MIRA INFORM REPORT

Report No. :	324787
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	TEMA INDIA LIMITED
Registered Office :	Hamilton House, 3^rd Floor, J N Heredia Marg, Ballard Estate, Mumbai-400038, Maharashtra
Tel No.:	91-22-66900100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.12.1984
Com. Reg. No.:	11-034861
Capital Investment / Paid-up Capital :	Rs. 486.731 Million
CIN No.: [Company Identification No.]	U29192MH1984PLC034861
IEC No.:	0388173769
TAN No.: [Tax Deduction & Collection Account No.]	MUMT01057A
PAN No.: [Permanent Account No.]	AAACT1735C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Heat Exchangers.
No. of Employees :	546 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has reported above averages operational performance which has resulted into profit achieved from operational activities during 2014. Further rating also takes into consideration company’s established position in the domestic market for shell as well as tube heat exchangers and sound financial base of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	ICRA
Rating	Long Term: Term Loan: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 2014

Rating Agency Name	ICRA
Rating	Short Term non fund based limits :A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	May 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Santosh
Designation :	Account Executive
Contact No.:	91-22-66900100
Date :	27.05.2015

LOCATIONS

Registered Office / Head Office :	Hamilton House, 3^rd Floor, J N Heredia Marg, Ballard Estate, Mumbai-400038, Maharashtra, India
Tel. No.:	91-22-66900100
Fax No.:	91-22-67124533 / 34
E-Mail :	tema@temaindia.com
Website :	www.temaindia.com
Location:	Owned
Factory 1/ Workshop 1 :	Achhad Works, Survey No. 9, Village Achhad, National Highway No. 8, Taluka Talasari District Thane – 401 606, Maharashtra, India
Tel. No.:	91-2521-230061/ 230122/ 230119/ 120
Fax No.:	91-2521-230010
Email:	temaachhad@gmail.com temaachhad@temaindia.com
Area :	149400 Sq. mtrs.
Location :	Owned
Factory 2/ Workshop 2 :	No.20/1/2, Udhava-Khanvel Road, Kherdi, Silvassa, Dadra and Nagar Haveli (Union Territory), India
Tel. No.:	91-260-2677344
Fax No.:	91-260-2677348
Email:	temasil@gmail.com temasil@temaindia.com
Area :	13800 Sq. mtrs.
Location :	Owned
Factory 3 :	Plot No.667, Road No.6, G.I.D.C Estate, Panoli –394116 Ankleshwar, District: Bharuch, Gujarat, India
Tel. No.:	91-2646-272319/ 272085/ 272227
Fax No.:	91-2646-272319
Email:	tema3@rediffmail.com temapanoli@temaindia.com
Area :	19346 Sq. mtrs.
Location :	Owned
Factory 4:	Plot No.201/18 and 201/19, G.I.D.C. Estate, Panoli–394 116, Ankleshwar, District: Bharuch, Gujarat, India
Tel. No.:	91-2646-272060
Fax No.:	91-260-2677344
Email:	temapanoli@temaindia.com
Representative Office:	Located at: USA Japan South Korea

DIRECTORS

As on 06.05.2014

Name :

Mr. Haresh Khushiram Sippy

Designation :

Managing Director

Address :

10, Atur Park, Sion Trombay Road, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

19.08.1946

Qualification :

B.E. (Structural)

Date of Appointment :

19.09.2012

PAN No.:

AAIPSO140H

DIN No.:

01593589

Name :

Mr. Chetan Suman Doshi

Designation :

Whole Time Director

Address :

7, Golf View Park, A-Soares Marg, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

07.12.1953

Qualification :

B. E. (Mechanical)

Date of Appointment :

19.09.2012

PAN No.:

AAHPD0242N

DIN No.:

01213835

Name :

Mr. Akhil Haresh Sippy

Designation :

Whole Time Director

Address :

10, Atur Park, Sion Trombay Road, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

04.12.1981

Qualification :

B. E. (Structural)

Date of Appointment :

19.09.2012

PAN No.:

AMEPS1046C

DIN No.:

01627490

Name :

Mr. Prakash M. Telang

Designation :

Chairman

Address :

313, 13^th Floor Samudra Mahal Dr. A.B. Road, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

21.06.1947

Date of Appointment :

06.05.2014

DIN No.:

