MIRA INFORM REPORT

Report Date :

30.04.2014

IDENTIFICATION DETAILS

Name :	BOSCH REXROTH (INDIA) LIMITED (w.e.f. 20.06.2011)
Formerly Known As :	REXROTH MANEKLAL INDUSTRIES LIMITED
Registered Office :	Sanand Viramgam Highway, Mouje Lyava Taluka Sanand – 382170, Gujarat
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	18.02.1974
Com. Reg. No.:	04-002468
Capital Investment / Paid-up Capital :	Rs. 63.509 Millions
CIN No.: [Company Identification No.]	U29120GJ1974PLC002468
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00364A
PAN No.: [Permanent Account No.]	AAACM9898F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Hydraulic Systems.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of “Bosch Rexroth Ag, Germany”. It is a well-established company having fine track record. The rating reflects company’s established position in the domestic market for industrial and mobile hydraulic solutions and marked by reputed customer profile and decent general financial position of the company. Further rating also reflects managerial and financial supported that company gets from its parent company. Trade relation are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding support, the company can be considered good 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based Cash credit: “AA-”
Rating Explanation	High degree of safety and very low credit risk.
Date	March 2014

Rating Agency Name	ICRA
Rating	Short Term Fund Based Limits: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 2014

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 :	Mr. Ramakant Shinde
Designation :	Manager
Contact No.:	91-22-66058817
Date :	23.12.2013

LOCATIONS

Registered Office/ Factory/ Corporate office :	Sanand Viramgam Highway, Mouje Lyava Taluka Sanand – 382170, Gujarat, India
Tel. No.:	91-22-66058817
Fax No.:	Not Available
E-Mail :	vanraj.rathod@boschrexorth.co.in shinde.rd@boschrexroth.co.in
Website:	http://www.boschrexroth.co.in
Factory 2:	Located at: Bangalore
Sales Office:	Ground Floor, B Wing, Plot No. 96, L.B.S. Marg
Branch Office:	Located at: Kolkata Chennai Jamshedpur Pune Delhi

DIRECTORS

As on: 25.06.2013

Name :	Mr. Karl Tragl
Designation :	Additional Director
Address :	Am Scholzenfeld 13, Partenstein, Germany-97846
Date of Birth/Age :	05.06.1962
Qualification :	Post Qualification
Date of Appointment :	22.02.2011
DIN No.:	03527241
Name :	Mr. Heribert Michael Ott
Designation :	Director
Address :	Birkigstrasse 13, Lohar Germany-97816
Date of Birth/Age :	15.10.1954
Qualification :	Post Qualification
Date of Appointment :	23.01.1999
DIN No.:	01639234
Name :	Mr. Johannes Thomas Grobe
Designation :	Managing director
Address :	3, Old No. 10, Midford, Garden Off. M. G. Road, Bangalore – 560001, Karnataka, India
Date of Birth/Age :	24.11.1965
Qualification :	Post Qualification
Date of Appointment :	01.08.2012
DIN No.:	06424758
Name :	Mr. Deepak Sitaldas Chellani
Designation :	Whole-time director
Address :	1201, Raj Heritage Tower, L. M. Road, Borivali (West), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	28.06.1964
Date of Appointment :	01.08.2012
DIN No.:	06433338
Name :	Mr. Ramaswamy Srinivas Pradeep
Designation :	Whole-time director
Address :	No. 1, 11^th Cross, GHBCS Layout, Basaveshwari Nagar, Bangalore – 560079, Karnataka, India
Date of Birth/Age :	14.04.1963
Date of Appointment :	01.08.2012
DIN No.:	06433529
Name :	Mr. Franz Hauber Xaver
Designation :	Director
Address :	No. 1, 11^th Cross, GHBCS Layout, Basaveshwari Nagar, Bangalore – 560079, Karnataka, India
Date of Birth/Age :	18.07.1959
Date of Appointment :	01.08.2012
DIN No.:	06485529

KEY EXECUTIVES

Name :	Mr. Vanrajsinh Ganpatsinh Rathod
Designation :	Secretary
Address :	Shraddha Associates, Opposite Laxmi Lime, Godagam, Ahmedabad – 382481, Gujarat, India
Date of Birth/Age :	26.10.1987
Qualification :
Date of Appointment :	25.06.2013
PAN No.:	AMJPR7847R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.06.2013

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 25.06.2013

Category	Percentage
Public Financial companies	0.01
Nationalized or other banks	0.03
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	96.98
Bodies corporate	0.22
Other top fifty shareholders	0.83
Others	1.93
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hydraulic Systems.

