MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	TRUETZSCHLER INDIA PRIVATE LIMITED (w.e.f.21.05.2010)
Formerly Known As :	TRUMAC ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	43, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400023, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	02.07.1977
Com. Reg. No.:	11-019735
Capital Investment / Paid-up Capital :	Rs. 73.650 Millions
CIN No.: [Company Identification No.]	U28100MH1977PTC019735
PAN No.: [Permanent Account No.]	AAACT2153N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile Machinery and its Spare Parts.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 5170000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “ABIC GmbH”. It is a well established company having good track record. There appears slight dip in sales and profit during 2012. However, general financial strength of the company seems to be strong. Liquidity position is good. The company gets strong managerial and technical support from its holding company. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : A
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	January 2013

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.

INFORMATION PARTED BY

Name :	Mr. Girish Mulchandani
Designation :	Finance Department
Contact No.:	91-22-66766200
Date :	10.06.2013

LOCATIONS

Registered Office :	43, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400023, Maharashtra, India
Tel. No.:	91-22-22872245
Fax No.:	91-22-22041690
E-Mail :	G_m_mulchandani@ateindia.com ate_fort@ateindia.com pashah@truetzschler.in
Website :	www.truetzschler.in
Factory :	N.I.D.C. Estate, Near Lambha Village, Post Narol Ahmmedabad – 382405, Gujarat, India
Tel. No.:	91-79-25710608/ 30411100
Fax No.:	91-79-25710617
E-Mail :	central@truetzschler.in

DIRECTORS

AS ON 03.05.2013

Name :	Mr. Anuj Atul Bhagwati
Designation :	Director
Address :	Nishant, 6 M. L. Dahanukar Marg, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	06.10.1968
Date of Appointment :	30.09.2005
Voter ID No.:	MT/04/024/231513
DIN No.:	00094776
Name :	Heinrich Karl Gerhard Trutzschler
Designation :	Director
Address :	Schomolder Strasse, 92 41239, Monchengladbach 2, Germany
Date of Birth/Age :	28.02.1957
Date of Appointment :	31.03.2006
DIN No.:	00240511
Name :	Dirk Burger
Designation :	Director
Address :	Nikolaus-Lauxen, Street-10, Pulheim 50259, Germany
Date of Birth/Age :	09.11.1960
Date of Appointment :	01.01.2009
DIN No.:	02238034
Name :	Mr. Michael Schurenkramer
Designation :	Director
Address :	Schomolder Strasse, 253 41239, Monchengladbach , Germany
Date of Birth/Age :	17.11.1954
Date of Appointment :	31.03.1995
DIN No.:	00222384
Name :	Mr. Jayesh Priyakant Bhatt
Designation :	Director / Senior Vice President (Operations)
Address :	17 B, Madhu Kunj Society, Near Kashivishw Anath, Mahadev, Maninag AR East, Ahmedabad - 380008, Gujarat, India
Date of Birth/Age :	10.03.1956
Qualification :	B.com, AICWA, FCA
Experience :	27 Years
Date of Appointment :	30.09.2005
DIN No.:	00119536

KEY EXECUTIVES

Name :	Mr. Girish Mulchandani
Designation :	Finance Department
Name :	Mr. Parth Alpeshkumar Shah
Designation :	Secretary
Address :	B/9, Parasmani Society, Jawahar Chowk, Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	16.11.1987
Date of Appointment :	30.08.2012
PAN No.:	CMMPS9165G
Name :	Mr. Thomson Joseph
Designation :	Sr. Vice President (Technical)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.05.2013

Names of Shareholders	No. of Shares
A.T.E. Private Limited, India	368250
ABIC GmbH, Germany	6996750
Total	7365000

AS ON 03.05.2013

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]	95.00
Bodies corporate	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Machinery and its Spare Parts.

Products/ Services :

ITC Code No.	Product Descriptions
84451110	Engineering and Textile Machinery

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

800 (Approximately)

Bankers :

The Karur Vysya Bank Limited, Sakar VII, B Block, Near Nehru Bridge Corner, Ashram Road, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loans	31.12.2012	31.12.2011
	(Rs. In Millions)
Working capital loans from Banks	36.190	0.000
Total	36.190	0.000

Banking Relations :	--
Auditors :
Name :	N.A Shah Associates Chartered Accountants
Address :	B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFN5380N
Holding company :	ABIC GmbH is holding 95% of share capital in the Company
Fellow subsidiaries of Holding Company i.e. ABIC GmbH:	Ø Truetzschler Textile Machinery (Shanghai) Company Limited Ø Truetzschler Industria e Comercio de Maquinas Limited Ø American Truetzschler Inc. Ø Truetzschler Nonwovens GmbH
Associates of Holding Company i.e. ABIC GmbH :	Ø Truetzschler GmbH and Company KG Ø Truetzschler Card Clothing GmbH
Joint venture :	Kostwein India Company Private Limited [U29100GJ2009PTC058301]
Other related parties :	Ø A.T.E. Enterprises Private. Limited [U51503MH2001PTC132921] Ø A.T.E. Private Limited [U74140MH1971PTC015101] Ø Zinser Textile Systems Private Limited [U29260MH2002PTC137202] Ø Trumac Employees Group Gratuity Trust Ø Trumac Engineering Company Limited Officers, Superannuation Trust Ø The Ruby Mills Limited (upto 21st November 2011)

