MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	INGERSOLL-RAND (INDIA) LIMITED
Registered Office :	Plot No. 35, KIADB Industrial Area, Bidadi – 562109, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.12.1921
Com. Reg. No.:	08-036321
Capital Investment / Paid-up Capital :	Rs.315.680 Millions
CIN No.: [Company Identification No.]	L05190KA1921PLC036321
TAN No.: [Tax Deduction & Collection Account No.]	MUM105042C
PAN No.: [Permanent Account No.]	AAAC13099Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Engaged in the business of Manufacturing and Sales of Industrial Air Compressors of Various Capacities.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 35000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an “INGERSOLL-RAND PLC”, IRELAND. It is a well-established company having fine track. The rating reflects IRIL’s established position with strong brands in the domestic compressor manufacturing industry marked by healthy financial risk profile 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 – 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	15.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	15.01.2014

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 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

Contact No.: 91-79-22820323/ 91-80-22166000

LOCATIONS

Registered/ Corporate Office: :	Plot No. 35, KIADB Industrial Area, Bidadi – 562109, Karnataka, India
Tel. No.:	91- 80 -2216 6000
Fax No.:	91- 80 -2216 6022
E-Mail :	p_r_shubhakar@irco.com
Factory 1 :	22-29/293/187, GIDC Estate, Naroda, Ahmedabad – 382330, Gujarat, India
Tel. No.:	91- 79- 22820323/ 22820123
Fax No.:	91- 79 -22821003/ 22821256
Factory 2 :	Plot No. 61, 8th Avenue, 1st Cross Road, Mahindra World City, Chengalpattu Taluk, Kancheepuram District - 603 002, Tamilnadu, India
Regional and Other Offices :	Located At: · Ahmedabad · Bangalore · Chandigarh · Chennai · Coimbatore · Ghaziabad · Indore · Jamshedpur · Kolkata · Mumbai · Nagpur · New Delhi · Pune · Secunderabad · Surat

DIRECTORS

(AS ON 31.03.2013)

Name :	Mr. Venkatesh Valluri
Designation :	Chairman
Name :	Mr. Hemraj C. Asher
Designation :	Chairman and President
Address :	32, Mody Street, Mumbai-400001, Maharashtra, India
Date of Birth/Age :	02.01.1934
Date of Appointment :	27.11.1989
Name :	Mr. Darius C. Shroff
Designation :	Chairman and President
Address :	Moonlight Flat 8, 158 M. Karve Road, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	08.08.1944
Date of Appointment :	23.12.2005

KEY EXECUTIVES

Name :	Mr. Prasad Y Naik
Designation :	Vice President – Information Technology
Name :	Mr. B. Jayaraman
Designation :	Vice President - Finance
Name :	Mr. Amar Kaul
Designation :	Vice President and General Manager - Air Solutions (Manager under Companies Act, 1956)
Name :	Mr. P. R. Shubhakar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2014)

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	23360000	74.00
Sub Total	23360000	74.00
Total shareholding of Promoter and Promoter Group (A)	23360000	74.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	859253	2.72
Financial Institutions / Banks	7197	0.02
Insurance Companies	1301839	4.12
Foreign Institutional Investors	219904	0.70
Sub Total	2388193	7.57
(2) Non-Institutions
Bodies Corporate	681156	2.16
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	4367643	13.84
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	768611	2.43
Any Others (Specify)	2397	0.01
Trusts	2397	0.01
Sub Total	5819807	18.44
Total Public shareholding (B)	8208000	26.00
Total (A)+(B)	31568000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	31568000	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the business of Manufacturing and Sales of Industrial Air Compressors of Various Capacities.

