MIRA INFORM REPORT

Report Date :

20.11.2014

IDENTIFICATION DETAILS

Name :	INTERNATIONAL COMBUSTION (INDIA) LIMITED
Registered Office :	Infinity Benchmark, 11^th Floor, Plot No.G-1, Block EP and GP, Sector – V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.1936
Com. Reg. No.:	21-008588
Capital Investment / Paid-up Capital :	Rs.23.903 millions
CIN No.: [Company Identification No.]	L28131WB1936PLC008588
TAN No.: [Tax Deduction & Collection Account No.]	CALI00234D
PAN No.: [Permanent Account No.]	AAACI6774J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Mineral and material Processing and Handling Equipment (MHE) and Gear Box and Geared Motor Drive Systems (Gears).
No. of Employees :	501 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The management has processed below average operational performance which has resulted into continuous declining in profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limit A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March 2014

Rating Agency Name	ICRA
Rating	Fund based sub limits A1
Rating Explanation	Very strong degree od safety and lowest credit risk.
Date	March 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 DENIED BY

MANAGEMENT NON CO-OPERATIVE (91-33-3153000)

LOCATIONS

Registered / Corporate / Branch Office :	Infinity Benchmark, 11^th Floor, Plot No.G-1, Block EP and GP, Sector – V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India
Tel. No.:	91-33-33153000/ 22261732
Fax No.:	91-33-23576653/ 22493713
E-Mail :	sc.saha@internationalcombustion.in info@internationalcombustion.in
Website :	http://www.internationalcombustion.in
Factory 1 :	Baidyabati: 156 (371), G. T. Road, Baidyabati, District – Hooghly – 712222, West Bengal, India
Factory 2 :	Nagpur: L-7, MIDC, Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India
Factory 3 :	Aurangabad: B-74/1, MIDC Waluj, P.O. Bajaj Nagar, Aurangabad – 431136, Maharashtra, India
Regional / Branch Offices :	Aurangabad : B-74/1, MIDC Waluj, P.O. Bajaj Nagar, Aurangabad – 431136, Maharashtra, India Bangalore : No. 548/51, 2nd Floor, Andal Temple, R. V. Road, Basavangudi, Bangalore – 560004, Karnataka, India Chennai : Modern Towers, 5th Floor, No. 23, West Cott Road, Royapettah Chennai – 600014, West Bengal, India Hyderabad : Flat No.303, Bhanu Enclave, 7-1- 638 to 643 Sundar Nagar, Hyderabad – 500038, Andhra Pradesh, India Mumbai : Khanna Construction House, 44, Dr. R. G. Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India Nagpur : L-7, MIDC Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India New Delhi : 2E/28, Jhandewalan Extn., New Delhi – 110055, India Pune : D 407, Business Court, Mukund Nagar, Pune – 411037, Maharashtra, India Vadodara : 307, 3^rd Floor, Opal Square Building, Behind hotel Express, R. C. Dutta Road, Alkapuri, Vadodara – 390020, Gujarat, India

DIRECTORS

As on 31.03.2014

Name :

Mr. Sanjay Bagaria

Designation :

Chairman

Address :

7, Ashoka Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

01.06.1962

Qualification :

B.Com

Experience :

24 years’ Experience in Corporate Management

Date of Appointment :

13.04.1989

DIN No.:

00233455

Name :

Mr. Indrajit Sen

Designation :

Managing Director

Address :

2-Bm Alpha Apartment, Block – P 717 New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

02.12.1939

Qualification :

B.E. (Mech.)

Experience :

50 years’ experience in Engineering Industry and Corporate Management

Date of Appointment :

01.05.2012

DIN No.:

00216190

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	L28131WB1936PLC008588	INTERNATIONAL COMBUSTION (INDIA) LTD	Managing director	01/05/2012	15/04/1985	-	Active	NO
2	L35201WB1931PLC006996	STONE INDIA LTD	Director	07/05/1991	07/05/1991	-	Active	NO
3	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	26/12/2006	26/12/2006	-	Active	NO
4	U29253WB2013PTC193621	MOZER PROCESS TECHNOLOGY PRIVATE LIMITED	Director	22/05/2013	22/05/2013	-	Active	NO

Name :

Mr. Sanjoy Saha

Designation :

Executive Director (Whole Time Director)

Address :

9-A, Southern Avenue, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

16.08.1944

Qualification :

B.E. (Met.)

