MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	BOMBARDIER TRANSPORTATION INDIA LIMITED
Formerly Known As :	ABB DAIMLER-BENZ TRANSPORTATION (INDIA) LIMITED
Registered Office :	Unit No. 11 to 21, Ground Floor, The Grand Hotel, The Grand Plaza, Vasant Kunj, Phase – II, Nelson Mandela Road, New Delhi – 110070
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.12.1995
Com. Reg. No.:	55-074938
Capital Investment / Paid-up Capital :	Rs. 818.080 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC074938
TAN No.: [Tax Deduction & Collection Account No.]	DELB04764E / DELB04749D
PAN No.: [Permanent Account No.]	AAACA5584C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Rail Transportation Systems.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4170000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Bombardier Transportation Holding Singapore Pte Limited”. It is a well established company having a moderate track record. There appear huge losses recorded by the company. However, the networth of the company appears to be strong. There seems to be no external borrowing. The subject gets good financial support from its group company. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

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.

LOCATIONS

Registered Office :	Unit No. 11 to 21, Ground Floor, The Grand Hotel, The Grand Plaza, Vasant Kunj, Phase – II, Nelson Mandela Road, New Delhi – 110070, India
Tel. No.:	91-11-26180340/ 41
Fax No.:	91-11-26186651
E-Mail :	mukesh_agarwal3@rediffmail.com virender.p.jain@in.transport.bombardier.com viren_srivastava@hotmail.com arun.gupta@in.transport.bombardier.com
Website :	http://www.bombardier.com
Factory 1:	724, GIDC Industrial Estate, Phase III, Savli, Vadodara – 390013, Gujarat, India
Tel. No.:	91-265-2353068
Factory 2/ Warehouse :	ERDA Road, Maneja, Vadodara – 390013, Gujarat, India
Tel. No.:	91-265-2648761/ 762/ 2638953
Fax No.:	91-265-2649669/ 2638951
Factory 3 :	Brown Boveri House, Race Course Circle, Vadodara – 390007, Gujarat, India
Tel. No. :	91-265-2353068
Fax No. :	91-265-2355891

DIRECTORS

AS ON 05.06.2012

Name :	Benoit Jean Rene Cattin
Designation :	Managing director
Address :	60 Rue De Provence Paris, France – 75009
Date of Birth/Age :	09.07.1968
Qualification :	B.Sc. Eng.
Date of Appointment :	11.08.2011
DIN No.:	03592256
Name :	Mr. Olivier Jean Stephane Guitton
Designation :	Director
Address :	Bombardier Transportation France SAE Place DES Ateliers, BP-1, 59154, Crespin, France
Date of Birth/Age :	02.08.1967
Qualification :	EDHEC Diploma
Date of Appointment :	29.09.2008
DIN No.:	02349378
Name :	Marcel Cornelis Johannes Fassbender
Designation :	Director
Address :	Scharfschwerdt Strasse, 39-A, D – 16540, Hohen Neuendorf, Germany
Date of Birth/Age :	01.12.1971
Qualification :	University Degree in Law and Doctors of Law
Date of Appointment :	29.09.2008
DIN No.:	02364781
Name :	Mr. Harsh Dhingra
Designation :	Whole-time director
Address :	HIG Flat No. 56C, Navyug Adarsh Apartment, F Block, Vikaspuri, New Delhi – 110018, India
Date of Birth/Age :	02.07.1961
Qualification :	MBA, BE-Electrical
Date of Appointment :	11.08.2011
PAN No.:	AADPD9624J
DIN No.:	03586283
Name :	Mr. Dilipsinh Prabhatsinh Jadeja
Designation :	Whole-time director
Address :	501, Pavanveer Flats, Opposite General Post Office 33D, Pratapgunj, Vadodara – 390002, Gujarat, India
Date of Birth/Age :	15.05.1966
Qualification :	BE (MECH), Diploma in Finance
Date of Appointment :	11.08.2011
PAN No.:	AAWPJ0437C
DIN No.:	03589440

