MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	EMC LIMITED
Registered Office :	Constantia Office Complex,  11, Dr. U. N. Brahmachari Street,  8^th Floor, (South Block),  Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.05.1953
Com. Reg. No.:	21-021044
Capital Investment / Paid-up Capital :	Rs.370.000 Millions
CIN No.: [Company Identification No.]	U31901WB1953PLC021044
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	EMC offers turnkey solutions in various electrical fields as under: · EHV Transmission Line Turnkey Projects up to 800KV · Retro fitting/Upgrading of Transmission Lines · EHV Sub-stations · Power Distribution Projects · Railway Electrification Projects · Power and steel Plant Projects · Telecommunication Projects. EMC manufacturing activities are as under · AAAC/AAC/ACSR Conductors · Transmission Line Towers · Tele-communication Towers · Insulator Hardware Fittings and Accessories · Preformed Line Products · Non-ferrous Extrusion, Forging and Die Casting · Tower Testing Facilities up to destructive testing. 5MW Solar Power Plant under JNNSM scheme
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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

Maximum Credit Limit :	USD 16138000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile supported by established track record of business operations and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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	FITCH
Rating	Long term issuer rating A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	23.07.2014

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. Arun Kedia
Designation :	Chief Finance Officer
Contact No.:	91-9830261703
Date :	25.09.2014

LOCATIONS

Registered Office :	Constantia Office Complex,  11, Dr. U. N. Brahmachari Street,  8^th Floor, (South Block),  Kolkata – 700017, West Bengal, India
Tel. No. :	91-33-22893122-24 / 40158888
Fax No. :	91-33-22893121
E-Mail :	info@emcpower.com
Website :	http://www.emcpower.com
Branch office :	Located At: v New Delhi  v Mumbai  v Hyderabad  v Bangalore
Overseas Branch :	Located At: v United States of America v Germany v Italy v Singapore  v U.A.E. v Hong Kong

DIRECTORS

As on 31.03.2014

Name :

Mr. Manoj Toshniwal

Designation :

Managing Director

Address :

Cl-280, Salt Lake, Sector-II, Kolkata - 700 091, West Bengal, India

Date of Birth/Age:

30.12.1967

Date of Appointment :

24.07.2013

Voter ID No.:

DKN5093158

PAN No.:

ABLPT0229L

DIN No.:

00022787

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	U17309WB1991PTC051043	DEWPOINT SYNTHETICS PVT LTD	Director	21/10/99	21/10/99	18/02/14	Active	NO
2	U67120WB1991PTC051851	MKN INVESTMENT PVT LTD	Director	30/06/04	30/06/04	-	Active	NO
3	U28999WB1959PTC024396	METALIND PVT LTD	Director	12/08/05	12/08/05	30/04/10	Active	NO
4	U24299WB1982PLC183166	EMC HARDWARE LIMITED	Director	12/08/05	12/08/05	-	Active	NO
5	U31901WB1953PLC021044	EMC LIMITED	Managing director	24/07/13	12/08/05	-	Active	NO
6	U67120WB1995PTC068947	TAMKORE INVESTMENT PVT. LTD.	Additional director	14/11/07	14/11/07	16/11/12	Active	NO
7	U32109WB1995PLC074182	TRINETRA ELECTRONICS LTD	Director	25/03/08	25/03/08	26/11/12	Active	NO
8	U40108WB2010PLC149583	EMC SOLAR LIMITED	Director	26/05/10	26/05/10	-	Active	NO
9	U40102WB2010PLC149843	EMC Forging Limited	Director	28/05/10	28/05/10	-	Active	NO
10	U40107WB2010PLC149842	EMC Tower Limited	Director	28/05/10	28/05/10	-	Active	NO
11	U60230WB2010PLC150647	EMC LOGISTICS LIMITED	Director	24/06/10	24/06/10	-	Active	NO
12	U70100WB2010PLC151197	EMC INFRASTRUCTURE LIMITED	Director	12/07/10	12/07/10	-	Active	NO
13	U80221WB2010PLC151754	EMC ACADEMY LIMITED	Director	28/07/10	28/07/10	-	Active	NO
14	U40102WB2011PLC162101	EMC OVERSEAS LIMITED	Director	28/04/11	28/04/11	-	Active	NO
15	U74900KA2012PTC064625	QUATRO RAIL TECH SOLUTIONS PRIVATE LIMITED	Director	23/08/13	31/07/13	-	Active	NO

