MIRA INFORM REPORT

Report No. :	317188
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	ISGEC HEAVY ENGINEERING LIMITED
Registered Office :	Radaur Roadyamuna Nagar – 135001, Haryana
Tel No.:	91-1732-307210 / 217
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.01.1933
Com. Reg. No.:	55-000097
Capital Investment / Paid-up Capital :	Rs. 73.529 Millions
CIN No.: [Company Identification No.]	L23423HR1933PLC000097
TAN No.: [Tax Deduction & Collection Account No.]	RTKS05672C
PAN No.: [Permanent Account No.]	AAACT5540K
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, Exporting and Importing of Process Plant Equipments, Mechanical and Hydraulic Presses and Castings etc.
No. of Employees :	2300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflect IHEL’s established position in the capital goods industry backed by its diversified products portfolio and extensive industry experience of promoters. Rating also reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA – [Fund Based Limits]
Rating Explanation	High degree of safety and very low credit risk.
Date	March 2014

Rating Agency Name	ICRA
Rating	A1 + [Non Fund Based Limits]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Rampal
Designation :	Accounts
Contact No.:	91-173-2661217
Date :	10.04.2015

LOCATIONS

Registered Office :	Radaur Roadyamuna Nagar – 135001, Haryana, India
Tel. No.:	91-1732-307210 / 217
Fax No.:	91-1732-250991 / 250250
E-Mail :	skkhorana@isgec.com
Website :	http://www.isgec.com
Location :	Owned
Corporate Office :	A-4, Sector-24, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2411289/ 2411290
Fax No.:	91-120-2412250
Factory :	Saraswati Corporate Centre, Yamuna Nagar – 135 001, Haryana, India Indian Sugar and General Engineering Corporation, Yamuna Nagar, Haryana, India. ISGEC John Thompson, Kolkata, West Bengal, India Uttar Pradesh Steels, Muzaffar Nagar, Uttar Pradesh, India
Plant Location :	ISGEC Yamuna Nagar Plant – 135001, Haryana, India Coastal Plant 13/B, GIDC Industrial Estate, Dahej Taluka, Vagara, District Bharuch-392130, Gujarat, India Uttar Pradesh Steels Village Nara, P. O. Mansurpur, District Muzaffar Nagar - 251 203, Uttar Pradesh, India. Engineering, Procurement and Construction Division ISGEC John Thompson A-4, Sector 24, Noida – 201301, Uttar Pradesh, India. ISGEC A-4, Sector 24, Noida – 201301, Uttar Pradesh, India.
Branch Office :	Chennai ‘Raji Building’, 1st Floor, New No.212 (Old No. 730), Anna Salai, Chennai - 600 006, Tamilnadu, India Tel No.: 91-44-28297957/28297351 Fax No.: 91-44-28297375 Email ID: isgec@vsnl.com Mumbai ‘Great Social Building’ Sir P. M. Road, P.O. Box No. 1339, Mumbai - 400 001, Maharashtra, India Tel No.: 91-22-22662374/22665154 Fax No.: 91-22-22661899 Email ID: isgecbom@vsnl.com Also Located at : Pune Kolkata
International Office :	USA ISGEC North America Office 2283 Country Club Drive, Pittsburgh, PA-15241, USA Tel. : +1-412-835-5333 Fax.: +1-412-835-5336 E-mail: ashi@isgec.com EUROPE ISGEC Germany Office Kreiten Strasse 25, 40470 Dusseldorf, Germany Tel.: +49-211-271-63 00 Fax. +49-211-271-63 01 E-mail: vchadha@isgec.com

