MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	TECHNIP KT INDIA LIMITED
Registered Office :	B-22, Okhla Industrial Area, Phase 1, New Delhi - 110020
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.08.1971
Com. Reg. No.:	55-005742
Capital Investment / Paid-up Capital :	Rs. 140.000 Millions
CIN No.: [Company Identification No.]	U72200DL1971PLC005742
TAN No.: [Tax Deduction & Collection Account No.]	DELT05713B
PAN No.: [Permanent Account No.]	AAACK3349R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Designing, Engineering, Consultancy, Fabrication, Supply and Erection and Commissioning of Chemical Plants.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 6370000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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.

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-COOPERATIVE

(CONTACT NO.: 91-120-4301000 / 91-11-26812439)

LOCATIONS

Registered Office :	B-22, Okhla Industrial Area, Phase 1, New Delhi – 110020, India
Tel. No.:	91-11-26812439
Fax No.:	91-11-26819057/ 26813664
E-Mail :	prasharma@technip.com sales-tpkti@technip.com
Website :	http://www.technip.com
Corporate Office :	A-4, Sector 1, Institutional Area, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4301000
Fax No.:	91-120-4301010
Regional Office :	5th Floor, F - Wing, Solaris – I, Saki Vihar Road, Andheri (East), Mumbai, 400072, Maharashtra, India
Tel. No.:	91-22-66717700/ 20
Fax No.:	91-22-66717710
Branch Office 1 :	Technip Centre, 19, Velachery Main Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22303100
Fax No.:	91-44-22300017
Branch Office 2 :	403, Alpha, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-67035000
Fax No.:	91-22-67031031
Branch Office 3 :	Rolta Tower C, Rolta Technology Park, MIDC, Marol, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-30878000
Fax No.:	91-22-30878242
Branch Office 4 :	B1 701/701A, Boomerang Building, Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-67002000
Project Office :	401-404, 4th Floor The Eagle’s Flight Suren Road Off Andheri Kurla Road Andheri (East) - Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26941820 / 21 / 22
Fax No.:	91-22-26941824

DIRECTORS

AS ON 16.09.2013

Name :

Mr. Samik Mukherjee

Designation :

Managing director

Address :

15 Avenue Louis Bleriot Montesson France 78360

Date of Birth/Age :

02.08.1970

Qualification :

B. Tech Chemical Engineer

Date of Appointment :

01.05.2012

DIN No.:

05240208

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Managing director	01/05/2012	27/03/2012	Active	NO
2	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Managing director	01/05/2012	27/03/2012	Amalgamated	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28/09/2012	31/08/2012	Amalgamated	NO

Name :

Mr. Gulshan Kumar Chhabra

Designation :

Whole-time director

Address :

A-808, Dream Apartments. Plot 14, Sector 22, Dwarka, New Delhi – 110075, India

Date of Birth/Age :

18.04.1956

Qualification :

CWA

Date of Appointment :

29.10.2003

PAN No.:

AAAPC0308F

DIN No.:

00610959

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29302DL2001PLC110134	KTI MANUFACTURING LIMITED	Director	22/03/2001	22/03/2001	Strike off	NO
2	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Whole-time director	29/10/2003	29/10/2003	Active	NO

Name :

Shanker Karimpet

Designation :

Director

Address :

Shivalaya Plot No. 238-12, Ganesh Avenue, Sakthi Nagar, Porur, Chennai – 600116, Tamilnadu, India

Date of Birth/Age :

04.12.1948

Qualification :

B. Tech (Mechanical), M.B.A

Date of Appointment :

28.06.2010

DIN No.:

00101773

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	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Whole-time director	01/05/2012	19/06/1998	-	Amalgamated	NO
2	U72300TN1998PLC040081	CHERRYTEC INTELISOLVE LIMITED	Director	02/12/1998	02/12/1998	11/01/2008	Active	NO
3	U64201TN1999PLC041778	ACCUSPEED ENGINEERING SERVICES INDIA LIMITED	Director	05/04/2002	05/04/2002	31/03/2010	Active	NO
4	U45201TN1987PLC014584	EDAC ENGINEERING LIMITED	Director	26/09/2002	26/09/2002	16/07/2007	Active	NO
5	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	28/06/2010	07/05/2010	-	Active	NO

Name :

Jean Marc Aubry

Designation :

Director

Address :

14, Chemin De Lauberderir Marly Le Roi France 78160

Date of Birth/Age :

30.01.1957

Qualification :

Engineer

Date of Appointment :

23.07.2012

DIN No.:

02298450

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Nominee director	17/07/2008	17/07/2008	Amalgamated	NO
2	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	23/07/2012	12/09/2011	Active	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28/09/2012	31/08/2012	Amalgamated	NO

Name :

Florence Emmanuelle Sylvie Rocle

Designation :

