MIRA INFORM REPORT

Report Date :

18.10.2008

IDENTIFICATION DETAILS

Name :	ATLAS COPCO (INDIA) LIMITED
Registered Office :	Sueanagar, Dapodi, Mumbai- Pune Road, Pune-411012, Maharashtra
Country :	India
Financials (as on) :	31.12.2007
Date of Incorporation :	28.01.1960
Com. Reg. No.:	0205066
CIN No.: [Company Identification No.]	L27106PN1960PLC020566
TAN No.: [Tax Deduction & Collection Account No.]	PNEA07306F
PAN No.: [Permanent Account No.]	AABTA4955D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchange
Line of Business :	Manufacturer of oil free screw compressors having sophisticated applications in pharmaceuticals, foods, beverages

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company of Atlas Copco Group. Available information indicates high financial responsibility of the company. Financial Position is good. Payments are correct and as per commitments. The company is doing well and it can be considered good for any normal business dealings.

LOCATIONS

Registered Office/ Corporate Office/ Factory/ Head Office :	Sueanagar, Dapodi, Mumbai- Pune Road, Pune-411012, Maharashtra, India
Tel. No.:	91-20-30722222/ 39852100
Fax No.:	91-20-27147928/ 39852070
Factory 1 :	Plot No. 90, MIDC, Industrial Area, Satpur, Nashik-422007, Maharashtra, India
Factory 2 :	301/302 LBS Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India
Factory 3 :	1201, GIDC Industrial Estate, Halol – 389 350, District Panchmahal.
Branches :	Sales Engineer: Mr. Santosh Mutalik / Mr. Ajit Nerurkar Sveanagar, Mumbai – Pune Road, Dapodi, Pune – 411 012, Maharashtra. Tel No. 91-20-7147927 Mobile No. 91-9823098652 Fax No. 91-20-7148288 E-mail: santosh.mutalik@atlascopco.com ajit.nerurkar@atlascopco.com Mr. K Sudhir Race Course Road, Guindy, Chennai – 600 032, Tamil Nadu, India. Tel No. 91-44-2442677 Mobile No. 91-9840095005 Fax No. 91-44-2442677 E-mail: sudhirk@satyam.net.in Mr. Shiva Dhar R-31/G, Dilshad Garden, New Delhi – 110095, India. Tel No. 91-11-2111543 Fax No. 91-11-5505644 Sales Manager: Tools Division: Mr. Sujit Amin Sveanagar, Mumbai-Pune Road, Pune – 411 012, Maharashtra, India. Tel No. 91-20-7147927 Mobile No. 91-9823071986 Fax No. 91-20-7148288 E-mail: sujit.amin@atlascopco.com
Distributor:	GETCO 26, Shyanoli, Mirpur Road, Dhaka 1207, Bangaladesh E-mail: geto109@citechco.net
Services Centre:	Mr. Rupesh Patil Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411 012, Maharashtra, India. Tel No. 91-20-7147927 Fax No. 91-20-7148288 E-mail: rupesh.patil@atlascopco.com Mr. T K Bharathidasan Race Course Road, Guindy, Chennai – 600 032, Tamil Nadu, India. Tel No. 91-44-2442677 Fax No. 91-44-2442677

DIRECTORS

Name :	Mr. A K Hirjee
Designation :	Chairman
Name :	Mr. M M Mustapha
Designation :	Managing Director
Name :	Mr. H O Meyer
Designation :	Director
Name :	Mr. B Kvarnback
Designation :	Director
Name :	Mr. R Leten
Designation :	Director
Name :	Mr. B Rosengren
Designation :	Director
Name :	Mr. D B Engineer
Designation :	Director
Name :	Mr. B K Poddar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. A V Daga
Designation :	Company Secretary
Management Team:
Name :	Mr. A Sengupta
Designation :	G.M. AC Ct Customer Centre
Name :	Mr. K Sidhwani
Designation :	General Manager CMT Customer Centre
Name :	Mr. S M Gokhale
Designation :	General Manager IT BA
Name :	Mr. S H Ghotge
Designation :	General Manger Holding and Chief Finance Officer
Name :	Mr. G K Pillai
Designation :	Corporate Controller
Name :	Mr. M B Patil
Designation :	General Manager Corporate – HR
Name :	Mr. K P Vaishnav
Designation :	General Manager CT Product Company
Name :	Mr. C M Pandit
Designation :	General Manager CMT Product Company
Name :	Mr. B Mohanty
Designation :	General Manager CP CT Customer Centre

