MIRA INFORM REPORT

Report No. :	349647
Report Date :	13.11.2015

IDENTIFICATION DETAILS

Name :	INGERSOLL-RAND (INDIA) LIMITED
Registered Office :	Plot No. 35, KIADB Industrial Area, Bidadi, Bangalore – 562109, Karnataka
Tel. No.:	91-80-22166001/ 22166022
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.12.1921
Com. Reg. No.:	08-036321
Capital Investment / Paid-up Capital :	Rs. 315.680 Million
CIN No.: [Company Identification No.]	L05190KA1921PLC036321
IEC No.:	0388001747
TIN No.:	24075200461
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI3099Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Industrial Air Compressors of various capacities and related services.
No. of Employees :	724 (Approximately)

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+
Rating Explanation	High degree of safety and very low credit risk.
Date	15.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	15.01.2014

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-80-22166022/ 91-44-42990991/ 91-22-61540500)

LOCATIONS

Registered/ Corporate Office :	Plot No. 35, KIADB Industrial Area, Bidadi, Bangalore – 562109, Karnataka, India
Tel. No.:	91-80-22166001/ 22166022
Fax No.:	91-80-22166022
E-Mail :	p_r_shubhakar@irco.com customersupportindia@irco.com contact-india@irco.com
Website :	http://www.ingersollrand.co.in
Factory 1 :	21-30, G.I.D.C. Estate, Naroda, Ahmedabad – 382330, Gujarat, India
Factory 2 :	Plot No. 61, 8th Avenue, 1st Cross Road, Mahindra World City, Chengalpattu Taluk, District Kancheepuram - 603002, Tamilnadu, India
Regional Offices :	Located at: · Ahmedabad · Chandigarh · Coimbatore · Indore · Jamshedpur · Nagpur · Pune · Secunderabad · Surat · Ghaziabad  · Mumbai · Gurgaon · Kolkata  · Chennai

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Venkatesh Valluri
Designation :	Chairman
Name :	Mr. Roman Steinhoff
Designation :	Director
Name :	Ms. Jayantika Dave
Designation :	Director
Name :	Mr. Hemraj C. Asher
Designation :	Director
Name :	Mr. Darius C. Shroff
Designation :	Director

KEY EXECUTIVES

Name :	Mr. P. R. Shubhakar
Designation :	Company Secretary
Date of Birth/ Age :	49 Years
Qualification :	B.Com, ACA, ACS
Experience :	25 Years
Name :	Mr. G. Madhusudhan Rao
Designation :	Vice President - Finance
Date of Birth/ Age :	58 Years
Qualification :	B.Com, ACA, ACS
Experience :	30 Years
Name :	Mr. Prasad Y. Naik
Designation :	Vice President - Information Technology
Date of Birth/ Age :	55 Years
Qualification :	B.Com, D.B.M, D.F.M, M.M.S
Experience :	24 Years
Name :	Mr. Amar Kaul
Designation :	Vice President and General Manager - Air Solutions (Manager under Companies Act, 2013)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	23360000	74.00
Sub Total	23360000	74.00
Total shareholding of Promoter and Promoter Group (A)	23360000	74.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1217301	3.86
Financial Institutions / Banks	45918	0.15
Insurance Companies	1357397	4.30
Foreign Institutional Investors	200793	0.64
Any Others (Specify)	20921	0.07
Others	20921	0.07
Sub Total	2842330	9.00
(2) Non-Institutions
Bodies Corporate	694845	2.20
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4210104	13.34
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	455827	1.44
Any Others (Specify)	4894	0.02
Trusts	4894	0.02
Sub Total	5365670	17.00
Total Public shareholding (B)	8208000	26.00
Total (A)+(B)	31568000	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)	31568000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Industrial Air Compressors of various capacities and related services.

Products :

ITC Code No.	Product Descriptions
2813	Air Compressors - Complete Machines and Spare Parts

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 (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

724 (Approximately)

Bankers :

Bank Name:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of America

· Bank of India

· Citibank N. A.

