MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	ATLAS COPCO (INDIA) LIMITED
Registered Office :	Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.01.1960
Com. Reg. No.:	25-020566
Capital Investment / Paid-up Capital :	Rs.225.616 Millions
CIN No.: [Company Identification No.]	U27106PN1960PLC020566
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEA00074E
PAN No.: [Permanent Account No.]	AAACA4074D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of air and gas compressors, construction and mining equipment, and industrial tools.
No. of Employees :	2360 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 37000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having a fine track record. Financial position of the company seems to be sound Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA+
Rating Explanation	High degree of safety and carry very low credit risk.
Date	10.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	10.11.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Anant Narayan Bavare
Designation :	Company Secretary
Contact No.:	91-9326653917
Date :	18.11.2014

LOCATIONS

Registered/ Corporate/ Head Office/ Factory 1 :	Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra, India
Tel. No.:	91-20-30722222/ 39852455/ 39852100/ 39852543/ 2411/ 2416/ 2260
Mobile No.:	91-9326653917 (Mr. Anant Narayan Bavare)
Fax No.:	91-20-27147928/ 39852070/ 39852016
E-Mail :	anant.bavare@in.atlascopco.com anand.daga@in.atlascopco.com investors.grievances@in.atlascopco.com
Website :	www.atlascopco.in
Factory 2 :	Plot No.90, MIDC, Industrial Area, Satpur, Nashik – 422007, Maharashtra, India
Factory 3 :	301/302, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Factory 4 :	146/2, Sector-I, Lane 8, IDA, Phase – II, Cherlapally, Hyderabad – 500051, Andhra Pradesh, India
Sales Offices :	Located At: Hyderabad Chandigarh Kolkata Jaipur Bangalore Nagpur Mumbai Chennai

DIRECTORS

As on 05.09.2014

Name :

Filip A J Vandenberghe

Designation :

Managing Director

Address :

Hendrik Consciencestraat 21, 2970, Belgium

Date of Birth/Age :

10.08.1953

Qualification :

Graduate

Date of Appointment :

01.08.2013

DIN No.:

02644579

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	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Managing director	01/08/2013	20/03/2009	-	Active	NO
2	U29254PN2007PTC137623	EDWARDS INDIA PRIVATE LIMITED	Additional director	26/02/2014	26/02/2014	-	Active	NO

Name :

Mr. Anilkumar Jewraj Hirjee

Designation :

Director

Address :

Flat No.9, Battery House, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

14.05.1939

Qualification :

Graduate

Date of Appointment :

05.09.2014

Voter ID No.:

MT/024/231668

DIN No.:

00044765

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	U74220MH1960PLC011691	WADIA TECHNO - ENGINEERING SERVICES LIMITED	Director	15/03/1983	15/03/1983	05/12/2007	Active	NO
2	L24100MH1974PLC017773	CITURGIA BIOCHEMICALS LIMITED	Director	21/09/1983	21/09/1983	10/04/2007	Active	NO
3	U63090MH1973PTC016873	CHIKA PRIVATE LIMITED	Director	16/09/1984	16/09/1984	-	Active	NO
4	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Director	05/09/2014	20/12/1988	-	Active	NO
5	U74999MH1991PLC059856	WADIA BSN INDIA LIMITED	Director	09/10/1992	09/10/1992	05/12/2007	Active	NO
6	L15412WB1918PLC002964	BRITANNIA INDUSTRIES LTD	Director	05/09/1993	05/09/1993	-	Active	NO
7	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	13/08/2014	01/10/1998	-	Active	NO
8	U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	Director	30/03/2000	30/03/2000	-	Active	NO
9	U65991MH1999PLC123026	HDFC TRUSTEE COMPANY LIMITED	Director	21/07/2014	11/07/2000	-	Active	NO
10	L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	Director	08/08/2014	28/05/2001	-	Active	NO
11	U51900MH1944PLC004225	NOWROSJEE WADIA AND SONS LIMITED	Director	01/06/2001	01/06/2001	05/12/2007	Active	NO
12	U91110MH1990NPL055085	GOODEED CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
13	U91110MH1990PTC055084	TRISTAR CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
14	U91110MH1992NPL066940	NORTHSTAR CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
15	U91110MH1992NPL066939	VENUS CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Under liquidation	NO
16	L24299MH1954PLC009254	NATIONAL PEROXIDE LIMITED	Director	03/09/2002	03/09/2002	21/07/2009	Active	NO
17	U51909WB1999PLC090872	KAMALA FORTRADE LIMITED	Director	22/02/2003	22/02/2003	-	Active	NO
18	U65990MH1988PTC048388	GO INVESTMENTS & TRADING PRIVATE LIMITED	Director	30/09/2011	11/02/2011	-	Active	NO

