MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	VIRGO VALVES AND CONTROLS PRIVATE LIMITED (W.E.F 27.11.2013) VIRGO ENGINEERS LIMITED AMALGAMATED WITH VIRGO VALVES AND CONTROLS PRIVATE LIMITED
Formerly Known As :	VIRGO VALVES AND CONTROLS LIMITED
Registered Office :	7B, 3rd Floor, Sambhava Chambers, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.06.2004
Com. Reg. No.:	11-146916
Capital Investment / Paid-up Capital :	Rs.5.278 Millions
CIN No.: [Company Identification No.]	U29120MH2004PTC146916
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of engineering goods and articles.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

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
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. As claimed by Mr. Vinod Sharma that Virgo Engineers Limited has merged with his sister concern company i.e. Virgo Valves and Control Limited on 1^st April 2012. 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 the financials of 2014 are not available from any services. As per available financials of 2013 fundamentals of the company is decent. Financial position of the company strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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

Rating Agency Name	CRISIL
Rating	Long term rating: AA- (Placed on notice of withdrawal)
Rating Explanation	High degree of safety and low credit risk.
Date	07.11.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A1+ (Placed on notice of withdrawal)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	07.11.2014

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. Vinod Sharma
Designation :	Accountant
Contact No.:	91-20-66744000
Date :	01.12.2014

LOCATIONS

Registered Office :	7B, 3rd Floor, Sambhava Chambers, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-20-66744000
Fax No.:	91-20-66744021
E-Mail :	Manoj.Kohok@emerson.com emirson@emerson.com
Website :	www.virgo-valves.com
Factory :	277, Hinjewadi Phase II, Pune –411 057, Maharashtra, India

DIRECTORS

As on 22.09.2014

Name :

Mr. Terry Don Buzbee

Designation :

Director

Address :

406, New Salem Road, Marshali Town, Iowa 50158, United States of American

Date of Birth/Age :

15.07.1955

Date of Appointment :

04.10.2013

DIN No.:

00398731

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	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	30-06-03	30-06-03	-	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS PRIVATE LIMITED	Director	04-10-13	04-10-13	-	Active	NO

Name :

Mr. Kevin Gerard Meyer

Designation :

Director

Address :

2260, Marshall Town Blvd, Marshall Town IA, Marshall Town – 50158, United States

Date of Birth/Age :

02.10.1965

Date of Appointment :

04.10.2013

DIN No.:

05199658

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	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	18-09-12	14-11-11	-	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS PRIVATE LIMITED	Director	04-10-13	04-10-13	-	Active	NO

Name :

Mr. John Patrick Wilson

Designation :

Director

Address :

2003, Gethmann Dr, Marshall Town IA, Marshall Town – 50158, United States of American

Date of Birth/Age :

09.02.1976

Date of Appointment :

04.10.2013

DIN No.:

06430335

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	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	30-09-13	19-11-12	-	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS PRIVATE LIMITED	Director	04-10-13	04-10-13	-	Active	NO

Name :

Mr. Daniel Glen Button

Designation :

Director

Address :

552, Autumn Oaks Drive, Ellisville, Missouri – 63021, United States of American

Date of Birth/Age :

07.03.1954

Date of Appointment :

04.10.2013

DIN No.:

00928557

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	U29299PN1989PTC054181	EL-O-MATIC (INDIA) PRIVATE LIMITED	Nominee director	29-09-03	29-09-03	07-11-12	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS PRIVATE LIMITED	Director	04-10-13	04-10-13	-	Active	NO

Name :

Mr. Christopher Guild Scales

Designation :

Director

Address :

7, Cragmere Heights Road, Exeter, NH 038334515, United States of American

Date of Birth/Age :

08.11.1962

Date of Appointment :

04.10.2013

DIN No.:

03008344

Other Directorship:

Name :

Mr. Paresh Jaisinh Rajda

Designation :

Whole-time director

Address :

F-6/1, Gera Emerald City, Pancard Club Road, Baner, Pune – 411045, Maharashtra, India

Date of Birth/Age :

18.01.1957

Date of Appointment :

29.04.2011

DIN No.:

00680340

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	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Whole-time director	30-09-11	29-03-10	-	Active	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS PRIVATE LIMITED	Director	04-10-13	04-10-13	-	Active	NO

Name :

Mr. Jagdish Shivanand Desai

Designation :

Director

Address :

F/12, Shanti Cooperative Hosuing Society, Mogal Lane, Mahim – 400016, Maharashtra, India

Date of Birth/Age :

21.01.1959

Date of Appointment :

29.07.2005

DIN No.:

00335436

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	U28939PN1987PLC043673	VIRGO ENGINEERS LIMITED	Whole-time director	23-09-09	10-02-09	-	Amalgamated	NO
2	U29120MH2004PTC146916	VIRGO VALVES & CONTROLS PRIVATE LIMITED	Whole-time director	30-04-13	29-04-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Ramakant Kohok
Designation :	Secretary
Address :	Shree Amkunj, 43/73, Navsahyadri Housing Society, Pune – 411052, Maharashtra, India
Date of Birth/Age :	28.08.1967
Date of Appointment :	30.04.2013
PAN No.:	ABJPK9557C
Name :	Mr. Vinod Sharma
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
Emerson Process Management India Private Limited, India	5310911
Laxmikant Iyengar	1
Sunil Khanna	1
Chandramauli Balan	1
Pradipta Sen	1
Sharad Rane	1
Amit Paithankar	1
Total	5310917

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of engineering goods and articles.

