MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	ATLAS COPCO (INDIA) LIMITED
Registered Office :	Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411 012, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.01.1960
Com. Reg. No.:	25-020566
Capital Investment / Paid-up Capital :	Rs.225.616 millions
CIN No.: [Company Identification No.]	U27106PN1960PLC020566
TAN No.: [Tax Deduction & Collection Account No.]	PNEA00074E
PAN No.: [Permanent Account No.]	AAACA4074D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of air and gas compressors, construction and mining equipment, and industrial tools.
No. of Employees :	2382 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 41515000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having a fine track record. Financial position of the company seems to be strong. Performance capability is high. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal 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 – 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	CRISIL
Rating	Long Term Rating: AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	October 10, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	October 10, 2013

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. Anant Narayan Bavare
Designation :	Company Secretary
Contact No.:	91-9326653917
Name :	Mr. Kapil
Designation :	Accounts Manager
Contact No.:	91-20-39857035
Date :	27.05.2014

LOCATIONS

Registered/ Corporate/ Head Office/ Factory 1 :	Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411 012, Maharashtra, India
Tel. No.:	91-20-30722222/ 39852455/ 39852100/ 39852543/ 2411/ 2416/ 2260
Mobile No.:	91-9326653917 (Mr. Anant Narayan Bavare)
Fax No.:	91-20-27147928/ 39852070/ 39852016
E-Mail :	anant.bavare@in.atlascopco.com anand.daga@in.atlascopco.com investors.grievances@in.atlascopco.com
Website :	www.atlascopco.in
Factory 2 :	Plot No.90, MIDC, Industrial Area, Satpur, Nashik – 422 007, Maharashtra, India
Factory 3 :	301/302, LBS Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India
Factory 4 :	146/2, Sector-I, Lane 8, IDA, Phase – II, Cherlapally, Hyderabad – 500 051, Andhra Pradesh, India

DIRECTORS

AS ON 23.09.2013

Name :

Mr. Anilkumar Jewraj Hirjee

Designation :

Director

Address :

Flat No.9, Battery House, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

14.05.1939

Qualification :

Graduate

Date of Appointment :

20.12.1988

Voter ID No.:

MT/024/231668

DIN No.:

00044765

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	U74220MH1960PLC011691	WADIA TECHNO - ENGINEERING SERVICES LIMITED	Director	15/03/1983	15/03/1983	05/12/2007	Active	NO
2	L24100MH1974PLC017773	CITURGIA BIOCHEMICALS LIMITED	Director	21/09/1983	21/09/1983	10/04/2007	Active	NO
3	U63090MH1973PTC016873	CHIKA PRIVATE LIMITED	Director	16/09/1984	16/09/1984	-	Active	NO
4	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Director	20/12/1988	20/12/1988	-	Active	NO
5	U74999MH1991PLC059856	WADIA BSN INDIA LIMITED	Director	09/10/1992	09/10/1992	05/12/2007	Active	NO
6	L15412WB1918PLC002964	BRITANNIA INDUSTRIES LIMITED	Director	05/09/1993	05/09/1993	-	Active	NO
7	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
8	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	30/03/2000	30/03/2000	-	Active	NO
9	U65991MH1999PLC123026	HDFC TRUSTEE COMPANY LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
10	L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	Director	28/05/2001	28/05/2001	-	Active	NO
11	U51900MH1944PLC004225	NOWROSJEE WADIA AND SONS LIMITED	Director	01/06/2001	01/06/2001	05/12/2007	Active	NO
12	U91110MH1990NPL055085	GOODEED CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
13	U91110MH1990PTC055084	TRISTAR CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
14	U91110MH1992NPL066940	NORTHSTAR CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
15	U91110MH1992NPL066939	VENUS CHARITABLE FOUNDATION	Director	29/08/2002	29/08/2002	05/12/2007	Active	NO
16	L24299MH1954PLC009254	NATIONAL PEROXIDE LIMITED	Director	03/09/2002	03/09/2002	21/07/2009	Active	NO
17	U51909WB1999PLC090872	KAMALA FORTRADE LIMITED	Director	22/02/2003	22/02/2003	-	Active	NO
18	U65990MH1988PTC048388	GO INVESTMENTS AND TRADING PRIVATE LIMITED	Director	30/09/2011	11/02/2011	-	Active	NO

