MIRA INFORM REPORT

Report No. :	306082
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	ACTION CONSTRUCTION EQUIPMENT LIMITED
Registered Office :	Dudhola Lin Road, Dudhola, Palwal – 121102, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.01.1995
Com. Reg. No.:	05-053860
Capital Investment / Paid-up Capital :	Rs. 197.880 Millions
CIN No.: [Company Identification No.]	L74899HR1995PLC053860
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturer and supplier of Cranes, Material Handling/Construction Equipment and Tractors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. There seems drastic dip in the profit of the company during 2014. However, the rating reflects diversified customer base in the material-handling equipment, cranes and tractor industries marked by its strong market position in the cranes business and comfortable liquidity position. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	CRISIL
Rating	Long Term Rating = A
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	August 8, 2014

Rating Agency Name	CRISIL
Rating	Short term Rating A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	August 8, 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.

LOCATIONS

Registered Office / Plant 1 :	Dudhola Lin Road, Dudhola, Palwal – 121102, Haryana India
Tel. No.:	91-1275-280111
Fax No.:	91-1275-280133
E-Mail :	cs@ace-cranes.com
Website :	http://www.ace-cranes.com
Location :	Owned
Marketing office	5^th Floor, TDI Center, Jasola, New Delhi – 110 076, India
Tel. No.:	91-11-40549900 (30 Lines)
Fax No.:	91-11-40549922
E-Mail :	cs@ace-cranes.com marketing@ace-cranes.com
Website :	http://www.ace-cranes.com
Location :	Owned
Marketing Head Quarter (Forklift and Backhoe):	Plot No.7, IInd Floor, Pocket-H Market, Sarita Vihar, New Delhi – 110 076, India
Tel. No.:	91-11-49390000
Fax No.:	91-11-49390099
E-Mail :	forklifts@ace-cranes.com
Marketing Head Quarter (EED and RCED) :	912-914, 9^th Floor, DLF Tower – A, Jasola, New Delhi – 110 025, India
Tel. No.:	91-11-42429900
Fax No.:	91-11-42429922
E-Mail :	ceooffice@ace-cranes.com
Marketing Head Quarter (Tractors)/ Correspondence Office/ Product Support Division and Spare Parts Division/ Research and Development Centre 2/ Plants 1 :	Jajru Road, 25^th Mile Stone, Mathura Road, Ballabgarh, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-2307922 / 33/ 2306111
Fax No.:	91-129-2307562
E-Mail :	tddelhi@ace-cranes.com cs@ace-cranes.com
Plant 3 :	Plot No. C-5/6/7/8, Industrial Area (UPSIDC), Bazpur-262 123, District Uddham Singh Nagar, Uttrakhand, India
Plant 4 :	Plot No.40 and 41, Nand Nagar Industrial Estate, Phase-1, Mahuakhera Ganj, Kashipur, Uttrakhand, India
Plant 5 :	45^th Mile Stone, Delhi Mathura Road, Prithla, Faridabad, Haryana, India
Regional offices	Located at: Chennai Delhi Kolkata Mumbai Vizag
Area Offices :	Located at: Ahmedabad Bangalore Bhubaneshwar Cochin Guwahati Hyderabad Jaipur Lucknow Patna Pune Raipur Ranchi
Sales and Services Dealers:	Located at: Agartala Agra Ahmedabad Aurangabad Bangalore Baroda Begusarai Belgaum Bellary Bhilwara Bhopal Bhubaneshwar Bilaspur Calicut Chandigarh Chandrapur Chennai Chittoor Cochin Coimbatore Dehradun Delhi Durgapur Gandhidham Goa Guwahati Gwalior Hoogly Hyderabad Indore Jaipur Jammu Jamnagar Jamshedpur Jhansi Jharsugada Jodhpur Kanpur Karim Nagar Karnal Kolhapur Kolkata Korba Kota Lucknow Ludhiana Mangalore Mathura Mumbai Nagpur Nasik Noida Panipat Patna Pune Raipur Raigarh Rajkot Ranchi Rohtak Sagar Silchar Singrauli Srinagar Surat Trichy Tuticorn Udaipur Vapi Vijayawada Vizag
Product Support Division :	Located at Faridabad