Name :

Rolf Hans Ola Meyer

Designation :

Director

Address :

Hoglidsvagen 7, 182 47, Enebybero Sweden

Date of Birth/Age :

31.01.1955

Qualification :

Graduate

Date of Appointment :

30.04.2007

DIN No.:

01385028

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	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Director	30/04/2007	09/03/2007	-	Active	NO

Name :

Birgitta Jeanette Livijn

Designation :

Director

Address :

Langangsvagen 20 B, 182 75 Stocksund, Sweden

Date of Birth/Age :

05.03.1963

Qualification :

Graduate

Date of Appointment :

30.04.2010

DIN No.:

02760032

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	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Director	30/04/2010	30/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anant Narayan Bavare
Designation :	Company Secretary
Address :	S. No.22/1, Kamal City, Flat No. C-305, Near Rajas Society, Katraj, Pune – 411 046, Maharashtra, India
Date of Birth/Age :	13.07.1974
Date of Appointment :	04.06.2012
PAN No.:	AIYPB9758Q
Name :	Mr. Pradeep C
Designation :	Treasury Department

MAJOR SHAREHOLDERS

As on 05.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2014

Category	Percentage
Nationalized or other bank	0.01
Mutual funds	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.54
Bodies corporate	0.04
Other top fifty shareholders	0.46
Others	2.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of air and gas compressors, construction and mining equipment, and industrial tools.

Products :

Product Description	Item Code No. (ITC Code)
Construction Contracts and Compressors, Industrial Tools etc	99999999

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• European Countries
• Srilanka

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012):

Particulars	Unit	Licensed Capacity	Installed Capacity	Production/ Purchases
A. Manufactured
Air, gas and screw compressors and dryers	Nos.	11,500	11,500	12,234
Pneumatic tools	Nos.	75,000	75,000	60,573
Rock drilling equipments	Nos.	16,900	16,900	27,277
Road construction equipments	Nos.	1,000	1,000	688
B. Trading
Pneumatic tools	Nos.	--	--	38,275

Notes:

(1) The licensed capacity is as represented by the management and relied upon by the auditors.

(2) The installed capacity has been certified by the Management and relied upon by the auditors, this being a technical matter.

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

2360 (Approximately)

Bankers :

• Citibank N.A., First Floor, Onyx Towers, Near Westin Hotel, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India
• Citibank N.A., Parmar House, 2413, East Street Camp, Pune – 411 001, Maharashtra, India
• Deutsche Bank, Pune, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Long-term maturities of finance lease obligations	9.090	33.355
SHORT TERM BORROWINGS
Working capital loans from banks	52.488	30.785
Total	61.578	64.140

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	--
Collaborators :	--
Holding Company :	Atlas Copco AB
Fellow Subsidiary Company :	Atlas Copco (Shanghai) Trading Company Limited Atlas Copco (South East Asia) Pte. Limited Atlas Copco (Wuxi) Compressor Company Limited Atlas Copco Airpower N.V. Atlas Copco Business Services N.V Atlas Copco China/Hong Kong Limited Atlas Copco Const Tools GmbH Atlas Copco Construction Mining Technique USA LLC Atlas Copco MCT GmbH GmbH Atlas Copco Mfg. Korea Company Limited Atlas Copco Nederland B.V. Atlas Copco Rock Drills AB Atlas Copco S A (PTY) Limited Atlas Copco Services Middle East SPC Dynapac Compaction Equipment AB Power Tools Distribution N.V Atlas Copco GmbH Atlas Copco Construction and Mining Tech-ZAO

