1. Summary Information

		Country	India
Company Name	Galipoglu Hidromas India Manufacturing Private Limited	Principal Name 1	Mr. Kalyan Chand Jhabakh
Status	New Company	Principal Name 2	Mr. Mehmet Yasar Gul
		Registration #	18-072114
Street Address	Plot No.P49, 8^th Avenue, Duel Tariff Area, Mahindra World City, Chengelpattu, Kancheepuram – 603002, Tamilnadu, India
Established Date	29.06.2009	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Trader
Homepage	--	Product Name 1	Hydraulic
# of employees	Not Available	Product Name 2	Telescopic Cylinders
Paid up capital	Rs.36,123,960/-	Product Name 3	--
Shareholders	Foreign holdings – 100%	Banking	HDFC Bank
Public Limited Corp.	No	Business Period	2 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ca (13)
Related Company
Relation	Country	Company Name	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	12,622,000	Current Liabilities	163,000
Inventories	0,000	Long-term Liabilities	0,000
Fixed Assets	39,628,000	Other Liabilities	40,000
Deferred Assets	0,000	Total Liabilities	203,000
Invest& other Assets	2,264,000	Retained Earnings	0,000
		Net Worth	54,311,000
Total Assets	54,514,000	Total Liab. & Equity	54,514,000
Total Assets (Previous Year)	--
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	--	Net Profit	--
Sales(Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED
Registered Office :	Plot No.P49, 8^th Avenue, Duel Tariff Area, Mahindra World City, Chengelpattu, Kancheepuram – 603002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.06.2009
Com. Reg. No.:	18-072114
Capital Investment / Paid-up Capital :	Rs.36.124 Millions
CIN No.: [Company Identification No.]	U29244TN2009FTC072114
TAN No.: [Tax Deduction & Collection Account No.]	CHEG10673F
PAN No.: [Permanent Account No.]	AADCG4935E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Hydraulic and Telescopic Cylinders.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company and yet to establish itself gradually. The company is yet to commence its commercial operations. Payments are unknown. The company can be considered for business dealings on a secured 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 :	Plot No.P49, 8^th Avenue, Duel Tariff Area, Mahindra World City, Chengelpattu, Kancheepuram – 603002, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sm.corporate@lawindia.com

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Kalyan Chand Jhabakh

Designation :

Director

Address :

163, Kutchery Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

12.02.1965

Date of Appointment :

29.06.2009

DIN No.:

00011697

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	U72200TN2006PTC059633	NAVIS INDIA TECHNOLOGIES PRIVATE LIMITED	Director	26-04-06	26-04-06	-	Active	NO
2	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	26-04-06	26-04-06	01-06-09	Active	NO
3	U51909TN2005PTC056009	HARTING (INDIA) PRIVATE LIMITED	Director	03-10-06	03-10-06	01-06-09	Active	NO
4	U72200PY2007PTC002080	HANGAR 17 INFORMATION AND COMMUNICATION TECHNOLOGIES PRIVATE LIMITED	Director	16-08-07	16-08-07	04-10-07	Active	NO
5	U72200KA2007PTC044281	SIRIUS EMBEDDED SOFTWARE PRIVATE LIMITED	Director	02-11-07	02-11-07	-	Active	NO
6	U72200TN2007PTC065617	ZUBAROO INFOSYSTEMS PRIVATE LIMITED	Director	04-12-07	04-12-07	-	Active	NO
7	U45200TN2008PTC066800	NOURINDIA ENGINEERS PRIVATE LIMITED	Director	13-03-08	13-03-08	04-04-08	Active	NO
8	U72900PN2005PTC021548	CROSS COUNTRY INFOTECH PRIVATE LIMITED	Director	14-08-08	05-05-08	01-07-09	Active	NO
9	U29299TN2008PTC069590	LEITWIND ELECTRONICS PRIVATE LIMITED	Director	17-10-08	17-10-08	03-02-09	Active	NO
10	U32109TN2008PTC069996	HARTING MANUFACTURING INDIA PRIVATE LIMITED	Director	26-11-08	26-11-08	-	Active	NO
11	U17120TN2008PTC070161	CRAF SHOE AND TEXTILES CONSULTING PRIVATE LIMITED	Director	12-12-08	12-12-08	-	Active	NO
12	U73100TN2009PTC071268	TEST AND RESEARCH INDIA PRIVATE LIMITED	Director	09-04-09	09-04-09	23-02-10	Active	NO
13	U29244TN2009FTC072114	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED	Director	29-06-09	29-06-09	-	Active	NO
14	U74999TN2009PTC073872	INDOSPACE SKCL INDUSTRIAL PARK PRIVATE LIMITED	Director	10-12-09	10-12-09	02-04-10	Active	NO
15	U72400TN2011PTC078696	ZEBRA TECHNOLOGIES INDIA PRIVATE LIMITED	Director	05-01-11	05-01-11	-	Active	NO
16	U72200TN2011PTC079692	MULTIBASIC TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	17-03-11	17-03-11	02-09-11	Active	NO
17	U72900TN2011PTC080242	BEI BROADCAST ELECTRONICS INDIA PRIVATE LIMITED	Director	20-04-11	20-04-11	-	Active	NO

