MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	BAUMER INDIA PRIVATE LIMITED [w.e.f. 18.04.2007]
Formerly Known As :	HHS INDIA GLUING SYSTEMS PRIVATE LIMITED
Registered Office :	Plot No. 6, Lane No. 6, Manmohan Society, Karvenagar, Pune-411052, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.2007
Com. Reg. No.:	11-129468
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U29299PN2007FTC129468
TAN No.: [Tax Deduction & Collection Account No.]	PNEH05397A
PAN No.: [Permanent Account No.]	AABCH7987F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Sale and Trading of Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 56000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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 31-03-2012.

LOCATIONS

Registered Office :	Plot No. 6, Lane No. 6, Manmohan Society, Karvenagar, Pune-411052, Maharashtra, India
Tel. No.:	91-20-25286833
Fax No.:	91-20-25286835
E-Mail :	suresh_pingale@vsnl.com shasabnis@baumergroup.com sunilhasabnis@baumergroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Sunil Ramchandra Hasabins

Designation :

Director

Address :

Plot No. 6, Lane No. 6, Manmohan Society, Karvenagar, Pune-411052, Maharashtra, India

Date of Birth/Age :

25.07.1957

Date of Appointment :

15.01.2007

Din No.:

00096011

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	U74140MH1995PTC084228	ANDANTE INDIA CONSULTANTS PRIVATE LIMITED	Director	02/01/1995	02/01/1995	-	Active	NO
2	U51909PN2000PTC014413	UPBRINGING TECHNOLOGIES PRIVATE LIMITED	Managing director	25/01/2000	25/01/2000	01/10/2010	Active	NO
3	U29299PN2007FTC129468	BAUMER INDIA PRIVATE LIMITED	Managing director	15/01/2007	15/01/2007	-	Active	NO
4	U72900PN2011PTC138196	INTENT IT SOLUTIONS PRIVATE LIMITED	Director	06/01/2011	06/01/2011	-	Active	NO
5	AAA-4947	QUEST HOLDINGS LLP	Designated Partner	25/05/2011	25/05/2011	-	Active	NO

Name :

Severino Luigi Bruno

Designation :

Director

Address :

8500 Frauenfeld (CHZ), Blumenstrasse 36A, Frauenfeld-008500, Switzerland

Date of Birth/Age :

02.06.1961

Date of Appointment :

30.06.2007

Din No.:

01892410

Name :

Rudiger Leopold Paul Forster

Designation :

Director

Address :

IM Zelgli 4, 8259 Kaltenbach-008259, Switzerland

Date of Birth/Age :

23.05.1955

Date of Appointment :

30.06.2007

Din No.:

01896564

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Baumer Holdings Ag, Switzerland	582000
Baumer Electric Ag, Switzerland	18000
Total	600000

As on 30.09.2011

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]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Sale and Trading of Equipments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
External borrowing form Baumer Holding AG. [The external borrowing (‘EB’) is interest free one time Aid by the holding company taken in two tranches, each to be repaid in three and half years from the revised date of loan]	20.869	19.985
Total	20.869	19.985

Banking Relations :	--
Auditors :
Name :	J.N. Sovani and Company Chartered Accountants
Address :	8, Shri Alok Society, 216, Sadashiv Peth, Pune-411030, Maharashtra, India
Tel. No.:	91-20-24332385
Mobile No.:	91-9822011781
Fax No.:	91-20-24332385
E-Mail :	jsovani@jnsovaniandco.com
Website:	http://www.jnsovaniandco.com
Pan No.:	ACAPJ2717A
Holding Company :	· Baumer Holding A. G Frauenfeld · Baumer Electric A G Frauenfeld
Associates (Group Companies) :	· Baumer Holding AG · Baumer India Private Limited · Baumer Huebner Gmbh · Baumer A/s · Baumer Hubner GmbH , D Berlin · Baumer Thalheim GmbH and Co.KG · Baumer Bourdon - Haenni S.A.S. · Baumer IVO GmbH and Co. KG · Baumer Electric AG · Baumer Management Services AG · Baumer Innotec AG · Baumer Singapore Private Limited · Baumer China Co. Ltd. · Baumer Optronic GmbH

