MIRA INFORM REPORT

Report No. :	339235
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	KIRLOSKAR PNEUMATIC COMPANY LIMITED
Registered Office :	Hadapsar Industrial Estate, Pune – 411 013, Maharashtra
Tel. No.:	91-20-26727000/ 6870133/ 6870341
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.11.1974
Com. Reg. No.:	11-110307
Capital Investment / Paid-up Capital :	Rs.128.443 Million
CIN No.: [Company Identification No.]	L29120PN1974PLC110307
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration and hydraulic power transmission equipment.
No. of Employees :	970 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Maximum Credit Limit :	USD 8400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of “Kirloskar Group of Companies”. It is a well-established and reputed company having fine track. The company possesses a healthy profile marked by decent networth base along with ample liquidity and comfortable capital structure. Management has maintained its healthy profitability during 2015. The Company is operating on its owned funds. The ratings also take into consideration, an acceptable share price of Rs.472.50/- recorded by the company as against a face value of Rs. 10.00 as on September 2, 2015. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced promoters and reputed parent, the subject can be considered 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	CRISIL
Rating	Long Term Rating=AA-
Rating Explanation	Having high degree of safety and carry very low credit risk.
Date	02.03.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and carry very lowest credit risk.
Date	02.03.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Gogate
Designation :	HR
Contact No.:	91-20-26727000

LOCATIONS

Registered Office :	Hadapsar Industrial Estate, Pune 411013, Maharashtra, India
Tel. No.:	91-20-26727000/ 6870133/ 6870341
Fax No.:	91-20-26870297 / 634
E-Mail :	Sec@Kpcl.Net kpcl@kpcl.net gogatens@kpcl.net
Website :	http://www.kirloskarkpcl.com
Factory / Head Office :	Plot No.1, Hadapsar Industrial Estate, Pune - 411013, Maharashtra, India
Tel. No.:	91-20-26727000
Fax No.:	91-20-26870297
Saswad Plant :	Saswad Industrial Estate, Near Waghire College, Taluka - Purandar, Pune, Saswad – 412301, Maharashtra, India
Tel. No.:	91-2115-222403 / 222409
Fax No.:	91-2115-222406
Plant locations:	· Thermal Power Station Road, Nashik Road, Nashik
Branch :	Located at : · Mumbai · New Delhi · Bangalore  · Chennai · Hyderabad · Kolkata · Vadodara

DIRECTORS

As on 31.03.2015

Name:

Mr. Rahul C. Kirloskar

Designation:

Executive Chairman

Address :

Lakaki Compound, Shivajinagar,, Model Colony, Pune - 411016, Maharashtra, India

Date of appointment:

17.07.2012

DIN No.:

00007319

Experience:

16 Years

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	U65993PN1992PTC064865	ALPAK INVESTMENTS PVT LTD	Director	15/01/1992	15/01/1992	-	Active	NO
2	L45101DL1967PLC004759	ANSAL PROPERTIES AND INFRASTRUCTURE LIMITED	Director	11/02/1992	11/02/1992	16/05/2012	Active	NO
3	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Whole-time director	17/07/2012	30/09/1993	-	Active	NO
4	U64120MH1970PTC015975	PRATIBHA COMMUNICTIONS PRIVATE LIMITED	Director	27/06/1996	27/06/1996	-	Active	NO
5	U64201PN1998PLC012654	QUADRANT COMMUNICATIONS LIMITED	Director	13/06/1998	13/06/1998	07/10/2009	Active	NO
6	L29113PN1920PLC000670	KIRLOSKAR BROTHERS LIMITED	Director	19/09/2000	19/09/2000	22/04/2014	Active	NO
7	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Whole-time director	05/06/2001	05/06/2001	30/03/2010	Active	NO
8	U91110PN2005NPL020305	YOUNG PRESIDENTS ORGANIZATION (PUNE CHAPTER)	Director	01/07/2005	01/07/2005	12/08/2011	Active	NO
9	U35990PN2008PLC132445	KIRLOSKAR ROADRAILER LIMITED	Director	17/07/2008	17/07/2008	14/01/2011	Active	NO
10	U34300KA1962PLC053582	KIRLOSKAR SYSTEMS LIMITED	Director	29/09/2008	18/07/2008	17/11/2009	Active	NO
11	U65993MH1972PTC016178	ASARA SALES AND INVESTMENT PRIVATE LIMITED	Director	14/09/2010	12/03/2010	-	Active	NO
12	U31102MH1965PLC013362	KIRLOSKAR PROPRIETARY LIMITED	Director	17/09/2010	12/03/2010	-	Active	NO
13	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	21/01/2012	31/03/2010	-	Active	NO
14	U74900PN2011PTC138321	GreenTek Systems (India) Private Limited	Director	19/01/2011	19/01/2011	-	Active	NO
15	U74999PN2011NPL139899	PUNE CITY CONNECT DEVELOPMENT FOUNDATION	Director	17/06/2011	17/06/2011	-	Active	NO
16	L27101PN1991PLC063223	KIRLOSKAR FERROUS INDUSTRIES LTD	Director	13/08/2014	28/10/2013	-	Active	NO
17	U24231TN1992PLC062306	J.K. Fenner (India) Limited	Additional director	13/03/2015	13/03/2015	-	Active	NO
18	U29253PN2015PTC156286	KIRLOSKAR ENERGEN PRIVATE LIMITED	Director	24/08/2015	24/08/2015	-	Active	NO

