MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	SULZER INDIA LIMITED
Registered Office :	Gat No. 304, At Kondhapuri, Taluka Shirpur, Kondhapuri, District Pune – 412 209 Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.04.1988
Com. Reg. No.:	11-46977
Capital Investment / Paid-up Capital :	Rs.34.500 Millions
CIN No.: [Company Identification No.]	U29297PN1988PLC046977
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of Engineering Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 3500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Sulzer Limited, Switzerland, is a part of Sulzer Chemtech Business Unit of Sulzer Corporation. Trade relations are fair. Financial position of the company appears to be good. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

INFORMATION DECLINED BY

Name :	Mr. Amol
Designation :	Finance Executive
Contact No.:	91-2137-304000
Date :	26.12.2011

LOCATIONS

Registered Office/Factory 1 :	Gat No. 304, At Kondhapuri, Taluka Shirpur, Kondhapuri, District Pune – 412 209 Maharashtra, India
Tel. No.:	91-2137-304000 / 304802 / 20-30216300
Fax No.:	91-2137-304111 / 222
E-Mail :	sudhir.kadam@sulzer.com sales.baroda@sulzer.com sales.delhi@sulzer.com sales.chennai@suzer.com shrikrishna.korde@sulzer.com
Website :	www.sulzerindia.com
Location :	Owned
Corporate Office :	Sulzer House, Baner Road, Aundh, Pune – 411 007, Maharashtra, India
Factory 2 :	Village Kondhapuri, Pune Ahmednagar Road, Taluka Shirur, District Pune – 412 209, Maharashtra, India.
Regional Offices 1 :	Offtel Towers, ‘Z’ Floor, R.C. Dutt Road, Alkapuri Boroda-390007, Gujarat, India.
Tel. No.:	91-265-2342194
Fax No.:	91-265-2342394
Regional Offices 2 :	1015-1019, Ansal Tower, 38 Nehru Place, New Delhi-110019, India.
Tel. No.:	91-11-26294771 / 2
Fax No.:	91-1126294226
Regional Offices 3 :	20 Bishop Wallers Avenue (west) C.I. T. Colony, Mylapore, Chennai – 600 004, Tamilnadu, India.
Tel. No.:	91-44-24992436 / 24987415
Fax No.:	91-44-24992394
Regional Offices :	Also located at · Chennai · Delhi · Vadodara

DIRECTORS

As on 29.08.2011

Name :	Mr. Philipp Wilhelm Sueess
Designation :	Director
Address :	19, Birchstrasse Hettlingen 8442
Date of Birth/Age :	04.08.1961
Date of Appointment :	06.02.2011
DIN No :	03387797

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29297PN1988PLC046977	Sulzer India Limited	Director	29-08-11	06-02-11	Active	NO

Name :	Mr. Narasimha Krishnamurty Rallabhandi
Designation :	Director
Address :	Flat 2A Sayali Garden, Wireless Colony, Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	07.07.1962
Date of Appointment :	06.02.2011
DIN No :	00122631

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120PN2004PTC019442	Burckhardt Compression (India) Private Limited	Managing director	25-06-04	25-06-04	Active	NO
2	U29297PN1988PLC046977	Sulzer India Limited	Director	29-08-11	06-02-11	Active	NO

Name :	Mr. Venkatasubramanian Ramanathan
Designation :	Director
Address :	603, Opal Powai Vihar, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	17.02.1961
Date of Appointment :	06.02.2011
DIN No :	02740746

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1974PLC017561	Sulzer Pumps India Limited	Managing director	01-08-09	01-08-09	Active	NO
2	U29297PN1988PLC046977	Sulzer India Limited	Director	29-08-11	06-02-11	Active	NO

Name :	Mr. Jambunathan Venkatraman Mallik
Designation :	Director
Address :	E-3/14, Shirine Gardens, Parihar Chowk, Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	01.09.1960
Date of Appointment :	06.02.2011
DIN No :	00199389

