MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	OERLIKON BALZERS COATING INDIA PRIVATE LIMITED (w.e.f 25.11.2013)
Formerly Known As :	OERLIKON BALZERS COATING INDIA LIMITED(w.e.f 17.01.2007) BALZERS (INDIA) LIMITED
Registered Office :	EL-22, J Block, MIDC, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.11.1993
Com. Reg. No.:	11-074820
Capital Investment / Paid-up Capital :	Rs.70.000 Millions
CIN No.: [Company Identification No.]	U28920MH1993PTC074820
TAN No.: [Tax Deduction & Collection Account No.]	PNEB03704B
PAN No.: [Permanent Account No.]	AAACI3916N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Coating.
No. of Employees :	Information decline by the management

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 730000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of OC Oerlikon Corporation AG, Switzerland. It is an well-established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

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 BY

Management Non Co-operative (91-20-30616000)

LOCATIONS

Registered Office :	EL-22, J Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-30616000
Fax No.:	91- 20-30616033/27121571
E-Mail :	swati.bhave@oerlikon.com info.balzers.in@oerlikon.com
Website :	http://www.oerlikon.com http://www.oerlikon.com/balzers/in
Location :	Owned
Factory 1:	Plot No. GP 55, Sector No.18, HSIDC Industrial Area Gurgaon 122015 Haryana State India
Tel No.:	91-124-4567200
Fax No.:	91-124-2348280
Email :	info.balzers.in@oerlikon.com
Factory 2:	Plot No. 109, 4th Phase, K.I.A.D.B Plot, Bommasandra, Industrial Area, Bangalore - 560 099, Karnataka, India
Tel No.:	91-80-27839191/ 27839193/ 27839194
Fax No.:	91-80-27839192
Email :	info.balzers.in@oerlikon.com
Factory 3:	Plot No A.15 , SIPCOT Industrial Park, Irrungattukottai thandalam, Sriperumbathur Taluka, District Kancheepuram - 602 105, Tamilnadu, India
Tel No.:	91-44-47115300
Email :	info.balzers.in@oerlikon.com
Factory 4:	Plot No C-14, Near Industrial Estate Road No 3, Adityapur Jamshedpur India
Tel No.:	91-657-2203375/ 76
Email :	info.balzers.in@oerlikon.com

DIRECTORS

As on 27.09.2013

Name :

Mr. Anand Vithal Badve

Designation :

Director

Address :

94 Rakshak Society, Aundh Camp Pimpale Nilakh, Pune – 411027, Maharashtra, India

Date of Birth/Age :

13.03.1937

Date of Appointment :

04.05.1980

DIN No.:

00776675

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	U74900MH1980PTC022194	INFOMATICS SERVICES PRIVATE LIMITED	Director	04/02/1980	04/02/1980	25/06/2014	Active	NO
2	U28920MH1993PTC074820	OERLIKON BALZERS COATING INDIA PRIVATE LIMITED	Director	06/11/1993	06/11/1993	-	Active	NO
3	U29304TG1995PTC074533	PFEIFFER VACUUM (INDIA) PRIVATE LIMITED	Alternate director	28/02/2011	11/03/1995	30/03/2012	Active	NO
4	U29219PN1999PTC133151	SCHMALZ INDIA PRIVATE LIMITED	Managing director	26/02/1999	26/02/1999	01/07/2007	Active	NO
5	U29100TG1998PTC029878	V A K TEK ASSOCIATES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
6	U74900PN2008PTC132736	FIVE STAR ENERGY PRIVATE LIMITED	Director	05/09/2008	05/09/2008	-	Strike off	NO
7	U74900PN2008PTC133121	SPECTRAMIND CONSULTING SERVICES PRIVATE LIMITED	Director	01/12/2008	01/12/2008	-	Active	NO
8	U29120PN2009PTC134457	HSR INDIA PRIVATE LIMITED	Director	10/08/2009	10/08/2009	-	Strike off	NO
9	U74900PN2011PTC138566	FUTURE-PROOF BUSINESS CONSULTING PRIVATE LIMITED	Director	16/02/2011	16/02/2011	-	Active	NO
10	U74900TG2009FTC080967	PFEIFFER VACUUM TECHNOLOGY INDIA PRIVATE LIMITED	Director	01/04/2011	04/03/2011	30/03/2012	Active	NO

Name :

Mr. Johann Paul Brandle

Designation :

Director

Address :

Bad STR 11, Bad Ragaz - 7310, Switzerland

Date of Birth/Age :

20.04.1961

Date of Appointment :

