MIRA INFORM REPORT

Report Date :

29.03.2012

IDENTIFICATION DETAILS

Name :	FLSMIDTH PRIVATE LIMITED
Registered Office :	“Flsmidth House” 34, Egatoor, Rajiv Gandhi Salai, Kelambakkam 6031003 Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.04.2000
Com. Reg. No.:	18 - 044765
Capital Investment/ Paid-up Capital:	Rs. 258.433 Millions
CIN No.: [Company Identification No.]	U26941TN2000PTC044765
TAN No.: [Tax Deduction & Collection Account No.]	CHEF02179C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Industrial Coolers, Oil Coolers, Industrial Oil Coolers, Panel Coolers, etc.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of FL SMIDTH AND COMPANY DENMARK. It is a well established company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessman. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. 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 :	Flsmidth Private Limited, “Flsmidth House” 34, Egatoor, Rajiv Gandhi Salai, Kelambakkam Tamil Nadu – 6031003 India
Tel. No.:	91-44 - 47481000
Fax No.:	91-44 - 27470301
E-Mail :	indiainfo@flsmidth.com
Website :	www.flsmidth.com

DIRECTORS

(AS ON 30.09.2011 )

Name :

Mr.Jorgen Huno Rasmussen

Designation :

Director

Address :

Vallerod Banevej, 17, DK 2960, Rungsted, Kyst, Denmark

Date of Birth/Age :

25.06.1952

Date of Appointment :

22.08.2006

Din Number:

00590576

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	U29296TN1984PLC011377	F.L.SMIDTH LIMITED	Director	30/01/2004	30/01/2004	21/07/2006	Amalgamated	NO
2	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO

Name :

Mr.Poul Erik Tofte

Designation :

Director

Address :

Osterbrogade 106, 3TH DK 2100, Copenhagen

Date of Birth/Age :

16.07.1956

Date of Appointment :

22.08.2006

Din Number:

00590632

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	U29296TN1984PLC011377	F.L.SMIDTH LIMITED	Director	30/01/2004	30/01/2004	21/07/2006	Amalgamated	NO
2	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO

Name :

Mr.Natrajan Sridharan

Designation :

Director

Address :

D2 New No.4 Old No.40, Sarvana Street, Nagar, Chennai, 600017 Tamil Nadu -

Date of Birth/Age :

19.09.1952

Date of Appointment :

19.08.2009

Din Number:

01192398

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	U29296TN1984PLC011377	F.L.SMIDTH LIMITED	Director	30/01/2004	30/01/2004	21/07/2006	Amalgamated	NO
2	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO

Name :

Mr.Gautam Maitra

Designation :

Managing Director

Address :

Flat 8E, Block 3B, Rani Meyyammai Towers, 66/122, Saithadev, Avemrc Nagay, Chennai 600028 Tamil Nadu

Date of Birth/Age :

30.06.1956

Date of Appointment :

10.07.2009

Din Number:

01907779

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	U14299TN1996PTC034056	FLSMIDTH MINERALS PRIVATE LIMITED	Managing director	15/11/2007	15/11/2007	-	Amalgamated	NO
2	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Managing director	23/09/2009	10/7/2009	-	Active	NO

Name :

Mr.Erik Birch

Designation :

Director

Address :

Hellerupvej 58, 3TH 2900, Hellerup, 2900, Denmaark

Date of Birth/Age :

24.02.1953

Date of Appointment :

28.01.2009

Din Number:

02601397

Name :

Mr.Martin Stig Solberg

Designation :

Director

Address :

2/227 Juhu Beach, Uthandi, Chennai, 600119 Tamil Nadu -

Date of Birth/Age :

20.08.1974

Date of Appointment :

29.04.2009

Din Number:

02663125

Name :

Mr.Bjarne Moltke Hanseen

Designation :

Managing Director

Address :

2, 151, DR, Rajangardens, Uthandi, - 600119 Tamil Nadu,

Date of Birth/Age :

11.10.1961

Date of Appointment :

06.05.2010

Din Number:

03073824

Name :

Mr.Christian Jespen

Designation :

Director

Address :

1887, Nottingham Road, Allentown, Pa, 18013

Date of Birth/Age :

10.12.1958

Date of Appointment :

05.05.2011

Din Number:

0708828

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
1	U29296TN1984PLC011377	F.L.SMIDTH LIMITED	Director	20/09/1995	20/09/1995	21/07/2006	Amalgamated
2	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	29/09/2011	22/08/2006	-	Active

Name :

Mr. Vegulaparanan Kasi Vishwanthan

Designation :

Director

Address :

15, A1, Place Road, Bangalore, 560052 Karnataka -

Date of Birth/Age :

