MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	EMT MEGATHERM PRIVATE LIMITED (w.e.f.26.03.2009)
Formerly Known As :	ENGEL INDIA MACHINES AND TOOLS (1987) PRIVATE LIMITED (w.e.f.30.08.2007) ENGEL INDIA MACHINES AND TOOLS (1987) LIMITED
Registered Office :	1, Taratala Road, Kolkata – 700088, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.07.1988
Com. Reg. No.:	21-044800
Capital Investment / Paid-up Capital :	Rs. 59.071 Millions
CIN No.: [Company Identification No.]	U29299WB1988SGC044800
TAN No.: [Tax Deduction & Collection Account No.]	CALE00678G
PAN No.: [Permanent Account No.]	AAACE6510C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Capital Equipments like Induction Melting and Heating Equipments, Arc Melting Furnace, Ladle Refining Furnace, Continuous Casting Machines, Transformers etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by sound liquidity position and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 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 and moderate credit risk.
Date	13.11.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: A3-
Rating Explanation	Moderate degree of safety and high credit risk.
Date	13.11.2013

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 DECLINED BY

Name :	Mr. Pranab
Designation :	Account Manager
Contact No.:	91-33-24014233
Date :	09.10.2014

LOCATIONS

Registered Office/ Factory :	1, Taratala Road, Kolkata – 700088, West Bengal, India
Tel. No.:	91-33-24014234
Fax No.:	91-33-24013246
E-Mail :	emt@megatherm.com
Website :	http://www.megatherm.com

DIRECTORS

AS ON 27.09.2013

Name :

Shesadri Bhusan Chanda

Designation :

Managing Director

Address :

Udita 03-04-02, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

21.08.1956

Date of Appointment :

24.10.2005

Voter ID No.:

WB/23/150/527230

DIN No.:

00961593

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32109WB1989PTC047097	MEGATHERM ELECTRONICS PRIVATE LIMITED	Managing director	22/06/1989	22/06/1989	Active	NO
2	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Managing director	24/10/2005	24/10/2005	Active	NO
3	U51101UP2009PTC038375	EMA MEGATHERM INDUCTION EQUIPMENTS PRIVATE LIMITED	Managing director	20/10/2009	06/10/2009	Strike off	NO
4	U31900WB2010PTC154236	MEGATHERM TRANSMISSION & DISTRIBUTION PRIVATE LIMITED	Managing director	08/11/2010	22/10/2010	Active	NO

Name :

Ayati Chanda

Designation :

Director

Address :

Udita - 030-04-02, 1050/1, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

06.03.1964

Date of Appointment :

24.10.2005

Voter ID No.:

WB/23/150/537231

DIN No.:

00962425

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Director	24/10/2005	24/10/2005	Active	NO
2	U32109WB1989PTC047097	MEGATHERM ELECTRONICS PRIVATE LIMITED	Director	01/11/2005	01/11/2005	Active	NO
3	U31900WB2010PTC154236	MEGATHERM TRANSMISSION & DISTRIBUTION PRIVATE LIMITED	Director	22/10/2010	22/10/2010	Active	NO

Name :

Subrata Gupta

Designation :

Nominee Director

Address :

9, Superway Estate, 108/6 Manicktala Main Road, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

31.05.1965

Date of Appointment :

11.06.2010

DIN No.:

00139487

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	U75142WB1967SGC026988	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LIMITED	Managing director	25/07/2008	27/09/2007	01/07/2011	Active	NO
2	U45203WB2004PTC100921	BENGAL CES INFRATECH PRIVATE LIMITED	Nominee director	15/11/2007	15/11/2007	-	Active	NO
3	U70109WB2004PLC100517	BENGAL SREI INFRASTRUCTURE DEVELOPMENT LIMITED	Nominee director	29/11/2007	29/11/2007	12/03/2009	Active	NO
4	U74140WB1979SGC032047	WEBCON CONSULTING (INDIA) LIMITED	Director	14/12/2007	14/12/2007	01/07/2011	Active	NO
5	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LIMITED	Director	18/12/2007	18/12/2007	01/07/2011	Active	NO
6	U64202WB1995PLC075980	I-WIN ADVISORY SERVICES LIMITED	Nominee director	21/12/2007	21/12/2007	29/05/2009	Active	NO
7	U45203WB2004PLC098867	BENGAL PRAGATI INFRASTRUCTURE DEVELOPMENT LIMITED	Nominee director	27/12/2007	27/12/2007	04/03/2009	Active	NO
8	U91110WB2003NPL097201	WEST BENGAL TRADE PROMOTION ORGANISATION	Director	25/07/2008	25/07/2008	01/07/2011	Active	NO
9	U45309WB2006PLC107212	BENGAL INTEGRATED INFRASTRUCTURE DEVELOPMENT LTD	Director	19/12/2008	19/12/2008	-	Active	NO
10	U74999WB2008PTC124989	FEEDBACK VENTURES & GHOSH BOSE ASSOCIATES PRIVATE LIMITED	Nominee director	22/12/2008	22/12/2008	01/02/2011	Active	NO
11	U24299WB1997PTC088796	MCC PTA INDIA CORP. PRIVATE LIMITED	Director	23/04/2009	09/01/2009	31/10/2011	Active	NO
12	L27310WB1990PLC050000	TATA METALIKS LIMITED	Nominee director	13/03/2009	13/03/2009	07/05/2010	Active	NO
13	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Nominee director	11/06/2010	11/06/2010	-	Active	NO
14	U36999WB2004PLC097656	APOLLO ZIPPER INDIA LIMITED	Nominee director	20/01/2012	14/06/2010	17/12/2012	Active	NO
15	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	17/09/2012	14/06/2011	12/11/2012	Active	NO
16	U45203WB2012SGC180687	WEST BENGAL HIGHWAY DEVELOPMENT CORPORATION LIMITED	Managing director	03/05/2012	03/05/2012	18/09/2012	Active	NO
17	U17232WB1980GOI032768	NATIONAL JUTE MANUFACTURES CORPRATION LIMITED	Managing director	01/01/2013	01/01/2013	-	Active	NO

Name :

Mr. Gautam Talukdar

Designation :

Director

Address :

Flat 4C2, Bay Tower, 1925 Hiland Park, Chak Garia, Kolkata – 700094, West Bengal, India

Date of Birth/Age :

24.05.1957

Date of Appointment :

24.10.2005

DIN No.:

00658564

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	U32109WB1989PTC047097	MEGATHERM ELECTRONICS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	08/08/2009	Active	NO
2	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Director	24/10/2005	24/10/2005	-	Active	NO
3	U45201WB2004PLC097931	HILAND PARK RESIDENTS' ASSOCIATION LIMITED	Director	29/09/2012	31/10/2008	-	Active	NO
4	U32108WB2009PTC132237	UNIQUE HEAT HANDLING PRIVATE LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
5	U92419WB2006GAP112029	HILAND PARK CLUB LIMITED	Director	22/11/2009	22/11/2009	22/09/2012	Active	NO

Name :

Dinabandhu Bhattacharya

Designation :

Nominee Director

Address :

113, Santoshpur Avenue Gopal Villa, Flat-5, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

23.09.1957

Date of Appointment :

24.10.2005

DIN No.:

00729377

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	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Nominee director	24/10/2005	24/10/2005	-	Active	NO
2	U22219WB2006PTC112084	WEST BENGAL TEXT BOOK CORPORATION PRIVATE LIMITED	Director	27/10/2011	11/01/2007	01/02/2013	Active	NO
3	U22110WB1987PTC041786	SARASWATY PRESS PRIVATE LIMITED	Director	27/10/2011	11/01/2007	01/02/2013	Active	NO
4	U45201WB1913SGC002377	MACKINTOSH BURN LIMITED	Director	28/07/2009	24/11/2008	11/01/2013	Active	NO
5	U24231WB1974SGC029335	WEST BENGAL PHARMACEUTICAL & PHYTOCHEMICAL DEVELOPMENT CORPORATION LIMITED	Nominee director	01/03/2011	29/01/2010	16/01/2012	Active	NO

Name :

Mr. Vikas Varshneya

Designation :

Director

Address :

CL-136, Sector - II Salt Lake City, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

08.11.1966

Date of Appointment :

12.08.2009

DIN No.:

00963081

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	U32109WB1989PTC047097	MEGATHERM ELECTRONICS PRIVATE LIMITED	Director	27/09/1995	27/09/1995	08/08/2009	Active	NO
2	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Director	31/08/2009	12/08/2009	-	Active	NO
3	U74140WB2011PTC163860	SV ADVISORY SERVICES PRIVATE LIMITED	Director	17/06/2011	17/06/2011	-	Active	NO

Name :

Gurpreet Kaur

Designation :

Director

Address :

Brook Tower, Flat No. 5C2 Hiland Park, Eastern Bypass, Kolkata – 700094, West Bengal, India

Date of Birth/Age :

19.01.1961

Date of Appointment :

24.10/2005

DIN No.:

00963191

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	U27109PB1996PTC017641	MEGA HEAT CAST PRIVATE LIMITED	Director	29/01/1996	29/01/1996	-	Active	NO
2	U29299WB1988SGC044800	EMT MEGATHERM PRIVATE LIMITED	Director	24/10/2005	24/10/2005	-	Active	NO
3	U32109WB1989PTC047097	MEGATHERM ELECTRONICS PRIVATE LIMITED	Director	01/11/2005	01/11/2005	08/08/2009	Active	NO

KEY EXECUTIVE

Name :	Mr. Pranab
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares	%age holding
Government Of West Bengal	5868	9.93
Megatherm Electronics Private Limited, India	46340	78.45
Shesadri Bhusan Chanda	1671	2.83
Gurpreet Kaur	2505	4.24
Vikas Varshneya	1670	2.83
Gautam Talukdar	1017	1.72
Total	59071	100.00

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	9.93
Bodies corporate	78.45
Directors or relatives of directors	11.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Capital Equipments like Induction Melting and Heating Equipments, Arc Melting Furnace, Ladle Refining Furnace, Continuous Casting Machines, Transformers etc.

Products/ Services :

ITC Code No.	Product Descriptions
85142000	Induction Furnace

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank Of India

Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	1.314	13.814
SHORT TERM BORROWINGS
Rupee term loans from banks (Repayment of term loan with in next 12 months are considered as short term borrowings.)	12.500	12.500
Working capital loans from banks	329.003	150.000
Total	342.817	176.314
LONG-TERM BORROWINGS Other Loans and Advances are repayable in installment ranging between 36 and 60 months from the date of respective loan / advance. Interest free loan from Government of West Bengal which was repayable in 7 equal instalments starting 25th October '2009 ; however, the Company vide its letter dated 15th December, 2010 has requested the Government of West Bengal to defer the repayment till 24th October, 2014. Communication from Government of West Bengal is yet to be received by the Company. Management, however, expects a favorable response in this regard. SHORT TERM BORROWINGS Bank Borrowings for working capital are secured by first charge on entire current assets, both present & future and equitable mortgage of factory building at 1, Taratala Road, measuring 15321.95 Sq. Ft., house property at 1E, Baikunth, 114 NSC Bose Road, Kolkata 700 040 owned by a director of the Company ; pledge of FDR of Rs. 4.600 Millions; pledge of cash collateral of Rs. 10.000 Millions; Equitable mortgage of 1 acre Ankurhati Plot on NH6 located at Ankurhati ; Extension of charge on entire fixed assets of the Company ; LIC Policies (value of Rs. 7.000 Millions) and personal guarantee of the directors. Repayment of term loan with in next 12 months are considered as short term borrowings.

Banking Relations :	--
Auditors :
Name :	C. Ghatak and Company Chartered Accountants
Address :	107, N.S.C. Bose Road, Sripal Apartment, Flat # GB, Ground Floor, Kolkata-700040, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFC9771D
Holding Company :	Megatherm Electronics Private Limited [U32109WB1989PTC047097]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
70,000	Equity Shares	Rs. 1000/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59,071	Equity Shares	Rs. 1000/- each	Rs. 59.071 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	59.071	59.071	59.071
(b) Reserves & Surplus	189.979	172.123	145.283
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	29.580
Total Shareholders’ Funds (1) + (2)	249.050	231.194	233.934
(3) Non-Current Liabilities
(a) long-term borrowings	90.438	62.938	37.542
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.286	4.786	1.029
Total Non-current Liabilities (3)	96.724	67.724	38.571
(4) Current Liabilities
(a) Short term borrowings	341.503	174.581	162.500
(b) Trade payables	370.037	256.986	274.993
(c) Other current liabilities	16.387	45.261	82.375
(d) Short-term provisions	2.672	6.784	0.790
Total Current Liabilities (4)	730.599	483.612	520.658
TOTAL	1076.373	782.530	793.163
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	183.296	174.074	139.096
(ii) Intangible Assets	4.869	2.678	3.580
(iii) Capital work-in-progress	2.644	1.577	10.456
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.598	7.942	6.121
(e) Other Non-current assets	6.108	7.207	4.862
Total Non-Current Assets	204.515	193.478	164.115
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	498.599	394.452	410.868
(c) Trade receivables	289.225	142.429	135.540
(d) Cash and cash equivalents	54.645	33.831	55.757
(e) Short-term loans and advances	25.079	14.645	24.510
(f) Other current assets	4.310	3.695	2.373
Total Current Assets	871.858	589.052	629.048
TOTAL	1076.373	782.530	793.163

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1135.083	1033.703	1016.186
Less	EXPENSES
		TOTAL	1109.628	995.791	1013.318
	PROFIT BEFORE TAX		25.455	37.912	2.868
Less	TAX		5.394	8.868	(8.269)
	PROFIT AFTER TAX		20.061	29.044	11.137
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	32.444	1.729	0.000
	Earnings Per Share (Rs.)		339.61	491.68	188.54