Products :

Item Code No.	Product Description
84818030	Industrial Valves and accessories

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Engineering goods and articles

Countries :

• Europe
• Middle East
• Switzerland
• China
• Korea
• Taiwan
• Sri Lanka, etc

Imports :

Products :

Raw Material

Countries :

• Europe
• China

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

2000 (Approximately)

Bankers :

• The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Fort, Mumbai - 400001, Maharashtra, India
• DBS Bank Limited, Elbee House, Siddharth Path, Off Dhole Patil Road, PUNE - 411001, Maharashtra, India
• State Bank of India Industrial Finance Branch, Tara Chambers 2nd floor,Near Mariaaipolice Chowky, Old Pune Mumbai Highway, Wakdewadi, Pune - 411003, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	178.259	0.000
Foreign currency term loans from banks	358.315	0.000
Loans taken for fixed assets	0.345	0.361
Long-term maturities of finance lease obligations	0.141	1.035
Foreign currency term loans from banks	0.000	203.520
Short-term borrowings
Working capital loans from banks	1563.467	0.000
Working capital loans from banks	0.000	730.876
Total	2100.527	935.792

Banking Relations :
Auditors :
Name :	S. R. Batliboi and Associates LLP Chartered Accountants
Address :	C-104, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune – 411006, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Virgo Engineers Limited
Subsidiary company:	Virgo Engineers Inc Virgo Europe SpA Vintrol Inc. Virgo Valves and Controls SDN BHD Shanghai Virgo Valves Technology Consulting Company Limited Virgo Valves and Controls (ME) FZE Virgo Valves and Controls Korea Limited

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	Rs.1/- each	Rs. 620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5310917	Equity Shares	Rs.10/- each	Rs. 5.311 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	Rs.1/- each	Rs. 620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5278492	Equity Shares	Rs.10/- each	Rs. 5.278 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.278	10.000
(b) Reserves & Surplus	4309.509	2627.918
(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)	4314.787	2637.918
(3) Non-Current Liabilities
(a) long-term borrowings	537.060	204.916
(b) Deferred tax liabilities (Net)	68.671	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	28.551	5.914
Total Non-current Liabilities (3)	634.282	210.830
(4) Current Liabilities
(a) Short term borrowings	1563.467	730.876
(b) Trade payables	1861.108	1133.631
(c) Other current liabilities	543.042	131.822
(d) Short-term provisions	13.392	4.537
Total Current Liabilities (4)	3981.009	2000.866
TOTAL	8930.078	4849.614
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1913.910	515.699
(ii) Intangible Assets	22.307	17.421
(iii) Capital work-in-progress	27.759	0.000
(iv) Intangible assets under development	4.791	0.000
(b) Non-current Investments	519.703	716.388
(c) Deferred tax assets (net)	0.000	10.577
(d) Long-term Loan and Advances	81.318	198.279
(e) Other Non-current assets	33.237	3.742
Total Non-Current Assets	2603.025	1462.106
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2073.903	889.243
(c) Trade receivables	2729.864	1574.399
(d) Cash and cash equivalents	133.036	75.317
(e) Short-term loans and advances	1067.952	767.397
(f) Other current assets	322.298	81.152
Total Current Assets	6327.053	3387.508
TOTAL	8930.078	4849.614

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		2346.987
4] (Accumulated Losses)		0.000
NETWORTH		2356.987
LOAN FUNDS
1] Secured Loans		385.392
2] Unsecured Loans		0.000
TOTAL BORROWING		385.392
DEFERRED TAX LIABILITIES		9.048
TOTAL		2751.427
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		264.941
Capital work-in-progress		119.208
INVESTMENT		0.000
DEFERREX TAX ASSETS		817.216
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1016.954
	Sundry Debtors	1184.753
	Cash & Bank Balances	55.093
	Other Current Assets	25.613
	Loans & Advances	631.541
Total Current Assets		2913.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	553.381
	Other Current Liabilities	716.388
	Provisions	94.123
Total Current Liabilities		1363.892
Net Current Assets		1550.062
MISCELLANEOUS EXPENSES		0.000
TOTAL		2751.428

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013
	SALES
	Income	8805.594
	Other Income
	TOTAL (A)	8805.594
Less	EXPENSES
	Cost of Materials Consumed	5264.704
	Employee cost and Operating Expenses	1766.077
	TOTAL (B)	7030.781
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1774.813
Less	FINANCIAL EXPENSES (D)	346.145
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1428.668
Less/ Add	DEPRECIATION/ AMORTISATION (F)	185.476
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1243.192
Less	TAX (I)	401.445
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	841.747
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2303.352
	Additions to Profit and Loss by virtue of Merger of Virgo Engineers Limited	500.136
	APPROPRIATIONS
	Dividend on Equity Shares	232.253
	Tax on Dividend	37.685
	Transfer to General Reserve	4.175
	Balance Carried to the B/S	3371.122
	Earnings / (Loss) Per Share (Rs.)	159.47

