MIRA INFORM REPORT

Report Date :

07.04.2012

IDENTIFICATION DETAILS

Name :	GEA ECOFLEX INDIA PRIVATE LIMITED
Registered Office :	Plot No. A-31/32, Nighoje, Chakan, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	24.03.2005
Com. Reg. No.:	11-152198
Capital Investment / Paid-up Capital :	Rs.0.109 Million
CIN No.: [Company Identification No.]	U28129MH2005PTC152198
TAN No.: [Tax Deduction & Collection Account No.]	MUMG10956B
PAN No.: [Permanent Account No.]	AACCG3264H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PHE (Plate Heat Exchanger.)
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1507000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of GEA Ecoflex GmbH, Germany. Available information indicates high financial responsibility of the company. Trade relations are fair. General financial position is good. Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Management Non-Cooperative

LOCATIONS

Registered Office :	Plot No. A-31/32, Nighoje, Chakan, Pune – 410501, Maharashtra
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ketan.acharya@geagroup.com info@gea-ecoflex.de
Website :	http://www.gea-ecoflex.com
Location :	Owned
Factory :	R 493, MIDC, TTC Industrial Area, Rabale Navi Mumbai – 400701, Maharashtra, India.
Tel. No.:	91-22-27642025/28/29
Fax No.:	91-22-27693797/65138007/5/27693821

DIRECTORS

As on 30.09.2011

Name :	Mr. Klaus Peter Gloeckner
Designation :	Director
Address :	Gehaegestr.20C, Hanover, Germany-30655
Date of Birth/Age :	22.04.1967
Date of Appointment :	24.03.2005
DIN No.:	00878600
Name :	Mr. Volker Brock Guenthev
Designation :	Director
Address :	AM Potthof 17, Laatzen-30880
Date of Birth/Age :	24.09.1968
Date of Appointment :	16.10.2009
DIN No.:	02863103
Name :	Mr. Virendra Vedprakash Jhamb
Designation :	Managing Director
Address :	6-D, Juniper Edenwood Off. Pokhran Road, No. 2, Thane-400617, Maharashtra, India.
Date of Birth/Age :	23.03.1965
Date of Appointment :	24.03.2005
DIN No.:	01914151
Name :	Mr. Mik Jorn Hansen
Designation :	Director
Address :	14 Jalan, Jambu Ayer, Singapore-588776
Date of Birth/Age :	14.08.1958
Date of Appointment :	24.03.2005
DIN No.:	01994621

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Gea Ecoflex GmbH – Germany	10700
Mik Ejvind Hansen	100
Virendra Vedprakash Jhamb	100
TOTAL	10900

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	98.00
Directors or relatives of Directors	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PHE (Plate Heat Exchanger.)

PRODUCTION STATUS

(As on 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plate Heat Exchange**	Nos	3000	2539
Components of Plate Heat Exchange	Nos	--	99929

Note:

* As certified by the management

** The company manufactures plate heat exchangers of various sizes. However, the installed capacity has been calculated based on a single representative model of plate heat exchanger.

GENERAL INFORMATION

No. of Employees :

70 (Approximately)

Bankers :

• Deutch Bank – Kotak House, 222, Dr, D. N Road, Fort, Mumbai – 400001, Maharashtra, India
• Royal Bank of Scotland, Lower Parel Branch

Facilities :

Secured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Form Bank	1.955	0.512
Total	1.955	0.512
Note: Secured by the hypothecation of assets purchased under finance lease.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai -400018, Maharashtra, India.
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN.:	AACFD4815A
Holding Company:	GEA Ecoflex GmbH, Germany
Subsidiary Company:	GEA Ecoflex Middle East FZE
Ultimate Holding Company :	GEA Group Aktingessechaft
Fellow Subsidiaries :	GEA Ecoflex Asin SDN bhd GEA Maschinenkuehltechnik Gmbh GEA Ecobraze AB GEA WTT GmbH Tuchenhagen GmbH GEA Ecoflex China Company Limited GEA Process Engineering (I) Limited GEA Renzmann and Grunewaid GmbH GEA Viex Inc GEA IT Services GmbH GEA Niro Soavi SPA GEA Process Engineering Sea Private Limited GEA Air Treatment GEA Energy Technology GmbH Roval GEA Grasso Holding NV Weslalia Seperator I Private Limited GEA Kuba GmbH