Name :

Rolf Hans Ola Meyer

Designation :

Director

Address :

Hoglidsvagen 7, 182 47, Enebybero Sweden

Date of Birth/Age :

31.01.1955

Qualification :

Graduate

Date of Appointment :

30.04.2007

DIN No.:

01385028

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	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Director	30/04/2007	09/03/2007	-	Active	NO

Name :

Filip A J Vandenberghe

Designation :

Managing Director

Address :

Hendrik Consciencestraat 21, 2970, Belgium

Date of Birth/Age :

10.08.1953

Qualification :

Graduate

Date of Appointment :

01.08.2013

DIN No.:

02644579

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	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Managing director	01/08/2013	20/03/2009	-	Active	NO

Name :

Birgitta Jeanette Livijn

Designation :

Director

Address :

Langangsvagen 20 B, 182 75 Stocksund, Sweden

Date of Birth/Age :

05.03.1963

Qualification :

Graduate

Date of Appointment :

30.04.2010

DIN No.:

02760032

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	U27106PN1960PLC020566	ATLAS COPCO (INDIA) LIMITED	Director	30/04/2010	30/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anant Narayan Bavare
Designation :	Company Secretary
Address :	S. No.22/1, Kamal City, Flat No. C-305, Near Rajas Society, Katraj, Pune – 411 046, Maharashtra, India
Date of Birth/Age :	13.07.1974
Date of Appointment :	04.06.2012
PAN No.:	AIYPB9758Q
Name :	Mr. Pradeep C
Designation :	Treasury Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Note:

Shareholding details file attached.

AS ON 23.09.2013

Equity Share Breakup	Percentage of Holding
Category
Nationalized or other banks	0.01
Mutual funds	0.01
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	96.54
Bodies corporate	0.04
Other top fifty shareholders	0.46
Others	2.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of air and gas compressors, construction and mining equipment, and industrial tools.

Products/ Services :

Item Code No. (ITC Code)	99999999
Product/ Service Description	Construction Contracts and Compressors, Industrial Tools etc.

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Production/ Purchases
A. Manufactured
Air, gas and screw compressors and dryers	Nos.	11,500	11,500	12,234
Pneumatic tools	Nos.	75,000	75,000	60,573
Rock drilling equipments	Nos.	16,900	16,900	27,277
Road construction equipments	Nos.	1,000	1,000	688
B. Trading
Pneumatic tools	Nos.	--	--	38,275

Notes:

(1) The licensed capacity is as represented by the management and relied upon by the auditors.

(2) The installed capacity has been certified by the Management and relied upon by the auditors, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

2382 (Approximately)

Bankers :

· Citibank N.A., First Floor, Onyx Towers, Near Westin Hotel, North Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India

· Citibank N.A., Parmar House, 2413, East Street Camp, Pune – 411 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks-Cash Credit Secured by hypothecation of the Company's Stock in Trade and Receivables	30.785	157.273
Total	30.785	157.273