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.77	2.81	1.10
Return on Total Assets (PBT/Total Assets}	(%)	2.37	4.85	0.37
Return on Investment (ROI) (PBT/Networth)		0.10	0.16	0.01
Debt Equity Ratio (Total Debt/Networth)		1.73	1.03	0.86
Current Ratio (Current Asset/Current Liability)		1.19	1.22	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	59.071	59.071	59.071
Reserves & Surplus	145.283	172.123	189.979
Share Application money pending allotment	29.580	0.000	0.000
Net worth	233.934	231.194	249.050
long-term borrowings	37.542	62.938	90.438
Short term borrowings	162.500	174.581	341.503
Total borrowings	200.042	237.519	431.941
Debt/Equity ratio	0.855	1.027	1.734

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1016.186	1033.703	1135.083
		1.724	9.807

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1016.186	1033.703	1135.083
Profit	11.137	29.044	20.061
	1.10%	2.81%	1.77%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10215606	22/01/2013 *	675,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B69280295

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from others (Other Loans and Advances are repayable in installment ranging between 36 and 60 months from the date of respective loan / advance)	67.500	27.500
Borrowing from government semi-government bodies	21.624	21.624
SHORT TERM BORROWINGS
Intercorporate borrowings	0.000	12.081
Total	89.124	61.205

GENERAL INFORMATION

Subject is primarily engaged in the business of manufacturing and selling of Capital Equipments like Induction Melting and Heating Equipments, Arc Melting Furnace, Ladle Refining Furnace, Continuous Casting Machines, Transformers etc. and various parts thereof which are required by the Steel Making Industries, Foundry, Forging and Power sector. The company also carries on business of repairs and contractors for servicing and production, modification, reconstruction etc. of all types of Engineering goods, equipments, plant & machineries.

The Company has manufacturing plants in Kolkata and Howrah and sells primarily in Domestic Markets. The Company is a Private Limited Company and a Subsidiary to Megatherm Electronics Private Limited.

BUSINESS PERFORMANCE

Despite all round recession in the economy, Company has succeeded in managing its revenue through aggressive marketing and sales plan. Increase in bottom line is primarily due to high margin orders with relatively lesser material costs compared with last financial year. But higher Financing costs has marginally eroded profit for the year.

BUSINESS PROSPECTS

In the current financial year, Company has obtained good orders from Steel & Foundry Sectors and also some project orders. Management is determined & confident in revenue as well as operating profit growth in this fiscal year and expected to progress satisfactorily.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Industries as a whole are facing global slowdown and Indian economy is no exception. The manufacturing sector, which constitutes over 75 per cent of the index, grew barely 0.2 per cent. The capital goods output declined by 16.3 per cent as against a growth of 6.6 per cent in the same month last year. Despite Government's stimulus packages, the manufacturing sector and capital goods industry could not made significant contribution to the growth of the economy. However, the world economy is currently emerging from the clutches of a wide spread slowdown and Steel, Power & Agricultural sectors are emerging as key potential areas in this fiscal, two digit growth in the economy has been envisaged.

In the Indian context, negative signs are visible in the sluggish export growth and subdued direct capital flows into the economy. Along with the current global challenges, the Indian economy also need to contend with the rising spectra of inflation and tight monetary conditions. But India is projected to see a faster growth of 7.5 per cent in this fiscal, on the back of higher savings and investment rates, even as most of the Asia-Pacific economies are likely to expand at a slower pace, as per a United Nations (UN) report. Needless to add, higher economic growth would also require a significant addition to infrastructure as well as increase in across the board productivity levels.

The challenges as we know are many, yet, the Indian economy has inherent strengths to rise above these challenges and move towards accelerated growth in the medium to long term.

OUTLOOK

The Company has registered presence in Government, PSU and various private sector industries to look forward for high margin orders. It has earned a high reputation for itself and therefore multiple opportunities keep coming for its consideration. The company has undertaken new ventures like production of Transformers in its new plant at Kharagpur and off-loading of MS/SS Assembly section to Ankurhati plant at Howrah.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Contingent liabilities in respect of :
Guarantees given by Banks	48.963	45.120
Letter of Credit given by Banks	120.756	54.240
Claims against the Company not acknowledged as debts
Income Tax Matters	0.000	0.000
Excise Duty Matters	12.918	12.918
Sales Tax Matters	15.590	3.201
ESI Demand under appeal	1.677	1.677
Total	199.904	117.156

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

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 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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.