MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	OSBORN LIPPERT (INDIA) PRIVATE LIMITED (W.E.F.15.10.2008)
Formerly Known As :	LIPPERT UNIPOL (INDIA) PRIVATE LIMITED
Registered Office :	E-66, MIDC Area Waluj, Aurangabad-431136, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.08.1991
Com. Reg. No.:	063055
Capital Investment / Paid-up Capital :	Rs.16.270 Millions
CIN No.: [Company Identification No.]	U29210MH1991PTC063055
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Polishing Tools and Compounds
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 208824
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory :	E-66, MIDC Area Waluj, Aurangabad-431136, Maharashtra, India
Tel. No.:	91-240-2556538
Fax No.:	91-240-2552530
E-Mail :	devendraring@gmail.com sales@osborn-lippert.co.in

DIRECTORS

AS ON 19.09.2011

Name :	Florestan Von Boxberg
Designation :	Director
Address :	Giesener Street 4, D-35112, Fronhausen-35112, Germany
Date of Birth/Age :	20.09.1961
Date of Appointment :	11.06.2008

Directorship in Other Companies:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29210MH1991PTC063055	OSBORN LIPPERT (INDIA) PRIVATE LIMITED	Director	25/09/2008	11/06/2008	-	Active	NO

Name :	Norbert Hans Borufka
Designation :	Director
Address :	In DerEbenau 7, Gemunden Wohra-35285, Germany
Date of Birth/Age :	25.12.1951
Date of Appointment :	05.03.2010

Directorship in Other Companies:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29210MH1991PTC063055	OSBORN LIPPERT (INDIA) PRIVATE LIMITED	Nominee director	05/03/2010	05/03/2010	-	Active	NO

Name :	David Charles Westgate
Designation :	Director
Address :	1500 Highland Dr. Elm Grove Wisconsin-53122, USA
Date of Birth/Age :	23.04.1961
Date of Appointment :	11.06.2008

Directorship in Other Companies:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29210MH1991PTC063055	OSBORN LIPPERT (INDIA) PRIVATE LIMITED	Director	25/09/2008	11/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.09.2011

Names of Shareholders	No. of Shares
Lippert Unipol GMBH, Germany	1577000
Jason Holding Gmbg, Germany	50000
Total	1627000

AS ON 19.09.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polishing Tools and Compounds

Products :

Item Code	Product Description
5911.90	Polishing Tools
3405.90	Compounds

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Ground Floor, Sarkar Building, Adalat Road, Kranti Chowk, Aurangabad-431001, Maharashtra, India

· United Western Bank Limited, Arangabad Main Branch

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan I
Axis Bank Ltd (Secured against equitable mortgate of Land, Building And Hypothecation of Plant Machinery And Other Fixed Assets. Also Secured by the corporate gurantees from Jason Holding Gmbh)	9.311	11.403
Axis Bank Ltd (Secured against hypothecation of Vehicle)	0.275	0.402
Bills Payable	0.000	2.787
Working Capital Axis Bank Ltd	13.041	6.355
TOTAL	22.627	20.947

Banking Relations :	--
Auditors :
Name :	V. D. Abhyankar And Associates Chartered Accountant
Address :	Flat No 3, First Floor, Rukmini Appartments, Chetna Nagar, Aurangabad-431005, Maharashtra, India
Tel. No.:	91-240-2332460/6421755
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1627000	Equity Shares	Rs.10/- each	Rs.16.270 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		16.270	16.270	16.270
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.936	26.731	25.234
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52.206	43.001	41.504
LOAN FUNDS
1] Secured Loans		22.628	20.947	2.883
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		22.628	20.947	2.883
DEFERRED TAX LIABILITIES		3.758	3.402	2.255
TOTAL		78.592	67.349	46.642
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.806	31.140	20.873
Capital work-in-progress		0.129	0.000	1.235
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.373	23.117	9.930
	Sundry Debtors	32.070	19.626	14.853
	Cash & Bank Balances	1.751	2.718	2.739
	Other Current Assets	4.429	3.681	3.338
	Loans & Advances	1.994	0.676	0.639
Total Current Assets		63.617	49.818	31.499
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		11.451	4.487
	Other Current Liabilities	7.819	2.158	2.478
	Provisions	8.141	0.000	0.000
Total Current Liabilities		15.960	13.609	6.965
Net Current Assets		47.657	36.209	24.534
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		78.592	67.349	46.642

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	104.600	61.700	47.000
		Other Income
		TOTAL (A)	104.600	61.700	47.000
Less	EXPENSES
		Expenses	NA	NA	NA
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	NA
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	4.800	5.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	1.600	1.200
	PROFIT BEFORE TAX (E-F) (G)		13.317	3.200	4.200
Less	TAX (I)		4.197	1.700	1.400
	PROFIT AFTER TAX (G-I) (J)		9.123	1.500	2.800
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.891	12.433	NA
	TOTAL EARNINGS		17.891	12.433	NA
	Earnings Per Share (Rs.)		5.6	0.92	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.72	2.43	5.95
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.10	3.95	8.01
Return on Investment (ROI) (PBT/Networth)		0.25	0.07	0.10
Debt Equity Ratio (Total Liability/Networth)		0.73	0.80	0.23
Current Ratio (Current Asset/Current Liability)		3.98	3.66	4.52

LOCAL AGENCY FURTHER INFORMATION

Form 8

This form is for	Modification of charge
Charge identification number of the modified	80033076
Corporate identity number of the company	U29210MH1991PTC063055
Name of the company	Osborn Lippert (India) Private Limited
Address of the registered office or of the principal place of business in India of the company	E-66 M I D C Areawaluj, Aurangabad-431136, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge Immovable property Any interest in immovable property
Particular of charge holder	Axis Bank Ltd, Ground Floor, Sarkar Building, Adalat Road, Kranti Chowk, Aurangabad-431001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	1. Supplemental Deed of Hypothecation 2. Memorandum of Entry (Both Deed Executed To Create Single Charge)
Date of instrument Creating the charge	29.11.2010
Amount secured by the charge	Rs.42.072 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit - base rate + 4.75 % (presently applicable 12.25 %) Export packing credit - as per rbi guidelines Psc / pscfc in usd - as per rbi guidelines Bank guarantee (commission) - 2.50% p.a Terms of Repayment Cash credit - 1 year Psc / pscfc in usd - 1 year Letter of credit - 1 year Bank guarantee - 24 months Buyer's credit - 180 days/repayble on demand Forward contract (ler) - as per schedule but not exceeding 12 months Margin Cash credit - stocks - 25%, book debts / receivables - 40% (dp to be restricted to debtors upto 90 days) Export packing credit - 25% Letter of credit - sight lc 10%, usance lc 25% Bank guarantee - 15% upfrant for entire period of bg Extent and Operation of the charge The Charge Will Be Operative Till The Entire Loan Amount Along with Interest, Commission, Expenses, Charges Are Repaid By The Company Others NIL
Short particulars of the property charged	First exclusive charge on the entire current assets of the company, both present and future. All piece and parcel of land at plot no. E - 66, waluj midc, dist Aurangabad Admn 3840 sq mtrs

Fixed Assets:

· Building

· Office Equipments

· Furniture and Fixtures

· Electrical Installation

· Plant And Machinery

· Computer

· Motor Vehicle

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 records 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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.