20.11.0950

Date of Appointment :

05.05.2011

Din Number:

01782934

Other Directorship:

Sr.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	L85110KA1951PLC000761	Bosch Limited	Managing director	1/1/2011	1/11/2007	-	Active	NO
2	U51109KA1992PTC013736	MICO TRADING PRIVATE LIMITED	Director	27/02/2008	7/1/2008	-	Active	NO
3	U72400KA1997PLC023164	Robert Bosch Engineering and Business Solutions Limited	Director	31/01/2008	31/01/2008	-	Active	NO
4	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Director	1/2/2008	1/2/2008	-	Active	NO
5	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	1/2/2008	1/2/2008	-	Active	NO
6	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	7/4/2008	7/4/2008	-	Active	NO
7	U31103TN2008PTC067493	BOSCH ELECTRICAL DRIVES INDIA PRIVATE LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
8	U29221KA2008PTC045987	Bosch Automotive Electronics India Private Limited	Director	29/09/2009	1/1/2009	-	Active	NO
9	U29120PN1994PTC079126	HAGGLUNDS DRIVES (INDIA) PRIVATE LIMITED	Director	2/9/2010	2/9/2010	-	Active	NO
10	U29300MH1997PTC110691	BSH HOME APPLIANCES PRIVATE LIMITED	Additional director	9/12/2010	9/12/2010	-	Active	NO
11	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	29/09/2011	5/5/2011	-	Active	NO
12	U34200PN2011PLC140066	Foundation Brake Manufacturing Limited	Director	5/7/2011	5/7/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr Viraraghavan Viyaygopal
Designation :	Secretary
Address :	Gf, 2, Akshaya, 12 Chamiers Road, Nandanam, Chennai, - 600035 Tamil Nadu
Date of Birth/Age :	27.05.1962
Date of Appointment :	06.11.2000
PAN Number:	AADPV2272J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Flsmidth Minerals Holding Aps, Denmark	1699900
Flsmidth Minerals Holding Aps and Flsmidth A/s, Denmark	100
Flsmidth Minerals Holding Aps, Denmark	24143314
Total	25843314

(AS ON 30.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Industrial Coolers, Oil Coolers, Industrial Oil Coolers, Panel Coolers, etc.

Products :

Item No. (ITC Code)	Product Description
841989.11	Machinery and Equipments for Cement Industry
842119	Air Pollution Control Equipments
90328904	Process control Equipments

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Anna Nagar (East) Branch, 600102 Chennai

ICICI Banking Corporation Limited, High Road, 400034 Chennai

Facilities :

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Secured Loan
Loan taken for fixed assets secured (abstract)
Loan taken for vehicle secured	5.716	16.160
Total	5.716	16.160

Note:

(A) Secured by Assets taken under Lease

(B) Amount Repayable within One Year : Rs. 4.738 (Rs.9.037)

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	No. 5, Nandanam Extension, 1^st Street, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-24345726
	91-44-24346079
Holding Company :	FLSmidth Minerals Holding Aps, Denmark (from 14.11.2008)
Ultimate Holding Company:	FLSmidth and Company A/s, Denmark
Subsidiary company :	EEL India Private Limited
Fellow Subsidiary Companies :	FlSmidth Minerals A/S, Denmark FLSmidth Airloq A/S, Denmark FLS MILJØ A/S, Denmark NL Supervision Company A/S, Denmark FLSmidth Inc. USA FLSmidth Kerb Inc. USA FLSmidth Salt Lake City, Inc., USA (Pekin) Advanced Filtration Technologies Corp, USA FLSmidth Boise Inc. USA FLSmidth Spokane Inc., USA (Rahco) FLSmid th Dorr-Oliver Inc. USA FLSmidth Airtech Inc, USA FLS Minerals Pty Limited, Australia FLSmidth Pty Limited, Australia FLSmidth ABON Pty Ltd, Australia FLSmidth Machinery Industry (Qingdao) Ltd, China FLSmidth (Beijing) Ltd, China FLSmidth Wiesbaden GmBH , Germany FLSmidth Hamburg GmBH, Germany FLSmidth Wadgassen GmBH, Germany FLSmidth MVT GmBH - Germany FLSmidth Pfister Gmbh, Germany FLSmidth Maag gear AG, Switzerland FLSmidth Milano S.r.l, Italy FLSmidth Automation Italia S.r.l, Italy FLSmidth Ventomatic SPA, Italy FLSmidth Kovako B.V., Netherland FL Smidth SA, Spain NL Supervision Company A/S, UAE, (Middle East) FLSmidth Ltd., UK FLSmidth (Pty) Limited. South Africa FLS Automation South Africa (Pty.) Limited., South Africa FLSmidth Maag Gear SP. Z.O.O., Poland FLSmidth, Canada FLSmidth LTDa, Brazil FLSmidth Wuppertal GmBH - Germany FLSmidth Spol. S.r.o. - Czech Republic FLSmidth Rus OOO, Russia S L S Corporation, USA FLSmidth Dorr-Olivar Emimco UK Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
27000000	Equity Share	Rs.10/- each	Rs.270.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25843314	Equity Share	Rs.10/- each	Rs.258.433 Millions