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Holding Company :	Atlas Copco AB, Sweden
Common Control (List of companies with whom there were transactions during the year) :	· ABAC Aria Compressa S.p.A. Italy · Atlas Copco (Botswana) (Pty) Limited Botswana · Atlas Copco (Ireland) Limited Ireland · Atlas Copco (Malaysia) Sdn. Bhd. Malaysia · Atlas Copco (N.Z.) Limited New Zealand · Atlas Copco (Nanjing) Construction and Mining Equipment Limited, China · Atlas Copco (Schweiz) AG Switzerland · Atlas Copco (Shanghai) Process Equipment Co. Limited China · Atlas Copco (Shanghai) Trading Co. Limited China · Atlas Copco (Shengyang) Construction and Mining Equipment Limited, China · Atlas Copco (South East Asia) Pte Limited Singapore · Atlas Copco (Thailand) Limited Thailand · Atlas Copco (Wuxi) Compressor Co. Limited China · Atlas Copco (Zambia) Limited Zambia · Atlas Copco (Zangjiakou) Construction and Mining Equipment Limited, China · Atlas Copco A.D. Serbia · Atlas Copco AB Sweden · Atlas Copco Airpower n.v. Belgium · Atlas Copco Angola Lda Angola · Atlas Copco Application Center Europe GmbH Germany · Atlas Copco Argentina S.A.C.I. Argentina · Atlas Copco Assembly Systems LLC USA · Atlas Copco Australia Pty Limited Australia · Atlas Copco Bangladesh Limited Bangladesh · Atlas Copco Belgium n.v. Belgium · Atlas Copco BH d.o.o. Bosnia and Harzegovina · Atlas Copco BLM S.r.l. Italy · Atlas Copco Boliviana SA Bolivia · Atlas Copco Brasil Limiteda Brazil · Atlas Copco Bulgaria EOOD Bulgaria · Atlas Copco Business Services n.v. Belgium · Atlas Copco Canada Inc. Canada · Atlas Copco Central America SA Panama · Atlas Copco Central Asia LLP Kazakhstan · Atlas Copco Chilena S.A.C. Chile · Atlas Copco China/Hong Kong Limited Hong Kong · Atlas Copco Colombia Ltda Colombia · Atlas Copco Compressors LLC USA · Atlas Copco Comptec LLC USA · Atlas Copco Construction and Mining Technique USA LLC. USA · Atlas Copco Construction Tools AB Sweden · Atlas Copco Construction Tools GmbH Germany · Atlas Copco Craelius AB Sweden · Atlas Copco Crepelle S.A.S. France · Atlas Copco Customer Finance AB Sweden · Atlas Copco d.o.o Croatia · Atlas Copco DRC sprl Congo · Atlas Copco Drilling Solutions LLC USA · Atlas Copco Eastern Africa Limited Kenya · Atlas Copco Energas GmbH Germany · Atlas Copco Equipment Egypt S.A.E. Egypt · Atlas Copco Forage et Construction S.A.S. France · Atlas Copco Ghana Limited Ghana · Atlas Copco GIA AB Sweden · Atlas Copco Hellas A.E. Greece · Atlas Copco Holdings South Africa (Pty) Limited South Africa · Atlas Copco Hurricane LLC USA · Atlas Copco Industrial Technique AB Sweden · Atlas Copco Italia S.p.A. Italy · Atlas Copco KK Japan · Atlas Copco Lifton EOOD Bulgaria · Atlas Copco Limited United Kingdom · Atlas Copco Mafi-Trench Company LLC USA · Atlas Copco MAI GmbH Austria · Atlas Copco Makinalari Imalat AS Turkey · Atlas Copco Mali Sarl Mali · Atlas Copco Maroc SA Morocco · Atlas Copco MCT GmbH Germany · Atlas Copco Mexicana S.A. de C.V. Mexico · Atlas Copco Mfg. Korea Co. Ltd South Korea · Atlas Copco MiddleEast FZE UAE · Atlas Copco Mongolia LLC Mongolia · Atlas Copco Namibia (Pty) Limited Namibia · Atlas Copco Nederlands B.V. Nederlands · Atlas Copco Nigeria Limited Nigeria · Atlas Copco Pakistan (Pvt) Limited Pakistan · Atlas Copco Perfora S.p.A. Italy · Atlas Copco Peruana SA Peru · Atlas Copco Polska Sp. Z.o.o. Poland · Atlas Copco Powercrusher GmbH Austria · Atlas Copco Rental Europe n.v. Belgium · Atlas Copco Rental LLC USA · Atlas Copco Rock Drills AB Sweden · Atlas Copco Romania S.R.L. Romania · Atlas Copco S.A.E. Spain · Atlas Copco s.r.o. Czech Republic · Atlas Copco Secoroc AB Sweden · Atlas Copco Secoroc LLC USA · Atlas Copco Senegal SARL Senegal · Atlas Copco Services Middle East OMC Bahrain · Atlas Copco Services Middle East SPC UAE · Atlas Copco South Africa (Pty) Limited South Africa · Atlas Copco Tanzania Limited Tanzania · Atlas Copco Vietnam Company Limited Vietnam · BeaconMedaes LLC USA · Bolaite (Shanghai) Compressor Co. Limited China · Ceccato Aria Compressa S.p.A. Italy · Chicago Pneumatic Construction Equipment AB Sweden · Chicago Pneumatic Tool Co, LLC USA · Cirmac International B.V. Nederlands · Compresseurs Worthington Creyssensac S.A.S. France · Dynapac (China) Compaction and Paving Eq. Co. Limited China · Dynapac Brasil Industria e Comercio Ltda Brazil · Dynapac Compaction and Paving Equipment (India) Pvt Ltd India · Dynapac Compaction Equipment AB Sweden · Dynapac GmbH Germany · ETS Georges Renault S.A.S. France · Fuji Air Tools Co. Limited Japan · Greenfield AG Switzerland · Grupos Electrogenos Europa, S.A. Spain · HandF Drilling Supplies Limited United Kingdom · Houston Service Industries USA · Industrial Technique Hungary Kft. Hungary · Intermech Limited New Zealand · IRMER + ELZE Kompressoren GmbH Germany · Liuzhou Tech Machinery Co. Limited China · LLC Atlas Copco Ukraine Ukraine · Medaes Limited United Kingdom · Oy Atlas Copco Kompressorit Ab Finland · Oy Atlas Copco Louhintatekniikka Ab Finland · Oy Atlas Copco Rotex Ab Finland · Penlon Medical Gas Solutions UK · Power Tools Distribution n.v. Belgium · PT Atlas Copco Indonesia Indonesia · PT Atlas Copco Nusantara Indonesia · Quincy Compressors Inc. USA · SCA Schucker GmbH and Co. KG Germany · Shanghai Tooltec Industrial Tool Co., Limited China · Sociedade Atlas Copco de Portugal Lda Portugal · SPA Atlas Copco Algerie Algeria · TBB Industrial Tools Services GmbH Germany · Tooltec (Qingdao) Tool Co. Limited China · Vibratechniques S.A.S. France · Wuxi Pneumatech Air/Gas Purity Equipment Co. Limited China · Zao Atlas Copco Russia