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2007

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters	18899360	83.77
Financial Institutional Investors/ Non-resident Investors	49176	0.22
Mutual Funds	425336	1.89
Banks	1864	0.01
Bodies Corporate	354644	1.57
GIC and Other Insurance Companies	95370	0.42
Public	2733226	12.11
NSDL/ CDSL (in transit)	2588	0.01
Total	22561564	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of oil free screw compressors having sophisticated applications in pharmaceuticals, foods, beverages

Products :

Product Description	ITC Code
8414.40	Air Gas And Screw Compressors
8207.11	Pneumatic Tools
8414.90	Spares And Accessories
8467.89	Spares And Accessories

GENERAL INFORMATION

Bankers :

· Citibank N.A

· Bank of India

· Deutsche Bank

· BNP Paribas

· Union Bank of India

· HDFC Bank

· Hongkong and Shanghai

· Banking Corporation

Facilities :

SECURED LOAN	31.12.2007 Rs, In Millions
Term Loan from Banks* (Amount due within one year Rs. 83.333 Millions Previous year Rs. 250.000 Millions)	250.000
Bank Overdraft #	208.836
Finance Lease @	52.577
Total	511.413
* The Company has availed Term Loan At an interest of 11.25% per annum, repayable over a period of three years. The term loan is secured by first pari-passu charge on all of the Company’s Stock in Trade, Receivables and Movable Plant and Machginery. # Secured by hypothecation of underlying book debts and inventories @ Finance lease is secured by underlying assets.
UNSECURED LOAN	31.12.2007 Rs. In Millions
Fixed Deposit (Unclaimed) (Due within one year Rs./ 0.090 Million previous year Rs. 0.102 Million)	0.090
Short Term Loan (Due within one year Rs. 870.000 Millions previous year R.s 220.000 Millions)	870.000
Interest free sales tax deferred loan from the State Industrial And Investment Corporation of Maharashtra Limited	20.577
Total	890.667

Banking Relations :	Good
Auditors :
Name :	BSR and Company Chartered Accuntant
Solicitors and Advocates:	Crawford Bayley and Company, Mumbai
Holding Company :	Atlas Copco AB, Sweden
Associates/Subsidiaries :	· Atlas Copco Construction Mining (A Division of Atlas Copco Australia) · Atlas Copco (Nanjing) Construction and Mining Equipment Limited · Atlas Copco (South –East Asia) Pte Limited- CMT · Atlas Copco (Wuxi) Compressor Company Limited · Atlas Copco AB Group Centre · Atlas Copco Airpower N.V · Atlas Copco ASAP NV · Atlas Copco Brazil Limited · Atlas Copco Chillena SSC · Atlas Copco China Hong Kong Limited · Atlas Copco CMT LLC, USA · Atalas Copco Compressor INC- Holyoke · Atlas Copco Comptec Inc · Atlas Copco Construction Toold AB · Atals Copco Construction Tools GMBH · Atlas Copco Cralieus AB · Atals Copco Creplie · Atlas Copco Drilling Solutions Garland · Atlas Copco Drilling Solutions Inc – Ronanoke · Atals Copco Engerges GMBH · Atlas Copco Exploration Products · Atals Copco Forage ET · Atals Copco Ghana Limited · Atals Copco Great Britan · Atlas Copco KK · Atlas Copco Lifton EOOD Limited, South Africa · Atlas Copco Secoroc LLC · Atlas Copco Secororck AB · Atlas Copco Worthington · Ceccato Aria Compresa SPA · Geoge Renault GRE (PC) · Liuzhou Tech machinery · Pnmeumatech Inc · Power Tools Distribution N.V · Wuxi Pneumatech Air/ Gas Purity Equipment Company Limited · CP Qianshao (Qingdao) Power Tools Limited · Atlas Copco Holding ( South Africa) Private Limited · Atlas Copco Taiwan Limited · Atlas Copco (Shanghai) Trading Company Limited · Atlas Copco (Shenyang) Construction and Mining Equipment Limited · Atlas Copco (Zambia) Limited · Atlas Copco (Zjamgokou) CMT · Atlas Copco Anlegg OG · Atlas Copco Australia · Atlas Copco Construction nd Mining Equipment Limited, China · Atlas Copco CTO AB ( Berema) · Atlas Copco Customer Finance AB, Sweden · Atlas Copco Cyprus Limited · Atlas Copco Czech Republic · Atlas Copco Eastern Africa Limited · Atlas Copco Mexiacana SA DE CV · Atlas Copco Rotex ab · Atlas Copco SDE, Grland · Atlas Copco SRO Praga · Atlas Copco Venezuela S.A · Beacon Medaes · Freen Field AG, Switzerland · Inmtermech Limited · Mafi Trench Company, LLC · Pneumatic INC · PT Atlas Copco Indodesia

