MIRA INFORM REPORT

Report No. :	328467
Report Date :	23.06.2015

IDENTIFICATION DETAILS

Name :	KIRLOSKAR BROTHERS LIMITED
Registered Office :	Udyog Bhavan, Tilak Road, Pune – 411 002, Maharashtra
Tel. No.:	91-20-24440770
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.01.1920
Com. Reg. No.:	11-000670
Capital Investment / Paid-up Capital :	Rs. 158.776 Million
CIN No.: [Company Identification No.]	L29113PN1920PLC000670
IEC No.:	0388032944
TAN No.: [Tax Deduction & Collection Account No.]	PNEK0011E
PAN No.: [Permanent Account No.]	AAACK7300E
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Subject is engaged in providing global fluid management solutions and is the largest manufacturer and exporter of centrifugal pumps and valves.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Status :	Good
Payment Behavior :	Regular
Litigation :	Exist
Comments :	Subject is a part of Kirloskar Group. It is well-established company having fine track record. The company has sound profit margin and overall good financials during year under review. Rating also takes into consideration, companies diversified revenue profile, adequate gearing and liquidity. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment. Subject can be considered normal for business dealings at usual trade 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	Long Term Rating = AA/ Negative
Rating Explanation	High degree of safety and very low credit risk.
Date	21.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	21.01.2015

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON – CO.OPERATIVE (91-20-27214444)

LOCATIONS

Registered Office :	Udyog Bhavan, Tilak Road, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24440770
Fax No.:	91-20-24440824/ 24444198/ 24442780/ 24440156/ 24434198/ 24440822/ 24270879/ 24402083
E-Mail :	kblin@kbl.co.in gpk@kbl.co.in gajanan.kulkarni@kbl.co.in secretarial@kbl.co.in
Website :	http://www.kirloskar.com http://www.kbl.co.in
Location :	Owned
Corporate Office/ Global Headquarters :	“YAMUNA”, Survey No.98 (3-7), Baner, Pune – 411 045, Maharashtra, India
Tel. No.:	91-20-27214444
Fax No.:	91-20-27211136
E-Mail :	kblin@kbl.co.in
Website :	http://www.kirloskar.com http://www.kirloskar.com
Factory 1 :	Kirloskarvadi, District Sangli – 416 308, Maharashtra, India
Tel. No.:	91-2346-222301 to 05,  222361 to 222365
Fax No.:	91-2346-222311
Factory 2 :	Opposite Railway Station, Ujjain Road, Dewas – 455 001, Madhya Pradesh, India
Tel. No.:	91-7272-227302, 3, 4 91-7272-227401/ 405/ 409 (Marketing)
Fax No.:	91 7272 228747
Factory 3 :	Shirwal, Gat No.117, Shindevadi, Taluka Khandala, District Satara – 412 801, Maharashtra, India
Tel. No.:	91-2169-244360/ 244370/ 244322
Fax No.:	91-2169-244165
Factory 4 :	Gat No.252/2 + 254/2, Kondhapuri, Taluka: Shirur, District Pune – 412 208, Maharashtra, India
Tel. No.:	91-2137-270217/ 270116/ 270140/ 240021/ 240030/ 240025/ 240022
Factory 5 :	Sr. No.254/1, Ahmedabad-Viramgam Highway, Village Chharodi, Taluka Sanand, District Ahmedabad – 382 170, Gujarat, India
Tel. No.:	91-271-273310
Factory 7 :	Pune Bangalore Highway, Shiroli (Pulachi), Taluka Hatkanangale, District Kolhapur – 416 122, Maharashtra, India
Tel. No.:	91-230-2468061/ 62/ 63
Fax No.:	91-230-2468761
Branch Office 1 :	New India Centre, 17-A Cooperage Road, Colaba, Mumbai – 400 039, Maharashtra, India
Tel. No.:	91-22-22020828
Fax No.:	91-22-22026267
Branch Office 2 :	Jeevan Tara Building, 5, Sansad Marg, New Delhi – 110 001, India
Tel. No.:	91-11-23341484/ 2334723/ 23347234
Regional Sales Office :	Located at: · Ahmadabad · Bangalore · Bhopal · Bhubaneswar · Chennai · Jaipur · Kochi · Kolkata · Lucknow · Mumbai · Nagpur · New Delhi · Pune · Jamshedpur · Secunderabad
Overseas Office :	Located at: · Germany · United Arab Emirates · Kenya · Lao PDR · Malaysia · Singapore · Vietnam

