MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	SEMPERTRANS-NIRLON PRIVATE LIMITED
Registered Office :	Plot No.21/1, MIDC Dhatav, Roha, Raigad – 402110, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	24.01.2000
Com. Reg. No.:	11-123800
Capital Investment / Paid-up Capital :	Rs. 230.769 millions
CIN No.: [Company Identification No.]	U24200MH2000PTC123800
PAN No.: [Permanent Account No.]	AAECS9279E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Conveyor Belts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2314000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Semperit A. G. Holdings. It is a well established company having satisfactory track. Trade relations are reported as decent. Profits have improved during 2011. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for 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	CARE
Rating	A- (Long Term Fund Based Bank Facilities)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	18^th October, 2012

Rating Agency Name	CARE
Rating	A2 (Short Term Fund Based Facilities)
Rating Explanation	Strong degree of safety and low credit risk.
Date	18 October, 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 Office :	Plot No.21/1, MIDC Dhatav, Roha, Raigad – 402110, Maharashtra, India.
Tel. No.:	91-2194-263671 / 263578 / 263579 / 264466 / 264468
Fax No.:	91-2194-263672
E-Mail :	info@sepertransnirlon.com snl.roha@sancharnet.in
Website :	www.sempertransnirlon.com
Marketing Office :	Nirlon Complex, Pahadi Village, Goregoan (East), Mumbai – 400063, Maharashtra, India.
Tel. No.:	91-22-26850234/35/36
Fax No.:	91-22-26850035
E-Mail :	snplmarketing@rediffmail.com snlmumbai@rediffmail.com
Website:	http://www.sempertransnirlon.com
Branch Office 1 :	57, F, Purnadas Road, Golpark, Kolkata – 700029, West Bengal, India
Tel. No.:	91-33-24657902/24657904
Fax No.:	91-33-24657904
E-Mail :	snlkolkata@vsnl.net
Branch Office 2 :	73, Sardar Patel Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22301351
Fax No.:	91-44-22301350
E-Mail :	snlchennai@vsnl.net
Branch Office 3 :	D – 1/209, Virat Bhawan, Commercial Complex, Mukherjee Nagar, New Delhi – 110009, India
Tel. No.:	91-11-27654206
Fax No.:	91-11-27654207
E-Mail :	nirlonlimited@yahoo.com nirlondelhi@rediffmail.com

DIRECTORS

As on 29.06.2012

Name :

Mr. Michael Wolfram

Designation :

Director

Address :

Porzellangasse 33 A / 4 / 8, Wien, 1090, Austria

Date of Birth/Age :

13.08.1971

Date of Appointment :

29.06.2012

DIN No.:

05234665

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	U24200MH2000PTC123800	SEMPERTRANS-NIRLON PRIVATE LIMITED	Director	29/06/2012	23/03/2012	-	Active	NO

Name :

Mr. Gerhard klingenbrunner

Designation :

Director

Address :

Josef Schoffel – Gasse 53, Klosterneuburg, 3400, Austria

Date of Birth/Age :

07.06.1956

Date of Appointment :

28.10.2000

DIN No.:

02721944

Name :

Mr. Richard Ehrenfeldner

Designation :

Director

Address :

Semmelweisgasse 2, TErnitz, 2630, Austria

Date of Birth/Age :

30.03.1954

Date of Appointment :

11.08.2011

DIN No.:

03594244

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	U24200MH2000PTC123800	SEMPERTRANS-NIRLON PRIVATE LIMITED	Director	29/06/2012	11/08/2011	-	Active	NO

Name :

Mr. Bertrand Heckel

Designation :

Director

Address :

45 Avenue Junot 75018 Paris 18, France

Date of Birth/Age :

03.02.1962

Date of Appointment :

04.06.2008

DIN No.:

02691992

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2012

Names of Shareholders	No. of Shares
Semperit Aktiengesellschaft Holding, Austria	23076899
Semperit Technische Produkte Gesellschaft M.B.H., Austria	1
TOTAL	23076900

As on 29.06.2012

Equity Share Break up (Percentage of Total Equity)

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Conveyor Belts.

Products :

ITC Code	Product Descriptions
4010	Conveyor Belting

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Actual Production
Conveyor Belt	M.Tons	7963.18

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	706, 'B' Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India
PAN No.:	AABFD7919A
Ultimate Holding Company :	· B and C Privatsiftung
Holding Company :	· Semperit Aktiengesellschaft Holding, Austria
Others :	Semperit Industrial Products Inc. Semperit Industrial Products Pte Limited Sempertrans France Belting Technology Sempertrans Belchatow Sp.z.o.o.

CAPITAL STRUCTURE

As on 31.12.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
23076900	Equity Shares	Rs. 10/- each	Rs. 230.769 millions

NOTE:

23,076,899 equity shares are held by Semperit Aktiengesellschaft Holding, the holding company and one equity share is held by Semperit Technische Produkte Geseilshaft M.B.H., a subsidiary of the holding company. Of the above shares, 5,999,980 (31st December, 2010 - 5,999,980) shares are alloted as fully paid-up pursuant to a contract without payments being received in cash.

