MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	NEUMAN AND ESSER COMPRESSOR APPLICATION CENTRE PRIVATE LIMITED
Registered Office :	T-121, M.I.D.C., Near Bhosari, Post Office, Bosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.02.2005
Com. Reg. No.:	11-020223
Capital Investment / Paid-up Capital :	Rs.19.500 Millions
CIN No.: [Company Identification No.]	U29299PN2005PTC020223
TAN No.: [Tax Deduction & Collection Account No.]	PNEN04555F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Engineering Services in the areas of Compression System, Grinding and Classifying Systems.
No. of Employees :	45 (In Office) (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

Maximum Credit Limit :	USD 176000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Abhijet
Designation :	Senior Officer
Contact No.:	91-20-30623250
Date :	19.10.2011

LOCATIONS

Registered Office :	T-121, M.I.D.C., Near Bhosari, Post Office, Bosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20- 30623250 / 30685260
Fax No.:	91-20- 30623250/ 51
E-Mail :	info@neuman-esser.de suresh.patil@neuman-esser.co.in
Website :	www.neac.de
Area :	3500 sq ft
Location :	Owned

DIRECTORS

As on 26.07.2011

Name :

Mr. Stefanie Ursula Peters

Designation :

Director

Address :

Prevsweg, Aachen – 52074, Germany

Date of Birth/Age :

09.12.1972

Qualification :

BE

Date of Appointment :

01.02.2005

Din No.:

01925423

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U29224PN2002PTC017243	NEUMAN AND ESSER ENGINEERING (INDIA) PRIAVTE LIMITED	Director	17-10-03	17-10-03	Active	NO
U29299PN2005PTC020223	NEUMAN AND ESSER COMPRESSOR APPLICATION CENTRE PRIVATE LIMITED	Director	01-02-05	01-02-05	Active	NO

Name :

Mr. Franz Josef Ritzen

Designation :

Director

Address :

Wefelen Germany, Herzognrath – 52134

Date of Birth/Age :

31.08.2005

Qualification :

B.E.

Date of Appointment :

08.08.2005

Din No.:

01925393

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U29224PN2002PTC017243	NEUMAN AND ESSER ENGINEERING (INDIA) PRIAVTE LIMITED	Director	08-09-08	17-10-03	Active	NO
U29299PN2005PTC020223	NEUMAN AND ESSER COMPRESSOR APPLICATION CENTRE PRIVATE LIMITED	Director	08-04-09	08-08-05	Active Bottom of Form

Name :

Mr. Swamy R. Subramanyam

Designation :

Managing Director

Address :

E- 1002 Modi Baug, Shivajinagar, Pune – 411005, Maharashtra, India

Date of Birth/Age :

08.06.1967

Qualification :

B.E.

Date of Appointment :

07.04.2006

Din No.:

02617434

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U29224PN2002PTC017243	NEUMAN AND ESSER ENGINEERING (INDIA) PRIAVTE LIMITED	Director	07-04-06	07-04-06	Active	NO
U29299PN2005PTC020223	NEUMAN AND ESSER COMPRESSOR APPLICATION CENTRE PRIVATE LIMITED	Managing director	07-04-06	07-04-06	Active	NO

Name :

Mr. Atul Agarwal

Designation :

Additional Director

Address :

Sector C-9 / 9653, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

14.04.1969

Qualification :

B.E.

Date of Appointment :

08.04.2009

Din No.:

02334390

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U29224PN2002PTC017243	NEUMAN AND ESSER ENGINEERING (INDIA) PRIAVTE LIMITED	Managing director	09-09-08	09-09-08	Active	NO
U29299PN2005PTC020223	NEUMAN AND ESSER COMPRESSOR APPLICATION CENTRE PRIVATE LIMITED	Director	08-04-09	08-04-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Aniruddha
Designation :	Accountant
Name :	Mr. Abhijet
Designation :	Senior Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.07.2011

Names of Shareholders	No. of Shares
Neuman and Esser Investments Asia Limited, Hong Kong	1949900
Stefanie Ursula Peters	100
Total	1950000

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]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Engineering Services in the areas of Compression System, Grinding and Classifying Systems.
Terms :
Selling :	Cash and Credit 30 days
Purchasing :	Cash and Credit 30 days

GENERAL INFORMATION

Customers :

