MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	SULZER PUMPS INDIA LIMITED
Registered Office :	9, M.I.D.C., Thane Belapur Road, Digha, Navi Mumbai – 400 708, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	19.06.1974
Com. Reg. No.:	11-017561
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U99999MH1974PLC017561
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36628E
PAN No.: [Permanent Account No.]	AAACK2238F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Single Stage Pumps.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 5719000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. 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 DECLINED BY

Management non-cooperative

LOCATIONS

Registered Office/ Factory :	9, M.I.D.C., Thane Belapur Road, Digha, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-39130500 Extension 560
Fax No.:	91-22-27606814/ 27796814
E-Mail :	Bharatkuimar.dagha@sulzer.com nitinkane@yahoo.co.in ranganathan.hariharan@sulzer.com shashank.patwardhan@sulzer.com
Website :	http://www.sulxerpumps.com
Area :	Owned

DIRECTORS

As on 24.06.2011

Name :

Mr. Venkatasubramanian Narayanaswami Ramanathan

Designation :

Managing Director

Address :

603, Opal Powai Vihar, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

17.02.1961

Qualification :

B. Sc., M.B.A. (Finance)

Date of Appointment :

01.08.2009

DIN No.:

02740746

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	U99999MH1974PLC017561	Sulzer Pumps India Limited	Managing director	01-08-09	01-08-09	Active	NO
2	U29297PN1988PLC046977	Sulzer India Limited	Director	29-08-11	06-02-11	Active	NO

Name :

Mr. Ashwin Trimbak Bondal

Designation :

Director

Address :

5/595-D, Narendra Villa, Dr. B. Ambedkar Road, Matunga, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

14.03.1951

Date of Appointment :

30.06.2009

DIN No.:

00401941

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	U99999MH1974PLC017561	Sulzer Pumps India Limited	Director	30-06-09	01-10-04	Active	NO

Name :

Mr. Markus Adolf Tritschler

Designation :

Director

Address :

Markus Tritschler, Frohbergstieg 20, Schaffhausen

Date of Birth/Age :

18.08.1953

Date of Appointment :

15.05.2007

DIN No.:

01515146

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	U99999MH1974PLC017561	Sulzer Pumps India Limited	Director	15-05-07	15-05-07	Active	NO
2	U74140MH2006FTC166028	Sulzer Tech India Private Limited	Director	15-05-07	15-05-07	Active	NO

Name :

Ms. Heena Doshi

Designation :

Director

Address :

302, Mahavir Sadan, Balaram Street, Grant Road, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

25.08.1957

Date of Appointment :

25.09.2006

DIN No.:

00364793

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	U27200MH1998PTC114831	MSS India Private Limited	Nominee director	08-05-98	08-05-98	12-03-09	Active	NO
2	U99999MH1974PLC017561	Sulzer Pumps India Limited	Alternate director	25-09-06	25-09-06	-	Active	NO
3	U31909MH2006PTC166365	G Corner Electrical Systems Private Limited	Nominee director	20-12-06	20-12-06	27-02-09	Active	NO

Name :

Mr. Tahilramaney Gokaldas Pooran

Designation :

Director

Address :

301, White House Apartment, N. Gamadia Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

14.04.1928

Date of Appointment :

07.10.1986

DIN No.:

00107873

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	U51109MH1941PTC003338	Sepulchre Brothers (India) Private Limited	Director	25-01-66	25-01-66	-	Active	NO
2	U99999MH1974PLC017561	Sulzer Pumps India Limited	Director	07-10-86	07-10-86	-	Active	NO
3	U29297PN1988PLC046977	Sulzer India Limited	Director	11-04-88	11-04-88	26-06-09	Active	NO
4	U29210MH1991PTC062173	Benninger India Private Limited	Director	21-06-91	21-06-91	-	Active	NO
5	U29269KA1994PTC016624	Jakob Muller (India)Private Limited	Director	27-09-95	27-09-95	08-02-09	Active	NO
6	U27200MH1998PTC114831	Mss India Private Limited	Nominee director	08-05-98	08-05-98	12-03-09	Active	NO
7	U24100MH1977PLC019595	S.D. Fine Chem Limited	Director	26-06-03	26-06-03	-	Active	NO
8	U31909MH2006PTC166365	G Corner Electrical Systems Private Limited	Nominee director	20-12-06	20-12-06	27-02-09	Active	NO
9	U74999MH1962PLC012315	Ewac Alloys Limited	Alternate director	22-11-08	22-11-08	06-12-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajan Raje
Designation :	Executive
Date of Birth/Age :	54 Years
Qualification :	B.A., L.L.B.
Date of Appointment :	19.01.1980

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.06.2011

Names of Shareholders	No. of Shares
Anil Pooran	100
Chetan Jayantilal Shah	2000
Chetan Jayantilal Shah	1000
Heena Doshi	100
N.R. Hariharan	100
Javerbai Shivji Vikamsey	1000
Jayantilal Premiji Shah	2000
Jayashri Suresh Dikshit	100
Nitin Mahadev Kane	100
Anand S. Kothekar	100
Mayur V. Shah	100
Neemjee Gangji Shah	2500
Pramod Kumar Singhal	250
Pratapsey Ratansi Mercant	500
Rajan Raghunath Raje	100
Sadhana Hiren Dand	500
Shashank Chandrakant Patil	500
Sulzer Pumps Limited, Switzerland	2488250
Theresa Joseph Aranjo	100
Tahilramaney Pooran	600
Total	2500000

As on 24.06.2011

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]	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Single Stage Pumps.

