MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	CETHAR LIMITED
Formerly Known As :	CETHAR VESELLS LIMITED (w.e.f. date 15.12.2007) CETHAR VESELLS PRIVATE LIMITED
Registered Office :	No.4, Dindugal Road, Tiruchirapalli - 620001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.11.1981
Com. Reg. No.:	009067
Capital Investment / Paid-up Capital :	Rs. 572.135 Millions
CIN No.: [Company Identification No.]	U28991TN1981PLC009067
TAN No.: [Tax Deduction & Collection Account No.]	CHEC05058E
PAN No.: [Permanent Account No.]	AAACC2721M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of FBC Boilers and Steam Generating Accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 23490000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exit
Comments :	Subject is an established company having a moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Vijayraj
Designation :	Finance Department
Contact No.:	91-431-2484000
Date :	18.07.2014

LOCATIONS

Registered Office :	No.4, Dindigul Road, Tiruchirapalli - 620001, Tamilnadu, India.
Tel. No.:	91-431-2484000 / 2461038
Fax No.:	91-431-2481079 / 2464301
E-Mail :	chandrasekaran.c@cethar.com try_cvltry@sancharnet.com finance@ethar.com cethar@md3.vsnl.net.in cvplmarketing@vsnl.net.in corporate@cethar.com marketing@cethar.com
Website :	www.cethar.com
Location :	Owned
Locality :	Commercial
Factory 1:	SF 9/1 Kumaramangalam Village, Mathur – 622515, Pudukottai Distracted, Tamilnadu, India
Factory 2:	SF21/10 And 21/98 Rasipuram Road, Mathur – 622515, Pudukottai, Tamilnadu, India
Regional Offices:	Located at: · Ahmedabad Kolkata Mumbai Raipur Secunderabad Delhi

DIRECTORS

As on 27.12.2013

Name :

Mr. Kandasamy Subburaj

Designation :

Chairman

Address :

15, Cethar Gardens, K.K. Nagar, Trichy- 620021, Tamilnadu, India

Date of Birth/Age :

02.12.1949

Qualification :

B.E (Mechanical Engineering)

Experience :

38 Years

Date of Appointment :

01.04.2010

PAN No.:

AALPS4566Q

DIN No.:

00292869

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	U28991TN1981PLC009067	CETHAR LIMITED	Whole-time director	01-04-2010	16-09-1989	-	Active	NO
2	L18101TN1990PLC019364	CETHAR INDUSTRIES LIMITED	Director	10-08-1994	10-08-1994	-	Active	NO
3	U74910TN2005PTC057913	TRACTEBEL CONSULTING ENGINEERS PRIVATE LIMITED	Director	28-10-2005	28-10-2005	15-07-2013	Active	NO
4	U74140TN2005PLC058247	CETHAR CONSULTANCY SERVICES LIMITED	Director	07-12-2005	07-12-2005	-	Active	NO
5	U28122TN2006PTC059436	TRICHY FABRICATORS PRIVATE LIMITED	Director	05-04-2006	05-04-2006	01-04-2013	Active	NO
6	U40109TN2006PLC059441	CETHAR ENERGY LIMITED	Director	08-02-2012	05-04-2006	-	Active	NO
7	U24111TN1980PLC008156	VAIGHAI CHEMICAL INDUSTRIES LIMITED	Director	03-09-2006	03-09-2006	15-06-2009	Active	NO
8	U45203TN2008PLC067668	CETHAR CONSTRUCTIONS LIMITED	Director	08-05-2008	08-05-2008	-	Active	NO
9	U40100TN2008PLC067673	CETHAR ELECTRICALS LIMITED	Managing director	10-02-2012	08-05-2008	-	Active	NO
10	U65993TN2009PTC071240	CETHAR HOLDINGS PRIVATE LIMITED	Director	06-04-2009	06-04-2009	-	Active	NO

Name :

Mr. Nagalapuram Kandasamy Pothiraaj

Designation :

Managing Director

Address :

30-31, Cethar Gardens, K.K. Nagar, Trichy- 620021, Tamilnadu, India

Date of Birth/Age :

07.04.1957

Qualification :

