Mr. Vinod Jamnadas Mehta
Designation :	Director
Address :	20A Thakur Nivas, Co-Operative Housing Society, 173, J Tata Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	11.04.1932
Date of Appointment :	20.02.1990
Election Commission Identity Card No:	MT/04/024/102891
Name :	Mr. Premal Narendra Kapadia
Designation :	Director
Address :	Flat No. 6, Haveli, 19, L D Ruparel Marg, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	05.06.1949
Date of Appointment :	12.07.1999
DIN No. :	00042090
Election Commission Identity Card No:	MT/04/024/096081
Name :	Mrs. Pallavi Arvind Parikh
Designation :	Director
Address :	333, Tahnee Heights, 66D, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	19.12.1943
Date of Appointment :	05.02.1999
DIN No. :	00107779
Name :	Mr. Vikram Mahendra Swarup
Designation :	Director
Address :	2 B, Judges Court Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	16.09.1948
Date of Appointment :	19.12.2008
DIN No. :	00163543
Name :	Mr. Noshir Dosabhai Kamdin
Designation :	Director
Address :	C-4, Czar Palace, 250 C , Boat Club Road, GPO, Pune-411001, Maharashtra, India
Date of Birth/Age :	06.06.1936
Date of Appointment :	01.01.2011
DIN No. :	00407835
Election Commission Identity Card No. :	MH/42/250/489403
Name :	Mr. Vijaykumar Bhanwarlal Kanthed
Designation :	Whole Time Director
Address :	Flat No. 1, Ramkunj, ICS Colony, Ganeshkhind Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	18.09.1946
Date of Appointment :	09.03.2001
DIN No. :	01144690
Name :	Mr. Malaykumar Mahendrachandra Das
Designation :	Whole Time Director
Address :	Plot No. 14, Sector – A, Vrundavan Co-operative Housing Society Limited, Off Pashan Road, Pune-411018, Maharashtra, India
Date of Birth/Age :	04.12.1950
Date of Appointment :	09.03.2001
DIN No. :	00408084
Name :	Dr. Michael Thiemann
Designation :	Alternate Director to Mr. Detlev Rose
Address :	Flat 409/410, Samudra Mahal Premises CHS Limited, Dr. A B Road, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	25.08.1946
Date of Appointment :	13.11.2007
DIN No. :	00061988
Name :	Mr. Sivasubramanian Natarajan
Designation :	Whole Time Director
Address :	Solitaira Apartments, Flat No.101, TPS 4 Raod No.6, Opposite Almeida Park, Bandra (West), Mumbai -400050, Maharashtra India
Date of Birth/Age :	09.07.1959
Date of Appointment :	06.09.2011
DIN No. :	03632901

KEY EXECUTIVES

Name :	Mr. Khushroo Jal Dastoor
Designation :	Company Secretary
Address :	A 806, Empress Court, 67B Empress Country, Pune-411001, Maharashtra India
Date of Birth/Age :	09.06.1955
Date of Appointment :	02.03.1998
PAN No. :	AARPD5292N
Election Commission Identity Card No. :	MT / 0042 / 0251 / 111484
Name :	Mr. Pramod Thar
Designation :	Senior Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 01.03.2013

NOTE:

SHAREHOLDER DETAILS FILE ATTACHED

As on: 01.03.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	54.73
Bodies corporate	37.35
Directors or relatives of Directors	5.56
Other top fifty shareholders	2.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sugar Machinery, Cement Machinery, Material Handling Equipments etc.

Products :

Item Code No. (ITC Code)	Product Description
8428	Machinery for Mining and Conveyors
8474	Sugar and Cement Machinery
8402	Boilers

Exports :

Products :

Finished Goods

Countries :

• South Africa
• South East Asia
• Gulf Country
• Bangladesh
• Malaysia
• UAE
• Germany

Imports :

Products :

Raw Material

Countries :