	PARTICULARS	31.03.2012	31.03.2011
	SALES
	Income	3825.988	2216.120
	Other Income	122.025	26.311
	TOTAL (A)	3948.013	2242.431
Less	EXPENSES
	Cost of Materials Consumed	2142.726	1162.552
	Purchases of stock-in-trade	277.979	483.805
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	128.160	(237.488)
	Employees benefits expense	189.335	141.502
	Other expenses	522.732	235.463
	TOTAL (B)	3260.932	1785.834
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	687.081	456.597
Less	FINANCIAL EXPENSES (D)	119.393	46.876
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	567.688	409.721
Less/ Add	DEPRECIATION/ AMORTISATION (F)	43.497	29.913
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	524.191	379.808
Less	TAX (I)	169.575	16.209
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	354.616	363.599
	Earnings / (Loss) Per Share (Rs.)	3546.17	3635.99

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	NA	9.27	16.41
Operating Profit Margin (PBIDT/Sales)	(%)	NA	17.96	20.60
Return on Total Assets (PBT/Total Assets}	(%)	14.84	12.71	11.95
Return on Investment (ROI) (PBT/Networth)		0.29	0.20	0.16
Debt Equity Ratio (Total Debt /Networth)		0.49	0.35	0.16
				2.14
Current Ratio (Current Asset/Current Liability)		1.59	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	5.278
Reserves & Surplus	2627.918	4309.509
Net worth	2637.918	4314.787
long-term borrowings	204.916	537.060
Short term borrowings	730.876	1563.467
Total borrowings	935.792	2100.527
Debt/Equity ratio	0.355	0.487

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)
Total Income	2242.432	3948.013	8805.594
		76.059	123.039

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2242.432	3948.013	8805.594
Profit	363.599	354.616	841.747
	16.21%	8.98%	9.56%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL HIGHLIGHTS

During the year the Company’s total revenue stood at Rs. 8806.000 Millions as against Rs. 3948.000 Millions in the previous year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs.1,775 Million as against Rs.687 Million. Profit after tax (PAT) stood at Rs. 842.000 Millions as against Rs. 355.000 Millions in the previous year on standalone basis.

On a consolidated basis, the Company achieved a record revenue of Rs.13372.000 Millions and EBITDA of Rs.2462.000 Millions. The Company registered a PAT of Rs.1100.000 Millions. The growth in earnings was largely driven by improved margins despite volatility in exchange rates and raw material prices.

AMALGAMATION OF VIRGO ENGINEERS LIMITED WITH VIRGO VALVES AND CONTROLS LIMITED

Virgo Engineers Limited was merged with its subsidiary company Virgo Valves and Controls Limited.

The directors believe that the merger would achieve economies of scale, and other operational synergies which would result in the optimization of operation and capital expenditure and lead to increased competitive strength, cost reduction and efficiencies, productivity gains by pooling the financial, managerial and technical resources, personnel capabilities, skill expertise etc.

Pursuant to the Scheme of Amalgamation: -

a) The Appointed Date of the amalgamation was April 1, 2012. the entire business and whole of the undertaking of the said transferor

companies stood transferred to and vested in the Company.

b) The shareholders of erstwhile VEL were issued and allotted in aggregate 52,78,492 Equity Shares of Re.1/- each fully paid-up in the Company in the ratio of 1 equity share of Re.1/- each fully paid-up in the Company for every 8 equity shares of Rs.10/- each fully paid-up of VEL;

c) The Equity Shares held by VEL in VVCL were cancelled.

d) Pursuant to the scheme of amalgamation and arrangement, the Authorized Capital of the company has increased to Rs. 620,000,000/- divided into 620.000,000 equity shares of Re. 1 /- each.

e) All the ESOP Schemes of VEL has been adopted by the company on same terms and conditions.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10103796	06/02/2012 *	420,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B33383126
2	10080918	29/06/2010 *	550,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, M. G. ROAD, PUNE, MAHARASHTRA - 411001, INDIA	A91138602
3	90092710	28/07/2004	35,000,000.00	SBI FACTORS AND COMMERCIAL SERVICES PVT.LTD.	TARA CHAMBERS;2ND FLOOR ; MUMBAI-PUNE ROAD, WAKD EWADI, PUNE, MAHARASHTRA - 411003, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements

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.
UK Pound	1	Rs.
Euro	1	Rs.

INFORMATION DETAILS

Information Gathered by :
Analysis Done by :
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10
PAID-UP CAPITAL	1~10
OPERATING SCALE	1~10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10
--PROFITABILIRY	1~10
--LIQUIDITY	1~10
--LEVERAGE	1~10
--RESERVES	1~10
--CREDIT LINES	1~10
--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

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.