End Users and OEM’s

Neuman Essar Thailand

No. of Employees :

45 (In Office) (Approximately)

Bankers :

The Hong Kong and Shanghai Banking Corporation Limited, Bhosari, Pune Branch

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Neuman and Esser Investments Asia Limited	12.367	20.524
Total	12.367	20.524

Banking Relations :	--
Auditors :
Name :	Subodh V. Shah and Company Chartered Accountants
Address :	Girish, 1156, Shukrawar Peth, Subhash Nagar, Opposite Shivaji Maratha High School, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24470666/ 24478899
E-Mail :	vrsons@gmail.com
Holding Company :	Neuman and Esser Investments Asia Limited Address: Flat –B19/F Tower-3chiora 33 , Canton Road, Tsinshatsui Kowloon Hong Kong
Associates/Subsidiaries :	Neuman and Essar Engineering India Private Limited T- 121, MIDC, Bhosari, Pune – 411026, Maharashtra, India Line of Business: Manufacturing of Compressor.

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions

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		19.500	19.500	19.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.435	12.000	3.002
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.935	31.500	22.502
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		12.367	20.525	10.615
TOTAL BORROWING		12.367	20.525	10.615
DEFERRED TAX LIABILITIES		0.210	0.052	0.000
TOTAL		56.512	52.077	33.117
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		46.170	40.181	32.512
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	1.531
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.195	0.000	0.000
	Sundry Debtors	2.557	5.796	8.541
	Cash & Bank Balances	20.235	13.599	2.195
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.315	22.543	11.189
Total Current Assets		44.302	41.938	21.925
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.288	13.684	15.520
	Other Current Liabilities	15.463	8.271	0.000
	Provisions	15.209	8.087	7.331
Total Current Liabilities		33.960	30.042	22.851
Net Current Assets		10.342	11.896	(0.926)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.512	52.077	33.117

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	51.696	50.267	29.697
		Other Income
		TOTAL	51.696	50.267	29.697
Less	EXPENSES
		Office Expenses	26.188	33.463	23.228
		Administrative Expenses
		Advertising Expenses
		TOTAL	26.188	33.463	23.228
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.508	16.804	6.469
Less/ Add	DEPRECIATION/ AMORTISATION		5.504	4.132	5.103
	PROFIT BEFORE TAX		20.004	12.672	1.366
Less	TAX		7.995	3.675	0.751
	PROFIT AFTER TAX		12.009	8.997	0.615
	Earnings Per Share (Rs.)		6.16	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	23.23	17.90	2.07
Return on Total Assets (PBT/Total Assets}	(%)	22.11	15.43	2.51
Return on Investment (ROI) (PBT/Networth)		0.46	0.40	0.06
Debt Equity Ratio (Total Liability/Networth)		1.05	1.61	1.49
Current Ratio (Current Asset/Current Liability)		1.30	1.40	0.96

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
- Total outstanding dues of creditors other than micro enterprises and small enterprises	3.288	13.684	15.520

Check List by Info Agents	Available in Reports (Yes/No)
Year of Establishment	YES
Locality Of The Firm	YES
Constitution of the firm	YES
Premises Details	YES
Type of Business	YES
Line of Business	YES
Promotor’s background	--
No. of Employees	YES
Name of person contacted	YES
Designed of contact person	YES
Turnover of firm for last three years	NO
Profitability for last three years	NO
Reasons for variation <> 20%	NO
Estimation for coming financial year	NO
Capital of the business	NO
Details of Sister Concern	YES
Major Suppliers	--
Major Customers	YES
Payments Terms	YES
Export / Import details (if applicable)	NO
Market information	--
Litigation that the firm / promoter involved in	--
Banking details	YES
Banking facility details	--
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	NO
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

Note:

The registered office of the company has been shifted from C/6, Chintamani Nagar, Aundh, Pune – 411 007, Maharashtra to T- 121, MIDC, Bhosari, Pune – 411026, Maharashtra to the present address w.e.f. 07.04.2006.

TRADE REFERENCES :

· Neuman Esser – Thailand

FIXED ASSETS

· Computer and Peripherals

· Office Equipments

· Vehicles

· Building

· Building–WIP

· Land

· Plant and Machinery

· Furniture and Fixtures

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. 49.17
UK Pound	1	Rs. 77.49
Euro	1	Rs. 67.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--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	-

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.