MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	HINDUSTAN TURBOMACHINERY LIMITED
Registered Office :	40-B, 2^nd Phase, Peenya Industrial Area, Bangalore-560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.06.2008
Com. Reg. No.:	08-046825
Capital Investment / Paid-up Capital :	Rs.2.498 Millions
CIN No.: [Company Identification No.]	U29110KA2008PLC046825
TAN No.: [Tax Deduction & Collection Account No.]	BLRH04005B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Generators and Tubes.
No. of Employees :	72 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company is progressing well. 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.

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

INFORMATION PARTED BY

Name :	Mr. Srinivas
Designation :	Director
Contact No.:	91-9880292254
Date :	22.03.2012

LOCATIONS

Registered Office / Factory :	40-B, 2^nd Phase, Peenya Industrial Area, Bangalore-560058, Karnataka, India
Tel. No.:	91-80-42420101
Fax No.:	91-80-41179108
E-Mail :	srini@turbomachineryindia.com partha_blr@yahoo.com srindesi8@sify.com
Website :	www.turbomachineryindia.com
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mrs. Yadushaila Ranganathan

Designation :

Director

Address :

4307, I Cross, 14^th Main, A Block, 2^nd Stage, Rajajinagar, Bangalore-560021, Karnataka, India

Date of Birth/Age :

08.09.1976

Qualification :

Engineer

Date of Appointment :

18.06.2008

DIN No :

02049138

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	U29110KA2008PLC046825	HINDUSTAN TURBOMACHINERY LIMITED	Whole-time director	1/04/2009	18/06/2008	-	Active	NO
2	L72400KA1982PLC004996	FI SOFEX LIMITED	Additional director	20/08/2010	20/08/2010	18/04/2011	Active	NO

Name :

Mr. Srinivasdesikan Bakthavathsalan

Designation :

Director

Address :

No. 2386, 13^th Main, Subramanya, Nagar, A Block, Rajaji Nagar, 2^nd Stage, Bangalore-560010, Karnataka, India

Date of Birth/Age :

13.05.1974

Qualification :

Graduate

Date of Appointment :

18.06.2008

DIN No :

02183038

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	U29110KA2008PLC046825	HINDUSTAN TURBOMACHINERY LIMITED	Whole-time director	1/04/2009	18/06/2008	-	Active	NO

Name :

Mr. Parthasarathy Sampathkumar

Designation :

Director

Address :

56, Malola Bhavanam, 6^th Cross, Nanjappa, Garden Babusapalyya, Bangalore-560043, Karnataka, India

Date of Birth/Age :

01.05.1960

Qualification :

M.Com

Date of Appointment :

18.06.2008

DIN No :

02182944

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	U29110KA2008PLC046825	HINDUSTAN TURBOMACHINERY LIMITED	Whole-time director	1/07/2008	18/06/2008	-	Active	NO
2	U70102KA2006PTC039827	GOOD EARTH ECO VENTURES PRIVATE LIMITED	Director	5/05/2010	5/05/2010	-	Active	NO
3	U45201KA2010PTC053444	GOOD EARTH ECO DEVELOPMENTS PRIVATE LIMITED	Director	5/05/2010	5/05/2010	-	Active	NO
4	U70102KA2007PTC044031	GOOD EARTH ECO FUTURES PRIVATE LIMITED	Director	23/09/2011	1/02/2011	-	Active	NO
5	U74900KA2012PTC062369	GOOD EARTH PATENTS AND TRADE MARKS PRIVATE LIMITED	Director	3/02/2012	3/02/2012	-	Active	NO

Name :

Ms. Devki Parthasarathy

Designation :

Director

Address :

562, Malola Bhavanam, 6^th Cross, Nanjappa, Garden Babusapalyya, Bangalore-560043, Karnataka, India

Date of Birth :

24.10.1969

Date of Appointment :

12.01.2009

DIN No :

02315243

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	U24246KA2006PTC040871	MAYAN HEALTHCARE PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	YES
2	U45402KA2006PTC040870	MAYAN ESTATES PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	YES
3	U70102KA2006PTC040875	MAYAN BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	YES
4	U29110KA2008PLC046825	HINDUSTAN TURBOMACHINERY LIMITED	Director	29/09/2009	12/01/2009	-	Active	NO

Name :

Mr. Gudmundur Thor Thormodsson

Designation :

Nominee Director

Date of Appointment :

22.05.2010

DIN No :

02123904

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	U25201TN2005PTC058093	GREEN LINE PLASTICS PRIVATE LIMITED	Managing director	25/03/2008	14/02/2006	-	Active	YES
2	U72200TN2000PTC045748	GREENLINE SOFTWARES PRIVATE LIMITED	Managing director	20/05/2006	20/05/2006	-	Strike off	NO
3	U29110KA2008PLC046825	HINDUSTAN TURBOMACHINERY LIMITED	Nominee director	22/05/2010	22/05/2010	-	Active	NO
4	U36999PY2010PTC002465	GREENLINE POWER PRIVATE LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
5	U29222KA2011PTC057808	GEG POWER EQUIPMENTS PRIVATE LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Yadushaila R	120000
Parthasarathy S	4000
Kamala B	12000
Saroja R	12000
Lakshminarayanan V	1500
Bhakthavathsalan N	12000
Srinivasdesikan B	38500
Kaldara EHF	36600
Green Energy AS	13200
Total	249800

