MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	ZIEMANN INDIA PRIVATE LIMITED
Registered Office :	2^nd Floor, Connaught Place, CTS #28, Bund Garden Road, Pune – 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.2007
Com. Reg. No.:	25-130591
Capital Investment / Paid-up Capital :	Rs.367.000 Millions
CIN No.: [Company Identification No.]	U29299PN2007FTC130591
TAN No.: [Tax Deduction & Collection Account No.]	PNEZ01914D
PAN No.: [Permanent Account No.]	AAACZ3001B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Tanks, Breweries Products.
No. of Employees :	275 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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. Kailash
Designation :	HR Head
Contact No.:	91-9763729631
Date :	06.03.2012

LOCATIONS

Registered Office :	2^nd Floor, Connaught Place, CTS #28, Bund Garden Road, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-66286100
Mobile No.:	91-9763729631 (Mr. Kailash)
Fax No.:	91-20-66286120
E-Mail :	nilesh.dharwadkar@ziemann.com kailash@gaikwad@gmail.com staphanie.schwing@ziemann.com mail@ziemann.com
Location :	Owned
Factory :	Gate No. 321/2, 322/1, 324/1 and 324/2 at post Kondapuri, Shiroli – 412209, Pune, Maharashtra, India

DIRECTORS

As on 23.06.2011

Name :	Mr. Joachim Gunkel
Designation :	Director
Address :	Gassenaecker 17, Moeckmuehl, D74219, Germany
Date of Birth/Age :	20.09.1954
Date of Appointment :	21.08.2007
DIN No.:	01508253
Name :	Mr. Klaus Albrecht Gehrig
Designation :	Director
Address :	Adolf – Wilhelm – Nefflen Weg 1/2, Steinheim, D71711, Germany
Date of Birth/Age :	11.07.1968
Date of Appointment :	21.08.2007
DIN No.:	01512817
Name :	Mr. Andreas Josef Weintein
Designation :	Director
Address :	AM Stillen Weg 3, Walldurn Rippberg, 74731, Germany
Date of Birth/Age :	01.09.1965
Date of Appointment :	20.10.2009
DIN No.:	02799874
Name :	Mr. Thomas Josef Rutka
Designation :	Managing director
Address :	Blumesntra Be 3 Heckfeld 97922, Lauda Konigshofen
Date of Birth/Age :	21.02.1964
Date of Appointment :	26.05.2011
DIN No.:	03534790
Name :	Mr. Marc Clauss
Designation :	Director
Address :	16C, Route de, Rimsdorf, Domfessel, F67430, France
Date of Birth/Age :	13.03.1954
Qualification :	B.COM, ACA, ACS.
Experience :	27 years
Date of Appointment :	21.08.2007
DIN No.:	01508906

KEY EXECUTIVES

Name :	Mr. Kailash
Designation :	HR Head
Name :	Mr. Nilesh Dharwadkar
Designation :	Secretary
Address :	923/2, CTS 945 Sadashiv Peth, Pune – 411030, Maharashtra, India
Date of Birth/Age :	17.08.1972
Date of Appointment :	17.03.2008
Pan No.:	AAZPD2213P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.06.2011

Names of Shareholders	No. of Shares
A Ziemann GMBH, Germany	366861
Marc Clauss	139
TOTAL	367000

Equity Share Break up (Percentage of Total Equity)

As on 23.06.2011

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	99.96
Directors or relatives of Directors	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Tanks, Breweries Products.

Products :

Item Code No.	Product Description
84384040	Brewery Machinery

Exports :

Products :

Brewery Products

Countries :

• Germany
• Australia

Imports :

Products :

Raw Materials

Countries :

• China
• Japan

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

275 (Approximately)

Bankers :

Douche Bank, Branch Aundhe, Pune, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others secured	139.292	102.925
Total	139.292	102.925
Note: Term loan from other than banks is secured by an exclusive first ranking charge by way of hypothecation on all future and present movable assets, other than current assets, which are financed by the borrower.
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	427.134	247.574
Total	427.134	247.574

Banking Relations :	--
Financial Institution :	DEG – DEUTSCHE INVESTITIONS – UND ENTWICKLUNGSGESELLSCHAFT MBH, Kaemmergasse 22, Federal Republic of Germany, Colonge – 50676, Germany
Auditors :
Name :	Vinay Gupta and Associates Chartered Accountant
Address :	13, Central Lane, Babar Road, New Delhi – 110001, India
PAN.:	AAJPG4461G
Holding Company :	A.Ziemann GmbH, Ludwigsburg, Germany
Related Parties :	ZIemann +Bauer GmbH, Germany Ziemann France, SAS Ziemann Services, GmbH, Germany Ziemann Insulations Private Limited Ziemann BMS Maschinenfabrik GmbH

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.1000/- each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
367000	Equity Shares	Rs.1000/- each	Rs.367.000 millions

Note: Of the above shares 366,861 Equity shares of Rs.1, 000/- each fully paid up are held by A.Ziemann GmbH, holding company.