DIRECTORS

As on: 31.03.2014

Name :	Mr. Ranjit Puri
Designation :	Chairman
Date of Birth/Age :	04.03.1940
Qualification :	B.Sc. Industrial Management from Massachusetts Institute of Technology (USA)
Date of Appointment :	14.10.1981
Name :	Mr. Vinod K. Nagpal
Designation :	Director
Name :	Mr. Tahir Hasan
Designation :	Director
Date of Birth/Age :	21.07.1946
Qualification :	B.E. (Mech.)
Date of Appointment :	29.01.2005
Name :	Mr. Vinod Kumar Sachdeva
Designation :	Director
Name :	Mr. Arun Kathpalia
Designation :	Director
Name :	Mrs. Nina Puri
Designation :	Whole Time Director
Name :	Mr. Aditya Puri
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. S.K. Khorana
Designation :	Executive Director and Company Secretary
Audit Committee:	Mr. Vinod K. Nagpal – Chairman Mr. Arun Kathpalia Mr. Aditya Puri

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1131962	15.39
Bodies Corporate	3441818	46.81
Sub Total	4573780	62.20
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4573780	62.20
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	71424	0.97
Financial Institutions / Banks	2420	0.03
Central Government / State Government(s)	1000	0.01
Foreign Institutional Investors	88738	1.21
Sub Total	163582	2.22
(2) Non-Institutions
Bodies Corporate	490006	6.66
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1021865	13.90
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	1103718	15.01
Sub Total	2615589	35.57
Total Public shareholding (B)	2779171	37.80
Total (A)+(B)	7352951	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	7352951	0.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Importing of Process Plant Equipments, Mechanical and Hydraulic Presses and Castings etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Boilers Sugar Plants
Countries :	UAE
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

2300 (Approximately)

Bankers :

• State Bank of Patiala
• Corporation Bank
• State Bank of India
• Punjab National Bank
• Standard Chartered Bank
• ICICI Bank Limited
• State Bank of Mysore
• State Bank of Hyderabad
• The Hongkong and Shanghai Banking Corporation Limited
• IndusInd Bank Limited
• State Bank of Travancore
• Export Import Bank of India
• ING Vysya Bank Limited
• State Bank of Bikaner and Jaipur
• Yes Bank Limited
• HDFC Bank Limited
• Citi Bank N. A

Facilities :

Secured Loan	As on 31.03.2014	As on 31.09.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
External commercial borrowings	501.649	706.598
SHORT TERM BORROWINGS:
Cash credit	626.376	358.543
Packing credit loan from banks	1500.000	700.000
Total	2628.025	1765.141

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries 100% Share holding	Saraswati Sugar Mills Limited ISGEC Covema Limited ISGEC Exports Limited ISGEC Engineering and Projects Limited
Joint Venture with 51 % share holding	ISGEC Hitachi Zosen Limited
Entities over which Directors and their relatives can exercise significant influence	Yamuna Syndicate Limited Kamla Puri Charitable Trust Kamla Puri Charitable Foundation Blue Water Enterprises

CAPITAL STRUCTURE

As on: 11.02.2014

Authorized Capital: Rs. 85.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 73.695 Millions

As on: 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs. 85.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
7352951	Equity Shares	Rs.10/- each	Rs. 73.529 Millions

THE RIGHTS, PREFERENCES AND RESTRICTIONS ATTACHING TO EACH CLASS OF SHARES INCLUDING RESTRICTIONS ON THE DISTRIBUTION OF DIVIDENDS AND THE REPAYMENT OF CAPITAL ARE AS UNDER:

The Company has only one class of equity shares having a par value of ` 10 per share. Each shareholder is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all the preferential amounts. The distribution will be in proportion to the number of equity shares held by each of the equity share holders.

b) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year:

Particulars	31.03.2014
	Number of Shares	Amount
Equity shares outstanding at the beginning of the year	7369540	73.695
Add: Issued during the year	--	--
Less: Shares bought back	16589	0.166
Equity shares outstanding at the close of the year	7352951	73.529

I Detail of Shares held by each shareholder holding more than 5% Shares:

Particulars	31.03.2014
Class of shares/Name of the shareholders:	Number of Shares	% holding in that class of shares
Equity shares with voting rights
Yamuna Syndicate Limited	3297446	44.85
Ranjit Puri (individually and/ or jointly with others)	659201	8.97
Aditya Puri (individually and/ or jointly with others)	456808	6.21
Ranjan Tandon (individually and/ or jointly with others)	438900	5.97

