MIRA INFORM REPORT

Report Date :

02.09.2011

IDENTIFICATION DETAILS

Name :	CDE ASIA LIMITED (w.e.f. 21.11.2006)
Formerly Known As :	TORSA METALMEN LIMITED (w.e.f. 30.04.2004) GM TRANS PAK PRIVATE LIMITED
Registered Office :	NH-6, Jalan Industrial Park, Dhulagarh, Howrah – 711 302, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.03.2000
Com. Reg. No.:	21-118249
Capital Investment / Paid-up Capital :	Euro 98936
CIN No.: [Company Identification No.]	U29230WB2000PTC118249
TAN No.: [Tax Deduction & Collection Account No.]	CALC06088F
PAN No.: [Permanent Account No.]	AACCT3283D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Designing and Manufacturing of Tailor Made Equipment for the Mineral and Aggregate Washing and Classification, Dust Washing, Wastewater, the Materials Handling, and Quarrying Industries.
No. of Employees :	Approximately 135 [Head Office/ Branch – 45, Registered Office + Factory – 30 (Permanent) and 60 (On Contract Basis)]

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	EURO 70661
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has improved its performance in the year 2009-10. The company has successful in wiping off the accumulated losses of previous years. 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 caution.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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/ Factory :	NH-6, Jalan Industrial Park, Dhulagarh, Howrah – 711 302, West Bengal, India
E-Mail :	info@cdeasia.com
Website :	http://www.cdeglobal.com
Global Headquarters :	Ballyreagh Industrial Estate, Cookstown, County Tyrone, BT80 9DG, Northern Ireland
Tel. No.:	+44 (0)28 8676 7900
Fax No.:	+44 (0)28 8676 1414
E-Mail :	info@cdeglobal.com
Branch Office :	8^th Floor, Park Plaza, 71 Park Street, Kolkata - 700 016, West Bengal, India
Tel. No.:	91-33-30282080
Fax No.:	91-33-30282082
E-Mail :	enquiry@cdeasia.com

DIRECTORS

As on 29.09.2010

Name :	Mr. Anthony Joseph Convery
Designation :	Director
Address :	12 Springhill Road, Moneymore, CO Derry BT457NG, Derry, BT457NG
Date of Birth/Age :	12.10.1960
Date of Appointment :	20.01.2007
DIN No.:	02164706
Name :	Mr. Brendan Joseph Mcgurgan
Designation :	Director
Address :	4 Lisduff Grange, Benburb, Dungannon BT717JX, Benburb
Date of Birth/Age :	09.05.1975
Date of Appointment :	23.02.2007
DIN No.:	02238492
Name :	Enda Michael Ivanoff
Designation :	Director
Address :	120 Akfield Mews, Templemore Road, London Derry
Date of Birth/Age :	30.11.1974
Date of Appointment :	23.10.2007
DIN No.:	02164316
Name :	Mr. Manish Naresh Kumar Bhartia
Designation :	Managing Director
Address :	Space Town, Block-2, Flat-4E, Raghunathpur, Kolkata – 700 052, West Bengal, India
Date of Birth/Age :	04.03.1971
Date of Appointment :	27.09.2003
DIN No.:	01746534
Name :	Mr. Naresh Kumar Bhartia
Designation :	Director
Address :	Beharilal Bhartia and Company, 205 Sri Manta Market, A.T. Road, Guwahati, Assam, India
Date of Birth/Age :	07.01.1940
Date of Appointment :	12.04.2004
DIN No.:	01529453
Name :	Ms. Rajni Bhartia
Designation :	Director
Address :	Space Town, Block-2, Flat-4E, Raghunathpur, Kolkata – 700 052, West Bengal, India
Date of Birth/Age :	05.05.1975
Date of Appointment :	21.05.2009
DIN No.:	00784741
Name :	Mr. Gopi Krishna Rajkumar More
Designation :	Director
Address :	Hatigarh Chariali, F-2 Rudalee Apartment, Zoo Narangi Road, Guwahati – 781024, Assam, India
Date of Birth/Age :	05.09.1973
Date of Ceasing :	21.05.2009
DIN No.:	00640815
Name :	Mr. Rajkumar Remeshwar Lal More
Designation :	Director
Address :	Roalee Apartment, Flat No-G/2, Zoo Narengi Tiniali, Guwahati – 781 024, Assam, India
Date of Birth/Age :	27.08.1950
Date of Ceasing :	21.05.2009
DIN No.:	01917149
Name :	Iain Samuel Walker
Designation :	Director
Address :	Sukshiti Apartments, 19, Ballygunge Circular Road, Kolkata – 700 019, West Bengal, India
Date of Birth/Age :	06.02.1972
Date of Ceasing :	21.05.2009
DIN No.:	01205244

