MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	DELKOR TECHNIK INDIA PRIVATE LIMITED
Registered Office :	108/D, 6^th Main Road, III Phase, Peenya Industrial Area, Peenya, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation:	23.12.1998
Com. Reg. No.:	08-057676
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U29197KA1998PTC057676
TAN No.: [Tax Deduction & Collection Account No.]	MUMD06213E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Supplying of Specialized Engineering Equipments and Providing Project Engineering Services.
No. of Employees :	135 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba [52]

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

Maximum Credit Limit :	USD 642000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	108/D, 6^th Main Road, III Phase, Peenya Industrial Area, Peenya, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28392824 / 28392823 / 42621000 / 28397540
Fax No.:	91-80-28397540
E-Mail :	ramesh.kaur@delkorglobal.com p.arupkumar@delkorglobal.com
Website :	http://www.delkorglobal.com
Factory:	They have three factories in Peenya Industrial Area, Bangalore – 560058, Karnataka, India

DIRECTORS

As on 15.09.2010

Name :

Mr. Ramesh Vishwanatha Mahadevan

Designation :

Managing Director

Address :

A-504, 27th Cross Temple Neadows, Near Monotype Bnsk IInd Stage, Bangalore – 560070, Karnataka, India

Date of Birth/Age :

27.06.1957

Date of Appointment :

01.01.2011

DIN :

01488855

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29197KA1998PTC057676	DELKOR TECHNIK INDIA PRIVATE LIMITED	Managing director	1/1/2011	1/1/2003	-	Active	NO
2	U72200KA2006PTC038999	BATEMAN ENGINEERING (INDIA) PRIVATE LIMITED	Director	12/10/2007	8/5/2006	18/03/2009	Active	NO
3	U74999KA2006PTC039000	BATEMAN GLOBAL SERVICES (INDIA) PRIVATE LIMITED	Additional director	8/5/2006	8/5/2006	10/10/2007	Active	NO
4	U01403KA2011PTC060796	DEVANESH AGRO DEVELOPMENT PRIVATE LIMITED	Director	12/10/2011	12/10/2011	-	Active	NO

Name :

Mr. David Neil Minson

Designation :

Additional Director

Address :

Cmino el Huinganal, 3562, D12 Lo Barnehea, Satiago, Chile

Date of Birth/Age :

02.06.1957

Date of Appointment :

19.05.2008

DIN :

02153482

Name :

Mr. David Andrew Todd

Designation :

Additional Director

Address :

PO Box 3403, Cramerview, South Africa-2060, Great Britain

Date of Birth/Age :

15.12.1963

Date of Appointment :

13.06.2008

DIN :

02206607

Name :

Mr. Marcelo Andres Marcos Navarro Poblete

Designation :

Director

Address :

Flor De Azucenas 135, Depto. 1004 Las Condes, Las Condes

Date of Birth/Age :

23.12.1959

Date of Appointment :

01.01.2011

DIN :

03578087

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2010

Names of Shareholders	No. of Shares
Delkor Technik B V, Netherlands	36000
Batman Engineered Technologies B V, Netherlands	4000
Total	40000

As on 15.09.2010

Equity Share Break Up Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Supplying of Specialized Engineering Equipments and Providing Project Engineering Services.
Products :	· Horizontal Belt Filters · Delkor Screen · Thickeners · Auto Wash Gravity Filters (AWGF) Sand Filters · Filter Presses · Batch Filters · Agitators · Spiral Separators · Bond Filters

GENERAL INFORMATION

No. of Employees :

135 [Approximately]

Bankers :

Axis Bank Limited, Esquire Centre, No.9, M G Road, Bangalore - 560001, Karnataka, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
From Banks - Cash Credit (Secured against moveable and immoveable assets; hypothecation of current assets; equitable mortgage of land and building)	35.870	82.231
- Vehicle loan (Secured against motor vehicle)	0.846	1.254
Total	36.716	83.485
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
Buyer's Credit	13.117	24.629
From Shareholders* *repayable on demand. Due to Delkor Technik BV, Netherlands Rs 27.797 millions (previous year: Rs 27.797 millions). This company is under the same management within the meaning of Section 370 (IB) of Companies Act, 1956.	27.797	27.797
Total	40.914	52.426

