MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	MAN TURBO INDIA PRIVATE LIMITED (w.e.f. 20.01.2005)
Formerly Known As :	MAN TURBOMACHINERY PRIVATE LIMITED (w.e.f. 13.07.2001) GHH BORSIC INDIA PRIVATE LIMITED
Registered Office :	Plot No.220, GIDC, Ranoli, Vadodara – 391 350, Gujarat
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	25.01.1999
Com. Reg. No.:	04-35336
Capital Investment / Paid-up Capital :	Rs.65.000 Millions
CIN No.: [Company Identification No.]	U29194GJ1999PTC035336
TAN No.: [Tax Deduction & Collection Account No.]	BRDM00656F
PAN No.: [Permanent Account No.]	AACG8783F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Turbine Blades and Repairing of Turbines and Field Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 1500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Trade relations are fair. The company is a 100% subsidiary of Man Turbo AG, Germany. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal 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. Hansraj
Designation :	Accounts Manager
Contact No.:	91-265-3016200
Date :	01.11.2011

LOCATIONS

Registered Office/ Factory :	Plot No.220, GIDC, Ranoli, Vadodara - 391 350, Gujarat, India
Tel. No.:	91-265-3016200/ 3016300/ 2240952/ 2240953/ 2240956
Fax No.:	91-265-2240960/ 2240169
E-Mail :	info@manturboindia.com vipin.verma@manturboindia.com narendra.shah@in.man.eu Mahesh.shownkani@in.man.eu
Website :	http://www.manturboindia.com
Kolkata Sales Branch :	BD-82, Ground Floor, Salt Lake, Sector 1, Kolkata-700064, West Bengal, India
Tel. No.:	91-33-23356930/ 23356931
Fax No.:	91-33-23356931

DIRECTORS

(AS ON 28.06.2011)

Name :

Mr. Hans Jurgen Ehmke

Designation :

Director

Address :

7, Tambaroora, PL West, Pennant, NSW 2125, Australia

Date of Birth/Age :

10.10.1952

Date of Appointment :

11.09.2009

DIN No.:

02748012

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	U29194GJ1999PTC035336	MAN TURBO INDIA PRIVATE LIMITED	Director	25-06-10	11-09-09	Active	NO

Name :

Mr. Maik Tiedemann

Designation :

Director

Address :

Schumannstr, 16, Mulheim 45478, Germany

Date of Birth/Age :

12.03.1965

Date of Appointment :

05.03.2009

DIN No.:

02525103

Name :

Mr. Mahesh Shownkani

Designation :

Director

Address :

6, Balmukund Park, Vasna Road, Baroda – 390 015, Gujarat, India

Date of Birth/Age :

06.04.1963

Date of Appointment :

25.01.2010

DIN No.:

02802177

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	U29194GJ1999PTC035336	MAN TURBO INDIA PRIVATE LIMITED	Director	25-06-10	25-01-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Hansraj
Designation :	Accounts Manager
Name :	Mr. Narendra Shah
Designation :	Company Secretary
Address :	24-B, Sitabaug Society, Manjalpur, Vadodara – 390011, Gujarat, India
Date of Birth/Age :	26.07.1958
Date of Appointment :	21.04.2011
PAN No.:	AGTPS9239E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.06.2011)

Names of Shareholders	No. of Shares
MAN Diesel and Turbo SE, Germany	6499998
MAN Diesel and Turbo SE, Germany held jointly with Jurgen Junga	1
MAN Diesel and Turbo SE, Germany held jointly with Reinhard Chudzicki	1
Total	6500000

(AS ON 28.06.2011)

Equity Share Breakup (Percentage of Total Equity)

Category	Percentage
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 Turbine Blades and Repairing of Turbines and Field Services.

Products :

Item Code No. (ITC Code)	84.06
Product Description	Steam Turbine Parts
Item Code No. (ITC Code)	84.11
Product Description	Gas Turbine Parts
Item Code No. (ITC Code)	84.14
Product Description	Gas Compressor Parts

PRODUCTION STATUS (AS ON 31.12.2009)

Particulars	Unit	Licensed and Installed Capacity	Actual Production
Turbine and Compressor Parts	Nos.	1,000	819

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· ICICI Bank

“Landmark”, Race Course, Vadodara – 390001, Gujarat, India

Facilities :

Secured Loans	31.12.2010	31.12.2009
	(Rs. In Millions)
Vehicle Loan from Banks (Secured by way of hypothecation of vehicles and fixed deposits placed by the Company) (of the above outstanding secured loan Rs.1.043 Millions is payable within one year )	1.043	3.044
Total	1.043	3.044