Director

Address :

5 Rue Henri Kapferer 78360 Montesson Paris 78360 France

Date of Birth/Age :

07.05.1971

Date of Appointment :

23.07.2012

DIN No.:

03619968

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	23/07/2012	12/09/2011	Active	NO
2	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Director	28/09/2012	27/03/2012	Amalgamated	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28/09/2012	31/08/2012	Amalgamated	NO

Name :

Stephen Siegel

Designation :

Director

Address :

33 Rue De Laubepine Montigny Le Bretonneux France 78180

Date of Birth/Age :

25.11.1976

Date of Appointment :

23.07.2012

DIN No.:

05237249

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	23/07/2012	27/03/2012	Active	NO
2	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Director	28/09/2012	27/03/2012	Amalgamated	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28/09/2012	31/08/2012	Amalgamated	NO

Name :

Nello Uccelletti

Designation :

Director

Address :

Viale Castello Della Magliana 68 Rome 00148 Italy

Date of Birth/Age :

02.04.1953

Date of Appointment :

17.05.2013

DIN No.:

00121706

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Director	14/12/1999	14/12/1999	Amalgamated	NO
2	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	17/05/2013	19/04/2013	Active	NO

Name :

Hiro Mulram Wadhwani

Designation :

Alternate director

Address :

15, Silver Oaks Avenue, DLF City, Phase 1, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

14.07.1933

Qualification :

B. Tech

Date of Appointment :

13.02.2013

DIN No.:

00049871

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29302DL2001PLC110134	KTI MANUFACTURING LIMITED	Director	24/09/2002	24/09/2002	Strike off	NO
2	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Alternate director	13/02/2013	26/10/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashant Sharma
Designation :	Secretary
Address :	H-701, Ansal Neelpadm – 1, Plot No. 4, Sector 5, Vaishali, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	23.07.1975
Date of Appointment :	01.11.2006
PAN No.:	ASAPS5358K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.09.2013

Names of Shareholders	No. of Shares
SAS France Technip, France	13999931
K. Balachandran	10
Rocle Florence jointly with Chopra Yashpal	10
Boudailliez Samuel jointly with Chhabra Gulshan	10
Siegel Stephen jointly with Sharma Prashant	13
Aubry Marc Jean jointly with Mathur S.	13
Samik Mukherjee	13
Total	14000000

AS ON 16.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing, Engineering, Consultancy, Fabrication, Supply and Erection and Commissioning of Chemical Plants.

Products/ Services :

ITC Code No.	Product Descriptions
99831153	Technical Consultancy Services
84198910	Gas Furnances, Pressure Vessels/ Reactors/ Columns/ Towers/ Chemical Storage Tanks

Exports :

Not Divulged

Imports :

Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	(Approximately)
Bankers :	· ABN Amro Bank N.V 15, Hansalaya Building, Barakhamba Road, New Delhi - 110001, India

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	6th Floor, HT House, 18-20 Kasturba Gandhi Marg, New Delhi – 110001, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Ultimate Holding company :	Technip SA
Holding company :	Technip France SAS
Fellow Subsidiary company :	· Technip France · Technip France-India Project Office · Technip France-Abu Dhabi Branch · Technip Qatar · Technip Italy · Technip Angola · Technip Middle East · Technip Seiffert GMBH · Technip Benelux B.V · Technip Brazil · Technip USA Corporation · Technipnet SA · Technip Oceania Pty Limited, Australia · Technip EPG BV · Technip India Limited [U24294TN1998PLC040695] · Technip UK Limited · Technip Germany · Technip Singapore · Technip E&C India Limited [U74999MH2004PLC146295 · Technip Iberia SA · PT. Technip Engineering Indonesia · GIL Services Private Limited [U74900MH2009PTC190718]] · Technip SA · Technip Abu Dhabi · Technip Indonesia