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Sanjay Kirloskar
Designation :	Chairman and Managing Director
Qualification :	Bachelor of Science (M.E), Illinois Inst. of Tech. USA
Date of Appointment :	02.05.1983
Name :	Mr. Vikram Kirloskar
Designation :	Director
Qualification :	Bachelor of Science (Mech.) MIT, USA
Date of Appointment :	06.06.2001
Name :	Mr. S. N. Inamdar
Designation :	Director
Name :	Mr. Rahul Kirloskar
Designation :	Director
Name :	Mr. Udipi Vasudeva Rao
Designation :	Director
Name :	Mr. P. S. Jawadekar
Designation :	Director
Name :	Mr. J. R. Sapre
Designation :	Whole Time Director
Qualification :	Bachelor of Science
Date of Appointment :	01.04.2002
Name :	Mr. A. N. Alawani
Designation :	Director
Name :	Mrs. Lalita D. Gupte
Designation :	Director
Name :	Mr. Pratap B. Shirke
Designation :	Director
Name :	Mr. Alok S. Kirloskar
Designation :	Director (w.e.f.18.07.2012)

KEY EXECUTIVES

Name :	Mr. Sandeep Phadnis
Designation :	Company Secretary (w.e.f. 04.04.2013)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	30962157	39.00
Bodies Corporate	19329956	24.35
Sub Total	50292113	63.35
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	50292113	63.35
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3980854	5.01
Financial Institutions / Banks	97300	0.12
Insurance Companies	3482711	4.39
Foreign Institutional Investors	6066679	7.64
Any Others (Specify)	50000	0.06
Foreign Portfolio Investments Corporation	50000	0.06
Sub Total	13677544	17.23
(2) Non-Institutions
Bodies Corporate	3042242	3.83
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10389110	13.09
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1698403	2.14
Any Others (Specify)	288764	0.36
Non Resident Indians	220006	0.28
Clearing Members	68758	0.09
Sub Total	15418519	19.42
Total Public shareholding (B)	29096063	36.65
Total (A)+(B)	79388176	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)	79388176	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing global fluid management solutions and is the largest manufacturer and exporter of centrifugal pumps and valves.

Products :

Product Description	ITC Code
Pumps for Liquids	84.13
Valves	84.81

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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 :

Bank Name	Bank of India
Branch	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

• Canara Bank
• HDFC Bank Limited
• ICICI Bank Limited
• Citibank N.A.
• Credit Agricole Corporate and Investment Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
(a) Loans repayable on demand from banks
(i) Cash / export credit facilities	NA	277.718
(ii) Working capital demand Loans Terms of loans: Loan carries interest @10.5% per annum.	NA	200.000
(b) Rupee short term loans and advances from banks Credit Agricole Corporate and Investment Bank Terms of loans: Loan carries interest @10.4% per annum. Nature of security: The loans are secured by hypothecation of all current assets of the Company.	NA	200.000
Total	NA	677.718

Financial Institute :	City Financial Consumer Finance India Limited Industrial Finance Branch
Auditors :
Name :	P. G. Bhagwat Chartered Accountant
Address :	Pune, Maharashtra, India
Memberships :	--
Collaborators :	--
Joint Venture : (As on 31.03.2014)	Kirloskar Ebara Pumps Limited *
Subsidiaries: (As on 31.03.2014)	Karad Projects and Motors Limited The Kolhapur Steel Limited Kirloskar Systech Limited Kirloskar Corrocoat Private Limited Kirloskar Brothers International B.V.
Subsidiaries of Kirloskar Brothers International B.V.: (As on 31.03.2014)	SPP Pumps Limited Kirloskar Brothers Europe B.V. Micawber 784 (Proprietary) Limited Kirloskar Brothers(Thailand) Limited SPP Pumps (MENA) L.L.C.
Subsidiaries of SPP Pumps Limited : (As on 31.03.2014)	SPP Pumps France EURL Certified Engines Limited SPP (South Africa) Pty. Limited SPP Pumps Holdings LLC SPP Pumps Management LLC SPP France S A S SPP Pumps LP
Subsidiary of Micawber 784 (Proprietary) Limited : (As on 31.03.2014)	Braybar Pumps (Proprietary) Limited
Owned SPP Pumps LP : (As on 31.03.2014)	SPP Pumps Real Estate LLC SyncroFlo Inc.
Owned by Partnership firm of SPP Pumps Holding LLC and SSP Pumps Management LLC : (As on 31.03.2014)	SPP Pumps LP (doing business as SSP Pumps Inc)

