MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	TRANTER INDIA PRIVATE LIMITED (w.e.f. 2009)
Formerly Known As :	ALTRA INDUSTRIAL PRODUCTS PRIVATE LIMITED
Registered Office :	Gat No. 127 and 128, Dingrajwadi, Taluka Shirur, Pune-412208, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	09.11.2005
Com. Reg. No.:	11-21523
Capital Investment / Paid-up Capital :	Rs.30.100 Millions
CIN No.: [Company Identification No.]	U29299PN2005PTC021523
IEC No.:	3105022317
TAN No.: [Tax Deduction & Collection Account No.]	PNEA07579F
PAN No.: [Permanent Account No.]	AAFCA4598P
Legal Form :	Private Limited Liability company
Line of Business :	Manufacturer, Exporter and Importer of Industrial Heat Exchangers, Plate and Frame Heat Exchangers.
No. of Employees :	200 (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 473832
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

Name :	Mr. Prasanna
Designation :	Manager of Credit Control
Contact No.:	91-2137-392300
Date :	05.04.2012

LOCATIONS

Registered Office/Factory :	Gat No. 127 and 128, Dingrajwadi, Taluka Shirur, Pune-412208, Maharashtra, India
Tel. No.:	91-2137-392300
Mobile No :	91-9370465749 (Mr. Ramchandra Kulkarni)
Fax No.:	91-2137-392354
E-Mail :	ramchandra.kulkarni@in.tranter.com ashish.mishra@in.tranter.com sales@tranterindia.com
Website :	www.tranter.com
Area :	3.5 Acer (Owned)
Sales and Marketing Office:	Located At: Bangalore New Delhi Mumbai Chennai Vadodara
Exclusive Services Centre For PHE:	900/3/C, GIDC Estate, Makarpura, Vadodara-390010, Gujarat, India
Tel No.:	91-265-3261191 / 2631191
Fax No.:	91-265-2631191
Email:	tranter.care@in.tranter.com

DIRECTORS

AS ON 30.06.2011

Name :	Mr. Thuresson Thomas Thurebo
Designation :	Director
Address :	C/O Alfa Laval AB, Rudeboksvagen 1, SE 22100, Lund, Sweden
Date of Birth/Age :	06.12.1957
Date of Appointment :	09.11.2005
Name :	Mr. Olsson Dag Lennart
Designation :	Director
Address :	Ornahus Darrod, 1201 240 14, Veberod, Sweden
Date of Birth/Age :	21.10.1961
Date of Appointment :	24.04.2006
Name :	Mr. Svensson Goran Claes
Designation :	Director
Address :	2444, New College, Lane Plano, Texas – 75025, USA
Date of Birth/Age :	29.01.1957
Date of Appointment :	28.07.2006
Name :	Mr. Feroze Minocher Patel
Designation :	Director
Address :	4419, Tobago Wichita Falls, Texas – 76308, USA
Date of Birth/Age :	17.03.1947
Date of Appointment :	28.07.2006
Name :	Mr. Satish Laxman Shewalkar
Designation :	Director
Address :	4, 1st Floor, Sarita Vaibhav, Sinhgad Road, Parvati, Pune – 411 030, Maharashtra, India
Date of Birth/Age :	09.09.1957
Date of Appointment :	12.12.2006
Name :	Mr. Ganesh Gopal
Designation :	Director
Address :	Flat No. 602, S No. 1817+8A/1, Salunkhe Vihar, Rose Parade Building, Pune-411048, Maharashtra, India
Date of Birth/Age :	01.02.1973
Date of Appointment :	01.01.2010

KEY EXECUTIVES

Name :	Mr. Ashish Brij Mishra
Designation :	Secretary
Address :	C/O, D R Bandal, Sreeramchandra Nivas, Near Food World, Kerven, Srimaan Society, Pune – 411 032, Maharashtra, India
Date of Birth/Age :	06.05.1981
Date of Appointment :	15.04.2008
Name :	Mr. Ramchandra Kulkarni
Designation :	General Manager in Finance
Name :	Mr. Prasanna
Designation :	Manager of Credit Control

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders	No. of Shares
Alfa Laval Corporation AB, Sweden	1
PHE Holding AB, Sweden	3009999
Total	3010000

AS ON 30.06.2011

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, Exporter and Importer of Industrial Heat Exchangers, Plate and Frame Heat Exchangers.

