1. Summary Information

		Country	India
Company Name	ISGEC HITACHI ZOSEN LIMITED	Principal Name 1	Mr. Aditya Ranjit Puri
Status	Satisfactory	Principal Name 2	Mr. Ravi Rattan Chand Jaidka
		Registration #	--
Street Address	Radaur Road, Yamuna Nagar – 135001, Haryana, India
Established Date	21.03.2012	SIC Code	--
Telephone#	91-1732-307228/ 307296	Business Style 1	Manufacturing of Heavy Engineering Items.
Fax #	--	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	--	Product Name 2	--
Paid up capital	Rs.1000.000 Millions	Product Name 3	--
Shareholders	Isgec Heavy Engineering Limited, India - 38249997	Banking	State Bank of Patiala
Public Limited Corp.	--	Business Period	01 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	Ba (41)
Related Company
Relation Holding Company	Country India	Company Name	Isgec Heavy Engineering Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,064,577,000	Current Liabilities	319,029,000
Inventories	293,676,000	Long-term Liabilities	--
Fixed Assets	7,984,000	Other Liabilities	19,731,000
Deferred Assets	3,107,000	Total Liabilities	338,760,000
Invest& other Assets	2,598,000	Retained Earnings	33,182,000
		Net Worth	1,033,182,000
Total Assets	1,371,942,000	Total Liab. & Equity	1,371,942,000
Total Assets (Previous Year)	--
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	--	Net Profit	33,182,000
Sales(Previous yr)	--	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

03.12.2013

IDENTIFICATION DETAILS

Name :	ISGEC HITACHI ZOSEN LIMITED
Registered Office :	Radaur Road, Yamuna Nagar – 135001, Haryana
Country :	India
Date of Incorporation :	21.03.2012
Com. Reg. No.:	05-045430
Capital Investment / Paid-up Capital :	Rs.1000.000 Millions
CIN No.: [Company Identification No.]	U28123HR2012PLC045430
TAN No.: [Tax Deduction & Collection Account No.]	RTKI01650F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Heavy Engineering Items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having satisfactory track record. Trade relations are improving. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing on a safe and secured trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Radaur Road, Yamuna Nagar – 135001, Haryana, India
Tel. No.:	91-1732-307228/ 307296
Fax No.:	Not Available
E-Mail :	jkchowdhery@isgec.com moriya@hitachizosen.co.jp takenaka@hitachizosen.co.jp matsuwake@hitachizosen.co.jp gulati@isgec.com jaidka@isgec.com apuri@isgec.com yamunashish@rediffmail.com
Website :	www.isgec.com
Location :	Owned
Factory :	13-B, GIDC, Industrial Estate, Dahej Bharuch, Ahmedabad – 392130, Gujarat, India
Tel. No.:	91-2641-305507
Fax No.:	91-2641-305500
E-Mail :	info@isgechitachizosen.com

DIRECTORS

AS ON 18.09.2013

Name :

Mr. Aditya Ranjit Puri

Designation :

Director

Address :

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

Date of Birth/Age :

04.12.1967

Date of Appointment :

21.03.2012

DIN No.:

00052534

Other Directorship :

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

Name :

Mr. Ravi Rattan Chand Jaidka

Designation :

Director

Address :

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

Date of Birth/Age :

15.08.1946

Date of Appointment :

21.03.2012

DIN No.:

00322627

Other Directorship :

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

Name :

Mr. Sanjay Satya Pal Gulati

Designation :

Managing Director

Address :

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

Date of Birth/Age :

17.02.1968

Date of Appointment :

13.04.2012

DIN No.:

05201178

Other Directorship :

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

Name :

Mr. Hisao Tomisauro Matsuwake

Designation :

Director

Address :

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

Date of Birth/Age :

16.07.1949

Date of Appointment :

21.03.2012

DIN No.:

05200900

Name :

Mr. Toshiya Shunsuke Takenaka

Designation :

Director

Address :

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

Date of Birth/Age :

20.01.1973

Date of Appointment :

21.03.2012

Name :

Mr. Eiji Masumi Moriya

Designation :

Director

Address :

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

Date of Birth/Age :

25.09.1958

Date of Appointment :

21.03.2012

DIN No.:

03536027

Other Directorship :

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

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.09.2013

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

AS ON 18.09.2013

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Heavy Engineering Items.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of Patiala Commercial Branch,, Chandralok Building, 36, Janpath , New Delhi - 110001, India

Banking Relations :	--
Auditors :	Not Available
Holding Company:	Isgec Heavy Engineering Limited, India
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Hitachi Zosen Corporation

CAPITAL STRUCTURE

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1000.000
(b) Reserves & Surplus	33.182
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1033.182
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	18.053
(d) long-term provisions	13.382
Total Non-current Liabilities (3)	31.435
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	42.835
(c) Other current liabilities	258.141
(d) Short-term provisions	6.349
Total Current Liabilities (4)	307.325
TOTAL	1371.942
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.834
(ii) Intangible Assets	1.150
(iii) Capital work-in-progress	2.598
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	3.107
(d) Long-term Loan and Advances	1.691
(e) Other Non-current assets	3.410
Total Non-Current Assets	18.790
(2) Current assets
(a) Current investments	0.000
(b) Inventories	293.676
(c) Trade receivables	74.076
(d) Cash and cash equivalents	873.686
(e) Short-term loans and advances	92.894
(f) Other current assets	18.820
Total Current Assets	1353.152
TOTAL	1371.942

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		TOTAL	NA
Less	EXPENSES
		TOTAL	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		50.464
Less/ Add	DEPRECIATION/ AMORTISATION		1.345
	PROFIT BEFORE TAX		49.119
Less	TAX		15.937
	PROFIT AFTER TAX		33.182

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	NA
Net Profit Margin (PBT/Sales)	(%)	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.62
Return on Investment (ROI) (PBT/Networth)		0.05
Debt Equity Ratio (Total Debt/Networth)		NA
Current Ratio (Current Asset/Current Liability)		4.40

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	No
12]	Profitability for last three years	No
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	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10424828	30/04/2013	600,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANP ATH , NEW DELHI - 110001, INDIA	B74812363

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.62.23
UK Pound	1	Rs.102.14
Euro	1	Rs.84.64

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.