Products:

ITC Code	Products or Services
84798999	Other
84798999	Hydraulic Equipment
84798999	Electical Devices

PRODUCTION STATUS (AS ON : 31.12.2011)

Particulars	Unit	Installed Capacity	Actual Production
Hydraulic Equipments and Linear Motion Technology	Nos.	450000	352848

Notes:

(A) Since licensing of products of the Company has been discontinued, particulars of the licensed capacity have not been furnished.

(B) The Installed Capacity has been certified by the Company’s management and relied upon by the Auditors, this being a technical matter.

(C) Production of Hydraulic equipments excludes 65,122 Nos. (Previous Year : 77,498 Nos.) for captive use.

(D) The company manufactures spares, components etc., for use in the production of Hydraulic Systems as well as for sale. As no portion of the production of such spares, components etc., is specifically for sales, the quantitative details of actual production is not given.

GENERAL INFORMATION

No. of Employees :

900 (Approximately)

Bankers :

• Deutsche Bank, H S Marg, Mumbai - 400001, Maharashtra, India
• HDFC Bank Limited, Sanand – Viramgam, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2012	As on 31.12.2011
Long term borrowings
Working capital loans from banks	0.501	0.000
Total	0.501	0.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India
PAN No.:	AADFP9359C
Holding Company :	Bosch Rexroth AG, Germany
Ultimate Holding Company :	Robert Bosch GmbH, Germany
Subsidiaries :	MIVIN Engg. Technologies Private Limited, India CIN No.: - U29120KA2002PTC031230
Fellow Subsidiaries :	Bosch Limited, India Bosch Rexroth S.p.A., Italy Bosch Rexroth (China) Limited, China Bosch Rexroth BV, Netherlands Bosch Rexroth Filtration Systems GmbH, Germany Bosch Thermotechnik GmbH, Germany Robert Bosch Licensing Administration CV, Netherland Bosch Rexroth Korea Limited, South Korea Bosch Rexroth Ltda., Brazil Bosch Rexroth Pte Limited., Singapore Bosch Rexroth Oy, Finland Bosch Rexroth Schweiz AG, Switzerland Bosch Rexroth Sdn. Bhd., Malaysia Bosch Rexroth Teknik AB, Sweden PT. Bosch Rexroth, Indonesia Shanghai Bosch Rexroth Hydraulics and Automation Limited, China Bosch Automotive Electronics India Private Limited, India Bosch Chassis Systems India Limited, India Bosch Electrical Drives India Private Limited, India Bosch Rexroth Mellansel AB, Sweden Robert Bosch Engineering and Business Solutions Limited, India Bosch Rexroth Corporation, USA Bosch Rexroth DSI SAS, France Bosch Rexroth Oil Control S.p.A., Italy Bosch Rexroth Sp. z o. o., Poland Bosch Rexroth Otomasyon San. ve., Turkey Bosch Rexroth (Beijing) Hydraulics Company Limited, China Bosch Rexroth Mechatronics Gmbh, Germany Bosch Rexroth Beijing Hydraulics Company Limited, China Bosch Rexroth Corporation, Japan Bosch Rexroth A/S, Denmark Bosch Rexroth Electric Drives and Controls (Xi'an) Company Limited, China Bosch Rexroth Fluidtech SAS, France Bosch Rexoth Limited, United Kingdom Bosch Rexroth Company Limited, Taiwan Dalian Rexroth Control Technology Limited, China Bosch Rexroth (Changzhou) Company Limited, China Bosch Rexroth Services BV, Netherland Bosch (China) Investment Limited, China Bosch India Foundation, India
Entities where Key Management Personnel are able to exercise significant influence :	Bosch Rexroth Employees' Gratuity Trust Fund Bosch Rexroth (India) Limited Superannuation Fund

