MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	FLOWSERVE SANMAR LIMITED
Registered Office :	9, Cathedral Road, Chennai - 600086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.09.1987
Com. Reg. No.:	18-014838
Capital Investment / Paid-up Capital :	Rs. 4.800 Millions
CIN No.: [Company Identification No.]	U18209TN1987PLC014838
TAN No.: [Tax Deduction & Collection Account No.]	CHED00088E
PAN No.: [Permanent Account No.]	AAACD2238A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Mechanical Seals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 1590000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Flowserve Corporation, USA and Sanmar Limited. It is an established company having a fine track record. The profitability of the company seems to be good. There appear no external borrowings. Performance capability is high. Financial position is strong and healthy. Trade relations are fair. Business is active. Payments are reported as 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-24504250)

LOCATIONS

Registered / Corporate Office:	9, Cathedral Road, Chennai - 600086, Tamilnadu, India
Tel. No.:	91-44-28258955/ 28128400/ 28128722
Fax No.:	91-44-28269359/ 28112437/ 28112627
E-Mail :	engg@sanmargroup.com reachus@sanmargroup.com mr1@sanmargroup.com nnh@sanmargroup.com rs36@sanmargroup.com
Website :	www.sanmargroup.com
Administrative Office:	8, Cathedral Road, Chennai – 600086, Tamilnadu, India
Tel. No.:	91-44-28258955
Fax No.:	91-44-28269359
Factory 1 :	147, Karapakkam Village, Chennai – 600097, Tamilnadu, India
Tel. No.:	91-44-24504100
Fax No.:	91-44-24502124
Sales/ Branch Offices :	Located at: · Chennai Hyderabad Jamnagar Kochi Kolkata Mumbai New Delhi Pune Surat Vadodara Vizag

DIRECTORS

As on 25.09.2013

Name :

Mr. Radhakrishnan Manachanallur Naryanaswamy

Designation :

Managing director

Address :

12, Besant Avene Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

03.08.1943

Qualification :

Mechanical Engineer

Date of Appointment :

01.10.2011

PAN No.:

AAAPM4065F

DIN No.:

00011091

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	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) Private LIMITED	Director	09-09-1987	09-09-1987	31-07-2008	Active	NO
2	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	30-06-1991	30-06-1991	-	Active	NO
3	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA PRIVATE LIMITED	Director	22-02-1996	22-02-1996	01-07-2008	Active	NO
4	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	01-05-2001	01-05-2001	-	Active	NO
5	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	25-06-2001	25-06-2001	30-04-2011	Active	NO
6	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	01-09-2009	02-07-2001	31-03-2011	Active	NO
7	U30006TN1996PLC034869	SANMAR ENGINEERING SERVICES LIMITED	Director	18-04-2002	18-04-2002	30-03-2007	Amalgamated	NO
8	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Managing director	01-10-2011	01-04-2004	-	Active	NO
9	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Whole-time director	01-04-2004	01-04-2004	-	Active	NO
10	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	30-05-2005	30-05-2005	31-03-2008	Active	NO
11	U24230TN1985PLC011637	CHEMPLAST SANMAR LIMITED	Director	08-06-2005	08-06-2005	-	Active	NO
12	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	27-06-2005	27-06-2005	06-08-2011	Active	NO
13	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	18-07-2005	18-07-2005	-	Active	NO
14	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	02-07-2007	30-09-2006	10-10-2013	Active	NO
15	U27310TN2007PLC063323	JKM Ferrotech Limited	Director	30-04-2007	30-04-2007	01-06-2011	Active	NO
16	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	28-07-2008	01-04-2008	-	Active	NO
17	U45201TN1999PLC043396	SHL PROPERTY HOLDINGS LIMITED	Director	22-09-2009	07-11-2008	-	Active	NO
18	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	26-09-2011	30-04-2011	-	Active	NO

Name :

Mr. Balasubramanyan Visweswaran

Designation :

Director appointed in casual vacancy

Address :

26 Kasturi Avenue, MRC Nagar, RA Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

13.06.1973

Qualification :

MS Computer Engineering

Date of Appointment :

25.09.2013

DIN No.:

02040330

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	U72900TN2008PTC067380	WYSINE TECHNOLOGIES PRIVATE LIMITED	Director	30-09-2009	16-04-2008	31-01-2010	Active	NO
2	U72900KA2006PTC040198	AMPLEBIT TECHNOLOGIES PRIVATE LIMITED	Nominee director	15-12-2008	15-12-2008	01-01-2010	Active	NO
3	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	29-09-2012	26-03-2012	-	Active	NO
4	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	28-09-2012	26-03-2012	10-10-2013	Active	NO
5	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	25-09-2013	26-03-2012	-	Active	NO
6	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	14-09-2012	26-03-2012	-	Active	NO
7	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Whole-time director	01-04-2012	26-03-2012	-	Active	NO
8	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director appointed in casual vacancy	21-12-2012	21-12-2012	-	Active	NO

Name :

Mr. Balasubramanian Natraj

Designation :

