1. Summary Information

		Country	INDIA
Company Name	ISGEC HITACHI ZOSEN LIMITED	Principal Name 1	MR. ADITYA RANJIT PURI
Status	NEW COMPANY	Principal Name 2	MR. RAVI RATTAN CHAND JAIDKA
		Registration #	05-045430
Street Address	RADAUR ROAD, YAMUNA NAGAR, HARYANA – 135 001
Established Date	21.03.2012	SIC Code	--
Telephone#	91-1732-307228	Business Style 1	MANUFACTURING
Fax #	NOT AVAILABLE	Business Style 2	--
Homepage	www.isgec.com	Product Name 1	HEAVY ENGINEERING ITEMS
# of employees	INFORMATION DECLINED BY THE MANAGEMENT	Product Name 2	--
Paid up capital	RS.1,000,000,000/-	Product Name 3	--
Shareholders	--	Banking	NOT DIVULGED
Public Limited Corp.	NO	Business Period	ABOUT 8 MONTHS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	NB
Related Company
Relation	Country	Company Name	CEO
SUBSIDIARIES	INDIA	ISGEC HEAVY ENGINEERING LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	--		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	--	Current Liabilities	--
Inventories	--	Long-term Liabilities	--
Fixed Assets	--	Other Liabilities	--
Deferred Assets	--	Total Liabilities	--
Invest& other Assets	--	Retained Earnings	--
		Net Worth	--
Total Assets	--	Total Liab. & Equity	--
Total Assets (Previous Year)	--
P/L Statement as of	--		(Unit: Indian Rs.)
Sales	--	Net Profit	--
Sales(Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	ISGEC HITACHI ZOSEN LIMITED
Registered Office :	Radaur Road, Yamuna Nagar, Haryana – 135 001
Country :	India
Date of Incorporation :	21.03.2012
Com. Reg. No.:	05-045430
Capital Investment / Paid-up Capital :	Rs.1000.000 Millions
CIN No.: [Company Identification No.]	U28123HR2012PLC045430
TAN No.: [Tax Deduction & Collection Account No.]	RTKI01650F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Heavy Engineering Items.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Isgec Heavy Engineering Limited, India and Hitachi Zosen Corporation, Japan. It is a new company and yet to complete its one full year of operation. Payments are unknown. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. J.K. Chowdhery
Designation :	Secretarial Department
Name :	Mr. Ajay Singh
Designation :	Purchase Department
Contact No.:	91-7132-307296
Date :	12.11.2012

LOCATIONS

Registered Office :	Radaur Road, Yamuna Nagar, Haryana – 135 001, India
Tel. No.:	91-1732-307228/ 307296
Mobile No.:	91-9810706078 (Mr. J.K. Chowdhery)
Fax No.:	Not Available
E-Mail :	jkchowdhery@isgec.com moriya@hitachizosen.co.jp takenaka@hitachizosen.co.jp matsuwake@hitachizosen.co.jp gulati@isgec.com jaidka@isgec.com apuri@isgec.com yamunashish@rediffmail.com
Website :	www.isgec.com
Location :	Owned
Factory :	13-B, GIDC, Industrial Estate, Dahej Bharuch, Ahmedabad – 392 130, Gujarat, India
Tel. No.:	91-2641-305507
Fax No.:	91-2641-305500
E-Mail :	info@isgechitachizosen.com

DIRECTORS

Name :

Mr. Aditya Ranjit Puri

Designation :

Director

Address :

D-860, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

04.12.1967

Date of Appointment :

21.03.2012

DIN No.:

00052534

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52109DL1986PLC025908	ISGEC COVEMA LIMITED	Director	23/01/1993	23/01/1993	-	Active	NO
2	U51909DL1996PLC076750	ISGEC EXPORTS LIMITED	Director	30/04/1996	30/04/1996	-	Active	NO
3	L23423HR1933PLC000097	ISGEC HEAVY ENGINEERING LIMITED	Managing director	01/05/2011	30/04/1996	-	Active	NO
4	L24101HR1954PLC001837	YAMUNA SYNDICATE LIMITED	Director	23/11/1996	23/11/1996	-	Active	NO
5	U01115HR2000PLC034519	SARASWATI SUGAR MILLS LIMITED	Managing director	01/12/2008	20/07/2000	-	Active	NO
6	L35999HR1998PLC033943	JULLUNDUR MOTOR AGENCY (DELHI) LTD (TRS. CO.-DELHI TO HARANA)	Director	28/05/2005	28/05/2005	-	Active	NO
7	U51909DL1991PLC042645	JMA RANE MARKETING LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO
8	U29299HR2006PTC035983	HACO MACHINERY PRIVATE LIMITED	Director	02/01/2006	02/01/2006	24/11/2010	Active	NO
9	U29248HR2007PLC036695	ISGEC ENGINEERING AND PROJECTS LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
10	U28123HR2012PLC045430	ISGEC HITACHI ZOSEN LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO

Name :