CAPITAL STRUCTURE

As on: 25.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs. 190.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6350920	Equity Shares	Rs.10/- each	Rs. 63.509 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	63.509	52.996
(b) Reserves & Surplus	1883.969	1385.482
(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)	1947.478	1438.478
(3) Non-Current Liabilities
(a) long-term borrowings	1250.000	1250.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	273.996	231.565
(d) long-term provisions	92.275	73.656
Total Non-current Liabilities (3)	1616.271	1555.221
(4) Current Liabilities
(a) Short term borrowings	1593.921	1585.460
(b) Trade payables	1305.040	1262.288
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	100.976	41.402
Total Current Liabilities (4)	2999.937	2889.150
TOTAL	6563.686	5882.849
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1108.752	1100.023
(ii) Intangible Assets	1.393	9.737
(iii) Capital work-in-progress	2020.941	1283.385
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	54.557	45.642
(d) Long-term Loan and Advances	189.950	242.636
(e) Other Non-current assets	3.738	3.182
Total Non-Current Assets	3379.331	2684.605
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1534.964	1262.682
(c) Trade receivables	1491.985	1805.386
(d) Cash and cash equivalents	66.136	44.171
(e) Short-term loans and advances	84.394	75.223
(f) Other current assets	6.876	10.782
Total Current Assets	3184.355	3198.244
TOTAL	6563.686	5882.849

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		52.996
2] Share Application Money		0.000
3] Reserves & Surplus		1394.729
4] (Accumulated Losses)		0.000
NETWORTH		1447.725
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1500.000
TOTAL BORROWING		1500.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		2947.725
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1031.592
Capital work-in-progress		585.804
INVESTMENT		0.000
DEFERREX TAX ASSETS		13.919
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1004.753
	Sundry Debtors	1580.865
	Cash & Bank Balances	165.782
	Other Current Assets	0.410
	Loans & Advances	178.239
Total Current Assets		2930.049
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1264.933
	Other Current Liabilities	245.081
	Provisions	103.625
Total Current Liabilities		1613.639
Net Current Assets		1316.410
MISCELLANEOUS EXPENSES		0.000
TOTAL		2947.725

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	5969.681	6157.718	4871.119
		Other Income	12.142	16.847	75.298
		TOTAL (A)	5981.823	6174.565	4946.417
Less	EXPENSES
		Cost of materials consumed	1779.320	1932.127
		Purchases of stock-in-trade	2625.799	2667.169
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(345.661)	(66.349)
		Employee benefit expense	621.293	574.097
		Other expenses	713.773	707.969
		TOTAL (B)	5394.524	5815.013	4413.425
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		587.299	359.552	532.992
Less	FINANCIAL EXPENSES (D)		273.905	263.063	121.827
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		313.394	96.489	411.165
Less/ Add	DEPRECIATION/ AMORTISATION (F)		101.617	99.043	96.989
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		211.777	(2.554)	314.176
Less	TAX (H)		79.128	6.692	119.397
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		132.649	(9.246)	194.779
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1173.200	1182.446	987.667
Add	ADJUSTMENT ON AMALGAMATION		85.680	0.000	0.000
	BALANCE CARRIED TO THE B/S		1391.529	1173.200	1182.446
	Earnings Per Share (Rs.)		20.89	(1.74)	35.13

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	2.21	(0.15)	3.94
Net Profit Margin (PBT/Sales)	(%)	3.55	(0.04)	6.45
Return on Total Assets (PBT/Total Assets}	(%)	4.71	(0.06)	7.90
Return on Investment (ROI) (PBT/Networth)		0.11	(0.01)	0.22
Debt Equity Ratio (Total Debt/Networth)		1.47	1.97	1.03
Current Ratio (Current Asset/Current Liability)		1.06	1.11	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	52.996	63.509
Reserves & Surplus	1,385.482	1,883.969
Net worth	1,438.478	1,947.478
long-term borrowings	1,250.000	1,250.000
Short term borrowings	1,585.460	1,593.921
Total borrowings	2,835.460	2,843.921
Debt/Equity ratio	1.971	1.460

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4,871.119	6,157.718	5,969.681
		26.413	(3.054)

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4,871.119	6,157.718	5,969.681
Profit	194.779	-9.246	132.649
	4.00%	-0.15%	2.22%

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	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.12.2012	As on 31.12.2011
Long term borrowings
Term loans from banks	1250.000	1250.000
Short term borrowings
Loans repayable on demand from banks	93.420	85.460
Loans repayable on demand from others	1500.000	1500.000
Total	2843.420	2835.460

CASE DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1429 of 2008

Status : PENDING

( Converted from : ST/2148/2008 )

CCIN No : 001092200801429

Last Listing Date:

11/05/2009

Coram

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN HONOURABLE MR.JUSTICE AKIL KURESHI

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX-I,

MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.

Name of the Respondant

Advocate On Record

1

BOSCH REXROTH (INDIA) LTD.