00012562

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	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	01/09/2000	01/09/2000	16/07/2012	Active	NO
2	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	07/03/2001	07/03/2001	27/02/2007	Active	NO
3	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/07/2002	30/07/2002	28/07/2012	Active	NO
4	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17/07/2006	26/04/2004	16/07/2012	Active	NO
5	U85110KA1998PLC024588	TATA HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED	Nominee director	25/01/2012	30/06/2006	-	Active	NO
6	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	16/07/2012	Active	NO
7	L28920MH1945PLC004520	TATA MOTORS LIMITED	Managing director	02/06/2009	18/05/2007	21/06/2012	Active	NO
8	U34100MH2000PLC124874	TML DRIVELINES LIMITED	Director	22/05/2008	22/08/2007	14/07/2009	Active	NO
9	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	22/05/2008	22/08/2007	15/07/2009	Amalgamated	NO
10	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	20/12/2011	19/03/2008	03/10/2012	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	11/07/2008	16/07/2012	Active	NO
12	U72900TG2006PLC077939	TATA ADVANCED SYSTEMS LIMITED	Director	16/09/2009	29/07/2009	-	Active	NO
13	L72300PN1990PLC056696	PERSISTENT SYSTEMS LIMITED	Director	18/07/2011	19/08/2010	-	Active	NO
14	U85300DL2008NPL181612	NATIONAL SKILL DEVELOPMENT CORPORATION	Director	26/09/2011	29/07/2011	06/07/2012	Active	NO
15	U29268AP2010PLC077940	TATA LOCKHEED MARTIN AEROSTRUCTURES LIMITED	Director	20/09/2011	10/08/2011	-	Active	NO
16	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Director	20/09/2011	01/09/2011	-	Active	NO
17	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	30/04/2013	23/10/2012	-	Active	NO
18	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	01/08/2014	31/01/2013	-	Active	NO
19	U29192MH1984PLC034861	TEMA INDIA LIMITED	Nominee director	06/05/2014	01/11/2013	-	Active	NO
20	U85190PN2009PTC134052	LOKMANYA HOSPITALS PRIVATE LIMITED	Director	18/03/2014	18/03/2014	-	Active	NO

Name :

T. A. Ramkumar

Designation :

Director

Address :

402 Vinspa , 6 Boat Club Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

29.12.1965

Date of Appointment :

06.12.2013

DIN No.:

00078171

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	U32109PN2007PLC129527	TACO SASKEN AUTOMOTIVE ELECTRONICS LIMITED	Director	24/01/2007	24/01/2007	25/05/2007	Under liquidation	NO
2	U34300PN2005PTC021693	SHRINIWAS ENGINEERING AUTO COMPONENTS PRIVATE LIMITED	Nominee director	05/02/2011	05/02/2011	-	Active	NO
3	U29192MH1984PLC034861	TEMA INDIA LIMITED	Nominee director	06/05/2014	06/12/2013	-	Active

Name :

Mr. Rohit Ramchandran

Designation :

Director

Address :

112 Samachar Apartments, Mayur Vihar 1, Delhi – 110091, NCR of Delhi, India

Date of Birth/Age :

07.02.1983

Date of Appointment :

06.05.2014

DIN No.:

06673516

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	U29268UP2009PTC036903	HALONIX TECHNOLOGIES PRIVATE LIMITED	Director	19/09/2013	30/08/2013	-	Active	NO
2	U29192MH1984PLC034861	TEMA INDIA LIMITED	Nominee director	06/05/2014	31/10/2013	-	Active	NO
3	U85110KA1988PTC009463	NILGIRI'S MECHANISED BAKERY PRIVATE LIMITED	Director	24/07/2014	18/11/2013	-	Active	NO
4	U65910KA1996PTC019885	NILGIRIS FRANCHISE PRIVATE LIMITED	Director	24/07/2014	18/11/2013	-	Active	NO
5	U01541KA1985PTC006784	APPU NUTRITIONS PRIVATE LIMITED	Director	24/07/2014	18/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Parag Natwarlal Mehta
Designation :	Secretary
Address :	22, Dr. Wilson Street, V.P. Road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	24.04.1960
Date of Appointment :	15.10.2005
PAN No.:	ACRPM4084B
Name :	Mr. Dinesh Parkar
Designation :	Accounts Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.05.2014

Names of Shareholders	No. of Shares
Haresh Khushiram Sippy Jointly With Reenu Haresh Sippy	1218429
Chetan Suman Doshi Jointly With Asha Chetan Doshi	868507
Reenu Haresh Sippy Jointly With Haresh Khushiram Sippy	20700
Asha Chetan Doshi Jointly With Chetan Suman Dosh	64585
Sulachani Khushiram Sippy Jointly With Akhil Haresh Sippy	4238
Ramaben S. Doshi Jointly With Suman Doshi	1973
Chetan S. Doshi (HUF)	799
Akhil Haresh Sippy Jointly With Haresh Khushiram Sippy	209404
Haresh K. Sippy (HUF)	18000
Actis Tema Holdings Limited, Mauritius, Port Louis, Mauritius	200
Actis Tema Holdings Limited, Mauritius, Port Louis, Mauritius	1264756
S. R. Doshi, Mumbai, Maharashtra, India	699
S R Doshi (HUF), Mumbai, Maharashtra, India	350
Tata Capital Situations Fund – Trust	10
Tata Capital Situations Fund – Trust	45000000
Total	48673140

As on 06.05.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Venture Capital	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	34.44
Directors or relatives of Directors	65.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Heat Exchangers.

