MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	TURBO ENERGY LIMITED (w.e.f. 29.08.1983)
Formerly Known As :	TURBO ENERGY PRIVATE LIMITED
Registered Office :	67, Chambers Road, Chennai – 600028, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.05.1982
Com. Reg. No.:	18-9363
Capital Investment / Paid-up Capital :	Rs.60.000 Millions
CIN No.: [Company Identification No.]	U40107TN1982PLC009363
TAN No.: [Tax Deduction & Collection Account No.]	CHET00565F/CHET06281C
PAN No.: [Permanent Account No.]	AAACT2916R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Turbo Chargers, Components and Parts of Turbo Chargers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 15000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having excellent track. It has a sound financial position. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	No. 67, Chambers Road, Chennai – 600 028, Tamilnadu, India
Tel. No.:	91-44-26257286/ 24322408/ 24322034
Fax No.:	91-44-26257010/ 24343492/ 24325640
E-Mail :	turbo@pulivalam.brakesindia.co.in telabi_secy@turboenergy.co.in marketing@turboenergy.co.in pkohler@borgwarner.com
Website :	http://www.turboenergy.co.in
Factory 1 :	· Sriperumbudur – 602 105, Tamilnadu, India Tel. 91-4111-232375/232253/232283/232251 Fax. 91-4111-232994
Factory 2:	· Cheyyar Taluk – 604 410, Tamilnadu, India Tel. 91-4111-242291 Fax. 91-4111-24216
Factory 3:	· Pulivalam Village, Banavaram Post – 632505, Tamilnadu, India
Branch Office :	110, Nelson Manickam Road, Chateau Dampa Complex, Basement Aminkjikarai, Chennai – 600029, Tamilnadu, India
Tel No.:	91-44-23741303/23741174/23742691
Fax No.:	91-44-23741272

DIRECTORS

(AS ON 22.08.2011)

Name :

Mr. Ragavachary Ramanujam

Designation :

Director

Address :

17, Parthasarathy Gardens, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

29.07.1936

Date of Appointment :

03.05.1982

DIN No.:

00365735

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	U35999TN1962PLC004928	BRAKES INDIA LIMITED	Managing director	2/10/2010	8/1/1975	-	Active	NO
2	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Director	3/5/1982	3/5/1982	-	Active	NO
3	U32109KA1988PTC009484	ELCO NTTF (INDIA)PRIVATE LIMITED	Director	3/10/1988	3/10/1988	-	Active	NO
4	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	31/12/1991	31/12/1991	-	Active	NO
5	U74210TN1991PLC021872	ABI-SHOWTECH (INDIA) LIMITED	Director	2/8/1993	2/8/1993	-	Active	NO
6	U29221KA1994PTC015104	NTTF INDUSTRIES PRIVATE LIMITED	Director	6/1/1994	6/1/1994	27/03/2008	Active	NO
7	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	19/12/1994	19/12/1994	-	Active	NO
8	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	30/09/1999	30/09/1999	-	Active	NO
9	U27203TN2005PLC055405	LAP-ROSS ENGINEERING LIMITED	Director	17/02/2005	17/02/2005	-	Active	NO
10	U28113TN2010PLC075244	FLOMETALLIC INDIA LIMITED	Director	5/4/2010	5/4/2010	-	Active	NO

Name :

Mr. Ananth Ramanujam

Designation :

Director

Address :

73, Poes Gardens, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

26.08.1964

Date of Appointment :

25.09.1995

DIN No.:

00061970

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	U65993TN1983PTC009871	RAGHUVAMSA HOLDINGS PRIVATE LIMITED	Director	24/02/1983	24/02/1983	-	Active	NO
2	U74210TN1991PLC021872	ABI-SHOWTECH (INDIA) LIMITED	Director	7/9/1994	7/9/1994	-	Active	NO
3	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	19/12/1994	19/12/1994	8/9/2008	Active	NO
4	U40107TN1982PLC009363	TURBO ENERGY LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
5	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	27/03/1998	27/03/1998	-	Active	NO
6	L65991TN1954PLC000958	INDIA MOTOR PARTS AND ACCESSORIES LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO

