MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	MOOG CONTROLS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 1, 2 and 3, Electronics City, Bangalore – 561 229, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.01.1989
Com. Reg. No.:	08-9802
Capital Investment / Paid-up Capital :	Rs.205.286 millions
CIN No.: [Company Identification No.]	U32109KA1989PTC009802
TAN No.: [Tax Deduction & Collection Account No.]	BLRM00933C
PAN No.: [Permanent Account No.]	AABCM3226G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Servo Control Mechanism and Precision Components.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Moog Inc., USA. It is an established company having satisfactory track. There appears some dip in the profitability of the company. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per the 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 – 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

INFORMATION PARTED BY

Name :	Mr. Simha
Designation :	Finance Executive
Contact No.:	91-80-28527308
Date :	14.11.2011

LOCATIONS

Registered Office :	Plot No. 1, 2 and 3, Electronics City, Bangalore – 561 229, Karnataka, India
Tel. No.:	91-80-28520585 / 936 – 38 / 28520535 / 28527344 / 28527370
Fax No.:	91-80-28520586
E-Mail :	sales.india@moog.com mohan@in.moog.com rsimha@moog.com pkannan@moog.com
Website :	http://www.moog.com
Area :	25,000 sq. fts.
Location :	Owned
Factory :	# 2 and 3, Electronic City, Hosur Road, Bangalore – 561 229, Karnataka, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Subramanian Suryanarayan

Designation :

Director

Address :

7 Tanjong RHU Road, # 19-03, Singapore – 436 887

Date of Birth/Age :

23.09.1961

Date of Appointment :

09.10.2009

DIN No.:

02836682

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	U32109KA1989PTC009802	Moog Controls (India) Private Limited	Director	30-09-10	09-10-09	Active	NO
2	U72200KA2010FTC052518	Moog India Technology Center Private Limited	Director	14-02-10	14-02-10	Active	NO

Name :

Mr. Anurag Kashyap

Designation :

Additional Director

Address :

139, Rainbow Residency, Sarjapur Road, (Opposite WIPRO), Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

29.06.1972

Date of Appointment :

01.12.2010

DIN No.:

01000668

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	U05149KA2003PTC031507	Moog Motion Controls Private Limited	Director	01-11-06	01-11-06	Active	NO
2	U32109KA1989PTC009802	Moog Controls (India) Private Limited	Director	30-09-11	01-12-10	Active	NO

Name :

Mr. Simha Raghavendra Rao Sameera

Designation :

Additional Director

Address :

No. 915, 6^th D Cross, 1^st Main, Kengeri Satellite Town, Bangalore – 560 060, Karnataka, India

Date of Birth/Age :

10.07.1972

Date of Appointment :

01.12.2010

DIN No.:

03374529

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	U32109KA1989PTC009802	Moog Controls (India) Private Limited	Director	30-09-11	01-12-10	Active	NO

Name :

Mr. Ramamurthy Venkatesh

Designation :

Additional Director

Address :

No.669, 17^th, C Main Road, Koramangala Layout, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

15.05.1974

Date of Appointment :

01.12.2010

DIN No.:

03375089

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	U32109KA1989PTC009802	Moog Controls (India) Private Limited	Director	30-09-11	01-12-10	Active	NO

KEY EXECUTIVES

Name :	Mr. L Nandalal
Designation :	Secretary
Address :	Flat No. 010, Ground Floor, Sundher Residency, Byrassandra Road, Bangalore – 560 075, Karnataka, India
Date of Birth/Age :	26.07.1958
Date of Appointment :	07.09.2011
PAN No.:	AAOPN9285E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Moog Controls Limited, UK	2
Moog Inc., USA	11427248
Moog Singapore Pte. Limited, Singapore	9101389
Total	20528639

As on 30.09.2011

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Servo Control Mechanism and Precision Components.

Products :

Item Code No. (ITC Code)	32109
Product Description	Engineering Products

Exports :

Products :

Servo Control Mechanism and Precision Components

Countries :

· USA

· UK

Terms :

Selling :

L/C, Cash and Credit (30 days / 60 days)

Purchasing :

Cash and Credit (30 days / 60 days)

GENERAL INFORMATION

Customers :

· OEM’s

· Industries

No. of Employees :

250 (Approximately)

Bankers :

· HSBC Bank, USA

· Bank of Nova Scotia

25/2, M. G. Road, Bangalore – 560 001, Karnataka, India

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Loans from related parties (Principal amount due within one year Rs.8.994 millions (Previous year – Nil)	56.212	62.850
Interest accrued and due	1.870	1.324
Total	58.082	64.174

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	Grant Thornton House, 3274/A, 11^th Main, HAL, 11 Stage, Indiranagar, Bangalore – 560 008, Karnataka, India
Tel. No.:	91-80-41471222-26
Fax No.:	91-80-41261228
PAN No.:	AAAFW4298E
Holding Company :	Moog Inc. Address : East Aurora, New York, USA Activity : Moog designs, manufactures and markets high performance electrohydraulic, mechanical and electronic control components and systems for a wide range of defense, aerospace and industrial applications. Its sales offices and manufacturing facilities are located in twenty four countries worldwide.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20528639	Equity Shares	Rs.10/- each	Rs.205.286 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20528639	Equity Shares	Rs.10/- each	Rs.205.286 millions

