MIRA INFORM REPORT

Report No. :	320900
Report Date :	05.05.2015

IDENTIFICATION DETAILS

Name :	FORBES MARSHALL PRIVATE LIMITED
Formerly Known As :	FORBESONS ENGINEERS PRIVATE LIMITED
Registered Office :	A – 34/ 35, M.I.D.C., Pimpri, Pune – 411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1985
Com. Reg. No.:	11-037806
Capital Investment / Paid-up Capital :	Rs.76.762 Million
CIN No.: [Company Identification No.]	U28996PN1985PTC037806
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steam Engineering and Control Instrumentation.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Forbes Marshall Group. It is an established company having fine track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March 2014 but the document related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, overall financial position of the company seems to be sound. The rating also takes into consideration Forbes Marshall Group’s established position in the steam engineering and control instrumentation segment supported by its strong technical capabilities and marketing set-up and its healthy financial risk profile marked by adequate net worth and comfortable debt protection metrics. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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	03.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	03.06.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. P. Lokhande
Designation :	Finance Manager
Contact No.:	91-20-27442020

LOCATIONS

Registered Office / Factory 1 :	A – 34/ 35, M.I.D.C., Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27442020 / 27477762
Mobile No.:	91-9823399133 (Mr. Rajendra Bhide)
Fax No.:	91-20-27442040
E-Mail :	rbhide@forbesmarshall.com ccmidc@forbesmarshall.com cs@forbesmarshall.com
Website :	www.forbesmarshall.com
Head Office / Factory 2 :	PB # 29, Mumbai – Pune Road, Kasarwadi, Pune – 411034, Maharashtra, India.
Tel. No.:	91-20-27145595/ 39858555
Fax No.:	91-20-27147413/ 27147593
Email :	ccmidc@forbesmarshall.com
Factory 3 :	Plot No. A-19/2 and T-4/2, I.D.A. Nacharam, Hyderabad - 500076, Telangana, India
Tel. No.:	91-40-27153918/ 27152276/ 27171909/ 27170732
Fax No.:	91-40-27173235/ 27179223
E-Mail :	hydcig@forbesmarshall.com
Factory 4 :	B-85, Phase-II, Chakan Industrial Area, Sawardari, Chakan, Takluka Khed, District Pune - 410501, Maharashtra, India
Tel. No.:	91-21-35393400
Overseas Office :	Located at: USA Canada Bangladesh Kenya Egypt Turkey Korea Indonesia Iran Nepal Sri Lanka Thailand Malaysia U.A.E. Vietnam Africa Colombia Saudi Arabia Singapore
Branch Office :	Located at: Ahmedabad Alibag Bangalore Bharuch Chandigarh Chennai Coimbatore Delhi Hyderabad Indore Lucknow Jamshedpur Kolkata Mumbai Nagpur Navi Mumbai Pune Surat Vadodara Visakapatanam Madurai Pondicherry

DIRECTORS

As on 26.09.2014

Name :

Mr. Darius M. Forbes

Designation :

Chairman

Address :

30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

02.10.1926

Date of Appointment :

18.10.1985

DIN No.:

00079467

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	18/10/1958	18/10/1958	-	Active	NO
2	U27109PN1959PTC011334	Forbes Marshall Steam Systems Private Limited	Director	21/04/1959	21/04/1959	-	Active	NO
3	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	18/08/1962	18/08/1962	-	Amalgamated	NO
4	U31909PN1984PTC033201	KROHNE MARSHALL PRIVATE LIMITED	Director	20/06/1984	20/06/1984	23/08/2011	Active	NO
5	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
6	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	20/06/1986	20/06/1986	23/08/2011	Active	NO
7	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	07/11/1986	07/11/1986	-	Active	NO
8	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Director	21/08/1988	21/08/1988	-	Amalgamated	NO
9	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	06/08/1991	06/08/1991	-	Active	NO
10	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	08/10/2007	Amalgamated	NO

Name :

Mr. Darius M. Forbes

Designation :

Chairman

Address :

30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

02.10.1926

Date of Appointment :

18.10.1985

DIN No.:

00079467

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	18/10/1958	18/10/1958	-	Active	NO
2	U27109PN1959PTC011334	Forbes Marshall Steam Systems Private Limited	Director	21/04/1959	21/04/1959	-	Active	NO
3	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	18/08/1962	18/08/1962	-	Amalgamated	NO
4	U31909PN1984PTC033201	KROHNE MARSHALL PRIVATE LIMITED	Director	20/06/1984	20/06/1984	23/08/2011	Active	NO
5	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
6	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	20/06/1986	20/06/1986	23/08/2011	Active	NO
7	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	07/11/1986	07/11/1986	-	Active	NO
8	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Director	21/08/1988	21/08/1988	-	Amalgamated	NO
9	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	06/08/1991	06/08/1991	-	Active	NO
10	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	08/10/2007	Amalgamated	NO