• Germany
• China
• Korea
• Netherlands

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Sugar mill machinery, specialised conveying equipment, cement plant machinery, dispersion and reaction machines (Supraton), mobile, semi-mobile, portable crushing and screening plants and crushers, screens and feeders, sponge iron plants, machinery and equipments	12,000 tonnes per annum	Available to meet licence conditions	Parts for plants within installed capacity
High speed semi-automatic, fully automatic and continuous centrifugal machines	160 Nos.	Available to meet licence conditions	94 Nos.
Closed system compost plant	One or more plants upto 300 tonnes/day for Rs. 5.00 million annually within the existing capacity of sugar machinery and calciner plant.	Available to meet licence conditions	--
Steam tube calciner drier on maximum utilisation of plant and machinery	Rs. 8.00 millions	--	--
Breweries and malteries	Rs. 10.00 million within the existing capacity of sugar machinery and calciner plant	Available to meet licence conditions	--
Bagasse drying machinery and equipments	300 tonnes per annum within the existing capacity of sugar machinery	Available to meet licence conditions	--
FBC Boilers (Bubbling bed type and circofluid type) from 20 TPH to 200 TPH capacities for multi-fuel firing	2500 M.T. per annum within the existing capacity of sugar machinery	Available to meet licence conditions	Parts for plants within installed capacity
Fruit Juices Machinery, Alcohol Machinery and Alcoholic Beverages Machinery	4000 M.T. per annum within the existing capacity of sugar machinery	Available to meet licence conditions	Parts for plants within installed capacity

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	1500 (Approximately) (In Office + In Factory)
Bankers :	· Bank of India, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India · Syndicate Bank, 10, Homji Modi Street, Mumbai-400023, Maharashtra, India · Bank of India, Pimpri Branch, Pune-411018, Maharashtra, India Tel No. :91-20-27423904 · Central Bank of India, 22/13, Poonam Chambers, Pimpri, Pune-411018, Maharashtra, India · State Bank of Tranvacore, 1248/A, Azmani Plaza, Deccan Gymkhana, Pune-411004, Maharashtra, India · Union Bank of India, 1202/39, Shirole Marg, Pune – 411004, Maharashtra, India · Bank of Baroda, Jangli Maharaj Road, Opposite Modern High School, Shivajinagar, Pune – 411004, Maharashtra, India · Syndicate Bank, 1216/A, Ferguson Colleg Road, Shivajinagar, Pune – 411004, Maharashtra, India · Deutsche Bank, Hazarimal Somani Marg, Fort Mumbai-400001, Maharashtra, India · Export Import Bank of India, Center One Building, Floor – 21, World Trade Centre Complex, Cuffe Paraade, Mumbai – 400005, Maharashtra, India · IDBI Bank Limited · Hong Kong and Shanghai Banking Corporation Limited · Bank of Baroda · HDFC Bank Limited · Commerz Bank · ABN Amro Bank N.V. · State Bank of India · ICICI Bank Limited · Royal Bank of Scotland

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerawada, Pune-411006, Maharashtra, India
PAN No. :	AADFP9359C
Ultimate Holding Company :	ThyssenKrupp AG
Fellow Subsidiary Company :	Ø Polysius (Shanghai) Company Limited, China Ø Thyssenkrupp Bulktech (China) Limited, China Ø Thyssenkrupp Fordertechnik GmbH, Germany Ø Polysius AG, Germany Ø Thyssenkrupp Elevators India Private Limited, India Ø BERCO Undercarriages India Private Limited, India Ø Thyssenkrupp System Engineering India Private Limited, India Ø Thyssenkrupp Engine Components India Private Limited, India Ø Thyssenkrupp Electrical Steel India Private Limited, India

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/-	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
978650	Equity Shares	Rs.100/-	Rs.97.870 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2012	30.09.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	97.870	97.870
(b) Reserves & Surplus	4950.120	4236.650
(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)	5047.990	4334.520
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	93.710	58.470
Total Non-current Liabilities (3)	93.710	58.470
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3263.730	3384.610
(c) Other current liabilities	5853.450	8233.390
(d) Short-term provisions	723.110	1048.080
Total Current Liabilities (4)	9840.290	12666.080
TOTAL	14981.990	17059.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	784.230	752.090
(ii) Intangible Assets	9.890	9.290
(iii) Capital work-in-progress	31.490	19.670
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.200	0.200
(c) Deferred tax assets (net)	21.680	66.550
(d) Long-term Loan and Advances	42.210	72.110
(e) Other Non-current assets	0.000	90.120
Total Non-Current Assets	889.700	1010.030
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2062.790	2816.530
(c) Trade receivables	6892.610	6107.710
(d) Cash and cash equivalents	2619.470	4871.260
(e) Short-term loans and advances	1547.180	1552.890
(f) Other current assets	970.240	700.650
Total Current Assets	14092.290	16049.040
TOTAL	14981.990	17059.070