GENERAL INFORMATION

No. of Employees :	600 (Approximately)
Bankers :	· Bank of America · Bank of India · Citibank N. A. · Central Bank of India · Standard Chartered Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Bangalore, Karnataka, India
Solicitors :
Name :	Crawford Bayley and Company
Address :	Mumbai, Maharashtra, India
Ultimate Holding Company:	Ingersoll - Rand plc, Ireland
Substantial Interest in Voting Power of the Company (holds 74% of equity share capital as at 31st March, 2013)	Ingersoll - Rand Company, New Jersey, U.S.A.
Fellow Subsidiaries :	· Thermo King India Private Limited, India · Reftrans SA, Spain · Ingersoll-Rand Industrial Products Private Limited, India · Schlage Lock Division LLC, USA · Ingersoll-Rand International (India) Limited, India · Thermoking Corporation, U.S.A. · GHH-Rand Schraubenkompressoren GmbH, Germany · Trane Exports LLC, USA · Ingersoll-Rand CZ s.r.o, Czech Republic · Trane India Private Limited, India · Hibon Inc.,Canada · Trane India Limited, USA · Ingersoll-Rand (Chang Zhou) Tools Company Limited, China · Thermo King Services Limited, Ireland · Ingersoll-Rand Air Solutions Hibon Sarl, France · Service First Aircon Private Limited, India (Now known as Ingersoll-Rand Climate Solutions Private Limited, India) · Ingersoll-Rand Company South Africa (Pty) Limited, South Africa · Ingersoll-Rand (China) Industrial Equipment Manufacturing Company Limited, China · Ingersoll-Rand Machinery (Shanghai) Company Limited, China · Ingersoll-Rand International Limited, Ireland · Ingersoll-Rand European Sales Limited, United Kingdom · Ingersoll-Rand Malaysia Co. Sdn. Bhd., Malaysia · Nanjing Ingersoll-Rand Compressor Company Limited, China · Officina Meccaniche Industriali SRL, Italy · Plurifiter D.O.O, Slovenia

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs.10/- each	Rs.320.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
31568000	Equity Shares	Rs.10/- each	Rs.315.680 Millions

Note:

[The above includes 31,301,500 (March 31, 2011: 31,301,500) shares allotted as fully paid-up by way of bonus shares by capitalization of Share Premium and General Reserves. The Company had last issued bonus shares in the financial year ended March 31, 1992.]

Reconciliation of number of shares

	As on 31.03.2013
Particular	Number of shares	Rs. In Millions
Balance as at the beginning of the year Movement during the year	31,568,000 --	315.680 --
Balance as at the end of the year	31,568,000	315.680

(b) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding.

Shares held by holding company	As on 31.03.2013 (Rs. In Millions)
Equity Shares: 23,360,000 shares (March 31, 2012: 23,360,000 shares) held by Ingersoll-Rand Company, New Jersey, U.S.A. the holding company	233.600

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company	As on 31.03.2013
Number of Equity Shares:	23360000
Ingersoll-Rand Company, New Jersey, U.S.A. the holding company	(74%)

(e) Shares reserved for issue under options

There are no shares reserved for issue under any option.

(f) Shares allotted as fully paid up by way of bonus shares / pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding March 31, 2013):

During the period of five years immediately preceding Mach 31, 2013, no shares are allotted as fully paid up by way of bonus shares or pursuant to contract(s) without payment being received in cash.