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22561564	Equity Shares	Rs.10/- each	Rs.225.616 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2012 to 31.03.2013	01.01.2011 to 31.03.2012 (15 Months)
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	225.616	225.616
(b) Reserves & Surplus	10153.113	8028.779
(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)	10378.729	8254.395
(3) Non-Current Liabilities
(a) Long-term borrowings	33.355	66.415
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.449	2.384
(d) Long-term provisions	666.905	560.183
Total Non-current Liabilities (3)	702.709	628.982
(4) Current Liabilities
(a) Short term borrowings	30.785	1273.387
(b) Trade payables	3283.043	3278.998
(c) Other current liabilities	1361.588	1084.922
(d) Short-term provisions	716.878	503.959
Total Current Liabilities (4)	5392.294	6141.266
TOTAL	16473.732	15024.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2665.937	2126.371
(ii) Intangible Assets	230.181	305.355
(iii) Capital work-in-progress	192.561	118.529
(iv) Intangible assets under development or work-in-progress	27.791	0.944
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	327.539	214.070
(d) Long-term Loan and Advances	894.653	865.877
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4338.662	3631.146
(2) Current assets
(a) Current investments	748.780	0.000
(b) Inventories	5020.640	5418.869
(c) Trade receivables	5068.397	4841.490
(d) Cash and cash equivalents	405.354	305.462
(e) Short-term loans and advances	891.899	827.676
(f) Other current assets	0.000	0.000
Total Current Assets	12135.070	11393.497
TOTAL	16473.732	15024.643