Experience :

45 years’ experience in Engineering Industry and Corporate Management

Date of Appointment :

01.05.2012

DIN No.:

00226685

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	L28131WB1936PLC008588	INTERNATIONAL COMBUSTION (INDIA) LTD	Whole-time director	01/05/2012	16/11/1998	-	Active	NO

Name :

Mr. Ratan Lal Gaggar

Designation :

Director

Address :

11, Lansdown Road, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

01.12.1932

Qualification :

B.A. (Hons.), LLB

Experience :

Solicitor and Advocate

Date of Appointment :

11.01.1989

DIN No.:

00066068

Name :

Mr. Sukhendu Ray

Designation :

Director

Address :

6-B, Sonali, 8/2A Alipore Park Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

29.11.1922

Date of Appointment :

29.08.2003

DIN No.:

00009110

Name :

Mr. Prasanta Kumar Mallik

Designation :

Director

Address :

14/140, Golf Club Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

01.01.1931

Date of Appointment :

29.04.2004

DIN No.:

00094697

Name :

Mr. Ravi Ranjan Prasad

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Suhas Chandra Saha
Designation :	Vice President (Finance) and Company Secretary/ Compliance Officer
Address :	HA8. Sector – III, Bidhan Nagar, Kolkata – 700097, West Bengal, India
Date of Birth/Age :	11.10.1945
Date of Appointment :	12.01.1982
PAN No.:	AIRPS2197R
Audit Committee:	· Mr. S. Ray · Mr. Ratan Lal Gaggar · Mr. P. K. Mallik
Share Transfer/ Shareholders’ Grievance Committee:	· Mr. S. Bagaria · Mr. I. Sen · Mr. S. Ray
Remuneration Committee:	· Mr. Ratan Lal Gaggar · Mr. S. Ray · Mr. P. K. Mallik

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	139600	5.84
Bodies Corporate	1125531	47.09
Any Others (Specify)	1800	0.08
Trusts	1800	0.08
Sub Total	1266931	53.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1266931	53.00
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	251	0.01
Sub Total	251	0.01
(2) Non-Institutions
Bodies Corporate	35786	1.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	969768	40.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	83433	3.49
Any Others (Specify)	34107	1.43
Non Resident Indians	26873	1.12
Overseas Corporate Bodies	1900	0.08
Clearing Members	5334	0.22
Sub Total	1123094	46.99
Total Public shareholding (B)	1123345	47.00
Total (A)+(B)	2390276	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2390276	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Mineral and material Processing and Handling Equipment (MHE) and Gear Box and Geared Motor Drive Systems (Gears).

Products :

Item Code No. (ITC Code)	Product Description
8474.10	Vibratory Screen
8501.00	Geared Motors
8474.10	Mogensen Sizer

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Registered/ licensed Annual Capacity on Single Shift Basis Nos.	Installed/ Annual Capacity on Single Shift Basis Nos.	Actual Production
Raymond Grinding Classifications and Drying Systems	Nos.	232	170	12
Electromagnetic Vibrators/ Vibratory feeders	Nos.	1644	600	494
Mechanical Vibratory Screen/ Feeders/ Material Bulk Handling Equipment	Nos.	400	600	473
Omni Screen / Feeders	Nos.	120	40	9
Vacseal Pumps	Nos.	1008	600	30
Mogensen Sizers	Nos.	210	105	61
Gear Box and Geared Motor	Nos.	9000	9000	7923

NOTES:

1. Installed annual capacities are on single shift basis and have been certified by Company's Technical experts. Installed capacity has been determined considering full utilization of the manufacturing infrastructure solely on single shift basis.

2. Certain items of similar categories have been grouped under broader categories of products as per technical assessment.

GENERAL INFORMATION

No. of Employees :

506 (Approximately)

Bankers :

¨ UCO Bank

¨ Axis Bank

¨ IDBI Bank

¨ ICICI Bank

¨ DCB Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2012\3 (Rs. In Millions)
LONG TERM BORROWINGS
Vehicle Finance loan
From Bank	0.000	0.613
SHORT TERM BORROWINGS
Repayable on demand
Cash credit from Banks	25.971	66.448
Total	25.971	67.061

NOTE:

SHORT TERM BORROWINGS

Cash Credit from UCO Bank and Axis Bank are secured by hypothecation of stock of raw materials, work-in-progress, finished goods, stores and spares, book debts and other current assets of the Company and all moveable assets and by equitable mortgage by deposit of title deeds of immoveable properties comprising of land and buildings of the Company’s factories situated at Baidyabati,Nagpur and Aurangabad.