CAPITAL STRUCTURE

As on 31.12.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22561566	Equity Shares	Rs. 10/- each	Rs. 225.616 Millions

Issued, Subscribed and Fully paid up includes:

a) 110600 (Previous Year 110600) Equity Shares allotted as fully paid-up, pursuant to a contract without payment being received in cash

b) 17202315 (Previous Year 17202315) Equity Shares Allotted as fully paid-up by way of bonus shares by capitalization of general Reserve and Share Premium Account

c) Nil (Previuos year 4027095) Equity Shares allotted as fully paid-up to shareholders of erstwhile Chicago Preumatic India Limited (‘CPIL’) pursuant to the Scheme of Amalgamation, without payment being received in cash

d) 18899360 (Previous Year 18899360) Shares held by Atlas Copco AB, Sweden

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2007	31.12.2006	31.12.2005
SHAREHOLDERS FUNDS
1] Share Capital		225.616	225.616	112.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3105.524	2450.695	1948.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3331.140	2676.311	2061.500
LOAN FUNDS
1] Secured Loans		511.413	321.038	715.400
2] Unsecured Loans		890.667	240.679	24.100
TOTAL BORROWING		1402.080	561.717	739.500
DEFERRED TAX LIABILITIES		0.000	0.717	0.000
TOTAL		4733.220	3238.745	2801.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1601.625	1366.091	1332.100
Capital work-in-progress		24.896	58.923	15.400
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		92.235	37.998	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2106.846	1311.236	823.300
	Sundry Debtors	3073.846	2031.444	1525.800
	Cash & Bank Balances	247.054	171.482	86.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	587.603	300.760	338.500
Total Current Assets		6015.349	3814.922	2774.100
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2543.185	1738.196	1081.700
	Provisions	457.700	300.993	238.900
Total Current Liabilities		3000.885	2039.189	1320.600
Net Current Assets		3014.464	1775.773	1453.500
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4733.220	3238.745	2801.000

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2007	31.12.2006	31.12.2005
Sales Turnover		8930.146	6819.793	6160.700
Other Income		862.198	651.547	50.900
Total Income		9792.344	7471.340	6211.600
Profit/(Loss) Before Tax		1279.622	1141.997	828.200
Provision for Taxation		469.579	421.582	322.600
Profit/(Loss) After Tax		810.043	720.415	505.600
Earnings in Foreign Currency :
	Export Earnings	860.994	803.359	NA
Imports :
	Stores & Spares	2148.290	1392.052	NA
	Capital Goods	3.704	0.921	NA
Total Imports		2151.994	1392.973	NA
Expenditures :
	Raw Material Consumed	0.000	0.000	3327.900
	Excise Duty	0.000	0.000	462.200
	Power and Fuel Cost	0.000	0.000	28.100
	Employees Cost	0.000	0.000	435.600
	Selling and Administration Expenses	0.000	0.000	403.900
	Miscellaneous Expenses	0.000	0.000	129.500
	Increase or decrease of Stock	0.000	0.000	268.800
	Manufacturing Expenses	8303.799	6062.299	80.900
	Interest	75.558	34.630	50.100
	Depreciation & Amortization	225.821	204.339	196.400
	Exceptional Items	[92.456]	28.075	0.000
Total Expenditure		8512.722	6329.343	5383.400

QUARTERLY RESULTS

PARTICULARS	31.03.2008 1^st Quarter	30.06.2008 2^nd Quarter
Sales Turnover	3037.700	2839.300
Other Income	11.400	24.500
Total Income	3049.100	2863.800
Total Expenditure	2608.700	2375.500
Operating Profit	440.400	488.300
Interest	37.500	31.600
Gross Profit	402.900	456.700
Depreciation	65.400	60.600
Tax	141.500	146.400
Reported PAT	211.300	249.500