Name:

Mr. Aditya Kowshik

Designation:

Managing Director

Address :

1102 Redwood, Marigold Premises, Kalyani Nagar, Wadgaon Sheri, Pune - 411014, Maharashtra, India

Date of appointment:

24.10.2013

DIN No.:

00228983

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	U29191PN1995PTC095733	KIRLOSKAR CHILLERS PRIVATE LIMITED	Director	29/09/2006	29/09/2005	-	Active	NO
2	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Managing director	24/10/2013	24/10/2008	-	Active	NO

Name:

Mr. Atul Chandrakant Kirloskar

Designation:

Director

Address :

'Radha' 453, Gokhale Road,, Pune - 411016, Maharashtra, India

Date of appointment:

17.07.2012

DIN No.:

00007387

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	L50210PB1985PLC006473	SWARAJ ENGINES LTD	Nominee director	06/07/1987	06/07/1987	22/01/2008	Active	NO
2	U65993MH1992PTC064866	NAVSAI INVESTMENTS PVT LTD	Director	15/01/1992	15/01/1992	-	Active	NO
3	L99999MH1938PLC002869	G. G. DANDEKAR MACHINE WORKS LIMITED	Director	22/05/1992	22/05/1992	24/09/2014	Active	NO
4	L27101PN1991PLC063223	KIRLOSKAR FERROUS INDUSTRIES LTD	Director	10/08/1992	10/08/1992	-	Active	NO
5	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	22/10/2010	01/03/1996	-	Active	NO
6	U34300KA1962PLC053582	KIRLOSKAR SYSTEMS LIMITED	Director	25/07/1997	25/07/1997	17/11/2009	Active	NO
7	U34101KA1997PTC022858	TOYOTA KIRLOSKAR MOTOR PRIVATE LIMITED	Director	03/04/2000	03/04/2000	-	Active	NO
8	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	13/12/2002	13/12/2002	-	Active	NO
9	U91110PN2004NPL019210	AUTO CLUSTER DEVELOPMENT AND RESEARCH INSTITUTE	Nominee director	30/04/2004	30/04/2004	12/02/2008	Active	NO
10	U63090MH2001PTC133415	FIVE STARS BULKCARRIERS Private Limited	Director	01/09/2008	07/04/2008	-	Active	NO
11	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Whole-time director	26/01/2012	12/01/2009	-	Active	NO
12	L65999PN2009PLC133794	KIRLOSKAR BROTHERS INVESTMENTS LIMITED	Director	27/07/2010	13/02/2010	-	Amalgamated	NO
13	U65993MH1972PTC016178	ASARA SALES AND INVESTMENT PRIVATE LIMITED	Director	14/09/2010	12/03/2010	-	Active	NO
14	U31102MH1965PLC013362	KIRLOSKAR PROPRIETARY LIMITED	Director	17/09/2010	12/03/2010	-	Active	NO
15	U74900PN2010PLC136724	PUNE RESTORATION & NAVIGATION COMPANY LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
16	U74900PN2011PTC138321	GreenTek Systems (India) Private Limited	Director	19/01/2011	19/01/2011	-	Active	NO
17	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	17/07/2012	23/01/2012	-	Active	NO
18	U65993PN2014PLC152566	PNEUMATIC HOLDINGS LIMITED	Director	29/06/2015	16/09/2014	-	Active	NO
19	U29253PN2015PTC156286	KIRLOSKAR ENERGEN PRIVATE LIMITED	Director	24/08/2015	24/08/2015	-	Active	NO
20	AAB-3612	SNOW LEOPARD TECHNOLOGY VENTURES LLP	Designated Partner	15/02/2013	15/02/2013	-	Active	NO
21	AAC-0951	SNOW LEOPARD MOMENTUM LLP	Designated Partner	17/02/2014	17/02/2014	-	Active	NO

