MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	MESSE DUESSELDORF INDIA PRIVATE LIMITED (w.e.f. 26.10.2007)
Formerly Known As :	CIDEX TRADE FAIRS PRIVATE LIMITED
Registered Office :	1 Commercial Complex, 2^nd Floor, Pocket H and J Sarita Vihar, New Delhi- 110076
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.01.2001
Com. Reg. No.:	55-109082
Capital Investment / Paid-up Capital :	Rs.35.000 millions
CIN No.: [Company Identification No.]	U74899DL2001FTC109082
TAN No.: [Tax Deduction & Collection Account No.]	DELC04858A
PAN No.: [Permanent Account No.]	AABCC4880E
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of Organizing Trade Fairs and Exhibitions.
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 115000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	1 Commercial Complex, 2^nd Floor, Pocket H and J Sarita Vihar, New Delhi- 110076, India
Tel. No.:	91-11-26971745/ 1056/ 1066
Fax No.:	91-11-26971746
E-Mail :	SharmaA@md-india.com info@md-india.com
Website :	www.md-india.com
Regional Office:	Centre Point Building, 7th floor, Junction of S.V. Road and Juhu Tara Road, Santacruz (West), Mumbai-400 054, India
Tel. No.:	91-22-66789933
Fax No.:	91-22-66789911
E-Mail :	messeduesseldorf@md-india.com info@md-india.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Erhard Wienkamp

Designation :

Director

Address :

Im Schub 15, Meerbusch, Duesseldorf-40668, Germany

Date of Birth/Age :

02.07.1958

Date of Appointment :

31.03.2007

DIN No.:

02176044

Name :

Mr. Udo Paul Schuertzmann

Designation :

Managing director

Address :

118, Jor Bagh, 2^nd Floor, New Delhi-110003, India

Date of Birth/Age :

18.06.1964

Date of Appointment :

01.05.2007

DIN No.:

01682304

Name :

Mr. Werner Matthias Dornscheidt

Designation :

Director

Address :

Am Venn 12, Duesseldorf-40625, Germany

Date of Birth/Age :

10.04.1954

Date of Appointment :

31.03.2007

DIN No.:

01712879

Name :

Mr. Joachim Johannes Schafer

Designation :

Director

Address :

Bockumber STR. 352 A, Duesseldorf-40489, Germany

Date of Birth/Age :

07.08.1953

Date of Appointment :

31.03.2007

DIN No.:

01712933

Name :

Mr. Bernhard Johannes Stempfle

Designation :

Additional director

Address :

Heinestrasse 6, Hemsbach-69502, Germany

Date of Birth/Age :

11.07.1965

Date of Appointment :

30.09.2011

DIN No.:

05155028

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	U74899DL2001FTC109082	Messe Duesseldorf India Private Limited	Director	30/09/2011	01/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Michael de Buhr
Designation :	Executive Director (Finance)
Name :	Ms. Lata Subramanian
Designation :	Executive Assistant to the Managing Director
Name :	Ms. Rani Sawhney
Designation :	Head of Administration
Name :	Mr. Sachin Dev Sharma
Designation :	Head of Projects
Name :	Mr. Vivek Sabharwal
Designation :	Head - Technical Department
Name :	Ms. Ashwani Sharma
Designation :	Manager Finance and Accounts
Name :	Ms. Leena Dugh
Designation :	Director - Metal Fairs
Name :	Ms. Lata Subramanian
Designation :	Project Manager - MDI Projects
Name :	Ms. Rani Sawhney
Designation :	Project Manager - Representation
Name :	Mr. Abhinav Kumar Singh
Designation :	Assistant Project Manager
Name :	Ms. Shilpa Parihar Singh
Designation :	Assistant Project Manager
Name :	Mr. Sachin Tyagi
Designation :	Assistant Project Manager
Name :	Mr. Fazal Ahmad Faruqui
Designation :	Assistant Manager - Technical Department
Name :	Ms. Sapna Adhikari
Designation :	Executive Representation, Admin & Front Office
Name :	Mr. Xavier Rebello
Designation :	Executive Director
Name :	Mr. Suraj Ullal
Designation :	Project Manager - MDI Projects
Name :	Mr. Kim D´Lima
Designation :	Project Manager - Representation
Name :	Ms. Nylisha Rodrigues
Designation :	Project Manager - Representation
Name :	Ms. Neelima Pechak
Designation :	Assistant Project Manager
Name :	Mr. Shailesh Ullal
Designation :	Project Co-ordinator - Representation