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Vijay Agarwal
Designation :	Chairman and Managing Director
Name :	Mrs. Mona Agarwal
Designation :	Whole - time Director
Name :	Mr. Sorab Agarwal
Designation :	Executive Director
Name :	Surbhi Garg
Designation :	Executive Director
Name :	Mr. Girish Narain Mehra (IAS Retd.)
Designation :	Independent Director
Name :	Mr. Subhash Chander Verma
Designation :	Independent Director
Date of Birth/ Age :	13.04.1945
Qualification :	Graduate and qualified CAIIB (Associate of Indian Institute of Bankers)
Date of Appointment :	21.09.2011
DIN No.:	00098019
Name :	Dr. Amar Singhal
Designation :	Independent Director
Name :	Maj. Gen. (Retd.) Dr. Keshav Chandra Agrawal
Designation :	Independent Director
Date of Birth/ Age :	15.07.1941
Qualification :	Ph. D in Mechanical Engineering from Indian Institute of Technology, Delhi
Date of Appointment :	06.09.2010
DIN No.:	00098143

KEY EXECUTIVES

Name :	Mr. Rajan Luthra
Designation :	Chief Financial Officer and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	67526363	68.25
Sub Total	67526363	68.25
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	67526363	68.25
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3321170	3.36
Financial Institutions / Banks	71033	0.07
Foreign Institutional Investors	550000	0.56
Sub Total	3942203	3.98
(2) Non-Institutions
Bodies Corporate	7367802	7.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	14819879	14.98
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4454272	4.50
Any Others (Specify)	829481	0.84
Trusts	1500	0.00
Clearing Members	235623	0.24
Non Resident Indians	592358	0.60
Sub Total	27471434	27.77
Total Public shareholding (B)	31413637	31.75
Total (A)+(B)	98940000	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)	98940000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and supplier of Cranes, Material Handling/Construction Equipment and Tractors.

Products :

Product Description	Item Code No.
Hydraulic Mobile Crane	842641.00
Tower Crane	842620.00
Loader	842951.00

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited
• The Hongkong and Shanghai Banking Corporation of India Limited
• Standard Chartered Bank
• State Bank of Patiala
• Axis Bank Limited
• State bank of India
• IndusInd Bank Limited, Dr. Gopal Das Building, 28, Barakhamba Road, New Delhi – 110 001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from Banks
Foreign Currency Loan	159.109	205.660
Rupee Term Loan	316.723	94.706
Less : Current Maturity of Long Term Borrowings	81.224	67.986
SHORT TERM BORROWINGS
Cash Credit	249.881	114.473
Buyers Credit	470.426	742.290
Working Capital Demand Loan	300.000	405.000
Total	1414.915	1494.143

Notes:

Long Term Borrowings

Terms of Repayment

a) Foreign Currency Loan - Repayable in 16 equal instalments of USD 156250 and USD 125000 each, starting after 15 months from the date of disbursement i.e. 30th Jun 2011 and 1^st September 2011 respectively with interest rate of USD LIBOR + 2.65%.

b) I Rupee Loan - Repayable in 118 equated monthly instalments, (including interest @10.75%) starting from 10.04.2012.

ii Rupee Loan from Axis Bank Limited, - Repayable in 12 quarterly instalment of Rs. 20.800 Millions each, last being Rs. 21.200 Million starting after one year from the date of first disbursement and carry an interest of 11.25% p.a.

Security Offered

a) (I) Exclusive Charge on assets financed out of this Loan.

(ii) Exclusive Charge on Immovable assets at industrial unit at Plant IV, Prithla Dhatir Road, Village Dudholla, Palwal.

b) i) Exclusive Charge on the assets financed out of this loan.

ii) Exclusive Charge by way of equitable mortgage over factory land situated at Kashipur, Uttarakhand.

Short Term Borrowings

All Credit Facilities from Banks are secured by way of hypothecation of the Company’s entire inventory and such other movable including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future and Plant and Machinery (Except Plant and Machinery financed out of Foreign Currency Loan and rupee term loan) on pari passu basis and First charge by the way of equitable mortgage of property situated at Bazpur on pari passu basis.

Banking Relations :	--
Auditors :
Name :	Rajan Chhabra and Company Chartered Accountants
Memberships :
Collaborators :
Associate Companies/ Entities :	ACE TC Rentals Private Limited Namo Metals VMS Holdings Private Limited VMS Equipment
Subsidiary Companies :	FRESTED Limited, Cyprus - Wholly Owned Subsidiary SC FORMA SA, Romania - Fellow Subsidiary Action Developers Limited, India - Wholly Owned Subsidiary

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
122500000	Equity Shares	Rs.2/- each	Rs.245.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98940000	Equity Shares	Rs.2/- each	Rs.197.880 Millions

Reconciliation of number of Equity Shares outstanding:

Particulars	As at 31^st March, 2014
	No. of Shares	Amount (Rs. in millions)
As at beginning and end of the year	98940000	197.880

Shareholders holding more than 5% of the Equity Shares in the Company:

Particulars	As at 31^st March, 2014
	No. of Shares	Percentage
Mr. Vijay Agarwal / Mrs. Mona Agarwal	33988707	34.35%
Mrs. Mona Agarwal / Mr. Vijay Agarwal	26637807	26.92%

Rights, preferences and restrictions attached to the Equity Shares

The Equity Shares of the Company, having par value of Rs.2.00 per share, rank pari passu in all respects including voting rights and entitlement to dividend.