(Of the above 11427248 equity shares are held by Moog Inc., USA, the holding company)

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		205.286	205.286	114.273
2] Share Application Money		0.000	0.000	72.249
3] Reserves & Surplus		278.426	271.144	129.990
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		483.712	476.430	316.512
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		58.082	64.174	120.883
TOTAL BORROWING		58.082	64.174	120.883
DEFERRED TAX LIABILITIES		16.052	23.735	21.472
TOTAL		557.846	564.339	458.867
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		397.023	355.207	333.898
Capital work-in-progress		39.007	0.000	3.887
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.156	176.327	148.694
	Sundry Debtors	96.198	110.383	71.302
	Cash & Bank Balances	11.275	10.840	12.602
	Other Current Assets	9.855	0.000	0.000
	Loans & Advances	19.460	12.579	13.662
Total Current Assets		262.944	310.129	246.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	88.996	55.140	90.497
	Other Current Liabilities	29.116	19.737	14.272
	Provisions	23.016	26.120	20.409
Total Current Liabilities		141.128	100.997	125.178
Net Current Assets		121.816	209.132	121.082
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		557.846	564.339	458.867

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
SALES
	Income	563.211	573.784	506.170
	Other Income
	TOTAL	563.211	573.784	506.170
EXPENSES
	Office Expenses	562.809	540.908	472.596
	Administrative Expenses
	Advertising Expenses
	TOTAL	562.809	540.908	472.596
PROFIT/LOSS BEFORE TAX		0.402	32.876	33.574
TAX		(6.880)	10.040	4.290
PROFIT/LOSS AFTER TAX		7.282	22.836	29.284
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.326	127.490	98.248
BALANCE CARRIED TO THE B/S		157.608	150.326	127.490
EARNINGS IN FOREIGN CURRENCY
	Sales (FOB value of exports)	562.961	459.784	471.092
	Income from services		112.363	29.639
TOTAL EARNINGS		562.961	572.147	500.731
IMPORTS
	Raw Materials	NA	260.806	249.211
	Stores and Consumables	NA	2.288	1.895
	Capital Goods	NA	24.692	15.489
	Goods in transit	NA	0.849	1.445
TOTAL IMPORTS		NA	288.635	268.040
Earnings Per Share (Rs.)		0.35	1.11	2.56

Particulars	31.03.2011
Sales Turnover (Approximately)	600.000

Expected Sales (2011-2012) : Rs.650.000 millions

The above information has been parted by Mr. Simha

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.29	3.98	5.79
Return on Total Assets (PBT/Total Assets}	(%)	0.06	4.94	5.79
Return on Investment (ROI) (PBT/Networth)		0.00	0.07	0.11
Debt Equity Ratio (Total Liability/Networth)		0.41	0.35	0.78
Current Ratio (Current Asset/Current Liability)		1.86	3.07	1.97

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	NO
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	--
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

BACKGROUND

Subject, 100% EOU and a subsidiary of Moog Inc., USA is engaged in manufacture and sale of servo mechanism and components to Moog Inc., USA and other Moog Group companies. The Company purchases goods including raw materials, fixed assets, components etc. and services from other Moog Group Companies as well. The Company also renders services such as software design and development, engineering, sourcing and information technology support services to Moog group companies.

FORM 8

Name of the company	MOOG CONTROLS INDIA PRIVATE LIMITED Plot No. 1, 2 and 3, Electronic City, Hosur Road, Bangalore – 561 229, Karnataka, India
Presented By	Bank of Nova Scotia, Bangalore Branch and Moog Controls India Private Limited
1) Date and description of instrument creating the change	Date: 14.09.1999 Registered 01.10.99.D.60. Hypothecation of debts and assets to secure a demand loan / advance/ overdraft.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.3.300 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all the Borrower’s stocks of raw materials, process stocks, finished goods, stores and spares and receivables including export receivables, present and future book debts, outstanding, moneys, receivables, claims, bills, contracts, engagements, securities and other rights and assets by way of First Charge.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest and Other terms and conditions as applicable from time to time. Repayment : On Demand
5) Name and Address and description of the person entitled to the charge.	The Bank of Nova Scotia, Bangalore Branch, S.N. Towers, 25/2, M. G. Road, Bangalore – 560 001, Karnataka, India
6) Date and brief description of instrument modifying the charge	Date: 21.03.2005 Agreement.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By the above, the amount secured by the charge stands increased from Rs.12.650 millions to Rs.25.000 millions. (LC – Rs.25.000 millions and BG – Rs.10.000 millions total not to exceeds Rs.25.000 millions). Rate of interest and other terms and conditions as applicable and as advised by the Bank from time to time. Repayment: On Demand. Securities like present and future movable assets including movable plant and machinery, stocks, raw materials, book debts etc., already obtained will continue for the entire credit facilities of Rs.25.000 millions. (All other terms and conditions remain unchanged)

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Date processing equipments

· 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 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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	-

Maximum Credit Limit :

USD 1900000

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.