MIRA INFORM REPORT

Report No. :	357288
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	ALFA LAVAL INDIA LIMITED
Registered Office :	Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra
Tel. No.:	91-20-67341740
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	15.12.1937
Com. Reg. No.:	11-002732
Capital Investment / Paid-up Capital :	Rs. 181.605 Million
CIN No.: [Company Identification No.]	U29299PN1937PLC002732
IEC No.:	0388041871
TAN No.: [Tax Deduction & Collection Account No.]	PNEA00381D
PAN No.: [Permanent Account No.]	AAACA5899A
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is primarily engaged in the manufacture and sale of industrial equipment and process solutions. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

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 :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a 98.20 per cent subsidiary of Alfa Laval Corporation AB. The company operates through two divisions: process technology and equipment. The equipment division sells standardized Alfa Laval equipment, such as separators, heat exchangers, and flow products. The process technology division provides turnkey solutions, mainly to vegetable oil refining plants, breweries, fuel ethanol plants, and spray drying plants. The division also supplies equipment to the energy and waste-management sectors. The company got voluntarily delisted from stock exchanges on April 19, 2012. Rating continue to reflect the company’s robust financial risk profile supported by its debt-free balance sheet, large net worth base and healthy liquidity profile. The strong business risk profile reflected in its established market position in the process technology and equipment segments. The ratings are further supported by the technological and marketing support Alfa Laval India receives from its Sweden-based parent, Alfa Laval AB. However, rating strengths is partially offset by the vulnerability of company’s revenue to downturns in the engineering and capital goods industry and the susceptibility of its margins to volatility in input costs. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL RATING
Rating	Long Term Rating = AA+
Rating Explanation	High degree of safety and very low credit risk
Date	April 06, 2015

Rating Agency Name	CRISIL RATING
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	April 06, 2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Sachin Sinarde
Designation :	Treasury Department
Contact No.:	91-20-67341740
Date :	29.12.2015

LOCATIONS

Registered Office :	Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra, India
Tel. No.:	91-20-27107100/ 66119100/ 27147721/ 7728/ 776321/ 797711
Fax No.:	91-20-27147711/ 779479
E-Mail :	alil.inverstorservices@alfalaval.com info@alfalaval.co.in cp.balakrishnan@alfalaval.com kapil.joshi@alfalaval.com avadhut.sawant@alfalaval.com
Website :	www.alfalaval.com
Factory 1 :	Gat No.30 to 33 and 74 to 82, Sarole Veer Road, Sarole – 412205, Taluka Bhor, District Pune, Maharashtra, India
Tel. No.:	91-2113-282367
Fax No.:	91-2113-282301
E-Mail :	india.info@alfalaval.com
Factory 2 :	E-7/ E-8, M.I.D.C. Estate, Satara - 415004, Maharashtra, India
Tel. No.:	91-2162-244503
Fax No.:	91-2162-244268
Head/ Corporate/ Sales Office 1:	Office No. 301, Global Port Building Survey No. 45/1-10, Mumbai Bangalore Highway Baner, Pune - 411045, Maharashtra, India
Tel. No.:	91-20-67341100
Fax No.:	91-20-67341115
E-Mail :	India.info@alfalaval.com
Sales Office 2 :	901-A, BSEL Tech Park, Sector 30 A, Vashi, Opp. Vashi Ply. Station, Navi Mumbai - 400705, Maharashtra, India
Tel. No.:	223-9116200
Fax No.:	223-9116225
Sales Office 3 :	Plot No. A-18, Road No. 4, Vikrampuri, Secunderabad – 500009, Andhra Pradesh, India
Tel. No.:	91-40-27846287
Fax No.:	91-40-27843778
E-Mail :	india.info@alfalaval.com
Parts and Service Centre :	Plot No. R-674, MIDC Rebale, TTC Industrial Area, Post Ghansoli, Navi Mumbai - 400701, Maharashtra, India
Tel. No.:	91-22-27691832
Fax No.:	91-22-27607834
Other Sales Offices :	Located At: · Chennai · Kolkata · Indore · Vadodara · Chandigarh · Kanpur · Kochi · Jamshedpur · Nagpur · Raipur · Visakhapatnam · Pune

DIRECTORS

AS ON 30.06.2015

Name :

Mr. Raymond John Field

Designation :

Director

Address :

41 D, Pat Heung, Ha Che Tsuen, PAT Heung, Yuen Long, Hong Kong, China

Date of Birth/Age :

11.05.1954

Date of Appointment :

22.06.2012

DIN No.:

00867545

Name :

Kanulal Gorane Bhatu

Designation :

Director

Address :

B-402, Surobhi Park, S. No. 161/162, DP Road, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

13.09.1968

Qualification :

B. E. (Mechanical)

Date of Appointment :