Director appointed in casual vacancy

Address :

A5 Sucharita, No. 1224 Chamiers Road, Ra Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

03.10.1946

Qualification :

Chartered Accountant

Date of Appointment :

25.09.2013

DIN No.:

00022038

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	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) Private LIMITED	Director	15-06-2007	28-12-2005	31-07-2008	Active	NO
2	U30006TN1996PLC034869	SANMAR ENGINEERING SERVICES LIMITED	Director	28-12-2005	28-12-2005	30-03-2007	Amalgamated	NO
3	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA PRIVATE LIMITED	Director	02-07-2007	28-12-2005	01-07-2008	Active	NO
4	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	28-12-2005	28-12-2005	31-03-2008	Active	NO
5	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	25-09-2013	28-12-2005	-	Active	NO
6	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	25-09-2013	28-12-2005	-	Active	NO
7	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	14-09-2012	28-12-2005	-	Active	NO
8	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Managing director	01-10-2011	28-12-2005	-	Active	NO
9	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	02-01-2006	02-01-2006	01-04-2008	Active	NO
10	U24230TN1985PLC011637	CHEMPLAST SANMAR LIMITED	Director	18-11-2013	16-01-2006	-	Active	NO
11	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	31-07-2013	20-01-2006	-	Active	NO
12	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	31-07-2013	06-02-2006	-	Active	NO
13	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	29-09-2012	06-02-2006	-	Active	NO
14	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	28-09-2012	30-09-2006	-	Active	NO
15	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	18-10-2006	18-10-2006	01-04-2008	Active	NO
16	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	30-04-2007	30-04-2007	07-11-2008	Active	NO
17	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	29-09-2012	01-11-2011	-	Active	NO
18	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director appointed in casual vacancy	23-12-2011	23-12-2011	-	Active	NO
19	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director	18-09-2012	18-09-2012	-	Active	NO
20	U45201TN1999PLC043396	SHL PROPERTY HOLDINGS LIMITED	Director appointed in casual vacancy	20-03-2013	20-03-2013	-	Active	NO

Name :

Mr. Sankaran Subbaiah

Designation :

Director

Address :

2/1, IV Street, Balaji Nagar, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

07.05.1954

Qualification :

Chartered Accountant

Date of Appointment :

01.04.2004

DIN No.:

00009172

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	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	14-05-2003	14-05-2003	31-03-2008	Active	NO
2	U24117TN1989PLC018211	SANMAR PERFORMANCE CHEMICALS AND RESEARCH SERVICES LIMITED	Director	14-05-2003	14-05-2003	-	Dissolved	NO
3	U24231TN1989PLC054653	BANGALORE GENEI LIMITED	Director	09-12-2003	09-12-2003	-	Dissolved	NO
4	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
5	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	01-04-2004	01-04-2004	31-03-2011	Active	NO
6	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) Private LIMITED	Director	01-04-2004	01-04-2004	31-07-2008	Active	NO
7	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
8	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
9	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
10	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
11	U24111TN1985PLC055699	INTEC POLYMERS LIMITED	Director	26-07-2004	26-07-2004	-	Dissolved	NO
12	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	18-05-2005	18-05-2005	-	Active	NO
13	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	02-07-2007	30-09-2006	-	Active	NO
14	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	18-10-2006	18-10-2006	01-04-2008	Active	NO
15	U27310TN2007PLC063323	JKM Ferrotech Limited	Director	30-04-2007	30-04-2007	01-06-2011	Active	NO
16	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	12-09-2008	01-04-2008	26-05-2012	Active	NO
17	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	10-07-2009	01-04-2008	-	Active	NO
18	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	26-09-2011	30-04-2011	26-05-2012	Active	NO
19	U65991TN1990PLC019237	SHL SECURITIES (ALPHA) LIMITED	Additional director	02-04-2012	04-10-2011	10-04-2012	Active	NO
20	U73100TN2002NPL050076	SHL RESEARCH FOUNDATION	Director	24-09-2013	22-03-2013	13-03-2014	Active	NO

Name :

Kenneth Edward Lavelle

Designation :

Director appointed in casual vacancy

Address :

7351N Oole Avenue, Chicago Illinois 75039

Date of Birth/Age :

22.11.1956

Qualification :

Engineer

Date of Appointment :

25.09.2013

DIN No.:

05170955

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	25-09-2013	23-12-2011	Active	NO

Name :

Chua Wei Tien Colin

Designation :

Director appointed in casual vacancy

Address :

52, ENG, Kongdrive, Singapore-599379

Date of Birth/Age :

03.03.1960

Qualification :

Engineer

Date of Appointment :

25.09.2013

DIN No.:

03157380

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	25-09-2013	25-09-2010	Active	NO

Name :

Tsao Yen Shih

Designation :

Director Appointed in Casual Vacancy

Address :

4^th Floor, No. 13, Lane 86, Sec 2 , Chung Qing, South Road, Taipei

Date of Birth/Age :

14.03.1960

Date of Appointment :

30.06.2014

DIN No.:

06911114

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares
Sanmar Engineering Technologies Limited, India	26395
Madhu Sarin	2400
Flowserve International Inc, USA	19200
N Sankar **	1
Vijay Sankar **	1
N Kumar **	1
Stargate Realty Private Limited, India **	1
Stargate Enterprises Private Limited, India **	1
Total	48000

NOTE : ** Nominees of Sanmar Engineering Technologies Limited

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	55.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Mechanical Seals.

