MIRA INFORM REPORT

Report Date :

28.03.2011

IDENTIFICATION DETAILS

Name :	TRELLEBORG MARINE SYSTEMS INDIA PRIVATE LIMITED (w.e.f.11.11.2009)
Formerly Known As :	TRELLEBORG ENGINEERED SYSTEMS INDIA PRIVATE LIMITED
Registered Office :	909, Akik, Opposite Rajpath Club, S G Highway, Ahmadabad-380054, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.11.2006
Com. Reg. No.:	054208
CIN No.: [Company Identification No.]	U29219GJ2006PTC054208
TAN No.: [Tax Deduction & Collection Account No.]	AHMT02925G
PAN No.: [Permanent Account No.]	AACCT5495P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Marine Equipments, Port and Port Technology, Safety and Ocean Engineering.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

LOCATIONS

Registered Office :	909, Akik, Opposite Rajpath Club, S G Highway, Ahmadabad-380054, Gujarat, India.
Tel. No.:	91-79-40013333
Fax No.:	91-79-40013330
E-Mail :	sejal.dcosta@trelleborg.com
Website :	www.trelleborg.com

DIRECTORS

As On : 30.09.2010

Name :	Mr. Amit Harish Mandan
Designation :	Director
Address :	127/A, Sardar Nagar, Near Talawadi, Ahmadabad-382475, Gujarat, India
Date of Birth/Age :	16.04.1977
Date of Appointment :	21.11.2006
DIN No :	00934243
Name :	Mr. Scott Burnett Smith
Designation :	Director
Address :	34, Gottenham St. Glebe, New South Wales-2037, Australia
Date of Birth/Age :	11.08.1971
Date of Appointment :	03.04.2008
DIN No :	01958687
Name :	Mr. Paul Francis Welling
Designation :	Director
Address :	Fentek Middle East, P. O. Box 261758, Dubai-261758, UAE
Date of Birth/Age :	29.06.1966
Date of Appointment :	24.10.2009
DIN No :	02802968

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Trelleborg Singapore Pte. Limited, Singapore	6666
Trelleborg Marine Systems Asia Pte. Limited, Singapore	3334
Total	10000

AS ON 30.09.2010

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 and Exporter of Marine Equipments, Port and Port Technology, Safety and Ocean Engineering.

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Frames	Sets	NA	NA	69

GENERAL INFORMATION

Bankers :

Not Divulged

Facilities :

UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Bank Overdraft	1.380	0.000
Total	1.380	0.000

Note : Secured by guarantee by Holding Company.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	5^th Floor, Tower-D, The Millennia, I and II Murphy Road, Ulsoor, Banglore-56008, Karnataka, India
Holding Company :	Trelleborg Singapore Pte. Limited, Singapore (formerly known as Trelleborg Hercules Pte. Limited)
Ultimate Holding Company:	Trelleborg Industri AB, Sweden
Fellow Subsidiaries :	Ø Trelleborg Marine Systems Asia Pte. Limited Ø Trelleborg Marine Systems Australia Private Limited Ø Trelleborg Marine Systems France Ø Trelleborg Engineered Systems Australia Ø Fentek Middle East Ø Trelleborg Industrie SAS, France Ø Trelleborg Industri AB Ø Trelleborg DO Brasil LTDA Ø Trelleborg Marine Systems FZE

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 million

Note : of the above 6666 (2009:6666) equity shares are held by Trelleborg Singapore Pte. Limited (formerly known as Trelleborg Hercules Pte. Limited), the holding company and balance 3334 (2009 :3334) equity shares are held by Trelleborg Marine Systems Asia Pte. Limited, a fellow Subsidiary.

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.092	15.638	2.526
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.192	15.738	2.626
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.380	0.000	0.000
TOTAL BORROWING		1.380	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		27.572	15.738	2.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.604	3.506	1.404
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.258	1.214	0.419
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.994	11.192	11.760
	Sundry Debtors	17.345	22.806	0.516
	Cash & Bank Balances	13.583	4.416	8.139
	Other Current Assets	0.183	0.183	0.123
	Loans & Advances	4.061	9.698	9.884
Total Current Assets		41.166	48.295	30.422
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.085	13.303	6.777
	Other Current Liabilities	3.459	22.944	22.565
	Provisions	1.912	1.030	0.277
Total Current Liabilities		16.456	37.277	29.619
Net Current Assets		24.710	11.018	0.803
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.572	15.738	2.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	GROSS TRUNOVER		108.082	146.435	35.287
Less	EXPENSES
		Office Expenses
		Administrative Expenses	87.822	124.837	33.542
		Advertising Expenses
		TOTAL	87.822	124.837	33.542
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.260	21.598	1.745
Less/ Add	DEPRECIATION		1.517	0.781	0.205
	PROFIT BEFORE TAX		18.743	20.817	1.540
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	46.733	24.478	0.000
		Commission Earnings	4.880	8.308	7.298
		Other Earnings	0.886	0.000	0.000
	TOTAL EARNINGS		52.499	32.786	7.298
	IMPORTS
		Stock in Trade	0.000	0.582	0.000
		Capital Goods	0.000	1.364	0.000
	TOTAL IMPORTS		0.000	1.946	0.000

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	42.57	39.27	4.78
Return on Investment (ROI) (PBT/Networth)		0.72	1.32	0.59
Debt Equity Ratio (Total Liability/Networth)		0.68	2.37	11.28
Current Ratio (Current Asset/Current Liability)		2.50	1.30	1.03

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from F-42, East of Kailash, New Delhi, India to the present address w.e.f. 02.06.2008

CHANGE OF NAME

As the Members are aware the name of the Company has been changed from Trelleborg Engineered Systems India Private Limited to Trelleborg Marine Systems India Private Limited. The decision to change the name was taken by the members in their meeting held on 9th October, 2009. The change has been effected on account of global restructuring and IPR policy of the parent group.

FIXED ASSETS

ü Office Equipments

ü Furniture and Fixture

ü Data Processing Equipments

ü Computer Software

WEB SIDE DETAILS

PROFILE

Subject has remained true to the principles of customer service and product innovation that founded the business over 30 years ago, continuing to offer engineered solutions that assist you to enhance safety, improve efficiency and performance in demanding marine environments throughout the world.

In April 2001, the subject Group acquired all of Fentek's global fendering operations. This was soon followed by Seaward's foam fender and plastics business in Virginia, USA and Harbour Marine's complimentary range of berthing aids and mooring systems.

Today, operating as subject, these businesses all share the same goal of providing specialized berthing and mooring solutions for the port, inshore and marine industries. Working together, the global engineering offices and factories that make up subject provide a vast resource pool - their customers benefit from an unrivalled knowledge, broad product range and the most advanced solutions available in the marketplace.

Subject is a global engineering group with operating in more than 40 countries.  It has leading positions based on advanced polymer technologies and in-depth applications know-how. They develop high-performance solutions that seal, damp and protect in demanding industrial environments.

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.44.65
UK Pound	1	Rs.71.91
Euro	1	Rs.63.28

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.