Name :

Mr. Ramesh Chandra Bardia

Designation :

Managing Director

Address :

16A, Dover Road, Ballygunge, Kolkata - 700 019, West Bengal, India

Date of Birth/Age:

20.10.1956

Date of Appointment :

01.09.2013

Voter ID No.:

XOA1887538

PAN No.:

AECPB4259G

DIN No.:

00374148

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	U51109WB1993PTC060926	JB MARKETING PVT LTD	Director	02/12/93	02/12/93	-	Active	NO
2	U65993WB1993PTC060481	JENA HOLDINGS PVT LTD	Director	19/09/03	19/09/03	30/03/10	Active	NO
3	U67120WB1991PTC051851	MKN INVESTMENT PVT LTD	Director	30/06/04	30/06/04	-	Active	NO
4	U20232WB1998PTC087024	JET PLYWOOD PRIVATE LIMITED	Director	10/12/04	10/12/04	30/03/10	Active	NO
5	U51109WB1995PTC076241	SUBHAS IMPEX PVT LTD	Director	20/06/05	20/06/05	-	Active	NO
6	U28999WB1959PTC024396	METALIND PVT LTD	Director	12/08/05	12/08/05	30/04/10	Active	NO
7	U24299WB1982PLC183166	EMC HARDWARE LIMITED	Director	12/08/05	12/08/05	-	Active	NO
8	U31901WB1953PLC021044	EMC LIMITED	Managing director	01/09/13	12/08/05	-	Active	NO
9	U51909WB1995PTC067284	STATEFIELD TRADELINK PVT LTD	Director	30/09/09	03/03/08	-	Active	NO
10	U45400WB2009PTC135616	BEE TEE REALTY PRIVATE LIMITED	Director	03/06/09	03/06/09	-	Active	NO
11	U40108WB2010PLC149583	EMC SOLAR LIMITED	Director	26/05/10	26/05/10	-	Active	NO
12	U40102WB2010PLC149843	EMC Forging Limited	Director	28/05/10	28/05/10	-	Active	NO
13	U40107WB2010PLC149842	EMC Tower Limited	Director	28/05/10	28/05/10	-	Active	NO
14	U60230WB2010PLC150647	EMC LOGISTICS LIMITED	Director	24/06/10	24/06/10	-	Active	NO
15	U70100WB2010PLC151197	EMC INFRASTRUCTURE LIMITED	Director	12/07/10	12/07/10	-	Active	NO
16	U80221WB2010PLC151754	EMC ACADEMY LIMITED	Director	28/07/10	28/07/10	-	Active	NO
17	U40102WB2011PLC162101	EMC OVERSEAS LIMITED	Director	28/04/11	28/04/11	-	Active	NO
18	U51909WB2010PTC140943	CROSSWORD DEALERS PRIVATE LIMITED	Director	14/06/11	14/06/11	-	Active	NO
19	U52190WB2009PTC140530	RADHA BALLABH COMMOSALE PRIVATE LIMITED	Director	14/06/11	14/06/11	-	Active	NO
20	U51909WB2007PTC114538	ARROW VINIMAY PRIVATE LIMITED	Director	30/09/13	02/01/13	-	Active	NO
21	U70101WB2004PTC099402	BASUDEV BUILDERS PRIVATE LIMITED	Director	30/09/13	02/01/13	-	Active	NO

Name :

Mr. Suraj Mall Singhi

Designation :

Director

Address :

‘Rajasthali’, Unit B-2, 3, J.K. Lane, Near Punjabi Biradari, Kolkata - 700 019, West Bengal, India

Date of Birth/Age:

01.05.1938

Date of Appointment :

25.09.2008

PAN No.:

AISPS8286Q

DIN No.:

00415416

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	L65993RJ1935PLC000045	THE GENERAL INVESTMENT COMPANY LIMITED	Director	08/05/89	08/05/89	29/05/14	Active	NO
2	L67120RJ1928PLC000029	THE SWADESHI COMMERCIAL COMPANY LIMITED	Director	26/10/89	26/10/89	29/05/14	Active	NO
3	U51109WB1994PTC066938	JDS TRADE LINKS PVT.LTD.	Whole-time director	01/08/01	01/08/01	-	Active	NO
4	U31901WB1953PLC021044	EMC LIMITED	Director	25/09/08	30/10/07	-	Active	NO
5	U24100WB2011PLC169818	SHYAM GLOBAL LIMITED	Director	24/11/11	24/11/11	-	Active	NO

Name :

Mr. Saubir Bhattacharyya

Designation :

Director

Address :

H1/1, Labony Housing Estate, Salt Lake, Kolkata - 700 064, West Bengal, India

Date of Birth/Age:

02.09.1946

Date of Appointment :

26.08.2011

PAN No.:

ADGPB6294C

DIN No.:

01383195

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	U24211DL1954GOI002377	HINDUSTAN INSECTICIDES LTD	Director	04/12/06	04/12/06	19/09/07	Active	NO
2	U51109WB1995PLC074861	RDB TEXTILES LTD.	Director	15/09/08	15/09/08	08/09/10	Active	NO
3	U74140WB1991PTC051878	INKWEST MANAGEMENT CONSULTANTS PVT LTD	Director	06/11/08	06/11/08	30/09/09	Active	NO
4	U45203AR2006PLC008234	EVEREST INFRA ENERGY LIMITED	Director	07/09/09	11/08/09	07/07/10	Active	NO
5	U35204WB1981PLC033700	STESALIT LIMITED	Director	29/09/10	24/06/10	02/08/13	Active	NO
6	U74900WB2009PTC134753	CSE CAPITAL MARKETS PRIVATE LIMITED	Additional director	06/12/10	06/12/10	20/06/11	Active	NO
7	U31901WB1953PLC021044	EMC LIMITED	Director	26/08/11	22/02/11	-	Active	NO

Name :

Mr. Durga Prasad Sharma

Designation :

Whole-time Director

Address :

6b, Ratnabali, 7a, Judges Court Road, Kolkata -700 027, West Bengal, India

Date of Birth/Age:

09.07.1947

Date of Appointment :

29.04.2010

Voter ID No.:

HZG3731486

PAN No.:

AJDPS3906R

DIN No.:

00566546

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	U93000WB1998PLC086303	HINDUSTHAN ENGINEERING & INDUSTRIES LIMITED	Whole-time director	30/03/06	30/03/06	01/02/07	Active	NO
2	U31901WB1953PLC021044	EMC LIMITED	Whole-time director	29/04/10	29/04/08	-	Active	NO

Name :

Mr. Manish Agarwal

Designation :

Additional irector

Address :

Block Ga, Cluster 7/10, Purbachal, Salt Lake City, Sector – 3, Kolkata-700097, West Bengal, India

Date of Birth/Age:

14.08.1973

Date of Appointment :

27.04.2014

PAN No.:

ADAPC5550C

DIN No.:

00485089

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	U74120WB1998PTC086945	QUANTUM BUSINESS CONSULTING PRIVATE LIMITED	Director	06/04/98	06/04/98	-	Active	NO
2	U66000WB2001PTC092949	ANJALI INSURANCE BROKING COMPANY PRIVATE LIMITED	Director	28/02/01	28/02/01	20/03/14	Active	NO
3	U22200WB2004PTC097573	MOXIE PRODUCTIONS PRIVATE LIMITED	Director	05/04/04	05/04/04	22/09/08	Active	NO
4	U74140WB2006PTC107058	BLUESTONE QUANTUM MANAGEMENT PVT LTD	Director	04/01/06	04/01/06	16/05/14	Active	NO
5	U51909WB1996PTC080531	SHREE AGRONOMIC PROJECTS PRIVATE LIMITED	Director	22/06/07	22/06/07	26/09/11	Active	NO
6	U51109WB2005PTC106387	MOUNTAIN VANIJYA PRIVATE LIMITED	Director	13/03/08	13/03/08	17/05/14	Active	NO
7	U01403WB2007PTC114828	GREENLINE AGRO SEEDS PRIVATE LIMITED	Director	26/06/08	26/06/08	10/03/10	Active	NO
8	U70101WB2006PTC109562	CASTLE PROMOTERS PVT LTD	Director	05/08/08	05/08/08	30/06/14	Active	NO
9	U51109WB2007PTC115514	LEVERAGE CAPITAL PRIVATE LIMITED	Director	03/04/09	03/04/09	-	Active	NO
10	U51909WB2009PTC134893	RISHAB TRADECOMM PRIVATE LIMITED	Director	05/05/09	05/05/09	21/03/14	Active	NO
11	U51101WB2009PTC136000	DHANVRIDDHI COMMODITIES TRADING PRIVATE LIMITED	Director	18/06/09	18/06/09	16/05/14	Active	NO
12	U51909WB2009PTC138253	DYNAMIC DEALTRADE PRIVATE LIMITED	Director	09/09/09	09/09/09	21/03/14	Active	NO
13	U51109WB1996PTC080809	ANJALI MICROFIN PRIVATE LIMITED	Director	26/10/09	26/10/09	-	Active	NO
14	U74120WB2009PTC139672	LEVERAGE ENERGY PRIVATE LIMITED	Director	24/11/09	24/11/09	17/05/14	Active	NO
15	U85300WB2011NPL166267	ANJALI INITIATIVE FOR SOCIAL DEVELOPMENT	Director	10/08/11	10/08/11	-	Active	NO
16	U74140WB2011PTC166666	LEVERAGE INVESTMENT ADVISOR PRIVATE LIMITED	Director	22/08/11	22/08/11	-	Active	NO
17	U45200PY2009PTC002299	DWARAKA INFRADEVELOPERS PRIVATE LIMITED	Director	27/09/12	27/01/12	-	Active	NO
18	U29240DL2012PTC241709	ENERSYS TECHNOLOGIES PRIVATE LIMITED	Director	06/09/12	06/09/12	-	Active	NO
19	U74900WB2013PTC195849	LEVERAGE CAPITAL MANAGEMENT PRIVATE LIMITED	Director	25/07/13	25/07/13	23/08/14	Active	NO
20	U31901WB1953PLC021044	EMC LIMITED	Additional director	27/03/14	27/03/14	-	Active	NO
21	U51909WB2010PTC155069	SUGANDH TRADECOMM PRIVATE LIMITED	Director	12/06/14	12/06/14	12/06/14	Active	NO

KEY EXECUTIVES

Name :	Mr. Chandra Sekhar Adhikary
Designation :	Company Secretary
Address :	13/A, Benia Pukur Road, Entally, Kolkata - 700014, West Bengal, India
Date of Appointment :	07.02.2011
PAN No.:	AGWPA6809P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

EMC offers turnkey solutions in various electrical fields as under: · EHV Transmission Line Turnkey Projects up to 800KV · Retro fitting/Upgrading of Transmission Lines · EHV Sub-stations · Power Distribution Projects · Railway Electrification Projects · Power and steel Plant Projects · Telecommunication Projects. EMC manufacturing activities are as under · AAAC/AAC/ACSR Conductors · Transmission Line Towers · Tele-communication Towers · Insulator Hardware Fittings and Accessories · Preformed Line Products · Non-ferrous Extrusion, Forging and Die Casting · Tower Testing Facilities up to destructive testing. 5MW Solar Power Plant under JNNSM scheme

GENERAL INFORMATION

Suppliers :

A) Transmission Line Projects

Tower

1. EMC Factory at Beliaghata

2. Amitasha

3. Shilpa

4. Skipper

5. Ashutosh

6. Utkrash

Hardware

1. Tag Corpn.

2. EMI

3. ITPL

4. TLP

5. Supreme

Insulators

1. Jayashree

2. Allied Ceramics

Steel – TMT Bar, Angles, Plates etc.

