MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	HETTICH INDIA PRIVATE LIMITED
Registered Office :	3^rd Floor, Durolite House, Opposite SAB TV Tower, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	29.11.1999
Com. Reg. No.:	11-161129
Capital Investment / Paid-up Capital :	Rs.58.000 millions
CIN No.: [Company Identification No.]	U36109MH1999PTC161129
TAN No.: [Tax Deduction & Collection Account No.]	MUMH10141F
PAN No.: [Permanent Account No.]	AAACH8849M
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Exporter of Furniture Accessories.
No. of Employees :	190 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3133000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered 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.

INFORMATION PARTED BY

Name :	Mr. Vimal Rathi
Designation :	Accounts Manager
Contact No.:	91-22-26743289 Direct – 107
Date :	12.09.2011

LOCATIONS

Registered Office :	3^rd Floor, Durolite House, Opposite SAB TV Tower, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-26743289
Fax No.:	91-22-26743267
E-Mail :	vimal_rathi@in.hettich.com GC_Jain@in.hettich.com gcjain@hettichind.com
Website :	www.hettich.com
Branch Office :	6-1, Ground Floor, Punchkuin Road, Delhi – 110 001, India
Tel. No.:	91-11-23580713/ 23584603

DIRECTORS

As on 30.06.2011

Name :

Saroj Kumar Poddar

Designation :

Chairman cum Managing Director

Address :

2, Guru Saday Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

15.09.1945

Date of Appointment :

29.01.2001

DIN No.:

00008654

Other Directorship:

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	L28931RJ1984PLC002890	Gillette India Limited	Director	09-02-84	09-02-84	-	Active	NO
2	L85110GJ1975PLC054824	Essar Ports Limited	Director	01-08-84	01-08-84	20-06-08	Active	NO
3	L31102DL1957PLC193993	Areva T and D India Limited	Director	29-03-88	29-03-88	27-07-09	Active	NO
4	L35111WB1939PLC009800	Texmaco Limited	Whole-time director	01-04-09	14-02-91	-	Active	NO
5	L65921GA1967PLC000157	Zuari Industries Limited	Director	16-09-08	15-05-93	-	Active	NO
6	L24124RJ1985PLC003293	Chambal Fertilisers And Chemicals Limited	Director	13-02-95	13-02-95	-	Active	NO
7	U74899DL1995PLC071074	Simon India Limited	Director	25-07-95	25-07-95	-	Active	NO
8	L51226WB1985PLC039055	Adventz Investments And Holdings Limited	Director	18-12-95	18-12-95	-	Active	NO
9	U65993WB1996PTC079012	Adventz Finance Private Limited	Director	18-06-96	18-06-96	-	Active	NO
10	U74999DL1982PTC117290	Mining Consultants (India) Private Limited Trs From W.B To Delhi	Director	24-06-96	24-06-96	-	Active	NO
11	U52110WB1997PLC083860	Lionel India Limited	Director	03-04-97	03-04-97	-	Active	NO
12	U26942AP2000PLC050415	Zuari Cement Limited	Director	25-01-01	25-01-01	-	Active	NO
13	U36109MH1999PTC161129	Hettich India Private Limited	Director	29-01-01	29-01-01	-	Active	NO
14	L26942AP1983PLC004257	Sri Vishnu Cement Limited.	Director	18-05-02	18-05-02	-	Amalgamated	NO
15	U72200GA2000PLC002922	Indian Furniture Products Limited	Director	19-09-03	19-09-03	-	Active	NO
16	U45200DL2007PLC157223	Chambal Infrastructure Ventures Limited	Director	02-01-07	02-01-07	-	Active	NO
17	U15490WB2007PLC121159	Bengal Foodpark Limited	Director	24-12-07	24-12-07	23-03-09	Active	NO
18	U35201WB2009PTC133330	Texmaco Ugl Rail Private Limited	Additional director	20-12-10	27-07-09	-	Active	NO
19	U29261WB1998PLC087404	Texmaco Rail and Engineering Limited	Director	25-09-10	25-09-10	-	Active	NO
20	U65910GA2009PLC006177	Zuari Holdings Limited	Additional director	20-05-11	20-05-11	-	Active	NO
21	U24120GA2009PLC006158	Zuari Fertilisers And Chemicals Limited	Additional director	31-05-11	31-05-11	-	Active	NO

