MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	ABB GLOBAL INDUSTRIES AND SERVICES LIMITED [w.e.f. 26.05.2008] RAMAN BOARDS LIMITED AMALGAMATED WITH ABB GLOBAL INDUSTRIES AND SERVICES LIMITED
Formerly Known As :	ABB GLOBAL SERVICES LIMITED ABB CORPORATE RESEARCH LIMITED (w.e.f. 29.10.2004) ABB INDUSTRIAL IT DEVELOPMENT CENTER LIMITED
Registered Office :	2^nd Floor, East Wingkhanija Bhawan, 49, Race Course Road, Bangalore-560001, Karnataka
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	28.09.2001
Com. Reg. No.:	08-032179
Capital Investment / Paid-up Capital :	Rs. 2285.930 Millions
CIN No.: [Company Identification No.]	U72200KA2001PLC032179
PAN No.: [Permanent Account No.]	AADCA3217B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provide IT and engineering services including high quality software in industrial IT development.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed 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 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating AA+
Rating Explanation	High degree of safety. Very low credit risk.
Date	August 29, 2012

Rating Agency Name	CRISIL
Rating	Short term rating A1+
Rating Explanation	Very strong degree safety. It carry lowest credit risk.
Date	August 29, 2012

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.

LOCATIONS

Registered/ Corporate Office :	2^nd Floor, East Wing Khanija Bhawan, 49, Race Course Road, Bangalore-560001, Karnataka, India
Tel No.:	91-80-22949295 / 22949150 – 54
Fax No.:	91-80-22949148
E-Mail :	karthikeyn.ea@in.abb.com
Website :	www.abb.co.in www.ramanboards.com
Head Office/ Factory :	Mysore Ooty Road, Thandavapura – 571302, Mysore District, Karnataka, India
Tel No.:	91-821–2536100
Fax No.:	91-8221–228608
Corporate Research :	Block No. 1, Bhoruka Tech Park, Mahadevepura, White Field Road, Bangalore – 560048, Karnataka, India
Tel No.:	91-80-42069950
Fax No.:	91-80-42069999
Regional Office North :	14, Mathura Road, Faridabad - 121 003, Haryana, India
Tel No.:	91-129-2567347/2567348
Fax No.:	91-129-2275019
Insulation Kit Center & Regional Office West:	EL 172, Electronic Zone, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel No.:	91-22-27620639 / 27620730

DIRECTORS

AS ON 28.05.2012

Name :

Mr. Amlan Datta Majumdar

Designation :

Managing director

Address :

Flat A-1203, Mantri Greens, Sampige Road, Malleswaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

21.03.1961

Qualification :

ACA

Date of Appointment :

29.03.2010

DIN No.:

02985470

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	Company/ LLP Status	Defaulting status
1	U72200KA2001PLC032179	ABB GLOBAL INDUSTRIES AND SERVICES LIMITED	Managing director	01/12/2011	29/03/2010	Active	NO

Name :

Mr. Gururaj Bhujangarao

Designation :

Director

Address :

B-006, Renaissance Park-3, Malleshwaran West, Subramanya Nagar, Bangalore -560055, Karnataka, India

Date of Birth/Age :

06.02.1959

Qualification :

FCS

Date of Appointment :

26.02.2010

DIN No.:

00134583

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	U74140KA1996PLC031501	ABB HOLDINGS (SOUTH ASIA) LIMITED	Director	30/09/2003	30/09/2003	-	Amalgamated	NO
2	L33130GJ1987PLC009305	INTEGRA INDIA GROUP COMPANY LIMITED	Director	26/10/2006	26/10/2006	23/04/2008	Amalgamated	NO
3	U72200KA2001PLC032179	ABB GLOBAL INDUSTRIES AND SERVICES LIMITED	Director	29/06/2010	31/03/2007	-	Active	NO
4	U31103PN2004PTC019966	BALDOR ELECTRIC INDIA PRIVATE LIMITED	Director	28/06/2012	01/10/2011	-	Active	NO
5	U74900MH2007PTC172031	K-TEK LEVEL ENGINEERING PRIVATE LIMITED	Director	19/12/2011	19/12/2011	-	Active	NO