· Central Bank of India

· Standard Chartered Bank

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company LLP Chartered Accountants
Address :	Bangalore, Karnataka, India
Solicitors :
Name :	Crawford Bayley and Company
Address :	Mumbai, Maharashtra, India
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Ingersoll-Rand Plc, Ireland
Immediate Holding Company :	Ingersoll-Rand Company, New Jersey, USA
Fellow Subsidiaries :	· Thermo King India Private Limited, India · Reftrans, S.A., Spain · Ingersoll-Rand Technologies and Services Private Limited, India · Schlage Lock Division LLC, USA · Ingersoll-Rand International (India) Limited, India · Thermoking Corporation, USA · GHH - Rand Schraubenkompressoren GmbH, Germany · Trane Exports LLC, USA · Ingersoll-Rand CZ s.r.o, Czech Republic · Trane India Limited, USA · Hibon Inc.,Canada · Thermo King Services Limited, Ireland · Ingersoll-Rand (Chang Zhou) Tools Company Limited., · China Ingersoll-Rand Climate Solutions Private Limited, India · Ingersoll-Rand Air Solutions Hibon Sarl, France · Ingersoll-Rand European Sales Limited, UK · Ingersoll-Rand Company South Africa (Pty) Limited, South Africa · Ingersoll-Rand Machinery (Shanghai) Company Limited, China · Ingersoll-Rand International Limited, Ireland · Ingersoll-Rand Global Holding Company Limited, USA · Ingersoll-Rand Malaysia Company Sdn. Bhd., Malaysia · Trane U.S. Inc, USA · Nanjing Ingersoll-Rand Compressor Company Limited., China · Officina Meccaniche Industriali SRL, Italy · Plurifiter D.O.O, Slovenia · Ingersoll-Rand (China) Industrial Equipment Manufacturing Company Limited, China

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs. 10/- each	Rs. 320.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31568000	Equity Shares	Rs. 10/- each	Rs. 315.680 Million

a) Reconciliation of number of equity shares:

Particulars	31.03.2015
Equity Shares	No. of Shares	Amount in Million
Balance as at the beginning of the year	31568000	315.680
Movement during the year	--	--
Balance as at the end of the year	31568000	315.680

b. Rights, preferences and restrictions attached to shares

Equity Shares: The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding.

c. Equity shares held by holding company:

Particulars	31.03.2015
Equity Shares	Amount in Million
23,360,000 (March 31, 2014: 23,360,000) equity shares held by Ingersoll-Rand Company, New Jersey, USA, the holding company	233.600

d. Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company:

Particular	31.03.2015
Equity Shares	Amount in Million
Number of Equity Shares Ingersoll-Rand Company, New Jersey, USA, the holding company	233.600 (74%)

e. Shares reserved for issue under options:

There are no shares reserved for issue under any option.

f. Aggregate number of shares allotted as fully paid-up by way of bonus shares/pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding March 31, 2015).:

During the period of five years immediately proceeding March 31, 2015, no shares are allotted as fully paid-up by way of bonus shares or pursuant to contract(s) without payment being received in cash.

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	315.680	315.680	315.680
(b) Reserves & Surplus	9256.510	8830.360	8382.390
(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)	9572.190	9146.040	8698.070
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.230	28.090	30.530
Total Non-current Liabilities (3)	25.230	28.090	30.530
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1310.030	1362.810	1031.650
(c) Other current liabilities	226.690	223.660	252.100
(d) Short-term provisions	177.380	173.200	183.570
Total Current Liabilities (4)	1714.100	1759.670	1467.320
TOTAL	11311.520	10933.800	10195.920
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1093.080	1085.420	499.720
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	456.410	77.820	520.560
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	33.320	38.390	50.960
(d) Long-term Loan and Advances	1790.320	1665.680	1679.610
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3373.130	2867.310	2750.850
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1124.370	1352.530	914.410
(c) Trade receivables	1784.000	1742.890	1402.390
(d) Cash and cash equivalents	4175.970	4170.040	4730.040
(e) Short-term loans and advances	550.470	603.040	301.030
(f) Other current assets	303.580	197.990	97.200
Total Current Assets	7938.390	8066.490	7445.070
TOTAL	11311.520	10933.800	10195.920