KEY EXECUTIVES

Name :	Dr. A. Bandyopadhyay
Designation :	Vice President (Business Development and Technology)
Name :	Mr. Sanjay Singh
Designation :	General Manager - Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Manish Bhartia	24223
Naresh Kumar Bhartia (HUF)	333
Shakuntala Devi Bhartia	1700
Rajni Bhartia	104
Riya Bhartia	100
Raina Bhartia	100
CDE Global Investment Limited, CO Tyrone, United Kingdom	39840
Total	66400

Names of Allottees	No. of Shares
CDE Global Investment Limited, CO Tyrone, United Kingdom	48000
Manish Bhartia	22000
Rajni Bhartia	10000
Total	80000

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]	60.00
Directors or relatives of directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing and Manufacturing of Tailor Made Equipment for the Mineral and Aggregate Washing and Classification, Dust Washing, Wastewater, the Materials Handling, and Quarrying Industries.

Products :

Item Code No. (ITC Code)	843050 01
Product Description	Mines Machineries

GENERAL INFORMATION

No. of Employees :

Approximately 135 [Head Office/ Branch – 45, Registered Office + Factory – 30 (Permanent) and 60 (On Contract Basis)]

Bankers :

v Canara Bank, Park Street Branch, 8/1, Moddleton Row, Kolkata – 700 071, West Bengal, India

v Kotak Mahindra Bank Limited, 15, Park Street, 7^th Floor, Block C, Appeejay House Retail Asset Division, Kolkata – 700 016, West Bengal, India

v Syndicate Bank, Pan Bazar, Guwahati – 781 001, Assam, India

Facilities :

Secured Loans	31.03.2010 (Amount in Euro)	31.03.2009 (Amount in Euro)
Kotak Mahindra Bank Limited (Against Hypothecation of assets)	620281	14823
Syndicate Bank (Against Hypothecation of Cars)		000
Tata Capital Limited (Against Hypothecation of Washing Plant and Personal Guarantee of Directors)		335821
Canara Bank OCC Loan (Against Hypothecation of Stock and Book Debts and Personal Guarantee of Directors)		244265
Total	620281	594909

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	"Geetanjali Apartments" , Suite No. 7G, 8B, Middleton Street, Kolkata – 700 071, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAAFH2010F

CAPITAL STRUCTURE

After 29.09.2010

No. of Shares	Type	Value	Amount
200000	Equity Shares	Euro 1.49 each	Euro 298000

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
146400	Equity Shares	Euro 1.49 each	Euro 218136

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Euro 1.49 each	Euro 111750

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66400	Equity Shares	Euro 1.49 each	Euro 98936

FINANCIAL DATA

[all figures are in Euro]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		98936	98936	98936
2] Share Application Money		000	000	000
3] Reserves & Surplus		254369	253238	253238
4] (Accumulated Losses)		000	(59914)	(31694)
NETWORTH		353305	292260	320480
LOAN FUNDS
1] Secured Loans		620281	594909	156638
2] Unsecured Loans		40616	000	000
TOTAL BORROWING		660897	594909	156638
DEFERRED TAX LIABILITIES		51577	000	2731
TOTAL		1065779	887169	479849
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		460490	410972	379087
Capital work-in-progress		000	265112	000
INVESTMENT		000	000	000
DEFERREX TAX ASSETS		000	8796	000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	360080	367800	278715
	Sundry Debtors	572475	132116	128529
	Cash & Bank Balances	68062	46912	3270
	Other Current Assets	000	000	000
	Loans & Advances	133346	90470	111926
Total Current Assets		1133963	637298	522440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	505451	200743	281377
	Other Current Liabilities		224441	131540
	Provisions	23055	9657	8745
Total Current Liabilities		528506	434841	421662
Net Current Assets		605457	202457	100778
MISCELLANEOUS EXPENSES		000	000	153
Other		(168)	(168)	(169)
TOTAL		1065779	887169	479849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	2958573	1191185	1523955
		Other Income	96256	160747
		Increase/ Decrease in Stock	27899	11790
		TOTAL (A)	3082728	1363722	1523955
Less	EXPENSES
		Raw Materials Consumed	1711693	656502	1429493
		Trading Product Purchases	203372	23395
		Manufacturing Expenses	370133	149442
		Salary and Wages	244431	213564
		Administrative Expenses	331644	264881
		Preliminary Expenses written off	000	154
		TOTAL (B)	2861273	1307938	1429493 (including interest and depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		221455	55784
Less	INTEREST & FINANCIAL EXPENSES (D)		66084	70014
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		155371	(14130)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23093	22093
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		132278	(36323)	94462
Less	TAX (H)		69192	(8103)	40134
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		63086	(28220)	54328
	Adjustment relating to earlier years		193	--	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(59914)	(31694)	NA
	BALANCE CARRIED TO THE B/S		2979	(59914)	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	1261	931096
	TOTAL EARNINGS		NA	1261	931096
	IMPORTS
		Raw Materials	NA	195320	114084
	TOTAL IMPORTS		NA	195320	114084
	Earnings Per Share (Euro)		0.95	(0.42)	(0.82)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.05	(2.07)	3.56
Net Profit Margin (PBT/Sales)	(%)	4.47	(3.05)	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.30	(3.47)	10.48
Return on Investment (ROI) (PBT/Networth)		0.37	(0.12)	0.29
Debt Equity Ratio (Total Liability/Networth)		3.37	3.52	1.80
Current Ratio (Current Asset/Current Liability)		2.15	1.47	1.24