NOTE:

* Consequent to the merger of Hematic Motors Private Limited with Kirloskar Constructions and Engineers Limited as per the order of the Honourable High Courts of Mumbai and Madras dated March 1, 2013 and June 23, 2013 respectively, the merged entity was renamed as Karad Projects and Motors Limited.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 158.776 Million

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79358451	Equity Shares	Rs.2/- each	Rs.158.717 Million

Reconciliation of share capital

Particulars	As at 31st March, 2014
	No. of Shares	Amount (Rs. in millions)
Shares outstanding at the beginning of the year	79358451	158.717
Shares Issued during the year under ESOS	--	--
Shares outstanding at the end of the year	79358451	158.717

Rights of equity shareholder:

The company has only one class of equity shares, having par value of Rs.2/- per share. Each holder of equity share is entitled to one vote per share and has a right to receive dividend as recommended by the board of directors subject to the necessary approval from the shareholders. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

For the year ended March 31, 2014 the board of directors has proposed dividend of Rs.2/- per share subject to shareholders' approval.

Details of shareholders holding more than 5% shares

Name of the shareholder	As at 31st March, 2014
	No. of Shares	% of Holding
Kirloskar Industries Limited	18988038	23.93
Mr. Sanjay Chandrakant Kirloskar *	15850121	19.91
Mrs. Pratima Sanjay Kirloskar	13736770	17.31
Reliance Capital Trustee Company Limited	4298110	5.42

* includes1624615 (1624615), 2.05% (2.05%) shares held in the capacity of a trustee.

Shares reserved for Employee Stock Option Scheme (ESOS)

Particulars	As at 31st March, 2014
	No. of Shares	% of Holding
Shares reserved for ESOS scheme	5212315	10.425

