MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	TURBO ENERGY LIMITED
Registered Office :	No. 67, Chambers Road, Chennai – 600028, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.05.1982
Com. Reg. No.:	18-9363
Capital Investment / Paid-up Capital :	Rs. 80.000 Millions
CIN No.: [Company Identification No.]	U40107TN1982PLC009363
TAN No.: [Tax Deduction & Collection Account No.]	CHET00565F/CHET06281C
PAN No.: [Permanent Account No.]	AAACT2916R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Turbo Chargers, Components and Parts of Turbo Chargers.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (68)

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 19000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and reputed company having fine track. It has a sound financial position. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based facilities = “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	January 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 31-03-2014.

INFORMATION DENIED

Management non-cooperative (91-4426257286)

LOCATIONS

Registered Office :	No. 67, Chambers Road, Chennai – 600 028, Tamilnadu, India
Tel. No.:	91-44-26257286/ 24322408/ 24322034
Fax No.:	91-44-26257010/ 24343492/ 24325640
E-Mail :	turbo@pulivalam.brakesindia.co.in telabi_secy@turboenergy.co.in marketing@turboenergy.co.in pkohler@borgwarner.com
Website :	http://www.turboenergy.co.in
Factory 1 :	· Sriperumbudur – 602 105, Tamilnadu, India Tel. 91-4111-232375/232253/232283/232251 Fax. 91-4111-232994
Factory 2:	· Cheyyar Taluk – 604 410, Tamilnadu, India Tel. 91-4111-242291 Fax. 91-4111-24216
Factory 3:	· Pulivalam Village, Banavaram Post – 632505, Tamilnadu, India
Branch Office :	110, Nelson Manickam Road, Chateau Dampa Complex, Basement Aminkjikarai, Chennai – 600029, Tamilnadu, India
Tel No.:	91-44-23741303/23741174/23742691
Fax No.:	91-44-23741272

DIRECTORS

As on 08.08.2014

Name :

Mr. Ragavachary Ramanujam

Designation :

Director

Address :

17, Parthasarathy Gardens, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

29.07.1936

Date of Appointment :

03.05.1982

Voter ID No.:

TN/02/010/0276654

DIN No.:

00365735

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	U35999TN1962PLC004928	BRAKES INDIA LIMITED	Managing director	02/10/2010	08/01/1975	-	Active	NO
2	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Director	03/05/1982	03/05/1982	-	Active	NO
3	U32109KA1988PTC009484	ELCO NTTF (INDIA)PRIVATE LIMITED	Director	03/10/1988	03/10/1988	-	Active	NO
4	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	31/12/1991	31/12/1991	27/06/2012	Active	NO
5	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Director	02/08/1993	02/08/1993	-	Active	NO
6	U29221KA1994PTC015104	NTTF INDUSTRIES Private LIMITED	Director	06/01/1994	06/01/1994	27/03/2008	Active	NO
7	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	19/12/1994	19/12/1994	-	Amalgamated	NO
8	U85110KA1999NPL025461	NETTUR TECHNICAL TRAINING FOUNDATION	Director	30/09/1999	30/09/1999	-	Active	NO
9	U27203TN2005PLC055405	LAP-ROSS ENGINEERING LIMITED	Director	17/02/2005	17/02/2005	-	Amalgamated	NO
10	U28113TN2010PLC075244	FLOMETALLIC INDIA LIMITED	Director	05/04/2010	05/04/2010	-	Active	NO
11	U40102TN2013PLC089342	PULIVALAM POWER PLANT LIMITED	Director	11/01/2013	11/01/2013	-	Amalgamated	NO

Name :

Mr. Ananth Ramanujam

Designation :

Director

Address :

73, Poes Gardens, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

26.08.1964

Date of Appointment :

25.09.1995

Voter ID No.:

CJ2146405

DIN No.:

00061970

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	U65993TN1983PTC009871	RAGHUVAMSA HOLDINGS PRIVATE LIMITED	Director	24/02/1983	24/02/1983	-	Active	NO
2	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Director	07/09/1994	07/09/1994	27/01/2014	Active	NO
3	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	19/12/1994	19/12/1994	08/09/2008	Amalgamated	NO
4	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Director	25/09/1995	25/09/1995	-	Active	NO
5	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	27/03/1998	27/03/1998	-	Active	NO
6	L65991TN1954PLC000958	INDIA MOTOR PARTS & ACCESSORIES LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO

Name :

Mr. Srinivasan Ravindran

Designation :

