MIRA INFORM REPORT

Report Date :

13.11.2013

IDENTIFICATION DETAILS

Name :	STORK HKB INDIA PRIVATE LIMITED
Registered Office :	LG-17, Somdutt Chambers-I, 5, Bhikaji Cama Place, New Delhi - 110006
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.10.1998
Com. Reg. No.:	55-096650
Capital Investment / Paid-up Capital :	Rs.6.353 Millions
CIN No.: [Company Identification No.]	U74120DL1998PTC096650
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier of Dozers, Drills, Loaders, Under Carriages, Pipe Layers, Turbines, Centrifugal Compressors and Blowers and Centrifugal Air Compressors.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 124000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Company financials appears to be decent. Liquidity position seems to be strong. Trade relations reported to be fair. Business dealing 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 DECLINED

Management Non – Cooperative (91-11-26716517)

LOCATIONS

Registered Office :	LG-17, Somdutt Chambers-I, 5, Bhikaji Cama Place, New Delhi – 110006, India
Tel. No.:	91- 11-26716517/ 26174093
Fax No.:	91- 11-26197522
E-Mail :	storkdel@storkindia.com
Website:	www.storkindia.com
Corporate Office:	4^th Floor, Mohta Building, 4 Bhikaji Cama Place, New Delhi - 110066, India
Tel. No.:	91-11-26716517/26160904
Fax No.:	91-11-26197522
Stork Austria:	Reichsratsstrasse 11 / 3A, A – 1010, Vienna, Austria.
Tel. No.:	+43 (0) 1 402 68 09
Fax No.:	+ 43 (0) 1 402 68 09 10
E-Mail :	office@stork.at
Stork Russia:	Stork International GmbH, Shmitovsky proezd, 16, Bld. 2, 123100, Moscow, Russia
Tel. No.:	+7 495 646 3250
Fax No.:	+7 495 646 3251
E-Mail :	k_rao@storkgrp.ru

DIRECTORS

As on 05.09.2013

Name :

Mr. Brijendra Singh Raghav

Designation :

Managing director

Address :

F-264, Saraswati Kunj, I. P. Extension, Delhi – 110092, India

Date of Birth/Age :

15.11.1955

Date of Appointment :

01.04.2010

DIN No.:

00611237

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	U74120DL1998PTC096650	STORK HKB INDIA PRIVATE LIMITED	Managing director	01/04/2010	13/10/1998	-	Active	NO
2	U13100DL2006FTC155237	STORK FERRO AND MINERAL INDUSTRIES PRIVATE LIMITED	Director	06/11/2006	06/11/2006	15/12/2009	Active	NO
3	U74999DL2013PTC255853	TES ENERGY INDIA PRIVATE LIMITED	Director	25/07/2013	25/07/2013	-	Active	NO

Name :

Renu Raghav

Designation :

Nominee director

Address :

F-264, Saraswati Kunj, I. P. Extension, Delhi – 110092, India

Date of Birth/Age :

08.10.1963

Date of Appointment :

07.07.2011

DIN No.:

01274794

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	U74120DL1998PTC096650	STORK HKB INDIA PRIVATE LIMITED	Nominee director	07/07/2011	13/10/1998	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2013

Names of Shareholders	No. of Shares
Raghav Singh Brijendra	105000
Renu Raghav	105000
Stork International GMBH, Austria	425298
Total	635298

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2013

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	66.94
Directors or relatives of Directors	33.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier of Dozers, Drills, Loaders, Under Carriages, Pipe Layers, Turbines, Centrifugal Compressors and Blowers and Centrifugal Air Compressors.
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

· Karan Traders

· Mahalaxmi Industries

· Prachi Enterprises

· Shew Shakti Enterprise

· Shree Sai Enterprises

· Shree Shyam Fuel

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Vijaya Bank, Bhikaji Cama Place, Ansal Chambers-II, 6Africa Avenue B.C. Place, Delhi - 110066, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Vijaya Bank Car Loan 0074 (Secured against hypothecation of Car)	0.542	0.000
SHORT TERM BORROWINGS
Bill Discounting from JSC VTB Bank (Secured against bill of lading, invoice)	0.000	4.294
Total	0.542	4.294

