MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	MAN DIESEL AND TURBO INDIA LIMITED (w.e.f. 11.10.2010)
Formerly Known As :	MODI MIRRLEES BLACKSTONE LIMITED
Registered Office :	E-7, MIDC Waluj, Aurangabad – 431136, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	11.01.1989
Com. Reg. No.:	11-050332
Capital Investment / Paid-up Capital :	Rs. 160.000 Millions
CIN No.: [Company Identification No.]	U74999MH1989FLC050332
TAN No.: [Tax Deduction & Collection Account No.]	NSKM07805A
PAN No.: [Permanent Account No.]	AAACM0320L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of diesel generating sets, diesel engines service of power plant and marine related business.
No. of Employees :	275 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. There appears some dip in turnover and profitability of the company during the year. However, trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Ingale
Designation :	Senior Account Manager
Contact No.:	91-240-2566430
Date :	09.04.2012

LOCATIONS

Registered Office/ Factory :	E-7, MIDC Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2566700
Fax No.:	91-240-2554621
E-Mail :	info.aurangabad@mandieselturbo.com info@manbw.co.in devendraring@gmail.com anata.ingale@in.man.eu
Website :	www.mandieselturbo.com
Service Center and Marketing Office :	L-16, MIDC, Taloja, District Raigad, Navi Mumbai- 410208, Maharashtra, India
Tel. No.:	91-22-3098-4400
Fax No.:	91-22-30984422
E-Mail :	Primeserv.india@mandieselturbo.com

DIRECTORS

As on 27.06.2011

Name :	Mr. Vinay Kumar Modi
Designation :	Director
Address :	55A, Friends Colony, East, New Delhi-110025, India
Date of Birth/Age :	31.05.1943
Date of Appointment :	11.01.1989
DIN No:	00274605
Name :	Mr. Alok Kumar Modi
Designation :	Director
Address :	55A, Friends Colony, East, New Delhi-110025, India
Date of Birth/Age :	18.06.1966
Date of Appointment :	10.07.1989
DIN No:	00174374
Name :	Mr. Klaus Martin Bader
Designation :	Director
Address :	Alemannenring 8, 86405, Meitingen, Erlihgen – 86405, Germany
Date of Birth/Age :	10.06.1952
Date of Appointment :	20.10.2005
DIN No:	00783683
Name :	Mr. Stephan Jorg Timmermann
Designation :	Director
Address :	Mauerstrasse 40, Aalen – 73430, Germany
Date of Birth/Age :	13.02.1961
Date of Appointment :	12.12.2006
DIN No:	01015079
Name :	Mr. Hans Otto Jeske
Designation :	Director
Address :	Zietenstrasse 31, Wesel – 46458, Germany
Date of Birth/Age :	20.06.1949
Date of Appointment :	28.04.2012
DIN No:	03058401
Name :	Mr. Shiv Kumar Aggarwal
Designation :	Managing Director
Address :	N-4, Sector-C, Plot No. 13/14, Cidco Town, Aurangabad – 431003, Maharashtra, India
Date of Birth/Age :	07.10.1947
Qualification :	B.Sc, Engg. (Mech.)
Experience :	43 Years
Date of Appointment :	20.09.2000
DIN No:	00440262

KEY EXECUTIVES

Name :	Mr. Pritesh VijayKumar Gangwal
Designation :	Secretary
Address :	A-10, 1-Apartment, Tirup Ati Supreme Enclave, Aurangabad – 431001, Maharashtra, India
Date of Birth/Age :	12.05.1984
Date of Appointment :	18.04.2011
PAN No :	AKTPG7734L
Name :	Mr. Ingale
Designation :	Senior Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.06.2011

Names of Shareholders	No. of Shares
Modi Rubber Limited, India	3200000
Rai Singh	2000
V.A Ganesh	1000
Maya Linger	600
Balbir Kochhar	1800
Sneh Lata Jain	1000
Anshita Bagadia	1000
Nila Balvant Rai Vora	1000
Amit Jain	600
Karl Savio Fernandes	200
Kunti Devi Jain	600
Savita Jain	600
Anuradha Shridharamurthy	1000
Nirmala Shridharamurthy Nagarkatte	1000

Equity Share Break up (Percentage of Total Equity)

As on 27.06.2011

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	75.25
Bodies corporate	20.06
Others	4.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier and Exporter of diesel generating sets, diesel engines service of power plant and marine related business.

Products :

Item Code No	Product Description
850213.03	Diesel Generating Sets
491199.20	Design Engineering Services

• Low Speed
• Medium Speed
• Power Plants
• Turbocharger
• Turbomachinery
• Chemical Reators

Exports :

Products :

Diesel engine

Countries :

· Germany

· Denmark

· Chile

Imports :

Products :

Raw Material

Countries :

· Germany

· Denmark

Terms :

Selling :

L/C/ Credit (30 – 60 days)

Purchasing :

L/C/ Credit (30 – 60 days)

GENERAL INFORMATION

Customers :

Indian Navy

No. of Employees :

275 (Approximately)

Bankers :

State Bank of India, Aurangabad, Maharashtra, India

Society General Bank India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)
Short Term loan from bank	15.000
Total	15.000