Name :

Mr. Srinivas Acharya

Designation :

Director

Address :

Srinivas, 3^rd Floor, 7 Rukmini Road, Kalakshetra colony, Besant Nagar, Chennai – 600090, Maharashtra, India

Date of Birth/Age :

08.02.1954

Date of Appointment :

28.09.2007

DIN No.:

00017412

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	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	1/4/2010	30/05/2003	-	Active	NO
2	U65922TN1999PLC042759	SUNDARAM BNP PARIBAS HOME FINANCE LIMITED	Managing director	1/4/2010	26/03/2004	-	Active	NO
3	U74210TN1991PLC021872	ABI-SHOWTECH (INDIA) LIMITED	Director	29/07/2004	29/07/2004	-	Active	NO
4	U72200TN2005PLC056969	SUNDARAM INFOTECH SOLUTIONS LIMITED	Director	19/07/2005	19/07/2005	-	Active	NO
5	U74140TN2005PLC057179	SUNDARAM BUSINESS SERVICES LIMITED	Director	12/8/2005	12/8/2005	-	Active	NO
6	U65991TN1984NPL010689	FINANCE COMPANIES ASSOCIATION (INDIA)	Director	30/09/2006	30/09/2006	31/03/2010	Active	NO
7	U72900TN2000PLC063984	INFREIGHT LOGISTICS SOLUTIONS LTD.	Director	23/08/2007	1/12/2006	-	Active	NO
8	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Director	12/7/2010	28/09/2007	-	Active	NO
9	U67200TN2000PLC045611	ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED	Director	13/08/2008	2/11/2007	-	Active	NO
10	U71290TN2007PLC065658	SUNDARAM HYDRAULICS LIMITED	Director	7/12/2007	7/12/2007	-	Active	NO
11	U67100TN2010PLC078063	SUNDARAM INSURANCE BROKING SERVICES LIMITED	Director	30/05/2011	15/11/2010	-	Active	NO

Name :

Mr. Srinivasan Ravindran

Designation :

Director

Address :

7 Kasturi Estated, III Street, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

28.11.1951

Qualification :

ACA

Date of Appointment :

01.01.2007

DIN No.:

00045076

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	U33111TN1985PTC012526	D.L.S.CONSULTANTS PRIVATE LIMITED	Director	30/09/1995	30/09/1995	9/3/2007	Active	NO
2	U35999TN1994PLC028019	AZTEC AUTO LIMITED	Director	25/03/1996	25/03/1996	26/03/2007	Active	NO
3	U01119TN1987PTC014780	SRISHTI FARMS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	3/5/2010	Active	NO
4	U65993TN1983PTC009831	ATHREYA HARSHA HOLDINGS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	3/5/2010	Active	NO
5	U65993TN1983PTC009871	RAGHUVAMSA HOLDINGS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	3/5/2010	Active	NO
6	U65993TN1983PTC009832	UTHIRATTADHI SRI RAM HOLDINGS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	3/5/2010	Active	NO
7	U65993TN1982PTC009757	PADMALAKSHMI HOLDINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	9/6/2010	Active	NO
8	U65991TN1981PTC009098	ALLEGRO HOLDINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	3/5/2010	Active	NO
9	U65991TN1981PTC009100	SILVER OAK HOLDINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	3/5/2010	Active	NO
10	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	18/03/2003	18/03/2003	-	Active	NO
11	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
12	U01119TN1987PTC014824	PEBBLE BEACH FARMS PRIVATE LIMITED	Director	3/1/2005	3/1/2005	3/5/2010	Active	NO
13	U74210TN1991PLC021872	ABI-SHOWTECH (INDIA) LIMITED	Director	6/1/2005	6/1/2005	29/09/2008	Active	NO
14	U65993TN1982PTC009756	MAHAM HOLDINGS PRIVATE LIMITED	Director	30/05/2005	30/05/2005	9/6/2010	Active	NO
15	U65993TN1982PTC009755	REVATHI HOLDINGS PRIVATE LIMITED	Director	30/05/2005	30/05/2005	9/6/2010	Active	NO
16	L65991TN1954PLC000958	INDIA MOTOR PARTS AND ACCESSORIES LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO
17	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Whole-time director	1/1/2007	1/1/2007	-	Active	NO
18	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	24/07/2009	29/07/2008	-	Active	NO
19	U45400TN2008PTC069038	ABI PREMISES PRIVATE LIMITED	Director	27/08/2008	27/08/2008	-	Active	NO
20	U74999TN1985GAP011990	BRAKES INDIA SENIOR OFFICERS WELFARE ASSOCIATION LIMITED	Director	16/04/2009	16/04/2009	-	Active	NO
21	U72300TN1993PLC024706	REAL TALENT ENGINEERING LIMITED	Director	30/09/2011	20/04/2011	-	Active	NO

