MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	AGGREKO ENERGY RENTAL INDIA PRIVATE LIMITED
Registered Office :	404, Lunkad Sky Station, Plot No.109, Opposite Lunkad Realty Sales Office, Viman Nagar, Pune – 411 014, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.08.2008
Com. Reg. No.:	11-132669
Capital Investment / Paid-up Capital :	Rs.119.360 Millions
CIN No.: [Company Identification No.]	U01122PN2008FTC132669
TAN No.: [Tax Deduction & Collection Account No.]	PNEA11204E
PAN No.: [Permanent Account No.]	AAHCA2440E
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, Importer and Service Provider of Temporary Power, Temperature Control Solutions, Power Rental, Fuel Tank Rental etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 68000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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. Abhijeet Kulkarni
Designation :	Marketing Manager
Contact No.:	91-7875440434
Date :	11.11.2011

LOCATIONS

Registered Office :	404, Lunkad Sky Station, Plot No.109, Opposite Lunkad Realty Sales Office, Viman Nagar, Pune – 411 014, Maharashtra, India
Tel. No.:	91-20-40192900
Mobile No.:	91-7875440434 (Mr. Abhijeet Kulkarni)
Fax No.:	91-20-41282519/ 40192928
E-Mail :	milind.kulkarni@aggreko.in angus.cockburn@aggrcko.co.uk
Website :	http://aggreko.in
Location :	Owned
Branch Office :	Located at: v Delhi v Chennai

DIRECTORS

As on 29.09.2010

Name :

Mr. Abid Dilshad Ahmed

Designation :

Additional Director

Address :

202, Hebron Apartment, 37/, Benson Cross, Benson Town, Bangalore – 560 046, Karnataka, India

Date of Birth/Age :

27.11.1973

Date of Appointment :

29.09.2010

DIN No. :

02166156

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	U28110KA2008PTC046581	Pentair Technical Products India Private Limited	Director	27-05-08	27-05-08	24-12-09	Active	NO
2	U01122PN2008FTC132669	Aggreko Energy Rental India Private Limited	Director	29-09-10	01-06-10	-	Active	NO

Name :

Mr. Kashyap Pushpkant Pandya

Designation :

Director

Address :

Somersby – Grange, Morpeth, Great Britan, NE612DX

Date of Birth/Age :

09.01.1963

Date of Appointment :

29.04.2009

DIN No. :

02551712

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	U01122PN2008FTC132669	Aggreko Energy Rental India Private Limited	Director	29-09-09	29-04-09	-	Active	NO

Name :

Mr. Angus George Cockburn

Designation :

Director

Address :

27, Dreghorn Loan, Edinburgh, United Kingdom

Date of Birth/Age :

24.06.1963

Date of Appointment :

22.08.2008

DIN No. :

01826633

Name :

Mr. Frederick Alexander Bruce Shepherd

Designation :

Director

Address :

46, Heriot Row, Edinberg EH36EX, United Kingdom

Date of Birth/Age :

24.11.1942

Date of Appointment :

22.08.2008

Date of Cessation :

30.04.2009

DIN No. :

01826617

KEY EXECUTIVES

Name :	MRM Associates
Designation :	Company Secretaries
Address:	First Floor, Dnyan Sudha Apartments, 77, Vijaynagar Colony. 2147, Sadashiv Peth, Pune – 411 030, Maharashtra, India
Tele Fax No.:	91-20-24325075/ 24320368/ 24324288
E-Mail :	mrmcs@vsnl.net
Website :	www.mrmcs.com
Name :	Mr. Abid Ahmed
Designation :	Country Manager
Name :	Anthony Smith
Designation :	General Manager Projects
Name :	Boben Mathew
Designation :	National Sales Manager
Name :	Mr. Abhijeet Kulkarni
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Aggreko Holdings Limited, United Kingdom	1181664
Aggreko Rest of the World Holdings BV Limited, United Kingdom	11936
Total	1193600

As on 29.09.2010

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 :	Exporter, Importer and Service Provider of Temporary Power, Temperature Control Solutions, Power Rental, Fuel Tank Rental etc.
Products/ Services :	DG Sets Hiring
Exports :
Products :	v Temporary Power v Power Rental
Countries :	v UK v Dubai v Australia
Imports :
Products :	v Raw material v Finished goods
Countries :	v Singapore v UK
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

70 (Approximately)

Bankers :

HSBC Bank – Branch Panda Guarden, Pune, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan – [Including interest accrued and due thereon Rs.2.643 millions (Previous Year Rs.2.089 millions)] [Repayable within 1 year Rs.305.000 millions (Previous Year Rs. NIL)] (Secured against irrevocable standby Letter of Credit issued by HSBC U.K.)	307.643	202.089
Working Capital Facilities [Including interest accrued and due thereon Rs.0.100 million (Previous Year Rs. NIL)]	29.100	0.000
Total	336.743	202.089