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	315.680	315.680	315.680
(b) Reserves & Surplus	8382.390	7823.830	7876.750
(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)	8698.070	8139.510	8192.430
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	30.530	48.170	61.500
Total Non-current Liabilities (3)	30.530	48.170	61.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1031.650	848.840	993.360
(c) Other current liabilities	252.100	195.040	194.010
(d) Short-term provisions	183.570	221.240	170.300
Total Current Liabilities (4)	1467.320	1265.120	1357.670
TOTAL	10195.920	9452.800	9611.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	499.720	442.040	252.600
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	520.560	11.720	1.020
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	50.960	47.580	41.390
(d) Long-term Loan and Advances	1679.610	193.960	115.460
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2750.850	695.300	410.470
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	914.410	1085.280	1091.430
(c) Trade receivables	1402.390	1331.850	992.850
(d) Cash and cash equivalents	4730.040	4506.100	5361.570
(e) Short-term loans and advances	346.630	1723.930	1716.650
(f) Other current assets	51.600	110.340	38.630
Total Current Assets	7445.070	8757.500	9201.130
TOTAL	10195.920	9452.800	9611.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5813.690	5920.220	4927.450
		Other Income	678.710	690.090	496.120
		TOTAL (A)	6492.400	6610.310	5423.570
Less	EXPENSES
		Cost of materials consumed	3676.910	4054.280	3317.940
		Employee benefits expense	611.750	558.910	458.920
		Other expenses	974.920	727.590	621.430
		Changes in inventories of finished goods and work-in-progress	54.670	(17.980)	46.250
		TOTAL (B)	5318.250	5322.800	4352.040
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1174.150	1287.510	1071.530
Less	FINANCIAL EXPENSES (D)		10.900	4.710	5.340
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1163.250	1282.800	1066.190
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.760	50.360	47.530
Less	Extraordinary and prior period items		0.000	0.000	7.130
	PROFIT BEFORE TAX (E-F) (G)		1111.490	1232.440	1011.530
Less	TAX (H)		332.060	404.810	325.300
	PROFIT AFTER TAX (G-H) (I)		779.430	827.630	686.230
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4938.640	5074.560	4677.830
Less	APPROPRIATIONS
		Transfer to General Reserve	78.000	83.000	69.000
		Interim Dividend	110.070	770.480	110.430
		Proposed Dividend	110.800	110.070	110.070
	BALANCE CARRIED TO THE B/S		5419.200	4938.640	5074.560
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1194.650	1174.530	949.660
		Freight and Insurances on Exports	0.120	0.790	1.660
		Services Income Recovery of Expenses	21.210	17.490	26.270
	TOTAL EARNINGS		1215.980	1192.810	977.590
	IMPORTS
		Raw Materials, Components and Spares Parts	1250.040	1551.330	1470.920
		Capital Goods	27.490	0.920	0.090
	TOTAL IMPORTS		1277.530	1552.250	1471.010
	Earnings Per Share (Rs.)		24.69	26.22	21.96

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.01	12.52	12.65
Net Profit Margin (PBT/Sales)	(%)	19.12	20.82	20.53
Return on Total Assets (PBT/Total Assets}	(%)	11.55	13.12	10.57
Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.12
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.07	6.92	6.78

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

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CASE DETAILS

High Court of Karnataka – Bangalore Bench

ITA 16/2011

Petitioner/ Appnt. Name	The commissioner of Income Tax	Respondent/ Defnt. Name	M/S Ingersoll Rand (India) Limited
Petnr. /Appnt. Advocate	K V Aravind	Respnt. /Defnt. Advocate	M/S King and Partridge
Date Filed	06/01/2011/ Classification	District	Bangalore City

Stage	Pending for Admission	Last Posted For	Admission
Last Action Taken	ADMIT/RULE	Last Date of Action	31/01/2012	Next Hearing Date
Latest Order	2 Weeks
Before Hon'ble Judge/s	D. V. SHYLENDRA KUMAR H. S. KEMPANNA

Lower Court Details [Appeal from below case.]

Case No	Court Name	Disposal Dt
ITA 3952/2005	ITAT BANGALORE BENCH BANGALORE	30/08/2010

-----------------------------------------------------------------------------------------------------------------------------

NOTE:

The registered office of the company has been shifted from 106/10-11-12, Amruthhalli, Byatarayan, Bellary Road, Bangalore-560092, Karnataka, India to the present address w.e.f. 22.08.2008.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Development:

The Indian economy growth has been slow through the year 2012-13 owing to various factors including lack of policy initiatives and high inflation restricting the scope for Central Bank to soften interest rates. The year was marked by overall sluggishness in the economy.

The Company’s products are primarily sold to industries in the automotive, metals, pharmaceutical and textile sectors and the lack of or negative growth in these sectors has impacted the revenue growth this year. Efforts to manage the costs especially material costs yielded good results and hence, there was no significant reduction in the profitability.

SEGMENT-WISE OPERATIONAL PERFORMANCE:

Air Solutions continues to be the major segment in the company’s operations. The gross revenues of Air Solutions business this year were lower by 1% at Rs.6,015 million as against Rs.6,097 million last year. Despite the difficult economic environment, the company continues to focus on increasing the local manufacturing content, innovation and market centric product development for the emerging markets.

