MIRA INFORM REPORT

Report Date :

27.07.2012

IDENTIFICATION DETAILS

Name :	HUMMEL CONNECTOR SYSTEMS PRIVATE LIMITED
Registered Office :	1211, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi – 110 001, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.2008
Com. Reg. No.:	55-181223
Capital Investment / Paid-up Capital :	Rs. 45.000 millions
CIN No.: [Company Identification No.]	U31909DL2008PTC181223
TAN No.: [Tax Deduction & Collection Account No.]	DELH06909A
PAN No.: [Permanent Account No.]	AACCH0747E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electro-Mechanical Devices, Housing Technology, Electronics for Medical, Measurement and Control Technology and other fields, in addition to fittings for the heating and sanitary equipment industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 53000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a company having moderate track. Financial position of the company is under pressure. It has incurred loss during 2011. Accumulated losses appear to be increasing. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with great caution.

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 DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 / Factory:	1211, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi – 110 001, Delhi, India
Tel. No.:	91-11-43007521 / 23
Mobile No.:	Not Available
Fax No.:	91-11-43007522
E-Mail :	info.in@hummel.com rajendergarg07@rediffmail.com
Website :	www.hummel.com
Godown:	512, Kamarajar Road, Opposite to ESI Hospital, Varadharajapuram, Coimbatore – 641 015, Tamilnadu, India.
Tel. No.:	91-11- 4220109
Fax No.:	91-11-4220129

DIRECTORS

As on 30.09.2011

Name :

Mr. Gaurav Gupta

Designation :

Managing Director

Address :

Flat Mo. 1111, Sector – A, Pocket – A, Vasant Kunj, New Delhi – 110 070, Delhi, India

Date of Birth/Age :

22.08.1977

Date of Appointment :

26.02.2009

DIN No.:

00691071

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	U51909DL2004PTC124825	ITA SERVICES PRIVATE LIMITED	Managing director	30/08/2008	24/02/2004	-	Active	NO
2	U20109DL2006FTC152086	VBH HOLDING INDIA PRIVATE LIMITED	Director	30/03/2007	30/03/2007	16/11/2010	Active	NO
3	U13203DL2007PTC164528	GGR METALS PRIVATE LIMITED	Director	08/06/2007	08/06/2007	15/12/2011	Active	NO
4	U28931TZ2007PTC016645	GPT VIBRATION TECHNOLOGY PRIVATE LIMITED	Director	05/12/2007	05/12/2007	22/01/2010	Active	NO
5	U72300DL2007PTC171172	LAYHER SCAFFOLDING SYSTEMS PRIVATE LIMITED	Director	06/12/2007	06/12/2007	31/03/2011	Active	NO
6	U31909DL2008PTC181223	HUMMEL CONNECTOR SYSTEMS PRIVATE LIMITED	Managing director	26/02/2009	23/07/2008	-	Active	NO
7	U45200DL2008PTC182253	GSS BUILDTECH PRIVATE LIMITED	Director	20/08/2008	20/08/2008	20/04/2009	Active	YES
8	U74999DL2000PTC105542	ITA INTEGRATED SERVICES PVT.LTD (TAMILNADU TO DELHI)	Director	24/09/2009	19/11/2008	20/01/2010	Active	NO

Name :

Volker Eugen Goetz

Designation :

Director

Address :

Brunnengasse – 24, Kenzingen 79341, Germany, Europe

Date of Birth/Age :

29.12.1967

Date of Appointment :

26.02.2009

DIN No.:

02330782

Name :

Holger Anton Hummel

Designation :

Director

Address :

Hansjakobstr – 5, Waldkirch, 79183, Germany, Europe

Date of Birth/Age :

19.07.1979

Date of Appointment :

26.02.2009

DIN No.:

02330802

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Holger Anton Hummel, India	10000
Hummel AG, India	2390000
TOTAL	2400000

Equity Share Break up (Percentage of Total Equity)

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 Electro-Mechanical Devices, Housing Technology, Electronics for Medical, Measurement and Control Technology and other fields, in addition to fittings for the heating and sanitary equipment industry.

Products :

Compact Thread Monitor Slide In Controllers Control Panels Multi Zone Controllers Electrical Motor & Control Cables Cable Glands Air Bleed Key Air Bleeder Valve Automatic Venting Basis plus Sets Designtechnik Armaturen Sets Designtechnik Armaturen Single Connections Flat Sealing Adapter Flat Sealing Diverter Mounting Bridge Multirange Compression Fittings Pumpengruppen Unterputz Verteilerschrank Accessories Electronics Controller Battery Chargers Cables Sealing Plug Radiator Control Valve Fe Ball Valve Adapter Aluminium Enclosures Multi Saw Connection Nipple Mounting Wrench Cables Moulded Plugs Flat Sealing Terminal Block Single Connection Fitting Thermostatic Valve

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Banking Relations :	--
Auditors :
Name :	SSAR and Associates Chartered Accountant
Address :	4837/1, 24 Govind Lane, Ansari Road, Darya Ganj, New Delhi – 110 002, Delhi, India
Tel. No.:	91-11-41046126 / 23287426
E-Mail :	ssarca@gmail.com akashjain@ssarca.com
Website:	www.ssarca.com
PAN No.:	ADIPJ5556F
Holding Company:	Hummel AG

CAPITAL STRUCTURE

As on 30.09.2011

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
2400000	Equity Shares	Rs. 10/- each	Rs.24.000 millions

Authorized Capital : Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 45.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.209
SHAREHOLDERS FUNDS
1] Share Capital		18.000	10.000	5.800
2] Share Application Money		6.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(10.723)	(4.550)	(0.887)
NETWORTH		13.277	5.450	4.913
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		13.277	5.450	4.913
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.284	0.429	0.274
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.537	1.947	0.377
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.525	0.811	0.565
	Sundry Debtors	4.138	0.246	0.293
	Cash & Bank Balances	1.901	2.245	3.192
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.423	0.000	0.265
Total Current Assets		12.987	3.302	4.315
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.275	0.235	0.128
	Other Current Liabilities	0.336	0.113	0.085
	Provisions	0.000	0.000	0.000
Total Current Liabilities		5.611	0.348	0.213
Net Current Assets		7.376	2.954	4.102
MISCELLANEOUS EXPENSES		0.080	0.120	0.160
TOTAL		13.277	5.450	4.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income	14.705	1.124	0.106
		TOTAL (A)	14.705	1.124	0.106
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	23.391	6.324	1.351
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(8.686)	(5.200)	(1.245)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.077	0.032	0.010
	PROFIT BEFORE TAX (E-F) (G)		(8.763)	(5.232)	(1.255)
Less	TAX (I)		(2.590)	(1.569)	(0.368)
	PROFIT AFTER TAX (G-I) (J)		(6.173)	(3.663)	(0.887)
	Earnings Per Share (Rs.)		0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	59.59	465.48	1183.96
Return on Total Assets (PBT/Total Assets}	(%)	61.40	140.23	27.34
Return on Investment (ROI) (PBT/Networth)		0.66	0.96	0.25
Debt Equity Ratio (Total Liability/Networth)		0.42	0.06	0.04
Current Ratio (Current Asset/Current Liability)		2.31	9.48	20.25

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	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	No
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	No
24]	Banking facility details	No
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]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

FIXED ASSETS:

· Furniture and Fixtures

· Computers and Software

· Telephone

· Tools and Equipments

· Air conditioners

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.56.01
UK Pound	1	Rs.86.89
Euro	1	Rs.67.83

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		26

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

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.