Products :

Products description	ITC Code
Shell and Tube type	84195010
Heat Exchangers Units – pressure vessels Tower Reactors Distillation Columns, Chemicals Plant and Equipments	841950
Containers for compressed or Liquified Gas or item of Steels	731100

Metallurgy

• Carbon Steel, Low Alloy Steel, Stainless Steel
• Duplex Stainless Steel, Super Duplex Stainless Steel
• Monel, Cu-Ni, Inconel, Titanium and Hastealloy

Oil and Gas

• Screw-Plug / Breech Lock Heat Exchangers
• Helixchangers
• Rod Baffle heat exchangers
• Shell and Tube Reactors

Power

• Surface Condensers
• H.P./L.P. Feed Water Heaters
• Deaerators
• Waste Heat Recovery Boilers
• CCW Coolers
• Boiler Steam Drums

Fertilizer

• Boiler Feed Water Exchanger
• SAC Condensers
• Effluent WH Boiler/Exchanger
• Methanator Feed Heater

Ammonia Conv. Feed / Effluent Exchanger

Exports :

Products :

Heat Exchangers

Countries :

• USA
• Canada
• Spain

Imports :

Products :

Raw material

Countries :

Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

End Users

Reference :	Bharat Petroleum
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 :

546 (Approximately)

Bankers :

• ING Vysya Bank Limited, Patel Chambers, Opera House, Mumbai – 400 007, Maharashtra, India
• State Bank of India, Overseas Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
• Barclays Bank PLC, Worli Branch, 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
• State Bank of India, Colaba Branch
• Standard Chartered Bank, Fort Branch
• Punjab National Bank, Mid Corporate Branch, Brady House, V.N. Road, Mumbai – 400 023, Maharashtra, India
• HDFC Bank Limited

Facilities :

(Rs. In Million)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	68.054	198.425
Total	68.054	198.425

Financial Institutions :	SBI Cap Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai - 400 018, Maharashtra, India
Tel. No.:	91-22-66679000/ 66679116
Fax No.:	91-22-66679100
PAN No.:	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 06.05.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7480000	Equity Shares	Rs.10/- each	Rs. 74.800 Million
45020000	Preference Shares	Rs.10/- each	Rs, 450.200 Million
	Total		Rs. 525.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3673140	Equity Shares	Rs.10/- each	Rs. 36.731 Million
45000000	Preference Shares	Rs.10/- each	Rs. 450.000 Million
	Total		Rs. 486.731 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	486.731	35.632	35.632
(b) Reserves & Surplus	856.648	777.001	1117.241
(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)	1343.379	812.633	1152.873
(3) Non-Current Liabilities
(a) long-term borrowings	76.035	298.363	121.337
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	10.182	9.437	0.000
(d) long-term provisions	0.000	0.000	7.005
Total Non-current Liabilities (3)	86.217	307.800	128.342
(4) Current Liabilities
(a) Short term borrowings	444.363	558.951	723.131
(b) Trade payables	748.310	414.803	494.063
(c) Other current liabilities	650.719	497.220	397.460
(d) Short-term provisions	91.923	95.059	8.660
Total Current Liabilities (4)	1935.315	1566.033	1623.314
TOTAL	3364.911	2686.466	2904.529
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	970.887	943.079	1037.780
(ii) Intangible Assets	5.214	7.117	11.247
(iii) Capital work-in-progress	3.076	8.950	9.023
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.427	0.427	0.500
(c) Deferred tax assets (net)	115.153	108.763	0.000
(d) Long-term Loan and Advances	52.643	92.734	89.375
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1147.400	1161.070	1147.925
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1018.530	855.492	933.179
(c) Trade receivables	919.709	509.558	708.489
(d) Cash and cash equivalents	46.251	39.659	3.445
(e) Short-term loans and advances	231.892	120.121	111.491
(f) Other current assets	1.129	0.566	0.000
Total Current Assets	2217.511	1525.396	1756.604
TOTAL	3364.911	2686.466	2904.529