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		97.870
2] Share Application Money		0.000
3] Reserves & Surplus		3462.670
4] (Accumulated Losses)		0.000
NETWORTH		3560.540
LOAN FUNDS
1] Secured Loans		377.120
2] Unsecured Loans		0.000
TOTAL BORROWING		377.120
DEFERRED TAX LIABILITIES		0.000
TOTAL		3937.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		602.490
Capital work-in-progress		70.980
INVESTMENT		0.200
DEFERREX TAX ASSETS		40.110
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2782.260
	Sundry Debtors	5461.430
	Cash & Bank Balances	4372.640
	Other Current Assets	777.670
	Loans & Advances	2134.450
Total Current Assets		15528.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3022.800
	Other Current Liabilities	8318.770
	Provisions	963.000
Total Current Liabilities		12304.570
Net Current Assets		3223.880
MISCELLANEOUS EXPENSES		0.000
TOTAL		3937.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2012	30.09.2011	30.09.2010
	SALES
		Income
		Other Income
		TOTAL	14577.365	17468.268	10849.885
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	13176.235	15916.735	9766.001
	PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS		1401.130	1551.533	1083.884
	EXCEPTIONAL ITEMS		0.000	(40.449)	(40.452)
	PROFIT BEFORE TAX		1401.130	1591.982	1124.336
Less	TAX		448.807	505.212	353.012
	PROFIT AFTER TAX		952.323	1086.770	771.324
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		152.462	136.815	123.465
Less	APPROPRIATIONS
		Dividend	205.517	269.129	156.584
		Tax on Dividend	33.340	43.659	26.007
		Transfer to General Reserve	651.186	758.335	575.383
	BALANCE CARRIED TO THE B/S		241.742	152.462	136.815
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		1671.984	927.288
		Export Services		65.504	82.337
	TOTAL EARNINGS		1393.499	1737.488	1009.625
	IMPORTS
		Raw Materials		385.468	782.591
		Components		408.421	201.192
		Stores & Spares		13.432	15.156
		Capital Goods		38.453	3.052
	TOTAL IMPORTS		NA	845.774	1001.991
	Earnings Per Share (Rs.)		973.05	1110.48	788.15

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
PAT/ Total Income	(%)	6.53	6.22	7.10
Return on Total Assets (PBT/Total Assets}	(%)	9.38	9.37	6.97
Return on Investment (ROI) (PBT/Networth)		0.28	0.37	0.31
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.10
Current Ratio (Current Asset/Current Liability)		1.43	1.27	1.26

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Details of Current Maturities of Long Term Debt Not Available.

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	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	No
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	Yes
34]	External Agency Rating, if available	Yes

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80012972	17/01/2008 *	11,000,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA	A31960586

* Date of charge modification

REVIEW OF BUSINESS ENVIRONMENT

YEAR 2011-12

The year 2011-12 was a year of continued challenges for economy and industry. Uncertainty surrounded domestic business environment coupled with upheaval in global economy. This seriously affected the investment climate in the country resulting into lower business opportunities and increasing stiff competition. The Company’s performance is to be reviewed in this context for the year 2011-12.

OUTLOOK FOR 2012-13

The prevailing economic conditions are posing an immense challenge to sustain past growth rates in the near term. However, after the Government announced measures to further open up the insurance, retail, pension fund and aviation sectors for foreign direct investment and took the politically sensitive decision of raising diesel prices to control fiscal deficit the hope of revival o economy brightened. This has buoyed market sentiments and greater overseas capital inflow is expected. However, it will take some time for this to translate into action and for new investment to take place. With this, the Company expects the business sentiments to improve in the medium and long term. Stagnation in power sector and intense competitive pressures in domestic and international market will continue to pose challenges. Against such a back drop, efforts are being made to transform the Company into one that can meet tough challenges posed by increasing competition and exploit real opportunities that lie ahead.

