MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	SHAKTI PUMPS (INDIA) LIMITED
Registered Office :	Plot No. 401, 402 and 413, Sector-III, Industrial Area, Pithampur – 454774, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.04.1995
Com. Reg. No.:	10-009327
Capital Investment / Paid-up Capital :	Rs. 152.438 Millions
CIN No.: [Company Identification No.]	L29120MP1995PLC009327
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLS02081C
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers, Exporter and importers of Stainless Steel Submersible Pumps.
No. of Employees :	12000 (Approximately)

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 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. The rating reflects sound financial risk profile marked by healthy net worth and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments 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 – 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	CARE
Rating	Long Term Bank Facilities (BBB+)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	August 28, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A2)
Rating Explanation	Strong degree of safety and low credit risk
Date	August 28, 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

Name :	Mr. Vinod Advani
Designation :	DGM Finance
Contact No.:	91-7869959612
Date :	25.11.2014

LOCATIONS

Registered Office/ Factory / Corporate Office:	Plot No. 401, 402 and 413, Sector-III, Industrial Area, Pithampur - 454774, Madhya Pradesh, India
Tel. No.:	91-7292-410500/ 410699
Mobile No.:	91-7869959612 (Mr. Vinod Advani)
Fax No.:	91-7292-407044/ 400371
E-Mail :	mkt@shaktipumps.com spilit@satyam.net.in cs@shaktipumpsindia.com accunts@shaktipumpsindia.com
Website :	http://www.shaktipumps.com
Area:	6000 Sq. Ft.
Location:	leased
Overseas Office :	Located at · USA · UAE

DIRECTORS

AS ON 31.03.2013

Name :

Mr. Dinesh Patidar

Designation :

Chairman and Managing Director

Address :

354, Saket Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

25.03.1962

Date of Appointment :

01.05.2011

DIN No. :

00549552

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	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Managing director	01/05/2011	30/01/2006	-	Active	NO
2	U29120MP1995PLC008973	SHAKTI IRRIGATION INDIA LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO

Name :

Mr. Ramesh Patidar

Designation :

Executive Director and Head, International Marketing

Address :

208 H Nalanda Parisar Keshar Bagh road, Indore – 452012, Madhya Pradesh, India

Date of Birth/Age :

25.01.1973

Date of Appointment :

01.05.2011

DIN No. :

00931437

Name :

Mr. Navin Sunderlal Patwa

Designation :

Independent Director

Address :

201, Vitrag Apartment, 64, Shakti Nagar, Telephone Nagar Square, Indore – 452018, Madhya Pradesh, India

Date of Birth/Age :

14.08.1975

Date of Appointment :

28.09.2012

DIN No. :

01009404

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	U65921MP1994PLC008542	SAM CAPITAL MARKETS LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
2	L15141WB1983PLC035931	J G INDUSTRIES LTD	Director	10/08/2005	10/08/2005	-	Active	NO
3	U51103MP2001PTC014681	SURBHI-MANGAL MARKETING PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
4	U51109WB2006PTC107236	SHINING VANIJYA PVT LTD	Director	13/02/2008	13/02/2008	-	Active	NO
5	U52393MH2008PTC180347	DIMONTE RETAIL PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
6	U51109MH2008PTC181751	SPARTACUS RETAIL PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Strike off	NO
7	U52590MH2008PTC181670	WEEKEND RETAIL PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Strike off	NO
8	U28910MP2008PTC020681	METAL WELDING SOLUTIONS PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Strike off	NO
9	U70101MH2003PTC140725	D&H SECHERON PROJECTS PRIVATE LIMITED	Director	13/07/2013	27/08/2008	21/01/2014	Active	NO
10	U51109WB2007PTC112772	MRINMOYEE GOODS PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
11	U51909WB2008PTC130288	EVEREST MERCHANDISE PRIVATE LIMITED	Director	12/03/2010	12/03/2010	-	Active	NO
12	U52390WB2010PTC143208	PRESCRIBE DISTRIBUTORS PRIVATE LIMITED	Director	18/12/2010	18/12/2010	-	Active	NO
13	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Director	28/09/2012	18/01/2012	-	Active	NO
14	U51109WB2007PTC112927	LILAC GOODS PRIVATE LIMITED	Director	10/07/2012	10/07/2012	-	Active	NO
15	U14200MH2004PTC144883	D&H SECHERON RESOURCES PRIVATE LIMITED	Director	13/07/2013	30/05/2013	-	Active	NO
16	U51909WB1992PTC054336	OM SHIVAM IMPEX & CREDIT PVT. LTD.	Director	30/08/2013	05/06/2013	-	Active	NO
17	U65922WB1991PTC053613	MAHADHAN TRAFINS PVT. LTD.	Director	30/08/2013	05/06/2013	-	Active	NO
18	U51109WB2007PTC119389	KABERI TRADE-LINK PRIVATE LIMITED	Director	30/08/2013	05/06/2013	-	Active	NO
19	U65929WB1996PTC118998	ARHAM CREDIT CAPITAL PVT LTD	Director	30/08/2013	13/06/2013	-	Active	NO
20	U67120WB1994PTC066074	SKC FISCAL SERVICES PVT.LTD.	Director	30/09/2013	13/06/2013	-	Active	NO
21	U14200WB2009PTC137726	GHAT-RANGAMATI GRINDINGS PRIVATE LIMITED	Director	30/08/2013	13/06/2013	-	Active	NO

