MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Name :	COPERION IDEAL PRIVATE LIMITED
Registered Office :	402, Hemkunt Tower, 98 Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.06.1995
Com. Reg. No.:	55-070278
Capital Investment / Paid-up Capital :	Rs.11.832 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC070278
IEC No.:	0595046070
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Pneumatic Conveying System.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1200000
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.

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

LOCATIONS

Registered Office :	402, Hemkunt Tower, 98 Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26480420/26480521
Fax No.:	91-11-26461950
E-Mail :	rajeev.narang@coperion.com umesh.verma@coperion.com
Website :	www.coperion.com
Area :	Leased
Location :	Commercial
Factory :	A-35 and A-44, Sector 64, Noida-201307, Uttar Pradesh, India
Tel. No.:	91-120-2401686/87/88/89/90
Fax No.:	91-120-2401691
E-Mail :	wil_mum@vsnl.com
Location :	Industrial

DIRECTORS

As on 30.09.2011

Name :

Mr. Umesh Kumar Verma

Designation :

Director

Address :

A-48, Sector 30, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

31.01.1950

Date of Appointment :

14.05.2004

Din No.:

00928314

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909DL1993PTC053241	IDEAL ENTERPRISES PRIVATE LIMITED	Director	26-04-93	26-04-93	Active	NO
2	U74899DL1995PTC070278	COPERION IDEAL PRIVATE LIMITED	Managing director	28-06-95	28-06-95	Active	NO
3	U32106DL2004PTC126363	IDEAL EMC PRODUCTS PRIVATE LIMITED	Director	14-05-04	14-05-04	Active	NO
4	U28910DL2009PTC195460	ELLIMETAL INDIA PRIVATE LIMITED	Director	23-10-09	23-10-09	Active	NO

Name :

Mr. Rajeev Narang

Designation :

Director

Address :

38D, DDA Flats, Gulabi Bagh, New Delhi-110007, India

Date of Birth/Age :

14.11.1969

Date of Appointment :

30.03.2007

Din No.:

01419966

Name :

Mr. Guenter Bachemann

Designation :

Director

Address :

AUF DEM, Gleichen 12, Bad Homburg, Germany

Date of Birth/Age :

05.09.1962

Date of Appointment :

27.09.2005

Din No.:

02448071

Name :

Mr. Axel Jakob Kiefer

Designation :

Director

Address :

Panoramastrasse, 36, Wolpertswende, Germany

Date of Birth/Age :

05.09.1962

Date of Appointment :

27.09.2005

Din No.:

02560811

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Umesh Kumar Verma	57976
Coperion GmbH, Germany	60342
Total	118318

As on 30.09.2011

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]	51.00
Directors or relatives of directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Pneumatic Conveying System.

PRODUCTION STATUS AS ON

Particulars	Unit	Actual Production
Pneumatic Conveying Systems	System	7
Parts of pneumatic Conveying System	Nos.	7498
Silos	Nos.	3
Valves	Nos.	663
Valves Parts	Nos.	1792
Filter and Filter Parts	Nos.	439
Pressure / Heater Vessel and Parts	Nos.	969
Gamma Bends	Nos.	71
Electric Heater	Nos.	--
Electric Control Panel and Parts	Nos.	1135

GENERAL INFORMATION

Bankers :

Bank of India, 1, Paras Cinema, Nehru Place, New Delhi-110019, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital facility from banks Packing credit*	60.638	0.000
Total	60.638	0.000

NOTE: * Secured by equitable mortgage of plant and machinery, fixtures and fittings already put up or to be put up in future in building acquired on lease. Further secured by hypothecation of all tangible movable property including machinery and plant, both present and future and stocks of raw material, semi finished goods and finished goods and by way of charge on all the book debts, outstanding, money receivable, claims and bills which are now due or owing or which may at any time hereafter during the continuance of this security becomes due and owing to the borrower in the course of its business by any person, company or by the government or any local or public body of authority. Further secured by deposits of title deeds of the factory building owned by the company’s managing director.