KEY RATIOS

PARTICULARS	31.12.2007	31.12.2006	31.12.2005
Debt-Equity Ratio	0.33	0.27	0.47
Long Term Debt-Equity Ratio	0.11	0.20	0.43
Current Ratio	1.55	1.77	1.93
TURNOVER RATIOS
Fixed Assets	4.56	3.88	3.19
Inventory	6.18	7.47	7.64
Debtors	4.14	4.48	4.39
Interest Cover Ratio	17.95	34.01	17.53
Operating Profit Margin(%)	14.96	17.31	17.44
Profit Before Interest And Tax Margin(%)	12.83	14.75	14.26
Cash Profit Margin(%)	9.81	11.59	11.39
Adjusted Net Profit Margin(%)	7.67	9.03	8.21
Return On Capital Employed(%)	34.00	38.97	32.39
Return On Net Worth(%)	26.97	30.41	27.37

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

Subject is a world-wide leader in compressed air and gas equipment, construction and mining equipment, industrial tools and assembly systems, to related aftermarket and rental. They are having two modern manufacturing sites in India, creating local centers of competence for compressors at Pune and at Nasik for construction and mining equipment. In addition, the company is having two captive engineering competency centers dedicated for compressors and construction and mining equipment. 

The Company was incorporated in January 1960 as a subsidiary of Atlas Copco, Sweden. In the year 1987, Chicago Pneumatic Toll company was acquired and in the year 2000, Chicago Pneumatic India was merged with the company. 

In the year 1999, the compressor technique division has upgraded their product range by using the energy efficient imported elements from Belgium. The re-layout of factory and resource allocation focused on product driven manufacturing, the construction and mining technique division has installed horizontal and vertical machining centers in the year has resulted in improvement in efficiency and quality. 

The company acquired the Drilling Solution Business of Ingersoll-Rand (India) Limited with effect from September 1, 2004, for a consideration of Rs 137.52 crore. The consolidation of manufacturing facility for Construction & Mining segment at Nasik has been completed with shifting of production from Pune to Nasik in December 2006 and was inaugurated in September 2007.

The consolidation of manufacturing facility for Compressors at Pune has been completed and the new modernised facilities at Pune were inaugurated in the month of September 2007. The manufacturing facility for Drilling Solutions products located at Bangalore was shifted to Nasik and production of medium and large range Blast hole drill machines has commenced at Nasik plant during the year. 

In the year 2007, Atlas Copco Group acquired two companies namely Mafi-Trench Corporation and Dynapac in which Mafi-Trench Corporation was engaged in manufacture, sale and service of Turboexpanders, a product which is complimentary to Compressors and Dynapac was engaged in manufacture, sale and service of road construction equipment. 

 In April 2008, the company entered into an agreements with the Shareholders of Prisma Roctools Private Limited and Focus Rocbit Private Limited, for acquisition of 25% shares of both the companies. The former is engaged in manufacture and sale of DTH Hammers and Bits and other complementary products and services for Rotary and down-the-hole (DTH) drilling segment and the latter is engaged in manufacture and sale of Rotary Bits and complementary products and services for the surface mining segment.

OPERATIONS: 

The year has been another good year for the Company with all time high sales and profits. The total revenue for the year was Rs.9792.344 Millions compared to Rs. 7471.340 Millions in the previous year, showing a growth of 31%. Profit before exceptional items and taxes for the year at Rs.1187.166 Millions, compared to Rs.1170.072 Millions in the previous year. 

The profitability has not kept pace with the increased turnover mainly due to increase in the input costs and operating expenses. Increased cost of imported material due to appreciation of Euro and major restructuring of manufacturing facilities undertaken during the year has also had an impact on costs. With increased competition in the market price realisation was a challenge. 

DIVIDEND & TRANSFER TO GENERAL RESERVE: 

The Directors recommend a dividend of Rs. 4 per share (40%) for the year ended 31 December 2007 which will be tax free in the hands of the shareholders, as the Company will bear the 'dividend distribution tax of Rs. 15.337 Millions. This reflects the view of the Directors, of the need to retain adequate resources to fund the growth opportunities of the business. The dividend will absorb an amount of Rs. 90.246 Millions (previous year Rs.90.246 Millions). The Directors propose to transfer an amount of Rs.100.000 Millions (previous year Rs. 600.000 Millions) to the General Reserve, having regard to the requirements of Section 205 (2A) of the Companies Act, 1956. The balance amount of Rs. 718.666 Millions (previous year Rs. 114.206 Millions) will be retained in the profit & loss account. 