Name :

Mr. Heinz Ulrich Froehn

Designation :

Director

Address :

Waldstr 26 67316, Carlsberg, Germany

Date of Birth/Age :

24.05.1950

Date of Appointment :

16.06.2010

DIN No.:

03061180

Name :

Mr. Peter Bogart Kohker II

Designation :

Director

Address :

904, Mountain Summit Road, Travellers Rest, South Carolina USA 296903905

Date of Birth/Age :

15.09.1955

Date of Appointment :

22.08.2011

DIN No.:

03557776

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	U40107TN1982PLC009363	TURBO ENERGY LIMITED	Director	22/08/2011	23/06/2011	Active	NO

Name :

Mr. P. S. Dasarathy

Designation :

Executive Director – Manufacturing

Name :

Dr. K. Sridhara

Designation :

Executive Director – ER and D

Name :

Mr. K. Achuthan

Designation :

Executive Director – Marketing

Name :

Mr. K. Sundar

Designation :

Executive Director – Commercial

KEY EXECUTIVES

Name :	Mr. M. Sivarama Subramonian
Designation :	Company Secretary and Chief Financial Officer / CIO
Address :	New No.40, [Old No. 932], 69^th Street, 11^th Sector, K. K. Nagar, Chennai – 600078, Tamilnadu, India
Date of Birth/Age :	09.07.1955
Date of Appointment :	02.05.2001
PAN No.:	ADEPS4406M
Name :	Mr. William Passemard
Designation :	General Manager – ER and D
Date of Birth/Age :	39 years
Qualification :	ESTACA (Aeronautic and Automotive Engineer)
Experience :	13 years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 22.08.2011)

Names of Shareholders	No. of Shares
T. T. Rangaswamy	480
K. Balagangadharan	480
Prema Ramanujam	26310
Gita Ram	12870
Chitra Viji	12870
Brakes India Limited, India	1920000
Sundaram Finance Limited, India	1920000
Nivedita Ram	13595
Srivats Ram	32796
S. Viji	20070
Harsha Viji	13596
Sriram Viji	13594
R. Ramanujam	19680
Ananth Ramanujam	6930
Reeta Sondhi and Mr. Vipin Sondhi	2880
Rohini Holdings Private Limited, India	960
Borgwarner Turbo Systems Worldwide Headquarters GmbH, Germany	1956480
Vijaya Rangarajan	870
Arjun Rangarajan	5509
Srikanth Ramanujam and Ananth Ramanujam	1170
Srikanth Ramanujam	1170
S. Ram	870
Anupama Lakshmi Rangarajan	2900
S. Ram and S. Viji	13920
Total	6000000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	32.61
Bodies corporate	64.02
Directors or relatives of directors	0.92
Other top fifty shareholders	2.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Turbo Chargers, Components and parts of Turbo Chargers.