(d) 40 Equity shares of Rs. 10/- each are yet to be allotted by way of Bonus Shares on receipt of fractional certificates, value of which has been shown under capital reserve.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (6 Months)	30.09.2013	30.09.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	73.529	73.695	73.695
(b) Reserves & Surplus	6407.487	6019.780	4742.593
(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)	6481.016	6093.475	4816.288
(3) Non-Current Liabilities
(a) long-term borrowings	705.218	903.790	1025.546
(b) Deferred tax liabilities (Net)	196.525	187.004	67.655
(c) Other long term liabilities	1043.152	1035.501	1071.204
(d) long-term provisions	1327.434	1268.872	765.328
Total Non-current Liabilities (3)	3272.329	3395.167	2929.733
(4) Current Liabilities
(a) Short term borrowings	2777.679	1860.481	511.143
(b) Trade payables	7446.127	6317.429	5033.115
(c) Other current liabilities	5094.443	5728.458	6064.314
(d) Short-term provisions	536.548	586.611	896.482
Total Current Liabilities (4)	15854.797	14492.979	12505.054
TOTAL	25608.142	23981.621	20251.075
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3607.632	3731.753	2625.834
(ii) Intangible Assets	532.897	549.425	388.833
(iii) Capital work-in-progress	272.260	82.056	446.872
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1265.581	1265.580	723.080
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	135.122	123.782	57.519
(e) Other Non-current assets	16.636	200.307	12.834
Total Non-Current Assets	5830.128	5952.903	4254.972
(2) Current assets
(a) Current investments	1403.267	2071.418	1883.015
(b) Inventories	4184.912	3331.187	4530.009
(c) Trade receivables	7867.982	7614.956	6313.081
(d) Cash and cash equivalents	3906.134	3332.869	1474.780
(e) Short-term loans and advances	2200.345	1610.537	1771.964
(f) Other current assets	215.374	67.751	23.254
Total Current Assets	19778.014	18028.718	15996.103
TOTAL	25608.142	23981.621	20251.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (6 Months)	30.09.2013	30.09.2012
	SALES
		Income	14404.385	25126.341	23591.930
		Other Income	233.874	426.070	235.477
		TOTAL (A)	14638.259	25552.411	23827.407
Less	EXPENSES
		Cost of Materials Consumed	2564.451	3884.028	5697.857
		Purchases of Stock-in-Trade	6466.812	9302.314	9547.788
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(579.690)	1266.341	(658.508)
		Employees benefits expense	1034.830	1919.234	1631.918
		Other expenses	2736.321	5304.421	4379.135
		Erection and Civil Cost	1303.888	2061.550	1591.907
		TOTAL (B)	13526.612	23737.888	22190.097
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1111.647	1814.523	1637.310
Less	FINANCIAL EXPENSES (D)		130.381	225.023	178.254
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		981.266	1589.500	1459.056
Less/ Add	DEPRECIATION/ AMORTISATION (F)		278.679	541.639	380.937
	PROFIT BEFORE TAX (E-F) (G)		702.587	1047.861	1078.119
Less	TAX (H)		240.064	323.660	326.900
	PROFIT AFTER TAX (G-H) (I)		462.523	724.201	751.219
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4420.091	3842.005	3285.364
Less	APPROPRIATIONS
		Transfer to General Reserve	46.252	72.420	70.040
		Dividend	51.471	73.695	73.695
		Tax on Dividend	8.747	0.000	0.000
		Transfer To Capital Redemption Reserve	0.166	0.000	0.000
		Paid for Buyback of Equity Shares	14.598	0.000	0.000
	BALANCE CARRIED TO THE B/S		4761.380	4420.091	3842.005
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4889.333	11287.070	10592.454
	TOTAL EARNINGS		4889.333	11287.070	10592.454
	IMPORTS
		Raw Materials	551.933	516.731	1218.790
		Stores & Spares	201.427	152.325	194.996
		Capital Goods	58.150	141.289	558.899
		Others	202.695	75.887	0.000
	TOTAL IMPORTS		1014.205	886.232	1972.685
	Earnings Per Share (Rs.)		62.78	98.27	95.04