MANAGEMENT DISCUSSION AND ANALYSIS: 

The year was another good year for Indian economy. After posting an impressive growth rate of 9.4% for the financial year 2006/07, the economy continued its march at the same rate in subsequent quarters. Both industrial and service sectors showed a double digit growth with agriculture sector lagging behind at about 2.7%. The Indian economy continued to be one of the fastest growing economies in the world. In April 2007, the Indian economy touched a trillion dollar mark to achieve the distinction of one of the 12 nations in the world to reach this milestone. Steady inflation rate and a healthy position of foreign exchange reserves are supporting this growth. 

India's infrastructure is growing at a healthy pace to support the continuous growth in GDR Government's thrust on developing a world class infrastructure to sustain growth in all sectors of economy has boosted investment in power, railways, airports and roads. 

Since the Company operates in infrastructure and industrial products, the economic climate in the country has helped the Company to post revenue of Rs. 9792.300 Millions during the year as against previous year's revenue of Rs. 7471.300 Millions showing a growth of 31%. 

OPERATIONS:

Consolidation of manufacturing facility for Compressors at Pune and for Construction and Mining at Nasik has been completed. The new modernised facilities at Pune and Nasik were inaugurated in the month of September 2007. The manufacturing facility for Drilling Solutions products located at Bangalore was also shifted to Nasik and production of medium and large range Blast hole drill machines has commenced at Nasik plant. The administrative and sales offices at these locations have also been upgraded and modernised. 

During the year, Atlas Copco Group acquired Mafi-Trench Corporation and Dynapac. Mafi-Trench is engaged in manufacture, sale and service of Turboexpanders, a product which is complimentary to Compressors and Dynapac is involved in manufacture, sale and service of road construction equipment. These acquisitions have opened up new opportunities for the Company in India. 

 INDUSTRIAL SEGMENT: 

This segment develops, manufactures and markets a wide range of air and gas compressors, of both rotary and reciprocating technology, of various powers and capacities to serve the diverse needs of consumers of compressed air and gas and a wide range of pneumatic and electric tools such as grinders, drills, impact wrenches, screw drivers, nut runners etc. The key market segments for compressors are general industry covering engineering, automobiles, textile, cement, pharmaceutical, power and PET blowing etc. and the construction industry covering mining, roads, tunneling etc. Use of CNG as automobile fuel has been on an increase keeping in mind the environmental concerns and this has opened up a new market for reciprocating compressors. Pneumatic and electric tools are primarily used in automation of production processes and maintaining stricter process controls and the key market segment for these tools are industrial manufacturing and automotive after markets. 

This segment has achieved revenue of Rs. 6344.000 Millions during the year recording an increase of 37% over previous year's revenue of Rs. 4613.500 Millions. The growth primarily came from Power, Textile sectors and investment in energy efficient compressors. Similarly, sales of pneumatic and electric tools to motor vehicle industry, energy and power, aerospace, general engineering contributed to the growth. Continued thrust on 'after sales', territory management, opening of new sales offices across the country and adding more sales and service people to have proximity to main markets with deeper focus on customer has helped the Company to sustain this level of growth. 

CONSTRUCTION & MINING SEGMENT: 

This segment develops, manufactures and markets rock drilling tools, drilling rigs, construction tools, breakers, blast hole drilling rigs, water well drilling rigs, loading equipment etc. A large variety of the tools are manufactured at the Nasik plant of the Company and some specialized drilling and loading equipment are sourced from other Group companies abroad. Key market segments served by this segment include rock excavation, light construction & demolition, exploration drilling, surface drilling, tunneling, underground mining etc. 

This segment achieved revenues of Rs. 3243.400 Millions recording an increase of 21% over previous year's revenue of Rs. 2678.900 Millions. The growth primarily came from increased activities and projects in Hydropower, Cement, construction, Roads and Irrigation, Urban development, Surface mining and quarrying. During the year they received good orders on indent basis from Hydro Power projects and Exploration mining which contributed to the commission income. 