B. E (Mechanical Engineering)

Date of Appointment :

01.04.2010

PAN No.:

AAEPP9937F

DIN No.:

00276720

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	U26943TN1988PTC016497	PIPELINES AND PROCESS EQUIPMENTS PRIVATE LIMITED	Director	27-09-1993	27-09-1993	-	Active	NO
2	U28991TN1981PLC009067	CETHAR LIMITED	Managing director	01-04-2010	12-04-2005	-	Active	NO
3	U74910TN2005PTC057913	TRACTEBEL CONSULTING ENGINEERS PRIVATE LIMITED	Director	28-10-2005	28-10-2005	15-07-2013	Active	NO
4	U74140TN2005PLC058247	CETHAR CONSULTANCY SERVICES LIMITED	Director	07-12-2005	07-12-2005	-	Active	NO
5	U28122TN2006PTC059436	TRICHY FABRICATORS PRIVATE LIMITED	Director	05-04-2006	05-04-2006	01-04-2013	Active	NO
6	U40109TN2006PLC059441	CETHAR ENERGY LIMITED	Director	05-04-2006	05-04-2006	-	Active	NO
7	U40100TN2008PLC067673	CETHAR ELECTRICALS LIMITED	Director	08-05-2008	08-05-2008	-	Active	NO
8	U45203TN2008PLC067668	CETHAR CONSTRUCTIONS LIMITED	Managing director	09-04-2011	08-05-2008	-	Active	NO
9	U65993TN2009PTC071240	CETHAR HOLDINGS PRIVATE LIMITED	Director	06-04-2009	06-04-2009	-	Active	NO

Name :

Mr. Kulandaiah Thambithurai

Designation :

Whole-time Director

Address :

No. 12B, Ponsri Villa, V.O.C. Road, Cantonment, Trichy – 620001, Tamilnadu, India

Date of Birth/Age :

15.06.1948

Date of Appointment :

27.12.2013

DIN No.:

00897554

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	U28991TN1981PLC009067	CETHAR LIMITED	Director	27-12-2013	31-10-2006	-	Active	NO
2	U45203TN2008PLC067668	CETHAR CONSTRUCTIONS LIMITED	Director	23-08-2011	15-11-2010	18-01-2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijayraj
Designation :	Finance Department
Name :	Mr. V Balasubramanian
Designation :	Secretary
Address :	B-2/S-1, Paris Appartments, 30, Mettu Street, Guindy, Chennai – 600035, Tamilnadu, India
Date of Birth/Age :	02.08.1957
Date of Appointment :	23.12.2009
Pan No.:	ACZPB5201B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.12.2013

Names of Shareholders	No. of Shares
K. Subburaj	2304373
S. Vimala	1414090
N. K. Pothiraaj	276236
S. Kanagaraj	447780
K. S. Kanthasamy	9404
N. Sridharan	185835
S. Elango	19089
B. Vijaya	12519
V. Bharathi	9562
M. Gunasekaran	4854
R. Venkatesh	4854
J. M. Ghosh	4854
P. K. Sinha	4854
P. V. Kannan	4854
M. Jayaprakash	4854
A. S. Raman	4854
Kirit N. Parikh	4829
N. Rajaraman	4854
R. Sekar	4843
P. V. Krishna Kumar	4245
K. K. Parthiban	4245
A. N. C. Shanmugam	1129
Beta Holdings Limited, Mauritius	984316
Lina Manish Modi	25
Total	5721352

As on 27.12.2013

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	17.20
Directors or relatives of Directors	77.65
Others	5.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of FBC Boilers and Steam Generating Accessories.