QUARTERLY RESULTS

Particulars (Rs. Millions)	Jun 2014
Audited / UnAudited	UnAudited
Net Sales	7027.600
Total Expenditure	6534.700
PBIDT (Excl OI)	492.900
Other Income	116.500
Operating Profit	609.400
Interest	64.700
Exceptional Items	0.000
PBDT	544.700
Depreciation	162.900
Profit Before Tax	381.800
Tax	129.800
Provisions and contingencies	0.000
Profit After Tax	252.000
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	252.000

KEY RATIOS

PARTICULARS		31.03.2014 (6 Months)	30.09.2013	30.09.2012
Net Profit Margin PAT / Sales	(%)	3.21	2.88	3.18
Operating Profit Margin (PBDIT/Sales)	(%)	7.72	7.22	6.94
Return on Total Assets (PBT/Total Assets}	(%)	2.92	4.63	5.22
Return on Investment (ROI) (PBT/Networth)		0.11	0.17	0.19
Debt Equity Ratio (Total Debt/Networth)		0.54	0.45	0.35
Current Ratio (Current Asset/Current Liability)		1.25	1.24	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2012	30.09.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	73.695	73.695	73.529
Reserves & Surplus	4742.593	6019.780	6407.487
Net worth	4816.288	6093.475	6481.016
long-term borrowings	1025.546	903.790	705.218
Short term borrowings	511.143	1860.481	2777.679
Total borrowings	1536.689	2764.271	3482.897
Debt/Equity ratio	0.319	0.454	0.537

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	30.09.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	23591.930	25126.341	14404.385
		6.504	(42.672)

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	30.09.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	23591.930	25126.341	14404.385
Profit	751.219	724.201	462.523
	3.18%	2.88%	3.21%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.09.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
DEPOSITS
Public	169.771	158.608
Shareholders	33.798	38.584
SHORT TERM BORROWINGS:
DEPOSITS
Public	1.232	1.627
Shareholders	0.071	0.311
Packing credit loan from bank	650.000	800.00
Total	854.872	999.130

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478026	21/01/2014	989,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	PLOT NO 139-140B,SHIV BUILDING,SAHAR ROAD JUNCTION, WESTERN EXPRESSWAY HIGHWAY, VILE PARLE - EAST,  MUMBAI - 400057, MAHARASHTRA, INDIA	B96575691
2	10349516	03/01/2013 *	989,000,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, 18, CYBERCITY, EBENE, - 000000, MAURITIUS	B66909698
3	10246065	22/05/2012 *	250,000,000.00	AXIS BANK LTD.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI - 110001, DELHI, INDIA	B42631622
4	10229371	29/06/2011 *	576,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE  NT)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI - 110001, DELHI, INDIA	B15411275
5	10121002	21/08/2013 *	28,000,000,000.00	STATE BANK OF PATIALA (LEAD BANK)	COMMERCIAL BRANCH,, CHANDRALOK BUILDING, 36, JANPATH ,, NEW DELHI - 110001, DELHI, INDIA	B85582294

OPERATIONS:

• Economic conditions continue to be depressed both in India and overseas. The Company, however, due to its
• Intensive efforts in marketing, technology up-gradation and cost control, has been able to achieve reasonable growth.
• The order booking at the close of the period was at record level yet again.
• All the Divisions continue to focus on the export market. In addition to booking repeat orders from the existing customers, the Company has extended its reach to new countries and new customers.
• The Boiler Division of the Company has ventured into new products such as Heat Recovery Steam Generators, Waste Heat Recovery Boilers and Pin Hole Grate Boilers. The Division has also ventured into Repair & Maintenance business for the first time.
• The first domestic order for Pulverized Coal fired Boiler is likely to be commissioned on time.
• Similarly, the first Electrostatic Precipitator designed in accordance with the technology acquired from Envirotherm GmbH, Germany, will start operating shortly.
• The domestic market for the Sugar Machinery Division continues to be bad. The Division could maintain its
• Market share. The Division succeeded in booking large orders from the overseas market.
• The Division successfully commissioned its largest Sugar Mills of the size of 1150 mm x 2290 mm (45" x 90"). The Division also successfully commissioned a sugar refinery for the first time during the period and also secured a further order for a sugar refinery.
• After setting up many Turnkey Power Plants based on coal, the Engineering Procurement & Construction
• Division of the Company has, in consortium with Hitachi Zosen Limited, Japan, secured its first order for
• Waste to Energy Power Plant Project.
• The Automobile and Automobile Components manufacturing sector, major consumer of Presses produced by the Machine Building Division, faced further slowdown during the period. This affected the order booking of this Division.
• The Division has established itself successfully in the business of high end Transfer Presses in the overseas market. This year the Division was successful in getting orders for such Transfer Presses from the Indian market also.
• A prototype Vertical Turning Lathes was successfully manufactured in accordance with drawings and the brand “Morando” bought by the Company. The machine is being shown to various customers and the Company is hopeful to have breakthrough in this activity.
• In the last year’s Directors’ Report of the Company the Directors stated that the Process Equipment Division secured orders for Feed Water Heaters & Surface Condensers and Breach Lock Exchangers. These orders are under advanced stage of completion and the Division hope to supply these equipment’s on time.
• Securing these orders has helped diversify the activities of this Division to the Power Sector and has compensated for the depressed conditions in the Refining and Petrochemical Sectors.
• The Container sub-division of the Process Equipment Division has had a record billing and order booking during the period including large export orders.
• Consequent to the slowdown in the market for large power plants, the ISGEC Casting Unit which used to supply significant portion of its output to Turbine manufacturers, suffered badly. The Unit diversified into new products, such as castings for Pumps and Valve Sectors. Very lately the Unit has secured good orders and the order book is satisfactory. The future, however, remains uncertain.

MANAGEMENT DISCUSSION & ANALYSIS

• There was growth in turnover, revenue, margins and order bookings during the period.
• Input prices remained stable during most of the period. They have started to go up during the last few months.
• The expected increase in the industrial activity, due to the new Government taking over, is likely to benefit the Company. The appreciation of Indian currency will, however, affect the competitiveness of the Company in exports which now form a significant portion of its turnover.
• The Management continues to make aggressive efforts to up-grade technology and diversify the activities of various Units.
• Certain businesses may continue to be affected due to severe slowdown in sectors such as Automobile, Oil & Refinery and Power sectors.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2014

Particulars		Three months ended		Year ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	7457.100	8206.500	22292.200
	(b) Other Operating Income	432.600	540.000	1371.600
	Total income from operations (net)	7889.700	8746.500	23663.800
2	Expenses
	(a) Cost of materials consumed	1230.500	1327.500	3734.100
	(b) Purchases of stock-in trade	3687.900	3799.300	11142.300
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(102.000)	241.200	(348.000)
	(d) Employee benefits expense	560.700	555.400	1637.900
	(e) Depreciation and Anmortisation Expenses	182.600	191.000	536.500
	(f) Erection and commisioninig expenses	500.000	1547.800	4034.100
	(g) Other Expenses	1323.700	1547.800	4034.100
	Total expenses	7383.400	8179.000	22260.000
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	506.300	567.500	1403.800
4	Other Income	98.200	87.900	302.600
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	604.500	655.400	1706.400
6	Finance Costs	36.500	31.100	132.300
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	568.000	624.300	1574.100
8	Exceptional items	--	--	--
9	Profit/ (Loss) from ordinary activities before tax (7+8)	568.000	624.300	1574.100
10	Tax expenses	193.200	211.800	534.800
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	374.800	412.500	1039.300
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	374.800	412.500	1039.300
14	Share of profit' (loss) of associates
15	Minority Interest
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	374.800	412.500	1039.300
17	Paid up equity share capital (Face Value of Rs10/- each)
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	50.97	56.10	141.34
	(b) Diluted	50.97	56.10	141.34
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	50.97	56.10	141.34
	(b) Diluted	50.97	56.10	141.34
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	2779171	2784271	2779171
	- Percentage of shareholding	37.80	37.87	37.80
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	Nil	Nil	Nil
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)
	- Percentage of shares (as a % of the total Share Capital of the Company)
	b) Non Encumbered
	- Number of shares	4573780	4568680	4573780
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00	100.00	100.00
	- Percentage of shares (as a % of the total Share Capital of the Company)	62.20	62.13	62.20