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	158.776	158.717	158.717
(b) Reserves & Surplus	7804.284	7841.921	7626.859
(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)	7963.060	8000.638	7785.576
(3) Non-Current Liabilities
(a) long-term borrowings	31.731	40.192	49.684
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1112.762	844.911	810.965
(d) long-term provisions	126.025	120.745	157.650
Total Non-current Liabilities (3)	1270.518	1005.848	1018.299
(4) Current Liabilities
(a) Short term borrowings	2341.936	2192.718	2233.364
(b) Trade payables	4050.160	3663.677	4522.467
(c) Other current liabilities	3317.700	2321.534	3107.268
(d) Short-term provisions	338.287	475.333	414.804
Total Current Liabilities (4)	10048.083	8653.262	10277.903
TOTAL	19281.661	17659.748	19081.778
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3175.707	3090.486	3070.444
(ii) Intangible Assets	0.000	12.492	19.726
(iii) Capital work-in-progress	0.000	28.760	74.258
(iv) Intangible assets under development	0.000	4.716	0.000
(b) Non-current Investments	2334.094	2149.448	2149.437
(c) Deferred tax assets (net)	109.888	30.823	40.994
(d) Long-term Loan and Advances	1503.734	1607.518	1415.645
(e) Other Non-current assets	938.275	507.489	595.487
Total Non-Current Assets	8061.698	7431.732	7365.991
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1876.566	1320.734	1833.056
(c) Trade receivables	3946.739	3414.415	3552.749
(d) Cash and cash equivalents	142.527	209.444	175.234
(e) Short-term loans and advances	1220.744	1695.077	2113.273
(f) Other current assets	4033.387	3588.346	4041.475
Total Current Assets	11219.963	10228.015	11715.787
TOTAL	19281.661	17659.748	19081.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	16257.051	17516.341	18723.979
		Other Income	112.715	54.616	69.995
		TOTAL	16369.766	17570.957	18793.974
Less	EXPENSES
		Cost of materials consumed	8063.682	7610.627	9701.915
		Purchases of Stock-in-Trade	2841.880	3679.384	3162.021
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(434.735)	405.433	340.490
		Employee benefits expense	1702.295	1523.633	1496.764
		Other expenses	3231.414	2775.562	2610.122
		Materials consumed	0.000	124.061	0.000
		TOTAL	15404.536	16118.700	17311.312
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		965.230	1482.662	1452.257
Less	FINANCIAL EXPENSES		413.176	442.722	408.541
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		552.054	1039.940	1043.716
Less	DEPRECIATION/ AMORTISATION		496.765	320.462	346.170
	PROFIT BEFORE TAX		55.289	719.478	697.546
Less	TAX		(29.580)	285.001	220.671
	PROFIT AFTER TAX		84.869	434.477	476.875
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	854.480	803.793
		Service rendered/ Civil work	NA	61.979	129.166
		Others	NA	267.043	611.489
	TOTAL EARNINGS		NA	1183.502	1544.448
	IMPORTS
		Raw Materials	NA	610.495	410.198
		Capital Goods	NA	60.440	62.670
	TOTAL IMPORTS		NA	670.935	472.868
	Earnings Per Share (Rs.)		1.07	6.01	5.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	6.862	401.463
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.52	2.72	2.32
Operating Profit Margin (PBIDT/Sales)	(%)	5.94	8.29	7.92
Return on Total Assets (PBT/Total Assets}	(%)	0.28	4.51	4.28
Return on Investment (ROI) (PBT/Networth)		0.01	0.09	0.09
Debt Equity Ratio (Total Debt /Networth)		0.30	0.28	0.29
Current Ratio (Current Asset/Current Liability)		1.12	1.18	1.14

STOCK PRICES

Face Value	Rs. 2/-
Market Value	Rs. 190.10/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	158.717	158.717	158.776
Reserves & Surplus	7626.859	7841.921	7804.284
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7785.576	8000.638	7963.060
long-term borrowings	49.684	40.192	31.731
Short term borrowings	2233.364	2192.718	2341.936
CURRENT MATURITIES OF LONG-TERM DEBTS	401.463	6.862	0.000
Total borrowings	2283.048	2232.910	2373.667
Debt/Equity ratio	0.345	0.280	0.298

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	18723.979	17516.341	16257.051
		(6.450)	(7.189)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	18723.979	17516.341	16257.051
Profit	434.477	476.875	84.869
	2.32%	2.72%	0.52%

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	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	Yes
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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	Yes
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-			27/04/2015
Lodging No.:-	ITXAL/537/2015	Filing Date:-		27/04/2015

Petitioner:-

THE COMMISSIONER OF INCOME TAX -6

Respondent:-

KIRLOSKAR BROTHERS LIMITED

Petn. Adv.:-

SHAM V WALVE (I3200)

District:-

PUNE

Bench:-	DIVISION
Status:-	Pre-Admission

Last Date:-

05/05/2015

Category Stage:-

TAX APPEALS

Last Date:-

16/12/2013

Last Coram:-

REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER

Act :-

INCOME TAX ACT, 1961

Under Section:-

260A

CORPORATE INFORMATION: (AS ON 31.03.2014)