1. Jindal

2. SAIL

3. RINL

4. TATA

5. Local Rolling Mills like Ashutosh, Shilp, Swatika

Cement

1. Shree Cement

2. Mihir

3. Century

4. Chittnad

5. Penna

Sub-station Projects

1. Structures – Lattice and Pipe Type

a) EMC Factory at Beliaghata

b) R S Infra

2. Sub-station Equipment – Transformers 400

a) Siemens

b) Crompton Greaves

c) ABB

d) Alstom

e) Marsons

3. Switchgear Items (765/400KV) like Circuit

a) Siemens

b) Crompton Greaves

c) Alstom

d) ABB

4. Control & Relay Panel

a) Siemens

b) Crompton Greaves

c) ABB

d) Alstom

e) Easun

f) Reyrolle

5. PLCC/Wave Trap

a) ABB

b) Crompton Greaves/ZIV

Customers :

v Power Grid Corp. Of India

v Aptransco

v MSEDCL

v Railways(CORE)

v WBSEDCL

v WBSETCL

v Jammu and Kashmir Power Development Department

v NBPDCL

No. of Employees :

1500 (Approximately)

Bankers :

v State Bank of India

v Allahabad bank

v Punjab National Bank

v UCO Bank

v State Bank of Patiala

v Corporation Bank

v Central Bank of India

v Karur Vysya Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan
From Banks	474.674	686.250
From Others (IRD. Government of W.B)	65.485	70.484
Car Loans	2.357	0.000
Other Loans and advances	1399.138	965.217
SHORT TERM BORROWINGS
Working Capital Loan
From Banks - repayable on demand	3484.092	1999.196
Other Loans and advances	698.361	1365.100
Total	6124.107	5086.247

NOTE:

LONG TERM BORROWINGS

1. Term Loans from Punjab National Bank and Oriental Bank of Commerce are secured by way of creation of charge ranking Parri Passu on the Fixed Assets of Solar Power Project and all other existing and future movable and immovable assets of the company. The loans are further secured by personal guarantees of some of the Promoter Directors of the Company.

2. Term Loans from Punjab National Bank and Oriental Bank of Commerce are Repayable over 44 Quarterly Installments commencing from the quarter beginning 1st October, 2012 and bears an intrest rate 11% from PNB and 12% from OBC.

3. Term Loans taken from UCO Bank, Karur Vysya Bank and Central Bank under Equipment Finance arrangement (to the tune of Rs. 650.000 millions) have been secured by creation of First Charge on the fixed assets (Equipment’s) of the company to be created out of Bank Finance on Pari Passu basis with other lending banks financing the proposed Term Loan requirement of the Company. The loans are further secured by personal guarantees of some of the Promoter Directors of the Company.

4. The Term Loan under Equipment Finance arrangement is repayable in 10 quarterly installments starting from Quarter ending March, 2013.

5. Loan from Govt. of West Bengal is secured by way of Pari Passu charge ranking next only to the charges in favour of financial institutions/Banks, on the fixed assets of the company, both present as well as future. The Loan is repayable in fourteen equal annual installments (excluding interest) starting from 31st March, 2013. The Loan carries interest of 8.75% p.a. with a rebate of 2% p.a. for timely repayment. Interest is paid as and when due.

6. Vehicle loan is secured by way of mortgage of vehicle. The loan carries interest of 13.75% and is repayable by 2016-17

SHORT TERM BORROWINGS

Working Capital Facilities are secured by way of:

1. Hypothecation on Pari Passu basis of the entire Stock in Trade, Book Debts and any other current assets of the company, both present and future.

2. First charge on the entire immovable and movable Fixed Assets of the Company and equitable mortgage on Landed properties of the Company at Naini (Allahabad) excluding the assets of solar power project.

