MIRA INFORM REPORT

Report No. :	351511
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	PATELS AIRTEMP (INDIA) LIMITED
Registered Office :	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad - 380009, Gujarat
Tel. No.:	91-79-27913694
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.06.1992
Com. Reg. No.:	04-017801
Capital Investment / Paid-up Capital :	Rs. 50.702 Million
CIN No.: [Company Identification No.]	L29190GJ1992PLC017801
IEC No.:	0894001671
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCP1375K
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing and selling of extensive range of Heat Exchangers such as Shell and Tube type, Finned tube type and Air cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in India and marketing of equipments outside India.
No. of Employees :	251 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1992. It was promoted by Mr. Narayanbhai Patel and Associates. It is well-established company having fine track record. The ratings derive strength from the vast business experience of the promoters, well-established clientele, healthy moderate profit margins and comfortable solvency position. The ratings also factor in the significant increase in its total operating income (TOI) and gross cash accruals during FY15, its sound working capital management. The ratings, however, constrained on account of high competition in the industry and fluctuating raw material prices. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	October, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Kamlesh shah
Designation :	Finance Manager
Contact No.:	91-276486634
Date :	24.11.2015

LOCATIONS

Registered Office :	5^thFloor, Kalpana Complex, Near Memnagar Fire Station, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27913694/ 95/ 96
Fax No.:	91-79-27913693
E-Mail :	project@patelsairtemp.co.in
Website :	www.patelairtemp.com
Works :	Plot 805, 806, 807, 810, Rakanpur, Taluk Kalol, Via Sola Bhadaj Village, Gandhi Nagar – 382721, Gujarat, India
Tel. No.:	91-276486634/ 35/ 286480/ 81/ 286280
Fax No.:	91-2764286301
E-Mail :	works@patelsairtemp.com
Branch Office (Mumbai) :	310, Oberoi Chembers – II, New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26734162/ 63
Fax No.:	91-22-26734162
E-Mail :	Patelsairtempmumbai@vsnl.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Narayanbhai Gangarambhai Patel
Designation :	Chairman and Managing Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	21.04.1940
Qualification :	B.E. (Mechanical), M.E. (Air and Ref)
Experience :	41 Years
Date of Appointment :	10.06.1992
DIN No.:	00023107

Name :	Mr. Narendra Gopalbhai Patel
Designation :	Whole Time Director
Address :	13, Alok Bunglows, Sun –N- Step Club Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	13.02.1958
Qualification :	B.E. (Mechanical), D.B.M
Experience :	21 Years
Date of Appointment :	21.06.1994
DIN No.:	00023205

Name :	Mr. Prakash Narayanbhai Patel
Designation :	Whole Time Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	23.07.1966
Qualification :	B.E. (Mechanical)
Experience :	17 Years
Date of Appointment :	27.05.2004
DIN No.:	00249210

Name :	Mr. Sanjiv Kumar Narayanbhai Patel
Designation :	Whole Time Director
Address :	357, Lane 18, Satyagrah Chhavni society, Satelite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	11.09.1972
Date of Appointment :	30.09.2009
DIN No.:	02794095

Name :	Mr. Devidas Chelaram Narumalani
Designation :	Whole Time Director
Address :	702, Royal Resorts, T-38, shastri Nagar, Off j.P. Road, Andheri (West), Mumbai – 400053, Maharasahtra, India
Date of Birth/Age :	01.06.1949
Qualification :	B. Tech (I.I.T), D.B.M
Experience :	27 Years
Date of Appointment :	10.06.1992
DIN No.:	00097592

Name :	Mr. Hareshkumar Ishwarlal Shah
Designation :	Director
Address :	23, Shankar Nagar Co – Operative Housing Society, Ghodasar, Ahmedabad – 380050 Gujarat, India
Date of Birth/Age :	18.10.1946
Date of Appointment :	29.10.2005
DIN No.:	00216585

Name :	Mr. Naimish Bhunuprasad Patel
Designation :	Director
Address :	8, Indrabaug Society, Near Panchshil, Bus Stop, Usmanpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	22.02.1957
Qualification :	B.E. (Mech)
Date of Appointment :	30.10.2009
DIN No.:	02813295