KEY EXECUTIVES

Name :	Mr. Arun Kumar Gupta
Designation :	Secretary
Address :	B-3/3, Birla Copper Township, Dahej Taluka Vagra, Bharuch - 392001, Gujarat, India
Date of Birth/Age :	10.11.1966
Date of Appointment :	23.09.2010
PAN No.:	AAQPG0702K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.06.2012

Names of Shareholders	No. of Shares
Bombardier Transportation Capital Holding Netherlands SE, Netherland	1
Bombardier Transportation Global Holding SE, Netherland	1
Bourdon Sylvie	1
Nicolas Banerjea Brodeur	1
Martel Cattin Benoit	1
Hvid Kehler Tine	1
Bombardier Transportation (Holdings) Singapore Pte Limited, Singapore	81808147
Vineet Bansal	1
Total	81808154

AS ON 05.06.2012

Names of Shareholders	No. of Shares
Bombardier Transportation (Holdings) Singapore Pte Limited, Singapore	17375800
Total	17375800

AS ON 05.06.2012

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 :

Manufacturer and Supplier of Rail Transportation Systems.

Products :

ITC Code	Product Descriptions
85301010	Equipment for Railways

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, Industrial Finance Branch, Vadodara, Gujarat, India

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate, Tower-B, Sector-42, Sector Road, Gurgaon, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Ultimate Holding Company :	Bombardier Inc., Canada
Intermediate Holding Company :	Ø Bombardier Transportation Germany GmbH Ø Bombardier Transportation (Holdings) Singapore Pte Limited
Fellow Subsidiaries :	Ø Bombardier Transportation Switzerland Limited Ø Bombardier Transportation Denmark A/S Ø Bombardier Transport France S.A.S. Ø Bombardier Transportation UK Limited Ø Bombardier Transportation Inc. USA Ø Bombardier Transportation Sweden AB Ø Bombardier Transportation Australia Pty. Limited Ø Bombardier Transportation Canada Inc Ø Bombardier Transport Polska Sp. Ø Bombardier Transportation Railway Equipment (Qingdao) Company Limited Ø Bombardier (Singapore) Pte. Limited Ø Bombardier Transportation Sig (Th) Limited Ø Bombardier Mass Transit Corporation Ø Bombardier Transportation Financial Services Ø Bombardier Transportation China Limited Ø Bombardier Transportation (Malaysia) Ø Bombardier Transportation Finland OY Ø Bombardier Transportation (Propulsion and Control) Germany GmbH Ø Bombardier Transportation Belgium Ø Changchun Bombardier Railway Vehicles Company Limited Ø Bombardier Transportation (Shared Service) Philippines. Inc Ø Bombardier Transportation USA Inc. Pittsburg

CAPITAL STRUCTURE

AS ON 05.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
360,000,000	Equity Shares	Rs. 10/- each	Rs. 3600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,183,954	Equity Shares	Rs. 10/- each	Rs. 991.840 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs. 10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81,808,154	Equity Shares	Rs. 10/- each	Rs. 818.082 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		818.080	349.550	349.550
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		224.340	1466.270	2198.314
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1042.420	1815.820	2547.864
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	891.740	899.557
TOTAL BORROWING		0.000	891.740	899.557
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1042.420	2707.560	3447.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1894.910	2099.780	2212.606
Capital work-in-progress		156.360	153.120	186.173
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	128.400
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2004.900	7944.830	8762.295
	Sundry Debtors	699.150	881.260	1328.602
	Cash & Bank Balances	470.230	1468.320	2789.948
	Other Current Assets	179.870	614.910	25.731
	Loans & Advances	2107.290	1950.830	1370.215
Total Current Assets		5461.440	12860.150	14276.791
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1936.190	7591.660	6693.659
	Other Current Liabilities	3577.300	4286.800	6156.399
	Provisions	956.800	527.030	506.491
Total Current Liabilities		6470.290	12405.490	13356.549
Net Current Assets		(1008.850)	454.660	920.242
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1042.420	2707.560	3447.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	7551.700	16207.350	15013.891
		Other Income	115.300	43.270	847.631
		TOTAL (A)	7667.000	16250.620	15861.522
Less	EXPENSES
		Cost of materials consumed	6611.410	12639.990
		Purchases of stock-in-trade	425.410	513.600
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(0.180)	101.230
		Employee benefit expense	755.620	699.820
		Other expenses	2629.140	2539.030
		TOTAL (B)	10421.400	16493.670	15506.407
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2754.400)	(243.050)	355.115
Less	FINANCIAL EXPENSES (D)		184.620	75.310	33.882
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2939.020)	(318.360)	321.233
Less/ Add	DEPRECIATION/ AMORTISATION (F)		270.740	285.990	227.523
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(3209.760)	(604.350)	93.710
Less	TAX (H)		0.000	127.690	31.988
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(3209.760)	(732.040)	61.722
	EARNINGS IN FOREIGN CURRENCY
		Software development	112.030	86.530
		Export of Goods on F.O.B. basis	8.350	0.840
		Reimbursement of expenses	92.760	147.910
	TOTAL EARNINGS		213.140	235.280	273.536
	IMPORTS
		Raw Materials and Components	3289.360	6763.250
		Enterprise Resource Planning Software Package/Software	0.000	7.390
		Capital goods	10.410	40.630
	TOTAL IMPORTS		3299.770	6811.270	N.A.
	Earnings/ (Loss) Per Share (Rs.)		(86.42)	(20.94)	1.77