Products :

Item Code No. (ITC Code)	Product Description
84021100	Water Steam Boiler with Steam Production exceeding 45 T/ Hour

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Not Divulged

Bankers :

· Canara Bank, 26, Nandhikoil Street, Teppakulam, Tiruchirapalli - 620006, Tamilnadu, India

IDFC Limited, KRM Tower, 8^th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India

Andhra Bank, New No. 143, Old No. 73/B1, Lakshmi Complex, Salai Road, Tiruchirappalli - 620018, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	5.226	141.321
Rupee term loans from others	535.665	660.000
SHORT TERM BORROWINGS
Working capital loans from banks	5197.436	4178.327
Total	5738.327	4979.648

NOTE

LONG TERM BORROWINGS

(i) Secured loans from Banks include: a) External Commercial Borrowings availed during FY 2007-08 from ICICI Bank Rs 447.550 Millions and Rs 402.797 Millions are secured by a first paripassu charge with IDFC over the immovable assets of the Expansion project situated at the Company’s factory at Boothagudi Village, Pudukkottai District, Tamilnadu. The loans are repayable in 11 half yearly instalments and 8 half yearly instalments from 18^th November, 2008 and 30^th September, 2009 respectively. b) Rupee Term Loans availed from Karur Vysya Bank Rs.191.223 Millions are secured by exclusive charge by way of hypothecation in favour of lender of machineries acquired out of the proceeds of the loans. The loans are payable in 43 monthly instalments and 36 monthly instalments from 27^th August, 2010 and 30^th April, 2010 respectively. c) Corporate Office loan of Rs.150.000 Millions availed from ICICI is secured by an exclusive charge on all the immovable and movable assets of the Company being financed under this facility. The loan is repayable in 20 quarterly instalments from 15^th December, 2008.

Represents Loans from Financial Institutions (ii) Secured loans from Financial Institutions include: a) Term Loan availed from IDFC Rs 332.000 Millions is secured by a First exclusive charge by way of hypothecation in favour of lender of all the Borrower’s movables, movable machinery, machinery spares, tools and accessories acquired out of the proceeds of the loan and First exclusive charge and mortgage of the immovable properties acquired out of proceeds of the loan. The loan is repayable in 6 half yearly instalments from 15th July, 2010. b)Rupee Term Loans availed from IDFC Rs 8500 lacs and Rs 2500 lacs are secured by way of mortgage by deposit of title deeds of the company’s specified immovable properties situated in Boothagudi village, Pudukkottai District, Tamilnadu, with all buildings and structures thereon; a exclusive first charge by way of hypothecation of movable plant, machinery, equipment, machinery spares, tools and accessories acquired out of the proceeds of the loan and installed at Boothagudi Village unit all ranking paripassu with ICICI Bank. The loans are repayable in 16 quarterly instalments from 15th April,2011. c) Short Term Loan of Rs.200.000 Millions sanctioned by IDFC Ltd for general corporate purposes is secured by paripassu first mortgage and charge of the immovable properties of the company and paripassu first charge by hypothecation of movable properties of the company situated in boothagudi village, pudukottai district, Tamilnadu in respect of the Term loan availed from IDFC; Mortgage of land on Trichy-Dindugul road, Manapparai taluk measuring 102 acres and vacant land consisting of 28.5 cents at pallavaram Thuraipakkam radial road, pallavaram, Chennai - 117. iii) The Company has delayed payment of Term loans to banks and Financial institution amounting to Rs.102.180 Millions and interest of Rs.78.071 Millions. The period of default ranges from 1 day to 5 months (PY 4 to 76 days).

SHORT TERM BORROWINGS

(A) (i) Working capital facilities with Company’s Banks comprising of Guarantees, Letters of credit, Bill discounting and Cash credit facilities are secured by a First Charge by way of hypothecation and/or pledge of the Borrower's Current Assets namely, Stocks of Raw Materials, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares),Bills Receivable and Book Debts and all other movables, both present and future excluding such movables as may be permitted by the said Banks from time to time; a Mortgage and charge in favour of the said Banks excluding specific Charges created and/or to be created in favour of the Term Lenders of the Borrower on the Borrower's immovable and movable properties (other than Current Assets) both present and future and personal guarantees of two directors of the Company. (ii) Company has delayed payment of loans to banks Rs 918.033 Millions on account of working capital. The period of default ranges from 2 days to 5 months (PY 3 to 56 days). (iii) Working capital facilities of Rs.3800.000 Millions sanctioned by ICICI bank are additionally secured by the charge on the immovable and movable assets of the company secured to the bank in respect of the corporate office loan of Rs.1500 lacs availed from the bank. iv) The company has approached its consortium banks for appropriate re schedulement of its debt obligations in view of the prevailing economic environment.