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		230.769	230.769	230.769
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		347.761	333.300	332.764
4] (Accumulated Losses)		0.000	0.0000	0.000
NETWORTH		578.530	564.069	563.533
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.396	9.308	13.898
TOTAL		578.926	573.376	577.431
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		166.023	184.156	207.723
Capital work-in-progress		1.885	0.302	0.262
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	265.995	151.835	114.653
	Sundry Debtors	94.407	362.644	258.186
	Cash & Bank Balances	282.411	68.471	141.108
	Other Current Assets	2.208	0.570	0.000
	Loans & Advances	19.451	37.904	48.032
Total Current Assets		664.472	621.424	561.979
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	208.076	209.612	177.535
	Other Current Liabilities	10.831	11.628	7.440
	Provisions	34.547	11.267	7.558
Total Current Liabilities		253.454	232.507	192.533
Net Current Assets		411.018	388.917	369.446
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		578.926	573.376	577.431

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income
		Other Income
		TOTAL	1113.990	1293.580	1163.070
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1078.860	1284.980	982.910
	PROFIT BEFORE TAX		35.130	8.600	180.160
Less	TAX		20.660	8.060	62.120
	PROFIT AFTER TAX		14.470	0.540	118.040
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		333.300	332.760	214.720
	BALANCE CARRIED TO THE B/S		347.770	333.300	332.760
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	170.765	153.374
	TOTAL EARNINGS		NA	170.765	153.374
	IMPORTS		NA	203.358	141.394
	Earnings Per Share (Rs.)		0.62	0.02	5.12

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	1.29	0.04	10.15
Return on Total Assets (PBT/Total Assets}	(%)	4.23	1.07	23.41
Return on Investment (ROI) (PBT/Networth)		0.06	0.02	0.32
Debt Equity Ratio (Total Liability/Networth)		0.43	0.41	0.34
Current Ratio (Current Asset/Current Liability)		2.62	2.70	2.92

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

OPERATION AND FUTURE OUTLOOK

The production decreased to 5408 tonnes in 2011. The production volume was mainly affected due to strike in the Roha Plant since 19^th September 2012. The Management is in constant touch with the striking workers directly to find an amicable solution. The Management is looking at legal and other aspects in order to end the strike and the striking workers to return to work.

The EBIT was Rs. 35.130 millions mainly due to the good margins especially in second and third quarter.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24200MH2000PTC123800
Name of the company	SEMPERTRANS-NIRLON PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 21 M I D C, Dhatav Roha, Raigad – 402110, Maharashtra, India e-mail: snlmumbai@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90143601
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India e-mail:kamalax_saraf@hotmail.com
Nature of instrument creating charge	A) Third supplemental agreement of hypothecation of goods and assets for increase in the overall limit B) Letter regarding the grant of individual limits within the overall limit Both the above agreements constitute single modification.
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	105.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Cash Credit/WCDL: 4.75% p. a. above BR I.E.12.25% p. a. EPC/EBD: 1.25% Above BR (7.50%) i.e. 8.75% p. a. Bookdebts /DDP /Letter of Credit / Bank Guarantee : Card Rate Terms of Repayment : As per sanction terms Margin : Raw materials : 25% Stocks in process : 35% Finished goods : 25% Stores and spares : 50% Bookdebts (upto 90 days) : 40% Extent and Operation of the charge: Cash Credit/Wcdl : Rs. 15.000 Millions Epc/Ebd : Rs. (15.000 Millions) Bookdebts :Rs. (15.000 Millions) Demand Draft Purchase : Rs. (5.000 Millions) Total Fund Based : Rs. 15.000 Millions Letter Of Credit : Rs. 50.000 Millions Bank Guarantee :Rs. 40.000 Millions Total Non Fund Based :Rs. 90.000 Millions Total FB + NFB : Rs. 105.000 Millions Others : Not applicable
Short particulars of the property charged	Hypothecation of current assets present and future bookdebts and receivables.
Date of instrument modifying the charge	07.04.2008
Particulars of the property charged	The original charge was created on 11.10.2001 for Rs.25.000 millions 1stly modified on 7.4.2004 for Rs.65.000 millions 2ndly modified on 7.4.2008 for Rs. 90.000 millions now by the present modification date- 25.10.2010 the limit has been increased from Rs. 90.000 millions to Rs. 105.000 millions

FIXED ASSETS

• Free Hold Land
• Leasehold Land
• Factory Building
• Residential Buildings
• Plant and Machinery
• Electrical Installation
• Factory Equipment
• Furniture and Fixture
• Computers
• Office Equipments
• Vehicles

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 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.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.46

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.