MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	SULZER PUMPS INDIA LIMITED
Registered Office :	9, MIDC, Thane Belapur Road, Digha, Navi Mumbai – 400708, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.06.1974
Com. Reg. No.:	11-017561
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U99999MH1974PLC017561
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36628E
PAN No.: [Permanent Account No.]	AAACK2238F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Single and Multistage Centrifugal Pumps, Spare Parts and Related Accessories.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 6290000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a “Sulzer Pumps Limited, Switzerland”. It is a well-established company having fine track record. As per registrar of companies the date of Balance Sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. As per available financial record of 2013, the rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments, The company can be considered good 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 – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Indra Sen
Designation :	Manager
Contact No.:	91-22-39130738
Date :	01.12.2014
Name :	Mr. Sanjay Biswas
Designation :	Accountant
Contact No.:	91-33-24856007
Date :	01.12.2014

LOCATIONS

Registered/ Head Office/ Factory :	9, MIDC, Thane Belapur Road, Digha, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-39130500/ 39130525/ 39130564
Fax No.:	91-22-27606812/ 27796811/ 27606814
E-Mail :	sanjay.seth@sulzer.com nitinkane@yahoo.co.in shashank.patwardhan@sulzer.com
Website :	www.sulzerpumps.com
Sales Office :	1A, Ashutosh Mukharjee Road, 4^th Floor, Room No.401, Kolkata – 700020, Maharashtra, India
Tel. No.:	91-3-24856007
Sales Offices :	Also Located at · Chennai · Vadodara · Delhi · Hyderabad

DIRECTORS

As on 29.10.2013

Name :

Pooran Gokaldas Tahilramaney

Designation :

Director

Address :

301, White House Apartment, N. Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

14.04.1928

Date of Appointment :

07.10.1986

DIN No.:

00107873

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	U51109MH1941PTC003338	SEPULCHRE BROTHERS (INDIA) PRIVATE LIMITED	Director	25-01-1966	25-01-1966	-	Active	NO
2	U99999MH1974PLC017561	SULZER PUMPS INDIA LIMITED	Director	07-10-1986	07-10-1986	-	Active	NO
3	U29297PN1988PLC046977	SULZER INDIA LIMITED	Director	11-04-1988	11-04-1988	26-06-2009	Active	NO
4	U29210MH1991PTC062173	BENNINGER INDIA Private Limited	Director	21-06-1991	21-06-1991	-	Active	NO
5	U29269KA1994PTC016624	JAKOB MULLER (INDIA)PRIVATE LIMITED	Director	27-09-1995	27-09-1995	08-02-2009	Active	NO
6	U27200MH1998PTC114831	MSS INDIA PRIVATE LIMITED	Nominee director	08-05-1998	08-05-1998	12-03-2009	Active	NO
7	U24100MH1977PLC019595	S.D.FINE CHEM LIMITED	Director	26-06-2003	26-06-2003	-	Active	NO
8	U31909MH2006PTC166365	G Corner Electrical Systems Private Limited	Nominee director	20-12-2006	20-12-2006	27-02-2009	Strike off	NO
9	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Alternate director	22-11-2008	22-11-2008	06-12-2010	Active	NO

Name :

Mrs. Heena Doshi

Designation :

Alternate director

Address :

302, Mahavir Sadan, Balaram Street, Grant Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

25.08.1957

Date of Appointment :

25.09.2006

DIN No.:

00364793

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	U27200MH1998PTC114831	MSS INDIA PRIVATE LIMITED	Nominee director	08-05-1998	08-05-1998	12-03-2009	Active	NO
2	U99999MH1974PLC017561	SULZER PUMPS INDIA LIMITED	Alternate director	25-09-2006	25-09-2006	-	Active	NO
3	U31909MH2006PTC166365	G Corner Electrical Systems Private Limited	Nominee director	20-12-2006	20-12-2006	27-02-2009	Strike off	NO
4	U51109MH1941PTC003338	SEPULCHRE BROTHERS (INDIA) PRIVATE LIMITED	Director	17-09-2013	01-10-2012	-	Active	NO

Name :

Mr. Ashwin Trimbak Bondal

Designation :

Director

Address :

5/595-D, Narendra Villa, Dr. B. Ambedkar Road, Matunga, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

14.03.1951

Date of Appointment :

30.06.2009

DIN No.:

00401941

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	U99999MH1974PLC017561	SULZER PUMPS INDIA LIMITED	Director	30-06-2009	01-10-2004	-	Active	NO

Name :