(A) 2,70,00,000 Equity Shares of Rs. 10 each

(B) 2,58,43,314 (Previous Year 2,68,43,314) Equity Shares of Rs. 10 each fully paid Notes : 1. The entire paid-up share capital of the Company is held by FLSmidth Minerals Holding ApS, Denmark, the Company's Holding Company and its nominees. The ultimate Holding Company is FLSmidth and Co. A/S, Denmark

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.02009
SHAREHOLDERS FUNDS
1] Share Capital		258.433	268.433	268.433
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6448.131	5909.757	4711.973
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6706.564	6178.190	4980.406
LOAN FUNDS
1] Secured Loans		5.716	16.160	32.545
2] Unsecured Loans		0.000	0.000	99.056
TOTAL BORROWING		5.716	16.160	131.601
DEFERRED TAX LIABILITIES		0.000	57.990	30.525
TOTAL		6712.280	6252.340	5142.532
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1786.922	1684.731	1894.750
Capital work-in-progress		27.647	3.997	43.266
INVESTMENT		2724.971	2492.813	1323.984
DEFERREX TAX ASSETS		72.528	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	596.100	463.581	296.459
	Sundry Debtors	7607.167	5648.149	6876.713
	Cash & Bank Balances	840.552	976.037	0.000
	Other Current Assets	1524.954	1864.064	1169.760
	Loans & Advances	2077.421	2174.031	2398.994
Total Current Assets		12646.194	11125.862	10741.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2994.909	3055.846	3883.858
	Other Current Liabilities	6989.163	5266.727	4712.223
	Provisions	562.910	732.490	265.313
Total Current Liabilities		10545.982	9055.063	8861.394
Net Current Assets		2102.212	2070.799	1880.532
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6712.280	6252.340	5142.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.02009
	SALES
		Income	19837.643	14750.683	18819.067
		Other Income	424.127	446.695	408.327
		TOTAL	20261.770	15197.378	19227.394
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	18682.857	13413.448	16626.083
		Interest
		Depreciation
		TOTAL	18682.857	13413.448	16626.083
	PROFIT BEFORE TAX		1578.913	1783.930	2601.311
Less	TAX		586.428	594.756	959.288
	PROFIT AFTER TAX		992.485	1189.174	1642.023
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2309.479	1112.232	1714.001
Less	DEFICIT ON AMALGAMATION ADJUSTED		0.000	0.000	2268.835
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	0.000	15.650
		Transfer to Foreign Projects Reserves Account	0.000	(8.072)	(40.692)
	BALANCE CARRIED TO THE B/S		3291.965	2309.479	1112.232
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	535.515	1659.651
		Commission Earnings	NA	7.522	7.420
		Technical Services	NA	1190.479	1732.153
		Other Earnings	NA	5.661	0.000
	TOTAL EARNINGS			1739.177	3399.224
	IMPORTS
		Raw material	NA	47.642	123.426
		Capital material	NA	9.692	77.997
		Spares and components	NA	1086.073	1631.500
	TOTAL IMPORTS			1143.407	1832.923
	Earnings Per Share (Rs.)		38.40	44.29	132.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.02009
PAT / Total Income	(%)	4.90	7.82	8.54
Net Profit Margin (PBT/Sales)	(%)	23.54	12.09	143.00
Return on Total Assets (PBT/Total Assets}	(%)	10.91	14.16	20.58
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.52
Debt Equity Ratio (Total Liability/Networth)		1.57	1.43	1.80
Current Ratio (Current Asset/Current Liability)		1.20	1.23	1.21

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered office of the company has been shifted from Capital Towers, 180, Kodambakkam High Road, Chennai – 600034, India o the present address w.e.f. 01.12.2011

BACK GROUND

FLSmidth Private Limited ("the Company") was incorporated on 18 April 2000. The Company is in the business of manufacturing and supplying of equipments for cement plants and supervision of erection and commissioning of cement plants and equipments and also undertakes turn-key projects (including erection and commissioning) for minerals industries. The Company also renders certain Engineering / Information Technology elated Services to its Group Companies.

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.51.1565
UK Pound	1	Rs. 68.3403
Euro	1	Rs. 81.792

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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.