Subject is a public company domiciled in India and incorporated of the Companies Act, 1956. KBL is engaged in providing global fluid management solutions and is the largest manufacturer and exporter of centrifugal pumps and valves from India. The core businesses of the company are large infrastructure projects (Water Supply, Power Plants and Irrigation), Project and Engineered Pumps, Industrial Pumps, Agriculture and Domestic Pumps, Valves, Motors and Hydro turbines.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred payment liabilities
(a) Interest free loan under sales tax deferral scheme Terms of loans: Rs. 2.579 million to be repaid in 5 equal yearly installments of Rs. Rs.0.516 million starting from March 2010 and Rs.52.883 million to be repaid in 9 yearly installments starting from April 2013.	NA	40.191
Short-term borrowings
(a) Foreign currency short term loans and advances from banks
(i) Citibank N.A. - FCNRB	NA	0.000
(b) Rupee short term loans and advances from banks
(i) City Financial Consumer Finance India Limited Terms of loan: Loan carries interest @ 11.2% per annum	NA	1000.000
(ii) Bank of India Terms of loan: Loan carries interest @ 10.7% per annum	NA	500.000
c) Loans and advances from related parties
(i) Loan from subsidiary company Terms of loan: Loan carries interest @ 10% per annum	NA	15.000
Total	NA	1555.191

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10050248	30/03/2007	218100000	CANARA BANK	INDUSTRIAL FINANCE BRANCH, MG ROAD, CAMP, PUNE, Maharashtra - 411001, INDIA	A15042278
2	90087290	14/05/2005	500000000	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP, PUNE, Maharashtra - 411001, INDIA	-
3	90087149	11/02/2005	2000000	EXPORT -IMPORT BANK OF INDIA	CENTRE ONE BUILDING; FLOOR 21, WORLD TRADE CENTRE COMPLEX; CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	-
4	80022457	12/12/2011	18000000000	Bank of India	1162/6, Shivaji Nagar, University Road,, Near Observatory, Pune, Maharashtra - 411005, INDIA	B29196706
5	90086854	26/06/2004	250000000	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP, PUNE, Maharashtra - 411001, INDIA	-
6	90086670	14/02/2004	400000000	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP, PUNE, Maharashtra - 411001, INDIA	-
7	90086486	07/08/2003	30100000	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP, PUNE, Maharashtra - 411001, INDIA	-
8	90086417	05/06/2003	8900000	CANARA BANK	INDUSTRIA L FINANCE BRANCH, CAMP, PUNE, Maharashtra - 411001, INDIA	-
9	90086041	14/03/2002	256300000	CANARA BANK	INDUSTRTIAL FINANCE BRANCH, PUNE, Maharashtra - 411001, INDIA	-
10	90085875	12/09/2001	7000000	CANARA BANK	INDUSTRTIAL FINANCE BRANCH, PUNE, Maharashtra - 411001, INDIA	-

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Contingent liabilities not provided for in respect of :
a) Guarantees:
By the Company to Citibank N A. on behalf of SPP Pumps Limited UK [USD- 10,500,000]	NA	629.055
By the Company to Weatherford Oil Tool Middle East Limited. on behalf of SPP Pumps Limited.UK [GBP- 89,785]	NA	8.934
By the Company to Citibank N. A. on behalf of Kirloskar Brothers (Thailand) Limited [USD- 3,000,000]	NA	179.730
By the Company to Citibank N. A. on behalf of Kirloskar Brothers Europe B.V. [USD- 5,000,000]	NA	299.550
By the Company to Citibank N. A. on behalf of Braybar Pumps (Proprietary) Limited. [USD- 2,000,000]	NA	119.820
By the Company to Citibank N. A. on behalf of erstwhile Hematic Motors Private Limited. (Now Karad Projects and Motors Limited. [USD-6,000,000]	NA	359.460
By the Company to Indian Overseas Bank Limited. On behalf of erstwhile Kirloskar Constructions & Engineers Limited Chennai (Now Karad Projects and Motors Limited.)	NA	500.000
b) Other money for which the Company is contingently liable for
i) Central Excise and Service tax (Matter Subjudice)	NA	1104.102
ii) Sales Tax (Matter Subjudice)	NA	193.553
iii) Income Tax (Matter Subjudice)	NA	738.708
iv) Labour Matters (Matter Subjudice)	NA	48.119
v) Other Legal Cases ( Matter Subjudice )	NA	72.590
vi) Letters of Credit Outstanding	NA	629.139
Total	NA	4882.760

FIXED ASSETS

Tangible Assets

· Free Hold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Railway Siding

Intangible Assets

Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.62

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KSP
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	5
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		66

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 unfavorable 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.