 OUTLOOK FOR 2008: 

The growth momentum in the Indian economy is expected to continue during the year 2008. The economy is expected to grow at a rate over 8% and all major economic indicators are encouraging. Cement capacity expansions, construction sector growth, new power projects, investments in roads and growth in mining sector are expected to keep the demand high for Construction and mining equipment and tools. Increased activity is likely to be seen in underground crude oil storage while underground metal mining is expected to drive business for Loaders, Trucks and Drills in 2008. Entry of new private players in mining sector is expected to result in enhanced demand for mining equipment/machinery. 

However, with general elections looming large on the national horizon, government spending may get impacted in the later part of 2008. The sub-prime crises in the US banking sector and its impact on Indian exports to US could be a cause of concern to sustain the projected growth rate. 

The Company is a strong and an established player in its products and services. Company is expected to have a wider product portfolio with the acquisition of Dynapac brand of Road Construction Equipment. Barring unforeseen circumstances, the performance of the Company for the current year is expected to be satisfactory. 

RISK MANAGEMENT: 

The Company's internal control processes cover, amongst others, processes for identification, assessment and mitigation of various kinds of risks, which include strategic, operational, financial, environmental and reputation risks. Such risks are reviewed and discussed at various meetings of Business Boards, Product Committees, Management Committee, Facilities Committee and various other forums within the organization, where members of senior management are involved. Company's internal auditors review the internal controls, risk assessment and mitigation procedures, independently as a part of their internal audit process and their observations and findings are presented, reviewed and discussed in the Audit Committee meetings. The Board also reviews the risk assessment and mitigation procedures periodically. 

The Control Self Assessment database maintained by the Atlas Copco Group documents and monitors the risk assessment and mitigation by each operating unit head. The Atlas Copco Group's principles, guidelines and instructions that are documented in 'The Way They Do Things' provides executives with tools to monitor and follow up the business operations closely and quickly detect the deviations that could develop into risks. The Managers in charge of operating units continuously communicate with employees, customers and other stakeholders both in a formal and an informal way to keep themselves abreast with the developments in the market, products, competition and other areas. 

Fixed Assets:

· Goodwill

· Drawings and Designs

· Land (Freehold)

· Land (Leasehold)

· Factory Building

· Residential Premises

· Electrical Installments

· Workshops Machinery

· Patterns, Dies , Templates

· Vehicles

· Furnitre Fittings

· Office Equipments

AS PER WEBSITE:

Profile:

They strive to be the preferred supplier to current and potential customers and end-users.

The aim is to attract, develop, and keep qualified and motivated people in a professional environment. As a good and reliable corporate citizen, they always observe the spirit as well as the letter of the laws of the countries in which they operate.

To them being a leader means they should lead in the share of mind and in the share of business; they should be seen as an innovator who sets the standards and exceeds high expectations.

Copco Group:

In close cooperation with customers and business partners, and with more than 130 years of experience, Atlas Copco innovates for superior productivity.

· The products and services range from compressed air and gas equipment, generators, construction and mining equipment, industrial tools and assembly systems to related aftermarket and rental.

· Atlas Copco's customers are located almost everywhere on the globe. To them, Atlas Copco is a local company; at the same time, the Atlas Copco Group is a global enterprise with worldwide resources.

· Headquartered in Stockholm, Sweden, the Group’s global reach spans more than 160 markets, with its own sales operations in about 80 countries. In the other countries, the products are marketed through distributors and service networks.

· The Group has 68 production facilities in about 20 countries. Manufacturing is mainly concentrated in Belgium, Sweden, the United States, Germany, France, and China.

Press Release

AQ - Single stage Water Injected Oil Free Screw Compressor

2008-10-14

Atlas Copco introducesSingle stage Water Injected Oil Free Screw Compressor

Atlas Copco introduces AQ water-injected screw compressor range, with an installed motor power going from 30 to 55 kW and including amongst others two VSD models (AQ 37 VSD and AQ 55 VSD).The Range is available in air-cooled, water-cooled, Workplace, Workplace Full-Feature, fixed speed and variable speed drive (VSD).

The AQ range is designed to be energy-efficient with an incredible low noise level and offering a much better flow. The compact, ergonomic design allows easy maintenance.  When it comes to clean, oil-free compressed air, the customer cannot afford to compromise on air quality. Setting the standard for air purity through ISO 8573-1 CLASS 0 certification, the AQ water-injected screw compressors meet the customer’s needs for pure oil-free air while offering high-pressure capability and improved energy efficiency.  