TURNOVER (SALES AND OTHER INCOME) AND PROFIT

Turnover for the year 2011-12 stands at Rs.14577.365 millions (previous year Rs.17468.268 millions) recording a decline of 16.55% over previous year. Profit before tax and before exceptional item is Rs.1401.130 millions (previous year Rs.1551.533 millions) and profit before tax and after exceptional item is Rs.1401.130 millions (previous year Rs.1591.982 millions) and post tax profit at Rs.952.323 millions (previous year Rs.1086.770 millions) recording a decline of 9.69%, 11.99% and 12.37% respectively.

DIVISIONAL PERFORMANCE

MATERIAL HANDLING DIVISION

The past year was a turbulent year for Indian infrastructure industry. A combination of issues like slow GDP growth, policy paralysis and scams had crippling effect. Investments have further slowed down due to issues like land acquisition, environmental clearances, fuel linkage etc. This situation led to shrinkage of business resulting into stiff competition.

The Power sector is facing major fuel shortages and coal production has almost stagnated. The Company with its innovative products such as semi / fully mobile crushing plants, long distance conveyors / pipe conveyors has positioned itself effectively in the mining industry.

The Company has also introduced Tandem Wagon Tippler in Indian market to meet new guidelines of the Research Designs and Standards Organisation, (RDSO) Ministry of Railways and expects good demand for wagon tipplers and wagon shifters for power and steel sectors as the same can help in increasing the productivity and reduce the rake turnover time.

Many new projects have been announced recently in the infrastructure sector requiring addition to thermal power capacity, modernization of steel plants, enhancement of the country’s port handling and mining capacity. In view of such developments Company expects good business prospects for Material Handling Division with key focus on technologically advanced products and systems.

Highlights of the major orders received during the year:

TATA Steel Limited for Design, Engineering, Procurement, Manufacture, Supply, Erection, Testing and Commissioning of 2 Nos. of C – type Single Rotary Wagon Tipplers and 2 Nos. C – type Rotary Tandem Wagon Tipplers for 3 MTPA Steel Plant in Kalinganagar, Odisha, at a value of Rs.990 Millions. The Twin Rotary Wagon Tipplers are first of its kind in India and there will be good demand for this type of Wagon Tippler.

Alstom Power Systems S.A., France, for Design, Engineering, Supply of Machinery and Equipment for Coal Handling Plant including 2 Nos. Stacker cum Reclaimer for 1 x 1000 MW Power Plant, Line 4, at Tanjung Bin, Malaysia for a price of US$.43.699 Millions.

Alstom Services Sdn. Bhd., Malaysia, for Erection, Testing and Commissioning services in Malaysia for Coal Handling Plant including 2 Nos. Stacker cum Reclaimer for 1 x 1000 MW Power Plant, Line 4, at Tanjung Bin, Malaysia, for a price of Malaysian Ringgit 28.032 millions.

The following important projects are in various stages of implementation:

Coastal Energen Private Limited - Coal Handling System for 2 X 600 MW Thermal Power Plant, Tuticorin, Tamil Nadu.

Coastal Gujarat Power Limited - Internal Coal Handling Package for 5 x 800 MW Mundra Ultra Mega Power Project.

Damodar Valley Corporation - Coal Handling Plant package for 2 x 500 MW Durgapur Steel Plant at Andal, Bardhman, West Bengal.

Uttar Pradesh Rajya Vidyut Nigam Limited - Coal Handling Plant package for 2 x 250 MW Harduaganj Thermal Power Station.

Uttar Pradesh Rajya Vidyut Nigam Limited - 2 Nos. Wagon Tippler Complex with associated facilities for Anpara TPS, Stage D.

Hindalco Industries Limited – Coal Handling Plant for captive Power Plant (6 x 150 MW) at Lapanga.

Boiler and Power Plant Division Boiler and Captive Power Plant business was severely affected because of delay in fuel linkage, financing, environment clearance and land acquisition issues. This led to fewer projects in market against severe competition.

Highlights of the major orders received during the year:

Gulf Cement Company, Ras Al Khaimah, UAE – for Waste Heat Recovery Plant of 33 MWe for their existing Dry Process Cement Plant, comprising of 4000 TPD and 7200 TPD at Ras Al Khaimah, UAE for a price of US $.48.680 millions.