Name :

Bazmi Rizwan Husain

Designation :

Director

Address :

102, Avensdale, 5, Moyenville Road, Langford Town, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

21.09.1958

Qualification :

BE MS

Date of Appointment :

01.12.2011

DIN No.:

00965992

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	Company/ LLP Status	Defaulting status
1	U72200KA2001PLC032179	ABB GLOBAL INDUSTRIES AND SERVICES LIMITED	Director	28/05/2012	28/09/2001	Active	NO
2	L32202KA1949PLC032923	ABB LIMITED	Managing director	01/01/2011	01/01/2011	Active	NO

Name :

Mr. Peter Leupp

Designation :

Director

Address :

1, Im Isisbeul, Thalwil, Zurich, Swtizerland, 8800s

Date of Birth/Age :

01.07.1951

Qualification :

Graduate Swiss Federal Institute of technology (ETH)

Date of Appointment :

14.09.2007

DIN No.:

01626543

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	Company/ LLP Status	Defaulting status
1	L32202KA1949PLC032923	ABB LIMITED	Director	10/05/2012	26/07/2007	Active	NO
2	U72200KA2001PLC032179	ABB GLOBAL INDUSTRIES AND SERVICES LIMITED	Director	01/12/2011	14/09/2007	Active	NO

Name :

Gary Glachan Steel

Designation :

Director appointed in casual vacancy

Address :

Chapfweg 14, Zumikon 8126, Switzerland 8126

Date of Birth/Age :

25.11.1952

Qualification :

Bachelor Degree in Commerce from University of Edinburgh

Date of Appointment :

01.12.2011

DIN No.:

02500073

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	Company/ LLP Status	Defaulting status
1	L32202KA1949PLC032923	ABB LIMITED	Director	10/05/2011	20/02/2009	Active	NO
2	U72200KA2001PLC032179	ABB GLOBAL INDUSTRIES AND SERVICES LIMITED	Director appointed in casual vacancy	01/12/2011	01/12/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Karthikeyan E A
Designation :	Secretary
Address :	D-803, Shriram Samrudh, Old Airport Varthur Road, Tubharahalli, Bangalore – 560066, Karnataka, India
Date of Birth/Age :	26.05.1971
Date of Appointment :	02.07.2008
PAN No.:	AGTPK5381P
Name :	Mr. R Santhosh
Designation :	Manager - Exports
Name :	Mr. B S Balaji
Designation :	Head Marketing
Name :	Mr. Balaji Rao Thorhath
Designation :	Regional Manager - South
Name :	Mr. Partha Nandi
Designation :	Regional Manager North
Name :	Mr. Shashikanth Vuppuluri
Designation :	Regional Manager West
Name :	Ulf Moberg
Designation :	Center Director - INCRC
Name :	Lars Ostland
Designation :	Department Manager Robotics & Drives, INCRC
Name :	Mats Linden
Designation :	Group Head, FACTS, INOPC-PS
Name :	Alexander Kara
Designation :	Head, INOPC PS
Name :	Jens Patrik Larsson
Designation :	PLC Connect Specialist
Name :	Christian Josef Schwerdt
Designation :	Software Developer
Name :	Curtis Gage
Designation :	Senior Technical Writer
Name :	Richard Souslin
Designation :	System Type Test Lead Specialist
Name :	Magnus Haldorsen
Designation :	PPA Core Specialist
Name :	Harri Parkkonen
Designation :	Test Specialist STT,INCRC
Name :	Per Karlsson
Designation :	Sr. Engineer, INOPC-PS
Name :	Mike Smith
Designation :	R & D Manager, 800xA Batch Products, INCRC
Name :	Mark Zugelder
Designation :	Senior Product Manager, INCRC
Name :	Matthew North
Designation :	Vice President, Head of Talent
Name :	Knut Melgaard
Designation :	Controller INOPC Process Automation Division and designated as Vice President
Name :	Markus Marti
Designation :	General Manager PSN-CH/Power systems
Name :	Fredrik Ekdhal
Designation :	Department Manager Power Technologies, INCRC
Name :	Joakim Nilsson
Designation :	L3 Support Center Manager, INCRC-PA
Name :	Minna Lindberg
Designation :	Senior Lead Engineer, FACTS, INOPC-PS
Name :	Hans Helmuth Jung
Designation :	Operations Manager, CPM Minerals - INOPC-PA
Name :	Knuth Roger Dahlgren
Designation :	Principal Engineer - Robot Architect, Robotics & Drives, INCRC
Name :	Ramaswamy Srinivasan
Designation :	Group Manager, Research, INCRC
Name :	Robert Wahllen
Designation :	Operational Excellence Manager - REMSC
Name :	Tommy Saetra
Designation :	Team Lead Engineering Telecom
Name :	Gerhard Volmer
Designation :	Quality Manager PSP-PRU/Power Systems
Name :	Giulia Bitela
Designation :	Head REMSC
Name :	Shantala Kamath
Designation :	Team Manager
Name :	Ivan Rott
Designation :	Manager, Norwegian Operations INOPC/Process Automation
Name :	Mostafa Mohab Mostafa Hassan Nasser
Designation :	Cluster Lead - CRM, CRM Sales and SD

