MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	TECHNIP INDIA LIMITED
Registered Office :	Technip Center, No. 19, Velachery Main Road, Guindy, Chennai – 600032, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1998
Com. Reg. No.:	18-040695
Capital Investment / Paid-up Capital :	Rs. 29.000 Millions
CIN No.: [Company Identification No.]	U24294TN1998PLC040695
PAN No.: [Permanent Account No.]	AAACT9034A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing solutions in Engineering, Procurement and Construction Business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 3377000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. There appears slight dip in its profitability during 2012. However, general financial strength seems to be strong. Liquidity position is good. There appears no external borrowing. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual 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 – 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

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 / Principal Office :	Technip Center, No. 19, Velachery Main Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22303100
Fax No.:	91-44-22300017
E-Mail :	tpil@technipindia.com tpil@technip.com
Website :	www.technipindia.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Shanker Karimpet

Designation :

Whole-time Director

Address :

Shivalaya, Plot # 238/12, Ganesh Avenu Sakthi Nagar, Porur, Chennai – 600116, Tamilnadu, India

Date of Birth/Age :

04.12.1948

Qualification :

B Tech (Mech.), M.B.A

Date of Appointment :

01.05.2012

DIN No.:

00101773

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	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Whole-time director	01-05-12	19-06-98	-	Active	NO
2	U72300TN1998PLC040081	Cherrytec Intelisolve Limited	Director	02-12-98	02-12-98	11-01-08	Active	NO
3	U64201TN1999PLC041778	Accuspeed Engineering Services India Limited	Director	05-04-02	05-04-02	31-03-10	Active	NO
4	U45201TN1987PLC014584	EDAC ENGINEERING LIMITED	Director	26-09-02	26-09-02	16-07-07	Active	NO
5	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	28-06-10	07-05-10	-	Active	NO

Name :

Nello Uccelletti

Designation :

Director

Address :

Vile Castello, Della Magliana, 68, Roma – 6400148, Italy

Date of Birth/Age :

02.04.1953

Qualification :

B.E. (Electrical)

Date of Appointment :

14.12.1999

DIN No.:

00121706

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	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Director	14-12-99	14-12-99	-	Active	NO
2	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Additional director	19-04-13	19-04-13	-	Active	NO

Name :

Jean Marc Aubry

Designation :

Nominee Director

Address :

6-8, Allee, Del Arche, Faubourg Del Arche, Zac Danton Courbe Voie, Paris France

Date of Birth/Age :

30.01.1957

Qualification :

Graduate Engineer

Date of Appointment :

17.07.2008

DIN No.:

02298450

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	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Nominee director	17-07-08	17-07-08	-	Active	NO
2	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	23-07-12	12-09-11	-	Active	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28-09-12	31-08-12	-	Active	NO

Name :

Florence Emmanuelle Sylvie Rocle

Designation :

Director

Address :

5, Rue Henri, Kapferer – 78360, Montesson, France

Date of Birth/Age :

07.05.1971

Qualification :

Certified Accountant

Date of Appointment :

28.09.2012

DIN No.:

03619968

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	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	23-07-12	12-09-11	-	Active	NO
2	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Director	28-09-12	27-03-12	-	Active	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28-09-12	31-08-12	-	Active	NO

Name :

Stephen Siegel

Designation :

Director

Address :

Flat – 1B, First Floor, Doshi Maris 36, Arch Bishop, Mathias Avenue, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

25.11.1976

Qualification :

Lawyer

Date of Appointment :

28.09.2012

DIN No.:

05237249

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	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Director	23-07-12	27-03-12	-	Active	NO
2	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Director	28-09-12	27-03-12	-	Active	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28-09-12	31-08-12	-	Active	NO

Name :

Samik Mukherjee

Designation :

Managing Director

Address :

Richmond Building, Flat no. 2202, 68, Hiranandani, Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

02.08.1970

Qualification :

B Tech (Chemical), M.B.A

Date of Appointment :

01.05.2012

DIN No.:

05240208

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	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Managing director	01-05-12	27-03-12	-	Active	NO
2	U24294TN1998PLC040695	TECHNIP INDIA LIMITED	Managing director	01-05-12	27-03-12	-	Active	NO
3	U74999MH2004PLC146295	TECHNIP E&C INDIA LIMITED	Director	28-09-12	31-08-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Technip France SAS, France	2899994
Jean Marc Aubfy	1
Stephen Siegel	1
Samik Mukherjee	1
Florence Rocle	1
Dr. A C Muthiah	1
Shanker K	1
Total	2900000

As on 28.09.2012

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 :

Providing solutions in Engineering, Procurement and Construction Business.