The gross revenue from contract manufacturing of bus air-conditioners was marginally higher at Rs.182 million as against Rs.171 million in the previous financial year.

The profit before tax is Rs.1,111 million as against Rs.1,232 million in the previous year.

OUTLOOK:

The US economy is showing signs of moderate growth and this augurs well. However, Asia continues to show problems of growth. The forecast of GDP growth in India is around 6% and with general elections in 2014, there may not be any major policy initiatives taken to spur growth. The company is focusing on specific sectors like power, pharmaceuticals and textiles to grow the revenues through value added services. Cost reduction will continue to be a focus area to ensure profitability. With the Chennai plant expected to be operational by May of this year, the revenues are expected to grow during the coming year.

EXPORTS

Exports for the year have increased to Rs.1,195 million as against Rs.1,175 million in the previous year, a marginal increase of 2%. The parent company continues to source bare compressors and reciprocating compressors from India and this augurs well for your Company’s growth. The range of products being exported is steadily increasing.

GENERAL INFORMATION

The company is a public limited company incorporated in 1921 under provisions of Companies Act, 1913 and existing under the provisions of Companies Act, 1956. The Company has a manufacturing plant in Naroda, Gujarat and is primarily engaged in the business of manufacturing and sales of Industrial air compressors of various capacities. The Company also manufactures Air Conditioner package for buses under contract manufacturing arrangement for its fellow subsidiary in India. The Company sells air compressors primarily in India and also exports to other SAARC countries and United States. The Company is in the process of constructing a new manufacturing plant at Chennai, Tamil Nadu for manufacture of Heating, Ventilation and Air Conditioning (HVAC) equipment and Transport Refrigeration products in Phase 1. The equity shares of the Company are listed on the Bombay Stock Exchange Limited, National Stock Exchange of India Limited and Ahmedabad Stock Exchange Limited.

CONTINGENT LIABILITIES

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
(a) Claims against the Company not acknowledged as debts (Claims filed against the Company by customers/vendors/employees claiming damages for non-performance of contractual obligation/ defective supply of products/termination of employment)	54.770	44.100
(b) Value added tax/Central excise matters in dispute (Relates to adjustment on account of levy of additional duty and other matters made by the VAT/Excise department which is disputed by the Company and are lying under appeal before various forums. The Company has: (1) Paid Rs.3.400 "under protest"; and (2) Furnished a Bank guarantee of Rs.4.870. This does not include one bank account with the balance of Rs.5.550 which the Company is not permitted to operate till such time the litigation is resolved)	134.460	162.880
(c) Bank guarantees/corporate guarantees [Guarantees issued by Banks on behalf of Company guaranteeing performance of products sold or timely completion of contractual obligations by the Company. This does not include bank guarantees for Rs.4.870 furnished in favor of the VAT authorities.	424.310	487.810
(d) Income Tax matters [Relates to transfer pricing and other adjustments made by the Income Tax Department for the assessment years 2003-04 to 2009-10, which is disputed and the matters are lying under appeal before various forums. The Company has paid 'under protest' Rs.129.540 to the Income Tax Department in this regard]	150.550	107.600

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414566	11/03/2013	200,000,000.00	Central Bank of India	Peenya Industrial Area Branch, Peenya, Bangalore, Karnataka - 560057, India	B71735963
2	10318880	28/10/2011	300,000,000.00	Bank of India	Mid Corporate Branch, No.11, K G Road, Bangalore, Karnataka - 560009, India	B25745985

FIXED ASSETS:

· Land – Leasehold

· Building

· Leasehold Improvements

· Plant and Machinery

· Electrical Installations

· Vehicles

· Furniture, Fixture and Equipment

· Office Equipment

· Small Tools

NEWS RELEASE

INGERSOLL RAND LAUNCHES SCIENCE CENTRE WITH AGASTYA FOUNDATION FOR UNDERPRIVILEGED CHILDREN IN REMOTE AREAS

An initiative that will impact over 12,000 children over a year, with a focus on girl child; and train 125 teachers for stimulating science education through experience and practical mentoring

Gurgaon, April 30, 2014: As part of its social convergence initiative, Ingersoll Rand has partnered with Agastya International Foundation to officially announce the launch of a Science Centre at Govt. Girls Senior Secondary School, Jacobpura in Gurgaon today. The Centre has been launched to help benefit economically disadvantaged children in remote, rural areas, with a special focus on the girl child and teachers. Through innovative and unique hands-on science education, the Science Center aims to foster creativity amongst children and provide them with the learning tools and confidence to overcome their constraints.