28.11.2005

DIN No.:

02086034

Name :

Mr. Pravin Abasaheb Shirse

Designation :

Managing Director

Address :

H No. 674 Kokane Nagar, Near Vitthal Mandir Kalewadi Pimpri, Pune, Maharashtra, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

18.02.2013

DIN No.:

05237541

Name :

Mr, Volker Bernhard Dostmann

Designation :

Director

Address :

Ricketw Wilerstrasse 45, Winterthur - 8405, Switzerland

Date of Birth/Age :

06.07.1970

Date of Appointment :

30.08.2011

DIN No.:

03605349

Name :

Mr. Vivek Shrikrishna Pandit

Designation :

Director

Address :

1809 Gurucharan Appartments, Deshmukhwadi, Sadashiv Peth, Pune – 411030, Maharashtra, India

Date of Birth/Age :

28.01.1963

Date of Appointment :

29.09.2012

DIN No.:

03170050

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	U29120PN2005PTC132126	Oerlikon Leybold Vacuum India Private Limited	Director	29/09/2012	31/08/2010	-	Active	NO
2	U28920MH1993PTC074820	Oerlikon Balzers Coating India Private Limited	Alternate director	01/04/2012	01/04/2012	-	Active	NO

Name :

Mr. Anand Suresh Golikere

Designation :

Director

Address :

Flat No -4, Building – F, Harshvihar New DP Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

23.03.1974

Date of Appointment :

18.02.2013

DIN No.:

06498140

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Oc Oerlikon Corporation AG, Switzerland	5488175
Oerlikon Trading Company AG, Switzerland	1511820
Anand Vithal Badve	1
Oerlikon Balzers Coating SA, Switzerland	1
Pravin Abasaheb Shirse	1
Milind B. Kasodekar	1
Oerlikon Balzers Coating UK Limited, United Kingdom	1
Total	7000000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

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	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Coating.

Products :

Product Description	ITC Code
Titanium Nitride and wear resistant coatings on tools and wear parts	8108
Roller Pins	7319
USI Clining line, Stripping, Confinment Rings	8456

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Manufacturing of coated components – Roller pins	7922304	7922304	2664243

Note:

The installed machine capacity has been certified by the management, which the auditors have relied on without verification as this is a technical matter.

GENERAL INFORMATION

No. of Employees :

Information decline by the management

Bankers :

Bank of Baroda

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulers	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Borrowing	3.672	6.560
Total	3.672	6.560

Banking Relations :	---
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine, Pune – 411001, Maharashtra, India
PAN No.:	AAAFB9852F
Holding Company :	Oc Oerlikon Corporation Ag, Switzerland
Associates/Subsidiaries :	· Oerlikon Balzers Coating Private Limited., Singapore · Oerlikon Balzers Coating (Suzhou) Company Limited, China · Oerlikon Balzers Coating Services Company Limited, Thailand · Oerlikon Balzers Coating Poland Sp, Poland · Oc Oerlikon Trading Ag, Switzerland · Gr A Z I Ano Transmission India Private Limited, India · Fairfield Atlas Limited · Oerlikon Textile India Private Limited · Oerlikon Balzers Coating Italy, Italy · Oerlikon Nihon Balzers Coating Company Limited, Japan · Oc Oerlikon Balzers Ag, Liechtenstein · Oerlikon Balzers Coating Malaysia Sdn. Bhd, Malaysia · Oerlikon Leybold Vaccum India Private Limited, India · Oerlikon Leybold Vaccum Gmbh, Germany · Oerlikon Leybold Vaccum Taiwan Limited, Taiwan · Oerlikon Balzers Coatings Inc., Usa · Oerlikon It Solutions Ag, Switzerland · Oerlikon Balzers Coatings Gmbh, Germany · Oerlikon Balzers Coating, Korea