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Messe Duesseldorf GMBH, Germany	349999
Messe Duesseldorf Asia Pte Limited, Singapore	1
Total	350000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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 :

The Company is engaged in the business of Organizing Trade Fairs and Exhibitions.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Vinay H Gupta and Associates Chartered Accountants
Address :	13, Central Lane, Babar Road, New Delhi- 110001, India
E-Mail :	vinay@vhgassociates.in
PAN No.:	AAJPG4461G
Holding Company:	Messe Duesseldorf GmBH
Fellow Subsidiary:	· Messe Duesseldorf Asia Pte. Limited · Messe Duesseldorf China Limited · Messe Duesseldorf (Shanghai) Company Limited · IGEDO Company GmBH and Company KG · Duesseldorf Congress

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 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		35.000	35.000	21.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.822	43.822	43.821
4] (Accumulated Losses)		(49.896)	(51.939)	(52.016)
NETWORTH		28.926	26.883	12.805
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		28.926	26.883	12.805
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.822	4.400	5.420
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	45.156	22.246	13.127
	Cash & Bank Balances	5.144	6.378	8.560
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.634	18.900	12.829
Total Current Assets		67.934	47.524	34.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.469	12.581	16.869
	Other Current Liabilities	4.227	6.811	4.506
	Provisions	8.134	5.649	5.756
Total Current Liabilities		42.830	25.041	27.131
Net Current Assets		25.104	22.483	7.385
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.926	26.883	12.805

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	147.434	108.319	79.927
		Other Income
		TOTAL	147.434	108.319	79.927
Less	EXPENSES
		Payments towards services for trade fairs and exhibitions	141.081	62.276	30.124
		Personnel Expenses		23.632	22.932
		Administrative and Other Expenses		19.415	23.341
		TOTAL	141.081	105.323	76.397
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation)	2.996	3.530
Less/ Add	DEPRECIATION/ AMORTISATION			1.514	1.703
	PROFIT BEFORE TAX		6.353	1.482	1.827
Less	TAX		4.310	1.403	0.554
	PROFIT AFTER TAX		2.043	0.078	1.273
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(51.939)	(52.016)	(53.289)
	BALANCE CARRIED TO THE B/S		(49.896)	(51.938)	(52.016)
	EARNINGS IN FOREIGN CURRENCY
		Income from organizing Trade Fairs and Exhibitions	48.304	37.050	14.732
		Expense reimbursements by promoter companies	5.339	5.360	3.531
		Share Capital	0.000	14.000	0.000
		Commissions from promoter companies	34.610	11.967	40.786
	TOTAL EARNINGS		88.253	68.377	59.049
	Earnings Per Share (Rs.)		5.84	0.22	6.06

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.39	0.07	1.59
Return on Total Assets (PBT/Total Assets}	(%)	8.85	2.85	4.57
Return on Investment (ROI) (PBT/Networth)		0.22	0.06	0.14
Debt Equity Ratio (Total Liability/Networth)		1.48	0.93	2.12
Current Ratio (Current Asset/Current Liability)		1.59	1.90	1.27

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

COMPANY AFFAIRS:

This Financial year the company has able to achieve Turnover of Rs.147.434 Millions and the net profit after adjustment is Rs.2.043 Millions. The director is confident about the further growth of the company in the coming year also.

FIXED ASSETS:

· Furniture and Fixture

· Office Equipments

· Computers

· Intangible (Software)

· Vehicles

· Leasehold Improvements

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.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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		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
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.