3. Personal guarantees of some of the Promoter Directors of the Company.

Banking Relations :	--
Auditors :
Name :	SRB and Associates Chartered Accountants
Address :	5^th Floor, IDCO Tower, Janapath, Bhubaneswar – 751022, Odisha, India
Tel No.:	91-674-2541043, 2545880
Fax No.:	91-674-2546414
Email :	srbbbsr@rediffmail.com
Subsidiaries :	v EMC Hardware Limited v EMC Tower Limited v EMC Solar Limited v EMC Forging Limited v EMC Infrastructure Limited v EMC Logistic Limited v EMC Overseas Limited v EMC Academy Limited v Advanced Steel and Crane Inc. v EMC West Asia JLT v Technolines S.r.L. v EMC East Asia Limited v Quarto Rail Tech Solutions Private Limited v Technolines Singapore PTE Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37000000	Equity Shares	Rs.10/- each	Rs.370.000 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	370.000	370.000	330.000
(b) Reserves & Surplus	3664.589	2380.662	1078.489
(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)	4034.589	2750.662	1408.489
(3) Non-Current Liabilities
(a) long-term borrowings	2141.654	2321.951	625.958
(b) Deferred tax liabilities (Net)	124.211	90.004	52.813
(c) Other long term liabilities	541.771	412.820	1539.070
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2807.636	2824.775	2217.841
(4) Current Liabilities
(a) Short term borrowings	4182.453	3364.296	2971.713
(b) Trade payables	9976.086	5582.421	2304.317
(c) Other current liabilities	1060.718	852.144	101.606
(d) Short-term provisions	611.139	251.537	39.690
Total Current Liabilities (4)	15830.396	10050.398	5417.326
TOTAL	22672.621	15625.835	9043.656
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1953.504	1922.007	1238.441
(ii) Intangible Assets	4.163	4.016	3.055
(iii) Capital work-in-progress	1.530	46.270	140.857
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	175.229	137.453	5.349
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	86.627	81.627	81.627
(e) Other Non-current assets	259.507	276.215	408.706
Total Non-Current Assets	2480.560	2467.588	1878.035
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1196.801	1747.253	915.036
(c) Trade receivables	10831.840	5374.402	3562.435
(d) Cash and cash equivalents	905.844	741.510	867.066
(e) Short-term loans and advances	6941.759	5113.503	1671.795
(f) Other current assets	315.817	181.579	149.289
Total Current Assets	20192.061	13158.247	7165.621
TOTAL	22672.621	15625.835	9043.656

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	32245.864	20274.073	9016.238
		Other Income	93.234	76.987	26.443
		TOTAL	32339.098	20351.060	9042.681
Less	EXPENSES
		Cost of Materials Consumed	24901.170	14001.059	7253.086
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	125.062	(339.677)	(73.122)
		Employees benefits expense	715.076	574.127	214.315
		Other expenses	3595.727	4151.143	918.747
		TOTAL	29337.035	18386.652	8313.026
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3002.063	1964.408	729.655
Less	FINANCIAL EXPENSES		775.752	456.127	83.169
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2226.311	1508.281	646.486
Less/ Add	DEPRECIATION/ AMORTISATION		182.481	136.627	15.079
	PROFIT/ (LOSS) BEFORE TAX		2043.830	1371.654	631.407
Less	TAX		716.405	447.917	259.601
	PROFIT/ (LOSS) AFTER TAX		1327.425	923.737	371.806
	FOB VALUE OF EXPORT		263.881	9.294	NA
	Earnings / (Loss) Per Share (Rs.)		35.88	27.97	11.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.10	4.54	4.11
Net Profit Margin (PBT/Sales)	(%)	6.34	6.77	7.00
Return on Total Assets (PBT/Total Assets}	(%)	9.09	8.88	7.10
Return on Investment (ROI) (PBT/Networth)		0.51	0.50	0.45
Debt Equity Ratio (Total Debt/Networth)		1.57	2.07	2.55
Current Ratio (Current Asset/Current Liability)		1.28	1.31	1.32

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	330.000	370.000	370.000
Reserves & Surplus	1078.489	2380.662	3664.589
Net worth	1408.489	2750.662	4034.589
long-term borrowings	625.958	2321.951	2141.654
Short term borrowings	2971.713	3364.296	4182.453
Total borrowings	3597.671	5686.247	6324.107
Debt/Equity ratio	2.554	2.067	1.567

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)
Revenue from operations	9016.238	20274.073	32245.864
		124.862	59.050