Bhushan Power and Steel Limited – for 1 x 340 TPH CFBC Boiler for their existing plant at Tehasil Rengali, District Sambalpur, Odisha, for a price of Rs.850 millions.

The following important projects are in various stages of implementation:

Hindalco Industries Limited - supply of 2 x 165 TPH CFBC Steam Generators for their Unit # 5 at Hirakud, Sambalpur, Odisha.

Concast Steel and Power Limited - supply of 1×180 TPH CFBC Steam Generator for 40 MW CPP and 8 x 10 TPH and 2 x 35 TPH Waste Heat Recovery Steam Generators for 30 MW CPP at Jharsuguda, Odisha.

Anrak Aluminum Limited - supply, erection and commissioning of the 3 x 315 TPH (MCR) Cold Cyclone Type CFBC Steam Boiler and 74.6 MW Steam Turbine Generator for co-generation power plant at Visakhapatnam District, Andhra Pradesh.

Meghalaya Power Limited – supply, erection and commissioning of 2 × 90 TPH Steam Generators for their 1 × 43 MW Power Plant at Lumshnong, Meghalaya.

Action Ispat and Power (P) Limited - supply, erection and commissioning of 2 x 185 TPH CFBC boilers for their Captive Power Plant at Jharsuguda, Odisha.

Gupta Energy Private Limited - supply, erection and commissioning of 2 x 250 TPH (MCR) Cold Cyclone Type CFBC Boilers with auxiliaries for their Power Project at Village Usegaon, Taluka Ghougus, District Chandrapur, Maharashtra.

The India Cements Limited - supply of machinery and equipment for a 48 MW Thermal Power Plant on EPC basis at Sankarnagar, District Tirunelveli, Tamil Nadu.

Bhushan Power and Steel Limited - supply, erection and commissioning of 1 x 390 TPH CFBC Boiler along with ESP for their Captive Power Plant at Tehsil Rengali, District Sambalpur, Odisha.

Facor Power Limited - supply, erection and commissioning of 3 x 155 TPH (MCR) Cold Cyclone Type CFBC Boilers with auxiliaries for their Captive Power Plant at District Bhadrak, Odisha.

Bhushan Steel Limited - supply, erection and commissioning of 3 x 275 TPH CFBC Boilers for their Power Plant at Meramandali, Odisha.

Monnet Ispat and Energy Limited – supply of 1 x 336 TPH CFBC Boiler with ESP for their 1 X 80 MW Captive Power Plant at Naharpalli, near Raigarh, Chattisgarh.

Ultratech Cement Limited - Unit II – supply, erection and commissioning of 2 x 115 TPH CFBC Boilers for Captive Power Plant for their Cement Plant at Andhra Pradesh Cement Works at Tadipatri, Andhra Pradesh.

Polysius Cement Machinery Division Cement industry put up a good performance during the financial year 2011-12 due to the robust demand revival in the second half of the year and recorded a growth of 6.4% which is likely to go up in coming years.

With leading cement manufacturing companies planning substantial investment to augment the capacity and new players entering the cement business, such developments provide good opportunity for the Division.

Introduction of Vertical Roller Mill “Quadropol” in Indian market for grinding circuits was undertaken. Highlights of the major orders received during the year:

J.K. Cement - order worth Rs.747.400 millions for supply of Crusher, Raw and Clinker grinding at Mangrol and Clinker Grinding plus packing plant at Jhajjar.

Ambuja Cement - a HOLCIM group Company placed the order valuing Rs. 259.442 millions for upgradation of the Grinding Unit at Sankrail. Export orders for spares from Holcim, Bangladesh and Mombasa Cement, Kenya.

The following important projects are in various stages of implementation:

• Ambuja Cement Limited:
• Supply of Polytrack Cooler at Darlaghat
• Upgradation of the Grinding Unit at Sankrail.

Trumboo Cement:

• Second Raw Circuit Mill
• 35TPH Clinker Grinding Unit
• Siddhi Vinayak Cement Private Limited (formerly Nirma Cement) - Supply of 4100 TPD
• Clinkerisation Unit at Village Nimbol, Taluka Jaitaran, District Pali, Rajasthan.