Name :	Mr. Girishbhai Nathubhai Desai
Designation :	Director
Address :	1 Pushpa Deep, 23 Pushpakunj Society, Kankaria, Ahmedabad – 380028, Gujarat, India
Date of Birth/Age :	15.01.1948
Date of Appointment :	30.10.2009
DIN No.:	02824731

Name :	Mr. Vinodkumar Chhotubhai Desai
Designation :	Director
Address :	Block No. 295/4, Sector 20, Ghandhi Nagar – 382020, Gujarat, India
Date of Birth/Age :	16.02.1959
Qualification :	B.E (Production
Date of Appointment :	30.10.2009
DIN No.:	02813402

Name :	Mr. Ramanbhai R. Patel
Designation :	Additional Director w.e.f. 11.02.2012
Date of Birth/Age :	07.08.1943
Qualification :	B.E. (Chemical), MBA
Date of Appointment :	11.02.2012
DIN No.:	05224867

Name :	Mrs. Veenaben Patel
Designation :	Director (Appointed 30.03.2015)

KEY EXECUTIVES

Name :	Mr. karanshingh Karki
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	968421	19.10
Any Others (Specify)	1404512	27.70
Group Companies	1404512	27.70
Sub Total	2372933	46.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2372933	46.80
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	111908	2.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1910421	37.68
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	550210	10.85
Any Others (Specify)	124768	2.46
Non Resident Indians	114137	2.25
Clearing Members	10631	0.21
Sub Total	2697307	53.20
Total Public shareholding (B)	2697307	53.20
Total (A)+(B)	5070240	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5070240	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and selling of extensive range of Heat Exchangers such as Shell and Tube type, Finned tube type and Air cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in India and marketing of equipments outside India.

Products :

Item Code No.	Product Description
5196.81	Heat Exchangers & Accessories
4547.76	Air Cooled Heat Exchangers & Accessories
1038.47	Other Items

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

251 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Navrangpura Branch, Ahmedabad - 380009, Gujarat, India
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Vehicle Loan From Bank	4.900	0.000
Short-term borrowings
Loans repayable on demand
From Bank of Baroda	218.218	89.858
Inter Corporate Deposit (Includes dues to company in which directors are interested)	0.000	56.500
Total	223.118	146.358

NOTE:

LONG TERM BORROWING:

In 60 Equal Monthly Installments of Rs. 0.117 Million each to be serviced every month as and when due.

SHORT TERM BORROWING:

Working Capital facilities from Bank of Baroda is secured by way of hypothecation of raw-materials, stores and spares, work-in-progress of finished goods and book debts of the company both present and future and first charge on company’s plant & machinery, other movable assets of the company as well as secured by mortgage of companies factory land and building situated at Plot no. 805, 806, 807, and 810 at Rakanpur, Taluka Kalol, District Gandhinagar and secured by equitable mortgage of plot no 811 of the company situated at village Rakanpur Taluka Kalol Dist Gandhinagar as collateral security and is also personally guaranteed by the Promoters of the company.

Auditors :
Name :	Parikh and Majmudar Chartered Accountant
Collaborators :	Not Available
Membership :	Not Available
Associates :	Thermflow Engineers Private Limited Shiv Fin trade Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5070240	Equity Shares	Rs. 10/- each	Rs. 50.702 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares
Shares outstanding at the beginning of the year	5,070,240
Shares issued during the year	--
Shares outstanding at the end of the year	5,070,240

Note:

The Company has only one class of Shares having Par Value of Rs. 10 per Share. Each Share holder is eligible for one vote per share.

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Equity shares with voting rights
Therm Flow Engineers Private Limited	1,364,512	26.91%
Devidas Chelaram Narumalani	290,145	5.72%
Narendrabhai Gopalbhai Patel	268,500	5.30%
Total	1,923,157	37.93%