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government place East Kolkata - 700069, West Bengal, India
Tel No. :	91-33-22481111 / 1507 / 6962
Fax No. :	91-33-22486960
Email :	cal@lodhco.com
PAN No. :	AABFL1894Q
Joint Venture Company :	Mozer Process Technology Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2390276	Equity Shares	Rs.10/- each	Rs.23.903 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.903	23.903	23.903
(b) Reserves & Surplus	912.925	909.583	879.210
(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)	936.828	933.486	903.113
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.613	1.362
(b) Deferred tax liabilities (Net)	32.920	34.531	39.956
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.725	5.229	4.992
Total Non-current Liabilities (3)	38.645	40.373	46.310
(4) Current Liabilities
(a) Short term borrowings	25.971	66.448	84.749
(b) Trade payables	159.605	208.101	255.703
(c) Other current liabilities	83.436	83.668	121.163
(d) Short-term provisions	9.420	23.187	18.386
Total Current Liabilities (4)	278.432	381.404	480.001
TOTAL	1253.905	1355.263	1429.424
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	278.938	308.645	296.708
(ii) Intangible Assets	8.467	14.365	18.796
(iii) Capital work-in-progress	7.686	0.509	40.477
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.019	10.562	7.378
(e) Other Non-current assets	9.596	23.480	5.073
Total Non-Current Assets	321.706	357.561	368.432
(2) Current assets
(a) Current investments	219.826	210.000	160.000
(b) Inventories	285.289	308.222	363.548
(c) Trade receivables	337.029	384.877	351.022
(d) Cash and cash equivalents	48.523	38.156	119.777
(e) Short-term loans and advances	40.238	55.771	65.969
(f) Other current assets	1.294	0.676	0.676
Total Current Assets	932.199	997.702	1060.992
TOTAL	1253.905	1355.263	1429.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	987.214	1196.691	1073.810
		Other Income	22.786	10.051	22.292
		TOTAL	1010.000	1206.742	1096.102
Less	EXPENSES
		Cost of Materials Consumed	505.378	613.352	606.268
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	7.363	16.843	(97.183)
		Employees benefits expense	256.390	243.613	196.297
		Exceptional Item	0.000	0.000	(98.884)
		Other expenses	185.234	207.341	212.856
		TOTAL	954.365	1081.149	819.354
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		55.635	125.593	276.748
Less	FINANCIAL EXPENSES		7.571	12.177	8.408
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		48.064	113.416	268.340
Less/ Add	DEPRECIATION/ AMORTISATION		41.424	40.322	36.359
	PROFIT/ (LOSS) BEFORE TAX		6.640	73.094	231.981
Less	TAX		(1.341)	28.298	67.388
	PROFIT/ (LOSS) AFTER TAX		7.981	44.796	164.593
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.430	14.807	14.104
Less	APPROPRIATIONS
		Transfer to General Reserve	3.500	31.191	150.000
		Dividend	3.585	11.951	11.951
		Tax on Dividend	0.609	2.031	1.939
	BALANCE CARRIED TO THE B/S		14.717	14.430	14.807
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	123.460	100.603	107.785
		Other Earnings	0.326	0.025	0.931
	TOTAL EARNINGS		123.786	100.628	108.716
	IMPORTS
		Components and Spares	30.752	30.909	45.884
		Capital Goods	0.000	0.000	15.294
	TOTAL IMPORTS		30.752	30.909	61.178
	Earnings / (Loss) Per Share (Rs.)		3.34	18.74	68.86

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.81	3.74	15.33
Operating Profit Margin (PBITD/Sales)	(%)	5.64	10.50	25.77
Return on Total Assets (PBT/Total Assets}	(%)	0.53	5.40	16.70
Return on Investment (ROI) (PBT/Networth)		0.01	0.08	0.26
Debt Equity Ratio (Total Debt/Networth)		0.03	0.07	0.10
Current Ratio (Current Asset/Current Liability)		3.35	2.62	2.21