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	6555.320	5787.240	5855.770
		Other Income	604.080	624.280	636.630
		TOTAL (A)	7159.400	6411.520	6492.400
Less	EXPENSES
		Cost of Materials Consumed	4285.960	3970.000	3676.910
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	136.480	(201.080)	54.670
		Employees benefits expense	772.420	655.380	611.750
		Other expenses	915.060	909.940	974.920
		Exceptional Items	-96.350	0.000	0.000
		TOTAL (B)	6013.570	5334.240	5318.250
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1145.830	1077.280	1174.150
Less	FINANCIAL EXPENSES (D)		20.780	11.870	10.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1125.050	1065.410	1163.250
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.590	81.060	51.760
	PROFIT BEFORE TAX (E-F) (G)		1009.460	984.350	1111.490
Less	TAX (H)		348.000	314.780	332.060
	PROFIT AFTER TAX (G-H) (I)		661.460	669.570	779.430
	EARNINGS IN FOREIGN CURRENCY
		Exports calculated on FOB basis	1447.330	1221.240	1194.650
		Freight and insurance on exports	0.000	0.000	0.120
		Business support and auxiliary services	126.640	27.010	21.210
	TOTAL EARNINGS		1573.970	1248.250	1215.980
	IMPORTS
		Raw materials, components and spares parts	1550.280	1717.450	1250.040
		Capital Goods	13.690	72.390	27.490
	TOTAL IMPORTS		1563.970	1789.840	1277.530
	Earnings Per Share (Rs.)		20.95	21.21	24.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	666.340	(326.080)	883.060
Net cash generated from/(used in) operating activities	292.870	(641.940)	502.800

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Type	1^st Quarter
Net Sales	1436.200
Total Expenditure	1427.500
PBIDT (Excl OI)	8.700
Other Income	137.500
Operating Profit	146.200
Interest	1.000
Exceptional Items	0.000
PBDT	145.200
Depreciation	30.600
Profit Before Tax	114.600
Tax	37.500
Provisions and contingencies	0.000
Profit After Tax	77.100
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	77.100

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.09	11.57	13.31
Operating Profit Margin (PBDIT/Sales)	(%)	17.48	18.61	20.05
Return on Total Assets (PBT/Total Assets}	(%)	9.33	9.10	11.55
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.13
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.63	4.58	5.07

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.806.00/-

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	315.680	315.680	315.680
Reserves & Surplus	8382.390	8830.360	9256.510
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	8698.070	9146.040	9572.190
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5855.770	5787.240	6555.320
		(1.170)	13.272

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	5855.770	5787.240	6555.320
Profit	779.430	669.570	661.460
	13.31%	11.57%	10.09%

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	Yes
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	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE PENDING

HIGH COURT OF KARNATAKA -BENGALURU BENCH

ITA 16/2011

Petitioner/Appnt. Name	THE COMMISSIONER OF INCOME TAX		Respondent/Defnt. Name	M/S INGERSOLL RAND (INDIA) LTD
Petnr./Appnt. Advocate	K V ARAVIND		Respnt./Defnt. Advocate	M/S KING & PARTRIDGE
Date Filed	06/01/2011	Classification	District	Bengaluru City

Stage	HEARING	Last Posted For	ADMISSION
Last Action Taken	ADMIT/RULE	Last Date of Action	31/01/2012	Next Hearing Date
Latest Order
Before Hon'ble Judge/s	D.V.SHYLENDRA KUMAR H.S.KEMPANNA

Lower Court Details [Appeal from below case.]

Case No	Court Name	Order Dt
ITA 3952/2005	ITAT BANGALORE BENCH BANGALORE	30/08/2010

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10414566	11/03/2013	200,000,000.00	CENTRAL BANK OF INDIA	PEENYA INDUSTRIAL AREA BRANCH, PEENYA, BANGALORE- 560057, KARNATAKA, INDIA	B71735963
2	10318880	28/10/2011	300,000,000.00	BANK OF INDIA	MID CORPORATE BRANCH,, NO.11, K G ROAD,, BANGALOR E- 560057, KARNATAKA, INDIA	B25745985