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 14, Depti Commercial Complex, A.T. Road, Guwahati – 781 001, Assam to the present address w.e.f. 02.08.2007.

FORM 8:

Corporate identity number of the company	U29230WB2000PTC118249
Name of the company	CDE ASIA LIMITED
Address of the registered office or of the principal place of business in India of the company	NH-6, Jalan Industrial Park, Dhulagarh, Howrah – 711 302, West Bengal, India E-Mail: info@cdeasia.com
This form is for	Modification of charge
Charge identification number of the modified	10077031
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Canara Bank, Park Street Branch, 8/1, Moddleton Row, Kolkata – 700 071, West Bengal, India E-Mail: sandipkej.home@yahoo.in
Nature of description of the instrument creating or modifying the charge	Pronote Request for overdraft facilities Letter of Renewal Sanction Letter common hypothecation Agreement
Date of instrument Creating the charge	22.12.2010
Amount secured by the charge	Euro 1514925
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: OCC and ODBD (Euro 813432): Base Rate + 4% (Presently 12.50% p.a.) BG/LC Euro (597014): as per regulation Terms of Repayment: As per agreement Margin: OCC and ODBD: 25% against stocks and 40% against book debts BG/LC : 25%
Short particulars of the property charged	PRIMARY: Hypothecation of Stocks of Raw Materials, Work-in-process, finished goods, packing materials and consumables - First Charge Hypothecation of all the book debts of the company - First Charge COLLATERAL SECURITY : 1.Hypothecation of Plant and Machinery and other fixed assets of the company 2. EMT of the following property (continuing security): Equitable mortgage of 47.25 Kottah of factory land with building/structures thereon in the name of the company at Jalan Industrial Village, PO Dhulagarh, District Howrah 3.Pledge of shares of CDE Global Investment Limited, Value: 30% of shareholding of CDE Asia Limited 4.Collateral security of KDR for Euro 74626 in lieu of personal guarantee of Sri Raj Kumar More 5. Equitable mortgage of property in the form of Shop (MALL) No.C.O.133 on 1^st Floor unit no. CCNTCO 133 at City Centre, New Town, Rajarhat,Kolkata-700157 with an area of 220 sq.ft.(Carpet Area) in the name of Sri Manish Bhartia 6. Fresh KDR for Euro 44776 in the name of the company (borrower) 7.Further security by way of Bank Securities/other securities acceptable to the bank to the extract of Euro 47761 shall be provided before 31.03.2011 8.Personal guarantee of Sri Manish Kumar Bhartia and Smt. Rajani Bhartia
Particulars of the present modification	By this modification the overall limit has been enhanced to Euro 1514925.

FIXED ASSETS:

v Land

v Building and Shed

v Electrical Fitting

v Furniture

v Plant and Machinery

v Inverter Set

v Welding Transformer

v Cycle

v Tools and Equipment

v Vehicles

v Computer

v Office Equipment

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.46.02
UK Pound	1	Rs.75.42
Euro	1	Rs.66.69

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.