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.240	0.499	0.000
4] (Accumulated Losses)		0.000	0.000	(13.773)
NETWORTH		14.240	6.499	(7.773)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		20.869	19.985	24.808
TOTAL BORROWING		20.869	19.985	24.808
DEFERRED TAX LIABILITIES		0.000	0.228	0.000
TOTAL		35.109	26.712	17.035
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.328	4.057	5.512
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.054	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.607	15.099	17.851
	Sundry Debtors	53.995	50.134	48.802
	Cash & Bank Balances	28.111	22.158	22.833
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.095	1.549	2.022
Total Current Assets		112.808	88.940	91.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	69.175	51.757	77.824
	Other Current Liabilities	10.001	11.897	2.161
	Provisions	2.905	2.631	0.000
Total Current Liabilities		82.081	66.285	79.985
Net Current Assets		30.727	22.655	11.523
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.109	26.712	17.035

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	252.965	196.452	165.693
Less	EXPENSES
		Office Expenses
		Administrative Expenses	241.825	179.320	173.460
		Advertising Expenses
		TOTAL	241.825	179.320	173.460
	PROFIT / (LOSS) BEFORE TAX		11.140	17.132	(7.767)
Less	TAX		3.399	2.860	0.122
	PROFIT / (LOSS) AFTER TAX		7.741	14.272	(7.889)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.499	(13.773)	(5.884)
	BALANCE CARRIED TO THE B/S		8.240	0.499	(13.773)
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.138	0.214	NA
	IMPORTS
		Raw Materials	163.640	114.280	NA
	Earnings / (Loss) Per Share (Rs.)		12.90	23.79	(13.15)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.06	7.26	(4.76)
Return on Total Assets (PBT/Total Assets}	(%)	9.51	18.42	(7.77)
Return on Investment (ROI) (PBT/Networth)		0.78	2.64	1.00
Debt Equity Ratio (Total Liability/Networth)		7.23	13.27	(13.48)
Current Ratio (Current Asset/Current Liability)		1.37	1.34	1.14

LOCAL AGENCY FURTHER INFORMATION

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	--
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) PAN of Proprietor/Partner/Director, if available	No
32) Date of Birth of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

BACKGROUND AND NATURE OF OPERATIONS:

Subject was originally incorporated on 15 January 2007 under the Companies Act, 1956 with name HHS India Gluing Systems Private Limited as a subsidiary of HHS Leimauftrags - Systeme GmbH, Germany ('the Holding Company'). The company has changed its name from HHS India Gluing Systems Private Limited to Baumer India Private Limited on 18 April, 2007. The Company's Ultimate holding company is Baumer Holding AG and Baumer Electric AG companies registered in Switzerland

The Company is engaged in sale and trading of equipment.

REVIEW OF OPERATIONS:

The turnover during the year showed a notable improvement and was Rs.252.965 Millions against Rs.196.452 Millions in the previous year, registering an increase of 28.77%.

However, due to substantial increase in purchases and almost three fold increases in sales and operating expenses, the Profit Before Tax (PBT) was at Rs.11.140 Millions as against Rs. 17.132 Millions registering a decline of 53.78% over the previous year. Consequently the Profit After Tax (PAT) was almost half of the previous year, i.e. declined from Rs. 14.272 Millions to Rs. 7.740 Millions.

FUTURE OUTLOOK:

Barring unforeseen circumstances the performance of the Company in the current Financial Year is expected to be satisfactory.

FIXED ASSETS:

· Computers and Software

· Furniture and Fixtures

· Office Equipments

· 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.55.42
UK Pound	1	Rs.86.77
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.