CAPITAL STRUCTURE

As on 05.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22561564	Equity Shares	Rs.10/- each	Rs.225.616 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (12 Months)	31.03.2013 (12 Months)	31.03.2012 (15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	225.616	225.616	225.616
(b) Reserves & Surplus	12,570.179	10,153.113	8,028.779
(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)	12,795.795	10,378.729	8,254.395
(3) Non-Current Liabilities
(a) long-term borrowings	9.090	33.355	66.415
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13.058	2.449	2.384
(d) long-term provisions	897.499	666.905	560.183
Total Non-current Liabilities (3)	919.647	702.709	628.982
(4) Current Liabilities
(a) Short term borrowings	52.488	30.785	1,273.387
(b) Trade payables	3,612.118	3,283.043	3,278.998
(c) Other current liabilities	858.775	1,361.588	1,084.922
(d) Short-term provisions	568.593	716.878	503.959
Total Current Liabilities (4)	5,091.974	5,392.294	6,141.266
TOTAL	18,807.416	16,473.732	15,024.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,869.423	2,665.937	2,126.371
(ii) Intangible Assets	130.564	230.181	305.355
(iii) Capital work-in-progress	20.647	192.561	118.529
(iv) Intangible assets under development	91.633	27.791	0.944
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	368.627	327.539	214.070
(d) Long-term Loan and Advances	935.478	894.653	865.877
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4,416.372	4,338.662	3,631.146
(2) Current assets
(a) Current investments	1,564.682	748.780	0.000
(b) Inventories	5,354.348	5,020.640	5,418.869
(c) Trade receivables	5,762.423	5,046.550	4,841.490
(d) Cash and cash equivalents	481.364	405.354	305.462
(e) Short-term loans and advances	1,228.527	913.746	827.676
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	14,391.344	12,135.070	11,393.497
TOTAL	18,807.716	16,473.732	15,024.643

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014 (12 Months)	31.03.2013 (12 Months)	31.03.2012 (15 Months)
	SALES
		Income		26,400.897	25,173.866	26,166.659
		Other Income		175.793	88.935	70.442
		TOTAL (A)		26,576.690	25,262.801	26,237.101
Less	EXPENSES
		Cost of materials consumed		9,651.321	9,779.584	10,152.056
		Purchases of stock-in-trade		6,109.124	5,460.693	7,267.311
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		25.846	286.575	(1,203.147)
		Employee benefit expense		2,298.822	2,136.459	2,104.095
		Other expenses		4,044.890	3,588.474	3,912.317
		Exceptional Items		0.000	16.594	0.000
		TOTAL (B)		22,130.003	21,268.379	22,232.632
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			4,446.687	3,994.422	4,004.469
Less	FINANCIAL EXPENSES (D)			57.065	98.257	101.551
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			4,389.622	3,896.165	3,902.918
Less	DEPRECIATION/ AMORTISATION (F)			553.985	482.820	580.518
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			3,835.637	3,413.345	3,322.400
Less	TAX (H)			1,286.591	1,157.032	1,081.485
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			2,549.046	2,256.313	2,240.915
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			7228.579	5354.274	3494.467
Less	APPROPRIATIONS
			Transfer to General Reserve	275.000	250.000	250.000
			Proposed Dividend	112.808	112.808	112.808
			Corporate Dividend tax	19.200	19.200	18.300
	BALANCE CARRIED TO THE B/S			9370.617	7228.579	5354.274
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	5.429	4.119	3.114
	TOTAL EARNINGS			5.429	4.119	3.114
	IMPORTS
			Raw Materials	8.149	7.425	8.178
			Capital Goods	0.056	0.090	0.188
	TOTAL IMPORTS			8.205	7.515	8.366
	Earnings / (Loss) Per Share (Rs.)			112.98	100.01	99.32