Name :

Mr. Mehmet Yasar Gul

Designation :

Director

Address :

No.9, Akkonak Sokak, Meliksah Mahallesi, Meram, Konya – 42090, Turkey

Date of Birth/Age :

28.06.1959

Date of Appointment :

30.09.2010

DIN No.:

02678841

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	U29244TN2009FTC072114	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED	Director	30-09-10	30-07-09	Active	NO

Name :

Mr. Talip Gul

Designation :

Director

Address :

No.9, Akkonak Sokak, Meliksah Mahallesi, Meram, Konya – 42090, Turkey

Date of Birth/Age :

02.08.1983

Date of Appointment :

30.09.2010

DIN No.:

02678832

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	U29244TN2009FTC072114	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED	Director	30-09-10	30-07-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Galipoglu Hidromas Hidrolik Otomotive Sanayi Ticaret A.S., Turkey	9104127
Galipoglu Form Disticart A.S., Turkey	35068
Total	9139195

(AS ON 01.03.2011)

Names of Allottees	No. of Shares Allotted
Galipoglu Hidromas Hidrolik Otomotive Sanayi Ve Ticaret A.S., Turkey	3159091
Galipoglu Form Disticart A.S., Turkey
Total	3159091

(AS ON 28.12.2010)

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 and Trader of Hydraulic and Telescopic Cylinders.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· HDFC Bank · HSBC Bank

Banking Relations :	--
Auditors :
Name :	Shahu and Company Chartered Accountants
Address :	No.4 (Old 16), Pattabhiraman Street, Kondithope, Chennai – 600079, Tamilnadu, India
Mobile No.:	91-9445319825/ 9043065791
PAN No.:	ABWPS7158L

CAPITAL STRUCTURE

(AFTER - 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Share	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12298286	Equity Share	Rs.10/- each	Rs.122.983 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Share	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3612396	Equity Share	Rs.10/- each	Rs.36.124 Millions

NOTE:

(Out of which Galipoglu Hidromas Hidrolik OTOM Holds 3,577,328 Shares @ Rs.10/- per Share and Galipoglu From Dis Ticaret A. S. Holds 35,068 Shares @ Rs.10/- per Share)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.124
2] Share Application Money		18.187
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		54.311
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		54.311
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.628
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	7.642
	Other Current Assets	0.000
	Loans & Advances	4.980
Total Current Assets		12.622
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor and Other Current Liabilities	0.163
	Provisions	0.040
Total Current Liabilities		0.203
Net Current Assets		12.419
MISCELLANEOUS EXPENSES		2.264
TOTAL		54.311

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	0.00
Current Ratio (Current Asset/Current Liability)	62.18

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 61-63 Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India, to the present address w.e.f. 30.11.2010.

REVIEW OF OPERATIONS, OUTLOOK AND FINANCIAL RESULTS:

The company is engaged in the setting up of a factory for manufacturing Hydraulic and telescopic cylinders, trading and export of hydraulic pumps, valves, power take off, hydraulic lift etc. manufacture of Hook lifts, body building trailers, garbage compactors and trailers and trading and export of steel tubes, aluminium and alloy casting, iron casting etc.

The company has not so far earned and revenue for the period ended 31.03.2010 as it was in the process of setting up of factory and no commercial productions and sale activities commenced.

The directors are hopeful to earn revenue on the commencement of sale operations and show performance in the days to come.

FIXED ASSETS:

· Office Equipment

· Motor Car

· Furniture

· Land and Building

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 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.49.07
UK Pound	1	Rs.77.42
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		13

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.