MIRA INFORM REPORT

Report No. :	305040
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	VULKAN TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Gat No. 1097, 1102, Village Pirangut, Taluka Mulshi, Pune – 412115, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.06.2001
Com. Reg. No.:	11-016233
Capital Investment / Paid-up Capital :	Rs.49.776 Millions
CIN No.: [Company Identification No.]	U29299PN2001PTC016233
TAN No.: [Tax Deduction & Collection Account No.]	PNEV04078E
PAN No.: [Permanent Account No.]	AABCV2508E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of elastic couplings for ships, generator, compressors and other Industrial Application.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s healthy operational risk profile marked by decent financial base and adequate liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	Gat No. 1097, 1102, Village Pirangut, Taluka Mulshi, Pune – 412115, Maharashtra
Tel. No.:	91-20-66765530/31/32/34
Fax No.:	91-20-66765551
E-Mail :	info@vulkanindia.com
Website :	http://www.vulkan.com
Factory 1:	Gat No. 539 - B, Village Kasar Amboli, Urawade Road, Pirangut Industrial Area, Tal. Mulshi, Pune – 412115, Maharashtra, India
Tel No:	91-20-66765530 / 32 / 34
Fax No.:	91-20-66765551
E-Mail :	service@vulkanindia.com
Factory 2:	Gat No.399, Plot No. 6, Village Bhare, Pirangut Industrial Area, Tal. Munshi, Pune – 412111

DIRECTORS

As on: 30.09.2014

Name :	Mr. Rajesh Krishnakumar Mishra
Designation :	Managing Director
Address :	A-8,201,Ganga Satelite, Wanowarie, Pune – 411040, Maharashtra, India
Date of Birth/Age :	01.08.1961
Date of Appointment :	27.06.2011
DIN No:	00216370
Name :	Mr. Prashant Girjashankar Patel
Designation :	Whole Time Director
Address :	A-8,302,Ganga Satelite, Wanowarie, Pune – 411040, Maharashtra, India
Date of Birth/Age :	12.10.1966
Date of Appointment :	31.01.2002
DIN No:	00218103
Name :	Mr. Bernd Email Hackforth
Designation :	Director
Address :	Langester 223, 44627, Herne – 44627, Germany
Date of Birth/Age :	13.03.1949
Date of Appointment :	10.08.2001
DIN No:	00242144
Name :	Mr. Andreas Boehme
Designation :	Director
Address :	Rahden Kleinendorf , IM Westerfeld 18, Rahden Kleinendorf – 32369, Germany
Date of Birth/Age :	10.06.1954
Date of Appointment :	12.06.2009
DIN No:	02616871

KEY EXECUTIVES

Name :	Mr. Prashant Patel
Designation :	Vice President (Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Rajesh Krishnakumar Mishra	5000	0.10
Hackforth GMBH, Germany	4972610	99.90
Total	4977610	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

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	99.90
Directors or relatives of Directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of elastic couplings for ships, generator, compressors and other Industrial Application.
Products :	Elastic Couplings for Ships Generator Compressors
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce, 917- 20/20A, OBC Tower, Third Floor, Fergusson College Road, Pune - 411004, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG-TERM BORROWINGS
Vehicle Loan	2.150	0.532
Total	2.150	0.532

Note:

Vehicles have been obtained on term loan from HDFC bank on interest ranging from 8% to 11%. The loan term varies between 3 to 4 years with equated monthly payments beginning from the month subsequent to the commencement of loan. Loan is secured against the said vehicles.

Auditors :
Name :	BBSR and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30504000
Fax No.:	91-20-30504100
PAN No.:	AAKFB4397F
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company :	Hackforth Holding GmbH and Company KG
Holding Company :	Hackforth GmbH, Heme
Fellow Subsidiaries :	Vulkan Kupplungs – U Getriebebau GmbH and Company Vulkan Lokring Rohrverbindungen GmbH and Company KG, Heme American Vulkan Corporation, USA Vulkan Do Brasil Ltda, Brasillen Vulkan Italia S r I, Itallen Wuxi Vulkan Technologies Company Limited Vulkan Strahltechnik GmbH Vulkan France SA

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4977610	Equity Shares	Rs.10/- each	Rs.49.776 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	49.776	49.776	49.776
(b) Reserves & Surplus	817.226	592.196	424.673
(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)	867.002	641.972	474.449
(3) Non-Current Liabilities
(a) long-term borrowings	2.150	0.532	1.338
(b) Deferred tax liabilities (Net)	0.000	0.000	0.171
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.958	12.169	4.492
Total Non-current Liabilities (3)	15.108	12.701	6.001
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	76.145	61.060	61.238
(c) Other current liabilities	66.289	41.104	29.130
(d) Short-term provisions	16.797	6.241	2.307
Total Current Liabilities (4)	159.231	108.405	92.675
TOTAL	1041.341	763.078	573.125
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	335.122	210.923	212.218
(ii) Intangible Assets	10.565	0.929	1.044
(iii) Capital work-in-progress	48.354	29.165	0.218
(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)	5.944	5.343	0.000
(d) Long-term Loan and Advances	14.533	14.889	7.193
(e) Other Non-current assets	1.935	2.534	2.165
Total Non-Current Assets	416.453	263.783	222.838
(2) Current assets
(a) Current investments	121.127	195.559	86.626
(b) Inventories	127.582	85.725	55.547
(c) Trade receivables	88.904	72.747	104.597
(d) Cash and cash equivalents	245.466	124.334	88.150
(e) Short-term loans and advances	34.424	18.691	13.385
(f) Other current assets	7.385	2.239	1.982
Total Current Assets	624.888	499.295	350.287
TOTAL	1041.341	763.078	573.125

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income From Operation	NA	NA	718.717
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
TOTAL EXPENSES		NA	NA	NA
PROFIT BEFORE TAX		NA	NA	NA
TAX		NA	NA	NA
PROFIT AFTER TAX		225.030	167.523	130.682
Earnings Per Share (Rs.)		45.21	33.66	26.25

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	0.18
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.92	4.61	3.78

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.776	49.776	49.776
Reserves & Surplus	424.673	592.196	817.226
Net worth	474.449	641.972	867.002
long-term borrowings	1.338	0.532	2.150
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.338	0.532	2.150
Debt/Equity ratio	0.003	0.001	0.002

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last one 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

INDEX OF CHARGES:

Note: No Charges Exist for Company

CONTINGENT LIABILITIES

(a) Claims against Company not acknowledge as debts;

Claims against the Company amounting to Rs 500.000 Millions (31 March 201- Rs. Rs. 500.000 Millions) not acknowledge as debts represent disputes sub- juiced in the honorable High Court of Calcutta In the opinion of the management the claims are not sustainable and hence not provided in books of account.

(b) Income Tax matters- Rs 0.756 Million (31 March 2013 Rs. Rs. 0.756 Millions)

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Computers

· Electrical Incubation

· Furniture and Fixtures

· Office Equipments

· Vehicle

Intangible Assets

• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.