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	70.000	70.000	70.000
(b) Reserves & Surplus	1771.640	1441.705	1052.976
(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)	1841.640	1511.705	1122.976
(3) Non-Current Liabilities
(a) long-term borrowings	3.672	6.560	1.196
(b) Deferred tax liabilities (Net)	19.134	12.716	9.897
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.941	20.084	22.952
Total Non-current Liabilities (3)	55.747	39.360	34.045
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	4.209
(b) Trade payables	85.992	187.209	113.905
(c) Other current liabilities	43.623	49.720	38.864
(d) Short-term provisions	9.646	15.377	15.853
Total Current Liabilities (4)	139.261	252.306	172.831
TOTAL	2036.648	1803.371	1329.852
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	0.000	0.000	0.000
(i) Tangible assets	1018.708	753.001	576.356
(ii) Intangible Assets	0.146	0.146	0.155
(iii) Capital work-in-progress	1.239	13.616	53.408
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	62.673	70.636	35.067
(e) Other Non-current assets	2.354	22.354	2.354
Total Non-Current Assets	1085.120	859.753	667.340
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.187	42.666	31.233
(c) Trade receivables	343.046	365.383	290.939
(d) Cash and cash equivalents	496.595	433.000	307.598
(e) Short-term loans and advances	39.074	88.013	21.981
(f) Other current assets	7.626	14.556	10.761
Total Current Assets	951.528	943.618	662.512
TOTAL	2036.648	1803.371	1329.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1493.497	1441.443	1082.577
		Other Income	38.747	38.683	14.937
		TOTAL (A)	1532.244	1480.126	1097.514
Less	EXPENSES
		Cost of material consumed	136.676	104.807	76.415
		Purchase of Stock in trade	3.150	3.936	7.616
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.347	0.961	(1.197)
		Employees benefits expense	173.339	132.916	112.260
		Other expenses	620.340	570.366	386.912
		TOTAL (B)	933.852	812.986	582.006
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		598.392	667.140	515.508
Less	FINANCIAL EXPENSES (D)		1.957	2.483	4.682
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		596.435	664.657	510.826
Less/ Add	DEPRECIATION/ AMORTISATION (F)		110.654	87.914	78.186
	PROFIT BEFORE TAX (E-F) (G)		485.781	576.743	432.640
Less	TAX (H)		155.846	188.015	151.914
	PROFIT AFTER TAX (G-H) (I)		329.935	388.728	280.726
	BALANCE CARRIED TO THE B/S		1668.674	1338.739	950.010
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	72.392	9.274	11.856
	TOTAL EARNINGS		72.392	9.274	11.856
	IMPORTS
		Processing Materials	50.432	41.035	33.137
		Stores & Spares	37.599	37.977	29.104
		Capital Goods	174.054	66.209	33.437
		Raw Materials	28.500	26.973	12.616
		Others	4.150	8.771	0.929
	TOTAL IMPORTS		294.735	180.965	109.223
	Earnings Per Share (Rs.)		47.13	55.53	40.10

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	21.53	26.26	25.58
Net Profit Margin (PBT/Sales)	(%)	32.53	40.01	39.96
Return on Total Assets (PBT/Total Assets}	(%)	23.87	32.22	33.89
Return on Investment (ROI) (PBT/Networth)		0.26	0.38	0.39
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.83	3.74	3.83

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	70.000	70.000	70.000
Reserves & Surplus	1052.976	1441.705	1771.640
Net worth	1122.976	1511.705	1841.640
long-term borrowings	1.196	6.560	3.672
Short term borrowings	4.209	0.000	0.000
Total borrowings	5.405	6.560	3.672
Debt/Equity ratio	0.005	0.004	0.002

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	1082.577	1441.443	1493.497
		33.149	3.611

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	1082.577	1441.443	1493.497
Profit	280.726	388.728	329.935
	25.93%	26.97%	22.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PRESS RELEASES

(07/04/13) OERLIKON COMPLETES SALE OF ITS NATURAL FIBERS BUSINESSES

Focus on growing and less cyclical manmade fibers market

· Transaction net cash impact of around CHF 470 million expected

· Oerlikon’s remaining textile business renamed the Manmade Fibers Segment

· Stefan Kross appointed CEO of Manmade Fibers Segment

Pfäffikon SZ, Switzerland – July 4, 2013 – Oerlikon announces the closing of the sale of its natural fibers businesses to the Jinsheng Group of China. The agreement to divest the Natural Fibers and Textile Components Business Units was signed on December 3, 2012. Oerlikon expects from the transaction a net cash impact of around CHF 470 million after transaction and tax costs. Oerlikon will focus on the manmade fiber business and has renamed the Textile Segment the Manmade Fibers Segment. Oerlikon CEO Jürg Fedier commented: “The closing of this transaction marks an important milestone in the reshaping of our portfolio, and it further strengthens our financial profile for investments in organic and inorganic growth opportunities. The new Manmade Fibers Segment is the global leader in an attractive, growing and less cyclical market.”

Oerlikon’s Natural Fibers and Textile Components Business Units had sales of around CHF 1.0 billion in 2012 and some 3 800 employees. The closing of the transaction marks the latest strategic milestone in shaping Oerlikon’s portfolio by significantly reducing the Group’s overall exposure to the textile industry. The deconsolidation of the divested Business Units will be recognized in Q3 2013. Oerlikon will continue to report the Natural Fibers and Textile Components Business Units under “Discontinued Operations” in the Q2/HY 2013 accounts.