Birla Corporation Limited:

1. Machinery and Equipment for 315 TPH upgradation of Clinker Grinding Unit – I at Chanderia.
2. Machinery and Equipment for 325 TPH upgradation of Clinker Grinding Unit – II at Chanderia.
3. Machinery and Equipment for 330 TPH upgradation of Clinker Grinding Unit – I at Satna.

• Vicat Sagar Cement - Supply of Raw and Clinker Grinding System for 6000 TPD Cement Plant at Chattrasala, Karnataka.

Madras Cement Limited-

1. Machinery and Equipment for Clinker Grinding in Combi Circuit at Ariyalur.
2. Machinery and Equipment for upgradation of Clinker Grinding Unit at Salem.
3. Machinery and Equipment for upgradation of Clinker Grinding Unit at R. R. Nagar.

• Wonder Cement Limited - Supply of 6500 TPD Cement Plant at Rajasthan.

• Reliance Cementation Limited - Machinery and Equipment for Raw Grinding and Pyro Processing Unit for 10000 TPD Cement Plant at Maihar, Madhya Pradesh

• Mangalam Cement Limited – Machinery and Equipment for Clinker Grinding Unit at Kota, Rajasthan.

JK Cement:

• Fujairah: Machinery and Equipment for Raw Grinding Section.
• Jhajjar: Machinery and Equipment for Clinker Grinding Unit.
• Mangrol: Machinery and Equipment for 4500 TPD Raw Grinding and Clinker Grinding Section

• Goldstone Cement Limited - Machinery and Equipment for 1800 TPD Cement Plant in Meghalaya.

Overseas projects:

• Mombasa, Kenya – Silo and Kiln feed system.
• Tororo, Uganda – Machinery and Equipment for Clinker grinding unit.
• Bashundhara Industrial Complex Limited, Bangladesh – Machinery and Equipment for 3000 TPD Clinker Grinding Unit at Madanganj, Bangladesh.

Fresh Cement Limited, Bangladesh:

1. Supply of Clinker Grinding Unit Phase I, Bangladesh.
2. Supply of Clinker Grinding Unit Phase II, addition of Polycom, Bangladesh.

• S and S Cimentos LDA, Mozambique, Maputo: Machinery and Equipment for 35TPH Clinker Grinding Unit.

Sugar Machinery Division

Sugar industry continued to be cyclical in spite of India being the second largest producer of sugar in the world. The industry is partly regulated and sugar prices depend upon Government policies on export and import of sugar, ethanol blending programme etc. Co-generation business depends upon the tariffs for power sold to grid.

The policies of the Government are not clear and consistent. The industry is operating amidst such constraints leading to few new projects and limitation for expansion of capacity and modernization leading to severe competition.

Company is well placed in the business area of centrifugal machines and is also actively participating in overseas markets.

Highlights of the major orders received during the year:

• Kranti Sahakari Sakhar Karkhana Limited - Carriers and PFE – Rs. 22.800 Millions.
• Lokmangal Sugar Ethanol and Co-generation Industries Limited - Pan, Crystallizer, Juice Heater – Rs. 23.500 Millions.
• Chhatrapati Shahu Sahakari Sakhar Karkhana Limited - FFE – 3500 m 2 – Rs. 23.800 Millions.
• Indian Cane Power Limited - 2 x GRPF (42” x 84”) and Mill House Equipment – Rs. 54.830 Millions.
• Indian Cane Power Limited - 2 x GRPF (42” x 84”) and Mill House Equipment – Rs. 54.830 Millions.
• Orders for various Batch Type and Continuous Centrifugal Machines at a total price of Rs.263.913 Millions.

The following important projects are in various stages of implementation:

• Kranti Sahakari Sakhar Karkhana Limited – Supply of Boiler Automation and BH Equipment.
• Lokmangal Mauli Industries Limited – Supply of Milling Plant and Boiling House Machinery for 5000 TCD Sugar Plant.
• Indian Cane Power Limited – Supply of 2 nos. 42” x 84” GRPF.
• Indian Cane Power Limited – Supply of 1 no. 2 Roller Mill 50” x 100” with GRPF.
• Chhatrapati Shahu Sahakari Sakhar Karkhana Limited – Co-Generation Boiler 67 TPH.

CMT REPORT (Corruption, Money Laundering and 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.63.67
UK Pound	1	Rs.100.71
Euro	1	Rs.84.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	ANK

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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 and 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

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.