MIRA INFORM REPORT

Report Date :

24.05.2013

7

IDENTIFICATION DETAILS

Name :	DOVER INDIA PRIVATE LIMITED
Registered Office :	Bagmane Laurel, 1st Floor, Block C, Bagmane Tech Park, C.V. Raman Nagar, Bangalore – 560093, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.03.1994
Com. Reg. No.:	08-054955
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U29141KA1994PTC054955
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in manufacturing of pumps and petroleum products and also engaged in providing engineering and software development services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 910000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Even though the company has recorded better growth in its revenue from its operations during 2012, there appears some dip in the profits. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	Bagmane Laurel, 1st Floor, Block C, Bagmane Tech Park, C.V. Raman Nagar, Bangalore – 560093, Karnataka, India
Tel. No.:	91-80-41123421/ 26271030
Mobile No.:	91-9500021307 (Mr. Ravi Prasad)
Fax No.:	Not Available
E-Mail :	doverindia@dovertech.co.in
Factory :	No. 40, Poonamalle, Bye Pass Senn, Chennai – 600056, Tamilnadu, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Sridhar Acharya

Designation :

Whole Time Director

Address :

573,22nd Cross,15th Main, HSR Layout, Sector-3, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

26.12.1970

Date of Appointment :

25.09.2012

DIN No.:

05341880

Name :

Dean Anthony Santucci

Designation :

Director

Address :

14, Lilac Drive, Syosset, New York – 11791, USA

Date of Birth/Age :

15.06.1959

Date of Appointment :

20.12.2003

DIN No.:

00242043

Name :

Mr. Joseph William Schmidt

Designation :

Director

Address :

531, Main Street, New York – 10044, USA

Date of Birth/Age :

06.07.1946

Date of Appointment :

20.12.2003

DIN No.:

00175187

Name :

Mr. Sivasankaran Somasundaram

Designation :

Director

Address :

99, Northgate Dr, The Woodlands, Texas – 77380, USA

Date of Birth/Age :

28.08.1965

Date of Appointment :

14.11.2008

DIN No.:

02426516

Name :

Homi Phiroze Ranina

Designation :

Alternate Director

Address :

Commonwealth, Flat No. 24, 6th Floor, 181, Backbay Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

19.10.1946

Date of Appointment :

20.12.2003

DIN No.:

00024753

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	L63040DL1981PLC011941	INTERNATIONAL TRAVEL HOUSE LIMITED	Director	01/08/1983	01/08/1983	-	Active	NO
2	U99999MH1959PLC011487	PENNWALT LIMITED	Director	12/09/1984	12/09/1984	-	Active	NO
3	L72900MH1980PLC022652	ZENITH COMPUTERS LIMITED	Director	29/06/1988	29/06/1988	20/08/2011	Active	NO
4	U29141KA1994PTC054955	DOVER INDIA PRIVATE LIMITED	Alternate director	20/12/2003	20/12/2003	-	Active	NO

Name :

Mr. Ananda Kumar Datta

Designation :

Managing Director

Address :

5822, Camed Glass Way, Raleigh – 27612, USA

Date of Birth/Age :

15.12.1958

Qualification :

B. Tech, MS, MBA

Experience :

30 Years

Date of Appointment :

05.09.2011

DIN No.:

02330111

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	U31401HR2007PTC040889	COOPER INDIA PRIVATE LIMITED	Director	06/10/2007	06/10/2007	21/09/2011	Active	NO
2	U31909PY1992PTC001760	COOPER BUSSMANN INDIA PRIVATE LIMITED	Director	25/09/2008	21/11/2007	22/08/2011	Active	NO
3	U33112TN1989PTC018507	MTL INSTRUMENTS PRIVATE LIMITED	Director	31/01/2009	31/01/2009	22/08/2011	Active	NO
4	U29141KA1994PTC054955	DOVER INDIA PRIVATE LIMITED	Managing director	05/09/2011	05/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Phaniraj
Designation :	Practising Company Secretary
Address :	No. 17,1 Floor, Subbarama Chetty Road, Basavangudi, Bangalore – 560004, Karnataka, India
Tel. No.:	91-80-26622418
Mobile No.:	91-9916941581
Qualification :	H.S, M.B.A, ACS
E-mail :	csphaniraj@gmail.com
Name :	Mr. Ravi Prasad
Designation :	Sales Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Dover (Switzerland) Holding LLC, Switzerland	3999333
Dover Engineered Systems Inc., USA	667
Total	4000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
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 :