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	No.4, (Old No.55-A), Chevaliar Sivaji Ganesan Road, (South Boag Road), Thyagarayanagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFS5023Q
Associate :	NR Airpreheaters Private Limited CIN No.: U29299TN2008PTC066334
Subsidiary Company :	· Cethar Consultancy Services Limited CIN No.: U74140TN2005PLC058247 Cethar Inc., USA Cethar Energy Limited CIN No.: U40109TN2006PLC059441 Cethar Constructions Limited CIN No.: U45203TN2008PLC067668 Cethar Electricals Limited CIN No.: U40100TN2008PLC067673 Cethar Engineering Services Pte. Limited, Singapore
Other Related Parties :	· Micro Max Systems Private Limited CIN No.: U29255TN1992PTC023066 Cethar Healthcare Services Private Limited CIN No.: U85110TN2010PTC078413 Pipelines And Process Equipments Private Limited CIN No.: U26943TN1988PTC016497 Trichy Fabricators Private Limited CIN No.: U28122TN2006PTC059436 Metso Power India Private Limited CIN No.: U74200TN2008PTC067754 Cethar Industries Limited CIN No.: L18101TN1990PLC019364

CAPITAL STRUCTURE

After 27.12.2013

Authorised Capital : Rs. 1350.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 889.135 Millions

As on 27.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8,500,000	Equity Shares	Rs.100/- each	Rs. 850.000 Millions
5,000,000	Preference Shares	Rs.100/- each	Rs. 500.000 Millions
	Total		Rs. 1350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,721,352	Equity Shares	Rs.100/- each	Rs. 572.135 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	572.135	572.135	1028.610
(b) Reserves & Surplus	5301.481	7648.977	7142.120
(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)	5873.616	8221.112	8170.730
(3) Non-Current Liabilities
(a) long-term borrowings	540.891	801.321	1428.303
(b) Deferred tax liabilities (Net)	861.124	858.232	835.974
(c) Other long term liabilities	524.614	372.072	298.316
(d) long-term provisions	72.797	77.628	92.758
Total Non-current Liabilities (3)	1999.426	2109.253	2655.351
(4) Current Liabilities
(a) Short term borrowings	5197.436	4178.327	2297.127
(b) Trade payables	4983.120	5021.073	4116.946
(c) Other current liabilities	8061.445	9925.355	9282.433
(d) Short-term provisions	36.005	74.115	218.384
Total Current Liabilities (4)	18278.006	19198.870	15914.890
TOTAL	26151.048	29529.235	26740.971
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4622.310	4984.683	3857.252
(ii) Intangible Assets	56.682	94.471	132.260
(iii) Capital work-in-progress	1113.058	1328.948	856.259
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1419.683	1419.683	1248.209
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	106.213	102.173	202.692
(e) Other Non-current assets	993.177	591.393	379.514
Total Non-Current Assets	8311.123	8521.351	6676.186
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4962.204	5880.105	5377.860
(c) Trade receivables	7213.091	8853.402	9139.207
(d) Cash and cash equivalents	519.914	1329.564	2258.313
(e) Short-term loans and advances	5144.716	4944.813	3289.405
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	17839.925	21007.884	20064.785
TOTAL	26151.048	29529.235	26740.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	11734.473	20365.800	22925.847
		Other Income	298.831	185.412	174.098
		TOTAL	12033.304	20551.212	23099.945
Less	EXPENSES
		Cost of Materials Consumed	3593.209	6281.795	6116.457
		Purchases of Stock-in-Trade	3632.746	6639.162	6765.625
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	778.627	(1250.835)	(655.002)
		Employees benefits expense	778.144	1365.815	1464.497
		Other expenses	4322.443	7265.224	6273.971
		Exceptional Items	0.000	(908.346)	0.000
		TOTAL	13105.169	19392.815	19965.548
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(1071.865)	1158.397	3134.397
Less	FINANCIAL EXPENSES		868.768	695.802	615.628
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1940.633)	462.595	2518.769
Less/ Add	DEPRECIATION/ AMORTISATION		399.400	374.021	632.407
	PROFIT/ (LOSS) BEFORE TAX		(2340.033)	88.574	1886.362
Less	TAX		7.464	38.192	661.577
	PROFIT/ (LOSS) AFTER TAX		(2347.497)	50.382	1224.785
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods	553.652	837.992	62.173
	TOTAL EARNINGS		553.652	837.992	62.173
	IMPORTS
		Raw Materials	NA	999.084	1767.409
		Capital Goods	NA	90.845	0.000
	TOTAL IMPORTS		NA	1089.929	1767.409
	Earnings / (Loss) Per Share (Rs.)		(410.30)	8.81	119.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(19.51)	0.25	5.30
Net Profit Margin (PBT/Sales)	(%)	(19.94)	0.43	8.23
Return on Total Assets (PBT/Total Assets}	(%)	(9.91)	0.33	1.86
Return on Investment (ROI) (PBT/Networth)		(0.40)	0.01	0.23
Debt Equity Ratio (Total Debt/Networth)		0.98	0.61	0.46
Current Ratio (Current Asset/Current Liability)		0.98	1.09	6.08