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.05.2012

Names of Equity Shareholders	No. of Shares
ABB Asea Brown Boveri Limited, Switzerland	40893038
B Gururaj	1
Karnnabiran Rajagopal	1
P C Rajiv	1
Vinay Talwar	1
Prabhu Sudhir	1
T K Sridhar	1
Mastakar Nrupesh	1
Total	40893045

Names of Preference Shareholders	No. of Shares
ABB Asea Brown Boveri Limited, Switzerland	2000000
Total	2000000

AS ON 28.05.2012

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provide IT and engineering services including high quality software in industrial IT development.

Products :

ITC Code	Product Descriptions
85362090	Vacuum Interrupter
85362010	Low voltage Breaker
48059300	Insulation material
85249009	Software Development

PRODUCTION STATUS (AS ON 31.12.2011)

Particulars	Unit	Licensed & Installed**Capacity	Actual Production
Vacuum Interrupters	Nos.	50,000	10,120
Low Voltage Breakers	Nos.	6,28,000	1,38,029
Insulation Materials	Tonne	12,000	2,359

**These have been transferred to ABB India as part of slump sale

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.12.2011	31.12.2010
	(Rs. In Millions)
Finance lease obligation long-term secured	259.771	319.770
Total	259.771	319.770

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	12th Floor, UB City Canberra Block, No. 24, Vittal Mallya Road, Bengaluru 560001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Holding company :	ABB Asea Brown Boveri Limited
Fellow Subsidiary company :	Ø ABB (China) Limited Ø ABB (Hong Kong) Limited Ø ABB (Private) Limited Ø ABB A/S Ø ABB AB Ø ABB AG Ø ABB AS Ø ABB Australia Pty Limited Ø ABB Automation Company Limited Ø ABB Automation GmbH Ø ABB Automation L.L.C. Ø ABB Automation Products GmbH, Ø ABB Bailey Japan Limited Ø ABB Beijing Drive Systems Company Limited Ø ABB Contracting Company Limited Ø ABB Electrical Industries Limited Ø ABB Engineering (Shanghai) Limited Ø ABB France SAS Ø ABB Import and Export Services Limited Ø ABB Inc. – Canada Ø ABB Inc. - United States Ø ABB Industries (L.L.C.) Ø ABB Industries FZ Ø ABB Information Systems Limited Ø ABB Limited [L32202KA1949PLC032923] Ø ABB Limited – New Zeland Ø ABB Limited – Thailand Ø ABB Limited - United Kingdom Ø ABB Logistics Center Europe GmbH Ø ABB Limited – Ireland Ø ABB Limited – Korea Ø ABB Limited – Taiwan Ø ABB Limited – Vietnam Ø ABB Limited - Croatia Ø ABB Ltda. Ø ABB Malaysia Sdn Bhd. Ø ABB Management Services Limited Ø ABB Oy Ø ABB Pte. Limited Ø ABB Qatar LLC. Ø ABB Research Limited Ø ABB S.A. Ø ABB S.P.A. Ø ABB S.R.O. Ø ABB Schweiz AG Ø ABB Service Company Limited Ø ABB South Africa (Pty) Limited Ø ABB Sp. zo.o. Ø ABB SRL Ø ABB Technology Limited Ø ABB Transmission and Distribution Limited Ø ABB Treasury Center (Asia Pacific) Pte. Limited Ø ABB Xiamen Low Ø Voltage Equipment Company Limited Ø ABB