MIRA INFORM REPORT

Report Date :

14.10.2013

IDENTIFICATION DETAILS

Name :	KAESER COMPRESSORS INDIA PRIVATE LIMITED
Registered Office :	Plot No. 1 and 2, Survey No.297, 298 and 299, Indo German Technology Park, Village Urawade, Taluka Mulshi, District Pune-412108, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.09.2001
Com. Reg. No.:	11-017112
Capital Investment / Paid-up Capital :	Rs. 25.739 Millions
CIN No.: [Company Identification No.]	U29120PN2001PTC017112
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Suppliers of air compressor products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Kaeser Kompressoren AG, Germany’. It is an established company having a satisfactory track record. Even though the total income of the company has increased during 2012, there appears sharp dip in the profitability. However, trade relations are reported as decent. 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 – 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.

INFORMATION DECLINED BY

Name :	Ms. Anita
Designation :	Account Department
Contact No.:	91-22-66769215
Date :	11.10.2013

LOCATIONS

Registered Office / Factory :	Plot No. 1 and 2, Survey No.297, 298 and 299, Indo German Technology Park, Village Urawade, Taluka Mulshi, District Pune-412108, Maharashtra, India
Tel. No.:	91-20-66769240 / 66769205
Fax No.:	91-20-66769238
E-Mail :	Info.india@kaeser.com
Website :	www.kaeser.com

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Nitin Yalgur Yadwad

Designation :

Director

Address :

Bunglow No. A9, Vinit Society, LIC Colony, Kothrud, Pune-411029, Maharashtra, India

Date of Birth/Age :

08.03.1970

Date of Appointment :

17.11.2001

DIN No.:

00019313

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	U29120MH2001PTC133509	KAESER COMPRESSORS (INDIA ) PRIVATE LIMITED	Director	17/11/2001	17/11/2001	-	Not Available for eFiling	NO
2	U29120PN2001PTC017112	KAESER COMPRESSORS INDIA PRIVATE LIMITED	Director	17/11/2001	17/11/2001	-	Active	NO

Name :

Mr. Michael Bischoff

Designation :

Managing Director

Address :

Langwi Esstrasse 5, Mittelreidenbach, Germany-55758

Date of Birth/Age :

13.01.1957

Date of Appointment :

17.11.2001

DIN No.:

02196774

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	U29120PN2001PTC017112	KAESER COMPRESSORS INDIA PRIVATE LIMITED	Managing director	01/09/2008	17/11/2001	-	Active	NO

Name :

Mr. Franz Thomas Josef Kaeser

Designation :

Director

Address :

Koecherweg 2, Coburg-96450, Germany

Date of Birth/Age :

14.08.1953

Date of Appointment :

17.11.2001

DIN No.:

02375553

Name :

Mr. Kailash Raghvan Nair

Designation :

Director

Address :

Building Aditya Shagun B6/304, Ndapashan Road, Bavdhan, Pune-411021, Maharashtra, India

Date of Birth/Age :

15.10.1967

Date of Appointment :

20.01.2012

DIN No.:

05179310

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	U29120PN2001PTC017112	KAESER COMPRESSORS INDIA PRIVATE LIMITED	Director	28/09/2012	20/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anita
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Kaeser Kompressoren AG, Germany	2573938
Michael Bischoff	1
TOTAL	2573939

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
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 :

Manufacturer and Suppliers of air compressor products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
SHORT TERM BORROWINGS
Other Loans
Car Loan from ICICI Bank #	0.000	0.051
TOTAL	0.000	0.051

Banking Relations :	--
Auditors :
Name :	Vinay H Gupta and Associates Chartered Accountant
Address :	13, Central Lane, Babar Road, New Delhi-110001, India
PAN No.:	AAJPG4461G
Holding Company :	Kaeser Kompressoren AG, Germany
Associates :	Kaeser Kompressoren Pte. Limited, Singapore Kaeser Kompressoren SDN BHD, Malaysia Kaeser Voir 410001, France Kaeser Kompressoren AG, Switzerland

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
2573939	Equity Shares	Rs.10/- each	Rs. 25.739 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.739.	25.739
(b) Reserves & Surplus	269.883	261.906
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	295.622	287.645
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	60.000
(b) Deferred tax liabilities (Net)	9.831	4.738
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.831	64.738
(4) Current Liabilities
(a) Short term borrowings	293.695	53.560
(b) Trade payables	598.260	844.972
(c) Other current liabilities	86.620	70.880
(d) Short-term provisions	8.042	13.442
Total Current Liabilities (4)	986.617	982.854
TOTAL	1292.070	1335.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	293.538	271.888
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.123	0.242
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.219	1.724
(e) Other Non-current assets	12.515	8.822
Total Non-Current Assets	308.395	282.676
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	515.310	559.731
(c) Trade receivables	194.764	291.609
(d) Cash and cash equivalents	102.741	72.108
(e) Short-term loans and advances	159.258	118.007
(f) Other current assets	11.602	11.106
Total Current Assets	983.675	1052.561
TOTAL	1292.070	1335.237