Name :

Mr. Rajkumar Jain

Designation :

Independent Director

Address :

3/2, Sgsits Staff Campus Y.N. Road, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

21.07.1965

Date of Appointment :

17.10.2006

DIN No. :

01092456

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	U30007MP1997PTC012052	VIBRANT COMPUTERS PRIVATE LIMITED	Director	23/06/1997	23/06/1997	06/08/2013	Active	NO
2	U30007MP2001PTC014907	BUSINESS AUTOMATION (INDORE) PRIVATE LIMITED	Director	18/12/2001	18/12/2001	-	Active	NO
3	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Director	17/10/2006	17/10/2006	-	Active	NO

Name :

Mr. Shyam Sunder Raghuvanshi

Designation :

Independent Director

Address :

E-6/2 Arera Colony Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

21.12.1935

Date of Appointment :

01.09.2005

DIN No. :

02285727

Name :

Mr. Sunil Manoharlal Patidar

Designation :

Whole-time Director

Address :

354, Saket Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

13.07.1969

Date of Appointment :

30.01.2011

DIN No. :

02561763

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	L29120MP1995PLC009327	SHAKTI PUMPS (INDIA) LIMITED	Whole-time director	30/01/2011	21/04/1995	-	Active	NO
2	U29120MP1995PLC008973	SHAKTI IRRIGATION INDIA LIMITED	Additional director	15/11/2013	15/11/2013	-	Active	NO

Name :

Ms. Pooja Mahajan,

Designation :

Nominee Director (Chief Operating Officer, IFCI Limited)

KEY EXECUTIVES

Name :	Mr. Manoj Maheshwari
Designation :	Company Secretary
Address :	33, Goyal agar, Kanadiya Road, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	05.03.1977
Date of Appointment :	01.12.2009
Pan No.	AJCPM2032K
Name :	Mr. Vinod Advani
Designation :	DGM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	35500	0.22
Any Others (Specify)	7599688	47.52
Directors/Promoters & their Relatives & Friends	7599688	47.52
Sub Total	7635188	47.74
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7635188	47.74
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	428500	2.68
Foreign Institutional Investors	100300	0.63
Sub Total	528800	3.31
(2) Non-Institutions
Bodies Corporate	3585185	22.42
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	2759255	17.25
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1122944	7.02
Any Others (Specify)	362421	2.27
Clearing Members	86222	0.54
Non Resident Indians	276199	1.73
Sub Total	7829805	48.96
Total Public shareholding (B)	8358605	52.26
Total (A)+(B)	15993793	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)	15993793	0.00

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public Financial Companies	10.48
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.50
Bodies corporate	25.00
Directors or relatives of Directors	44.86
Other top fifty shareholders	5.64
Other	13.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporter and importers of Stainless Steel Submersible Pumps.

Products :

Product Description	Item Code No.
Submersible Pumps	8413

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Submersible Pumps and Motors

Countries :

· USA

· Dubai

· Saudi Arabia

Imports :

Products :

Sheets and Carbon

Countries :

· Finland

· Brazil

· Italy

· France

Terms :

Selling :

Cash, Advance Payment, L/C, and Credit

Purchasing :

Cash, Advance Payment, L/C, and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Auto Kaipy (Finland)
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Andarg Agrico (South Africa)
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

12000 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Pithampur Branch, Madhya Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Axis Bank Limited
Branch Address	Pithampur Branch, Madhya Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	· Standard Chartered Bank
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
From banks Rupee Loan	171.414	50.575
External Commercial Borrowing From Bank Foreign Currency loan	93.345	148.444
Vehicle Loan	5.185	8.172
SHORT TERM BORROWINGS
Working capital loans from Banks
Cash and Credit Limit	307.480	306.735
Packing Credit Limit	380.792	310.534
Total	958.216	824.460