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(41.86)	(4.50)	0.39
Net Profit Margin (PBT/Sales)	(%)	(42.50)	(3.73)	0.62
Return on Total Assets (PBT/Total Assets}	(%)	(43.63)	(4.04)	0.57
Return on Investment (ROI) (PBT/Networth)		(3.08)	(0.33)	0.04
Debt Equity Ratio (Total Debt/Networth)		0.00	0.49	0.35
Current Ratio (Current Asset/Current Liability)		0.84	1.04	1.07

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted from, B-301-307, Somdutt Chambers, 15 – Bhikaji Cama Place, New Delhi – 110066, India, to the present address w.e.f. 30.11.2012.

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loan from Others	0.000	891.740
Total	0.000	891.740
Note: (A) Unsecured borrowings 1,018.90 Amount disclosed under the head "other current liabilities" (refer note 7) (1,018.90) 0 *External Commercial Borrowing (ECB) from the holding company of the holding company carries the interest at the rate of 3 months US LIBOR+3.00% payable quarterly. The loan is repayable in one bullet payment upon the expiry of the three years from the draw down date i.e. 16th June 2009.

CORPORATE INFORMATION

Bombardier Transportation India Limited is in the business of manufacturing and supply of Rail Transportation systems. In the propulsion business, the Company manufactures traction/auxiliary converters, vacuum circuit breakers, control electronics and tap changers and trades in transformers. In the signaling business, the Company is engaged in the supply and installation of signaling equipment and In the Metro Trains business, the Company manufactures and is engaged in the supply of coaches, bogies for metro trains.

PERFORMANCE REVIEW

Operations Revenue (Net) in MINR Note = Revenue includes other income The Gross Block (Assets) of the company has increased to Rs 3375 million as on 31st March 2012 as compared to Rs 3315 million as on 31st March 2011 based on various investments in capital assets during the year for Savli, Maneja & other sites.]

NEW OPPORTUNITIES AND FUTURE PROSPECTS

RAILWAYS MARKET

Production of Locomotives both at CLW (E-loc) and DLW (D-loc) continues to be sustained at high levels of around 250 units per annum supporting high level of Propulsion equipment off take. Indian Railways slowly is moving Propulsion equipment from GTO to IGBT based Technology for electric locomotives. Their Maneja site will cater to the needs of Indian Railways with proven technology and manufacturing process. The company has won order from Mumbai Railway Vikas Corporation (MRVC) in November, 2011 for the production of propulsion and control equipment. It involves design, manufacturing, delivery and testing of BOMBARDIER MITRAC propulsion and control equipment. The order relates to a total of 72 commuter trains of 12 cars each. The project funded equally by the World Bank and the Government of India, is valued at approximately INR 11.2 billion (162 million euro, $214 million US). In the field of Rail Control Solutions, the company has been contributing to the Traffic Management Systems for Mumbai's Western and Central Railways. The company shall be participating in Indian Railways future modernisation plan for the introduction of TPWS base system in their network.