Name:

Mr. Vikram S. Kirloskar

Designation:

Director

Address:

Kirloskar Residence, Kirloskar Business Park,, Bellary Road, Hebbal, Bangalore, 560024, Karnataka, India

Qualification:

Bachelor of Science in Mechanical Engineering

Date of appointment:

28.06.2002

DIN No.:

00007907

Name:

Mr. Arun Charan Mukherji

Designation:

Director

Address :

CD-254,, Sector I, Salt Lake City, Kolkata - 700064, West Bengal, India

Date of Appointment :

23.07.2014

DIN No.:

00063975

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	L24111WB1961PLC025067	ASIATIC OXYGEN LTD	Director	19/11/1986	19/11/1986	27/09/2013	Active	NO
2	L17110GJ1948PLC000753	DIGJAM LIMITED	Director	05/09/2014	18/09/1992	-	Active	NO
3	L29120WB1965PLC026533	UT LTD	Director	17/06/1993	17/06/1993	07/06/2012	Active	NO
4	L65921WB1989PLC047091	NPR FINANCE LTD.	Director	21/11/1994	21/11/1994	-	Active	NO
5	L65993WB1979PLC032394	LUDLOW JUTE & SPECIALITIES LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
6	U65999UP2000PLC025635	SAHARA INDIA LIFE INSURANCE COMPANY LIMITED	Director	30/03/2002	30/03/2002	02/04/2013	Active	NO
7	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	23/07/2014	25/05/2002	-	Active	NO
8	U74999HR1966PLC035163	VXL TECHNOLOGIES LIMITED	Director	01/12/2005	01/12/2005	10/09/2012	Active	NO

Name:

Mr. Padmakar Shamsundar Jawadekar

Designation:

Director

Address :

No. 670, 5th Main, 12th Cross, M C Layout, Vijayanagar, Bangalore - 560040, Karnataka, India

Date of Appointment :

23.07.2014

DIN No.:

00155177

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	U40100KA1977PTC046999	CMC COMMUTATOR PRIVATE LIMITED	Director	24/07/1999	24/07/1999	05/11/2013	Active	NO
2	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	23/07/2014	28/06/2002	-	Active	NO
3	L29113PN1920PLC000670	KIRLOSKAR BROTHERS LIMITED	Director	19/02/2005	19/02/2005	-	Active	NO
4	U45203PN2001PLC149623	KARAD PROJECTS AND MOTORS LIMITED	Director	22/11/2006	22/11/2006	22/07/2013	Active	NO

Name:

Mr. G. Krishna Rao

Designation:

Director ( Nominee GIC)

Address :

Flat No. A-201, Soham Eternity, Plot No. 18-21, Ashiana Park-II, Survey No. 277/29/2, Baner, Aundh, Pune - 411007, Maharashtra, India

Date of Appointment :

23.07.2014

DIN No.:

00058985

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	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	23/07/2014	27/01/2006	-	Active	NO
2	L45201TN1988PLC015521	PREMIER ENERGY AND INFRASTRUCTURE LIMITED	Additional director	25/04/2015	25/04/2015	25/04/2015	Active	NO

Name:

Mr. Dattatraya Ramkrishna Swar

Designation:

Director

Address :

Gurukrupa, Plot No. 30, Natraj Co-op. Housing Soc., Karve Nagar, Pune - 411052, Maharashtra, India

Date of appointment:

18.07.2009

DIN No.:

00007495

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	L50210PB1985PLC006473	SWARAJ ENGINES LTD	Nominee director	29/01/2000	29/01/2000	31/07/2012	Active	NO
2	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Whole-time director	26/07/2000	26/07/2000	19/04/2007	Active	NO
3	L99999MH1938PLC002869	G. G. DANDEKAR MACHINE WORKS LIMITED	Director	23/07/2007	28/12/2006	23/07/2014	Active	NO
4	U29120PN1970PTC014588	KIRLOSKAR INTEGRATED TECHNOLOGIES Private Limited	Director	08/09/2009	18/03/2009	-	Active	NO
5	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	18/07/2009	25/04/2009	-	Active	NO
6	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	21/07/2011	11/03/2011	11/06/2014	Active	NO

Name:

Mr. Sunil Shah Singh

Designation:

Director

Address :

Flat A 501/502- Lyra Satellite Towers Co-Op HSG., Soc. Limited, Survey No. 81, Koregaon Park Annexe, Pune - 411036, Maharashtra, India

Date of appointment:

23.07.2014

DIN No.:

00233918

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	L61000MH1978PLC020435	ITD CEMENTATION INDIA LIMITED	Managing director	01/06/2000	01/06/2000	01/01/2010	Active	NO
2	U65993MH2001PTC132897	ACCRA INVESTMENTS PRIVATE LIMITED	Director	19/12/2004	19/12/2004	14/06/2011	Active	NO
3	U45205MH2007PLC171896	ITD CEMENTATION PROJECTS INDIA LIMITED	Director	20/02/2008	21/06/2007	20/02/2013	Active	NO
4	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	23/07/2014	19/01/2011	-	Active	NO
5	L65999PN2009PLC133794	KIRLOSKAR BROTHERS INVESTMENTS LIMITED	Director	03/09/2014	19/07/2014	-	Amalgamated	NO
6	U65993PN2014PLC152566	PNEUMATIC HOLDINGS LIMITED	Director	29/06/2015	16/09/2014	-	Active	NO

Name :

Mr. Sanjay C. Kirloskar

Designation :

Chairman (up to 23^rd April, 2014)

Name:

Mr. J. Y. Tekawade

Designation:

Director

Name :

Dr. Aditi Pant

Designation :

Director (appointed w.e.f. 24 July, 2014)

Address :

Flat No 20, Golden Galaxy, S. No 20/5/2,, Someshwar Park,Pashan, Pune - 411008, Maharashtra, India

Date of Appointment :

29.07.2015

DIN No.:

06930011

KEY EXECUTIVES

Name :	Mr. Jitendra R. Shah
Designation :	Company Secretary
Address :	173/5 Meghdoot, Mukundnagar, Pune, 411037, Maharashtra, India
Date Of Appointment :	10.01.2011
PAN No.:	AVPPS2224L
Name :	Mr. Suhas S Kolhatkar
Designation :	Chief Financial Officer
Address :	F-203, Shefalika Heights, 110/1/A, Balwantpuram, Off. Paud Road,, Pune- 411038, Maharashtra, India
Date Of Appointment :	27.05.2014
PAN No.:	ABRPK1999G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	537157	4.18
Bodies Corporate	8182967	63.71
Sub Total	8720124	67.89
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8720124	67.89
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2326284	18.11
Financial Institutions / Banks	946	0.01
Insurance Companies	58777	0.46
Sub Total	2386007	18.58
(2) Non-Institutions
Bodies Corporate	376017	2.93
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1112838	8.66
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	212163	1.65
Any Others (Specify)	37189	0.29
Clearing Members	973	0.01
Non Resident Indians	36215	0.28
Trusts	1	0.00
Sub Total	1738207	13.53
Total Public shareholding (B)	4124214	32.11
Total (A)+(B)	12844338	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)	12844338	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration and hydraulic power transmission equipment.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

970 (Approximately)

Bankers :