21.06.2012

PAN No.:

ABFPG8341J

DIN No.:

03516243

Name :

Henrik Hakan Mattias Holm

Designation :

Director

Address :

Flat No. C-1/F-68, MacDonnell Road, Mid Levels, Hong Kong

Date of Birth/Age :

04.03.1970

Qualification :

Bachelor of Science and MS in Business and Economics

Date of Appointment :

21.06.2012

DIN No.:

05336337

Name :

Lars Dithmer

Designation :

Managing Director

Address :

Arkivgatan 27 C, 223 59, Lund, Na, Sweden

Date of Appointment :

01.01.2015

DIN No.:

06868911

Name :

Asa Ingrid Susanne Pahlen Aklundh

Designation :

Director

Address :

Arkivgatan 27 C, 223 59, Lund, Na, Sweden

Date of Appointment :

06.11.2014

DIN No.:

06999260

Name :

Hans Goran Mathiasson

Designation :

Director

Address :

Persikogatan 2, 247 61, Veberod, Na, Sweden

Date of Appointment :

06.11.2014

DIN No.:

06999547

Name :

Ravi Krishnamurthi

Designation :

Director

Address :

537, 10th Main, 6th A Cross, Hal 3rd Stage, Bangalore - 560075, Karnataka, India

Date of Appointment :

18.03.2015

DIN No.:

00002278

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	U29299PN1937PLC002732	ALFA LAVAL INDIA LIMITED	Director	18/05/2015	29/07/2005	-	Active	NO
2	U00291HP2006PTC001074	NEWTECH FILTER INDIA PRIVATE LIMITED	Director	06/06/2007	06/06/2007	02/04/2010	Active	NO

Name :

Ashwani Gupta

Designation :

Director

Address :

C-27, Chirag Enclave, New Delhi - 110048, India

Date of Appointment :

18.03.2015

DIN No.:

00122889

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	U74899DL1995PTC071592	HONEYWELL INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	10/12/2002	10/12/2002	30/06/2008	Active	NO
2	U72200KA1994FTC016379	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED	Director	17/09/2003	17/09/2003	30/06/2008	Active	NO
3	U29299PN2004PTC019904	HONEYWELL TURBO TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	03/11/2004	03/11/2004	23/06/2008	Active	NO
4	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31/12/2008	26/09/2008	27/03/2015	Active	NO
5	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17/09/2009	16/02/2009	24/02/2015	Active	NO
6	U74140KA2007PTC042034	Footprint Ventures Trustee Company Private Limited	Director	13/09/2011	31/07/2010	-	Active	NO
7	U67190KA2006PTC038579	FOOTPRINT VENTURES CONSULTANCY PRIVATE LIMITED	Director	13/09/2011	31/07/2010	-	Active	NO
8	U74140DL2005PLC135984	Avantha Business Solutions Limited	Director	26/09/2011	18/03/2011	31/03/2015	Active	NO
9	U31900MH2014PLC258217	CROMPTON GREAVES CONSUMER PRODUCTS LIMITED	Director	19/09/2014	19/09/2014	15/01/2015	Active	NO
10	U29299PN1937PLC002732	ALFA LAVAL INDIA LIMITED	Director	18/05/2015	18/03/2015	-	Active	NO
11	U93000DL2010PTC199073	Polixel Security Systems Private Limited	Nominee director	10/08/2015	10/08/2015	-	Active	NO
12	U92111KA2007PTC041671	CANVERA DIGITAL TECHNOLOGIES PRIVATE LIMITED	Nominee director	16/11/2015	16/11/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Viswanathan Chandrasekhar
Designation :	Company Secretary
Address :	P-402, Laburnum Park, Magarpatta City, Hadapsar, Pune – 411013, Maharashtra, India
Date of Birth/Age :	20.01.1958
Date of Appointment :	20.08.1993
PAN No.:	AANPC6399P
Name :	Mr. Mahesh
Designation :	Logistic Manager
Name :	Marcin Skiba
Designation :	CFO
Address :	Apt. #1701, Tower #4 Castle Royale, Village Bopodi, Bhosle Nagar Pune-07, Pune, 411007, Maharashtra, India
Date of Appointment :	01.05.2015
PAN No.:	GHAPS7437E

MAJOR SHAREHOLDERS

AS ON 19.06.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 19.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Nationalised or other banks	0.03
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	98.20
Bodies corporate	0.02
Other top fifty shareholders	0.43
Others	1.32
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the manufacture and sale of industrial equipment and process solutions. [Registered Activity]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