Products / Services :

ITC Code No.	Production/ Services Description
99831419	Engineering Services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	BNP Paribas, Prince Towers, Third Floor, 25/26, College Road, Chennai - 600006, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	S R BC and Company Chartered Accountants
Address :	6^th and 7^th Floor, A Block Tidel Park, (Module 601,701 and 702), No. 4, Rajiv Gandhi Salai, Taramani, Chennai – 600113, Tamilnadu, India
PAN No.:	AAAAA1234H
Holding Company :	Technip Italy S.p.A., Italy
Ultimate Holding Company :	Technip SA, France
Entities under common control :	Technip France, France Technip Abu Dhabi, UAE Cres Tech Engineering Limited, UK Technip Iberia, S.A Spain Technip KT India Limited, India Technip Oceania Private Limited Technip Benelux B.V, Benelux (Western Europe) Technip Geoproduction (M) Sdn.Bhd., Malaysia Technip Singapore Private Limited, Singapore Technip France Qatar, Quatar Technip USA Corporation, USA TSU Projects Technip Engineering (Thailand) Limited, Thailand PT Technip Indonesia, Indonesia Technip Norge AS, Norway Technip Brazil, Brazil Technip Far East Sdn.Bhd., Malaysia Technip Saudi Arabia Limited, Saudi Arabia Technip Net

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2900000	Equity Shares	Rs.10/- each	Rs. 29.000 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		29.000	29.000	29.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		815.276	616.821	551.570
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		844.276	645.821	580.570
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		0.000	0.000	2.885
TOTAL		844.276	645.821	583.455
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		189.037	205.745	181.712
Capital work-in-progress		0.000	0.000	7.179
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		7.403	3.873	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.653	8.206	5.708
	Sundry Debtors	738.394	654.740	539.724
	Cash & Bank Balances	237.274	323.524	280.782
	Other Current Assets	80.882	93.856	53.706
	Loans & Advances	220.456	181.420	195.835
Total Current Assets		1293.659	1261.746	1075.755
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	148.734	173.528	99.535
	Other Current Liabilities	455.509	382.155	275.262
	Provisions	41.580	269.860	306.394
Total Current Liabilities		645.823	825.543	681.191
Net Current Assets		647.836	436.203	394.564
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		844.276	645.821	583.455

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1859.989	1661.240	1603.585
		Other Income	120.336	77.924	24.886
		TOTAL (A)	1980.325	1739.164	1628.471
Less	EXPENSES
		Cost of materials consumed	0.000	0.000
		Changes in inventories of finished goods. Work in progress. Stock in trade	(8.447)	(2.498)
		Employee benefit expense	945.373	711.418
		Other Expenses	655.019	607.449
		TOTAL (B)	1591.945	1316.369	1231.976
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		388.380	422.795	396.495
Less	FINANCIAL EXPENSES (D)		4.820	2.186	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		383.560	420.609	396.495
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.249	45.730	37.389
	PROFIT BEFORE TAX (E-F) (G)		334.311	374.879	359.106
Less	TAX (H)		135.856	131.243	133.426
	PROFIT AFTER TAX (G-H) (I)		198.455	243.636	225.680
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		644.985	401.349	NA
Less	APPROPRIATIONS		NA	24.363	22.568
	BALANCE CARRIED TO THE B/S		NA	644.985	401.349
	EARNINGS IN FOREIGN CURRENCY		NA	1467.505	1328.752
	Earnings Per Share (Rs.)		68.43	84.01	77.82

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.02	14.00	13.86
Net Profit Margin (PBT/Sales)	(%)	17.97	22.56	22.39
Return on Total Assets (PBT/Total Assets}	(%)	22.55	25.03	28.56
Return on Investment (ROI) (PBT/Networth)		0.39	0.58	0.62
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.00	1.53	1.58

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

BACKGROUND:

The Company was incorporated on June 19, 1998 formed as a Joint Venture between Southern Petrochemical Industries Corporation Limited (SPIC) and Technipetrol SPA. The Company is presently a 100% subsidiary of Technip Italy SPA. The Company, headquartered in Chennai, takes up lump sum turnkey (LSTK) and lump sum series (LSS) contracts in the areas of refineries, petrochemicals, oil & gas, fertilizers, chemicals and other allied fields. The scope generally comprises engineering, procurement and construction (EPC) activities and may vary depending upon customer's specific requirements.

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. 56.57
UK Pound	1	Rs.86.15
Euro	1	Rs.73.64

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.