· Bank of India

· Bank of Maharashtra

· Union Bank of India

· ICICI Bank Limited

· HDFC Bank Limited

Auditors :
Name :	P. G. Bhagwat Chartered Accountants
Address :	Orchad, Suite No. 102, Dr. Pai Marg, Baner, Pune - 411045, Maharashtra, India
Tel. No.:	91-20-27291772
Fax No.:	91-20-27290774
Secretarial Auditors :
Name :	SVD and Associates Company Secretaries
Address :	4th Floor, Vedwati Apartments, Shlvajinagar, Pune - 411005, Maharashtra, India
Tel No.:	91-20-69000666
Email id.:	deulkarcs@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Kirloskar Brothers Investments Limited
Subsidiary Company :	Kirloskar RoadRailer Limited
Fellow Subsidiary :	Kirloskar Oil Engines Limited Nasik Silk Limited (up to 30th March 2015) Pneumatic Holdings Limited (from 31st March 2015)
Associate Company :	Kirloskar Chillers Private Limited
Enterprise over which key management personnel exercise control/significent influence :	Kirloskar Integrated Technologies Private Limited Alpak Investment Private Limited Snow Leopard Momentum LLP Green Tek Systems (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12844338	Equity Shares	Rs.10/- each	Rs.128.443 Million

Rights attached to Equity Shares :

The Company has only one class of share capital, i.e. equity shares having face value of Rs.10/- per share.

Each holder of equity share is entitled to one vote per share.

Share Holding Details :	Nos.
Shareholder holding more than 5%
a) Kirloskar Brothers Investments Limited	6.994 (54.45%)
b) Kirloskar Industries Limited	1.187 (9.2%)
c) Reliance Capital Trustee Co. Limited	1.115 (8.68%)
d) HDFC Trustee Co. Limited	0.747 (5.81%)

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	128.443	128.443	128.443
(b) Reserves & Surplus	2831.243	2697.655	2459.627
(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)	2959.686	2826.098	2588.070
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	5.407	1.057
(c) Other long term liabilities	6.641	9.670	11.007
(d) long-term provisions	44.846	43.451	38.381
Total Non-current Liabilities (3)	51.487	58.528	50.445
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	955.100	741.172	852.248
(c) Other current liabilities	811.796	707.689	890.984
(d) Short-term provisions	180.209	366.326	429.128
Total Current Liabilities (4)	1947.105	1815.187	2172.360
TOTAL	4958.278	4699.813	4810.875
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	842.720	1004.198	895.375
(ii) Intangible Assets	127.875	134.870	125.002
(iii) Capital work-in-progress	6.395	0.000	2.135
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	73.298	29.582	79.582
(c) Deferred tax assets (net)	8.481	0.000	0.000
(d) Long-term Loan and Advances	33.909	38.537	80.333
(e) Other Non-current assets	3.243	5.115	14.073
Total Non-Current Assets	1095.921	1212.302	1196.500
(2) Current assets
(a) Current investments	1080.929	1184.691	1050.000
(b) Inventories	578.390	418.030	723.846
(c) Trade receivables	1769.273	1428.618	1320.671
(d) Cash and cash equivalents	192.835	130.885	158.849
(e) Short-term loans and advances	129.118	123.248	87.690
(f) Other current assets	111.812	202.039	273.319
Total Current Assets	3862.357	3487.511	3614.375
TOTAL	4958.278	4699.813	4810.875

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	4409.588	5099.269	5488.091
	Other Income	191.836	160.527	135.938
	TOTAL (A)	4601.424	5259.796	5624.029
Less	EXPENSES
	Cost of Materials Consumed	2281.687	2443.377	2967.852
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.064)	189.502	(121.271)
	Employees benefits expense	822.266	808.839	802.784
	Other expenses	1050.128	1067.803	1138.862
	TOTAL (B)	4128.017	4509.521	4788.227
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	473.407	750.275	835.802
Less	FINANCIAL EXPENSES (D)	0.189	3.483	13.139
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	473.218	746.792	822.663
Less/ Add	DEPRECIATION/ AMORTISATION (F)	189.027	132.140	114.904
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	284.191	614.652	707.759
Less	TAX (H)	58.439	226.352	236.783
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	225.752	388.300	470.976
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	195.809	207.781	217.132
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	144.794	250.000	300.000
	Proposed Dividend	64.222	128.443	154.132
	Tax on Proposed Dividend	13.149	21.829	26.195
	Total (M)	222.165	400.272	480.327
	Balance Carried to the B/S (J+K+L-M)	199.396	195.809	207.781
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	200.031	244.884	164.450
	Dividend Received	0.652	0.691	0.540
	TOTAL EARNINGS	200.683	245.575	164.990
	IMPORTS
	Raw Materials	342.762	332.193	507.210
	Components and Stores parts	46.091	52.130	33.952
	Capital Goods	1.177	147.646	6.244
	TOTAL IMPORTS	390.030	531.969	547.406
	Earnings / (Loss) Per Share (Rs.)	17.58	30.23	36.67