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	23.903	23.903	23.903
Reserves & Surplus	879.210	909.583	912.925
Net worth	903.113	933.486	936.828
long-term borrowings	1.362	0.613	0.000
Short term borrowings	84.749	66.448	25.971
Total borrowings	86.111	67.061	25.971
Debt/Equity ratio	0.095	0.072	0.028

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	1073.810	1196.691	987.214
		11.443	(17.505)

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	1073.810	1196.691	987.214
Profit	164.593	44.796	7.981
	15.33%	3.74%	0.81%

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	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:

CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM

Case Status:   Pending

Status of          CIVIL SUITS (CS)   352        of    2013

ENVIIRO BULKK HANDLING SYSTEMS PRIVATE LIMITED  Vs.  INTERNATIONAL COMBUSTION (INDIA) LIMITED

Pet's Adv. :   AMBARNATH BANERJI              

Res's Adv.:       

Court No. :  8       Last Listed On :  No Date Mentioned  

Category :   MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS  

CONNECTED APPLICATION (S)     No Connected Application

CONNECTED MATTER (S) No Connected Cases.

Case Updated on:   Thursday, September 26, 2013

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10202956	12/02/2010 *	180,000,000.00	AXIS BANK LIMITED	CREDIT MANAGEMENT CENTRE (CMC),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal  - 700071, INDIA	A80435357
2	10025981	27/02/2012 *	332,500,000.00	UCO BANK (LEAD BANK)	MID CORPORATE BRANCH, 10, B. T. M. SARANI (BRABOU  RNE ROAD), KOLKATA, West Bengal - 700001, INDIA	B35615368
3	90252952	27/02/2012 *	362,500,000.00	UCO BANK (LEAD BANK)	MID CORPORATE BRANCH, 10, B. T. M. SARANI (BRABOU  RNE ROAD), KOLKATA, West Bengal - 700001, INDIA	B35616044
4	80012012	10/10/2006 *	225,000,000.00	UTI BANK LIMITED	KOLKATA MAIN BRANCH,, 7, SHAKESPEARE SARANI,, KOL  KATA, West Bengal - 700071, INDIA	-
5	90254294	29/11/2012 *	30,000,000.00	UCO BANK	MCU, KOLKATA MAIN BRANCH, 10, B. T. M. SARANI, 1ST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B64033228

* Date of charge modification

OPERATIONS

During the year, the industrial slowdown continued and the capital goods sector had a negative growth. Worst affected were the mining and steel industry, which are major business areas of the Company. The slowdown in the market demand together with continued increase in input costs affected the performance of the Company for the year under review. The sales for the year was Rs. 966.100 millions as compared to Rs. 1184.300 millions of the previous year and the operating surplus for the year was Rs. 6.600 millions as compared to Rs. 73.100 millions for the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

The unabated industrial downturn particularly in the capital goods sector, where the growth declined to 0.9% as against 3.7% of the previous year, had a negative impact on Company’s business.

FUTURE OUTLOOK

Since January 2014, the business environment showed marginal improvement and the Company expects

this to improve further during the current year.

During the year, the Joint Venture Company with Allgaier Werke GmbH, Germany for Mozer Dryers and Coolers has been established and the Company has made necessary investments at their Nagpur Plant to commence manufacture of the Dryers and Coolers. This product is expected to contribute to the performance of the Company in the current and future years.

CONTINGENT LIABILITIES

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Outstanding Bank Guarantees	9.612	10.218
Sales Tax demand under appeal	0.000	54.094
Estimated amount of contracts remaining to be executed on capital account	0.000	1.362

FIXED ASSETS

œ Land (Freehold- Leasehold)

œ Building (Freehold- Leasehold)

œ Plant and Equipment

œ Furniture and Fixture

œ Vehicles (Freehold- Leasehold)

