MIRA INFORM REPORT

Report Date :

11.04.2011

Note:

The correct name of the company is Pierburg India Private Limited

IDENTIFICATION DETAILS

Name :	PIERBURG INDIA PRIVATE LIMITED
Registered Office :	Gate No. 380, Village Takwe Budruk, Taluka Maval, Pune-412106, Maharashtra.
Country :	India
Financial (as on) :	31.03.2010
Date of Incorporation :	26.10.2006
Com. Reg. No.:	11-129901
CIN No.: [Company Identification No.]	U74140PN2006FTC129901
TAN No.: [Tax Deduction & Collection Account No.]	MUMP22742G
PAN No.: [Permanent Account No.]	AAECP0264G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Parts

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3810000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of a KSPG Nederland Holding BV. It is an established company having moderate track. There appears some accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Sunil Bide
Designation :	Account Manager
Contact No.:	91-9011090820
Date:	09.04.2011

LOCATIONS

Registered Office/ Factory :	Gate No. 380, Village Takwe Budruk, Taluka Maval, Pune-412106, Maharashtra, India.
Tel. No.:	91-2114-307500
Fax No.:	91-2114-307510
E-Mail :	vivek.narayanan@kspg.com axel.koehler@kspg.com manojkumar.kamble@in.kspg.com
Website :	www.kspg.com
Area :	5000 sq.ft (Approximately)
Location :	Owned

DIRECTORS

AS ON 28.09.2010

Name :	Mr. Hans Joachim Esch
Designation :	Director
Address :	Bonhoefferstr 19 Moenchengladbach-41063, Germany
Date of Birth/Age :	29.07.1949
Date of Appointment :	23.01.2008
Name :	Mr. Axel H Koehler
Designation :	Director
Date of Appointment :	06.10.2009
Date of Cessation:	30.09.2010
Name :	Mr. Dirk G Hunkel
Designation :	Director
Date of Appointment :	06.10.2009
Name :	Mr. Olaf Reiner Hedden
Designation :	Director
Address :	Goherberg 30, Neuss, De-41469, Germany
Date of Birth/Age :	08.03.1964
Date of Appointment :	26.10.2006
Date of Cessation:	31.01.2010

KEY EXECUTIVES

Name :	Mr. Manojkumar Murlidhar Kamble
Designation :	Secretary
Address :	37/557, Lokmanya Nagar, Behind SP College, Pune-411030, Maharashtra, India.
Date of Birth/Age :	22.03.1979
Date of Appointment :	07.05.2009
Name :	Mr. Sunil Bide
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2010

Names of Shareholders	No. of Shares
KSPG Nederland Holding BV, Netherlands	27530548
Kolbenschmidt Pierburg AG, Germany	1
KSPG Nederland Holding BV, Netherlands	2884884
Total	30415433

AS ON 28.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Parts for Oem’s
Agencies Held :	Tata Motors FIAT General Motors Maruti
Terms :
Selling :	Cash, Credit (30-60-90 Days)
Purchasing :	Cash, Credit (30-60-90 Days)

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Pumps	Nos.	581614	99694
EGR Valves	Nos.	231030	30801

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

50 Approximately

Bankers :

ABN Amro Bank, Pune Branch, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Unsecured Loan from bank (guarantee by ultimate holding company)	NA	649.763
Total	NA	649.763

Banking Relations :	--
Auditors :
Name :	T.P. Ostwal and Associates Chartered Accountant
Address :	Bharat House, 4^th Floor, 104, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-40693939
Fax No.:	91-22-40693999
E-Mail :	fca@vsnl.com
Associates/Subsidiaries :	Pierburg GmbH (Immediate Holding company upto 6^th November,2008) Pierburg Pump Technology GmbH Pierburg Pump Technology Italy spA Pierburg SRO Pierburg Inc Pierburg S A Pierburg Pump Technology France Sarl
Ultimate Holding Company:	Kolbenschmidt Pierburg AG
Immediate Holding Company :	KSPG Nederland Holding B.V (From 6^th November, 2008)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
38000000	Equity Shares	Rs.10/- each	Rs.380.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30415433	Equity Shares	Rs.10/- each	Rs.304.154Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		304.154	160.220	144.999
2] Share Application Money		0.000	13.462	0.000
3] Reserves & Surplus		1097.515	0.000	0.000
4] (Accumulated Losses)		(449.128)	(12.958)	(5.985)
NETWORTH		952.541	160.724	139.014
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		90.000	649.764	0.000
TOTAL BORROWING		90.000	649.764	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1042.541	810.488	139.014
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1025.368	201.797	104.067
Capital work-in-progress		99.140	783.310	32.429
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.283	1.815	0.000
	Sundry Debtors	45.447	0.000	0.000
	Cash & Bank Balances	0.112	0.084	28.994
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	116.322	51.992	3.287
Total Current Assets		230.164	53.891	32.281
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.061	218.114	28.288
	Other Current Liabilities	150.070	7.833	0.726
	Provisions	0.000	2.563	0.749
Total Current Liabilities		312.131	228.510	29.763
Net Current Assets		(81.967)	(174.619)	2.518
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1042.541	810.488	139.014

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	134.170
		Other Income	0.000
		TOTAL	134.170	NA	NA
Less	EXPENSES
		Personnel Cost			0.623
		Administrative Expenses		5.160	4.827
		Advertising Expenses			0.000
		TOTAL	570.340	5.160	5.450
	PROFIT BEFORE TAX		(436.170)	(5.160)	(5.450)
Less	TAX		0.000	1.813	0.616
	PROFIT AFTER TAX		(436.170)	(6.973)	(6.066)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(12.957)	(5.984)	0.082
	BALANCE CARRIED TO THE B/S		(449.127)	(12.957)	(5.984)
	IMPORTS
		Raw Materials	54.125	2.011	NA
		Machinery	122.265	97.692	NA
	TOTAL IMPORT		176.390	99.703	NA
	Earnings Per Share (Rs.)		(19.81)	(2.84)	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(325.08)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	(325.08)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(34.73)	(2.02)	(4.00)
Return on Investment (ROI) (PBT/Networth)		(0.45)	(0.03)	(0.04)
Debt Equity Ratio (Total Liability/Networth)		0.42	5.46	0.21
Current Ratio (Current Asset/Current Liability)		0.73	0.23	1.08

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	162.061	218.114	28.288

NOTE:

The registered office of the company has been shifted from 3^rd Floor, CST No. 36/10 B, Prabhat Road, Deccan Gymkhana, Pune, Maharashtra, India. to the present address w.e.f. 30.08.2009.

FIXED ASSETS:

• Freehold Land
• Factory Building
• Administrative Building
• Plant and Machinery
• Computers
• Furniture and Fixtures
• Software

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 records 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.44.04
UK Pound	1	Rs.72.20
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.