The Subject is engaged in manufacturing of pumps and petroleum products and also engaged in providing engineering and software development services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India
PAN No.:	AAEFP3641G
Ultimate Holding Company:	Dover Corporation Inc., USA (Holding company of Dover Formation Holdings)
Holding Company :	Dover (Switzerland) Holding LLC, Switzerland Dover Luxembourg Finance Sari (Holding company of Dover (Switzerland) Holding LLC) Dover Luxembourg Holdings (Holding company of Dover Luxembourg Finance Sari) Dover Luxembourg SNC (Holds 100% shares of Dover Luxembourg Holdings) Dover Formation Holdings (Holds 76% interest in Dover Luxembourg SNC)
Fellow Subsidiaries :	Belvac Production Machinery Inc. USA Blackrner Colder Products Company Ceramic and Microwave Products Group, USA DEK International GMBH De-Ste-Co Asia Company Limited, Bangkok De-Ste Co Asia CPI De-Ste-Co Robohand Operations, US De-Ste Co Europe GMBH De-Ste-Co France De-Ste-Co IPG operations, USA De Ste Co Shanghai Company Limited Dieleciiic Laboratories Inc. Dover corporation web design Dover Czech Republic Dover Fluid Management, USA Dover C Switzerland) Holding LLC, Switzerland Dover Brazil Environmental Solutions Group, USA Everett Charles Technologies, USA Ferguson Beauregard Hell Asia Limited, Thailand Hill Phcenix Industrial Motion Controls Jewell Attachments LLC, USA Knappco/Civacon Multitest Elektronische System GmbH Neptune Chemical Norris
Related Party :	OK International (Web Design) OK International (UK) Limited OPW Fluid Transfer Group OPW Engineered Systems, USA OPW Fuel Management System, USA OPW Fueling Components (Qncinnati), USA OPW Fueling Components (Suzhou), China OPW Fuelling Components System -Smithfield Performance Motorsports Inc. Pump Management Services, USA Sargent Controls and Aerospace Sengenuity, Business Unit of Vectron International Swep international AB Swep Malaysia Sdn Bhd Syfer Txhnotogy Limited Tipper Tie Alpina Gmbh, Tipper Tie Technopack GMBH Tipper Tie, Apex Tulsa Winch Inc UNIFIED BRANDS, INC Vectror International, US Vehicle Service Group, LLC Waukesha Bearings WARN INDUSTRIES Wilden Pump and Engineering LLC, USA