Auditors :
Name :	Vinay Gandhi and Associates Chartered Accountants
Address :	105, Man Heritage, 6/2 South Tukoganj, Near High Court, Indore - 452001, Madhya Pradesh, India
Tel. No. :	91-731-4040023
Email:	cavinaygandhi@yahoo.com
Wholly Owned Subsidiary Companies:	· Shakti Pumps USA LLC · Shakti Pumps FZE , UAE
Enterprise over Which Key management are able to exercise significant Influence :	Aquanox Pumps Limited
Enterprise over Which Relative of Key Mgt. are able to exercise significant influence :	Vintex Tools Private Limited Shakti Energy Solutions Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued andSubscribed Capital :

No. of Shares	Type	Value	Amount
15423993	Equity Shares	Rs.10/- each	Rs.154.240 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
15243793	Equity Shares	Rs.10/- each	Rs.152.438 Millions

Note:

Reconcilation of shares outstanding at the beginning and at the end of the year

Particulars	As at March 31, 2014
Equit Shares
At the beginning of the year	15243793
Issued during the year*	--
Outstanding at the end of the year	15243793

180200 Shares out of Issued Share are forfeited by the company which has not been reissued.

The details of shareholders holding more than 5% Shares:

Name of the shareholder	As at March 31, 2014
	No. of Shares	%held
Dinesh Patidar	3521488	23.10
Green India Venture Fund	1134556	7.44
Sunil Patidar	155020	10.17
M.L. Securities and Finance Private Limited	1888142	12.39

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	152.438	152.438	140.438
(b) Reserves & Surplus	1176.147	948.305	696.493
(c) Money received against share warrants	30.000	0.000	36.050
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1358.585	1100.743	872.981
(3) Non-Current Liabilities
(a) long-term borrowings	269.944	207.191	313.844
(b) Deferred tax liabilities (Net)	57.514	45.296	34.599
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	327.458	252.487	348.443
(4) Current Liabilities
(a) Short term borrowings	688.272	617.269	513.169
(b) Trade payables	268.146	209.766	147.451
(c) Other current liabilities	303.769	193.880	125.978
(d) Short-term provisions	159.048	94.410	81.972
Total Current Liabilities (4)	1419.235	1115.325	868.570
TOTAL	3105.278	2468.555	2089.994
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	895.784	802.699	524.715
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	15.430	0.000	65.931
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.540	5.540	10.717
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	188.718	113.950	114.818
(e) Other Non-current assets	169.972	58.830	47.915
Total Non-Current Assets	1275.444	981.019	764.096
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	633.117	658.413	717.564
(c) Trade receivables	936.279	641.219	429.031
(d) Cash and cash equivalents	65.935	43.899	89.289
(e) Short-term loans and advances	194.503	144.005	90.014
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1829.834	1487.536	1325.898
TOTAL	3105.278	2468.555	2089.994

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2965.523	2103.354	1930.581
	Other Income	101.894	65.638	10.373
	TOTAL (A)	3067.417	2168.992	1940.954
Less	EXPENSES
	Cost of Materials Consumed	1290.311	949.296	1011.453
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	17.202	41.685	(46.750)
	Employees benefits expense	254.669	208.001	147.054
	Other expenses	954.715	586.174	509.661
	TOTAL (B)	2516.897	1785.156	1621.418
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	550.520	383.836	319.536
Less	FINANCIAL EXPENSES (D)	125.861	121.846	92.904
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	424.659	261.990	226.632
Less/ Add	DEPRECIATION/ AMORTISATION (F)	67.672	50.054	40.515
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	356.987	211.936	186.117
Less	TAX (H)	91.853	27.477	44.372
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	265.134	184.459	141.745
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	123.721
	Proposed Dividend on Equity Shares	30.487	15.243	14.043
	Tax on Proposed Dividend	5.181	2.472	2.278
	Total	35.668	17.715	140.042
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1543.160	1089.666	796.289
	TOTAL EARNINGS	1543.160	1089.666	796.289
	IMPORTS
	Raw Materials	391.122	246.990	133.947
	Capital Goods	33.680	27.978	19.248
	TOTAL IMPORTS	424.802	274.968	153.195
	Earnings / (Loss) Per Share (Rs.)
	Basic	17.39	12.60	10.35
	Diluted	15.83	12.60	10.35

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	8.94	8.77	7.34
Operating Profit Margin (PBDIT/Sales)	(%)	18.56	18.25	16.55
Return on Total Assets (PBT/Total Assets}	(%)	11.57	8.60	9.24
Return on Investment (ROI) (PBT/Networth)		0.26	0.19	0.21
Debt Equity Ratio (Total Debt /Networth)		0.71	0.75	0.95
Current Ratio (Current Asset/Current Liability)		1.29	1.33	1.53