Mr. Bharat Hirachand Dagha

Designation :

Managing director

Address :

C/11, Sarvonatti Society, Kama Lane, Ghatkopar (West), Mumbai - 400086, Maharashtra, India

Date of Birth/Age :

24.11.1957

Date of Appointment :

01.01.2014

DIN No.:

06766065

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	U99999MH1974PLC017561	SULZER PUMPS INDIA LIMITED	Managing director	01-01-2014	20-12-2013	Active	NO
2	U29297PN1988PLC046977	SULZER INDIA LIMITED	Director	17-09-2014	15-05-2014	Active	NO

Name :

Tania Micki

Designation :

Director

Address :

Herrenguetlistrasse, 26, Wallisellen, 8304, Switzerland

Date of Appointment :

13.02.2014

DIN No.:

06812822

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	U74140MH2006FTC166028	SULZER TECH INDIA PRIVATE LIMITED	Director	13-02-2014	13-02-2014	Active	NO
2	U99999MH1974PLC017561	SULZER PUMPS INDIA LIMITED	Director	13-02-2014	13-02-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Indra Sen
Designation :	Manager
Name :	Mr. Sanjay Biswas
Designation :	Accountant
Name :	Mr. Rajan Raje
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.10.2013

Names of Shareholders	No. of Shares
Anil Pooran	100
Chetan Jayantilal Shah	2000
Chetan Jayantilal Shah	1000
Heena Doshi	100
N.R. Hariharan	100
Javerbai Shivji Vikamsey	1000
Jayantilal Premji Shah	2000
Jayashri Suresh Dikshit	100
Nitin Mahadev Kane	100
Anand S. Kothekar	100
Mayur V. Shah	100
Neemjee Gangji Shah	2500
Pramod Kumar Singhal	250
Pratapsey Ratansi Mercant	500
Rajan Raghunath Raje	100
Sadhana Hiren Dand	500
Shashank Chandrakant Patil	500
Sulzer Pumps Limited, Switzerland	2488250
Theresa Joseph Aranjo	100
Tahilramaney Pooran	600
Total	2500000

As on 29.10.2013

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	99.53
Others	0.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Single and Multistage Centrifugal Pumps, Spare Parts and Related Accessories.

Products :

Item Code No. (ITC Code)	Product Description
84137091	Single and Multistage Chemical Process Pumps

Exports :

Products :

Finished Goods

Countries :

· Korea

· Italy

Imports :

Products :

Raw Material

Countries :

· Korea

· Italy

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:
Remarks:

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:
Remarks:

Wholesalers and Retailers

No. of Employees :

500 (Approximately)

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Deutsche Bank

Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe, 194, Churchgate Reclamation Dinshaw Vaccha Road, Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFS2967E
Holding Company :	Sulzer Pumps Limited, Switzerland
Ultimate Holding Company :	Sulzer Limited, Switzerland
Fellow Subsidiary company :	· Sulzer Pumps (UK) Limited · Sulzer Pumpen (Deutschland) Gmbh · Sulzer Pumps (Canada) Inc · Sulzer Pumps Asia Pacific Pte Limited · Sulzer Pumps Mexico, SA · Sulzer Pumps Finland OY · Sulzer Pompes France SASU · Sulzer Process Pumps US Inc · Sulzer Pumps (US) Inc · Sulzer Management AG · Sulzer Pumps (Anz) Pty Limited · Sulzer Dalian Pumps And Compressors Limited · Sulzer Pumps (South Africa) Pty Limited · Sulzer Pumps Spain SA · Sulzer Pumps Middle FZCO · Sulzer Brasil SA · Sulzer Metco Coatings Limited · Sulzer Pumps Suzhou Limited, China · Sulzer Pompes Process SASU · Sulzer Korea Limited · Sulzer Ali And Sons Oil Field Supplies LLC · Sulzer Pumpen Oesterreich Gmbh · Sulzer Pumps Solution Sweeden · Sulzer Bombas Chile Limited · Sulzer Daiichi K.K. · Sulzer Korea Packaging Shop · Sulzer Pumps Rus LLC · Sulzer Pumps (Saudi Arabia) · Sulzer Tech India Private Limited CIN No.: U74140MH2006FTC166028