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	50.702	50.702	50.702
(b) Reserves & Surplus	483.579	441.703	406.843
(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)	534.281	492.405	457.545
(3) Non-Current Liabilities
(a) long-term borrowings	32.075	0.000	53.068
(b) Deferred tax liabilities (Net)	25.225	26.706	23.467
(c) Other long term liabilities	1.153	2.211	4.040
(d) long-term provisions	2.049	1.808	1.586
Total Non-current Liabilities (3)	60.502	30.725	82.161
(4) Current Liabilities
(a) Short term borrowings	218.218	146.358	86.733
(b) Trade payables	138.176	140.091	100.994
(c) Other current liabilities	63.356	21.404	20.382
(d) Short-term provisions	22.202	14.726	15.681
Total Current Liabilities (4)	441.952	322.579	223.790
TOTAL	1036.735	845.709	763.496
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	225.682	218.469	193.091
(ii) Intangible Assets	4.232	5.718	2.876
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.020	0.020	0.280
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.449	8.415	11.558
(e) Other Non-current assets	30.906	54.592	36.455
Total Non-Current Assets	265.289	287.214	244.260
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	264.344	235.528	202.102
(c) Trade receivables	229.580	129.980	189.183
(d) Cash and cash equivalents	221.118	165.739	122.582
(e) Short-term loans and advances	56.404	27.248	5.369
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	771.446	558.495	519.236
TOTAL	1036.735	845.709	763.496

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1127.464	707.522	905.795
	Other Income	4.220	4.900	2.800
	TOTAL SALES	1131.684	712.422	908.595
Less	EXPENSES
	Cost of Materials Consumed	639.333	312.749	458.389
	Purchases of Stock-in-Trade	38.036	34.395	21.176
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(49.149)	28.845	65.226
	Employees benefits expense	63.270	55.567	51.137
	Other Manufacturing Expenses	174.865	102.392	119.052
	Other Expenses	117.464	76.807	77.564
	Prior Period Adjustment	0.039	0.121	(0.176)
	Exceptional items	0.000	0.214	(0.016)
	TOTAL EXPENSES	983.858	611.090	792.352
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	147.826	101.332	116.243
Less	FINANCIAL EXPENSES	26.767	11.922	27.197
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	121.059	89.410	89.046
Less	DEPRECIATION/ AMORTISATION	24.863	17.169	15.271
	PROFIT/ (LOSS) BEFORE TAX	96.196	72.241	73.775
Less	TAX	34.173	25.596	24.311
	PROFIT/ (LOSS) AFTER TAX	62.023	46.645	49.464
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	219.894	250.292	122.514
	TOTAL EARNINGS	219.894	250.292	122.514
	IMPORTS
	Raw Materials	56.145	40.344	7.475
	Components and Stores parts	2.974	0.246	0.590
	Capital Goods	0.992	22.484	0.000
	TOTAL IMPORTS	60.111	63.074	8.065
	EARNINGS / (LOSS) PER SHARE (RS.)	12.23	9.20	9.76

QUARTERLY RESULTS

Particulars	30.09.2015	30.06.2015
	UNAUDITED
Net Sales	349.300	265.600
Total Expenditure	310.660	234.510
PBIDT (Excl OI)	38.640	31.090
Other Income	1.470	1.690
Operating Profit	40.110	32.780
Interest	4.180	3.480
Exceptional Items	NA	NA
PBDT	35.930	29.300
Depreciation	5.760	5.770
Profit Before Tax	30.170	23.530
Tax	9.950	7.570
Provisions and contingencies	NA	NA
Profit After Tax	20.220	15.960
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	20.220	15.960

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1.400	0.000	3.717
Cash generated from operations	31.867	138.482	144.671
Cash generated from (Used) operations	NA	NA	NA
Cash generated from Operating Activities	(0.635)	116.004	121.729

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.50	6.59	5.46
Operating Profit Margin (PBIDT/Sales)	(%)	13.11	14.32	12.83
Return on Total Assets (PBT/Total Assets}	(%)	9.28	8.54	9.67
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.16
Debt Equity Ratio (Total Debt /Networth)		0.47	0.30	0.31
Current Ratio (Current Asset/Current Liability)		1.75	1.73	2.32

STOCK PRICES

Face Value	Rs. 10.00 /-
Market Value	Rs. 156.00 /-

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	50.702	50.702	50.702
Reserves & Surplus	406.843	441.703	483.579
Net worth	457.545	492.405	534.281
long-term borrowings	53.068	0.000	32.075
Short term borrowings	86.733	146.358	218.218
Current Maturities of Long term debt	3.717	0.000	1.400
Total borrowings	143.518	146.358	251.693
Debt/Equity ratio	0.314	0.297	0.471

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	905.795	707.522	1127.464
		(21.889)	59.354

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	905.795	707.522	1127.464
Profit	49.464	46.645	62.023
	5.46%	6.59%	5.50%

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	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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE:

During the year under consideration, The Company achieved net sales including export sales of Rs. 1214.141 lacs as against Rs. 753.752 lacs i.e. 61% up as compared to previsions year. Profit before Tax is Rs. 96.235 lacs against Rs. 72.362 lacs which is 33 % more than last year. The net Profit after tax Rs. 62.062 lacs as compared to the previous year of Rs. 46.766 lacs which is 33 % as compared to last year.