CAPITAL STRUCTURE

AS ON 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,365,000	Equity Shares	Rs. 10/- each	Rs. 73.650 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2012	31.12.2011	31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		73.650	73.650	73.650
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1218.977	1187.505	1049.206
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1292.627	1261.155	1122.856
LOAN FUNDS
1] Secured Loans		36.190	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		36.190	0.000	0.000
DEFERRED TAX LIABILITIES		41.466	38.097	29.106
TOTAL		1370.283	1299.252	1151.962
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1104.666	966.745	599.262
Capital work-in-progress		0.000	0.000	158.548
INVESTMENT		138.959	297.147	391.896
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	946.249	1025.464	842.514
	Sundry Debtors	359.938	255.450	124.625
	Cash & Bank Balances	61.744	38.786	178.327
	Other Current Assets	149.352	150.777	14.454
	Loans & Advances	98.846	140.900	192.720
Total Current Assets		1616.129	1611.377	1352.640
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	527.933	787.989	593.794
	Other Current Liabilities	744.861	631.198	700.157
	Provisions	216.677	156.830	56.433
Total Current Liabilities		1489.471	1576.017	1350.384
Net Current Assets		126.658	35.360	2.256
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1370.283	1299.252	1151.962

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	3419.980	3890.670	2657.590
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		482.290	503.190	413.240
Less	FINANCIAL EXPENSES (D)		20.060	8.760	7.050
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		462.230	494.430	406.190
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.020	98.540	75.280
	PROFIT BEFORE TAX (E-F) (G)		347.210	395.890	330.910
Less	TAX (H)		109.510	129.190	100.440
	PROFIT AFTER TAX (G-H) (I)		237.700	266.700	230.470
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		310.930	282.620	178.030
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	110.000	40.000
		Interim Dividend	73.650	36.830	73.650
		Tax on Interim Dividend	11.950	5.970	12.230
		Final Dividend	103.110	73.650	0.000
		Tax on Final Dividend	17.520	11.940	0.000
	BALANCE CARRIED TO THE B/S		312.400	310.930	282.620
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export			358.099
		Engineering Services			3.199
		Expenses Recovered			15.839
		Sales of Goods (inclusive of Taxes)			2.109
	TOTAL EARNINGS		531.640	518.570	379.246
	IMPORTS
		Raw Materials			886.348
		Tools & Spares			9.935
		Capital Goods			189.166
	TOTAL IMPORTS		NA	NA	1085.449
	Earnings Per Share (Rs.)		32.27	36.21	31.29

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
Net Profit Margin (PBT/Sales)	(%)	10.15	10.18	12.45
Return on Total Assets (PBT/Total Assets}	(%)	12.76	15.36	16.95
Return on Investment (ROI) (PBT/Networth)		0.27	0.31	0.29
Debt Equity Ratio (Total Debt/Networth)		0.03	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.09	1.02	1.00

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.12.2012	31.12.2011	31.12.2010
	(Rs. In Millions)
Trade payable	527.933	787.989	593.794

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

The sales turnover of the company for the year 2012 is Rs. 3419.980 millions as compared to Rs. 3890.670 millions for the previous year. The profit before tax of the Company has been Rs.347.210 millions as compared to Rs. 395.890 millions during the previous year. The profit after tax has been Rs. 237.700 millions as compared to Rs. 266.700 millions during the previous year. The sales for the year 2012 was lower by 12% mainly due to sluggish market during the year. During the year the Company has sold Blow Room Machinery of Rs. 687.340 millions, 505 Nos. High Production Cards of Rs. 1527.890 millions and 86 Nos. Draw Frames of Rs. 165.480 millions to various mills, which are working satisfactorily. Firm Orders at the end of the year stood at Rs. 3238.000 millions as against Rs. 3882.000 millions at end of previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28100MH1977PTC019735
Name of the company	TRUETZSCHLER INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	43, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400023, Maharashtra, India Email: pashah@truetzschler.in
This form is for	Modification of charge
Charge identification number of the modified	90229720
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	The Karur Vysya Bank Limited, Sakar VII, B Block, Near Nehru Bridge Corner, Ashram Road, Ahmedabad - 380009, Gujarat, India Email: babuk@kvbmail.com
Nature of description of the instrument creating or modifying the charge	Memorandum For Registration Agreement For Credit Facilities
Date of instrument Creating the charge	28.09.2012
Amount secured by the charge	Rs. 360.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest KVB Base Rate + 1.25% Terms of Repayment Re-Payable on Demand. Margin OCC- 25 %. PCL- 25%. PCFC- 25%. ILC/FLC- 10% BG-10%. Extent and Operation of the charge Hypothecation of the current assets of the company as per agreement of credit facilities. Mortgage of the assets of the company as per memorandum of registration.
Short particulars of the property charged	All that piece and parcel of non agricultural constructed freehold property S. no. 1550, 521, 531, 494, 507, 509 ad measuring 50214.93 sq. mtrs at Mouje: Vatva, Taluka- Daskroi, Ahmedabad. Plot No. 131 to 135, 151 to 162, Block No. 2, situate lying and being at Moauje: Vatva, in Taluka-Daskroi, Ahmedabad.
Date of Modification	25.02.2009
Particulars of the present modification	Enhancement of working capital limits from Rs. 290.000 Millions to Rs. 360.000 Millions.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Factory building

Ø Plant and equipment

Ø Factory equipments

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Other equipments

Ø Know-how

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. 56.74
UK Pound	1	Rs. 88.53
Euro	1	Rs. 75.20

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

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	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		55

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.