SOURCES OF FUNDS		31.12.2010 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		225.616
2] Share Application Money		0.000
3] Reserves & Surplus		5918.972
4] (Accumulated Losses)		0.000
NETWORTH		6144.588
LOAN FUNDS
1] Secured Loans		116.142
2] Unsecured Loans		76.981
TOTAL BORROWING		193.123
DEFERRED TAX LIABILITIES		0.000
TOTAL		6337.711
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1795.748
Capital work-in-progress		93.167
INVESTMENT		0.000
DEFERRED TAX ASSETS		176.055
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3291.512
	Sundry Debtors	3820.651
	Cash & Bank Balances	219.256
	Other Current Assets	0.000
	Loans & Advances	1120.408
Total Current Assets		8451.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2169.792
	Other Current Liabilities	895.433
	Provisions	1113.861
Total Current Liabilities		4179.086
Net Current Assets		4272.741
MISCELLANEOUS EXPENSES		0.000
TOTAL		6337.711

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2012 to 31.03.2013	01.01.2011 to 31.03.2012 (15 Months)	31.12.2010 (12 Months)
	SALES
		Revenue from operations	25204.311	26166.659	16879.251
		Other Income	58.490	70.442	76.606
		TOTAL	25262.801	26237.101	16955.857
Less	EXPENSES
		Cost of materials consumed	9779.584	10152.056	14359.085
		Purchases of stock-in-trade	5460.693	7267.311
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	286.575	(1203.147)
		Employee benefit expense	2136.459	2104.095
		Other expenses	3588.474	3912.317
		Exceptional Items	16.594	0.000
		TOTAL	21268.379	22232.632	14359.085
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3994.422	4004.469	2596.772
Less	FINANCIAL EXPENSES		98.257	101.551	52.594
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3896.165	3902.918	2544.178
Less/ Add	DEPRECIATION/ AMORTISATION		482.820	580.518	310.247
	PROFIT BEFORE TAX		3413.345	3322.400	2233.931
Less	TAX		1157.032	1081.485	831.040
	PROFIT AFTER TAX		2256.313	2240.915	1402.891
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5354.274	3494.467	2142.799
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	250.000	175.000
		Proposed Dividend	NA	112.808	112.808
		Corporate Dividend tax	NA	18.300	17.865
	BALANCE CARRIED TO THE B/S		NA	5354.274	3494.467
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	5524.400	3114.103	1814.981
		Commission		531.258	336.228
		Service Income		626.187	350.027
		Recovery of freight		70.225	17.545
		Recovery of warranty		54.682	43.329
	TOTAL EARNINGS		5524.400	4396.455	2562.110
	IMPORTS
		Raw Materials and Components	NA	4148.372	2791.610
		Capital Goods	NA	188.429	52.257
		Goods for Resale	NA	4029.917	2450.674
	TOTAL IMPORTS		NA	8366.718	5294.541
	Earnings Per Share (Rs.)		100.01	99.32	73.46

KEY RATIOS

PARTICULARS		01.04.2012 to 31.03.2013	01.01.2011 to 31.03.2012 (15 Months)	31.12.2010 (12 Months)
PAT / Total Income	(%)	8.93	8.54	9.82
Net Profit Margin (PBT/Sales)	(%)	13.54	12.70	14.74
Return on Total Assets (PBT/Total Assets}	(%)	21.43	22.62	24.28
Return on Investment (ROI) (PBT/Networth)		0.33	0.40	0.40
Debt Equity Ratio (Total Debt/Networth)		0.01	0.16	0.03
Current Ratio (Current Asset/Current Liability)		2.25	1.86	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	225.616	225.616
Reserves & Surplus	8028.779	10153.113
Share Application money pending allotment	0.000	0.000
Net worth	8254.395	10378.729
Long-term borrowings	66.415	33.355
Short term borrowings	1273.387	30.785
Total borrowings	1339.802	64.140
Debt/Equity ratio	0.162	0.006