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29297PN1988PLC046977	Sulzer India Limited	Director	29-08-11	06-02-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Balaji Thiruvadanthi Bakthisaran
Designation :	Manager
Address :	D/30, Mantri Kishor Park, Bhosale Nagar, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	22.05.1960
Qualification :	B. E (Honours)
Date of Appointment :	08.04.2005
PAN No :	ADGPB8164M
Name :	Mr. Shrikrishna Chitaman Korde
Designation :	Secretary
Address :	4-A1, Madhuwanti Society, Near Karve Statue, Kothrud, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	15.05.1976
Date of Appointment :	01.04.2011
PAN No :	ANQPK9577R
Name :	Mr. Amol
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Major Shareholders – Not Available

As on 29.08.2011

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]	94.80
Bodies corporate	0.39
Other top fifty shareholders	1.23
Others	3.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Engineering Products.

Products :

Product Description	Item Code (ITC Code)
Petroleum Refining and Distillation equipments	841940.01

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Actual Production
Separation Columns and Packing for Distillation, Absorption and Desorption	M3	1000	15214
Mixing Process Equipment	No.	300	28

Notes

· The above particulars are as certified by the Management.

· The Licensed Capacities are as per the Letter/ Acknowledgements received from the Ministry of Industry, Department of Industrial Development, Secretariat for Industrial Approvals, New Delhi for registration of Industrial Undertaking for manufacture of De-licensed articles.

· Installed Capacities cannot be quantified in view of common manufacturing facilities for the Company's wide product mix. The Company has made an application in 1989 to the Government of India, Department of Company Affairs, Company Law Board, New Delhi for the exemption under Section 211(4) of the Companies Act, 1956 from disclosure of Installed Capacities, for which approval is awaited.

* Note : Includes Sales Value of Rs.101.895 millions (Quantity 2,185 M3) for Jobwork charges. Raw material is imported from Sulzer Chemtech Limited, Switzerland and is the property of Sulzer Chemtech Limited, Switzerland.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· The Industrial Credit and Investment Corporation India Limited

163; Backbay Reclamation, Mumbai – 400 020, Maharashtra, India

· Janaseva Sahakari Bank

· State Bank of India

· Citibank N.A

· BNP Paribas

· Deutsche Bank

Facilities :

Unsecured Loans	As on 31.03.2011 15 Months (Rs. in millions)	As on 31.12.2009 12 Months (Rs. in millions)
Foreign currency loans banks unsecured	100.030	0.000
Total	100.030	0.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Mutha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerwada, Pune – 411 006, Maharashtra, India
PAN No.:	AADFP9359C
Holding Company :	Sulzer Limited, Switzerland
Subsidiary Company :	Sulzer Chemtech Tower Field Services (India) Private Limited (formerly SAB Technical Services India Private Limited) w.e.f. July 31, 2009
Fellow Subsidiaries :	· Sulzer Chemtech Company Limited, Thailand · Sulzer Chemtech Pte. Limited, Singapore · Sulzer Chemtech Limited, Switzerland · Sulzer Shanghai Engineering and Machinery Works Limited, China · Sulzer Chemtech, USA · Sulzer Pumps India Limited, India · Sulzer Chemtech GmbH, Germany · Sulzer Management Limited, Switzerland · Sulzer Chemtech Polaska, Poland · Sulzer Chemtech Limited, UK · Sulzer Chemtech Middle East S.P.C. · Sulzer Turbo Services Venlo B V · Sulzer Metco India Private Limited., India · Sulzer Chemtech Canada Inc.

CAPITAL STRUCTURE

As on 29.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3450000	Equity Shares	Rs.10/- each	Rs.34.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 15 Months	31.12.2009 12 Months	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		34.500	34.500	34.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		851.844	781.058	546.429
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		886.344	815.558	580.929
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		100.030	0.000	0.000
TOTAL BORROWING		100.030	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		986.374	815.558	580.929
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		382.794	155.613	190.945
Capital work-in-progress		4.139	149.409	1.382
INVESTMENT		129.826	129.826	0.000
DEFERREX TAX ASSETS		36.994	27.913	41.130
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	423.140	224.955	351.625
	Sundry Debtors	272.313	197.343	197.298
	Cash & Bank Balances	96.963	345.886	545.459
	Other Current Assets	5.232	2.233	5.423
	Loans & Advances	236.728	44.947	75.061
Total Current Assets		1034.376	815.364	1174.866
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	265.324	165.380	226.228
	Other Current Liabilities	255.166	83.539	299.021
	Provisions	81.265	213.648	302.145
Total Current Liabilities		601.755	462.567	827.394
Net Current Assets		432.621	352.797	347.472
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		986.374	815.558	580.929