Name :

Mr. Krishan Kumar Gupta

Designation :

Director

Address :

10-C, Sagar Apartments, 6, Tilak Marg, New Delhi – 110 001, India

Date of Birth/Age :

24.02.1939

Date of Appointment :

29.11.1999

DIN No.:

00024221

Other Directorship:

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	U36109MH1999PTC161129	Hettich India Private Limited	Director	29-11-99	29-11-99	-	Active	NO
2	U51909DL2005PTC137978	Brand Trading (India) Private Limited	Managing director	12-10-05	12-10-05	11-10-07	Active	NO
3	L52109DL1977PLC025405	Singer India Limited	Whole-time director	11-10-10	11-10-07	-	Active	NO

Name :

Mr. Anil Kumar Goel

Designation :

Managing Director

Address :

70, Rajdhani Enclave, Pitam Pura, New Delhi – 110 034, India

Date of Birth/Age :

01.02.1958

Date of Appointment :

24.05.2001

DIN No.:

00103997

Other Directorship:

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	U36109MH1999PTC161129	Hettich India Private Limited	Managing director	01-01-05	01-01-05	-	Active	NO
2	U67120DL1996PTC078102	Pro-Secure Finance and Investment Private Limited	Director	30-09-06	30-09-06	-	Active	NO
3	U74990MH2009PTC191535	Hettich Competence Services Private Limited	Director	07-04-09	07-04-09	30-04-09	Active	NO

Name :

Mr. Andreas Berthold Hettich

Designation :

Director

Address :

Im Groben Vorwerk 25, Herford, Germany 32049

Date of Birth/Age :

13.08.1969

Date of Appointment :

26.06.2009

DIN No.:

02366338

Other Directorship:

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	U36109MH1999PTC161129	Hettich India Private Limited	Director	26-06-09	16-12-08	-	Active	NO

Name :

Mr. Wolfgang Franz Steib

Designation :

Director

Address :

Morikeweg 9 a, Landshut Bay, Germany 84036

Date of Birth/Age :

14.06.1961

Date of Appointment :

26.06.2009

DIN No.:

02587659

Other Directorship:

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	U36109MH1999PTC161129	Hettich India Private Limited	Director	26-06-09	08-04-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vimal Rathi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Anton Hettich Austandbeteiligungs Verwaltungs GmbH, Germany	2900000
Poddar Hentage Investments Limited, India	450000
Saroj Kumar Poddar	1550000
Akshay Poddar	700000
Fullford Vinimay Private Limited, India	200000
Total	5800000

As on 30.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	11.21
Directors or relatives of directors	38.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Exporter of Furniture Accessories.

Products :

Item Code No. (ITC Code)	83024200
Product Description	Fittings and Similar Articles Suitable for Furniture

Exports :

Products :

Furniture

Countries :

Asian Countries

Imports :

Products :

Accessories

Countries :