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	228.759	466.509	482.687
Net cash flow from operating activity	34.335	360.687	409.614

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.12	7.61	8.58
Operating Profit Margin (PBIDT/Sales)	(%)	10.74	14.71	15.23
Return on Total Assets (PBT/Total Assets}	(%)	5.84	13.16	14.97
Return on Investment (ROI) (PBT/Networth)		0.10	0.22	0.27
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.98	1.92	1.66

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	128.443	128.443	128.443
Reserves & Surplus	2459.627	2697.655	2831.243
Net worth	2588.070	2826.098	2959.686
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	5488.091	5099.269	4409.588
		(7.085)	(13.525)

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	5488.091	5099.269	4409.588
Profit	470.976	388.300	225.752
	8.58%	7.61%	5.12%

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)	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	No
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:

HIGH COURT OF BOMBAY

Case Details

Bench:-Bombay

Presentation Date:- 04/02/2015

Lodging No.:-	ITXAL/108/2015	Filing Date:-		04/02/2015
Main Matter
Stamp No.:-	WPST/4174/2008	Reg. No.:-	WP/1399/2008

Petitioner:-

THE COMMISSIONER OF INCOME TAX -6 , PUNE

Respondent:- KISLOSKAR PNEUMATIC COMPANY LIMITED

Petn.Adv.:-

Sham v walve (I3200)

Res. Adv.:- 0(0)

District:-

PUNE

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	TAX APPEALS
Last Date:-	11/02/2015	Stage:-	FOR DIRECTION [CIVIL SIDE MATTERS]
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Income Tax Act, 1961

Under Section:-

260A

Financial Performance

The year 2014-15 has been a very challenging year for the Company. As the Company is primarily a capital goods equipment manufacturer, lack of investments in major sectors like Oil and Gas, Power, Steel, Cement, Railways and Defence has impacted the revenues of the Company. The drop in oil prices has forced all Oil and Gas companies to delay their projects which has had a direct impact on them. However, the Company has endeavoured to keep costs under control and this is reflected in its performance. Net revenues from operations of the company were Rs 4409.000 million for the year 2014-15 as against Rs 5099.000 million for the previous year. Consequently, PBT declined to Rs 284.000 million from Rs 615.000 million.

MANAGEMENT DISCUSSIONS AND ANALYSIS

Global Economy

Global growth in the year 2014 was modest 3.4% and it is expected to marginally improve in 2015. However this growth had regional imbalances. Advanced economies have shown pickup in the economic activities while emerging markets show slowdown. Recent sharp decline in oil and commodity prices had a net positive impact on some economies. Asian economies have witnessed steady performance. However oil producing and commodity exporting countries of Latin America, Caribbean, CIS, Middle East and North Africa, and sub-Saharan Africa are witnessing negative trend. Private fixed investment in advanced economies contracted sharply during the global financial crisis, with little recovery since. It has generally slowed more gradually in the rest of the world. The weakness in business investment (the largest component of private investment) is primarily a symptom of the weak economic environment. With few exceptions, business investment has been low. Weaker expectations on future profitability, contribution of higher corporate leverage and lower internal cash flow, decline in capital inflows and commodity export prices are key contributors for the business investment slowdown. In advanced economies, private fixed investment has declined by an average of 25 percent since the global financial crisis compared with pre-crisis forecasts. Private investment in emerging market and developing economies has also slowed in recent years, following a boom in the early- to mid-2000s, but more gradually than in advanced economies.

Indian Economy

Index of Industrial Production showed marginal increase of 2% in 2014-15 after deceleration of 1% in previous year. Specifically for Machinery and equipment production index was at -5% annually for last three consecutive years. In the year 2014-15 this has grown by 2.5%. Growth in gross fixed capital formation also continues to be below 3%.

In India, a slow economic recovery is underway, helped by a sharp slide in inflation to multi-year lows and improving export momentum in line with rising global demand. With the reform agenda building momentum and current account vulnerabilities considerably diminished compared to 2013, currency and equity markets came under some pressure but were less affected than other emerging market peers during an episode of global financial volatility in December 2014.

The improvement follows a sharp slowdown in the previous two years during which high inflation and a perception of policy paralysis had depressed domestic investment, while growing macroeconomic imbalances increased vulnerability to volatility in global financial markets.