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1347.706	684.201	1325.731
		Other Income	4.966	17.990	55.471
		TOTAL (A)	1352.672	702.191	1381.202
Less	EXPENSES
		Cost of Materials Consumed	666.850	350.957	895.345
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(82.930)	52.599	(92.394)
		Employees benefits expense	175.469	145.737	196.951
		Other expenses	329.554	352.587	531.626
		TOTAL (B)	1088.943	901.880	1531.528
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		263.729	(199.689)	(150.326)
Less	FINANCIAL EXPENSES (D)		149.959	185.586	178.109
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		113.770	(385.275)	(328.435)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.505	63.027	70.509
	PROFIT BEFORE TAX (E-F) (G)		45.265	(448.302)	(398.944)
Less	TAX (H)		(6.291)	(108.062)	(63.591)
	PROFIT AFTER TAX (G-H) (I)		51.556	(340.240)	(335.353)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.744	407.984	743.338
	BALANCE CARRIED TO THE B/S		119.300	67.744	407.984
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	699.087	109.383	126.282
	TOTAL EARNINGS		699.087	109.383	126.282
	IMPORTS
		Raw Materials	21.871	28.723	191.026
		Stores & Spares	175.503	58.313	222.423
		Capital Goods	0.000	0.000	0.200
	TOTAL IMPORTS		197.374	87.036	413.649
	Earnings Per Share (Rs.)		13.68	(95.49)	(94.11)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	105.279	78.113	49.885
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.83	(49.73)	(25.30)
Operating Profit Margin (PBITD/Sales)	(%)	19.57	(29.19)	(11.34)
Return on Total Assets (PBT/Total Assets}	(%)	1.39	(17.46)	(13.78)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.55)	(0.35)
Debt Equity Ratio (Total Debt /Networth)		0.47	1.15	0.78
Current Ratio (Current Asset/Current Liability)		1.15	0.97	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	35.632	35.632	486.731
Reserves & Surplus	1117.241	777.001	856.648
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1152.873	812.633	1343.379
long-term borrowings	121.337	298.363	76.035
Short term borrowings	723.131	558.951	444.363
Current maturities of long-term debts	49.885	78.113	105.279
Total borrowings	894.353	935.427	625.677
Debt/Equity ratio	0.776	1.151	0.466

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1325.731	684.201	1347.706
		(48.391)	96.975

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1325.731	684.201	1347.706
Profit	(335.353)	(340.240)	51.556
	(25.30)%	949.73)%	3.83%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	7.981	99.938
Working capital loans from banks	444.363	558.951
Total	452.344	658.889

BACKGROUND OF THE COMPANY

The Company is in the business of design and manufacture of specialized tailor made capital equipment, namely heat exchangers, mainly for petroleum, refinery, chemical, fertilizer and power industries.

ECONOMIC OVERVIEW

The overall Indian economic scenario continues to be challenging. During the year under review, the Indian economy grew by about 5%, which was lower than expected. The low investment in infrastructure and manufacturing sectors resulted in such slowdown. The lack of regulatory steps to create conducive climate to boost investment, culminated in slowest growth in a decade. The subdued industrial activities made growth a challenging one, which was aggravated further by the depreciation in the value of the Rupee vis a vis major foreign currencies, higher interest rates and high inflation.

However, it is expected that if a stable new Government is formed following the Parliamentary elections of 2014, one can expect some positive measures to be taken by such Government to revive the industrial growth and to bring economy on the right track. This will have a positive impact on capital goods industry too

FUTURE PROSPECTS

The Company feels confident about global export based orders further increasing going forward due to by Company’s strong performance during the current year. The global economy is coming out of recession; For the domestic business, it is hoped that a stable Government will be formed at the Centre following the General Elections currently underway as this will enable it to take some bold steps to revive the domestic economy, particularly encouraging

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10503305	21/05/2014	1,000,000,000.00	Export - Import Bank of India	Centre One, World Trade Centre, Cuffe Parade,, Mum bai, Maharashtra - 400005, INDIA	C06798516
2	10501240	29/04/2014	300,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	C05842372
3	10413806	30/01/2013	26,500,000.00	State Bank of India	Overseas Branch, 2nd floor, The Arcade,, Cuffe Pa rade,, MUMBAI, Maharashtra - 400005, INDIA	B71447544
4	10261870	17/02/2014 *	2,072,700,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, Maharashtra - 400005, INDIA	B98489107
5	10165901	26/06/2009	510,000,000.00	Standard Chartered Bank	90, M G Road,, Fort,, Mumbai, Maharashtra - 40000 1, INDIA	A65182354
6	10039570	08/02/2007	65,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, WORLD TRADE CENTRE, CUFFE PARADE , MUMBAI, Maharashtra - 400005, INDIA	A11465572

* Date of charge modification

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.63.95
UK Pound	1	Rs.98.64
Euro	1	Rs.69.86

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.