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	16879.251	26166.659	25204.311
		55.023	(3.678)

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	16879.251	26166.659	25204.311
Profit	1402.891	2240.915	2256.313
	8.31%	8.56%	8.95%

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	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	No
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	Yes
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

CASE DETAILS

Bench: Bombay

Lodging No.: ITXAL/881/2011

Filing Date: 24/06/2011

Reg. No.: ITXA/2285/2011

Reg. Date: 04/10/2011

Petitioner: The Commissioner of Income Tax-V Pune

Respondent: Atlas Copco (India) Limited

Petn. Adv: N.N. Singh

Resp. Adv.: Atul K. Jasani

District: Pune

Bench: Division

Status: Admitted (Unready)

Category: TAX APPEALS

Last Date: 13/02/2013

Stage: FOR SPEAKING TO THE MINUTES

Last Coram: HON'BLE SHRI JUSTICE J.P. DEVADHAR

HON'BLE SHRI JUSTICE M.S. SANKLECHA

Act: Income Tax Act, 1961

Under Section: 260A

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10095906	20/01/2012 *	2,180,000,000.00	CITIBANK N.A.	FIRST FLOOR, ONYX TOWERS, NEAR WESTIN HOTEL, NORTH MAIN ROAD, KOREGAON PARK, PUNE, MAHARASHTRA - 411001, INDIA	B32714099
2	90128666	09/02/2009 *	51,500,000.00	ANDHRA BANK- MALAKPET BRANCH	16-10-27/105/13 TO 16 MAIN ROAD, MALAKPET, HYDERABAD, ANDHRA PRADESH - 500036, INDIA	A57803207
3	90130518	29/09/2006 *	10,000,000.00	ANDHRA BANK - MALAKPET BRANCH	MALAKPET MAIN ROAD, HYDERABAD, ANDHRA PRADESH - 500036, INDIA	A09924515

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease (Lease obligations in relation to vehicles acquired from non-banking companies under finance lease.)	33.355	66.415
SHORT-TERM BORROWINGS
Working capital loans from banks (Buyers Credit/Packing Credit/Working Capital Demand Loan)	0.000	1116.114
Total	33.355	1182.529

OPERATIONS:

The figures for the previous period are for Fifteen (15) months and are not comparable to those of current year.

The total revenue for the period ended 31^st March, 2013 was Rs.25286.700 millions against Rs.25262.800 millions for the previous 15 months period ended 31^st March, 2012, showing an annualised growth of 20% over previous year. The profit before exceptional items and taxes for the year ended 31^st March, 2013 was Rs.3429.900 millions against Rs.3322.400 millions for the previous 15 months period ended 31^st March, 2012, showing an annualised increase of 29% over previous year.

The Company has completed the construction of a state of the art manufacturing facility for Compressors at Chakan at an investment of Rs.1150.000 millions. This facility has commenced the production in the forth quarter of 2012.

While the global economic activity remains subdued, RBI expects Indian economy to grow at the rate of about 5.7% during the year 2013-14. Considering the current market conditions, in the near term the overall demand for Company's products and services is expected to remain at the current level. Despite such an uncertain environment, the Company is looking forward for a reasonably stable performance for the current year, barring unforeseen circumstances.

FIXED ASSETS:

Ø Goodwill

Ø Drawings and Designs

Ø Land (Freehold)

Ø Land (Leasehold)

Ø Factory Building

Ø Residential Premises

Ø Electrical Installments

Ø Workshops Machinery

Ø Patterns, Dies, Templates

Ø Vehicles

Ø Furniture Fittings

Ø Office Equipments

Ø Rental Equipment

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.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.