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		367.000	367.000	367.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(395.077)	(199.507)	(72.641)
NETWORTH		(28.077)	167.493	294.359
LOAN FUNDS
1] Secured Loans		139.292	102.925	0.000
2] Unsecured Loans		427.134	247.574	49.168
TOTAL BORROWING		566.426	350.499	49.168
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		538.349	517.992	343.527
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		425.844	469.115	424.316
Capital work-in-progress		0.475	0.049	8.522
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	232.527	63.670	27.865
	Sundry Debtors	192.739	2.413	40.973
	Cash & Bank Balances	22.671	12.451	18.812
	Other Current Assets	0.181	0.112	0.495
	Loans & Advances	131.776	79.947	56.731
Total Current Assets		579.894	158.593	144.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	330.871	89.684	222.554
	Other Current Liabilities	133.733	18.486	9.918
	Provisions	3.260	1.595	1.715
Total Current Liabilities		467.864	109.765	234.187
Net Current Assets		112.030	48.828	(89.311)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		538.349	517.992	343.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	751.670	47.150	343.050
		Other Income	8.460	25.560	5.330
		TOTAL	760.130	72.710	348.380
Less	EXPENSES
		Office Expenses	902.790	157.080	412.770
		Administrative Expenses
		Advertising Expenses
		TOTAL	902.790	157.080	412.770
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(142.660)	(84.370)	(64.390)
Less/ Add	DEPRECIATION/ AMORTISATION		52.830	42.490	6.220
	PROFIT(LOSS) BEFORE TAX		(195.490)	(126.860)	(70.610)
Less	TAX		0.000	0.000	0.490
	PROFIT(LOSS) AFTER TAX		(195.490)	(126.860)	(71.100)
	EARNINGS IN FOREIGN CURRENCY
		Export value of FOB Basis	23.062	20.486	NA
	TOTAL EARNINGS		23.062	20.486	NA
	IMPORTS
		Raw Materials, Stores & Spares	413.416	13.752	NA
		Capital Goods	3.649	55.531	NA
	TOTAL IMPORTS		417.065	69.283	NA
	Earnings/loss Per Share (Rs.)		(532.89)	(345.68)	(241.29)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(25.72)	(174.47)	(20.40)
Net Profit Margin (PBT/Sales)	(%)	(26.01)	(269.05)	(20.58)
Return on Total Assets (PBT/Total Assets}	(%)	(19.44)	(20.21)	(12.40)
Return on Investment (ROI) (PBT/Networth)		6.96	(0.75)	(0.23)
Debt Equity Ratio (Total Liability/Networth)		(36.84)	2.74	0.96
Current Ratio (Current Asset/Current Liability)		1.24	1.44	0.61

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	Rs. in Millions
Creditors due small micro enterprises	0.000	0.084	0.070
Creditors due others	330.871	89.600	222.484
TOTAL	330.871	89.684	222.554

NOTE

Registered office of the company has been shifted from 706, B Wing, 7^th Floor, ICC Trade Tower, Senapati Bapat Road, Pune, and Maharashtra, India to the present address w.e.f. 19.11.2007

OPERATION

Company during the year ended 31st March 2011 had achieved turnover of Rs.751.670 Millions. (FY09-10 Rs.47.150 Millions) which was 1494% of earlier turnover, Expenditure was Rs.902.790 Millions (FY09-10 Rs.157.080 Millions), Depreciation was Rs.52.830 Millions (FY09-10 Rs.42.490 Millions). Company had incurred net loss before tax of Rs.195.490 Millions (FY09-10 Rs.126.860 Millions). During the year Company had executed first turn key contract for setting up Green field brewery on its own at Chennai. Similarly, Company had also executed first its bottling contract for reputed customer at Taloja, Mumbai. Year 2011 was very promising year as Company’s order book position was good for whole of the year and orders worth of Rs. 493Mio yet to be executed in FY 2011-12. Company would focus more on the bottom line so that operations would be conducted in cost effective manners in years to come.

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC11	--
Major shareholder , if available	--

FORM 8

This form is for	Modification of charge Creation of charge
Corporate identity number of the company	U29299PN2007FTC130591
Name of the company	ZIEMANN INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Connaught Place, CTS #28, Bund Garden Road, Pune – 411016, Maharashtra, India Email : nilesh.dharwadkar@ziemann.com
Type of charge	Movable Property
Particular of charge holder	DEG – DEUTSCHE INVESTITIONS – UND ENTWICKLUNGSGESELLSCHAFT MBH, Kaemmergasse 22, Federal Republic of Germany, Colonge – 50676, Germany
Nature of description of the instrument creating or modifying the charge	1. Deed Of Hypothecation Dated October 07, 2009 2. Loan Agreement Dated September 22, 2009
Date of instrument Creating the charge	07.10.2009
Amount secured by the charge	Rs.177.375 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Loan Agreement dated October 07, 2009 Terms of Repayment As per the Loan Agreement dated October 07, 2009 and First Amendment to the Loan Agreement dated October 13, 2009. Margin As per the Loan Agreement dated October 07, 2009 Extent and Operation of the charge As per the Loan Agreement dated October 07, 2009 and First Amendment to the Loan Agreement dated October 13, 2009. Others Not Applicable
Short particulars of the property charged	All present and future movable assets, other than current assets, of Ziemann India Private. Limited. Situated anywhere in India as per Schedule-1 of Deed of Hypothecation dated 07/10/2009.

FIXED ASSETS

• Freehold Land
• Factory Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Electrical Installations
• Computer and Accessories
• Motor car
• Software

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.50.57
UK Pound	1	Rs.79.57
Euro	1	Rs.66.50

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		13

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.