GENERAL INFORMATION

Ingersoll-Rand (India) Limited (the ‘Company’) is a public limited company incorporated in 1921 under provisions of the Companies Act, 1913 and existing under the provisions of the Companies Act, 1956/ Companies Act, 2013. The Company has a manufacturing plant in Naroda, Gujarat and is primarily engaged in the business of manufacturing and sales of Industrial air compressors of various capacities and related services. The Company also manufactures air conditioner package under contract manufacturing arrangement for its fellow subsidiary in India from a plant at Chennai. The Company sells air compressors primarily in India and also exports the products to North American, South American, Asian and European countries. The equity shares of the Company are listed on the Bombay Stock Exchange Limited, the National Stock Exchange of India Limited and the Ahmedabad Stock Exchange Limited.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENT:

During the year, the Indian economy showed signs of a slow recovery, aided by certain Government announcements. There was a shift to positive sentiments led by commitments from the newly elected Central Government. Falling crude prices and increase inflows from FIIs helped stabilize foreign exchange reserves, resulting in lesser inflation and lower current account deficit. Investments in industry continued to be impacted by high rates of interest, slow pace of project implementation, thereby resulting in lower capacity utilization. The Company’s products are primarily sold to industries in the automotive, metals, pharmaceutical and textile sectors and moderate growth in these sectors has resulted in marginal revenue growth in the year.

SEGMENT-WISE OPERATIONAL PERFORMANCE:

There is no change in the nature of business of the Company during the year. Air Solutions continues to be the major segment in your Company’s operations. The gross revenues of Air Solutions business in the year were Rs. 6,515.000 million as against Rs. 5,894.000 million in the previous financial year. With the growing economic environment, your Company continues to focus on increasing the local manufacturing content, innovation and market centric product development for the emerging markets.

The gross revenue from contract manufacturing transport refrigeration products from Chennai Plant was at Rs. 502.000 million as against Rs. 345.000 million in the previous financial year.

The profit before tax and after exceptional items is Rs. 1,009.000 million as against Rs. 984.000 million in the previous financial year.

OUTLOOK:

The initiatives of the Government are steps in the right direction and bode well for the medium to long term perspective. Revival is expected to be aided by implementation of stalled projects. The “Make in India” campaign touching most sectors, if supported by positive actions, have the potential to significantly improve the share of manufacturing in country’s GDP. The markets are awaiting a turnaround in the investment cycle in the backdrop of the reform measures. Capacity expansion planned in major sectors like power generation, infrastructure, oil and gas and mining etc. are expected to give rise to opportunities. The Company will continue to focus on sectors like metals, pharmaceuticals and textiles to grow the revenues through value added services. The production at Chennai Plant is expected to improve. Cost reduction will continue to be a focus area to ensure profitability.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(RS. IN MILLION)

PART I

Sr. No.	Particulars	(3 month) 30.06.2015 Quarter (Unaudited)
1.	Income from operations
	a) Net Sales/Income from Operations	1406.400
	(Net of excise duty)
	b) Other Operating Income	29.800
	Total Income from Operations (net)	1436.200
2.	Expenses
	a) Cost of materials consumed	971.200
	b) Purchase of traded goods	0.000
	c) Changes in inventories of finished goods, work-in-progress and traded goods	(3.000)
	d) Employee benefits expense	224.900
	e) Depreciation and amortisation expense	30.600
	f) Other expenses	234.400
	Total Expenses	1458.100
3.	Profit from Operations before other income, Interest, finance costs and exceptional Items (1-2)	(21.900)
4.	Other Income	137.500
5.	Profit from ordinary activities before finance costs and exceptional Items (3+4)	115.600
6.	Finance costs	1.000
7.	Profit from ordinary activities after finance costs but before exceptional Items (5-6)	114.600
8.	Exceptional Items – Sales tax return relating to earlier years	0.000
9.	Profit from ordinary activities before tax (7-8)	114.600
10.	Tax expense
	(a) Provision for current taxation	39.400
	(b) Provision for deferred taxation	(1.900)
	(c) Write back of tax relating to prior years (net)	0.000
11.	Profit from ordinary activities after tax (9-10)	77.100
12.	Extraordinary items ( net of tax expense)	0.000
13.	Net Profit for the period (11-12)	77.100
14.	Paid - up Equity Share Capital [Face value of Rs.10 per share]	315.700
15.	Reserves excluding revaluation reserves as per balance sheet of previous accounting year
16. i)	Earnings Per Share (before exceptional Items) (of Rs.10/- each) (not annualised)	2.44
	a) Basic	2.44
	b) Diluted
16. ii)	Earnings Per Share (after exceptional Items) (of Rs.10/- each) (not annualised)
	a) Basic	2.44
	b) Diluted	2.44
PART II
A.	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	- Number of Shares	8208000
	- Percentage of Shareholding	26%
2.	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	0.000
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	0.000
	-Percentage of Shares (as a % of the total share capital of the Company)	0.000
	b) Non-encumbered
	- Number of Shares	23360000
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100%
	-Percentage of Shares (as a % of the total share capital of the Company)	74%
	Particulars	3 months ended 30.06.2015
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	1
	Disposed off during the quarter	1
	Remaining unresolved at the end of the quarter	0