CAPITAL STRUCTURE

As on 29.10.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 [12 Months]	31.03.2012 [15 Months]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.000	25.000
(b) Reserves & Surplus	2176.988	1767.289
(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)	2201.988	1792.289
(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	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	45.877
(b) Trade payables	745.488	1,046.272
(c) Other current liabilities	527.338	290.864
(d) Short-term provisions	188.055	245.820
Total Current Liabilities (4)	1460.881	1628.833
TOTAL	3662.869	3421.122
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	288.719	258.841
(ii) Intangible Assets	35.199	34.812
(iii) Capital work-in-progress	1.172	7.034
(iv) Intangible assets under development	18.894	35.129
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	137.900	93.578
(d) Long-term Loan and Advances	250.247	216.698
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	732.131	646.092
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	704.475	641.782
(c) Trade receivables	1157.190	1715.033
(d) Cash and cash equivalents	555.765	26.641
(e) Short-term loans and advances	512.481	391.574
(f) Other current assets	0.827	0.000
Total Current Assets	2930.738	2775.030
TOTAL	3662.869	3421.122

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000
2] Share Application Money		0.000
3] Reserves & Surplus		1404.786
4] (Accumulated Losses)		0.000
NETWORTH		1429.786
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		1429.786
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		311.172
Capital work-in-progress		40.613
INVESTMENT		0.000
DEFERRED TAX ASSETS		132.748
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.117
	Sundry Debtors	1228.033
	Cash & Bank Balances	542.121
	Other Current Assets	0.000
	Loans & Advances	305.335
Total Current Assets		2259.606
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	673.201
	Other Current Liabilities	214.790
	Provisions	426.362
Total Current Liabilities		1314.353
Net Current Assets		945.253
MISCELLANEOUS EXPENSES		0.000
TOTAL		1429.786

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 [12 Months]	31.03.2012 [15 Months]	31.12.2010
	SALES
		Revenue from operations	3861.782	3776.495	2786.537
		Other Income	53.915	26.352	28.026
		TOTAL (A)	3915.697	3802.847	2814.563
Less	EXPENSES
		Cost of Materials Consumed	2,147.141	2130.423
		Purchases of Stock-in-Trade	118.493	103.011
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(157.776)	(308.463)
		Employees benefits expense	524.547	506.327
		Other expenses	662.037	734.801
		TOTAL (B)	3294.442	3166.099	2335.503
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		621.255	636.748	479.060
Less	FINANCIAL EXPENSES (D)		2.502	2.839	9.535
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		618.753	633.909	469.525
Less/ Add	DEPRECIATION/ AMORTISATION (F)		64.538	71.326	52.733
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		554.215	562.583	416.792
Less	TAX (H)		144.019	199.460	149.301
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		410.196	363.123	267.491
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	1391.160	1401.104	1190.956
		Service Charges	227.240	0.000	1.203
	TOTAL EARNINGS		1618.400	1401.104	1192.159
	IMPORTS
		Raw Materials		515.306	438.183
		Trading Purchases		103.011	30.898
		Stores and Spare Parts		0.289	0.138
		Capital Goods		2.566	5.556
	TOTAL IMPORTS		NA	621.172	474.775
	Earnings Per Share (Rs.)		164.08	145.25	107.00

KEY RATIOS

PARTICULARS		31.03.2013 [12 Months]	31.03.2012 [15 Months]	31.12.2010
PAT / Total Income	(%)	10.62	9.62	9.60
Net Profit Margin (PBT/Sales)	(%)	16.09	16.86	17.19
Return on Total Assets (PBT/Total Assets}	(%)	15.81	17.12	16.21
Return on Investment (ROI) (PBT/Networth)		0.25	0.31	0.29
Debt Equity Ratio (Total Debt/Networth)		0.00	0.03	0.00
Current Ratio (Current Asset/Current Liability)		2.01	1.70	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012 [15 Months]	31.03.2013 [12 Months]
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	25.000	25.000
Reserves & Surplus	1767.289	2176.988
Net worth	1792.289	2201.988
long-term borrowings	0.000	0.000
Short term borrowings	45.877	0.000
Total borrowings	45.877	0.000
Debt/Equity ratio	0.026	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.03.2012 [15 Months]	31.03.2013 [12 Months]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2786.537	3776.495	3861.782
		35.526	2.258

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.03.2012 [15 Months]	31.03.2013 [12 Months]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2786.537	3776.495	3861.782
Profit	267.491	363.123	410.196
	9.60%	9.62%	10.62%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

CASE DETAILS BENCH:- BOMBAY
Presentation Date : 01/07/2014
Lodging No. :	CPL/455/2014	Failing Date:-	01/07/2014
Petitioner:-	FORBES AND COMPANY LIMITED		Respondent:-	SULZER PUMPS INDIA LIMITED
Petn.Adv:-	M/S. DESAI & DIWANJI (814)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	COMPANY PETITION U/SEC 433, 434, 439 COMPANIES ACT
Status:-	Pre-Admission		Stage:-
Last Date:-	10/07/2014
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act. :	Companies Act & Rules 1956			Under Section 433, 434, 439

