MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	TAKRAF INDIA PRIVATE LIMITED (w.e.f 17.09.2007)
Formerly Known As :	MAN TAKRAF INDIA PRIVATE LIMITED
Registered Office :	94/3, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.12.1995
Com. Reg. No.:	18-033942
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U74140TN1995PTC033942
TAN No.: [Tax Deduction & Collection Account No.]	CHEM02303A
PAN No.: [Permanent Account No.]	AAACM4525F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in planning, design, manufacture and supply of plants, systems and equipment in the area of open-cast mining and bulk material handling.
No. of Employees :	200 (Approximately)

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

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seem sto be sound and healthy. Liquidity position of the company is decent. Trade relatiosn are fair. Busienss is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Vinod
Designation :	Assistant Manager
Contact No.:	91-9952938447
Date :	26.12.2014

LOCATIONS

Registered Office :	94/3, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24995514
Mob. No.:	91-9952938447
Fax No.:	91-44-24996451
E-Mail :	takraf.in@takraf.com rajagopalan@takraf.com takraf.in@tenova.com
Website :	www.takraf.co.in
Area :	About 3000 sq. ft
Location :	Leased

DIRECTORS

As on 29.09.2014

Name :

Mr. Thomas Eckel

Designation :

Director

Address :

Lubeuger Str., 27, Scharbeutz, Germany 23684

Date of Birth/Age :

17.01.1953

Date of Appointment :

28.06.2006

DIN No.:

01617131

Name :

Mr. Robert Altrichter

Designation :

Director

Address :

Ritterstrasse, 36, Leipzig, Germany 04109

Date of Birth/Age :

26.04.1953

Date of Appointment :

22.12.1995

DIN No.:

01657958

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	U74140TN1995PTC033942	TAKRAF INDIA PRIVATE LIMITED	Director	22-12-1995	22-12-1995	-	Active	NO
2	U74900MH2007PTC173426	VENTI OELDE INDIA PRIVATE LIMITED	Director	24-08-2007	24-08-2007	11-03-2014	Active	NO

Name :

Mr. Rajagopalan Ramanathan

Designation :

Director

Address :

Flat C, Nutech Vaibhav, No.57. 53^rd Street, Ashok Nagar, Chennai – 600083, Tamilnadu, India

Date of Birth/Age :

24.04.1966

Date of Appointment :

10.09.2009

PAN No.:

AAEPR4886K

DIN No.:

02584122

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	U74140TN1995PTC033942	TAKRAF INDIA PRIVATE LIMITED	Director	10-09-2009	10-10-2008	-	Active	NO

Name :

Mr. Kalyanakrishna Gopal

Designation :

Director

Address :

4-6-3, Arhant Majestic Tower, Koyambedu, Chennai – 600107, Tamilnadu, India

Date of Birth/Age :

16.10.1959

Date of Appointment :

10.09.2009

PAN No.:

AADPG8200B

DIN No.:

02584125

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	U74140TN1995PTC033942	TAKRAF INDIA PRIVATE LIMITED	Director	10-09-2009	10-10-2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinod
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Takraf GmbH, Germany	24999
Robert Altrichter	1
Total	25000

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	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 :

Subject is engaged in planning, design, manufacture and supply of plants, systems and equipment in the area of open-cast mining and bulk material handling.

Products :

Item Code No. (ITC Code)	Product Description
84313910	Conveyors, Elevators and Moving Equipments, etc. Grouped as Bulk Material Handling System

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Korea

· Nigeria

· Tanzania

· US

Imports :

Products :

Raw Material

Countries :

Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT DIVULGED

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Wholesalers, Retailers, Manufacturer

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	ABN Amro Bank
Branch:	Chennai, Tamilnadu, India
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· State Bank of India