Director

Address :

7 Kasturi Estated, III Street, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

28.11.1951

Qualification :

ACA

Date of Appointment :

01.01.2007

Voter ID No.:

CJ3103306

DIN No.:

00045076

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	U33111TN1985PLC012526	D.L.S.CONSULTANTS LIMITED	Director	30/09/1995	30/09/1995	09/03/2007	Active	NO
2	U35999TN1994PLC028019	AZTEC AUTO LIMITED	Director	25/03/1996	25/03/1996	26/03/2007	Active	NO
3	U65993TN1983PTC009832	UTHIRATTADHI SRI RAM HOLDINGS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	03/05/2010	Active	NO
4	U65993TN1983PTC009871	RAGHUVAMSA HOLDINGS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	03/05/2010	Active	NO
5	U65993TN1983PTC009831	ATHREYA HARSHA HOLDINGS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	03/05/2010	Active	NO
6	U01119TN1987PTC014780	SRISHTI FARMS PRIVATE LIMITED	Director	25/03/1999	25/03/1999	03/05/2010	Active	NO
7	U65991TN1981PTC009100	SILVER OAK HOLDINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	03/05/2010	Active	NO
8	U65991TN1981PTC009098	ALLEGRO HOLDINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	03/05/2010	Active	NO
9	U65993TN1982PTC009757	PADMALAKSHMI HOLDINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	09/06/2010	Active	NO
10	U27209TN1994PLC028326	LIGHT ALLOY PRODUCTS LIMITED	Director	18/03/2003	18/03/2003	-	Amalgamated	NO
11	U40107TN1981PLC008903	TRANS ENERGY LIMITED	Director	25/03/2004	25/03/2004	03/08/2012	Active	NO
12	U01119TN1987PTC014824	PEBBLE BEACH FARMS PRIVATE LIMITED	Director	03/01/2005	03/01/2005	03/05/2010	Active	NO
13	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Director	27/08/2014	06/01/2005	-	Active	NO
14	U65993TN1982PTC009755	REVATHI HOLDINGS PRIVATE LIMITED	Director	30/05/2005	30/05/2005	09/06/2010	Active	NO
15	U65993TN1982PLC009756	MAHAM HOLDINGS LIMITED	Director	30/05/2005	30/05/2005	09/06/2010	Active	NO
16	L65991TN1954PLC000958	INDIA MOTOR PARTS & ACCESSORIES LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO
17	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Whole-time director	01/01/2012	01/01/2007	-	Active	NO
18	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	24/07/2009	29/07/2008	-	Active	NO
19	U45400TN2008PTC069038	ABI PREMISES PRIVATE LIMITED	Director	27/08/2008	27/08/2008	-	Active	NO
20	U74999TN1985GAP011990	BRAKES INDIA SENIOR OFFICERS WELFARE ASSOCIATION LIMITED	Director	16/04/2009	16/04/2009	-	Active	NO
21	U72300TN1993PLC024706	REAL TALENT ENGINEERING LIMITED	Director	30/09/2011	20/04/2011	-	Active	NO
22	U65922TN1999PLC042759	SUNDARAM BNP PARIBAS HOME FINANCE LIMITED	Director	09/08/2012	09/08/2012	-	Active	NO
23	U40102TN2013PLC089342	PULIVALAM POWER PLANT LIMITED	Director	11/01/2013	11/01/2013	-	Amalgamated	NO

Name :

Mr. Srinivas Acharya

Designation :

Director

Address :

Srinivas, 3^rd Floor, 7 Rukmini Road, Kalakshetra colony, Besant Nagar, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

08.02.1954

Date of Appointment :

28.09.2007

Voter ID No.:

TN/03/020/0873124

DIN No.:

00017412

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	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	01/04/2010	30/05/2003	31/05/2014	Active	NO
2	U65922TN1999PLC042759	SUNDARAM BNP PARIBAS HOME FINANCE LIMITED	Managing director	01/04/2010	26/03/2004	-	Active	NO
3	U40103TN1991PLC021872	ABI-SHOWATECH (INDIA) LIMITED	Director	29/07/2004	29/07/2004	27/01/2014	Active	NO
4	U72200TN2005PLC056969	SUNDARAM INFOTECH SOLUTIONS LIMITED	Director	19/07/2005	19/07/2005	-	Active	NO
5	U74140TN2005PLC057179	SUNDARAM BUSINESS SERVICES LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
6	U65991TN1984NPL010689	FINANCE COMPANIES' ASSOCIATION (INDIA)	Director	30/09/2006	30/09/2006	31/03/2010	Active	NO
7	U72900TN2000PLC063984	INFREIGHT LOGISTICS SOLUTIONS LTD.	Director	23/08/2007	01/12/2006	-	Active	NO
8	U40107TN1982PLC009363	TURBO ENERGY LIMITED.	Director	12/07/2010	28/09/2007	-	Active	NO
9	U67200TN2000PLC045611	ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED	Director	13/08/2008	02/11/2007	-	Active	NO
10	U71290TN2007PLC065658	SUNDARAM HYDRAULICS LIMITED	Director	07/12/2007	07/12/2007	-	Active	NO
11	U67100TN2010PLC078063	SUNDARAM INSURANCE BROKING SERVICES LIMITED	Director	30/05/2011	15/11/2010	-	Active	NO
12	U91990TN2013NPL094294	INDIAN HOUSING FINANCE COMPANIES' ASSOCIATION	Director	23/12/2013	23/12/2013	-	Active	NO

Name :

Mr. Heinz Ulrich Froehn

Designation :

Director

Address :

Waldstr 26 67316, Carlsberg, Germany

Date of Birth/Age :

24.05.1950

Date of Appointment :

01.08.2012

DIN No.:

03061180

Name :

Mr. Frederic Bernard Lissalde

Designation :

Director

Address :

Nachtigallenweg, 7 65812, Bad Soden Am Taunus - 65812, Allemagne

Date of Birth/Age :

17.07.1967

Date of Appointment :

08.08.2014

DIN No.:

06627086

Voter ID No.:

AZZ8678

Name :

Mr. P. S. Dasarathy

Designation :

Executive Director – Manufacturing

Name :

Dr. K. Sridhara

Designation :

Executive Director – R and D

Name :

Mr. K. Achuthan

Designation :

Executive Director – Marketing

Name :

Mr. M Sivarama Subramonian

Designation :

Executive Director – Finance

KEY EXECUTIVES

Name :	Mr. M. Sivarama Subramonian
Designation :	Company Secretary and Chief Financial Officer / CIO
Address :	Flat \No. 2A, 2^nd Floor, D- 100 Sowbhagya Colony Anna Main Road, K K Nagar, Chennai – 600078, Tamilnadu, India
Date of Birth/Age :	09.07.1955
Date of Appointment :	02.05.2001
PAN No.:	ADEPS4406M

MAJOR SHAREHOLDERS

As on 08.08.2014

Names of Shareholders	No. of Shares
T. T. Rangaswamy	640
K. Balagangadharan	640
Prema Ramanujam	35080
Gita Ram	17160
Chitra Viji	17160
Brakes India Limited, India	2560000
Sundaram Finance Limited, India	2560000
Nivedita Ram	18127
Srivats Ram	43728
S. Viji	26760
Harsha Viji	18128
Sriram Viji	18125
R. Ramanujam	26240
Ananth Ramanujam	9240
Reeta Sondhi and Mr. Vipin Sondhi	3840
Rohini Holdings Private Limited, India	1280
Borgwarner Turbo Systems Worldwide Headquarters GmbH, Germany	2608640
Vijaya Rangarajan	1160
Arjun Rangarajan	7345
Srikanth Ramanujam and Ananth Ramanujam	1560
Srikanth Ramanujam	1560
S. Ram	1160
Anupama Lakshmi Rangarajan	3867
S. Ram and S. Viji	18560
Total	8000000

As on 08.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	32.61
Bodies corporate	64.02
Directors or relatives of Directors	0.92
Other top fifty shareholders	2.45
Total	100

BUSINESS DETAILS

Line of Business :

Manufacturer of Turbo Chargers, Components and Parts of Turbo Chargers.