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 15 Months	31.12.2009 12 Months	31.12.2008
	SALES
		Operating revenue. Net	1618.214	1490.479	1974.405
		Other Income	144.205	155.667	96.291
		TOTAL (A)	1762.419	1646.146	2070.696
Less	EXPENSES
		Consumption materials changes inventories	847.503	737.302	1129.205
		Employee related expenses	211.334	131.423	126.255
		Manufacturing service costs	110.741	66.193	326.155
		Administrative other operating expenses	372.000	208.406
		TOTAL (B)	1541.578	1143.324	1581.615
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		220.841	502.822	489.081
Less	INTEREST FINANCIAL CHARGES (D)		3.048	0.704	11.191
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		217.793	502.118	477.890
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.964	49.689	54.173
	PROFIT BEFORE TAX (E-F) (G)		114.829	452.429	423.717
Less	TAX (H)		44.043	157.454	153.606
	PROFIT AFTER TAX (G-H) (I)		70.786	294.975	270.111
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		475.214	270.083	168.253
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	89.844	27.011
		Dividend	0.000		34.500
		Tax on Dividend	0.000		5.863
		Proposed Final Dividend	0.000		86.250
		Provision for Tax on Proposed Final Dividend	0.000		14.658
	BALANCE CARRIED TO THE B/S		546.000	475.214	270.083
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB basis	359.563	777.990	906.959
		Commission	1.111	1.149	0.797
		Service Charges and Others	105.378	5.993	25.361
	TOTAL EARNINGS		466.052	785.132	933.117
	IMPORTS
		Raw Materials	334.267	78.595	591.254
		Components and Spare Parts	33.724	47.455	35.661
		Capital Goods	81.640	26.029	37.181
	TOTAL IMPORTS		449.631	152.079	664.096
	Earnings Per Share (Rs.)		20.52	85.50	78.29

KEY RATIOS

PARTICULARS		31.03.2011 15 Months	31.12.2009 12 Months	31.12.2008
PAT / Total Income	(%)	4.02	17.92	13.04
Net Profit Margin (PBT/Sales)	(%)	7.10	30.35	21.46
Return on Total Assets (PBT/Total Assets}	(%)	8.10	46.60	31.02
Return on Investment (ROI) (PBT/Networth)		0.13	0.55	0.73
Debt Equity Ratio (Total Liability/Networth)		0.79	0.57	1.42
Current Ratio (Current Asset/Current Liability)		1.72	1.76	1.42

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

PARTICULARS	As on 31.03.2011 Rs. in millions	As on 31.12.2009 Rs. in millions	As on 31.12.2008 Rs. in millions
Creditors due small micro enterprises	0.923	0.000	0.000
Creditors due others	264.401	165.380	226.228
Total	265.324	165.380	226.228

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

Particulars	As on 31.03.2011 Rs. in millions
Claims against the Company not acknowledged as debts (excluding interest)	40.470
Income-tax matters in appeal	36.559
Excise Duty matters in appeal	1.140
Sales Tax matters in appeal	49.275
Service Tax matters in appeal	0.352

The timing and amount of ultimate liability and cash flows, if any, that may arise from the above matters, will be determined on settlement of the cases.

FIXED ASSETS

· Land

· Buildings (Freehold)

· Buildings (Leasehold)

· Plant and Machinery

· Data Processing Equipments

· Research and Development Equipments

· Furniture and Fittings

· Office and Other Equipment

· Vehicles

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.52.72
UK Pound	1	Rs.82.71
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		61

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.