The science center was inaugurated in presence of Dhirendra Singh, IAS, former Union Home Secretary, Alok Verma, Director – Prarambh and CEO Utkarsh Society, Venkatesh Valluri, Chairman and President Ingersoll Rand India along with Sheel Kumari, Principal, GGSSS, Jacobpura and K. Thyagrajan, Chief Operating Officer, Agastya International.

The Science Centre has been in operation since September 2013 and has been instrumental in providing science education through hands-on methodologies to students and teachers as well as inspiring them in the concepts of Science, Ecology and Mathematics. Since its inception, the centre has successfully touched the lives of over 8000 beneficiaries* by conducting special training activities including project and discovery based learning, integrated learning, science fairs etc. Today, the Centre proves to be of great impetus for students and teachers in the vicinity, and aims to reach out to 12,000 children and train 125 teachers by year end 2014.

Ingersoll Rand is supporting the Agastya Foundation team with essential equipment, training of staff, infrastructure cost and expertise for imparting science education through innovative means. Commenting on the initiative, Venkatesh Valluri, Chairman and President, Ingersoll Rand India said, “At Ingersoll Rand, we are committed to good corporate citizenship and believe that advancing the quality of life requires taking an active role in addressing social issues that impact our organization and the communities we operate in. This Science Centre is a step ahead towards creating social value through educational support for economically disadvantaged

children in remote areas and furthering science literacy in the bright minds of this country. Our partnership with Agastya is an example of how we believe the public-private sector can socially converge to deliver immense value to our society.”

“I believe that the private sector can help develop the educational institutions and provide infrastructure and that the government today needs to build the curriculum and run them. While the content of what is taught is important, equally important is the efficacy of the delivery system and the teaching technologies. The initiative taken by Ingersoll Rand towards facilitating modern education and contributing towards uplifting the underprivileged sections of the society is commendable”, shared Dhirendra Singh, IAS, former Union Home Secretary.

“We are delighted to collaborate with Ingersoll Rand on this initiative intended to bring quality science education to a targeted group of children and teachers. This science center will act as a hub for students and teachers of various schools to congregate and share ideas”, shared K. Thyagarajan, Chief Operating Officer, Agastya International. “With this Centre, we hope to uncover the hidden value of India's rural population and the importance of providing them with a strong education from their early years”, added Thyagarajan.

The Science Centre will benefit the children and teachers in Jacobpura as well as local schools in the vicinity and enable them to access hands-on, experiential science laboratories to learn cause-effect thinking within their environment. Through this project, children will be exposed to innovative and stimulating methods of interactive learning that provides them with a platform to question and express in a comprehensive manner. The Science Centre at Jacobpura’s Govt. Girls Senior Secondary School will function as a resource centre, teacher training center and a venue for Agastya’s special science fairs and training activities like project based learning, discovery based learning, integrated learning, summer camps etc.

Jacobpura Science Centre Project Update

*Number of beneficiaries (includes students and teachers across 41 Schools)

Month	Number of beneficiaries
September 2013	356
October 2013	867
November 2013	2015
December 2013	2370
January 2014	962
Science Fair in January	510
February 2014	964
Grand Total	8044

About Ingersoll Rand in India

Ingersoll Rand is committed to India and is implementing strategies for product innovation and design for Industrial Technologies; Food Safety; Energy Efficiency and Sustainability. The company is based out of 18 locations in the country. Ingersoll Rand believes that Innovation for emerging economies is critical for products to succeed in these markets. The company has three world class manufacturing facilities at Naroda, Sahibabad and Chennai; and two Engineering and Technology Centers at Bangalore and Chennai. Ingersoll-Rand (India) Limited is listed on the National Stock Exchange of India and the Bombay Stock Exchange.

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 records 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.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.