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	197.880	197.880	197.880
(b) Reserves & Surplus	2882.298	2836.183	2778.386
(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)	3080.178	3034.063	2976.266
(3) Non-Current Liabilities
(a) long-term borrowings	394.608	232.380	245.117
(b) Deferred tax liabilities (Net)	45.328	45.008	29.206
(c) Other long term liabilities	31.718	23.679	17.400
(d) long-term provisions	12.078	13.465	16.760
Total Non-current Liabilities (3)	483.732	314.532	308.483
(4) Current Liabilities
(a) Short term borrowings	1020.307	1261.763	1165.580
(b) Trade payables	1140.787	996.480	746.162
(c) Other current liabilities	471.496	560.841	619.793
(d) Short-term provisions	22.196	45.634	106.411
Total Current Liabilities (4)	2654.786	2864.718	2637.946
TOTAL	6218.696	6213.313	5922.695
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2661.702	2486.270	2238.017
(ii) Intangible Assets	20.050	25.063	28.279
(iii) Capital work-in-progress	21.092	95.277	52.985
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	57.871	55.265	28.835
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	643.987	713.491	660.019
(e) Other Non-current assets	10.584	5.458	13.985
Total Non-Current Assets	3415.286	3380.824	3022.120
(2) Current assets
(a) Current investments	88.335	108.371	75.516
(b) Inventories	1605.448	1433.523	1357.586
(c) Trade receivables	682.781	833.400	855.513
(d) Cash and cash equivalents	136.549	165.625	199.985
(e) Short-term loans and advances	290.297	291.570	411.975
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2803.410	2832.489	2900.575
TOTAL	6218.696	6213.313	5922.695

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	6149.342	6678.498	8555.115
	Other Income	66.568	53.790	45.431
	TOTAL (A)	6215.910	6732.288	8600.546
Less	EXPENSES
	Cost of Materials Consumed	4641.182	4699.442	6072.987
	Purchases of Stock-in-Trade	11.464	49.942	332.421
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(203.635)	77.660	7.729
	Employees benefits expense	464.514	486.844	445.139
	Selling and Distribution Expenses	159.013	222.196	240.244
	Other expenses	835.351	845.118	931.692
	TOTAL (B)	5907.889	6381.202	8030.212
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	308.021	351.086	570.334
Less	FINANCIAL EXPENSES (D)	104.149	104.527	73.471
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	203.872	246.559	496.863
Less/ Add	DEPRECIATION/ AMORTISATION (F)	152.700	136.135	113.312
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	51.172	110.424	383.551
Less	TAX (H)	10.942	38.285	98.855
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	40.230	72.139	284.696
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	447.000	418.000	256.300
Less	APPROPRIATIONS
	Transfer to General Reserve	9.900	19.800	19.800
	Dividend	1.700	3.400	3.200
	Tax on Dividend	10.000	20.000	100.000
	Total (K)	21.600	43.200	123.000
	Balance Carried to the B/S (I+J-K)	465.630	446.939	417.996
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	111.114	105.937	220.371
	Commission Received	0.000	4.294	30.708
	TOTAL EARNINGS	111.114	110.231	251.079
	IMPORTS
	Raw Materials, Spare Parts and Finished Products	1045.980	1275.636	1527.734
	TOTAL IMPORTS	1045.980	1275.636	1527.734
	Earnings / (Loss) Per Share (Rs.)	0.41	0.73	2.97

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	0.65	1.08	3.33
Operating Profit Margin (PBDIT/Sales)	(%)	5.01	5.26	6.67
Return on Total Assets (PBT/Total Assets}	(%)	0.83	1.82	6.57
Return on Investment (ROI) (PBT/Networth)		0.02	0.04	0.13
Debt Equity Ratio (Total Debt /Networth)		0.46	0.49	0.47
Current Ratio (Current Asset/Current Liability)		1.06	0.99	1.10