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	140.438	152.438	152.438
Reserves & Surplus	696.493	948.305	1176.147
Money received against share warrants	36.050	0.000	30.000
Net worth	872.981	1100.743	1358.585
long-term borrowings	313.844	207.191	269.944
Short term borrowings	513.169	617.269	688.272
Total borrowings	827.013	824.460	958.216
Debt/Equity ratio	0.947	0.749	0.705

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	1930.581	2103.354	2965.523
		8.949	40.990

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	1930.581	2103.354	2965.523
Profit	141.745	184.459	265.134
	7.34%	8.77%	8.94%

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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

Note:

The Registered office of the company has been shifted Plot No. 1 Sector Amhoe Neemuch Road, Pitampura, Dhar, Madhya Pradesh, India to the present address w.e.f. 31.03.2008

OUTLOOK

A two trillion dollar economy catering to a billion-plus population! The statement sums up adequately the vast opportunities that lie ahead of India. As per various studies, the economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. According to the IMF, India is the 19th-largest exporter and the 10th-largest importer in the world.

More so, in the agricultural sector, as this happens to be the country's main occupation even today! Naturally, they at Shakti Pumps are optimistic about leveraging high-sales in agricultural pumps in the coming times. After all, it has also been observed that India ranks second worldwide in farm output. And despite a steady decline of its share in the GDP, agriculture is still the largest economic sector and a significant piece of the overall socio-economic development of India.

In the international market too, they are confident of increase in order intakes as also sales revenue, despite modest growth in global economy. Essentially because Shakti Pumps are in demand across more than 100 countries today- a figure that is likely to grow up further in the coming years. And so by 2020-21, we aim at achieving top line of Rs. 55000.000 Millions with the net margin of 9-10%

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY

Global activity has broadly strengthened in the last year and is expected to improve further in 2014-15, with much of the impetus coming from advanced economies. Global growth picked up in the second half of 2013, averaging 3 percent a marked uptick from the 2 percent recorded during the previous six months. Advanced economies accounted for much of the pickup, whereas growth in emerging markets increased only modestly. In emerging market and developing economies, growth is projected to pick up gradually from 4.7 percent in 2013 to about 5 percent in 2014. [Source: IMF]

INDIAN ECONOMY

India's economy expanded by 4.7 percent in 2013-14, the second successive year of sub 5 percent growth. In seven of the last eight quarters, India's GDP has grown at less than 5 percent - hit by a mix of high inflation, costly loan rates and poor services and industrial sector growth. However, a good monsoon pushed agriculture growth to 4.7 percent during the year while total food grain production rose nearly 3 percent. India's growth is expected to recover to 5.5 percent in 2014-15, supported by slightly stronger global growth, improving export competitiveness, and implementation of recently approved investment projects. Overall growth is expected to firm up on policies supporting investment and a confidence boost from policy actions, but will remain below trend. Consumer price inflation is expected to remain an important challenge, but should continue to move onto a downward trajectory.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10372844	31/07/2012	1,324,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NEAR G.P.O., A.B. ROAD, INDORE, Madhya Pradesh - 452001, INDIA	B56486970
2	10364084	10/06/2014 *	150,000,000.00	Standard Chartered Bank	23, Narain Manzil, Barakhamba Road, Delhi, Delhi - 110001, INDIA	C11672334
3	10335669	14/08/2014 *	285,000,000.00	Axis Bank Limited	MCMC, 01, KAMAL PLACE, Y.N. ROAD, INDORE, Madhya  Pradesh - 452001, INDIA	C33676065
4	10335726	04/10/2012 *	200,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhamba Road, Dehli, Delhi - 110001, INDIA	B62220744
5	10011394	08/01/2014 *	1,448,000,000.00	State Bank of India	Commercial Branch, Near G.P.O., A.B. Road, Indore, Madhya Pradesh - 452001, INDIA	C19582022

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)
Bank Guarantee Outstanding	10.665
Unexpired Letter of Credit	200.831
Excise Demand Under Dispute	4.770
Income Tax Demand Under Dispute	16.551

FIXED ASSETS

· Computers

· Equipments

· Office Buildings

· Factory Buildings

· Furniture

· Land

· Plant and Machinery

· Tools

· Vehicles

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. 61.86
UK Pound	1	Rs. 97.22
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TRU

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	YES
--LITIGATION	YES/NO	NO
--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		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.