FUTURE PROSPECTS:

Under the current scenario Government is encouraging and focusing more on domestic production. For encouraging the Indian Manufacturer/Entrepreneurs Government has Introduce “MAKE IN INDIA” program which will boost the Indian economy. Government is continuously spending and developing refineries, fertilizer projects & thermal power plant. There is wide scope for the Company to supply the Capital goods equipments to the Companies under this segment. As you are aware, The Company is focusing on the business of manufacturing a range of shell and tube Heat exchangers, Air cooled Heat

Exchangers, Refrigeration and Air Conditioning equipments, pressure vessels, etc. which broadly fall under the category of capital goods. They have multifarious applications in several industries. The Company has started focusing not only on the domestic market but also on the international market and The directors are pleased to inform the members that in the current fiscal year FY 2014-15 The company has continued long term supply arrangements with a leading global manufacturer of heat exchangers whereby The company has started manufacturing and supplying heat exchangers to entered into after an exhaustive audit of The Company’s facilities and capabilities and this augurs very well for The company and it is a testimony that The company’s facilities and capabilities are capable to meet very strict international standards.

As you aware that the Company is in engineering industry and is engaged in manufacturing/fabricating tailor made machines and therefore, the order book position of such type of company can play pivotal role in the growth of the Company. The directors are pleased to state that continuing the past trend; the Company is having confirmed orders of about Rs. 1414.100 Million on hand as on 20th May, 2015. Thus the directors are quite bullish on repeating similar performance in future. The directors are cautious and making untiring efforts so as not to compromise on growth, quality, and profitability of the Company.

INDUSTRY STRUCTURE AND DEVELOPMENT:

The Company is engaged in the manufacture and sale of extensive range of Heat Exchangers such as Shell & Tube type; Finned tube type and Air cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration equipments and Turnkey HVAC Projects in India & marketing of equipments even outside India. All these products are supplied to leading Industrial Sections like Power Projects, Refineries, Fertilizers, Cements, Petrochemicals, Pharmaceuticals, Textile and Chemical Industries. With the highly innovative environment, the Company could sustain its sales even in highly cut-thought competition and the prevailing market conditions.

PRODUCT – WISE PERFORMANCE:

The Company is operating in one segment i.e. engineering fabrication having different products, such as Heat Exchangers, Air Cooled Heat Exchangers, Pressure Vessels, Air-conditioning & Refrigeration Equipments, Turnkey HVAC projects and other Misc. products, the turnover of which are given in Notes on Accounts portion of the Annual Report. The company has decided to stick to high value added engineering products. These products are regularly procured by the Industrial Process Plants / Units. These products has ASME “U”/ “U2”/ “S” Stamp authorization, it is expected to improve profitability of the company in the future. For updating Heat Transfer Technology, Company has become member of HTRI (Heat Transfer Research, Inc, U.S.A.).

FUTURE OUTLOOK:

The long-term fundamentals of the Indian economy which is expected to remain strong. Key fundamentals generally include demographics, rising income and purchasing power of population and large investment in pipeline. The growth of the economy is being driven primarily by domestic investment and consumption, with limited dependence on exports or the demand situation in other economies. At the same time, there are some concerns, particularly with regard to inflation. Inflationary pressures emerging from commodity and food prices have shown signs of becoming more generalized, leading to the containing of inflation becoming the key priority of policy makers. In addition, the global economic environment continues to remain uncertain with slow recovery and fiscal concerns in developed markets. Keeping in mind the aforesaid factors, the company will make all efforts to encash the opportunities which come across.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long-term Borrowings
Loans and advances from related parties	27.175	0.000
Total	27.175	0.000

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015
Outstanding Bank Guarantees	318.583
Outstanding Foreign Bank Guarantees	US$ 24,48,814.67
Outstanding Inland Letter of Credit	3.442
Outstanding Foreign Letter of Credit	US$ 30,17,342.45