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	197.880	197.880	197.880
Reserves & Surplus	2778.386	2836.183	2882.298
Net worth	2976.266	3034.063	3080.178
long-term borrowings	245.117	232.380	394.608
Short term borrowings	1165.580	1261.763	1020.307
Total borrowings	1410.697	1494.143	1414.915
Debt/Equity ratio	0.474	0.492	0.459

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8555.115	6678.498	6149.342
		-21.936	-7.923

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8555.115	6678.498	6149.342
Profit	284.696	72.139	40.230
	3.33%	1.08%	0.65%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 1774/2013

M/S ESCORTS LIMITED...... Plaintiff

Through Mr. Santosh Kumar, Adv.

versus

M/S ACTION CONSTRUCTION EQUIPMENT LIMITED..... Defendant

Through Mr. Sanjeev Narula, Adv. With

Mr. Ajay Kalra, Adv.

CORAM:

HON’BLE MR. JUSTICE G.P. MITTAL

 O R D E R

22.12.2014

1. The parties are still negotiating for an amicable settlement.

2. An adjournment slip has been moved on behalf of the Defendant which is not opposed by the learned counsel for the Plaintiff.

3. Renotify on 17.04.2015

G.P. MITTAL, J.

DECEMBER 22, 2014

FINANCIAL PERFORMANCE

Financial year 2013-14 continues to be a challenging year amidst economic certainties and prevailing recessionary conditions in most part of the world including India. The sluginess in economy, policy inertia and lacklustre infrastructure projects have all impacted the Indian economy as well as the Company.

Despites these tough conditions, the Company performed reasonably well.

The Company`s gross turnover stood at Rs. 6425.200 Millions as compared to Rs. 6928.000 Millions in the year 2012-13. The profit before depreciation, interest and tax stood at Rs. 308.000 Millions in 2013-14, as against Rs. 351.000 Millions in year 2012-13.

The profit after tax is Rs. 40.300 Millions in 2013-14 as against Rs. 72.200 Millions in the previous year. The company has taken several steps to reduce cost and increase its market share in all products.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10544211	11/12/2014	13,897,800.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C40981292
2	10537443	26/11/2014	20,790,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C37422573
3	10523107	27/09/2014	39,360,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C24514739
4	10518029	05/08/2014	59,040,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C19185438
5	10490528	01/06/2014 *	300,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 1, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA	C10923803
6	10475304	28/01/2014	250,000,000.00	AXIS BANK LTD.	PLOT NO. 40, SCO, SECTOR 7, HUDA MAIN MARKET, BA  LLABHGARH, FARIDABAD, HARYANA - 121006, INDIA	B95383402
7	10358918	11/02/2014 *	150,000,000.00	INDUSIND BANK LTD.	DR. GOPAL DAS BUILDING, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B98190432
8	10359921	28/01/2014 *	750,000,000.00	AXIS BANK LTD.	PLOT NO. 40, SCO, SECTOR 7, HUDA MAIN MARKET, BA  LLABHGARH, FARIDABAD, HARYANA - 121006, INDIA	B98249816
9	10363092	11/05/2012	650,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI  - 110001, INDIA	B42665943
10	10336829	10/02/2012	180,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B32658544

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

Particulars		Three months ended		Half Year ended
		30.09.2014	30.06.2014	30.09.2014
		(Reviewed)	(Reviewed)	(Reviewed)
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	1490.936	1300.533	2791.469
	(b) Other Operating Income	22.097	17.043	39.140
	Total income from operations (net)	1513.033	1317.576	2830.609
2	Expenses
	(a) Cost of materials consumed	1098.766	1073.358	2172.124
	(b) Purchases of stock-in trade	4.355	2.499	6.854
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	104.144	(21.828)	82.316
	(d) Employee benefits expense	120.261	106.332	226.593
	(e) Depreciation and Anmortisation Expenses	23.079	25.594	48.673
	(f) Other Expenses	119.529	97.772	217.301
	Total expenses	1470.134	1283.727	2753.861
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	42.899	33.849	76.748
4	Other Income	11.303	11.492	22.795
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	54.202	45.341	99.543
6	Finance Costs	33.756	29.990	63.746
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	20.446	15.351	35.797
8	Exceptional items	--	--	--
9	Profit/ (Loss) from ordinary activities before tax (7+8)	20.446	15.351	35.797
10	Tax expenses	7.198	6.267	13.465
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	13.248	9.084	22.332
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	13.248	9.084	22.332
17	Paid up equity share capital (Face Value of Rs2/- each)	197.880	197.880	197.880
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	0.13	0.09	0.23
	(b) Diluted	0.13	0.09	0.23
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	0.13	0.09	0.23
	(b) Diluted	0.13	0.09	0.23
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	31413637	31412686	31413637
	- Percentage of shareholding	31.75%	31.75%	31.75%
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	104649	105600	104649
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	0.15%	0.16%	0.15%
	- Percentage of shares (as a % of the total Share Capital of the Company)	0.11%	0.11%	0.11%
	b) Non Encumbered
	- Number of shares	67421714	67421714	67421714
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	99.85%	99.84%	99.85%
	- Percentage of shares (as a % of the total Share Capital of the Company)	68.14%	68.14%	68.14%