Banking Relations :	--
Auditors :
Name :	B.S.R. and Company Chartered Accountants
Address :	Maruti Inflo Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore-560071, Karnataka, India
Tel. No.:	91-80-39806000
Fax No.:	91-80-39806999
PAN :	AAIFB4734C
Holding Company :	· Delkor Technik BV, Netherlands
Party Under Common Control [As on 31.03.2009]:	· Delkor Pty Limited, Australia · Delkor Technik (HK) Limited · Delkor UK Limited · Delkor South America Limited · Delkar Inc, Canada · Delkor Chonguing Environmental Engineering Limited, China · Bateman Engineered Technologies B.V., Netherlands · Bateman Engineering (India) Private limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,000	Equity Shares	Rs.100/- each	Rs.4.000 millions

(Of the above, 36,000 (previous year: 36,000) equity shares are held by Delkor Technik B.V., Netherlands; the Holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		156.625	99.070	51.028
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		160.625	103.070	55.028
LOAN FUNDS
1] Secured Loans		36.716	83.485	61.752
2] Unsecured Loans		40.914	52.426	29.824
TOTAL BORROWING		77.630	135.911	91.576
DEFERRED TAX LIABILITIES		0.000	0.835	1.379
TOTAL		238.255	239.816	147.983
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.000	28.907	25.489
Capital work-in-progress		1.242	0.600	0.601
INVESTMENT		0.030	0.030	0.030
DEFERREX TAX ASSETS		3.035	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.344	23.566	6.624
	Sundry Debtors	280.616	304.357	161.513
	Cash & Bank Balances	43.816	29.855	14.666
	Other Current Assets	101.758	77.146	67.511
	Loans & Advances	28.890	15.362	14.225
Total Current Assets		466.424	450.286	264.539
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	142.781	153.037	76.931
	Other Current Liabilities	64.224	52.847	54.461
	Provisions	50.471	34.123	11.284
Total Current Liabilities		257.476	240.007	142.676
Net Current Assets		208.948	210.279	121.863
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		238.255	239.816	147.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		701.784	565.396
		Income From Project Execution Services	NA	24.059	6.467
		Other Income		1.401	7.002
		TOTAL (A)	NA	727.244	578.865
Less	EXPENSES
		Cost of Materials Consumed		462.165	412.637
		Personnel Cost	NA	75.095	47.752
		Selling, General and Administrative Expenses		89.072	60.122
		TOTAL (B)	NA	626.332	520.511
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	100.912	58.354
Less	FINANCIAL EXPENSES (D)		NA	18.486	11.372
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.706	82.426	46.982
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.022	6.343	1.879
	Prior period income		0.000	0.000	6.546
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		89.684	76.083	51.649
Less	TAX (H)		32.129	28.042	19.691
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		57.555	48.041	31.958
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		69.069	21.028	26.494
Less	Transitional adjustment		0.000	0.000	0.404
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	30.000
		Proposed Dividend	0.000	0.000	6.000
		Tax on Dividend	0.000	0.000	1.020
	BALANCE CARRIED TO THE B/S		126.624	69.069	21.028
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	138.739	119.147
	TOTAL EARNINGS		NA	138.739	119.147
	IMPORTS
		Construction Materials and Components	NA	121.820	68.611
	TOTAL IMPORTS		NA	121.820	68.611
	Earnings/[Loss] Per Share (Rs.)		1438.87	1201.04	798.95

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	6.60	5.52
Net Profit Margin (PBT/Sales)	(%)	NA	10.84	9.13
Return on Total Assets (PBT/Total Assets}	(%)	18.25	15.88	17.81
Return on Investment (ROI) (PBT/Networth)		0.56	0.74	0.94
Debt Equity Ratio (Total Liability/Networth)		2.09	3.65	4.26
Current Ratio (Current Asset/Current Liability)		1.81	1.88	1.85

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from Room No. 128, Arenja Arcade, Plot No. 4, Sector-17, Vashi, Navi Mumbai-400703, Maharashtra, India to present address.

Background :