Banking Relations :	--
Auditors :
Name :	Price Water House and Company Chartered Accountants
Address:	Mutha Tower, 5^thFloor, Suit No. 8, Airport Road, Yerwada, Pune – 411006,Maharashtra, India
PAN.:	AADFP9359C
Holding Company :	MAN Diesel and Turbo SE - Germany
Group Company :	· Diesel India Private Limited · Turbo India Limited
Fellow subsidiaries with whom the Company transacted during the year :	· MAN Diesel and Turbo Limited - UK · MAN Diesel and Turbo Middle East LLC - Dubai U.A.E · MAN Diesel and Turbo Singapore Pte. Ltd.- Singapore · MAN Nutzfahrzeuge - Germany · MAN Diesel and Turbo - Turky · PBS Turbo s.r.o. Czech Republic · MAN Diesel and Turbo Benelux -N.V. Belgium · MAN Turbo India Limited - India · MAN Diesel and Turbo France SAS · Metalock- Denmark
Companies under same Management :	Gujarat Guardien Limited
Joint Venture :	MAN Diesel Power India Private Limited

CAPITAL STRUCTURE

As on 27.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Share	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Share	Rs.10/- each	Rs.160.000 Millions

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		160.000	160.000	160.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		317.533	297.934	166.719
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		477.533	457.934	326.719
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		15.000	0.000	0.000
TOTAL BORROWING		15.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		492.533	457.934	326.719
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		182.054	166.372	77.425
Capital work-in-progress		0.007	5.193	16.204
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		5.630	4.512	2.468
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	159.395	150.591	1.111
	Sundry Debtors	143.430	209.733	229.316
	Cash & Bank Balances	29.043	60.127	81.284
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.401	44.620	38.404
Total Current Assets		387.269	465.071	350.115
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	29.028	145.694	59.619
	Other Current Liabilities	33.180	17.586	28.107
	Provisions	20.269	19.984	31.817
Total Current Liabilities		82.477	183.264	119.543
Net Current Assets		304.792	281.807	230.572
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		492.533	457.934	326.719

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Sales and Services	342.017	443.446	401.983
		Other Income	16.706	20.700	30.058
		TOTAL (A)	358.723	464.146	432.041
Less	EXPENSES
		Cost of Sales and Services	102.707	86.185	115.473
		Operating, Administrative and Selling Expenses	201.802	191.299	137.698
		TOTAL (B)	304.509	277.484	253.171
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.214	186.662	178.870
Less	FINANCIAL EXPENSES (D)		1.626	0.088	1.204
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		52.588	186.574	177.666
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.258	18.998	13.475
	PROFIT BEFORE TAX (E-F) (G)		27.330	167.576	164.191
Less	TAX (H)		7.731	36.361	55.545
	PROFIT AFTER TAX (G-H) (I)		19.599	131.215	108.646
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		294.935	163.719	55.073
	BALANCE CARRIED TO THE B/S		314.534	294.934	163.719
	EARNINGS IN FOREIGN CURRENCY
		Commission	52.240	93.139	77.109
		Service Income	142.909	161.927	154.372
		Sale of trading Spares	3.414	0.000	0.000
		Sale Consumable – Marine	0.100	0.000	0.000
		Other Income	11.321	6.455	0.000
	TOTAL EARNINGS		209.984	261.521	231.481
	IMPORTS
		Components for Diesel Engines/ D. G. Sets	64.557	134.352	41.196
		Trading Spares	49.816	55.987	4.419
		Capital Goods	5.345	4.455	0.296
	TOTAL IMPORTS		119.718	194.794	45.911
	Earnings Per Share (Rs.)		1.22	8.20	6.79

Particulars	As on 2012	As on 2011
Sales Turnover (Approximately)	550.000	500.000

Expected Sales (2013) : Rs.600.000 Millions

The above information has been parted by Mr. Ingale.

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	5.46	28.27	25.15
Net Profit Margin (PBT/Sales)	(%)	7.99	37.79	40.84
Return on Total Assets (PBT/Total Assets}	(%)	4.80	26.54	38.40
Return on Investment (ROI) (PBT/Networth)		0.06	0.36	0.50
Debt Equity Ratio (Total Liability/Networth)		0.20	0.40	0.36
Current Ratio (Current Asset/Current Liability)		4.69	2.54	2.93

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

PARTICULARS	31.12.2010	31.12.2009	31.12.2008
Total outstanding dues of Micro Enterprises and Small Enterprises	0.000	0.000	0.000
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprise	29.028	145.694	59.619
Total	29.028	145.694	59.619

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	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	--
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

BACKGROUND

Subject was incorporated on 11 January 1989 under the Companies Act, 1956. The Company is engaged in the trading of spares, marketing and engine assembling activities and rendering of engineering services for gensets in the domestic and export markets. The Company is headquartered in Aurangabad.

OPERATION IN THE YEAR

During the year, the sales turnover has reduced by 22.71% to total sales Rs. 358.720 Millions with a profit of Rs. 52.590 Millions before Depreciation and Taxes as against Rs 186.570 Millions in the previous year. This has been reduced because of additional provision for inventories of Rs. 35.590 Millions and lower turnover of after sales and services.

PROSPECTS

The year 2010 was difficult year due to global recession, which reduced sales turnover as compared to previous year. The Company had good prospects and projection which gradually increased our sales turnover, as we have received seven (7) engine orders in 1^st month of calendar year and after sales business received higher order intake for marine spares and services.

Contingent Liabilities not provided for in respect of (As on 31.12.2010)

Income Tax Matters- Rs.16.253 Millions

Fixed Assets

· Leasehold Land

· Buildings

· Plant and Machinery

· Electrical Machinery and Installations

· Furniture and Fixture

· Office Equipments

· Computers

· Refrigerators and Air conditioners

· Vehicles

· Software

· Drawings

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.51.28
UK Pound	1	Rs.81.38
Euro	1	Rs.67.01

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	6
--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		47

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.