Products :

Product Description	ITC Code
Single and Multi-Stage Centrifugal Power Driven Pumps	841370.01
Boiler Feed Pumps	841370.05
Spare Parts For Pumps	841391.02

PRODUCTION STATUS (As on 31.12.2010)

Particulars	Unit	Pumps	Spares
		2010	2010
Licensed Capacity		#	#
Installed Capacity		@	Not Ascertainable
Actual production	Nos.	2932	*

# Not covered under the industries (Development and Regulation) Act, 1951, as certified by the management.

@ Assembled against firm orders. Hence installed capacity dependent upon orders

* Spares comprise of components dissimilar in nature and hence, quantitative information in respect thereof has not been furnished.

GENERAL INFORMATION

No. of Employees :	100 (Approximately)
Bankers :	v ICICI Bank, Navi Mumbai, Maharashtra, India v Canara Bank, Navi Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Holding Company :	Sulzer Pumps Limited, Switzerland
Ultimate Holding Company # :	Sulzer Limited, Switzerland # No transactions during the year
Parties under common control * :	v Sulzer Pumps (South Africa) Pty Limited v Sulzer India Limited, Pune v Sulzer Pumpen (Deutschland) GmbH v Sulzer Management AG v Sulzer Pumps Finland Oy v Sulzer Pumps Asia Pacific Pte Limited, Singapore v Sulzer Pumps (UK) Limited v Sulzer Pumps Mexico, S.A. de C.V. v Sulzer Pumps (Canada) Inc. v Sulzer Pumps (US) Inc., USA v Sulzer Dalian Pumps and Compressors Limited, China v Sulzer Metco Coatings Limited, UK v Sulzer Pumps Spain S.A. v Sulzer (ANZ) Pty. Limited, Australia v Sulzer Tech India Private Limited v Sulzer (Middle East) FZCO v Sulzer Markets and Technology AG, Switzerland v Sulzer Ali and Sons Oil Field Supplies LLC, Abu Dhabi v Sulzer Process Pumps (US) Inc. v Sulzer Pompes France SASU v Sulzer Pompes Process SASU, France v Sulzer Pumps Suzhou Limited, China v Sulzer Brasil S.A. * The list of related parties above has been limited to entities with whom transactions have taken place during the year.

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
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Note:

Of the above, 2488250 Equity Shares of Rs.10 each are held by Sulzer Pumps Limited, Switzerland, the Holding Company, a subsidiary of Sulzer Limited, Switzerland.

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		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1404.786	1323.748	936.304
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1429.786	1348.748	961.304
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1429.786	1348.748	961.304
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		311.172	304.329	269.820
Capital work-in-progress		40.613	32.012	54.042
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		132.748	197.249	121.067
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.117	158.790	148.366
	Sundry Debtors	1228.033	1377.162	1011.548
	Cash & Bank Balances	542.121	348.189	353.024
	Other Current Assets	0.000	0.060	0.331
	Loans & Advances	305.335	170.547	105.613
Total Current Assets		2259.606	2054.748	1618.882
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	673.201	604.902	470.109
	Other Current Liabilities	214.790	236.663	306.226
	Provisions	426.362	398.025	326.172
Total Current Liabilities		1314.353	1239.590	1102.507
Net Current Assets		945.253	815.158	516.375
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1429.786	1348.748	961.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	2766.378	2892.828	2811.164
		Service Charges	20.159	10.943	9.822
		Other Income	28.026	19.732	25.064
		TOTAL (A)	2814.563	2923.503	2846.050
Less	EXPENSES
		Cost of Goods Sold	1573.781	1374.571	1432.167
		Employee Costs	353.155	393.525	383.474
		Operating, Administration and Selling Expenses	403.393	506.177	438.982
		TOTAL (B)	2330.329	2274.273	2254.623
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		484.234	649.230	591.427
Less	INTEREST & FINANCIAL EXPENSES (D)		14.709	14.877	17.434
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		469.525	634.353	573.993
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.733	43.627	38.301
	PROFIT BEFORE TAX (E-F) (G)		416.792	590.726	535.692
Less	TAX (H)		149.301	202.785	188.749
	PROFIT AFTER TAX (G-H) (I)		267.491	387.941	346.943
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1216.955	829.014	482.071
Less	APPROPRIATIONS
		Final Dividend (Proposed)	160.000	--	--
		Dividend Tax	25.956	--	--
		Transfer to General Reserve	26.749	--	--
	BALANCE CARRIED TO THE B/S		1271.741	1216.955	829.014
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	1190.956	1291.837	933.894
		Service Charges	1.202	0.378	0.172
	TOTAL EARNINGS		1192.158	1292.215	934.066
	IMPORTS
		Raw Materials	438.183	193.493	318.232
		Trading Purchases	30.898	14.099	0.000
		Stores & Spare Parts	0.138	0.141	0.079
		Capital Goods	5.556	1.924	2.782
	TOTAL IMPORTS		474.775	209.657	321.093
	Earnings Per Share (Rs.)		107.00	155.18	138.78