Subject was incorporated on 23.12.1998 as a private limited company under the Companies Act, 1956 [‘the Act’]. The company is part of the Bateman Netherlands N.V. Group, Netherlands, which is one of leading process engineering, contracting and project management entity specializing in the mineral-resources sector. The principal activities of the company include manufacturing and supplying of specialized engineering equipments and providing project engineering services.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29197KA1998PTC057676
Name of the company	DELKOR TECHNIK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	108/D, 6th Main Road, III Phase, Peenya Industrial Area, Peenya, Bangalore – 560058, Karnataka, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10074146
Type of charge	Book Debts Movable Property Immovable Property Others
Particular of charge holder	Axis Bank Limited, Esquire Centre, No.9, M G Road, Bangalore - 560001, Karnataka, India Email : rabi.patra@axisbank.com
Nature of instrument creating charge	Amendment Cum Link Agreement
Date of instrument Creating the charge	24.08.2011
Amount secured by the charge	Rs.490.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – CC: Base Rate+4.50% p.a. EPC: Upto 270 days-Base rate+2.75%;Beyond 270 days: Base rate+7.50% FBP/FBD: Demand Bills-Base rate+2.75%;Usance Bills-Upto 180 days-Base rate+2.75%;Beyond 270 days: Base rate+7.5% Terms of Repayment – CC-On Demand EPC will be allowed upto 180 days or expiry of contract / export letters of credit for shipment which ever is earlier. FBP/FBD-On due dates Margin – CC - 25% LC/Buyers Credit -- Cash Margin of 2.50% of the NFB limits availed BG- Cash Margin of 2.50% of the NFB limits availed and 100% in case of disputed liabilities. Extent and Operation of the charge – The charge on the properties being charged shall operate to the extent of Rs. 490.000 millions plus interest, costs, commission, charges and other expenses thereon
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on the company's entire current assets, both present and future First charge on the entire movable fixed assets (other than vehicles), present and future of the Company Equitable mortgage of industrial land admeasuring 1285 Sq Mtrs. (13826.60 Sq. Ft) with factory and office building constructed thereon at no. 108/D, 6th Main Raod, III Phase, Peenya Industrial Area, Peenya, Bangalore 560058
Date of instrument modifying the charge	06.11.2009
Particulars of the present modification	Limits secured under the charge remains unchanged at Rs. 490.000 millions. However, rate of interest changed from BPLR to Base Rate as follows: CC: Base Rate+4.50% p.a. EPC: Upto 270 days-Base rate+2.75% Beyond 270 days: Base rate+7.50% FBP/FBD: Demand Bills-Base rate+2.75% Usance Bills-Upto 180 days-Base rate+2.75% Beyond 270 days: Base rate+7.50% All Payable monthly

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10074146
Corporate identity number of the company	U29197MH1998PTC117593
Name of the company	DELKOR TECHNIK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Room No. 128, Arenja Arcade, Plot No. 4, Sector-17, Vashi, Navi Mumbai-400703, Maharashtra, India
Type of charge	Book Debts Movable Property Immovable Property (not being pledge)
Particular of charge holder	Axis Bank Limited, ESQUIRE Centre, No. 9, M.G. Raod, Bangalore-560001, Karnataka, India
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed (Current Assets, Plant and Machinery) Memorandum of Entry (Extension of Equitable Mortgage)
Date of instrument Creating the charge	18.07.2008
Amount secured by the charge	Rs. 390.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC: 2.25% below BPLR i.e. presently 13.00% p.a. at monthly interval Pre-shipment Credit/ Export Packing Credit: Upto 180 days – BPLR – 4.5% (Presently 10.75%) Beyond 180 days and upto 270 days – BPLR p.a. (Presently 15.25%) Post Shipment Credit/ Export Bills Dicounting / Purchase Limit Upto 90 days – BPLR- 4.5% (Presently 10.75%) Beyond 90 days – BPLR p.a. (Presently 15.25%) Terms of Repayment OCC: On Demand Export Packing Credit will be allowed upto 180 days or expiry of contract / export letters of credit for shipment whichever is earlier. Post-shipment credit/ Export Bills Discounting/ Purchase Limit: on due dates. Margin CC- 25% Pre-Shipment credit/ Export Packing Credit: Drawing will be permitted upto 90% of the FOB Value of the confirmed export orders/ letters of credit or 90% of the value of raw materials / stock in process, finished goods, whichever is lower. Post-shipment credit/ Export Bills Discounting/ Purchase Limit: 10% LC/ BG/ BUYERS Credit – 10% Extent and Operation of the charge The Charge on the properties being charged operate to the extent of Rs. 390.000 Millions plus interest, costs, commission, expenses and other charges thereon. Others The said amount of Rs. 390.000 Millions comprises of the following: Cash Credit (CC) – Rs. 90.000 Millions (Out of which Rs. 60.000 Millions sanctioned now) fully interchangeable with export packing credit and post shipment credit within overall Fund based limit of Rs. 90.000 Millions Lc/BG. Buyers Credit – Rs. 300.000 Millions (Out of which Rs. 150.000 Millions sanctioned now) let limit of Rs. 10.000 Millions is sanctioned as submit under overall non-fund based limit of Rs. 300.000 Millions

Fixed Assets:

· Freehold Land

· Building

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer 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.49.78
UK Pound	1	Rs.80.11
Euro	1	Rs.68.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.