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 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		40.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		188.476	176.991	161.124
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		228.476	216.991	201.124
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.288
2] Unsecured Loans		14.038	24.590	48.559
TOTAL BORROWING		14.038	24.590	48.847
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		242.514	241.581	249.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.446	71.442	65.185
Capital work-in-progress		0.116	2.242	6.394
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.974	41.144	42.998
	Sundry Debtors	108.692	78.444	47.062
	Cash & Bank Balances	63.967	63.793	53.980
	Other Current Assets	2.850	1.339	39.404
	Loans & Advances	83.766	68.882	46.750
Total Current Assets		353.249	253.602	230.194
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	132.141	42.928	28.616
	Other Current Liabilities	38.523	26.785	7.211
	Provisions	19.633	15.992	15.975
Total Current Liabilities		190.297	85.705	51.802
Net Current Assets		162.952	167.879	178.392
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		242.514	241.581	249.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		396.845	263.411
		Other Income		5.540	46.497
		TOTAL	548.414	402.385	309.908
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	533.614 (Including Depreciation)	360.939	267.762
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			41.446	42.146
Less/ Add	DEPRECIATION/ AMORTISATION			20.916	15.181
	PROFIT BEFORE TAX		14.800	20.530	26.965
Less	TAX		3.315	4.664	7.449
	PROFIT AFTER TAX		11.485	15.866	19.516
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		116.393	100.527	81.011
	BALANCE CARRIED TO THE B/S		127.878	116.393	100.527
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.136	8.161	4.735
		Software Revenue	215.165	190.526	169.647
		Support Charges	0.000	1.560	35.327
		Others	51.560	26.825	9.714
	TOTAL EARNINGS		270.861	227.072	219.423
	IMPORTS
		Raw Materials and Components	129.845	68.632	16.525
		Stock-in-trade	6.181	3.562	4.820
		Capital Goods	2.519	5.648	5.345
	TOTAL IMPORTS		138.545	77.842	26.690
	Earnings Per Share (Rs.)		2.87	3.97	4.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.09	3.94	6.30
Net Profit Margin (PBT/Sales)	(%)	NA	5.17	10.24
Return on Total Assets (PBT/Total Assets}	(%)	3.42	6.32	9.13
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.13
Debt Equity Ratio (Total Debt/Networth)		0.06	0.11	0.24
Current Ratio (Current Asset/Current Liability)		1.86	2.96	4.44

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	No
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	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered Office of the company has been shifted from 1, Shreya Apartments, 1015/4, Shivajinagar Near Deep Bunglow Chowk, Pune - 411016, Maharashtra, India to the present address w.e.f. 04.08.2010.

OPERATIONAL REVIEW AND FUTURE OUTLOOK:

The impact of difficult economic conditions and the global recession fell during last year has eased and during the immediate previous financial year ended 31.3.2012 all the major divisions of the Company have shown improved performance.

The company has recorded a total revenue - including other income and Net of Excise Duty of Rs. 548.414 Millions during the preceding financial year ended 31st March 2012 as against a total revenue- including other income and Net of Excise Duty of Rs.402.385 Millions achieved during financial year ended 31st March 2011.

The net profit figures for the financial year ended 31st March 2012 has come down from Rs.15.866 Millions registered during the financial year ended 31st March 2011 to Rs.11.485 Millions during the financial year ended 31st March 2012 mainly due to increase in the input material costs, other operational expense and rupee depreciation.

During the financial year the Company has continued to carry on the business under following divisions,

(i) Software Business (HC Division)

(ii) Manufacturing/ assembling of pumps, work-holding equipments, nozzles and Various Fluid Transfers Appliances (DFM India Division)

(iii) Fluid Transfer Appliances (OPW FT Division)

(iv) Fueling Components- Nozzles (OPW FC Division)

(v) Business Support activity (Corporate Divi sion)

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
External Commercial Borrowing from Dover (Switzerland) Holding LLC, the holding company	28.076	36.885
Less: Current maturities of long term debt	(14.038)	(12.295)
Total	14.038	24.590

Notes:

Details of Terms of Repayment of Long Term Borrowing:

The term loan CHF 2,500,000 availed from Dover (Switzerland) Holding IXC; is repayable m five equal annual Installments of CHF 500,000 each commencing from 15^th Januarys 2010 alongwith interest @ 6 months LIBOR plus 350 bps.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Sales tax liability for pending C forms	13.432	4.785
Income Tax matters under dispute*	11.962	11.962
Bank Guarantee	6.427	15.004

*In respect of Income Tax matters under dispute, Rs. 6.000 Millions has been paid by the Company under protest and is included in 'Advance Income Tax' under 'Short Term Loans and Advances’.

FIXED ASSETS

• Leasehold Improvement
• Plant and Machinery
• Electrical Installment
• Computer Systems
• Office Equipment
• Furniture and Fixture
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.