Xinhui Low Voltage Switchgear Company Limited Ø ABB, Inc. Ø Asea Brown Boveri Limited Ø Asea Brown Boveri S.A. Ø Electrical Materials Center Ø PT ABB Sakti Industri Ø ABB Bailey Beijing Engineering Company Limited Ø ABB BV Ø ABB Capital, B.V. Ø ABB Electrical Industries (ABB ARAB) S.A.E. Ø ABB Engg. Technologies Company (KSCC) Ø ABB France Ø ABB International Marketing Limited Ø ABB Intra AG Ø ABB K.K. Ø ABB LLC, Ø ABB Stotz-Kontakt GmbH Ø ABB Transmission and Distribuition Automation Equipment (Xiamen) Company Limited Ø ABB Turbochargers S.A.E. Ø P u c a r o Elektro-Isolierstoffe GmbH Ø Ventyx Inc. Ø ABB Research Limited Ø ABB Technology Limited

CAPITAL STRUCTURE

AS ON 28.05.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
185,000,000	Equity Shares	Rs. 10/- each	Rs. 1850.000 Millions
18,500,000	Preference Shares	Rs. 100/- each	Rs. 1850.000 Millions
	Total		Rs. 3700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,893,045	Equity Shares	Rs.10/- each	Rs. 408.930 Millions
2,000,000	Preference Shares	Rs. 100/- each	Rs. 200.000 Millions
	Total		Rs. 608.930 Millions

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
185,000,000	Equity Shares	Rs. 10/- each	Rs. 1850.000 Millions
18,500,000	Preference Shares	Rs. 100/- each	Rs. 1850.000 Millions
	Total		Rs. 3700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180,893,045	Equity Shares	Rs.10/- each	Rs. 1808.930 Millions
4,770,000	Preference Shares	Rs. 100/- each	Rs. 477.000 Millions
	Total		Rs. 2285.930 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		2285.930	3585.930	3585.930
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1928.722	346.874	55.344
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4214.652	3932.804	3641.274
LOAN FUNDS
1] Secured Loans		259.771	319.770	387.682
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		259.771	319.770	387.682
DEFERRED TAX LIABILITIES		0.000	106.966	81.088
TOTAL		4474.423	4359.540	4110.044
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		599.542	2545.123	2244.126
Capital work-in-progress		20.132	260.876	505.492
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		14.090	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	279.536	217.977
	Sundry Debtors	1169.874	1746.450	1418.646
	Cash & Bank Balances	367.009	328.448	572.592
	Other Current Assets	2530.322	167.847	69.390
	Other Assets	76.537	0.000	0.000
	Loans & Advances	659.586	701.796	666.834
Total Current Assets		4803.328	3224.077	2945.439
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	803.385	1245.911	1229.632
	Other Current Liabilities	0.000	59.996	51.838
	Provisions	159.284	364.629	303.543
Total Current Liabilities		962.669	1670.536	1585.013
Net Current Assets		3840.659	1553.541	1360.426
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4474.423	4359.540	4110.044