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital : Rs. 450.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 140.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,000,000	Equity Shares	Rs. 10/- each	Rs. 140.000 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	140.000	140.000	140.000
(b) Reserves & Surplus	1453.473	1198.320	659.108
(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)	1593.473	1338.320	799.108
(3) Non-Current Liabilities
(a) long-term borrowings	30.255	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.588	0.658	182.004
(d) long-term provisions	60.694	469.133	352.562
Total Non-current Liabilities (3)	91.537	469.791	534.566
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1713.287	1855.412	1820.588
(c) Other current liabilities	2258.735	2757.913	2762.305
(d) Short-term provisions	826.909	190.644	455.142
Total Current Liabilities (4)	4798.931	4803.969	5038.035
TOTAL	6483.941	6612.080	6371.709
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	480.374	321.334	270.601
(ii) Intangible Assets	8.679	6.804	12.590
(iii) Capital work-in-progress	0.964	1.304	1.049
(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)	221.819	205.605	175.975
(d) Long-term Loan and Advances	137.064	93.798	47.284
(e) Other Non-current assets	1304.160	479.146	560.391
Total Non-Current Assets	2153.060	1107.991	1067.890
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1632.055	3312.677	2104.059
(d) Cash and cash equivalents	1983.299	1717.855	1372.579
(e) Short-term loans and advances	367.837	283.892	541.668
(f) Other current assets	347.690	189.665	1285.513
Total Current Assets	4330.881	5504.089	5303.819
TOTAL	6483.941	6612.080	6371.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	4473.287	6834.790	6033.977
		Other Income	239.580	155.547	106.592
		TOTAL (A)	4712.867	6990.337	6140.569
Less	EXPENSES
		Cost of Materials Consumed	1026.572	3285.165	2800.443
		Employees benefits expense	1550.646	1129.436	926.698
		Other expenses	1327.802	1717.926	1691.421
		TOTAL (B)	3905.020	6132.527	5418.562
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		807.847	857.810	722.007
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		807.847	857.810	722.007
Less/ Add	DEPRECIATION/ AMORTISATION (F)		79.952	55.324	42.899
	PROFIT BEFORE TAX (E-F) (G)		727.895	802.486	679.108
Less	TAX (H)		227.052	263.275	238.939
	PROFIT AFTER TAX (G-H) (I)		500.843	539.211	440.169
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	588.550	301.155
		Professional and Consultation Fees	1022.675	883.060	160.538
		Other Earnings	179.262	(432.976)	88.453
	TOTAL EARNINGS		1201.937	1038.634	550.146
	IMPORTS
		Capital Goods	87.029	622.142	735.924
	Earnings Per Share (Rs.)		35.77	38.52	31.44

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.63	7.71	7.17
Net Profit Margin (PBT/Sales)	(%)	16.27	11.74	11.25
Return on Total Assets (PBT/Total Assets}	(%)	11.63	12.53	10.96
Return on Investment (ROI) (PBT/Networth)		0.46	0.60	0.85
Debt Equity Ratio (Total Debt/Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.90	1.15	1.05

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	140.000	140.000	140.000
Reserves & Surplus	659.108	1198.320	1453.473
Net worth	799.108	1338.320	1593.473
long-term borrowings	0.000	0.000	30.255
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	30.255
Debt/Equity ratio	0.000	0.000	0.019

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	6033.977	6834.790	4473.287
		13.272	(34.551)

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	6033.977	6834.790	4473.287
Profit	440.169	539.211	500.843
	7.29%	7.89%	11.20%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease obligations	30.255	0.000
Total	30.255	0.000

NATURE OF OPERATIONS

Subject is a fully owned subsidiary of Technip France SAS, w.e.f September 12, 2011 (was fully owned subsidiary of Technip Holding Benelux B.V. till September 11, 2011). The principal business of the Company is Design, Engineering, Consultancy, Fabrication, Supply and Erection & Commissioning of Chemical Plants.

PERFORMANCE

During the year, the Company has reported Revenues of INR 4536.000 Millions as against INR 7097.000 Millions of Revenues registered in the Previous Year. The Earnings before Interest, Tax and Depreciation (EBITD) amounted to INR 612.000 Millions while the same was INR 743.000 Millions for the Previous Year. However Net Profit before Tax to Turnover ratio has increased by 5% as compared to previous year. Some of the projects under execution or completed during the year are as under: · Engineering and Procurement Services for Refinery Off-gas Cracker Unit at Jamnagar , Gujarat for RIL · Sulphur Pelletization Unit for IOCL, Mathura Refinery · Regeneration Gas Heater for Gail Petrochemical Complex- II, Vijaypur, M.P. · EPCM services for Coal Gasification Plant at Augul, Odisha, Jindal Steel and Power Limited · EPCM service for FCCU revamp project of IOCL Mathura, · CO2 Removal System for Jindal Steel and Power Limited, · CCR Regeneration Package for BPCL, Mumbai Refinery. · Supply of Reformer Package for Gujarat Narmada Valley Fertilizers Company Limited · Diesel Hydrotreater Unit of Capacity 2.2 MMTPA for HPCL, Visakh Refinery, · Hydrogen Generation Unit of capacity 36000 TPA for HPCL, Visakh Refinery · Fired Heaters of DCU (EPCC-8 Packages) and CDU/VDU Heaters for Phase-III Refinery project of Mangalore Refinery and Petrochemicals Limited · Technical Services to some of the group Companies, among others.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Claims against the Company not acknowledged as debt	39.934	43.981
Guarantees and Letter of credit	2945.440	2452.158
Total	2985.374	2496.139

FIXED ASSETS:

· Land

· Buildings

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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. 59.20
UK Pound	1	Rs. 99.52
Euro	1	Rs. 80.83

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.