Textile Segment Renamed Manmade Fibers Segment

With this exit from the natural fibers business, Oerlikon’s Textile Segment is renamed the Manmade Fibers Segment. Marketed under the Oerlikon Barmag and Oerlikon Neumag brands, Oerlikon provides comprehensive solutions and services for the production of manmade fibers, nonwovens, carpet yarns and synthetic staple fibers and is the global market and technology leader in this market.

(07/03/13) OERLIKON BALZERS ENTERS AEROSPACE MARKET

Pfäffikon SZ / Balzers, Liechtenstein, July 3, 2013 – Oerlikon Balzers, the global market and technology leader in high-end hard coatings, has opened a new aerospace competence center near Paris. With this new facility, Oerlikon Balzers will augment aerospace customers’ efforts to increase reliability and efficiency of crucial aircraft parts. “The opening of our aerospace competence center is another important step forward in our component business strategy to enlarge the spectrum of markets and applications for PVD coatings”, says Dr. Hans Brändle, CEO of Oerlikon’s Coating Segment.

High-end hard coatings with near diamond-like strength already play a crucial role in applications such as car engines, cutting and forming tools, surgical instruments and watches. Modern diesel injection pumps, for example, could not function without coatings from Oerlikon Balzers. These coatings allow Oerlikon Balzers' customers to increase the productivity of industrial processes, substitute toxic treatments such as chrome plating and design new, higher efficiency products.

Having brought coatings into the mainstream for both the metalworking and automotive industries, Oerlikon Balzers is expanding into Aerospace. “More and more aircraft industry applications are opening up to modern PVD coatings – turbine blades, stabilizer assemblies and landing gear to name just a few. For us, this is an important medium- and long-term growth market with a global market potential for thin film coating solution of several tenths of millions,” Oerlikon Balzers CEO Hans Brändle observed. “The main growth driver for advanced coating technologies is the need for light-weight flight critical components to meet the demands of safety, reliability and long service life. Needless to say, our first aerospace competence centre in France is Nadcap-certified and thus meets all of the aircraft industry's rigorous quality requirements.”

Prominent aerospace industry representatives expressed their enthusiasm for the new plant and affirmed their conviction that Oerlikon Balzers is fit for the future. Francis Monerie-Moulin, Thermal Spray Expert at Messier-Bugatti-Dowty, outlined his vision for the great potential of PVD coating applications in landing gear, brake systems, engines, and other aircraft components: “Innovative PVD coatings will significantly boost the reliability of safety-critical aircraft parts and the energy efficiency of engines,” he stated.

(02/14/13) OERLIKON BALZERS OPENS ITS 8TH COATING CENTER IN INDIA

Balzers, Liechtenstein, February 14, 2013 – Oerlikon Balzers consistently executes its global expansion strategy. The opening of the 8th coating center in India, in Chandigarh (Punjab area) marks the next milestone in establishing a strong presence in regions with high growth business opportunities. “Despite current economic uncertainties we further invest proactively in our global footprint”, explains Dr. Hans Brändle, CEO of Oerlikon Balzers, “we believe in the growing demand in mobility in India and therefore increased our presence in one of the automotive parts and tractor industry hubs of the country.” Balzers coating technology makes production processes, e.g. in the automotive industry, significantly more efficient and environmentally friendly. This is of growing importance worldwide, and especially in the emerging markets. Oerlikon Balzers now has 90 coating centers worldwide.

The latest coating center is located in Chandigarh, one of the economic centers in the Punjab area, 260 km northwest of Delhi. Numerous local and international tractor and automotive component makers are based there. With the new coating center Oerlikon Balzers will serve the existing customers with faster turnaround times and attract new ones with its unique coating technologies.

Over the past 20 years Oerlikon Balzers expanded its global network of coating centers and capacities continuously. Whereas in 2000 the company operated 41 centers in 17 countries, the number has now reached 90 in 33 countries. The emerging markets in the Indian/Asian region played a crucial role in the expansion: 31 out of 90 coatings centers are already located in the Indian/Asian area today.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Software and Licences

· Freehold Land

· Leasehold Land

· Building on Leasehold Land

· Building on freehold Land

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Vehicles on Finance Lease

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.61.42
UK Pound	1	Rs. 99.83
Euro	1	Rs. 77.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	ARI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	YES
--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.