Products :

Item Code No.:	Product Description
84148030	Turbochargers
84149090	Turbochargers Parts

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Turbochargers	Nos.	Delicenced	1055000	955077
Automotive Precision Components	Nos.	Delicenced	5124000	4917429
Components and Parts of Turbochargers

GENERAL INFORMATION

Customers :	· Ashok Leyland · BorgWarner Turbo Systems · Beml · Cooper Corp. · Eicher · Firce · GM · Mahindra · Suzuki · Swaraj Mazda · Premier Limited · TATA · Tafe
No. of Employees :	Not Available
Bankers :	· Bank of India State Bank of India, Industrial Finance Branch, Chennai – 600002, Tamilnadu, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants,
Address :	No.23, C. P. Ramaswamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India
PAN No.:	AAAFS8812J
Associates :	v Brakes India Limited, India CIN No.: U35999TN1962PLC004928 v Sundaram Finance Limited, India CIN No.: UL65191TN1954PLC002429 v BorgWarner Turbo Systems Worlwide Headquarters Gmbh, Germany

CAPITAL STRUCTURE

(AS ON 22.08.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Share	Rs.10/- each	Rs.80.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 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		60.000	60.000	60.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3647.980	2880.795	2376.084
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3707.980	2940.795	2436.084
LOAN FUNDS
1] Secured Loans		0.000	0.000	20.845
2] Unsecured Loans		0.000	0.000	145.605
TOTAL BORROWING		0.000	0.000	166.450
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3707.980	2940.795	2602.534
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		969.563	1009.921	1041.592
Capital work-in-progress		39.495	17.938	43.767
INVESTMENT		1570.010	265.671	179.101
DEFERREX TAX ASSETS		69.098	70.827	25.719
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1076.773	737.100	1009.114
	Sundry Debtors	978.206	879.467	771.877
	Cash & Bank Balances	57.021	796.910	12.800
	Other Current Assets	0.769	0.595	0.289
	Loans & Advances	270.660	65.396	151.117
Total Current Assets		2383.429	2479.468	1945.197
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1160.312	801.431	527.546
	Other Current Liabilities	6.400	5.232	0.000
	Provisions	156.903	96.367	105.296
Total Current Liabilities		1323.615	903.030	632.842
Net Current Assets		1059.814	1576.438	1312.355
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3707.980	2940.795	2602.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6704.011	5385.942	4333.839
		Other Income	108.778	50.583	28.310
		TOTAL (A)	6812.789	5436.525	4362.149
Less	EXPENSES
		Consumption Materials Change Inventories	4079.000	3334.608
		Manufacturing Service costs	156.847	127.270
		Employee related Expenses	376.639	309.547	3395.047
		Administrative, Selling and Other Expenses	547.117	367.242
		TOTAL (B)	5159.603	4138.667	3395.047
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1653.186	1297.858	967.102
Less	FINANCIAL EXPENSES (D)		6.572	21.802	34.133
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1646.614	1276.056	932.969
Less/ Add	DEPRECIATION/ AMORTISATION (F)		244.090	271.188	287.567
	PROFIT BEFORE TAX (E-F) (G)		1402.524	1004.868	645.402
Less	TAX (H)		411.729	324.892	235.719
	PROFIT AFTER TAX (G-H) (I)		990.795	679.976	409.683
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		215.126	410.411	147.023
Less	APPROPRIATIONS
		Transfer to General Reserve		700.000	41.000
		Proposed Financial Dividend	973.610	60.000	90.000
		Interim Dividend		90.000	0.000
		Tax on Dividend		25.261	15.295
	BALANCE CARRIED TO THE B/S		232.311	215.126	410.411
	EARNINGS IN FOREIGN CURRENCY		847.200	1106.055	1420.783
	IMPORTS
		Raw Materials	NA	977.832	1073.679
		Stores & Spares	NA	21.184	23.178
		Capital Goods	NA	159.229	160.133
		Others	NA	29.936	34.293
	TOTAL IMPORTS		NA	1188.181	1291.283
	Earnings Per Share (Rs.)		165.13	113.33	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.54	12.51	9.39
Net Profit Margin (PBT/Sales)	(%)	20.92	18.66	14.89
Return on Total Assets (PBT/Total Assets}	(%)	41.83	28.80	21.61
Return on Investment (ROI) (PBT/Networth)		0.38	0.34	0.26
Debt Equity Ratio (Total Liability/Networth)		0.36	0.31	0.33
Current Ratio (Current Asset/Current Liability)		1.80	2.75	3.07