Banking Relations :	--
Auditors :
Name :	B. S. R and Company Chartered Accountants
Address :	Building No. 10, 8^th Floor, Tower – B, DLF Cyber City, Phase – II , Gurgaon – 122002, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
Pan No.:	AAIFB0630K
Holding Company:	Coperion GmbH, Germany

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
180000	Equity Shares	Rs.100/- each	Rs.18.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
118318	Equity Shares	Rs.100/- each	Rs.11.832 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		11.832	11.832	11.832
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		309.894	281.251	219.343
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		321.726	293.083	231.175
LOAN FUNDS
1] Secured Loans		60.638	0.000	12.976
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		60.638	0.000	12.976
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		382.364	293.083	244.151
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		153.623	133.517	123.943
Capital work-in-progress		0.000	2.703	2.680
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		28.830	30.997	27.898
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	236.173	56.338	91.833
	Sundry Debtors	128.115	150.352	146.045
	Cash & Bank Balances	96.664	130.299	91.070
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.756	28.195	27.235
Total Current Assets		519.708	365.184	356.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	234.414	140.562	142.390
	Other Current Liabilities	6.745	15.533	57.841
	Provisions	78.638	83.223	66.322
Total Current Liabilities		319.797	239.318	266.553
Net Current Assets		199.911	125.866	89.630
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		382.364	293.083	244.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		542.000	755.500
		Other Income		63.166	NA
		TOTAL	446.194	605.166	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	402.062	509.329	NA
		Advertising Expenses
		TOTAL	402.062	509.329	NA
	PROFIT BEFORE TAX		44.132	95.837	117.000
Less	TAX		15.489	33.929	43.700
	PROFIT AFTER TAX		28.643	61.908	73.300
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	74.298	100.476	249.260
		Service Income	1.338	1.251	3.527
		Commission Income	27.557	27.096	32.205
		Freight and Packing Income	0.886	0.181	0.920
		Reimbursement of Expenses	0.342	0.145	1.064
	TOTAL EARNINGS		104.421	129.149	286.976
	IMPORTS
		Raw Materials	137.689	84.377	NA
	Earnings Per Share (Rs.)		242	523	619

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.42	10.23	NA
Net Profit Margin (PBT/Sales)	(%)	NA	17.68	15.50
Return on Total Assets (PBT/Total Assets}	(%)	6.55	19.22	24.37
Return on Investment (ROI) (PBT/Networth)		0.14	0.33	0.51
Debt Equity Ratio (Total Liability/Networth)		1.18	0.82	1.34
Current Ratio (Current Asset/Current Liability)		1.63	1.53

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80007495
Corporate identity number of the company	U74899DL1995PTC070278
Name of the company	COPERION IDEAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	402, Hemkunt Tower, 98 Nehru Place, New Delhi-110019, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Bank of India, 1, Paras Cinema, Nehru Place, New Delhi-110019, India
Email	delhiroc@jksco.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	12.09.2011
Amount secured by the charge	Rs.450.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment As per Sanction Terms Margin On stock : 25% On Book Debts : 30% On Packing Credit : 25% On LC (Foreign/Import) -DP/DA 90 days : 10% On BG (Inland/Foreign) : 10 % Extent and Operation of the charge The Company's assets are hypothecated to secure the credit facilities aggregating to Rs. 450.000 Millions granted by the bank to the borrower
Short particulars of the property charged	Hypothecation of stock of all tangible movable assets including in particular steel, aluminium, copper sheets, work in process, movable machinery, stores, spare parts, furniture, office equipments etc And finished goods such as pneumatic conveying systems godowns or in transit etc and stock in process of the borrower wheresoever situated at premises of the company. Hypothecation of all tangible movable machineries and plant, both present and future whether installed or not and whether lying loose or in cases at site or in transit. Hypothecation of all the present and future book debts, outstanding, Exports, money receivables, claims, bills etc
Particulars of the present modification	On Renewal, the overall credit facilities has now been renewed upto Rs. 450.000 Millions. Therefore total amount of charge secure against hypothecation of stock, book debts, tangible movable machinery etc has now been enhanced/renewed upto Rs. 450.000 Millions.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle
• Leased hold Improvements

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.49.13
UK Pound	1	Rs.77.85
Euro	1	Rs.64.75

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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		49

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.