Germany

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :	Major Suppliers: v Hettich Furntech v Hettich Marketing
Customers :	Major Customers: v Godrej v Shobha Developers
No. of Employees :	190 (Approximately)
Bankers :	v Industrial Development Bank of India Limited, Andheri (West), Mumbai, Maharashtra, India v Punjab National Bank, Large Corporate Branch, A-9, Rajeev Chowk, Connaught Place, New Delhi, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr, Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Joint Venturer : (As on 31.12.2009)	v Anton Hettich Austandbeteiligungs Verwaltungs GmbH, Germany v Style Spa Furniture Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5800000	Equity Shares	Rs.10/- each	Rs.58.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		58.000	58.000	58.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		725.302	493.711	334.999
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		783.302	551.711	392.999
LOAN FUNDS
1] Secured Loans		0.000	0.000	6.189
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	6.189
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		783.302	551.711	399.188
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		162.790	16.937	10.797
Capital work-in-progress		2.884	0.000	3.665
INVESTMENT		187.240	22.000	52.484
DEFERREX TAX ASSETS		8.966	5.380	3.557
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	272.133	254.045	301.306
	Sundry Debtors	375.776	286.766	199.473
	Cash & Bank Balances	66.497	194.767	31.356
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.583	25.449	18.405
Total Current Assets		736.989	761.027	550.540
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	209.855	189.834	172.118
	Other Current Liabilities	24.617	14.955	7.909
	Provisions	81.095	48.844	41.828
Total Current Liabilities		315.567	253.633	221.855
Net Current Assets		421.422	507.394	328.685
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		783.302	551.711	399.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	1770.491	1337.920	1081.646
		Other Income
		TOTAL	1770.491	1337.920	1081.646
Less	EXPENSES
		Office Expenses	1320.754	1021.074	820.934
		Administrative Expenses
		Advertising Expenses
		TOTAL	1320.754	1021.074	820.934
	PROFIT BEFORE TAX		449.737	316.846	260.712
Less	TAX		150.614	107.241	89.042
	PROFIT AFTER TAX		299.123	209.605	171.670
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	286.292	NA
Less	APPROPRIATIONS
		Interim Dividend	NA	17.400	14.500
		Proposed Final Dividend	NA	26.100	20.300
		Tax on Dividend	NA	7.393	5.914
		Transfer to General Reserve	NA	25.000	20.000
		Transfer to Debtors Contingency Reserve	NA	2.000	2.000
	BALANCE CARRIED TO THE B/S		NA	418.004	286.292
	EARNINGS IN FOREIGN CURRENCY
		Commission	NA	1.157	13.698
		Service Charges	NA	12.123	27.495
		Export on F.O.B. Basis	NA	0.477	0.000
		Reimbursements	NA	2.342	1.848
	TOTAL EARNINGS		NA	16.099	43.041
	IMPORTS
		Finished Goods	NA	606.123	562.919
	TOTAL IMPORTS		NA	606.123	562.919
	Earnings Per Share (Rs.)		51.57	36.14	29.60

Expected Sales (2011): Rs.1870.000 millions

Expected Sales (2012): Rs.Rs.2100.000 millions

The above information has been parted by Mr. Vimal Rathi (Accounts Manager).

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	16.89	15.67	15.87
Return on Total Assets (PBT/Total Assets}	(%)	49.98	40.73	46.44
Return on Investment (ROI) (PBT/Networth)		0.57	0.57	0.66
Debt Equity Ratio (Total Liability/Networth)		0.40	0.46	0.58
Current Ratio (Current Asset/Current Liability)		2.34	3.00	2.48

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.12.2010 (Rs. in millions)	31.12.2009 (Rs. in millions)	31.12.2008 (Rs. in millions)
Sundry Creditors
(i) Total outstanding dues of micro enterprises and small enterprises	--	--	--
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises [includes Rs. Nil (previous year Rs.1.960 millions)]	209.855	189.834	172.118

FORM 8:

Name of the company	HETTICH INDIA PRIVATE LIMITED
Presented By	Punjab National Bank
1) Date and description of instrument creating the change	i) Agreement for ILC/FLC(DA/DP) [PNB 222J[, ii) Deed of Hypothecation to secure LC on DA basis, iii) Hypothecation of Current Assets, iv) Hypothecation of moveable assets forming part of fixed/block assets, v) Supplemental Agreement, all dated 28.06.2003 and sanction letter of the Bank.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.7.500 millions as ILC/FLC (DA/DP) facility.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	i) Hypothecation of stock in trade, finished goods, goods in transit, whether lying in the godown/warehouse of the company or otherwise and receivables both present and future. ii) Hypothecation of goods/ assets represented by documents drawn//covered under Letter of Credit issued under the above said limit and various raw materials, stock in process and semi finished goods, finished goods and packaging materials. iii) Hypothecation by way of first charge on all movable/ block assets of the Company both present and future including computers, furniture, fixtures etc.
4) Gist of the terms and conditions and extent and operation of the charge.	i) Commission as per Schedule ii) Margin: 10% (by way of Cash/ FDR) iii) In case Company commit default in the repayment of loan/ advances or interest thereon, the bank and/or RBI will have an unqualified right to disclose or publish borrowers name or the name of borrower company and its directors as defaulter.
5) Name and Address and description of the person entitled to the charge.	Punjab National Bank, Large Corporate Branch, A-9, Rajeev Chowk, Connaught Place, New Delhi, India
6) Date and brief description of instrument modifying the charge	N.A.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N.A.

TRADE REFERENCES:

v Godrej

v Shobha Developers

FIXED ASSETS:

v Freehold

v Buildings - Leasehold Improvements

v Furniture and Fittings

v Computers

v Office Equipment

v Vehicles

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.47.10
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		51

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.