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAEFP5579P
Holding Company:	Takraf GmbH, Germany
Ultimate Holding Company:	San Faustin S.A., Luxembourg
Intermediate Holding Companies:	· Techint Holdings S.A.R.L, Luxembourg · Arotec Investment BV, Netherland · Techint Europeon Holdings (Netherland) BV, Netherland · Techint Industrial Corporation S.p.A, Italy · Tenova S.p.A, Italy
Fellow Subsidiary Companies:	· Tenova Industrial Technologies (Beljing) Company Limited · Tenova Mining and Minerals (Pty) Limited · Tenova Mining and Minerals Usa Inc · Techint Engineering Company Inc., Buenos Aires, Argentina · Takraf Australia Pty. Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500	2.500	2.500
(b) Reserves & Surplus	244.751	79.081	42.477
(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)	247.251	81.581	44.977
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.028
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.567	0.000	0.000
(d) long-term provisions	2.678	1.128	14.288
Total Non-current Liabilities (3)	4.245	1.128	14.316
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	409.879	178.677	209.590
(c) Other current liabilities	794.864	432.923	146.393
(d) Short-term provisions	21.449	39.964	50.988
Total Current Liabilities (4)	1226.192	651.564	406.971
TOTAL	1477.688	734.273	466.264
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.590	18.557	16.670
(ii) Intangible Assets	3.009	2.799	2.717
(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)	21.589	12.619	10.998
(d) Long-term Loan and Advances	20.505	1.832	3.772
(e) Other Non-current assets	220.512	32.923	0.116
Total Non-Current Assets	296.205	68.730	34.273
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.827	113.434	6.950
(c) Trade receivables	452.515	197.777	179.574
(d) Cash and cash equivalents	509.225	157.847	192.655
(e) Short-term loans and advances	84.686	161.776	50.900
(f) Other current assets	84.230	34.709	1.912
Total Current Assets	1181.483	665.543	431.991
TOTAL	1477.688	734.273	466.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			1017.828
		Other Income			45.301
		TOTAL (A)			1063.129
Less	EXPENSES
		Cost of materials and installation charges			695.992
		Changes in inventories of stock-in-trade			(1.029)
		Employee benefits expense			108.493
		Other expenses			115
		TOTAL (B)	NA	NA	918.456
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				144.673
Less	FINANCIAL EXPENSES (D)				9.075
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				135.598
Less/ Add	DEPRECIATION/ AMORTISATION (F)				7.432
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		239.434	54.414	128.166
Less	TAX (H)		73.765	17.809	45.811
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		165.669	36.605	82.355
	EARNINGS IN FOREIGN CURRENCY
		Export sales	0.000	0.000	75.160
		Export of services
		- Export of Design Engineering Services	50.168	94.483	60.365
		- Annual maintenance contracts	0.000	1.705	3.659
		- Supervision services	6.865	2.800	0.000
	TOTAL EARNINGS		57.033	98.988	139.184
	IMPORTS
		Raw Materials	NA	8.966	0.240
	TOTAL IMPORTS		NA	8.966	0.240
	Earnings / (Loss) Per Share (Rs.)			1464.00	3294.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	8.09
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	14.21
Return on Total Assets (PBT/Total Assets}	(%)	16.44	7.54	28.15
Return on Investment (ROI) (PBT/Networth)		0.97	0.67	2.85
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.96	1.02	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.500	2.500	2.500
Reserves & Surplus	42.477	79.081	244.751
Net worth	44.977	81.581	247.251
long-term borrowings	0.028	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.028	0.000	0.000
Debt/Equity ratio	0.001	0.000	0.000

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

GENERAL INFORMATION

The Company is engaged in the business of planning, design, manufacture and supply of plants, systems and equipment in the area of open-cast mining and bulk material handling. The Company has its registered office at Chennai. The Company is a wholly owned subsidiary of Takraf GmbH, Germany.

BUSINESS

The Company has during the last financial year secured major contract for the Design Engg, manufacture, supply, Supervision of Erection and Commissioning Stockyard Equipments and Mining Equipment, Rejuvenation contract from Mining Company and Cement plants such as Neyveli Lignite Corporation, Samsung Engineering Corporation, Korea, Toyo Engineering Corporation, Japan, PT Semen, Indonesia, Losche India Private Limited, Emami Cements and Ultratech Cements Infrastructure Ltd., etc., for a value of INR 1780 million.

During the year their company was actively involved in executing Neyveli Lignite Corporation, Dalmiya Cements, Kansanshi Mining PLC, IOT Infrastructure and Mangalam Cements Cements, City Cements Company Limited, and some of the systems were successfully commissioned.

The Company is assisting the parent company by performing project engineering / Detailed Engineering for various projects in Europe, China, North America and Middle East. The Company has made bids for several projects in Cement, Steel and Power sectors. The Indian Economy witnessed a growth rate of 5.4-5.9% during this time.

COLLABORATORS / PRINCIPALS

Their principals and the collaborators have extended their valuable support and understanding which has contributed greatly to the progress and standing of the company for which the Directors would like to thank them.

FIXED ASSETS

Tangible assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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 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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--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		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.