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

Auditors :
Name :	BSR and Associates LLP Chartered Accountant
Address :	703 Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune- 411001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Alfa Laval Corporate AB, Sweden
Ultimate Holding Company :	Alfa Laval AB, Sweden
Other related parties with whom transactions have taken place during the year :	Argentina · Alfa Laval S.A. Australia · Alfa Laval Australia Pty Limited Austria · Alfa Laval (Austria) Mid Europe GmbH Brazil · Alfa Laval Ltda Bulgaria · Alfa Laval Sofia Limited Canada · Alfa Laval Inc Chile · Alfa Laval S.A.C.I China · Alfa Laval (China) Limited · Alfa Laval Flow Equipment (Kunshan) Co. Limited · Alfa Laval (Jiangyin) Manufacturing Company Limited · Alfa Laval (Shanghai) Technologies Co. Limited · Alfa Laval (Kunshan) Manufacturing Company Limited · Wuxi MCD Gasket Co. Limited · Alfa Laval Qingdao Limited Denmark · Alfa Laval Copenhagen A/S · Alfa Laval Tank Equipments A/S · Alfa Laval Kolding A/S · Alfa Laval Nakskov A/S · Alfa Laval Nordic A/S · Scandi Brew · Alfa Laval Aalborg A/S Finland · Alfa Laval Nordic OY · Alfa Laval Vantaa OY France · Alfa Laval Vicarb SAS · Alfa Laval SAS · Alfa Laval France SAS · Alfa Laval Spiral SAS · Alfa Laval Moatti SAS · Alfa Laval Moatti SNC · Alfa Laval Packinox SA · Alfa Laval HES SA · MCD SAS Germany · Alfa Laval (Germany) Mid Europe GmbH · Alfa Laval Dortmund GmbH Greece · Alfa Laval AEBE India · Alfa Laval Support Services Private Limited CIN No.: U72900MH2005PTC151274 · Tranter India Private Limited CIN No.: U29299PN2005PTC021523 Indonesia · PT Alfa Laval Italy · Alfa Laval SpA · Astepo Srl · Alfa Laval Parma Srl · Alfa Laval Artec SpA · Alfa Laval Olmi SpA Japan · Alfa Laval KK South Korea · Alfa Laval Korea Limited Mexico · Alfa Laval S.A. de CV Malaysia · Alfa Laval (Malaysia) Sdn Bhd Netherlands · Alfa Laval Groningen B.V. · Alfa Laval Benelux NV-SA · Alfa Laval Benelux B.V. Norway · Alfa Laval Nordic A/S Peru · Alfa Laval S.A. Phillipines · Alfa Laval Philippines Inc Poland · Alfa Laval Krakow Sp. z o. o. · Alfa Laval Polska Sp. z o. o. Romania · Alfa Laval Srl Russia · A/O Alfa Laval Potok Singapore · · Alfa Laval, Singapore Pte Limited · Alfa Laval Aalborg Pte Limited Spain · Alfa Laval Iberia SA South Africa · Alfa Laval (Pty) Limited Sweden · Alfa Laval Tumba AB · Alfa Laval Treasury International AB · Alfa Laval Holding AB · Alfa Laval Lund AB · Alfa Laval Nordic AB · Alfa Laval Quality Moving AB Taiwan · Alfa Laval Taiwan Limited Thailand · Alfa Laval (Thailand) Limited Turkey · Alfa Laval Makine Sanayii ve Ticaret Limited Sti. UAE · Alfa Laval Middle East Limited United Kingdom · Alfa Laval Limited · Alfa Laval Pumps Limited · Alfa Laval Eastbourne Limited USA · Alfa Laval Inc · Alfa Laval Distribution Inc

CAPITAL STRUCTURE

AS ON 30.06.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18160567	Equity Shares	Rs.10/- each	Rs. 181.605 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	181.605	181.605	181.605
(b) Reserves & Surplus	8688.594	7219.276	5864.934
(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)	8870.199	7400.881	6046.539
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	65.214	73.273
(d) long-term provisions	171.424	144.771	41.760
Total Non-current Liabilities (3)	171.424	209.985	115.033
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1715.270	1792.799	1823.839
(c) Other current liabilities	1858.328	1555.283	1264.369
(d) Short-term provisions	427.897	350.767	481.000
Total Current Liabilities (4)	4001.495	3698.849	3569.208
TOTAL	13043.118	11309.715	9730.780
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1813.582	1827.289	1884.338
(ii) Intangible Assets	3.313	2.140	1.427
(iii) Capital work-in-progress	257.619	189.265	93.197
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	160.368	115.138	100.138
(c) Deferred tax assets (net)	251.361	231.394	202.930
(d) Long-term Loan and Advances	503.866	481.421	749.321
(e) Other Non-current assets	0.000	233.616	366.356
Total Non-Current Assets	2990.109	3080.263	3397.707
(2) Current assets
(a) Current investments	3826.566	1974.514	876.650
(b) Inventories	2244.836	2449.564	2342.382
(c) Trade receivables	2318.427	2314.885	1962.995
(d) Cash and cash equivalents	511.523	510.954	507.799
(e) Short-term loans and advances	702.407	617.852	410.656
(f) Other current assets	449.250	361.683	232.591
Total Current Assets	10053.009	8229.452	6333.073
TOTAL	13043.118	11309.715	9730.780