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.739
2] Share Application Money		0.000
3] Reserves & Surplus		196.118
4] (Accumulated Losses)		0.000
NETWORTH		221.857
LOAN FUNDS
1] Secured Loans		0.337
2] Unsecured Loans		116.002
TOTAL BORROWING		116.339
DEFERRED TAX LIABILITIES		3.372
TOTAL		341.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		236.972
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	190.923
	Sundry Debtors	324.949
	Cash & Bank Balances	50.115
	Other Current Assets	0.000
	Loans & Advances	72.890
Total Current Assets		638.877
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	337.372
	Other Current Liabilities	183.006
	Provisions	13.903
Total Current Liabilities		534.281
Net Current Assets		104.596
MISCELLANEOUS EXPENSES		0.000
TOTAL		341.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1820.922	1444.411	887.117
		Other Income	24.401	23.445
		TOTAL (A)	1845.323	1467.856	887.117
Less	EXPENSES
		Office Expenses	1806.820	1347.894	815.807
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1806.820	1347.894	815.807
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.503	119.962	71.310
Less	FINANCIAL EXPENSES (D)		15.798	9.724	2.052
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.705	110.238	69.258
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.790	12.392	4.736
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		9.915	97.846	64.522
Less	TAX (H)		5.103	32.058	23.949
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.812	65.788	40.573
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		261.905	196.117	155.544
	BALANCE CARRIED TO THE B/S		266.717	261.905	196.117
	EARNINGS IN FOREIGN CURRENCY		26.389	NA	NA
	Earnings Per Share (Rs.)		1.87	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.26	4.48	4.57
Net Profit Margin (PBT/Sales)	(%)	0.54	6.77	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.37	7.33	7.37
Return on Investment (ROI) (PBT/Networth)		0.03	0.34	0.29
Debt Equity Ratio (Total Debt /Networth)		0.99	0.39	0.52
Current Ratio (Current Asset/Current Liability)		1.44	1.14	1.20

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	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	No
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOAN

PARTICULARS	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Deutsche Bank *	0.000	60.000
SHORT TERM BORROWINGS
Term Loans
Deutsche Bank*	60.000	10.000
Loans repayable on demand
Cash Credit @	232.042	42.760
Deposits
Deposits / Safety Retentions Received from Dealers	1.653	0.750
TOTAL	293.695	113.510
NOTES *Number and amount of installments due - One installment of Rs. 60.000 Millions due on October 2012, the applicable rate of interest @ 11.75% p.a. Corporate guarantee is given, to Deutsche Bank by the holding company Kaeser Kompressoren AG against unsecured loan, repayable in five years. @ The applicable rate of interest @ 11% p.a. on Cash Credit. Corporate guarantee is given, to Deutsche Bank by the holding company Kaeser Kompressoren AG against Cash Credit and repayable on demand. # Car Loans are secured by hypothecation of Vehicle and last installment paid on 1st August 2011

NOTE

Registered office has been shifted from Survey No.255/1, Hinjewadigaon, Taluka Mulshi, Pune-411027, Maharashtra, India to the present address w.e.f. 15.10.2007.

OPERATIONS AND FUTURE PROSPECTS

Overcoming the global financial turmoil the Company has managed to increase in revenue from operations to Rs. 1820.922 Millions from Rs. 1444.411 Millions and the total income has increased to Rs. 1845.323 Millions of the Company as compare to last year Rs. 1467.856 Millions and the net profit for the year is Rs. 4.812 Millions as compare to last year’s profit of Rs. 65.788 Millions.

However during the financial year Company’s profitability was hampered due to rise in the raw material costs and other administrative costs, unfavorable market condition and global recessionary trend.

During the period, the Company has acquired and purchased land bearing Gat no. 301 in Urawade and adjoining, adjacent to Company’s present location. The same will be available for operations of the Company by the financial year 2012-2013.

Considering the upcoming business opportunities the Directors are hopeful of achieving better growth in Company’s turnover and profits in the current financial year.

INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

• Land and Building
• Vehicles
• Furniture and Fixtures
• Office Equipments
• Computer Equipments
• Plant and Machinery

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.61.16
UK Pound	1	Rs.97.77
Euro	1	Rs.82.78

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	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		48

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.