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	1028.610	572.135	572.135
Reserves & Surplus	7142.120	7648.977	5301.481
Net worth	8170.730	8221.112	5873.616
long-term borrowings	1428.303	801.321	540.891
Short term borrowings	2297.127	4178.327	5197.436
Total borrowings	3725.430	4979.648	5738.327
Debt/Equity ratio	0.456	0.606	0.977

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	22925.847	20365.800	11734.473
		(11.167)	(42.381)

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	22925.847	20365.800	11734.473
Profit	1224.785	50.382	(2347.497)
	5.34%	0.25%	(20.01%)

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)	No
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	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

LITIGATION DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	ORIGINAL PETITION
Case No.:	411
Year :	2014
Petitioner :	M/S.POWER MECH PROJECTS
Respondent :	M/S.CETHAR LIMITED
Pet's Advocate :	M/S.NAJEEB USMAN KHAN
Res's Advocate :
Category :	Section 11
	Last Listed on: No Date Mentioned
Case Updated on :	Jul 14 2014

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10454985	27/09/2013	3,200,000,000.00	ICICI BANK LIMITED	NO.1, CENOTAPH ROAD, TEYNAMPET, CHENNAI, TAMILNADU - 600018, INDIA	B87536629
2	10433976	08/10/2013 *	50,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DADAR (WEST), MUMBAI, MAHARASHTRA - 400028, INDIA	B88480728
3	10423789	30/12/2013 *	508,900,000.00	CANARA BANK	26, NANDHIKOIL STREET, TEPPAKULAM, TIRUCHIRAPALLI, TAMILNADU - 620002, INDIA	B94283272
4	10416015	26/03/2013	3,800,000,000.00	ICICI BANK LIMITED	NO.1, CENOTAPH ROAD, TEYNAMPET, CHENNAI, TAMILNADU - 600018, INDIA	B71893242
5	10281115	30/03/2011	20,372,400,000.00	INDIAN BANK	CANTONMENT BRANCH, 5, WILLIAMS ROAD, TRICHY, TAMILNADU - 620001, INDIA	B10978344
6	10242265	27/09/2010	2,600,000,000.00	ICICI BANK LIMITED	NUNKAMBAKKAM, CHENNAI, TAMILNADU - 600034, INDIA	A95874061
7	10212506	26/02/2010	7,200,000.00	CANARA BANK	26, NANDIKOIL STREET, TEPPAKKULAM, TRICHY, TAMILNADU - 620002, INDIA	A83317552
8	10141304	08/10/2013 *	200,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DADAR (WEST), MUMBAI, MAHARASHTRA - 400028, INDIA	B88480454
9	10130784	24/10/2008	30,000,000.00	INDIAN BANK	5E,BHARATHIAR SALAI, 2 FLOOR - JENNIE PLAZA BLDG.,  CANTONMENT, TRICHY, TAMILNADU - 620001, INDIA	A50937986
10	10116971	01/08/2008	250,000,000.00	KARUR VYSYA BANK	5, BHARATHIYAR SALAI, JENNY PLAZA, CANTONMENT, TRICHY, TAMIL NADU - 620001, INDIA	A42965327
11	10120722	18/06/2008	423,200,000.00	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L  IMITED	UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	A43152636
12	10087379	08/02/2008	2,740,000,000.00	INDIAN OVERSEAS BANK	215, MADURAI ROAD, CANTONMENT, TRICHY, TAMIL NADU  - 620001, INDIA	A32273849
13	10105462	14/11/2007	500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, 93, SANTHOME HIGH ROAD, SANTHOME, CHENNAI, TAMIL NADU - 600028, INDIA	A39198254
14	10085588	25/10/2007	1,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	115, ANNA SALAI,, SAIDAPET, CHENNAI, TAMILNADU -  600015, INDIA	A31354251