KEY RATIOS

PARTICULARS		31.03.2014 (12 Months)	31.03.2013 (12 Months)	31.03.2012 (15 Months)
Net Profit Margin (PAT/Sales)	(%)	9.66	8.96	8.56
Operating Profit Margin (PBIDT/Sales)	(%)	16.84	15.87	15.30
Return on Total Assets (PBT/Total Assets}	(%)	20.93	21.43	22.62
Return on Investment (ROI) (PBT/Networth)		0.30	0.33	0.40
Debt Equity Ratio (Total Debt /Networth)		0.00	0.01	0.16
Current Ratio (Current Asset/Current Liability)		2.83	2.25	1.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	225.616	225.616	225.616
Reserves & Surplus	8028.779	10153.113	12570.179
Share Application money pending allotment	0.000	0.000	0.000
Net worth	8254.395	10378.729	12795.795
Long Term borrowings	66.415	33.355	9.090
Short Term borrowings	1273.387	30.785	52.488
Total borrowings	1339.802	64.140	61.578
Debt/Equity ratio	0.162	0.006	0.005

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	26,166.659	25,173.866	26,400.897
		(3.794)	4.874

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	26,166.659	25,173.866	26,400.897
Profit	2,240.915	2,256.313	2,549.046
	8.56%	8.96%	9.66%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Bench:- Bombay
Lodging No:-	WPL/2469/2013	Filing Date:-	26/09/2013	Reg. No.:-	WP/2650/2013	Reg. Date:-	30/11/2013
Petitioner:-	ASSOCIATION OF ENGINEERING WORKERS AND ANR		Respondent:-	ATLAS COPCO (INDIA) LIMITED
Petn. Adv.:	N.M. GANGULI		Resp. Adv.:	--
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Admitted (Unready)		Category:-	Writ Petition (Service Matter)
Last Date:	25/04/2014		Stage:	For Admission - Fresh [Original Side Matters]
Last Coram:	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Industrial Dispute Act, 1947

OPERATIONS

The total revenue for the period ended 31st March, 2014 was Rs.26576.700 Millions against Rs.25262.800 Millions for the previous year ended 31^st March, 2013, showing growth of 5.20% over previous year. The profit before exceptional items and taxes for the year ended 31st March, 2014 was Rs.3835.600 Millions against Rs.3429.900 Millions for the previous year ended 31stMarch, 2013, showing an increase of11.83% over previous year.

The year presented a number of challenges for the Company. Weak economic indicators and subdued industrial activity severely impacted the growth in revenue. Demand for Company's products was lower compared to previous year due to lack of fresh investment inindustry andban on mining by Supreme Court in number of states, apart from other reasons. However, your Company has been able to maintain its revenue and profitability above last year's levels due to its inherent strength in its products and tight control on costs.

The Company tries to reduce its environmental footprint across the value chain. In acknowledgement of this, your Company has received two recognitions during the year. The Company has received GREEN BUILDING 2013 certification from Indian Green Building Council for its factory building at Chakan. Further, the Company has also received Technology, Ecology and Social and Economic Environment (TESE) Certification 2014 as per TESE Guidelines and Standards 1001:2010 for the construction of the Chakan factory building.

The Chakan factory is constructed with the ambition to reach the highest sustainability and productivity targets. The buildings follows the global Atlas Copco Sustainable Building Standard and is in line with LEED (Leadership in Energy and Environmental Design) best practices. Extra attention is given to energy efficient design and technologies to limit the environmental impact and to reduce the use of energy and natural resources during both construction and plant operation.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10095906	20/01/2012 *	2,180,000,000.00	CITIBANK N.A.	First Floor, Onyx Towers,, Near Westin Hotel, North Main Road, Koregaon Park,, Pune, Maharashtra - 411001, India	B32714099
2	90128666	09/02/2009 *	51,500,000.00	ANDHRA BANK- MALAKPET BRANCH	16-10-27/105/13 To 16 Main Road, Malakpet, Hyderabad, Andhra Pradesh - 500036, India	A57803207
3	90130518	29/09/2006 *	10,000,000.00	Andhra Bank - Malakpet Branch	Malakpet Main Road, Hyderabad, Andhra Pradesh - 500036, India	A09924515

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.68
UK Pound	1	Rs.96.93
Euro	1	Rs.77.36

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.