B	INVESTOR COMPLAINTS	As on 31.12.2014
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	73.500
	b) Reserves & Surplus	7033.400
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	7106.900
2	Share application money pending allotment	--
3	Minority Interest	--
4	Non-current liabilities
	(a) Long term borrowings	296.700
	(b) Deferred Tax Liabilities (net)	137.200
	(b) Other long term liabilities	9875.100
	fc) Long term provisions	1382.200
	Sub Total- Non Current Liabilities	2791.200
5	Current liabilities
	(a) Short term borrowings	430.200
	(b) Trade Payables	8871.200
	(c) Other current liabilities	4540.900
	(d) Short term provisions	770.500
	Sub Total- Current Liabilities	14612.800
	TOTAL-EQUITY AND LIABILITIES	24510.900
B	ASSETS
1	Non-current assets
	(a) Fixed assets	4306.500
	(b) Goodwill on Consolidation	0.000
	(c) Non-current investment	1383.800
	(d) Deferred Tax assets (net)	0.000
	(e) Long term loan and advances	96.600
	(f) Other non-current assets	0.000
	Sub-Total Non-current assets	5786.900
2	Current assets
	a) Current Investments	1599.100
	b) Inventories	4355.500
	c) Trade Receivables	8748.700
	d) Cash and cash equivalents	1586.500
	(e) Short term loans and advances	2360.000
	(f) Other current assets	74.200
	Sub-Total- current assets	18724.000
	TOTAL ASSETS	24510.900

PRESS RELEASES

ALTAAQA GLOBAL BREAKS GROUND FOR ITS HEADQUARTERS

Altaaqa Global CAT Rental Power, the global provider of temporary power solutions, broke ground at the site of its new headquarters at the Dubai World Central, on December 3, 2014. Located on a 40,000 square meter plot of land, the facility will house the head office, a state-of-the-art asset monitoring & control center, a training center, an equipment servicing center, and recreational areas – together serving as the hub for the company’s worldwide operations. The groundbreaking ceremony was led by Altaaqa Global Chairman, Mr. Fahad Y. Zahid, and was attended by company executives, personnel and distinguished guests. Zahid said, “Once completed, the headquarters will propel Altaaqa Global to the position of a global operator with its own resources to manage, maintain and service its assets in-house, shortly after its inception. The facility will also give the company the means to control its global footprint from a single, central station. 

DELTA ELECTRONICS ROLLS OUT MODULON DPH MODULAR UPS

Delta Electronics, the world’s leading provider of switching power supplies and DC brushless fans, as well as a major energy-saving solutions provider, today announced the global roll out of its Modulon DPH series UPS 75/150kW, to join its existing 200kW model. Along with the launch of the new 75/150kW series, an inbuilt rackmount power distribution cabinet and battery modules are also available as options for DPH, which allow upgrading as an ultra-compact solution, including power protection, power distribution, and battery runtime to streamline power management in small and medium-sized datacenters. Engineered with a cutting-edge design, the fully modular Delta Modulon DPH series UPS can provide customers with three core benefits: Ultimate Availability, High Scalability Leading Power Performance and Efficiency

FIXED ASSETS:

· Land

· Building and Road

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Technical Know-how

· Office Equipment

· Live Stock

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. 62.36
UK Pound	1	Rs. 91.60
Euro	1	Rs. 66.48

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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.