Supported by a recovery in domestic demand, especially investment, GDP growth is expected to steadily accelerate toward 8 percent by 2018. Contingent on strong and sustained progress on reforms, rising investment should help boost growth to 7.5 percent in 2016 and 2017. However, any slackening in the reform momentum, energy sector challenges and continued weak business sentiment could result in slower pace of recovery. Soft oil prices will raise real incomes support consumption and help ease current account pressures.

Segment Analysis

The Company serves two business segments – Compression Products/ Systems and Transmission Products.

1. Compression Products:

The Company offers a wide range of products which include – Air, Gas and Refrigeration Compressors, Packages and Systems. These products primarily serve Oil and Gas, Cold Chain and other industrial markets. Additionally Kirloskar Pneumatic Company Limited ("KPCL") also serves defense needs of compression systems.

a. Oil and Gas Business : The Company offers refrigeration and gas compression systems for refineries, petrochemical plants, CNG stations etc. The Company has proven to key customers like ONGC, Reliance, Jindal, BPCL, HPCL, Shell and other companies its capabilities of design, procure, build & test high end systems. Customers have time and again posed confidence on this capability and this helps us to retain market leadership in the segment.

The company bagged and executed significant projects during the period 2010-13. This was the time when oil and gas sector went in for modernization of the facilities and capacity additions. However since 2013 there has not been any significant investment in this sector by both the Government as well private sector. CNG stations have not grown in the recent past due to infrastructure issues and policy guidelines. Coupled with this oil and gas prices globally went down.

In-spite of this subdued business environment the company has maintained market share in the Oil and Gas market. The company is now regularly receiving orders for indigenously developed CNG compressor. The drop in oil prices has resulted in almost zero investments in this sector and only a few minor projects for improvement and up-gradation are seen in the coming year.

Volatility and availability of gas in new cities is an issue which has affected investment in CNG stations. Very few

CNG stations were installed in India in 2014-15 and the company has however continued to retain its marke share in this business.

b. Cold Chain Business : The Company supplies ammonia compressor and packages for the cold store units, dairy units and pharmaceutical plants. These compressors are of reciprocating technology and offer excellent reliability. The company has a wide network of dealers who provide 24x7 services to the customers. The company is closely associated with various state level cold store association and government nodal agencies and technical committees. KPCL enjoys excellent market share in this segment.

With about 140 million ton of fruits and vegetable production, India is second largest producer in the world. However 40% of this produce is wasted due to improper storage and transportation. India is the largest producer of milk in the world with 100 million ton production. However 10% of this milk gets wasted. With this in mind the Government of India is aggressively pushing for the infrastructure development for cold chain. The Government of India has set up NCCD - a national body to serve as a nodal agency to promote and develop cold-chain in India. Government has also announced incentives for infrastructure development in cold chain.

As such demand for compressors for cold stores is growing. During the year 2014-15 the company has grown this business by 14%. In fact this business has grown consistently over last three years at a CAGR 10%.

The company has developed air cooled compressors which reduces system cost to the customer. This also improves the efficiency and running cost. To improve quality and delivery of refrigeration compressors the company successfully installed sophisticated machining centres and results are very encouraging.

c. Industrial Business : The Company offers air compressors and packages of various technologies. KPCL has distinction of over 10000 installations with reputed customers in cement, steel, power, engineering and other markets. KPCL has integrated capability of designing, manufacturing and servicing air compressors. Customers value engineering and solution offering capability of KPCL.

The year 2014-15 was difficult year for this business. With slowdown in the private sector investment over the last 2 years, demand for compressors contracted by 40%. There was no major investment in key markets like air separation, steel plants, cement and power plants. With contracted demand competition was intense and put pressure on margins. Additionally, there is an entry of low cost products from Asian countries. There has been marginal improvement in demand from sectors like rice mills, textile, tiles etc. All this has resulted into lower sales by 32% over previous year in the industrial business.