MASS TRANSIT MARKET

The Company started delivery of BOMBARDIER MOVIA metro cars from its Savli site from June 2009 and has executed the RS2/RS5 project of Delhi Metro Rail Corporation (DMRC) by delivering 538 cars. The project was executed as per schedule. The company has received additional order from DMRC for the supply of 76 cars under contract RS7. The manufacturing of cars has begun and the delivery of cars to DMRC will be completed by last quarter of 2012. The company is now focusing on upcoming metro projects at Hyderabad for the supply of 171 cars plus options of 60 metro cars and Delhi Metro Phase III for the supply of 486 metro cars plus 30% options. These projects are under different stages of bid submission and evaluation. The company is the first foreign multinational company with the capacity to manufacture complete railway vehicles in India due to its large industrial establishment in India. The company has been responsible for train control and signalling system of two line sections on the Delhi Metro network, covering 38.6 km. Project for further extension on these lines are currently been negotiated and evaluated with Delhi Metro. The focus is now on CBTC based signaling system for Hyderabad Metro project and Delhi Metro Phase 111 project which are currently under different stages of bid submission and evaluation.

AWARDS AND RECOGNITION

Bombardier Transportation was awarded "Amity Corporate Excellence Award for Leveraging Technology in Global Business" for having achieved the enviable position of one of the best and most admired business organizations in the world by spearheading excellent practices that are creating value for the stakeholders. Arun Gupta, Head- Accounting and Reporting and Company Secretary, Bombardier Transportation India Ltd was selected amongst CFO India's second annual CF0100 Roll of Honour for streamlining the financial control at Bombardier Transportation in India during 2011 and for his exceptional contribution to corporate finance.

CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF

(Rs. in millions)

Particulars	31.03.2012	31.03.2011
(a) Custom duty including interest thereon on raw materials, Components, equipment, etc under EPCG Scheme*	407.26	343.60
(b) Pending labour cases**	67.36	--
(c) In respect of Assessment Year 2007-08 and 2008-09, certain adjustments were made to the transaction values by the tax authorities based on arm’s length price of international transactions entered with associated enterprises. The Company has filed an appeal with the Income Tax Appellate Tribunal/ Commissioner of Income Tax (Appeals) against these orders. The tax authorities have recovered Rs. 119.900 million from the refunds due of subsequent years**.	119.90	28.88
(d) In respect of Assessment Year 2005-06, the income tax authorities have raised demand for penalty. The Company has filed an appeal against the above order with the Commissioner of Income Tax (Appeals)**.	1.25	--
(e) Liquidated damages deducted by the customer which are not accepted by the Company and pending for final settlement.	--	279.80
(f) Other claims against the Company not acknowledged as debts**	129.40	19.80
Note: * Based on sales orders in hand and future sales plan, the management is quite hopeful to meet the obligation by executing the required volume of sales in future. ** Based on favourable decisions in similar cases, legal opinion taken by the Company, discussions with the solicitors, etc., the Company believes that there is a fair chance of decision in its favour and hence, no provision is considered necessary against the same.

FIXED ASSETS:

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Leasehold Improvements

Ø Plant and Machinery

Ø Furniture and Fittings

Ø Vehicles

WEBSITE DETAILS

PRESS RELEASE:

BOMBARDIER DELIVERS 600TH COACH TO DELHI METRO

23rd October 2012 06:23 PM

German train-maker Bombardier Tuesday supplied to Delhi Metro its 600th coach manufactured at its plant near this Gujarat city, a company official said.

"The delivery of the 600th car and our support of sustainable mobility in the growing city of Delhi demonstrate how the Savli site in Vadodara has rapidly evolved into a truly Indian production and engineering hub," said Harsh Dhingra, chief country representative India, Bombardier Transportation.