Why should customers opt for AQ? Whether their activities are in pharmaceutical production, food processing, critical electronics or in a similarly exacting industry, air quality is of paramount importance for their end product and production processes.  Developed especially for applications demanding the highest level of purity, Atlas Copco’s AQ oil-free compressors eliminate the risks of oil contamination as well as the involved extra costs.

The superior cooling capability of water ensures that the heat is removed efficiently at the source. The low temperature of the compressed air reduces the stress on components, ensuring long life. A highly efficient compression process is achieved thanks to high quality polymer ceramic rotors with optimum profiling. As the element bearings are water-lubricated and slide on the water, their lifetime is extended and a smooth rotation of the element is ensured. The noise level is also reduced considerably. Contrary to traditional compressor set-ups, Atlas Copco’s AQ WorkPlace Air Systems effortlessly fit onto every work floor. Pressure drops, need for external dryer, costly piping systems, multiple connections and air leaks are avoided using the AQ solution. Advantages are: less noise operation, no need for separate compressor room, lower installation and energy costs.

AQ Machine is power packed with many innovations that have been introduced into the AQ compressor package. All these innovations result in an all-in-one package with supreme energy efficiency and optimum reliability.   

Some of the innovations are: 

- the introduction of a new over-sized  water-water heat exchanger in water-cooled units, providing a continuous water temperature at the dryer inlet of less than    55°C without after cooler;

- new vacuum unloader that simplifies service and allows easier regulation;

- new patented seals and hydrodynamic bearings. 

- The new air-cooled and water-cooled AQ 30-55 range offers our customers highly reliable and energy-efficient Class 0 certified oil-free machines with more FAD, more value for their money, flexibility in selection, savings on operating, installation and maintenance costs. These are only some of the major customer advantages. 

Atlas Copco is a world-wide leader in compressed air and gas equipment, construction and mining equipment, industrial tools and assembly systems, to related aftermarket and rental. In India, Atlas Copco is a market leader in all the products. It has two modern manufacturing sites in India, creating local centers of competence for compressors at Pune and at Nasik for construction and mining equipment. Both the production sites are ISO 14001 certified. In addition, the company has two captive engineering competency centers dedicated for compressors and construction and mining equipment.   Learn more at www.atlascopco.com.

Industrial Air is a division within the business area Compressor Technique of the Atlas Copco Group with the main production centre located in Antwerp, Belgium. The division develops, manufactures and markets worldwide a vast range of oil injected and oil-free air compressors and Quality Air Solutions used in all kinds of industries. Professional aftermarket support and air monitoring are equally part of the added value product offer. By nature and innovative design, Industrial Air provides increased customer value and cares for the environment. More information is available on www.atlascopco.com. 

Atlas Copco wins German geothermal power plant order

2008-10-07

Stockholm, Sweden, October 7, 2008: Atlas Copco has received an order to supply an expansion turbine for a geothermal power plant in Germany. The contract follows a similar deal in the United States last year, highlighting the continued growth of the environment-friendly geothermal energy market.

Atlas Copco’s Gas and Process division has also agreed to cooperate further with the customer, Exorka International Limited of Iceland. The aim is to develop and advance the process technology used at the German plant, which differs in some respects from the U.S. geothermal project. The technology makes possible a wider use of geothermal power generation than in the past.

“This is a breakthrough order for us as it shows we have the technological capabilities to supply customers in all kinds of geothermal energy projects,” says Ronnie Leten, Business Area President, Atlas Copco Compressor Technique. “There are numerous other projects planned in the future, and we continue to see great potential in this market.”

Exorka, which has its head office in Munich, is building a 5.5 megawatt power plant system in Mauerstetten, southern Germany. The plant will tap the country’s most abundant geothermal resource, the so-called Molasse Basin, located between four and five kilometers beneath the earth’s surface. Geothermal energy is obtained from natural hot water or steam basins, making it a significant source of renewable energy.

The process technology used at Mauerstetten is known as the Kalina Cycle. While not yet in widespread commercial use, this technology can be more efficient than conventional methods, especially when using lower-temperature heat sources for electricity production. A large part of the world’s undeveloped geothermal resources show the low temperature range that is suitable for use of the Kalina Cycle.

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.48.68
UK Pound	1	Rs.84.37
Euro	1	Rs.65.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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