MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	IKA INDIA PRIVATE LIMITED
Registered Office :	# 814/475, Survey # 129/1, Kengeri Village, Kengeri Hobli, Banguluru South Taluk, Bangalore-560060, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.11.2008
Com. Reg. No.:	08-048372
Capital Investment/ Paid-up Capital:	Rs.49.673 Millions
CIN No.: [Company Identification No.]	U74900KA2008PTC048372
TAN No.: [Tax Deduction & Collection Account No.]	BLRI03682A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Laboratory and Processing Equipments
No. of Employees:	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 162000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses being recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

INFORMATION PARTED BY

Name :	Ms. Nandini
Designation :	Marketing Executive
Contact No.:	91-8884109009
Date :	29.06.2012

LOCATIONS

Registered Office/Factory/Head Office :	# 814/475, Survey # 129/1, Kengeri Village, Kengeri Hobli, Banguluru South Taluk, Bangalore-560060, Karnataka, India
Tel. No.:	91-80-26253900
Mobile No.:	91-8884109009 (Ms. Nandini)
Fax No.:	91-80-26253901
E-Mail :	nandini@ika.in info@ika.in
Website :	www.ika.net
Area :	500 Sq.ft
Location :	Rented

DIRECTORS

As on 28.09.2011

Name :

Mr. Suren Balkrishna Dixit

Designation :

Managing Director

Address :

Vishwani Flat No.201, Munucipal No.1/4, Papanna Street, Bangalore, Karnataka India

Date of Birth/Age :

16.06.1958

Date of Appointment :

26.05.2010

Din No.:

01997583

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	U74900KA2008PTC048372	IKA INDIA PRIVATE LIMITED	Managing director	1/10/2010	26/05/2010	-	Active	NO

Name :

Mr. Thomas Karl Willi Eberle

Designation :

Director

Address :

Herrwnweg 1, Staufen – 79219, Germany

Date of Birth/Age :

11.02.1956

Date of Appointment :

21.11.2008

Din No.:

02372272

Name :

Ms. Rene Alexandre Stiegelmann

Designation :

Director

Address :

Strenzieweg 14, Staufan - 79219, Germany

Date of Birth/Age :

27.12.1952

Date of Appointment :

21.11.2008

Din No.:

02374958

Name :

Mr. Andreas Rudolf Reichert

Designation :

Director

Address :

Im Kirschgarten 1, Dottingen, Ballrechten Dottingen – 79282, Germany

Date of Birth/Age :

17.03.1970

Date of Appointment :

21.11.2008

KEY EXECUTIVES

Name :	Ms. Nandini
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
IKA Werke GmbH and Company, Germany	4967316
IKA – Verwaltungsgesgesellschaft MBH (As a nominee of IKA Werke GmbH and Company, Germany)	1
Total	4967317

As on 28.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Laboratory and Processing Equipments

Product:

Product Description	Item Code
Laboratory and Processing Equipments	84799090

Exports :

Products :

Laboratory and Processing Equipments

Countries :

· UAF

· USA

· UK

· Saudi Arabia

Imports :

Products :

Raw Material

Countries :

· China

· Malaysia

Terms :

Selling :

Cash/Credit

Purchasing :

Cash/Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Laboratory and Processing Equipments and Other Parts	Nos.	33496

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, Bangalore, Karnataka, India

· ICICI Bank Limited, Bangalore, Karnataka, India

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2011	31.03.2010
Foreign Currency Term Loan (ECB Loan form IKA Werke GmbH and Company, KG, Germany, the holding company)	44.900	42.998
Total	44.900	42.998

Banking Relations :	--
Auditors :
Name :	N. Srinivasan Chartered Accountant
Address :	No.28 6^th Cross, 4^th Main Malleshwaram, Bangalore-560003, Karnataka, India
Pan No.:	AIMPS4059B
Holding Company:	IKA Werke GmbH and Company, Germany
Fellow Subsidiaries:	· IKA Words Guangzhou · IKA Werke GmbH and Company Kg-Post Fach · IKA Japan KK · IKA Works Inc.

CAPITAL STRUCTURE

As on 31.03.2011

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
4967317	Equity Shares	Rs.10/- each	Rs.49.673 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		49.673	41.963	16.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(4.268)	(11.861)	(9.033)
NETWORTH		45.405	30.102	6.967
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		44.900	42.998	37.788
TOTAL BORROWING		44.900	42.998	37.788
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		90.305	73.100	44.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.079	34.365	21.560
Capital work-in-progress		0.000	0.000	0.885
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.288	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	123.703	44.989	11.047
	Sundry Debtors	61.580	29.771	1.934
	Cash & Bank Balances	15.859	14.995	8.333
	Other Current Assets	51.382	19.879	8.643
	Loans & Advances	10.272	6.982	8.476
Total Current Assets		262.796	116.616	38.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	190.272	67.712	13.611
	Other Current Liabilities	16.472	8.724	2.470
	Provisions	4.114	1.445	0.042
Total Current Liabilities		210.858	77.881	16.123
Net Current Assets		51.938	38.735	22.310
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.305	73.100	44.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	288.315	126.645
		Other Income	26.134	12.069
		TOTAL (A)	314.449	138.714	1.735
Less	EXPENSES
		Material consumed	159.423	57.489
		Traded items costs	22.510	18.105
		Expenditure on Employees	38.817	23.269
		Manufacturing and other Expenses	77.579	34.821
		TOTAL (B)	298.329	133.684	9.627
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.120	5.030	(7.892)
Less	FINANCIAL EXPENSES (D)		2.843	2.341	1.098
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.277	2.689	(8.990)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.333	5.516	0.043
	PROFIT/LOSS BEFORE TAX (E-F) (G)		6.944	(2.827)	(9.033)
Less	TAX (H)		(0.648)	0.000	0.000
	PROFIT/LOSS AFTER TAX (G-H) (I)		7.592	(2.827)	(9.033)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.860)	(9.033)	-
	BALANCE CARRIED TO THE B/S		(4.268)	(11.860)	(9.033)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	200.798	64.917	0.174
	IMPORTS
		Raw Materials
		Raw Materials, Stores and Spares	187.891	65.672	9.585
		Traded Goods	27.946	19.033	0.000
		Capital Goods	2.769	5.411	3.115
	TOTAL IMPORTS		218.606	90.116	12.700
	Earnings Per Share (Rs.)		1.53	(0.67)	(5.65)

Particulars	31.03.2012
Sales Turnover(Approximately)	290.000

Expected Sales (2012-2013): Rs.320.000 Millions

The above information has been parted by Ms. Nandini

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.41	(2.04)	(520.63)
Net Profit Margin (PBT/Sales)	(%)	2.41	(2.23)	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.32	(1.87)	(15.06)
Return on Investment (ROI) (PBT/Networth)		0.15	(0.09)	(1.29)
Debt Equity Ratio (Total Liability/Networth)		5.63	4.02	7.74
Current Ratio (Current Asset/Current Liability)		1.25	1.50	2.38

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FIXED ASSETS:

• Leasehold improvements
• Plant and machinery
• Furniture and fixture
• Office equipments
• Computers

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.55.83
UK Pound	1	Rs.87.41
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.