Banking Relations :	--
Auditors :
Name :	Price Warehouse and Company Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No.8, Airpot Road, Yerwada, Pune – 411006, Maharashtra, India
PAN No.:	AADFP9359C
Holding Company :	· Man Diesel and Turbo SE, Germany

CAPITAL STRUCTURE

(AS ON 31.12.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

NOTE:

(All the above equity shares are held by MAN Diesel and Turbo SE, the holding company and its nominees)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		65.000	65.000	65.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		305.580	243.957	160.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		370.580	308.957	225.520
LOAN FUNDS
1] Secured Loans		1.043	3.044	4.187
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.043	3.044	4.187
DEFERRED TAX LIABILITIES		0.000	0.955	10.885
TOTAL		371.623	312.956	240.592
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.140	76.168	96.695
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.345	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.698	21.612	20.968
	Sundry Debtors	103.113	125.666	56.553
	Cash & Bank Balances	191.367	108.709	98.040
	Other Current Assets	7.475	4.526	1.071
	Loans & Advances	30.688	35.717	29.218
Total Current Assets		353.341	296.230	205.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.319	9.276	19.045
	Other Current Liabilities	25.192	39.467	38.204
	Provisions	17.692	10.699	4.704
Total Current Liabilities		48.203	59.442	61.953
Net Current Assets		305.138	236.788	143.897
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		371.623	312.956	240.592

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Sales and service income		207.414	268.317
		Indenting commission	272.550	76.932	38.584
		Other Income		23.738	3.972
		TOTAL (A)	272.550	308.084	310.873
Less	EXPENSES
		Cost of Sales and Services		49.085	98.837
		Personnel expenses		53.666	51.128
		Operating, administrative and other expenses		67.946	64.485
		Prior period expenses		0.473	0.225
		TOTAL (B)	165.112	171.170	214.675
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses )	136.914	96.198
Less	FINANCIAL EXPENSES (D)			0.388	0.386
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.438	136.526	95.812
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.616	14.866	7.833
	PROFIT BEFORE TAX (E-F) (G)		94.822	121.660	87.979
Less	TAX (H)		33.200	38.223	35.594
	PROFIT AFTER TAX (G-H) (I)		61.622	83.437	52.385
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		241.457	158.020	105.635
	BALANCE CARRIED TO THE B/S		303.079	241.457	158.020
	EARNINGS IN FOREIGN CURRENCY
		Indenting commission income		76.932	38.585
		Export of Materials		0.000	0.341
		Repairs and maintenance services	84.573	0.000	2.123
		Export of services		16.367	10.225
		Reimbursement of expenses		2.357	4.296
	TOTAL EARNINGS		84.573	95.656	55.570
	IMPORTS
		Raw Materials	NA	3.745	0.000
		Stores & Spares	NA	0.960	7.031
		Capital Goods	NA	0.207	5.671
		Consumables	NA	2.589	0.000
	TOTAL IMPORTS		NA	7.501	12.702
	Earnings Per Share (Rs.)		9.48	12.84	8.06

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	22.61	27.08	16.85
Net Profit Margin (PBT/Sales)	(%)	NA	58.66	32.79
Return on Total Assets (PBT/Total Assets}	(%)	22.66	32.67	29.08
Return on Investment (ROI) (PBT/Networth)		0.26	0.39	0.39
Debt Equity Ratio (Total Liability/Networth)		0.13	0.20	0.29
Current Ratio (Current Asset/Current Liability)		7.33	4.98	3.32

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.12.2010	31.12.2009	31.12.2008
	(Rs. In Millions)
Sundry Creditors
- Dues to Micro, Small and Medium Enterprises	0.605	0.006	0.000
- Others	4.714	9.270	19.045
Total	5.319	9.276	19.045

THE YEAR IN RETROSPECT:

The company achieved total revenue of Rs.272.550 Millions against Rs.308.084 Millions of Previous year. The company earned operating profit of Rs.107.438 Millions and net profit (after depreciation and taxation) of Rs.61.622 Millions (Rs.83.437 Millions previous year).

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.12.2010	31.12.2009	31.12.2008
	(Rs. In Millions)
Bank Guarantee issued in favour of customers during warranty period	Not Available	5.150	5.693

FIXED ASSETS:

· Leasehold improvements

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Air Conditioner

· Electrical Installation

· Vehicles

· Computers

· Tools

· Non Perishable Tools

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		55

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.