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90186711	08/03/2002 *	15,000,000.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH; CHANDER MUKHI, GROUND FLOOR; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
2	90186460	15/10/1999 *	97,500,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	52/60; MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-
3	90186309	02/02/1996	485,000.00	NEW INDIA CO.OP. ABNK LIMITED	P' D'MELLO ROAD BRANCH, 221-225; P. D'MELLO ROAD; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
4	90184028	14/11/1995	96,500,000.00	THE CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, CHANDERMUKHI BUILDING, MUMBAI, MAHARASHTRA - 400021, INDIA	-
5	90185737	10/07/1991	466,600.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, BOMBAY, MAHARASHTRA - 400021, INDIA	-
6	90185673	21/01/1991	1,215,000.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, BOMBAY, MAHARASHTRA - 400021, INDIA	-
7	90183933	14/11/1995 *	17,200,000.00	INDUSTRAIL CREDIT AND INVESTMENTCORPORATION OF INDIA LTD.	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
8	90185564	14/11/1995 *	17,200,000.00	INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWERS; CUFFE PARADE, COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
9	90185548	11/01/1990	15,400,000.00	INDUSTRAIL CREDIT AND INVESTMENTCORPORATION OF INDIA LTD.	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
10	90185338	30/01/1989 *	1,000,000.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH; CHANDER MUKHI, GROUND FLOOR; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
11	90185239	01/07/1988 *	8,400,000.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, BOMBAY, MAHARASHTRA - 400021, INDIA	-
12	90184843	15/03/1984	69,450.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, BOMBAY, MAHARASHTRA - 400021, INDIA	-
13	90184513	17/02/1994 *	200,000.00	CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021, INDIA	-
14	90183844	19/10/1976	1,230,000.00	THE MAHARASTRA STATE FINANCEIAL CORPORATION	NEW EXCELSIOR BUILDING; 7TH; 8TH; AND 9TH FLR., A.K. NAYAK MARG; FORT, BOMBAY, MAHARASHTRA 400001, INDIA	-
15	90184371	17/02/1994 *	150,000.00	THE CENTRAL BANK OF INDIA	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	0.000	45.877
Total	0.000	45.877

COMPANY PROFILE

Subject was incorporated in India on June 19, 1974. The Company is mainly engaged in the manufacturing and sale of single and multistage centrifugal pumps, spare parts and related accessories. The Company's registered office and manufacturing location are situated at Digha, Navi Mumbai.

PERFORMANCE REVIEW

The period due to weak domestic market, partly compensated by increased export witnessed a moderate fall in the order intake. Order received (Apr’12 to Mar’13) is Rs. 3579.000 Millions compared to Rs. 4961.000 Millions in previous period of 15 months. In the last quarter (Jan’13 to Mar’13) company witnessed a slowdown in order intake, but since then it has improved. On the domestic front the company continues to make significant inroads in Power segment particularly in concentrated solar power.

The company continues to focus on cost reduction as the pressure on margins continues, due to overall competitive market situation. The profitability levels have remained unaffected due to improvement in operational efficiency and better after sales business.

The transfer of technology continues based on market demand and further new models particularly to meet the requirements of power and hydro carbon processing industries (HPI) are being introduced.

Based on current backlog and year to date sales your company expects to achieve sales growth of 7% in FY 2013-14. Operational excellence through Lean, growth in after sales business (spare parts, repairs and service) and people development along with further improvements in health, safety and sustainability will continue to remain a focus.

The Company continues to focus strongly on improving environment, health and safety. It has implemented Environmental Management System (EMS) and Occupational Health and Safety Management System (OHSMS) and is committed towards the betterment of Environment and Society at large. The occupational health and safety of its employees, visitors and contractors and compliance with the regulatory requirements are given prime importance. As part of the continual improvement programmes, regular trainings are provided to the employees. Annual surveillance audits are conducted by the third party Certification agency to assess the conformance levels.

The Board wishes to place on record their appreciation for the excellent cooperation, commitment and efforts put in by employees and union towards the growth of your company. The Board acknowledges with thanks the excellent support extended by Sulzer Pumps Limited – Switzerland, and all their Group Companies.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Know-how

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.62.14
UK Pound	1	Rs.97.05
Euro	1	Rs.77.37

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

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