Products :

Item Code No. (ITC Code)	Product Description
84842000	Mechanical Seals

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Bank of Baroda, Corporate Financial Services Branch, Gopalakrishna Street T Nagar, Chennai - 600017, Tamilnadu, India Bank of Baroda, 28, Rajaji Salai, Chennai – 600001, Tamilnadu, India State Bank of India, Overseas Branch, 39; Rajaji Salai, Chennai - 600001, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No 10, Mahatma Gandhi Road, Numbambakkam, Chennai – 600034, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Holding Company :	Sanmar Engineering Technologies Limited, India CIN No.: U74210TN1996PLC034870
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Flowserve International Inc.
Fellow Subsidiary Company :	· Tyco Sanmar Limited Chemplast Sanmar Limited Sanmar Foundries Limited Cabot Sanmar Limited Sanmar Speciality Chemicals Limited Sanmar Engineering Services Limited Cathedral Corporate Finance SHL Property Holdings Limited Kalamkriya Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
90,000	Equity Shares	Rs. 100/- each	Rs. 9.000 Millions
100,000	4% Non-Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 1.000 Million
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
48,000	Equity Shares	Rs. 100/- each	Rs. 4.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.800	4.800	4.800
(b) Reserves & Surplus	392.923	333.368	284.306
(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)	397.723	338.168	289.106
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	31.235	51.094	21.656
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.235	51.094	21.656
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	142.052	141.810	133.183
(c) Other current liabilities	130.569	57.776	101.320
(d) Short-term provisions	303.555	264.266	168.356
Total Current Liabilities (4)	576.176	463.852	402.859
TOTAL	1005.134	853.114	713.621
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	103.393	110.254	89.165
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.276	0.000	1.559
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	32.580	18.160	18.918
(d) Long-term Loan and Advances	48.051	23.400	22.876
(e) Other Non-current assets	5.948	1.000	0.000
Total Non-Current Assets	197.248	152.814	132.518
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.959	91.147	97.848
(c) Trade receivables	553.768	510.998	446.287
(d) Cash and cash equivalents	121.456	86.799	23.603
(e) Short-term loans and advances	23.358	10.820	13.135
(f) Other current assets	0.345	0.536	0.230
Total Current Assets	807.886	700.300	581.103
TOTAL	1005.134	853.114	713.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1926.695	1913.343	1560.802
		Other Income	19.525	5.366	41.079
		TOTAL (A)	1946.220	1918.709	1601.881
Less	EXPENSES
		Cost of materials consumed	596.532	710.826	496.181
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2.240)	3.294	1.183
		Employee benefit expense	182.814	171.582	136.147
		Other expenses	278.345	288.292	240.315
		TOTAL (B)	1055.451	1173.994	873.826
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		890.769	744.715	728.055
Less	FINANCIAL EXPENSES (D)		5.492	6.802	6.053
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		885.277	737.913	722.002
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.016	17.376	15.199
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		868.261	720.537	706.803
Less	TAX (H)		276.878	230.759	297.117
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		591.383	489.778	409.686
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.417	26.470	7.627
	TOTAL EARNINGS		12.417	26.470	7.627
	IMPORTS
		Raw Materials	215.638	193.385	167.476
		Stores & Spares	0.414	0.776	0.355
		Capital Goods	2.777	12.267	14.164
	TOTAL IMPORTS		218.829	206.428	181.995
	Earnings / (Loss) Per Share (Rs.)		12320.48	10203.71	8535.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	30.39	25.53	25.58
Net Profit Margin (PBT/Sales)	(%)	45.06	37.66	45.28
Return on Total Assets (PBT/Total Assets}	(%)	89.95	86.30	101.97
Return on Investment (ROI) (PBT/Networth)		2.18	2.13	2.44
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.40	1.51	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.800	4.800	4.800
Reserves & Surplus	284.306	333.368	392.923
Net worth	289.106	338.168	397.723
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1560.802	1913.343	1926.695
		22.587	0.698

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1560.802	1913.343	1926.695
Profit	409.686	489.778	591.383
	26.25%	25.60%	30.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10245627	23/03/2013 *	200,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, GOPALAKRISHNA STREET T NAGAR, CHENNAI, Tamil Nadu - 600017, INDIA	B73043325

* Date of charge modification

OPERATIONS

Growth in net sales remained flat compared to the prior year primarily due to lower OEM sales. The delays in the new construction activity impacted the OEM sales. The growth in the MRO segment has enabled to the company to maintain the revenues marginally higher than the prior year.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

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.60.87
UK Pound	1	Rs.102.67
Euro	1	Rs.81.70

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.