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015

(Rs. In Million)

Particulars	3 Months Ended	3 Months Ended	Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
	UNAUDITED
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	324.052	252.005	576.057
b) Other operating income	25.253	13.591	38.844
Total income from Operations(net)	349.305	265.596	614.901
2.Expenditure
a) Cost of material consumed	179.306	157.799	337.105
b) Purchases of stock in trade	13.650	11.777	25.427
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	15.451	(22.356)	(3.905)
d) Employees benefit expenses	16.181	14.839	31.020
e) Depreciation and amortization expenses	5.764	5.765	11.529
f) Labour Charges	28.940	23.249	52.189
g) Other expenditure	57.141	49.195	106.336
Total expenses	316.433	240.268	556.701
3. Profit from operations before other income and financial costs	32.872	25.328	58.200
4. Other income	1.473	1.687	3.160
5. Profit from ordinary activities before finance costs	34.345	27.015	61.360
6. Finance costs	4.180	3.481	7.661
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	30.165	23.534	53.699
8. Exchange Currency Fluctuation Loss/ (Gain)	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	30.165	23.524	53.699
10.Tax expenses	9.948	7.547	17.522
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	20.217	15.960	36.177
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	20.217	15.960	36.177
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	50.702	50.702	50.702
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000	0.000	0.000
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	3.99	3.15	7.14
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	2697307	2737207	2697307
- Percentage of shareholding	53%	54%	54%
2. Promoters and Promoters group Shareholding-	--	--	--
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL	NIL	NIL
Percentage of shares (as a % of total share capital of the company)	NIL	NIL	NIL
b) Non Encumbered
Number of shares	2372933	2333033	2372933
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100%
Percentage of shares (as a % of total share capital of the company)	47%	46%	47%
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	7
Disposed of during the quarter	7
Remaining unreserved at the end of the quarter	NIL

NOTE:

1. The above financial results have been reviewed by the audit Committee and approved by the Board of Directors at their meeting held on Saturday, 7th November, 2015.
2. The company has only one segment of activity namely, Engineering.
3. The above results are subject to limited review by the auditors.
4. Previous periods figures have been regrouped/ rearranged, wherever necessary.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10543789	17/01/2015	60,000,000.00	BANK OF BARODA	NAVRANGPURA BRANCH,, NAVRANGPURA, AHMEDABAD, GUJARAT - 380014, INDIA	C40649634
2	10546376	17/01/2015	250,000,000.00	AXIS BANK LIMITED	SME CENTRE ,2ND FLOOR 3RD EYE BLG, PANCHVATI, AH  MEDABAD, GUJARAT - 380009, INDIA	C42076950
3	10526540	29/09/2014	7,000,000.00	BANK OF BARODA	NAVRANGPURA BRANCH,NR. INCOMETAX UNDER BRIDGE,, N  AVJEEVAN POST OFFICE AHMEDABAD, AHMEDABAD, GUJARAT - 380009, INDIA	C30180350
4	10367325	18/07/2012	85,000,000.00	BANK OF BARODA	NAVRANGPURA BRANCH, NR INCOME TAX UNDER BRIDGE, N  AVJEEVAN POST OFFICE, AHMEDABAD, GUJARAT - 380009,  INDIA	B44437044
5	90103369	08/12/2004	17,000,000.00	BANK OF BARODA	CORPORATE BANKING BRANCH, AHMEDABAD, GUJARAT, INDIA	-
6	90103556	13/01/2015 *	610,000,000.00	BANK OF BARODA	NAVRANGPURA BRANCH, NAVRANGPURA BRANCH, AHMEDABAD, GUJARAT - 380009, INDIA	C41854951
7	90102851	20/07/2006 *	130,000,000.00	BANK OF BARODA	BANK OF BARODA TOWERS, 1ST & 2ND FLOOR, CFS BRANC  , OPPOSITE LAW GARDEN, ELLISBRIDGE,, AHMEDABAD, GUJARAT - 380006, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical installation

· Furniture and Fixture

· Vehicles

· Office equipment

· Road

· Computer

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. 66.38
UK Pound	1	Rs. 100.45
Euro	1	Rs. 70.55

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KSP
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.