Name :

Mr. Farhad D. Forbes

Designation :

Director

Address :

410, Sheridan AVE # 448, Palo Alto – CA94306, United State of America

Date of Birth/Age :

08.12.1955

Date of Appointment :

18.10.1985

DIN No.:

00628951

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	28/12/1983	28/12/1983	-	Active	NO
2	U31909PN1984PTC033201	KROHNE MARSHALL PRIVATE LIMITED	Director	03/09/1984	03/09/1984	-	Active	NO
3	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
4	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	24/12/1985	24/12/1985	-	Active	NO
5	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
6	U27109PN1959PTC011334	Forbes Marshall Steam Systems Private Limited	Director	27/12/1995	27/12/1995	-	Active	NO
7	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Alternate director	14/04/1997	14/04/1997	-	Amalgamated	NO
8	U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	Director	14/12/2000	14/12/2000	-	Amalgamated	NO
9	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	28/12/2005	28/12/2005	-	Amalgamated	NO
10	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Amalgamated	NO
11	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	12/11/2009	12/11/2009	-	Active	NO
12	U74999PN2011NPL139899	PUNE CITY CONNECT DEVELOPMENT FOUNDATION	Director	17/06/2011	17/06/2011	-	Active	NO
13	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

Name :

Mr. Naushad D. Forbes

Designation :

Director

Address :

74, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

13.05.1960

Date of Appointment :

18.10.1985

DIN No.:

00630825

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	28/12/1983	28/12/1983	-	Active	NO
2	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
3	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	24/12/1985	24/12/1985	-	Active	NO
4	U27109PN1959PTC011334	Forbes Marshall Steam Systems Private Limited	Director	24/09/1986	24/09/1986	-	Active	NO
5	U31909PN1984PTC033201	KROHNE MARSHALL PRIVATE LIMITED	Director	29/09/1986	29/09/1986	-	Active	NO
6	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Director	12/07/1988	12/07/1988	-	Amalgamated	NO
7	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
8	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	17/08/1995	17/08/1995	-	Amalgamated	NO
9	U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	Director	14/12/2000	14/12/2000	-	Amalgamated	NO
10	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	22/03/2004	22/03/2004	24/08/2007	Active	NO
11	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	19/07/2007	22/07/2006	30/03/2010	Active	NO
12	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Director	11/08/2006	11/08/2006	11/11/2010	Active	NO
13	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Amalgamated	NO
14	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	09/08/2014	27/01/2009	-	Active	NO
15	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	12/11/2009	12/11/2009	-	Active	NO
16	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	09/07/2010	30/03/2010	-	Active	NO
17	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	09/09/2011	16/12/2010	14/08/2013	Active	NO
18	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

Name :

Mrs. Maharookh D. Forbes

Designation :

Director

Address :

No. 30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

06.10.1934

Date of Appointment :

18.10.1985

DIN No.:

00278436

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	05/06/1976	05/06/1976	-	Active	NO
2	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO

Name :

Ms. Rati Forbes

Designation :

Director

Address :

30, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

23.03.1957

Date of Appointment :

10.03.1989

DIN No.:

 00137326

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	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	10/03/1989	10/03/1989	-	Active	NO
2	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	29/08/2005	29/08/2005	-	Active	NO
3	U75113PN2007PTC129719	TARA MOBILE CRECHES PUNE	Director	02/03/2007	02/03/2007	21/09/2013	Active	NO
4	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	22/07/2014	18/10/2013	-	Active	NO
5	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	09/08/2014	29/03/2014	-	Active	NO
6	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	25/03/2015	25/03/2015	-	Active	NO

Name :

Mr. Mateesh Kant Rai

Designation :

Director

Address :

Mathrani House, Flat No. 201 7A, Shankarsheth Road, Gurunanak Nagar, Pune – 411042, Maharashtra, India

Date of Birth/Age :

01.05.1963

Date of Appointment :

27.09.2013

DIN No.:

01215628

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	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Nominee director	08/10/2007	08/10/2007	-	Amalgamated	NO
2	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	25/09/2009	30/03/2009	-	Active	NO
3	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	24/09/2010	25/08/2010	-	Active	NO
4	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Nominee director	26/03/2013	26/03/2013	-	Active	NO
5	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	27/09/2013	28/03/2013	-	Active	NO
6	U99999MH1993NPL071208	INDIAN BOILERS MANUFACTURERS ASSOCIATION.	Additional director	20/08/2014	20/08/2014	-	Active	NO

Name :

Viraf Sohrab Pudumjee

Designation :

Director

Address :

220/1, Nagar Road, Kalayani Nagar, Yerawada, Pune – 411006, Maharashtra, India

Date of Birth/Age :

15.05.1961

Date of Appointment :

27.09.2013

DIN No.:

06682295

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	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	27/09/2013	05/09/2013	-	Active	NO

Name :

Marcus John Dyne Steel

Designation :

Director

Address :

12, Walnut Close, Gloucestershire, Cheltenham, United Kingdom

Date of Birth/Age :

08.10.1945

Date of Appointment :

27.09.2013

DIN No.:

01256834

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	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	27/09/2013	05/09/2013	-	Active	NO

Name :

Mr. Jehangir Ardeshir

Designation :

Director

Address :

Prestige Acropolis 604 Athens 2, 20 Hosur Road, Next to Forum Mall, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

22.09.1957

Date of Appointment :

09.01.2014

DIN No.:

02344835

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	U51101TZ2007FTC020724	Terex India Private Limited	Managing director	26/12/2008	14/10/2008	31/07/2013	Active	NO
2	U74999TZ2003PTC020725	TEREX EQUIPMENT PRIVATE LIMITED	Director	25/09/2009	12/11/2008	31/07/2013	Active	NO
3	U29299TZ1997PTC020837	DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED	Additional director	30/11/2012	30/11/2012	31/07/2013	Active	NO
4	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Whole-time director	09/01/2014	05/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dharmesh N. Thaker
Designation :	Secretary
Address :	6E, Ramabai Ambedkar Road, Pune – 411048, Maharashtra, India
Date of Birth/Age :	29.09.1976
Date of Appointment :	02.09.2009
PAN No.:	ACDPT8073F
Name :	Mr. P. Lokhande
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 26.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Steam Engineering and Control Instrumentation.
Products :	Steam Engineering and Control Instrumentation
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• Bank of Maharashtra, Mumbai Pune Road, Pimpri, Pune, Maharashtra - 411018, India

• The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	348.413	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	99.030	0.000
Total	447.443	0.000

Auditors :
Name :	Ford, Rhodes, Parks and Company Chartered Accountants
Address :	Sai Commercial Building, 3^rd Floor, 312/313, BKS Devshi Marg, Govandi, Mumbai – 400 088, Maharashtra, India
PAN No. :	AAAFF1843L
Memberships :	--
Collaborators :	--
Subsidiaries (As on 31.03.2013) :	Forbes Marshall (Hyd) Private Limited Forbes Marshall Lanka Private Limited Forbes Marshall Canada Inc.
Joint Ventures (As on 31.03.2013) :	Forbes Marshall Arca Private Limited Spirax Marshall Private Limited Krohne Marshall Private Limited forbesvyncke Private Limited Forbes Solar Private Limited Forbes Marshall Codel Private Limited
Associates (As on 31.03.2013) :	J N Marshall Private Limited Codel International Limited Forbes Marshall Europe GmbH

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares	Rs.100/- each	Rs.55.000 Million
900000	Preference Shares	Rs.100/- each	Rs.90.000 Million
	Total		Rs.145.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
206716	Equity Shares	Rs.100/- each	Rs.20.672 Million
560000	Preference Shares	Rs.100/- each	Rs.56.000 Million
	Total		Rs.76.672 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	76.672	104.672	104.672
(b) Reserves & Surplus	2,015.641	1,705.904	1,378.455
(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)	2,092.313	1,810.576	1,483.127
(3) Non-Current Liabilities
(a) long-term borrowings	348.413	0.000	0.000
(b) Deferred tax liabilities (Net)	32.063	18.306	9.167
(c) Other long term liabilities	7.590	7.545	10.045
(d) long-term provisions	13.340	13.631	12.376
Total Non-current Liabilities (3)	401.406	39.482	31.588
(4) Current Liabilities
(a) Short term borrowings	180.154	31.239	30.739
(b) Trade payables	611.028	434.414	379.207
(c) Other current liabilities	390.589	320.480	218.896
(d) Short-term provisions	69.721	58.697	61.310
Total Current Liabilities (4)	1,251.492	844.830	690.152
TOTAL	3,745.211	2,694.888	2,204.867
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	949.089	765.389	694.428
(ii) Intangible Assets	234.130	173.369	8.870
(iii) Capital work-in-progress	533.184	62.113	11.163
(iv) Intangible assets under development	25.768	56.109	24.120
(b) Non-current Investments	0.000	0.000	154.070
(c) Deferred tax assets (net)	169.102	147.182	0.000
(d) Long-term Loan and Advances	182.212	135.629	55.151
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2,093.485	1,339.791	947.802
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	490.270	438.140	352.865
(c) Trade receivables	954.606	708.604	594.220
(d) Cash and cash equivalents	76.544	70.456	185.713
(e) Short-term loans and advances	130.306	130.579	116.659
(f) Other current assets	0.000	7.318	7.608
Total Current Assets	1,651.726	1,355.097	1,257.065
TOTAL	3,745.211	2,694.888	2,204.867