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerwada, Pune – 411 006, Maharashtra, India
PAN No.:	AABFL5878L
Holding Company :	Aggreko Holdings Limited, United Kingdom

CAPITAL STRUCTURE

After 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8700000	Equity Shares	Rs.100/- each	Rs.870.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1193600	Equity Shares	Rs.100/- each	Rs.119.360 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1193600	Equity Shares	Rs.100/- each	Rs.119.360 Millions

Note:

(Of the above 1,181,664 Equity Shares of Rs.100 each fully paid up are held by the Holding Company, Aggreko Holdings Limited U.K.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		119.360	119.360
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(102.340)	(40.323)
NETWORTH		17.020	79.037
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		336.743	202.089
TOTAL BORROWING		336.743	202.089
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		353.763	281.126
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		469.901	265.287
Capital work-in-progress		11.785	2.820
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.437	3.651
	Sundry Debtors	66.540	29.161
	Cash & Bank Balances	14.578	3.432
	Other Current Assets	0.000	0.000
	Loans & Advances	23.434	4.233
Total Current Assets		111.989	40.477
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.138	24.116
	Other Current Liabilities	19.490	3.342
	Provisions	0.284	0.000
Total Current Liabilities		239.912	27.458
Net Current Assets		(127.923)	13.019
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		353.763	281.126

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009
	TOTAL INCOME	199.158	36.019
Less	EXPENSES	136.726	35.129
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	62.432	0.890
Less	INTEREST	29.807	6.200
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	32.625	(5.310)
Less/ Add	DEPRECIATION/ AMORTISATION	94.642	34.839
	PROFIT/ (LOSS) BEFORE TAX	(62.017)	(40.149)
Less	TAX	0.000	0.174
	PROFIT/ (LOSS) AFTER TAX	(62.017)	(40.323)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(40.323)	0.000
	BALANCE CARRIED TO THE B/S	(102.340)	(40.323)
	Earnings Per Share (Rs.)	(51.96)	(99.04)

Particulars	31.03.2011
Sales Turnover (Approximately)	400.000

The above information has been parted by Mr. Abhijeet Kulkarni (Marketing Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	(31.14)	(111.95)
Return on Total Assets (PBT/Total Assets}	(%)	(10.66)	(13.13)
Return on Investment (ROI) (PBT/Networth)		(3.64)	(0.51)
Debt Equity Ratio (Total Liability/Networth)		33.88	2.90
Current Ratio (Current Asset/Current Liability)		0.47	1.47

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
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 variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
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, if available	--

Note:

The Registered office of the company has been shifted from B – 5, 2^nd Floor, Ashish Apartments, S. No 14/15 Vadgoan Budruk Sinhgad Road, Anandnagar, Pune – 411051, Maharashtra, India to the present address w.e.f 15.11.2008.

OPERATIONS AND FUTURE PROSPECTS

After a very difficult economic environment last year, the year saw a progressive turnaround and the worst of the global financial crisis seems to be behind them. While the global economy grew at a marginal rate, the emerging economies like India and China have recorded strong growth and all indicators point to a sustained high rate of growth unless there is an unforeseen financial shock.

The year was the first full operating year of the company and the company recorded a satisfactory operating performance. The company recorded a cash profit of Rs.32.625 Millions. The key to sustained growth in the company’s business is critically dependent upon increase in the installed capacity and a higher proportion of projects business in their services portfolio. Projects business being large and complex requires a much higher degree of expertise and the company is uniquely placed to deliver such high value added projects. The company also strengthened the organization and the staff strength has increased by 20 during the year.

During the year, about Rs.300.000 Millions were spent in increasing the capacity of the company and another about Rs.90.000 Millions capital works were under completion. The company will continue to add to capacity during 2010-2011. The company also has employed a foreign expert to develop the projects business and already very important contracts relating to Commonwealth Games and the Metro Rail Network in Delhi have been awarded to the company.

With sustained economic growth, the demand for power will continue to grow in India and with creation of additional capacity, improved business mix and organizational strengthening, the company will continue to grow and record much improved performance.

TRADE REFERENCES:

v Larsen and Toubro

v Reliance

v Government Sector

FIXED ASSETS:

Tangible Assets:

v Plant and machinery

v Furniture and Office Equipment

v Leasehold Improvements

Intangible Assets:

v Goodwill

v Non Competition Rights

v Dealer Relationships

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		26

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.