15	10071418	09/02/2008 *	3,050,000,000.00	STATE BANK OF INDIA	LEATHER & INTERNATIONAL BRANCH, MVJ' TOWER, 177/1  P.H. ROAD, KILPAUK, CHENNAI, TAMILNADU - 600010,  INDIA	A34465260
16	10074413	31/03/2009 *	401,000,000.00	THE FEDERAL BANK LIMITED	9, CHINNAKADAI STREET, TRICHY, TAMIL NADU - 62000  2, INDIA	A62711494
17	10112045	21/01/2014 *	1,218,800,000.00	ANDHRA BANK	NEW NO. 143, OLD NO. 73/B1, LAKSHMI COMPLEX, SALA  I ROAD, TIRUCHIRAPALLI, TAMIL NADU - 620018, INDIA	B98741713
18	10062544	19/10/2007 *	210,000,000.00	ICICI BANK LIMITED	CICI BANK TOWERS, 93, SANTHOME HIGH ROAD, SANTHOM  E, CHENNAI, TAMIL NADU - 600028, INDIA	A25002254
19	10069666	21/06/2007	210,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, 93, SANTHOME HIGH ROAD, SANTHO  ME, CHENNAI, TAMIL NADU - 600028, INDIA	A18365445
20	10054003	08/10/2013 *	350,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DA  DAR (WEST), MUMBAI, MAHARASHTRA - 400028, INDIA	B88480561
21	10053171	08/10/2013 *	850,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DA  DAR (WEST), MUMBAI, MAHARASHTRA - 400028, INDIA	B88480173
22	90288633	08/10/2013 *	332,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DA  DAR (WEST), MUMBAI, MAHARASHTRA - 400028, INDIA	B88480827
23	90290993	09/12/2005	332,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	RAMON HOUSE 2ND FLOOR, 169 B.R., MUMBAI, MAHARASH  TRA - 400020, INDIA	-
24	90289751	23/09/2010 *	5,487,500,000.00	INDIAN BANK	CANTONMENT BRANCH, 5, WILLIAMS ROAD, TRICHY, TAMI  L NADU - 620001, INDIA	A96759758
25	90290756	27/10/2006 *	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	-
26	90297993	09/03/2005	50,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TIRUCHIRAPALLI, TAMIL NADU - 620018,  INDIA	-
27	90297984	14/12/2004	23,700,000.00	THE FEDERAL BANK LIMITED	TRICHIRAPALLI BRANCH, TRICHIRAPALLI, TAMIL NADU -  620002, INDIA	-
28	90297982	29/11/2004	5,000,000.00	THE FEDERAL BANK LIMITED	TRICHIRAPALLI BRANCH, TRICHIRAPALLI, TAMIL NADU -  620002, INDIA	-
29	90296618	28/08/2004	6,900,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRIC  HY, TAMIL NADU - 620002, INDIA	-
30	90289155	31/08/2005 *	64,500,000.00	FEDERAL BANK	CHINNAKKADAI STREET, TIRUCHIRAPALLI, TAMIL NADU -  620002, INDIA	-
31	90297968	12/04/2005 *	64,500,000.00	FEDERAL BANK	CHINNAKKADAI STREET, TRICHIRAPALLI, TAMIL NADU - 6  20002, INDIA	-
32	90297964	28/10/2004 *	67,200,000.00	ANDHRA BANK	73 B; SALAI ROAD, THILLAINAGAR, TRICHIRAPALLI, TA  MIL NADU - 620018, INDIA	-
33	90297960	17/05/2004	117,500,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRIC  HIRAPALLI, TAMIL NADU - 620002, INDIA	-
34	90297958	16/03/2004	75,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY, TAMIL NADU - 620018, INDIA	-
35	90297955	15/02/2004	23,700,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY, TAMIL NADU - 620018, INDIA	-
36	90297940	09/10/2003	5,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY, TAMIL NADU - 620018, INDIA	-
37	90297937	21/10/2003 *	5,000,000.00	THE LAKSHMI VILAS BANK LIMITED	THILLAINAGAR, TRICHY, TAMIL NADU - 620018, INDIA	-
38	90290341	05/06/2012 *	19,968,500,000.00	CANARA BANK	26, NANDHI KOVIL STREET, TRICHY, TAMIL NADU - 6200  02, INDIA	B43037852