The high capacity Movia vehicles can accommodate 2,220 passengers per six-car set and 2,960 passengers per eight-car set.

"Delhi Metro has been expanding its network rapidly and we are pleased to celebrate the delivery of the 600th metro car. These coaches will help us to carry increasing number of metro passengers in Delhi in a safe and efficient manner," said Mangu Singh, Delhi Metro's managing director.

Dhingra also said that Bombardier Indian sites are equipped with state-of-the-art manufacturing techniques to support metro rail operators in India.

"Our employees in India are fully trained on special tools and processes to ensure that quality standards and practices are maintained," Dhingra said.

The Movia vehicles are also eco-friendly, have the MITRAC propulsion system operating on both electrified and non-electrified tracks, and help rail vehicles operate economically with regenerative braking, saving about 30 percent energy, a statement said.

Delhi Metro now makes over 2,700 trips a day, covering about 70,000 km and carrying around 1.8 million passengers on week days.

BOMBARDIER ANNOUNCES STRATEGIC PARTNERSHIP WITH SHANGHAI SHENTONG METRO GROUP

December 7, 2012 — Berlin

Transportation

· Strategic alliance acknowledges long standing cooperation between Shentong and Bombardier

· Joint venture combines partner’s capabilities to deliver China’s most advanced repair and overhaul centre for metros

Bombardier Transportation and Shanghai Shentong Metro Group Company Limited today announced the formation of a joint venture company, Shentong Bombardier (Shanghai) Rail Transit Vehicle Maintenance Company Limited. The joint venture will focus on the repair and maintenance of urban mass transit vehicles in China, offering customers the services of daily maintenance, intermediate repairs, overhauls, refurbishment and technical consultation.

The new company leverages the respective partners’ competencies in terms of technologies, equipment and businesses to deliver high quality, reliable trains that are safe to operate. It will harness Bombardier’s global capability in providing whole life services for metros in which its state-of-the-art technologies will reduce down times and extend the life of the Chinese operator’s fleets.

Jianwei Zhang, President of Bombardier China, said: “This joint venture for metro cars maintenance marks a new milestone for Bombardier Transportation business in China. Through its participation in a number of railway projects in China, by successfully providing rail vehicles, signalling, propulsion, locomotives, light rail transit and automated people movers, Bombardier has earned an excellent reputation and has gained a great understanding of the specific needs of the Chinese rail market.”

Laurent Troger, President Services, Bombardier Transportation, said: “Today’s announcement underlines our long standing relationship with Shanghai Shentong. Bombardier looks forward to a mutually beneficial partnership that will provide world class services to our customers in China. We are committed to making this collaboration a great success as part of Bombardier’s overall strategy of working in partnership to develop China’s rapidly expanding rail network.”

The synergy generated from this strategic partnership will deliver a new level of after-market service and support in the region. Both parties are committed to a long-term relationship to enhance train performance while ensuring greater revenues for the customers though lower operating costs.

Bombardier Transportation’s Services division provides the skills and expertise to deliver efficient, competitive and sustainable rail operations globally. It helps its customers minimize operational costs and maximize revenue generation over their assets’ whole lifetime, while ensuring the highest levels of passenger safety, dependability and comfort.

Reliability, availability, maintainability and safety are the guiding principles for Bombardier in providing service-friendly systems and trains. It offers services and support to fit each customer’s exact requirements, including complete maintenance services, full train maintenance, materials and logistics programs, refurbishment, re-engineering and overhaul of vehicles and components.

About Bombardier Transportation in China

As the world’s largest rail equipment manufacturer, Bombardier Transportation is actively involved in China’s development of urban mass transit and advanced railway networks. With three joint ventures and seven Wholly Foreign Owned Enterprises (WFOE), Bombardier currently employs more than 4,000 people in China. It has offices located in Beijing, Shanghai, Guangzhou and Hong Kong.

Bombardier Transportation offers the broadest portfolio in the rail industry and delivers innovative products and services that set new standards in sustainable mobility. Headquartered in Berlin, Germany, Bombardier Transportation has a very diverse customer base with products or services in more than 60 countries. It has an installed base of over 100,000 vehicles worldwide.