KPCL is known in the market place for engineering capability and customized design. The company has developed a new series of compressors which will reduce noise and vibrations for the customers. These have successfully been offered in the high pressure market like PET bottling market. KPCL has entered into high speed compressor market with development of centrifugal compressor. First production unit is installed at customer. All these technological innovations will take us to next level of growth.

d. Defense Business : KPCL serves defense sector with products like HVAC systems and air compressor packages. KPCL has unique distinction of being preferred supplier status. This has been possible with relentless efforts of our engineering team. Some of the prestigious installations include HVAC system for warships and submarines, cooling trolleys for aircraft and helicopter, air charging units, refrigeration plants for food preservation. This is a tender based business and includes new equipment as well as service business. During the year 2014-15 this business dropped by 28% owing to delays in finalizing orders.

Performance: With demand contraction in industrial market and defense business, during the year 2014-15 revenue for the Compression Product segment was Rs 3862 Million (Previous year Rs 4159 Million).

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10344629	27/03/2012	5,360,000,000.00	THE BANK OF INDIA CONSORTIUM	8A COYAJI ROAD, CAMP, PUNE, Maharashtra - 411001,  INDIA	B35910744

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against the Company not acknowledged as Debts, estimated at	402.618	330.385
Income Tax Matters	0.712	0.712
Disputed Central Excise Matters	1.844	2.401
Disputed Customs Matters	1.454	1.454
Disputed Sales Tax Demands	69.615	1.157
Guarantees given by Company to Customers for the contracts undertaken in usual course of business	6.408	11.947

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

		Particulars	9 Months ended 30.06.2015
1		Income from Operations
		Sales/Income from Operations (Gross)	976.400
		b) Other Operating Income	8.300
	Total Income from Operations (Net)		984.700
2	Expenses
	a)	Cost of Materials consumed	520.800
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(10.400)
	c)	Employee benefit expenses	208.700
	d)	Depreciation and amortization expense	40.900
	e)	Other expenses	218.600
	Total Expenses		978.600
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	6.100
4	Other Income		31.200
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		37.300
6	Finance Costs		0.000
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		37.300
8	Exceptional Items		0.000
9	Profit /(Loss) from ordinary activities before tax		37.300
10	Tax Expense		6.700
11	Net Profit /(Loss) from ordinary activities after tax		30.600
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		128.400
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	2.39
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	4124214
		- Percentage of Shareholding	32.11%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	---
		- Percentage of shares (as a % of the total share capital of the Company)	--
		b) Non- encumbered
		- Number of shares	8720124
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00%
		- Percentage of shares (as a % of the total share capital of the Company)	67.89%

Particulars	3 Months Ended Ended 30.06.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

Note :

The above Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its Meeting held on 29^th July, 2015. The Statutory Auditors have conducted Limited Review’ of the Financial Results.

Previous periods’ figures are reground, wherever necessary to make them comparable with those of the current year.

Kirloskar Brothers Investments Limited (Holding Company) stands dissolved with effect from 30 June 2015, as per Composite Scheme pf Arrangement and Amalgamation between Kirloskar Brothers Investment Limited, Kirloskar Oil Engines Limited and Pneumatic Holding Limited as approved by Hon’ble Bombay High Court on 30 April 2015. As a results of this Pneumatic Holdings Limited will be holding Company of Kirloskar Pneumatic Company Limited is in the process of getting the shares transferred in their name.

SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. In Million)

Sr. No.	Particular	Quarter ended
		30.06.2015
		(Unaudited)
1.	Segment Revenue
	Compression Systems	806.900
	b. Transmission Products	169.500
	Others	--
	Total	976.400
	Less: Inter Segment Revenue	--
	Net Sales / Income from Operations	976.400
2.	Segment Result
	Profit/(Loss) before tax and Interest from each segment
	Compression Systems	109.300
	b. Transmission Products	(6.200)
	Total	103.100
	Less : i. Interest	--
	ii. Other Unallocable expenditure net off unallocable income	65.800
	Total Profit/(Loss) before tax	37.300
3.	Segment Capital Employed
	(Segment Assets – Segment Liabilities)
	Compression Systems	815.400
	b. Transmission Products	306.100
	Total capital employed in Segment	1121.500
	Add : Unallocable corporate assets Net of Liabilities	1856.000
	Total Capital employed in the Company	2977.500

FIXED ASSETS

· Land

· Building

· Water Tanks and Pipelines

· Plant and Machinery (Including Equipments)

· Electrical Installations

· Furniture and Fixture

· Vehicles

· Leased Assets (Plant and Machinery)

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 records 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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RSM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General 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.