Banking Relations :
Auditors :
Name :	Gopal Mittal and Associates Chartered Accountants
Address :	301-302 IIIrd Floor, Daryaganj, 79 Shyam Lal Agarwal, New Delhi – 110002, India
Tel. No.:	91-11-23282206
Fax No.:	91-11-23285390
PAN No.:	AAAFG9401F
Significant Influence (Holding Company) (Shareholding exceeding 20%) :	Stork International GmbH

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
635298	Equity Shares	Rs.10/- each	Rs. 6.353 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.353	5.422	4.323
(b) Reserves & Surplus	24.869	18.934	12.752
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	31.222	24.356	17.075
(3) Non-Current Liabilities
(a) long-term borrowings	0.542	0.000	0.000
(b) Deferred tax liabilities (Net)	0.050	0.021	0.029
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.592	0.021	0.029
(4) Current Liabilities
(a) Short term borrowings	0.000	4.294	0.000
(b) Trade payables	7.434	7.301	0.000
(c) Other current liabilities	1.343	0.830	0.547
(d) Short-term provisions	0.865	0.381	0.000
Total Current Liabilities (4)	9.642	12.806	0.547
TOTAL	41.456	37.183	17.651
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.595	0.678	0.591
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.975	0.977	0.317
(e) Other Non-current assets	0.539	0.722	0.043
Total Non-Current Assets	7.109	2.377	0.951
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.877	8.136	6.161
(c) Trade receivables	10.396	10.999	0.000
(d) Cash and cash equivalents	15.159	15.491	9.530
(e) Short-term loans and advances	0.886	0.138	0.617
(f) Other current assets	0.029	0.042	0.392
Total Current Assets	34.347	34.806	16.700
TOTAL	41.456	37.183	17.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	121.706	29.758	7.774
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.189	2.119	(0.586)
Less/ Add	DEPRECIATION/ AMORTISATION		0.331	0.181	0.173
	PROFIT/ (LOSS) BEFORE TAX		2.858	1.938	(0.759)
Less	TAX		NA	0.373	(0.005)
	PROFIT/ (LOSS) AFTER TAX		NA	1.565	(0.754)
	EARNINGS IN FOREIGN CURRENCY
		Services and Reimbursement of Expenses (excluding service tax)	19.704	12.442	7.424
	TOTAL EARNINGS		19.704	12.442	7.424
	IMPORTS
		Titanium Metal		2.104	3.939
		Rotor Assembly		0.421	0.000
	TOTAL IMPORTS		NA	2.525	3.939
	Earnings/ (Loss) Per Share (Rs.)		NA	3.16	(1.74)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.89	5.21	(4.30)
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	(0.04)
Debt Equity Ratio (Total Debt/Networth)		0.02	0.18	0.00
Current Ratio (Current Asset/Current Liability)		3.56	2.72	30.53

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	No
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	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:

Registered office of the company has been shifted from A-305, Somdutt Chambers-I, 5, Bhikaji Cama Place, New Delhi – 110066, Delhi India to the present address w.e.f 20.07.2012

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10410996	14/03/2013	600,000.00	VIJAYA BANK	BHIKAJI CAMA PLACE, ANSAL CHAMBERS-II, 6AFRICA AVENUE B.C. PLACE, DELHI, DELHI - 110066, INDIA	B70499561
2	10337708	04/10/2012 *	50,000,000.00	JSC VTB BANK	LOBBY, MEZZANINE FLOOR, THE TAJ MAHAL HOTEL, 1 M AN SINGH ROAD, NEW DELHI, DELHI - 110001, INDIA	B61122636
3	10004827	24/05/2006	6,000,000.00	VIJYA BANK	ANSAL CHAMMBER, BHIKAJI CAMMA PLACE, NEW DELHI, DELHI - 110066, INDIA	A01199546
4	80003719	11/02/2006	31,000,000.00	VIJAYA BANK	BHIKAJI CAMA PLACE, NEW DELHI, DELHI - 110066, INDIA	-

* Date of charge modification

FIXED ASSET

· Air Conditioner

· Car – Camry

· CAR (Mahindra XUV-500)

· Computer

· Computer Software

· EPABX

· Fax Machine

· Furniture and Fixture

· Invertors

· Vaccum Cleaner

· Voltage Stabilizer and Transformer

· Refrigerator

· Scanner

· Xerox Machine

· Mobile Phone

· Generators

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.63.59
UK Pound	1	Rs.101.56
Euro	1	Rs.85.15

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	KVT/ VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.