About Bombardier

Bombardier is the world’s only manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.

Bombardier is headquartered in Montréal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability World and North America indexes. In the fiscal year ended December 31, 2011, we posted revenues of $18.3 billion USD.

BOMBARDIER IN RUSSIA CELEBRATES 200 STATIONS EQUIPPED WITH ITS TECHNOLOGY

November 21, 2012 — Berlin

Transportation

· BOMBARDIER EBI Lock computer-based interlocking (CBI) system starts operation at Vakhitovo station

Bombardier Transportation’s signalling engineering joint venture in Russia has commissioned its BOMBARDIER EBI Lock 950 computer-based interlocking (CBI) system at its two hundredth railway station. The system was put into operation on November 21, 2012 at the Vakhitovo station on the Gorkovskaya branch of the Russian Railway. The station is part of a new line being constructed linking Kazan city centre and its airport which will be completed ahead of the 27th Summer Universiade (World University Games) to be held in Kazan in July 2013.

The Moscow-based Bombardier Transportation (Signal) Limited has now put into operation EBI Lock 950 CBI technology at 121 stations in Russia and 79 abroad, including in the CIS and Baltic states. The first delivery took place at the Kalashnikovo station on the October branch of the Russian Railway in June 1999. Ten years later, in 2009, Bombardier in Russia celebrated the 100^th station equipped, at the Chernikovka station on the Kuibyshevskaya line. The company has now doubled this achievement, equipping the next 100 stations in only three years. Today, the interlocking system is in operation on 15 regional branches of the Russian Railways, from Kaliningrad to the Far East, controlling more than 3,400 point-machines and approximately 500 km of automatic line-blocks.

Konstantin Khromushkin, General Director of BT (Signal) Limited said: “This is a very important milestone for our joint venture., Two hundred stations on the highest density sections of the rail network in Russia and the CIS region are successfully operating under the control of our interlocking solutions, reflecting our continuous and dynamic growth as a reliable and efficient manufacturer of innovative solutions for rail transport in the region. We look forward to further implementation of our innovative and high-tech products in these markets.”

Established in 1996, the Bombardier Transportation (Signal) Limited engineering joint venture today has a workforce of more than 180 employees. The company was the first company certified to deliver the latest generation signalling equipment adapted to RZD’s technical requirements and today focuses on the implementation of Bombardier’s proven EBI Lock 950 CBI interlocking systems. In 2010, Bombardier also purchased a stake in the RZD manufacturing subsidiary known as Elteza.

EBI Lock CBI systems provide major enhancements to capacity, flexibility and high availability. Stations can be controlled locally or from any remote control centre, and components can be serviced in the field without disturbing traffic. With the most country-specific adaptations of any CBI system worldwide and over 900 units in operation globally, EBI Lock units can be customised to suit the requirements of different rail administrations and interface with other types of interlocking systems.

Bombardier Transportation’s Rail Control Solutions portfolio covers the whole range of BOMBARDIER CITYFLO mass transit solutions, from manual to fully automatic, as well as communication-based systems. It also provides INTERFLO mainline solutions, from conventional to ERTMS Level 2 systems. Bombardier also provides a complete palette of wayside and onboard signalling products.

About Bombardier Transportation

Bombardier Transportation, a global leader in rail technology, offers the broadest portfolio in the rail industry and delivers innovative products and services that set new standards in sustainable mobility. BOMBARDIER ECO4 technologies – built on the four cornerstones of energy, efficiency, economy and ecology – conserve energy, protect the environment and help to improve total train performance. Bombardier Transportation is headquartered in Berlin, Germany and has a very diverse customer base with products or services in more than 60 countries. It has an installed base of over 100,000 vehicles worldwide.

About Bombardier

Bombardier is the world’s only manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation. 

Bombardier is headquartered in Montréal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability World and North America indexes. In the fiscal year ended December 31, 2011, we posted revenues of $18.3 billion USD.

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. 54.33
UK Pound	1	Rs. 82.72
Euro	1	Rs. 69.82

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		39

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.