Products:

ITC Code	Product Description
841950	Plate Heat Exchanger

Exports :

Products :

Welded Plate Heat Exchanger

Countries :

• China
• Sweden
• European Countries
• Australia
• USA

Imports :

Products :

Raw Material

Countries :

• Finland
• Sweden

Terms :

Selling :

L/C / Cash / Credit (30 - 60 days

Purchasing :

L/C / Cash / Credit (30 - 60 days

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users, and OEM’s

No. of Employees :

200 (Approximately)

Bankers :

HSBC Bank, Bund Garden Road, Pune, Maharashtra, India

Facilities :

UNSECURED LOAN	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Short term loan
From bank (secured against corporate guarantee issued by Alfa Laval Holding AB, Sweden) (Due within one year Rs. Nil, previous year Rs.451.589 millions)	42.000	0.000
From Alfa Laval India Limited (Due within one year Rs.360.000 millions)	360.000	284.596
Interest accrued and due an above (Due within one year Rs. 5.413 millions)	5.413	0.750
Long Term Loan From Bank (secured against corporate guarantee issued by Alfa Laval Holding AB, Sweden) (Due within one year Rs.94.333 millions, previous year Rs. Nil)	201.664	283.000
Total	609.077	568.346

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountant
Address :	6 and 20^th Floor, express Towers, Nariman Point, Mumbai 400021, Maharashtra, India
Address :	C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune-411006, Maharashtra, India
Holding Company:	PHE Holding AB, Sweden
Associates :	Alfa Laval Corporation AB, Sweden

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3010000	Equity Shares	Rs.10/- each	Rs.30.100 Millions

Of the above:

3009999 shares are held by PHE Holding AB, Sweden, the Holding Company and 1 Share is held by Alfa Laval Corporate, AB.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.100	30.100	30.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.358	59.155	81.082
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		118.458	89.255	111.182
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		609.077	568.346	451.589
TOTAL BORROWING		609.077	568.346	451.589
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		727.535	657.601	562.771
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		275.707	321.703	195.829
Capital work-in-progress		0.771	8.759	32.757
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		13.938	12.464	7.880
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	238.399	211.516	314.924
	Sundry Debtors	376.241	240.927	217.317
	Cash & Bank Balances	13.999	4.255	12.417
	Other Current Assets	5.087	5.867	6.152
	Loans & Advances	124.659	87.884	78.887
Total Current Assets		758.385	550.449	629.697
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	215.098	180.822	221.269
	Other Current Liabilities	86.870	33.408	67.388
	Provisions	19.298	21.544	14.735
Total Current Liabilities		321.266	235.774	303.392
Net Current Assets		437.119	314.675	326.305
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		727.535	657.601	562.771

PROFIT & LOSS ACCOUNT

Particulars	31.12.2011
Sales Turnover (Approximately)	1100.000

Expected Sales (2012) : Rs.1500.000 Millions

The above information has been parted by Mr. Prasanna.

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	1017.800	765.730	906.770
		Other Income	0.000	0.000	21.090
		TOTAL (A)	1017.800	765.730	927.860
Less	EXPENSES
		Office Expenses
		Administrative Expenses	980.070	736.560	749.890
		Advertising Expenses
		TOTAL (B)	980.070	736.560	749.890
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.730	29.170	177.970
Less	FINANCIAL EXPENSES (D)		NA	NA	60.880
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.730	29.170	117.090
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	35.830	34.690
	PROFIT BEFORE TAX (E-F) (G)		37.730	(6.660)	82.400
Less	TAX (H)		8.530	15.270	32.430
	PROFIT AFTER TAX (G-H) (I)		29.200	(21.930)	49.970
	BALANCE CARRIED TO THE B/S		NA	59.150	81.080
	Earnings Per Share (Rs.)		--	(7.28)	16.60

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	2.86	(2.86)	5.38
Net Profit Margin (PBT/Sales)	(%)	3.70	(0.87)	9.09
Return on Total Assets (PBT/Total Assets}	(%)	3.64	(0.76)	9.98
Return on Investment (ROI) (PBT/Networth)		0.31	(0.07)	0.74
Debt Equity Ratio (Total Liability/Networth)		7.85	9.00	6.79
Current Ratio (Current Asset/Current Liability)		2.36	2.33	2.07

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.12.2010 (Rs. in millions)	31.12.2009 (Rs. in millions)	31.12.2008 (Rs. in millions)
Sundry Creditors
Total outstanding dues of creditors other than micro and small enterprises	215.098	187.978	221.269

Note:

Registered office of the company has been shifted from Gat No. 985, Sanaswadi, Shirur, Pune 412208, Maharashtra, India to the present address w.e.f.01.01.2010.

FINANCIAL HIGHLIGHTS

The performance of the Company for the period under review has shown an improvement over the previous year. During the year under review, the company recorded a Sales turnover of Rs. 1017.80 M reflecting a growrth of about 32% while the total income stood at Rs. 1052.02 M. The operating profit for the year under review could not match the topline growth mainly due to unfavorable exchange rate fluctuations. The Company earned a profit before tax of Rs. 37.73 M as against a loss of Rs.6.66 M. After providing an amount of Rs. 8.54 M (net) for taxation, the net profit for the period under review was Rs. 29.20 M {2009: (Rs.21.93M)} which is being retained in the Profit and Loss Account.

FIXED ASSETS

· Land – Freehold

· Buildings – Factory

· Buildings – Non Factory

· Plant and Machinery

· Computers (including software)

· Office Equipments

· Furniture and Fittings

· Leasehold Improvements

· Vehicles

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	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	Yes

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.51.04
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	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		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.