MR MANISH J SHAH for :Opponent(s)  1

Presented On

: 18/06/2008

Registered On

: 18/06/2008

Bench Category

: SINGLE BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 123 times

Stage Name

: FOR FINAL HEARING - TAX MATTERS

Act

INCOME-TAX ACT, 1961

LOWER COURT DETAILS

S.No.

Lower Court Case Detail

Lower Court Name

Judge Name

Judgment date

1

INCOME TAX APPLICATION/2820/2002

DISTRICT COURT, AHMEDABAD RURAL

-

31/08/2007

OFFICE DETAILS

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2008

VAKALATNAMA

MR MANISH J SHAH ADVOCATE for RESPONDENT(s)  1

-

MR MANISH J SHAH:1

2

15/08/2008

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1

-

MRS MAUNA M BHATT:1

3

16/10/2008

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1

6

MRS MAUNA M BHATT:1

4

29/11/2008

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1

-

MRS MAUNA M BHATT:1

LINKED MATTERS

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

TAX APPEAL/1458/2008

PENDING

-

- HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN  HONOURABLE MR.JUSTICE AKIL KURESHI

2

TAX APPEAL/1459/2008

PENDING

-

- HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN  HONOURABLE MR.JUSTICE AKIL KURESHI

3

TAX APPEAL/1460/2008

PENDING

-

- HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN  HONOURABLE MR.JUSTICE AKIL KURESHI

4

TAX APPEAL/1461/2008

PENDING

-

- HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN  HONOURABLE MR.JUSTICE AKIL KURESHI

COURT PROCEEDINGS

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

11/05/2009

1

-

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN  HONOURABLE MR.JUSTICE AKIL KURESHI

AVAILABLE ORDERS

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/1429/2008

HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN  HONOURABLE MR.JUSTICE AKIL KURESHI

01/07/2009

N

ORDER

-

Y

CERTIFIED COPY

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	02/07/2009	O/18927/2009	01/07/2009	07/07/2009	08/07/2009	Delivered	-

REVIEW OF OPERATIONS

For the year ended on 31st December, 2012, the Company has achieved Turnover of Rs. 5,969.680 million as against the Turnover of Rs.6,157.720 million during the previous year, representing decrease in Turnover of 3.05%. Result before Tax for the year was a profit of Rs. 211.780 million compared to a loss of Rs.2.550 million in the previous year, after considering exceptional and non-recurring items. Material costs as a percentage to sales decreased by 4.12% to 70.49%. Profit before interest, depreciation and taxes was 100.28% higher compared to previous year.

BUSINESS SITUATION

For Indian economy, the year 2012 started with weak notes and remained in that status throughout the year. The slowdown is not just confined to India. There has been a general slowdown in the global economy which has been passing through a rather prolonged phase of uncertainty. The slowdown has been all pervasive and almost all the sectors have been affected. The slowing growth rate in India can be explained in terms of both global factors and domestic factors. The growth rate of India’s exports declined. At the same time, however, the international price of crude oil remained high. India’s trade and current account deficit widened. Turning to domestic factors, rainfall in the monsoon season of 2012 has been below normal, particularly in the key months of June and July which affected sowing and resulted in lower growth rate of agriculture and allied sectors. However, due to backlog of previous year and synergies emerged out of merger of Hagglunds Drives (India) Private Limited with the company; we could manage to achieve our targets and to end up with profits. It is expected to grow further in future and has a positive outlook. Further infrastructure development, favorable government policies, and new investment in power projects, metals, oil and gas and petrochemical industries will lead to industrial and manufacturing growth which will boost growth in the engineering sector.

SANAND GREENFIELD PROJECT

As informed to you in the Directors’ Report for the year ended on 31-12-2011, the Company has purchased industrial land at Sanand near Ahmedabad and construction work of new premises has been completed. The Company’s factory premises along with Registered and Corporate Office have been shifted from Near Vatva Railway Station, Vatva, Ahmedabad – 382 445 to Sanand Viramgam Highway, Mouje Iyava, Taluka Sanand, Dist. Ahmedabad 382 170 with effect from 5th March, 2013.

Note: No Charges Exist for Company

FIXED ASSETS

• Leasehold Land
• Freehold Land
• Roads
• Building
• Plant and Machinery
• Electric Installations
• Furniture and Fixtures
• Computers
• Software
• Vehicles
• Jigs and Fixtures

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. 60.52
UK Pound	1	Rs. 101.77
Euro	1	Rs. 83.91

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		60

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.