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		3,878.310	3,307.180	2,525.770
Less	EXPENSES			3,437.200	2,856.870	1,961.620
	PROFIT/(LOSS) BEFORE TAX			441.110	450.310	564.150
Less	TAX			74.868	72.675	171.509
	PROFIT/(LOSS) AFTER TAX			366.242	377.635	392.641
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1384.486	1132.631	835.380
Less	BALANCE TRANSFERRED TO AMALGAMATION			0.000	30.540	0.000
Add	PRIOR YEAR ADJUSTMENTS			0.000	7.420	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	50.000	50.000	50.000
			Dividend	1.490	38.930	38.930
			Tax on Dividend	7.990	6.310	6.460
	BALANCE CARRIED TO THE B/S			1644.220	1384.486	1132.631
	Earnings / (Loss) Per Share (Rs.)			477.68	492.53	513.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	14.62	18.54	27.99
Return on Investment (ROI) (PBT/Networth)		0.21	0.25	0.38
Debt Equity Ratio (Total Debt /Networth)		0.25	0.02	0.02
Current Ratio (Current Asset/Current Liability)		1.32	1.60	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	104.672	104.672	76.672
Reserves & Surplus	1378.455	1705.904	2015.641
Net worth	1483.127	1810.576	2092.313
Long Term borrowings	0.000	0.000	348.413
Short Term borrowings	30.739	31.239	180.154
Total borrowings	30.739	31.239	528.567
Debt/Equity ratio	0.021	0.017	0.253

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	2,525.770	3,307.180	3,878.310
		30.937	17.269

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	2,525.770	3,307.180	3,878.310
Profit	392.641	377.635	366.242
	15.55%	11.42%	9.44%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
SHORT TERM BORROWINGS
Loans and advances from related parties	81.124	31.239
Total	81.124	31.239

OPERATIONS (AS ON 31.03.2013)

The Company’s revenue from operations continues to grow this year too. Company continues its efforts of augmenting the facilities for growing operations.

They did the migration from Oracle 11i to Oracle R12 in the month of June 2012. While there was some impact on the operations at the time of the migration in June and July, 2012, all issues were addressed and we are now seeing the benefits of the system for improved order execution and inventories reduction. The performance of several parameters was tracked like On Time Delivery to the customers, on time Delivery from suppliers and other parameters related to Inventory etc.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10451367	04/09/2013	1,100,000,000.00	Bank of Maharashtra	Mumbai Pune Road, Pimpri, Pune, Maharashtra - 411018, India	B85878197
2	10443195	06/08/2013	160,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India	B82167560
3	10110347	15/10/2011 *	40,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	Amar Avinash Corporate City, Sector No. 11, Bund Garden Road, Pune, Maharashtra - 411001, India	B23833684
4	80001963	17/08/2012 *	2,150,000,000.00	Bank of Maharashtra	Mumbai-Pune Road, Pimpri Branch, Pune, Maharashtra - 411018, India	B78894995
5	90087775	28/04/1993 *	6,300,000.00	State Bank of India	Industrial Finance Branch, Pune, Maharashtra - 411003, India	-
6	80037071	28/10/1992	532,000.00	Anz Grindlays Bank	132 Mint Road, Post Box 93, Bombay, Maharashtra - 400001, India	-
7	80037285	27/07/1990	3,502,300.00	Union Bank of India	Kasarwadi Branch, Pune, Maharashtra - 411018, India	-
8	90083166	31/01/1975	179,000.00	The Maharashtra State Finance Co Operative Bank	Dr. Annie Basent Road, Worli, Bombay, Maharashtra - 400018, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.20
UK Pound	1	Rs.97.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	NKT

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	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.