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	11263.374	11168.235	10511.801
	Other Income	329.138	289.377	289.183
	TOTAL	11592.512	11457.612	10800.984
Less	EXPENSES
	Cost of Materials Consumed	5330.438	5326.070	5515.819
	Purchases of Stock-in-Trade	371.063	389.035	440.476
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	59.545	8.375	(252.854)
	Employees benefits expense	1209.743	1148.181	984.804
	Other expenses	2197.015	2348.040	2215.633
	TOTAL	9167.804	9219.701	8903.878
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2424.708	2237.911	1897.106
Less	FINANCIAL EXPENSES	39.044	27.813	26.934
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	2385.664	2210.098	1870.172
Less/ Add	DEPRECIATION/ AMORTISATION	214.623	207.811	182.884
	PROFIT/ (LOSS) BEFORE TAX	2171.041	2002.287	1687.288
Less	TAX	701.723	647.946	537.369
	PROFIT/ (LOSS) AFTER TAX	1469.318	1354.341	1149.919
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	4431.017	4528.954	4076.204
	TOTAL EARNINGS	4431.017	4528.954	4076.204
	IMPORTS
	Raw Materials	2137.453	2135.226	1923.150
	Stores & Spares	271.175	227.978	289.029
	Capital Goods	63.523	66.565	159.538
	TOTAL IMPORTS	2472.151	2429.769	2371.717
	Earnings Per Share (Rs.)	80.91	74.58	63.32

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	2861.706	2150.436	1623.128

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	13.05	12.13	10.94
Operating Profit Margin (PBIDT/Sales)	(%)	21.53	20.04	18.05
Return on Total Assets (PBT/Total Assets}	(%)	17.55	18.58	18.08
Return on Investment (ROI) (PBT/Networth)		0.24	0.27	0.28
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.51	2.22	1.77

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	181.605	181.605	181.605
Reserves & Surplus	5864.934	7219.276	8688.594
Net worth	6046.539	7400.881	8870.199
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10511.801	11168.235	11263.374
		6.245	0.852

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10511.801	11168.235	11263.374
Profit	1149.919	1354.341	1469.318
	10.94%	12.13%	13.05%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 01.04.2015

Lodging No.:- ITXAL/453/2015 Filing Date:- 01.04.2015

Reg. No.:- ITXA/909/2015 Reg. Date:- 27.08.2015

Petitioner: THE PR. COMMISSIONER OF INCOME TAX Respondent: ALFA LALVAL INDIA LTD.

Petn. Adv : SHAM V WALVE (I3200)

District: PUNE

Bench: DIVISION

Status: Pre-Admission Category: TAX APPEAL

Next Date: 15.01.2016 Stage: FOR REJECTION [ORIGINAL SIDE MATTERS]

Coram: ACCORDING TO SITTING LIST

ACCORDING TO STTING LIST

Act: Income Tax Act, 1961 UNDER SECTION: 260A

COMPANY OVERVIEW

Subject is a public company. It is incorporated under the Indian Companies Act, VII of 1913. The company is primarily engaged in the manufacture and sale of industrial equipment and process solutions. The Company sells high speed separators, heat exchangers and flow equipment amongst other products, besides offering process solutions to various industries.

OPERATIONS AND FINANCIAL RESULTS

The sales revenues of the Company for the year under review marginally increased to Rs.11263.374 Million as against Rs.11168.235 Million in the previous year. With other income moving up to Rs.329.14 M as against Rs.289.380 Million for the previous year, the total income of the Company for 2014 was at Rs.11592.510 Million (2013:Rs.11457.610 Million). Consequently, the overall profitability for the year showed a modest increase. The financial performance of the Company for the year 2014 was as under:-

In terms of the circular no. 08/2014 dated 4th April, 2014 issued by the Ministry of Corporate Affairs and considering the commencement of the financial year before 1st April, 2014, the Company has principally prepared the Balance Sheet, Statement of Profit and Loss, the schedules and notes thereto and the Directors Report in accordance with the relevant provisions of the Companies Act, 1956, Schedules and Rules made under.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90085669	15/03/1993 *	10,000,000.00	BANK OF INDIA	70/80 M G ROAD, BOMBAY, Maharashtra - 400023, IN  DIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Leasehold Improvements

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. 66.37
UK Pound	1	Rs. 98.91
Euro	1	Rs. 72.85

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		80

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.