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	9.50	13.27	12.19
Net Profit Margin (PBT/Sales)	(%)	15.07	20.42	19.06
Return on Total Assets (PBT/Total Assets}	(%)	16.21	25.04	28.36
Return on Investment (ROI) (PBT/Networth)		0.29	0.44	0.56
Debt Equity Ratio (Total Liability/Networth)		0.92	0.92	1.15
Current Ratio (Current Asset/Current Liability)		1.72	1.66	1.47

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	31.12.2010 (Rs. in Millions)	31.12.2009 (Rs. in Millions)	31.12.2008 (Rs. in Millions)
Sundry Creditors
- Due to micro and small enterprises	0.000	0.000	0.000
- Due to other than micro and small enterprises	673.201	604.902	470.109
Total	673.201	604.902	470.109

PERFORMANCE REVIEW

The year witnessed an excellent order intake resulting in an all time high of Rs.3665.000 Millions worth order being received. The Order intake has shown an increase of 26% compared to the previous year. They have made a significant breakthrough in Power Industry in India by obtaining a high profile order for super critical power project.

Though the order intake increased significantly in 2010, in the first half of 2010, the new business order intake was below expectations and this resulted in dip in sales from Rs.2892.000 Millions (2009) to Rs.2766.000 Millions (2010). Pressure on margins continues, due to overall competitive market situation arising out of increased competition. Due to above factors, as well as raise in input costs, the profitability in 2010 was below 2009 level. The company has initiated cost reduction programs structured on Lean principles to improve the profitability, on time delivery and lead time reduction.

The technology transfer program embarked in 2008 was successfully completed in 2010 and has significantly contributed to the order intake growth. The transfer of technology continues based on market demand and further new models particularly to meet the requirements of power industry are being introduced.

In year 2010 the Indian economy has shown signs of recovery from the slowdown caused by the global financial crisis from 2007 to 2009. The GDP growth in 2010-11 is estimated at 8.6% showing significant turnaround. High inflation and interest rates continue to remain a cause for concern. Also the gas availability is impacting gas based power plants and they see some hold up/delays in projects in these areas. The world economy, led by the buoyant economic activity in the emerging economies, is also gradually recovering from the crisis. Sulzer with a very strong presence in the emerging economies is well poised to take advantage of this opportunity. For the company this provides a good opportunity in the export market where in the company has a strong presence.

The OI for 2011 up until now is good, driven by strong export performance. Further with a strong order backlog at the end of 2010, it is expected that sales in 2011 is expected to increase significantly both in new and after sales business. The cost reduction efforts and improved sales would drive the profitability levels upward. Operational excellence through Lean, growth in after sales business (spare parts, repairs and service) and power segment, people development along with further improvements in health, safety and sustainability will remain a focus.

The Company continues to focus strongly on improving environment, health and safety. It has implemented Environmental Management System (EMS) and Occupational Health and Safety Management System (OHSMS) and is committed towards the betterment of Environment and Society at large. The occupational health and safety of its employees, visitors and contractors and compliance with the regulatory requirements are given prime importance. As part of the continual improvement programmes, regular trainings are provided to the employees. Annual surveillance audits are conducted by the third party Certification agency to assess the conformance levels.

The Board wishes to place on record their appreciation for the excellent cooperation, commitment and efforts put in by employees and union towards the growth of the company. The Board acknowledges with thanks the excellent support extended by Sulzer Pumps Limited - Switzerland, and all their Group Companies.

CONTINGENT LIABILITIES

Particulars	As at 31.12.2010 (Rs. in millions)
(i) Claims against the Company not acknowledged as Debts	0.802	Pertains to litigation filed against the Company by a vendor.
(ii) Guarantees given by banks on behalf of the Company	580.808	These are issued in favour of various customers of the Company and custom/ excise authorities for specific business purposes.
(iii) Bonds issued in favour of Excise and Customs authorities	326.192	Pertains to bonds issued in favour of customs and excise authorities towards advance license/ other commitments of the Company in respect of export sales.
(iv) Service Tax Matters	10.678	Pertains to disputes with the Central Excise authorities. The Company is in appeal at various appellate levels.

FIXED ASSETS:

Tangible Assets

v Leasehold Land

v Factory Building

v Office Building

v Plant and Machinery

v Patterns, Jigs and Fixtures

v Equipments

v Furniture and Fixtures

v Vehicles

v Computers

Intangible Assets

v Technical Know-how Fees

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.49.29
UK Pound	1	Rs.78.10
Euro	1	Rs.65.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		59

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.