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	5179.844	6356.875	5148.997
		Other Income	73.028	44.138	42.516
		TOTAL	5252.872	6401.013	5191.513
Less	EXPENSES
		Consumption materials changes inventories	(678.416)	(2103.774)
		Manufacturing service costs	1841.492	4506.625
		Employee related expenses	1960.578	1532.121
		Administrative selling other expenses	1080.293	1186.275
		TOTAL	4203.947	5121.247	3883.186
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1048.925	1279.766	1308.327
Less	FINANCIAL EXPENSES		64.590	67.626	71.399
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		984.335	1212.140	1236.928
Less/ Add	DEPRECIATION/ AMORTISATION		287.859	452.685	428.619
	PROFIT BEFORE TAXATION AND EXCEPTIONAL INCOME		696.476	759.455	808.309
Add	EXCEPTIONAL INCOME		1459.307	0.000	0.000
	PROFIT BEFORE TAX		2155.783	759.455	808.309
Less	TAX		510.137	176.189	133.378
	PROFIT AFTER TAX		1645.646	583.266	674.931
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		308.279	16.749	(60.497)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	357.715
		Proposed Dividend	54.893	251.015	205.790
		Capital redemption reserve	1300.000	0.000	0.000
		Corporate Dividend on Tax	8.905	40721	34.180
	BALANCE CARRIED TO THE B/S		590.127	308.279	16.749
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	89.580	542.677	493.109
		Other Earnings	4036.984	3212.442	2696.124
	TOTAL EARNINGS		4126.564	3755.119	3189.233
	IMPORTS
		Raw Materials	321.891	905.496	641.127
		Capital Goods	54.436	229.039	200.724
		Technical Know-how	0.000	19.623	67.368
		Project items	48.343	84.063	141.264
	TOTAL IMPORTS		424.670	1238.221	1050.483
	Earnings Per Share (Rs.)		9.01	2.43	2.93

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	31.33	9.11	13.00
Net Profit Margin (PBT/Sales)	(%)	41.62	11.95	15.70
Return on Total Assets (PBT/Total Assets}	(%)	39.90	13.16	15.58
Return on Investment (ROI) (PBT/Networth)		0.51	0.19	0.22
Debt Equity Ratio (Total Liability/Networth)		0.29	0.51	1.05
Current Ratio (Current Asset/Current Liability)		4.99	1.93	1.86

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

AMALGAMATION

The honorable High Court of Karnataka at Bangalore have approved on July 3,2008 the arrangement as embodied in the scheme of amalgamation (‘the Scheme’) of ABB Holdings (South Asia) Limited
(transferor company 1) and Raman Boards Limited (Transferor company 2) with ABB Global Services Limited (the transferee company)and their respective shareholders. On complying with the requisite formalities, the Scheme became effective on August 20, 2008 (the Effective Date) operative retrospectively from April 1, 2008 (the Appointed Date). Accordingly the whole of the undertaking of the transferor companies transferred to and vested in the Company as a going concern and the transferor companies, without any further act, stood dissolved without winding up.

ABB Holdings (South Asia) Limited was a wholly-owned subsidiary of ABB Asea Brown Boveri
Limited, Zurich, Switzerland and was incorporated in 1996. The Company was primarily involved in investment activities in other group companies and utilizing surplus funds in short-term investments with banks and other financial institutions.

Raman Boards Limited was a leading supplier of transformer boards, specialty insulation materials and
moulded parts for the electrical and power industry. As at March 31, 2008, 3,082,434 equity shares were
held by ABB GlobaL Industries and Services Limited along with its nominees.