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The year saw continued growth in the domestic automotive industry.

The company as a supplier of auto components benefitted there from. The company sold 961682 nos. of turbochargers (previous year - 708781 nos.) during the year. Increased demand for the company's products is reflected in the financial results of the company for the year. However, as a result of the continued impact on the global recession, export sales is still to pick up from the drop in demand registered in the recent past.

The company's gross revenue increased by 25% to Rs.6832.300 Millions. Control on cost and effective fund management has resulted in increased profit before tax by 40% to Rs.1402.500 Millions. After providing for income tax and deferred tax, the company made a profit after tax of Rs.990.800 Millions.

BUSINESS PROSPECTS

With high inflation pushing up interest rates on borrowings and oil prices increasing further, the Indian automotive industry expects that demand for commercial vehicles during the current year would decline with respect to last year's levels, though there may be a marginal increase in demand for passenger cars.

The company would, however benefit from "migratory" business increase in the farm tractor segment.

The Eurozone and US markets continue to move very slowly and the company expects further drop in exports as compared to the previous year.

In the light of the above, the Directors are anticipating only a marginal increase in the operating results for the current year.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
Contingent Liability Towards Bills Discounted with Banks	217.863	170.717
Guarantees Issued by Bank	3.966	3.405

FORM 8:

Corporate identity number of the company	U40107TN1982PLC009363
Name of the company	TURBO ENERGY LIMITED.
Address of the registered office or of the principal place of business in India of the company	No 67, Chamiers Road, Chennai - 600028, Tamilnadu, India telabi_secy@turboenergy.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10228103
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India siva.sankar@hdfcbank.com
Nature of instrument creating charge	Supplemental Letter of hypothecation of stocks and book debts dated 20th Oct.2011
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: At mutually agreed upon by the Company and the Bank Terms of Repayment: As mutually agreed upon by the Bank and the Company Margin: Inventory - 25% Book Debts - 25% Export Order - 10% of fob value or as mutually agreed upon by the Bank and the Company Extent and Operation of the charge: Hypothecation by way of first pari passu charge on all the stock and book debts of the company both present and future.
Particulars of the property charged	Hypothecation by way of first pari passu charge on all the stock and book debts of the company both present and future.
Particulars of the present modification	By way of the present modification the Fund based / Non fund based limits are enhanced from Rs.100m to Rs.200m

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

WEBSITE DETAILS:

PROFILE:

Subject was established in 1982. A joint venture between Brakes India Limited, Sundaram Finance Limited and BorgWarner Turbo Systems Worldwide Headquarters GmbH (formerly known as Knle, Kpp and Kausch), Company is today a leading Turbocharger supplier to all Original Equipment Manufacturer (OEMs) operating in India.

Subject is a manufacturer of turbochargers in India, catering to the requirements of Internal Combustion engine industry. Company is part of the TVS Group of Companies. Company is equipped with state of the art technology and skilled manpower to consistently deliver quality products.

Company has been able to achieve customer satisfaction by being able to provide products and services of high quality at globally competitive prices.

In line with the corporate commitments of the TVS Group, company has a firm commitment towards its stakeholders, thereby ensuring sustained growth of the organisation. Company also recognises that its vendors are partners in progress.

Emphasizing team work, trust and care among the employees, company always strives for higher standards of performance.

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		80

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.