B	INVESTOR COMPLAINTS	Quarter ended 30.09.2014
	Pending at the beginning of the quarter	Nil
	Received during the quarter	3
	Disposed of during the quarter	3
	Remaining unresolved at the end of the quarter	Nil

Note:

The above financial results reviewed by Audit Committee, were approved by the Board of Directors at their meeting held on 8th Nov, 2014.

Limited Review as required under clause 41 of the Listing Agreement with the Stock Exchange has been carried out by the Statutory Auditors.

The Segment-wise Reporting has been prepared in accordance with the Accounting Standard 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India. 

Previous year/period figures have been regrouped/rearranged wherever considered necessary.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2014
	Particulars	(Reviewed)
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	197.880
	b) Reserves & Surplus	2904.427
	Sub Total- Shareholders funds	3102.307
2	Share application money pending allotment
3	Non-current liabilities
	(a) Long term borrowings	374.019
	(b) Deferred Tax Liabilities (Net)	51.436
	(c) Other long term liabilities	35.488
	(d) Long term provisions	10.665
	Sub Total- Non Current Liabilities	471.608
4	Current liabilities
	(a) Short term borrowings	1136.475
	(b) Trade Payables	1056.497
	(c) Other current liabilities	592.691
	(d) Short term provisions	7.357
	Sub Total- Current Liabilities	2793.020
	TOTAL-EQUITY AND LIABILITIES	6366.935
B	ASSETS
1	Non-current assets
	(a) Fixed assets (Including Capital Work-in-progress)	2761.568
	(b) Non-Current Investment	40.594
	(c) Long term loans and advances	672.441
	(d) Other Non-Current Assets	4.364
	Sub-Total- Non current assets	3478.967
2	Current assets
	(a) Current Investments	133.825
	(b) Inventories	1533.367
	(c) Trade Receivables	683.080
	(d) Cash and cash equivalents	181.506
	(e) Short term loans and advances	356.190
	Sub-Total- current assets	2887.968
	TOTAL ASSETS	63669.350

Segment wise Revenue Results and Capital Employed under clause 41 of the Listing Agreement

Particulars		Three months ended		Half Year ended
		30.09.2014	30.06.2014	30.09.2014
		(Reviewed)	(Reviewed)	(Reviewed)
1	Segment Revenue
	A) Cranes	985.759	835.572	1821.331
	B) Material Handling / Construction Equipment	126.761	132.505	259.266
	C) Agri Equipment	378.416	332.458	710.872
	Total	1490.936	1300.535	2791.469
	Less: Inter-Segment revenue	--	--	--
	Net Sales / Income from Operations	1490.936	1300.535	2791.469
2	Segment Results
	A) Cranes	80.370	55.831	144.506
	B) Material Handling / Construction Equipment	(3.171)	(16.159)	(3.178)
	C) Agri Equipment	2.519	20.778	4.726
	Total	79.718	60.450	146.054
	Less:
	i) Interest	33.756	19.980	63.746
	ii) Other un-allocable expenditure	25.516	32.568	46.511
	Total Profit(Loss) before Tax	20.446	7.902	35.797
3	Capital employed
	A) Cranes	3560.798	3583.431	3560.798
	B) Material Handling / Construction Equipment	552.261	477.542	552.261
	C) Agri Equipment	67.448	27.550	67.448
	Total Segment Capital Employed	4180.507	4088.523	4180.507

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. in Millions)	31.03.2014 (Rs. in Millions)
Bank Guarantees	122.095	89.831
Letter of Credits	190.071	189.724
Claim against the Company, not acknowledge as Debts	55.898	69.707
Sales Tax, Excise and Income Tax Matters, pending before Assessing / Appellate Authorities	536.361	398.085
Total	904.425	747.347

FIXED ASSETS

Tangible Assets

• Land
• Building - Factory
• Building - Office
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Motor Vehicles
• Computer

Intangible Assets

• Computer Software
• Technical Know How

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. 61.74
UK Pound	1	Rs. 94.65
Euro	1	Rs. 70.79

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.