The amalgamation has been accounted under the pooling of interest method and specific provisions of the scheme. Accordingly all assets, liabilities and reserves of the transferor companies as on the effective date
have been recorded at their carrying values by the transferee company.

Upon the Scheme coming into effect, in consideration of the transfer of and vesting of the transferor
companies in the transferee company, 80,893,045 equity shares of Rs 10 each and 2,000,000 7% cumulative preference shares of Rs 100 each have been allotted on October 3, 2008 date to ABS Asca Brown Boveri Limited, Zurich and 450,000 equity shares of the Company, held by ABB Holding (South Asia) Limited were cancelled.

Upon the Scheme coming into effect, Rs l35,O82 thousand being the excess of purchase value of investments, over the net assets of Raman Boards Limited, was debited to the Profit and Loss Account of the Company. Further, carry forward loss of ABB Holding (South Asia) Limited amounting to Rs 60,497 thousand was debited to the Profit and Loss Account of’ the Company.

In accordance with the scheme, the investment by the transferee company in the share capital of the transferor Company 2 was required to be cancelled and the excess value of the investment over the face value of the shares of the transferor Company 2 be debited to the General Reserve Account in the books of the transferee Company. As at the Appointed Date the excess value of the investment over the face value of the shares of the transferor Company 2 exceeds the balance in General Reserve Account of the transferee company.

Based on a legal opinion, the Company had transferred the available surplus of profit and loss account of the transferee Company to the General Reserve Account on the Appointed Date to set off the excess value of the investment over the thee value of the shares of the transferor company 2. Further based on such legal opinion, the loss, to the extent not Set off against available surplus on the Appointed Date, was accounted under the head “Profit and Loss Account” in the balance sheet to be set off in the General Reserve Account as and when crested Out of profits of the Company.

During the year the Company has transferred Rs 357,715 thousand to the general reserve account to set
off the remaining toss on amalgamation of Raman Boards Limited with the Company

CONTINGENT LIABILITIES

(Rs. in millions)

Particulars	31.12.2011	31.12.2010
i) Claims against the Company not acknowledged as debts in respect of excise matters	25.166	25.166
ii) Income tax matters in dispute	42.779	16.673

The Company does not expect any reimbursements in respect of the above contingent liabilities and it is not practicable to estimate the timings of cash outflows, if any, in respect of matters above pending resolution of the arbitration / appellate proceedings.

FIXED ASSETS:

Ø Freehold Land

Ø Leasehold Land

Ø Factory buildings

Ø Computer hardware

Ø Plant And Machinery

Ø Office Equipment

Ø Furniture And Fixtures

Ø Vehicles

Ø Leasehold Improvements

WEBSITE DETAILS:

PROFILE:

Subject is a supplier of transformer board, moulded and machined parts, sets and kits and electrical insulation paper to Indian and International markets all used for transformer applications. The company commenced manufacture in 1980 with technical know-how from Rogers Corporation, USA who were among the prime suppliers of insulation to large transformer companies in North America and Europe. Subsequently, the company has developed and introduced a range of products for transformer insulation independently, and today supplies virtually every transformer manufacturer in India and many leading transformer companies in Asia.

In 2007, Raman Boards from being a family owned company was integrated to be a part of ABB. The integration process has been handled smoothly and the transition has been seamless without affecting the quality and scope of the products and services to all the stake holders.

Their products are mainly used in distribution and power transformers up to 230 kV Class, of all sizes and sophistication and are certified to conform to the latest IEC standards. Raman quality systems are certified under ISO 9001 : 2008 / BS OSHSAS 18001 : 2007 / ISO 14001 : 2004 / by Bureau Veritas Quality International, UK.

International sales of the company have been growing rapidly. Today, they supply their products to more than fifteen countries worldwide, leveraging on their unique quality-cost position and on the strength of a wide product offering unmatched in our industry.

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 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. 52.78
UK Pound	1	Rs. 85.16
Euro	1	Rs. 67.79

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		62

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

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.