Products :

Item Code No.:	Product Description
8414	Turbochargers
84149090	Components and Parts of Turbochargers

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	· Bank of India, State Bank of India, Industrial Finance Branch, Chennai – 600002, Tamilnadu, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India · Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Banking Relations :	---
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants,
Address :	No.23, C. P. Ramaswamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India
PAN No.:	AAAFS8812J
Associates :	v Brakes India Limited, India CIN No.: U35999TN1962PLC004928 v Sundaram Finance Limited, India CIN No.: UL65191TN1954PLC002429 v BorgWarner Turbo Systems Worlwide Headquarters Gmbh, Germany v Trans Energy Limited CIN No: U40107TN198PLC008903

CAPITAL STRUCTURE

As on 08.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 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	80.000	80.000	80.000
(b) Reserves & Surplus	6727.727	5848.259	4637.516
(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)	6807.727	5928.259	4717.516
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	50.203	50.618	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	110.847	121.297	123.586
Total Non-current Liabilities (3)	161.050	171.915	123.586
(4) Current Liabilities
(a) Short term borrowings	90.000	0.000	0.000
(b) Trade payables	625.156	379.685	442.139
(c) Other current liabilities	456.387	650.018	478.382
(d) Short-term provisions	499.586	384.687	257.388
Total Current Liabilities (4)	1671.129	1414.390	1177.909
TOTAL	8639.906	7514.564	6019.011
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1752.381	1569.387	1214.776
(ii) Intangible Assets	19.500	28.333	18.305
(iii) Capital work-in-progress	7.009	185.971	111.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	726.703	691.703	346.703
(c) Deferred tax assets (net)	0.000	0.000	2.166
(d) Long-term Loan and Advances	414.652	190.641	232.133
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2920.245	2666.035	1925.644
(2) Current assets
(a) Current investments	2060.939	1347.228	1127.282
(b) Inventories	1122.541	1497.141	1404.420
(c) Trade receivables	1296.235	1577.654	1294.165
(d) Cash and cash equivalents	904.964	201.801	108.437
(e) Short-term loans and advances	329.343	216.139	153.032
(f) Other current assets	5.639	8.566	6.031
Total Current Assets	5719.661	4848.529	4093.367
TOTAL	8639.906	7514.564	6019.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	7814.664	9148.213	7692.737
		Other Income	327.376	199.495	105.829
		TOTAL	8142.040	9347.708	7798.566
Less	EXPENSES
		Cost of Materials Consumed	4295.186	5197.911	4498.645
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	80.653	68.767	(200.226)
		Employees benefits expense	576.187	547.085	470.236
		Other expenses	1303.589	1362.698	1093.902
		TOTAL	6255.615	7176.461	5862.557
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1886.425	2171.247	1936.009
Less	FINANCIAL EXPENSES		21.955	6.090	7.267
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1864.470	2165.157	1928.742
Less/ Add	DEPRECIATION/ AMORTISATION		434.826	377.860	269.829
	PROFIT BEFORE TAX		1429.644	1787.297	1658.913
Less	TAX		339.585	296.384	416.932
	PROFIT AFTER TAX		1090.059	1490.913	1241.981
Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	1100.000	1000.000
		Dividend	180.000	240.000	200.000
		Tax on Dividend	30.591	40.170	32.445
		Total	1210.591	1380.170	1232.445
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1167.100	873.000	0.000
	Earnings Per Share (Rs.)		0.18	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.39	15.95	15.93
Net Profit Margin (PBT/Sales)	(%)	18.29	19.54	21.56
Return on Total Assets (PBT/Total Assets}	(%)	18.08	26.93	29.84
Return on Investment (ROI) (PBT/Networth)		0.21	0.30	0.35
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.42	3.43	3.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	80.000	80.000	80.000
Reserves & Surplus	4637.516	5848.259	6727.727
Net worth	4717.516	5928.259	6807.727
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	90.000
Total borrowings	0.000	0.000	90.000
Debt/Equity ratio	0.000	0.000	0.013

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7692.737	9148.213	7814.664
		18.920	(14.577)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7692.737	9148.213	7814.664
Profit	1241.981	1490.913	1090.059
	16.14%	16.30%	13.95%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	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

LITIGATIONS DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
Case Status :	Pending
Status of :	CIVIL MISC. APPEAL
Case No :	1390
Year :	2011
Petitioner :	COMMISSIONER OF CENTRAL
Respondent :	M/S TURBO ENERGY LTD.
Pet’s Advocate :	Mr. K. RAVI ANANTHAPADMANAB
Res’s Advocate :	MR. S. MURUGAPPAN
Category :	NO CATEGORY MENTIONED
LAST LISTED ON ; NO Date Mentioned
Case updated on :	Dec 15 2011

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from banks	90.000	0.000
Total	90.000	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10227892	05/07/2010	200,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI, CHENNAI, Tamil Nadu - 600001, IN DIA	A89127120
2	10228103	17/10/2013 *	400,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B87609061

* Date of charge modification

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 records 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.61.23
UK Pound	1	Rs.98.66
Euro	1	Rs.77.96

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.