39	90287798	17/01/2006 *	111,400,000.00	CANARA BANK	26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRICHY,  TAMIL NADU, INDIA	-
40	90297892	28/09/2012 *	150,000,000.00	LAKSHMI VILAS BANK LIMITED	THILLAI NAGAR BRANCH, 4TH CROSS STREET, THILLAI N  AGAR, TIRUCHIRAPALLI, TAMIL NADU - 620018, INDIA	B60251840
41	90292954	06/11/2003 *	40,250,000.00	THE LAXMI VILAS BANK	T NAGAR, MADRAS, TAMIL NADU, INDIA	-
42	90296315	09/10/1995	10,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	480; ANNASALAI, NANDANAM, MADRAS, TAMIL NADU - 60  0003, INDIA	-
43	90297636	19/08/1994	32,828,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRIC  HIRAPALLI, TAMIL NADU - 620002, INDIA	-
44	90297634	11/08/1994	250,000.00	CANARA BANK	NO.26; NANDI KOIL STREET, TEPPAKULAM BRANCH, TRIC  HIRAPALLI, TAMIL NADU - 620002, INDIA	-
45	90297511	10/09/1990	3,150,000.00	CANARA BANK	TEPPAKULAM BRANCH, TRICHY, TAMIL NADU - 620002, IN  DIA	-
46	90296058	03/07/1989	1,480,000.00	CANARA BANK	TEPPAKULAM BRANCH, NO. 26; NANDIKOIL STREET, TRIC  HY, TAMIL NADU - 620002, INDIA	-
47	90297378	22/12/1995 *	6,000,000.00	THE LAKSHMI VILAS BANK LIMITED	C-94; FOR STATION ROAD, THILLAINAGAR, TRICHIRAPAL  LI, TAMIL NADU - 620018, INDIA	-

* Date of charge modification

PERFORMANCE HIGHLIGHTS

The Company has commissioned second unit of 135 MW CFB based power plant for ACB (India) Limited. This boiler uses 100% washery rejects as fuel.

PROSPECTS

The capacity addition in coal based plants is focusing only with supercritical boilers from the current five year plan period of 2012-2017. All the developers demand Joint Deed of Undertaking from Technology Partner and a Working Installation of almost similar capacity running unit at least for a period of one year at the time of bid submission. In view of this condition, though company could offer cost effective solution, the developers are not qualifying the Company for 660 MW Power Plant Boilers. Apart from this recent notification on power plants exempted from import duty indicates reduced opportunities during the plan period 2012-2017.

Owing to creation of huge capacity in the country for boilers and difficulties faced on account of prequalification, Company would need alternate strategy to participate in this market potential. The competition in Industrial Boilers and Captive Power Plant segment has increased which will have impact on the performance in the coming years.

The company has demonstrated its expertise in CFB based power plants to enhance its potential in cement industry and washery reject based power plants in the coming years.

Company is planning to find newer strategies and association to go through competitive environment coupled with medium term reduced opportunities.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

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.60.24
UK Pound	1	Rs.102.87
Euro	1	Rs.81.44

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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%)30

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.