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	19.90
Directors or relatives of Directors	80.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Generators and Tubes.
Products :	· Marine Generators · Marine Driving Type Turbines · Braiding Machines · LPG Hose Machines · Hose Coilers · Tieback Machines · Crimping Machines · Copper Mesh Machines · Laying Machines for Label · Wire and Cable Braiding Machines · Radiator Hose Machines or Brand Hose Machines · High Pressure Hose Braiding Machines · Gas Turbine Blades · Multi-Stage Steam Turbines · Geothermal Power Plant Pipelines · Knitting Machines · Wire Braiding Machines · Tassels Machines · Trimming Machines · Rope Making Machines · Hose Cutting Machines · Take up and Pay off Machines · High Speed cutter Pillars or Haul off units · Hose Wrapping and Unwrapping Machines · Shoes Lace Braiding and shoe Lace Tipping Machines
Exports :
Products :	· Generators · Tubes
Countries :	· Europe · Africa · Indonesia · Philippines
Imports :
Products :	· Raw Material
Countries :	· Europe · US
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

Suppliers :

Chem Process System Private Limited

Customers :

Kenya Electricity Generation Company Limited

No. of Employees :

72 (Approximately)

Bankers :

Deutche Bank, M. G. Road, Bangalore, Karnataka, India

Facilities :

Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Inter Corporate Deposit	50.000	15.000
Total	50.000	15.000

Banking Relations :	--
Auditors :
Name :	M. Ravindra Balaraj and Company Chartered Accountants
Address :	Flat G, Ground Floor, Charles Court Apartments, No.12, Rest House Road, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-25585312
Fax No.:	91-22-25584997
PAN.:	ACVPB3643B
Sister Concerns :	Ch-Efficiency Turbo Machinery Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249800	Equity Shares	Rs.10/- each	Rs.2.498 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.498	2.498	2.498
2] Share Application Money		0.767	3.056	0.262
3] Reserves & Surplus		23.844	20.846	18.180
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.109	26.400	20.940
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.450
2] Unsecured Loans		50.000	15.000	0.000
TOTAL BORROWING		50.000	15.000	0.450
DEFERRED TAX LIABILITIES		2.798	0.681	0.232
TOTAL		79.907	42.081	21.622
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.785	12.679	11.730
Capital work-in-progress		4.152	8.153	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
DEFFRRED REVENUE EXPENDITURE		0.972	1.296	1.327
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.221	27.055	12.195
	Sundry Debtors	8.815	1.079	0.353
	Cash & Bank Balances	36.336	42.346	0.149
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	111.997	14.024	5.077
Total Current Assets		198.369	84.504	17.774
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.842	0.329	1.081
	Other Current Liabilities	157.514	64.391	8.318
	Provisions	1.164	0.030	0.031
Total Current Liabilities		176.520	64.750	9.430
Net Current Assets		21.849	19.754	8.344
MISCELLANEOUS EXPENSES		0.149	0.199	0.221
TOTAL		79.907	42.081	21.622

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	136.134	12.008	1.157
		Other Income	42.597	0.135	0.023
		TOTAL (A)	178.731	12.143	1.180
Less	EXPENSES
		Cost of Material Consumed	108.385	8.776	9.610
		Production Expenses	45.979	7.427	2.069
		Marketing Expenses	0.715	0.298	0.065
		Administrative Expenses	22.602	5.679	1.046
		Accretion/ (Decretion) in value of stock	(14.166)	(14.860)	(12.195)
		TOTAL (B)	163.515	7.320	0.595
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.216	4.823	0.585
Less	FINANCIAL EXPENSES (D)		6.104	0.098	0.002
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.112	4.725	0.583
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.832	0.894	0.286
	PROFIT BEFORE TAX (E-F) (G)		6.280	3.831	0.297
Less	TAX (H)		3.281	1.164	0.295
	PROFIT AFTER TAX (G-H) (I)		2.999	2.667	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.669	0.002	0.000
	BALANCE CARRIED TO THE B/S		5.668	2.669	0.002
	Earnings Per Share (Rs.)		12.00	10.67	0.01

Expected Sales (2011-12) : Rs.270.000 Millions

The above information has been parted by Mr. Srinivas.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.68	21.96	0.17
Net Profit Margin (PBT/Sales)	(%)	4.61	31.90	25.67
Return on Total Assets (PBT/Total Assets}	(%)	2.50	3.94	1.01
Return on Investment (ROI) (PBT/Networth)		0.23	0.15	0.01
Debt Equity Ratio (Total Liability/Networth)		8.35	3.02	0.48
Current Ratio (Current Asset/Current Liability)		1.12	1.31	1.88

LOCAL AGENCY FURTHER INFORMATION

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
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	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

Note: Registered Office of the company has been shifted from No.2386, 13^th Main, subramanya Nagar, A Block, Rajajinagar, 2^nd Stage, Bangalore-560010, Karnataka, India to the present address w.e.f. 27.02.2010

TRADE REFERENCES

· Chem Process System Private Limited

· Kenya Electricity Generation Company Limited

FIXED ASSETS

· Furniture

· Office Equipments

· Plant and Machinery

· Vehicles

· Landscapes

· UPS Systems

· Computer

· Interior Decorations.

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.51.05
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.