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
10900	Equity Shares	Rs.10/- each	Rs.0.109 Million

Note:

Of the above 10700 (previous year 9800) shares are held by GEA Ecoflex GmbH, the holding company)

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		0.109	0.109	0.100
2] Share Application Money		0.000	0.000	27.675
3] Reserves & Surplus		376.680	296.232	156.767
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		376.789	296.341	184.542
LOAN FUNDS
1] Secured Loans		1.955	0.512	0.000
2] Unsecured Loans		16.855	0.000	0.000
TOTAL BORROWING		18.810	0.512	0.000
DEFERRED TAX LIABILITIES		10.028	6.679	3.826
TOTAL		405.627	303.532	188.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		369.347	185.846	178.391
Capital work-in-progress		3.500	110.718	0.000
INVESTMENT		12.186	12.186	12.186
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	362.190	362.377	430.678
	Sundry Debtors	553.425	545.678	164.093
	Cash & Bank Balances	20.029	55.419	92.317
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	80.194	67.789	131.875
Total Current Assets		1015.838	1031.263	818.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	869.732	931.553	639.477
	Other Current Liabilities	57.688	56.245	162.097
	Provisions	67.824	48.683	19.598
Total Current Liabilities		995.244	1036.481	821.172
Net Current Assets		20.594	(5.218)	(2.209)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		405.627	303.532	188.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Turnover	1064.658	1001.166
		Sale of Traded Goods	154.247	553.637
		Service Charges	8.589	25.576
		Other Income	39.077	37.460
		TOTAL (A)	1266.571	1617.839
Less	EXPENSES
		Purchase of Traded Goods	119.862	502.056
		Raw Material and Components Consumed	766.213	724.879
		Subcontract Charges	42.799	60.492
		Employees Remuneration and Benefits	53.499	27.804	NA
		Operating and Other Expenses	165.845	141.177
		Increase/ Decrease in Stock	17.819	(23.428)
		Recovery Expenses	(35.200)	0.000
		TOTAL (B)	1130.837	1432.980
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.734	184.859
Less	FINANCIAL EXPENSES (D)		12.085	10.574
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.649	174.285	110.343
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.747	2.045	5.891
	PROFIT BEFORE TAX (E-F) (G)		120.902	172.240	104.452
Less	TAX (H)		56.960	60.442	39.516
	PROFIT AFTER TAX (G-H) (I)		78.774	111.799	64.936
	Excess Provision for tax in respect of earlier year		1.673	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		266.566	154.767	89.831
	BALANCE CARRIED TO THE B/S		347.013	266.566	154.767
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	60.694	63.771	69.222
		Service Charges	3.547	20.693	10.176
	TOTAL EARNINGS		64.241	84.464	79.398
	IMPORTS
		Raw Materials	528.720	494.070	476.952
		Trading Goods	38.452	497.568	30.268
		Capital Goods	0.000	2.990	19.271
	TOTAL IMPORTS		567.172	994.628	526.491
	Earnings Per Share (Rs.)
	Basic		7381.00	10971.00	NA
	Diluted		7381.00	10257.00	NA

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	6.22	6.91	NA
Net Profit Margin (PBT/Sales)	(%)	11.36	17.20	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.73	14.15	10.47
Return on Investment (ROI) (PBT/Networth)		0.32	0.58	0.57
Debt Equity Ratio (Total Liability/Networth)		2.69	3.50	4.45
Current Ratio (Current Asset/Current Liability)		1.02	0.99	0.99

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particular	31.12.2010	31.12.2009	31.12.2008
Outstanding dues to micro and small enterprise	0.000	0.192	0.164
Total outstanding dues to creditors other than micro and small enterprises	869.732	931.361	639.312
Total	869.732	962.8739	670.7968

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
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)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Fixed Assets

• Leasehold Land
• Plant and Machinery
• Furniture and Fittings
• Office Equipment
• Computers
• Leasehold Improvement
• Vehicle
• Software

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.51.05
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	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.