œ Office Equipment

œ Electrical Installations

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED

30^TH SEPTEMBER, 2014

		Particulars	Quarter Ended		Half-Year ended
			30.09.2014	30.06.2014	30.09.2014
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		207.900	181.700	389.600
	b) Other Operating Income		3.200	2.900	6.100
	Total Income from Operations (Net)		211.100	184.600	395.700
2	Expenses
	a)	Cost of Materials consumed	92.200	77.600	169.800
	b)	Purchase of stock in-trade	--	--	--
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4.600)	10.300	5.700
	d)	Employee benefit expenses	68.300	63.500	131.800
	e)	Depreciation and amortization expense	11.000	11.400	22.400
	f)	Other expenses	47.300	44.300	91.600
	Total Expenses		214.200	207.100	421.300
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	(3.100)	(22.500)	(25.600)
4	Other Income		1.000	6.400	7.400
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	(2.100)	(16.100)	(18.200)
6	Finance Costs		1.500	2.100	3.600
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	(3.600)	(18.200)	(21.800)
8	Exceptional Items		--	--	--
9	Profit /(Loss) from ordinary activities before tax		(3.600)	(18.200)	(21.800)
10	Tax Expense		--	--	--
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		(3.600)	(18.200)	(21.800)
12	Extraordinary items (net of tax expense)		--	--	--
13	Net Profit /(Loss) for the period (11+12)		(3.600)	(18.200)	(21.800)
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		239	239	239
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.10/- each	--	--	--
		Basic	(1.47)	(7.63)	(9.10)
		Diluted	(1.47)	(7.63)	(9.10)
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	1123345	1123345	1123345
		- Percentage of Shareholding	47%	47%	47%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shares (as a % of the total share capital of the Company)	Nil	Nil	Nil
		b) Non- encumbered
		- Number of shares	1266931	1266931	1266931
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100%	100%	100%
		- Percentage of shares (as a % of the total share capital of the Company)	53%	53%	53%

	Particulars		Quarter ended 30.09.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	Nil
		Disposed during the quarter	Nil
		Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS' PERIOD ENDED 30^TH SEPTEMBER 2014

	Particulars	Quarter Ended		Half-Year ended
		30.09.2014	30.06.2014	30.09.2014
	Segment Revenue (Sales and Other Operating Income)
a)	Mineral & Material Processing & Handling Equipment	133.400	118.200	251.600
b)	Geared Motor & Gear Box	79.300	67.800	147.100
	Net Sales / Income and interdivisional transfers	212.700	186.000	398.700
	Less: Inter-segment transfers	1.600	1.400	3.000
	Net Sales / Income from operation	211.100	184.600	395.700
	Segment Results:
	[Profit/ (Loss) before tax and interest from each segment]
a)	Mineral & Material Processing & Handling Equipment	50.400	31.800	82.200
b)	Geared Motor & Gear Box	(10.800)	(14.200)	(25.000)
	TOTAL	39.600	17.600	57.200
	Less: Financial Cost	1.500	2.100	3.600
	Other unallocable expenditure, net of unallocable income	41.700	33.700	39.100
	Total Profit/ Loss –before tax
	Capital Employed:
a)	Mineral & Material Processing & Handling Equipment	300.500	309.300	300.500
b)	Geared Motor & Gear Box	286.200	321.400	286.200
c)	Other (being unallocated)	377.300	364.300	377.300
	TOTAL	964.000	995.000	964.000

SOURCES OF FUNDS	31.03.2014 As on 30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.900
(b) Reserves & Surplus	872.300
(2) Share Application money pending allotment	0.000
	896.200
(2) Minority Interest
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	31.100
(c) Other long term liabilities	0.800
(d) long-term provisions	8.800
(4) Current Liabilities
(a) Short term borrowings	36.700
(b) Trade payables	111.800
(c) Other current liabilities	74.500
(d) Short-term provisions	0.100
	223.100
TOTAL	1160.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	260.300
(b)Goodwill on Consolidation	0.000
(c) Non-current Investments	5.000
(d) Deferred tax assets (net)	0.000
(e) Long-term Loan and Advances	13.100
(f) Other Non-current assets	6.000
	284.400
(2) Current assets
(a) Current investments	220.000
(b) Inventories	285.800
(c) Trade receivables	258.700
(d) Cash and cash equivalents	71.300
(e) Short-term loans and advances	39.000
(f) Other current assets	0.800
	875.600
TOTAL	1160.000

NOTES:

1. The aforesaid results were reviewed by the Audit Committee of the Board and subsequently approved by the Board of Directors of the Company at their respective meetings held on 5^th November, 2014.

2. Limited review as required under Clause 41 of the Listing Agreement has been carried out by the Statutory Auditors and these results are accompanied by the Limited Review Report.

3. Previous years / period’s figures have been regrouped / rearranged wherever necessary.

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.61.82
UK Pound	1	Rs.96.55
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.