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	9016.238	20274.073	32245.864
Profit	371.806	923.737	1327.425
	4.12%	4.56%	4.12%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks	200.000	600.000
Total	200.000	600.000
NOTE: LONG TERM BORROWINGS 1. Unsecured term Loan from South Indian Bank (to the tune of Rs.1000.000 millions) is repayable in 10 equal Quarterly Installments starting from the quarter ending June 2013-14 and bears an interest rate of 13.50% p.a.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10512441	14/07/2014	700,000,000.00	BANK OF INDIA	MUMBAI MAIN BRANCH, 70/80 M. G. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	C14756159
2	10464445	26/11/2013	3,000,000,000.00	BANK OF INDIA	MUMBAI MAIN BRANCH, 70/80 M. G. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B91237115
3	10466610	14/11/2013	1,300,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, GROUND FLOOR, BELLS HOUSE, 21 CAMAC STREET, KOLKATA, West Bengal - 700016, INDIA	B92139880
4	10466473	09/11/2013	400,000,000.00	Vijaya Bank	CORPORATE BANKING BRANCH, A-1, GILLANDER HOUSE, 8, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700001, INDIA	B92074673
5	10453497	19/09/2013	500,000,000.00	THE SOUTH INDIAN BANK LIMITED	CORPORATE BRANCH, 2 CHURCH LANE, GROUND FLOOR, KOLKATA, West Bengal - 700001, INDIA	B86856820
6	10453423	19/09/2013	1,000,000,000.00	THE SOUTH INDIAN BANK LIMITED	CORPORATE BRANCH, 2 CHURCH LANE, GROUND FLOOR, KOLKATA, West Bengal - 700001, INDIA	B86823960
7	10423410	21/04/2014 *	35,000,000,000.00	State Bank of India	CORPORATE ACCOUNTS GROUP BRANCH, Reliance House, 2nd Floor,34 Jawaharlal Nehru Road, KOLKATA, West  Bengal - 700071, INDIA	C04067237
8	10386086	07/11/2012	650,000,000.00	UCO BANK (LEAD BANK)	FLAGSHIP CORPORATE BRANCH, MCLEOD HOUSE, 3, N.S. ROAD, KOLKATA, West Bengal - 700001, INDIA	B61936571
9	10390480	11/09/2013 *	1,260,000,000.00		POST BOX NO.21, ERODE ROAD, KARUR, Tamil Nadu - 639002, INDIA	B88700158
10	10374153	01/11/2013 *	2,492,500,000.00	State Bank of Patiala	Commercial Branch, 8, Camac Street, Kolkata, West Bengal - 700017, INDIA	B90201997
11	10354818	28/04/2014 *	35,300,000,000.00	ALLAHABAD BANK (Title deed holder)	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA	C04247599
12	10344401	12/03/2012	1,500,000,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, Kolkata, 33, Netaji Subhas Road, Kolkata, West Bengal - 700001, INDIA	B35856681
13	10336344	28/06/2012 *	1,650,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, 17, BRABOURNE ROAD, MOOKHERJEE HOUSE, 1ST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B44008100
14	10312822	26/08/2011	490,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	CLIVE ROW BRANCH, 5 CLIVE ROW, KOLKATA, West Bengal - 700001, INDIA	B23443120
15	10269023	01/08/2013 *	7,110,000,000.00	State Bank of India	Corporate Accounts Group Branch, Reliance House, 34 Jawahar Lal Nehru Road, Kolkata, West Bengal - 700071, INDIA	B83357103
16	10202886	15/01/2014 *	5,210,000,000.00	PUNJAB NATIONAL BANK	MCB LYONS RANGE, 1, R. N. MUKHERJEE ROAD, KOLKATA, West Bengal - 700001, INDIA	B97621890
17	10022578	15/01/2013 *	6,175,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA	B66637968
18	80060121	14/02/2013 *	2,380,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD,  KOLKATA, West Bengal - 700001, INDIA	B69174308

* Date of charge modification

FIXED ASSETS

œ Freehold Land

œ Building and Structures

œ Plant and Machinery

œ Vehicles

œ Furniture, Fixture

œ Equipment

œ Computer

œ Licences for 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 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.61.02
UK Pound	1	Rs.99.43
Euro	1	Rs.77.84

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.