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

	Particulars	Unaudited Current 3 months ended 30/06/2015
1.	Segment Revenue (Sales and Other Operating income from Segments)
	a) Air Solutions	1291.700
	b) Environment Solutions	114.700
	Total	1406.400
	Less : Inter Segment Revenue	0.000
	Net Sales / Income from Operations	1406.400
2.	Segment Results (Profit(+)/Loss(-) before and interest from segment)
	a) Air Solutions	2.900
	b) Environment Solutions	10.400
	Total	13.300
	Less : i) Interest	1.000
	Less : ii) Other unallocable Expenditure Net of unallocable income (including exceptional items)	(102.300)
	Total Profit before Tax	114.600
3.	Capital Employed (Segment Assets-Segment Liabilities)
	a) Air Solutions	2308.200
	b) Environment Solutions	1359.600
	c) Others Unallocable Corporate Assets	5981.400
		9649.200

NOTES:

1) Provision for current taxation and deferred taxation of Rs. 37.500 Million for the three months ended June 30, 2015, has been made on an estimated basis. The actual tax liability of the Company will be determined on the basis of taxable income of the Company for the year April 1, 2015 to March 31, 2016.

2) The figures for the 3 months ended March 31, 2015 have been derived by deducting the published figures upto the 3^rd quarter ended December 31, 2014 from the audited figures of the financial year ended March 31, 2015.

3) Figures for the previous period/ year have been recast as necessary to conform to current period/ year classification.

4) The above results have been reviewed by the Audit Committee at their meeting held on August 12, 2015 and approved by the Board of Directors at their meeting held on August 13, 2015.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
(a) Claims against the Company not acknowledged as debts (Claims filed against the Company by customers/vendors/employees claiming damages for non-performance of contractual obligation/defective supply of products/termination of employment), which is disputed by the Company and the matters are lying under appeal with various forums.	40.650	39.700
(b) Value added tax/Sales tax matters in dispute (Relates to demand on account of non-submission of statutory forms to the department authorities substantiating the levy of concessional tax rate to customers. In connection with the disputes, the Company has furnished a Bank guarantee of Rs.7.670 Million (March 31, 2014: Nil).	15.100	0.000
(c) Central Excise matters in dispute (Relates to adjustment on account of levy of additional duty and related demands made by the Excise department, which is disputed by the Company and are lying under appeal with various forums.	202.330	149.910
(d) Income Tax matters [Relates to transfer pricing and other adjustments made by the Income Tax Department for the assessment years 2003-04 to 2007-08 and 2009-10 to 2011-12, which is disputed by the Company and the matters are lying under appeal with various forums. The Company has paid ‘under protest’ Rs.117.780 Million (March 31, 2014: Rs.98.180 Million) to the Income Tax Department in this regard]	169.640	119.810
NOTE: Considering the very nature of the disputes and the dependency on decisions pending with various forums, it is not practicable for the Company to estimate the timing of the cash outflows at this stage with respect to the above contingent liabilities. Contingent liabilities does not include guarantees issued by Banks on behalf of the Company against advances received for supply of products, in connection with customer bids and guaranteeing performance of products sold or timely completion of contractual obligations by the Company of Rs.343.620 Million (March 31, 2014: Rs.280.500 Million).

FIXED ASSETS:

· Land-Leasehold

· Buildings

· Leasehold Improvements

· Plant and Machinery

· Computer Systems

· Electrical Installations

· Furniture, Fixtures and Equipment

· Vehicles

· Small Tools

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.28
Euro	1	Rs.71.30

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	NKT

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.