Mr. Ravi Rattan Chand Jaidka

Designation :

Director

Address :

119/2, Sugar Mills Colony , Yamunanagar – 135 001, Haryana, India

Date of Birth/Age :

15.08.1946

Date of Appointment :

21.03.2012

DIN No.:

00322627

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299HR2006PTC035983	HACO MACHINERY PRIVATE LIMITED	Director	18/01/2006	18/01/2006	24/11/2010	Active	NO
2	U28123HR2012PLC045430	ISGEC HITACHI ZOSEN LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO

Name :

Mr. Sanjay Satya Pal Gulati

Designation :

Managing Director

Address :

H. No. 114/1, Sugar Mill Colony, Yamunanagar – 135 001, Haryana, India

Date of Birth/Age :

17.02.1968

Date of Appointment :

13.04.2012

DIN No.:

05201178

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28123HR2012PLC045430	ISGEC HITACHI ZOSEN LIMITED	Managing director	13/04/2012	21/03/2012	-	Active	NO

Name :

Mr. Hisao Tomisauro Matsuwake

Designation :

Director

Address :

30-30-2302, Nanko-Kita 1-chome, Suminoe-ku, Osaka pref. Osaka city 5590034

Date of Birth/Age :

16.07.1949

Date of Appointment :

21.03.2012

DIN No.:

05200900

Name :

Mr. Toshiya Shunsuke Takenaka

Designation :

Director

Address :

3-7-2, Higashiyakata Kumamoto Pref Arao City 8640042

Date of Birth/Age :

20.01.1973

Date of Appointment :

21.03.2012

DIN No.:

05200914

Name :

Mr. Eiji Masumi Moriya

Designation :

Director

Address :

Dia Palace Apied Isogo 703, 1-9-7, Mori, Isogo-Ku Yokohama

Date of Birth/Age :

25.09.1958

Date of Appointment :

21.03.2012

DIN No.:

03536027

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900HR2011FTC042841	HITACHI ZOSEN INDIA PRIVATE LIMITED	Managing director	27/09/2012	11/05/2011	-	Active	NO
2	U28123HR2012PLC045430	ISGEC HITACHI ZOSEN LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. J.K. Chowdhery
Designation :	Secretarial Department
Name :	Mr. Ajay Singh
Designation :	Purchase Department
Name :	Mr. Ashish Kumar Satya
Designation :	Secretary
Address :	1512-B, Modern Colony, Yamuna Nagar – 135 001, Haryana, India
Date of Birth/Age :	21.08.1976
Date of Appointment :	13.04.2012
PAN No.:	ARCPK7571P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on February - March, 2012

Names of Shareholders	No. of Shares
Isgec Heavy Engineering Limited, India	38249997
Aditya Ranjit Puri	1
Ravi Rattan Chand Jaidka	1
Sanjay Satya Pal Gulati	1
Hitachi Zosen Corporation, Japan	36749997
Hisao Tomisauro Matsuwake	1
Toshiya Shunsuke Takenaka	1
Eiji Masumi Moriya	1
Total	75000000

As on 11.06.2012

Names of Allotees	No. of Shares Allotted
Isgec Heavy Engineering Limited, India	12750000
Hitachi Zosen Corporation, Japan	12250000
Total	25000000

BUSINESS DETAILS

Line of Business :

Manufacturing of Heavy Engineering Items.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :	Not Divulged
Subsidiaries :	Isgec Heavy Engineering Limited, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
110000000	Equity Shares	Rs.10/- each	Rs.1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW COMPANY

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	No
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	Yes
Last Accounts filed at ROC	No
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

WEBSITE DETAILS:

PRESS RELEASE:

NEW JOINT VENTURE WITH HITACHI ZOSEN CORP., JAPAN

Isgec Heavy Engineering Limited., India and Hitachi Zosen Corp., Japan are happy to announce the formation of their joint venture - Isgec Hitachi Zosen Limited., which is being set up to cater to the specialized and critical Process Equipment requirements of refineries, fertilizer and petrochemical industries, across the world.

Hitachi Zosen is a 131-year-old company, based out of Osaka, Japan with interests in Process Equipment, Environmental Systems, Industrial Plants, Industrial Machinery, Precision Machinery, Steel Structure, Construction Machinery, and Disaster Prevention Systems.

Isgec has a history of 80 years and is a diversified heavy engineering company with interests in Process Equipment, EPC Power Plants, Boilers, Sugar Plants and Machinery, Mechanical and Hydraulic Presses, Castings, Contract Manufacturing, and Trading.

The joint venture will bring together state-of-the-art technical and engineering skills of Hitachi Zosen and the manufacturing expertise of Isgec. It will take over Isgec’s existing manufacturing facilities at the port town of Dahej (Gujarat), giving it easy access to the global market.

The joint venture, which will be manned by personnel from India and Japan, will be actively supported by both Isgec and Hitachi Zosen, in all its activities, including design and marketing.

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 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 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 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

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.