MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	PEARL INSULATIONS PRIVATE LIMITED
Registered Office :	Plot No. 505/506/507, IV Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.06.1982
Com. Reg. No.:	08-004795
Capital Investment / Paid-up Capital :	Rs. 23.126 Millions
CIN No.: [Company Identification No.]	U27109KA1982PTC004795
TAN No.: [Tax Deduction & Collection Account No.]	BLRP03558C
PAN No.: [Permanent Account No.]	AABCP2365D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Enameled Copper Strips and Wires, Fibre Glass Covered Varnish Bonded Copper Strips/ Wires, Double Fibre Glass Covered/ Insulated Round/Rectangular Copper Wires/ Strip, Kapton Polymide Film.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4436000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Von Roll India Private Limited (Von Roll India)”. It is an established company having a satisfactory track record. There appears a drastic dip in the net profitability of the company during 2012. However, financial and liquidity position appears to be strong. Rating also take into consideration the long presence of the company in the electric insulation and copper wire industry and its debt free balance sheet. Trade relations are fair. Business is active. Payment terms are usually correct. In view of experienced promoters and reputed holding company, the subject can be considered normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term - Fund based : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 2013

Rating Agency Name	ICRA
Rating	Short term - Fund based : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	February 2013

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.

INFORMATION PARTED BY

Name :	Mr. Amar
Designation :	Accounts Manager
Contact No.:	91-80-43329227
Date :	17.07.2013

LOCATIONS

Registered Office / Factory :	Plot No. 505/506/507, IV Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India.
Tel. No.:	91-80-28362722 / 43329227 / 43329200
Fax No.:	91-80-28360153 / 28360156
E-Mail :	jsuri@satyam.net.in amar.urs@vonroll.com
Website :	http://www.vonroll.com
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :

Mr. Jagannathan Suri

Designation :

Director

Address :

Flat No. 204, Skyline Apartments, Langfort Road, Bangalore-560001, Karnataka, India.

Date of Birth/Age :

17.02.1954

Date of Appointment :

18.12.1998

DIN No.:

00265983

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	U85110KA1980PTC004018	SURI CONSULTANTSC PRIVATE LIMITED	Whole-time director	03-12-80	03-12-80	-	Active	NO
2	U27109KA1982PTC004795	PEARL INSULATIONS PRIVATE LIMITED	Director	18-12-98	18-12-98	-	Active	NO
3	U85110KA1997PTC021878	PEARL METAL PRODUCTS (BANGALORE) PRIVATE LIMITED	Director	18-12-98	18-12-98	-	Active	NO
4	L55101KA1969PLC001795	EASTWEST HOTELS LIMITED	Director	06-05-00	06-05-00	-	Active	NO
5	U55101KA2004PTC033245	GOLDEN KITCHENS PRIVATE LIMITED	Director	28-05-05	28-05-05	-	Active	NO
6	U67110KA1998PTC024473	VON ROLL (INDIA) PRIVATE LIMITED	Director	12-09-05	12-09-05	-	Active	NO
7	L72200KA2001PLC029313	ENCORE SOFTWARE LIMITED	Director	29-01-08	29-01-08	-	Active	NO
8	U74999KA2012FTC062019	ICMG Consulting India Private Limited	Director	01-10-12	10-01-12	-	Active	NO
9	U22212KA2012PTC064775	PHENOMENON CINEMA PRIVATE LIMITED	Director	09-07-12	09-07-12	-	Active	NO
10	U72200KA2012PTC065647	CONSILIENT TECHNOLOGIES PRIVATE LIMITED	Director	30-08-12	30-08-12	-	Active	NO

Name :

Mr. Matthias Hans Gunther Oppermann

Designation :

Director

Address :

Waldeggerweg 2A, Groding Salzburg, 5082 Austria

Date of Birth/Age :

25.07.1957

Date of Appointment :

30.09.2011

DIN No.:

03581074

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	U27109KA1982PTC004795	PEARL INSULATIONS PRIVATE LIMITED	Director	30-09-11	01-01-11	-	Active	NO
2	U67110KA1998PTC024473	VON ROLL (INDIA) PRIVATE LIMITED	Director	30-09-11	01-01-11	-	Active	NO
3	U85110KA1997PTC021878	PEARL METAL PRODUCTS (BANGALORE) PRIVATE LIMITED	Director	30-09-11	01-01-11	-	Active	NO

Name :

Mr. Suresh Kumar Muniandy Singaram

Designation :

Director

Address :

Apartment, BLK 450 Sin Ming Avenue # 16-511, Singapore -570450

Date of Birth/Age :

03.10.1956

Date of Appointment :

30.09.2011

DIN No.:

03564024

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	U27109KA1982PTC004795	PEARL INSULATIONS PRIVATE LIMITED	Director	30-09-11	17-05-11	-	Active	NO
2	U67110KA1998PTC024473	VON ROLL (INDIA) PRIVATE LIMITED	Director	30-09-11	17-05-11	-	Active	NO
3	U85110KA1997PTC021878	PEARL METAL PRODUCTS (BANGALORE) PRIVATE LIMITED	Director	30-09-11	17-05-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Vonroll India Private Limited, India	153318
Von Roll Holding AG, Switzerland	77946
Total	231264

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

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	33.70
Bodies corporate	66.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Enameled Copper Strips and Wires, Fibre Glass Covered Varnish Bonded Copper Strips/ Wires, Double Fibre Glass Covered/ Insulated Round/Rectangular Copper Wires/ Strip, Kapton Polymide Film.

Products :

Product Description	Item Code
Bare, Insulated Copper/Aluminium Conductors, Strips and Wires Coils for Generators	8544.09

Exports :

Products :

· Enameled Copper Strips and Wires

· Fibre Glass Covered Varnish Bonded Copper Strips/ Wires

· Double Fibre Glass Covered

· Insulated Round

· Rectangular Copper Wires

· Strip

· Kapton Polymide Film

Countries :

· Europe

· Dubai

· Malaysia

Imports :

Products :

Raw Material

Countries :

· USA

· Malaysia

Terms :

Selling :

L/C, Cash and Credit (30 days to 60 days)

Purchasing :

L/C, Cash and Credit (30 days to 60 days)

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	200 (Approximately)
Bankers :	State Bank of India, Industrial Finance Branch, Residency Plaza, Residency Road, Bangalore-560025, Karnataka, India.
Facilities :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road 56002
PAN No.:	AACFD3771D
Fellow Subsidiaries:	· Pear Metal Products (Bangalore) Private Limited (PMPBPL), iNDIA CIN : U85110KA1997PTC021878 · Von Roll Asia Pte Limited, Singapore (Von Roll Singapore) · Von Roll Shanghai Company Limited (Von Roll Shanghai) · Von Roll France SA (Von Roll France) · Von Roll Management AG (Von Roll Management), Switzerland · Von Roll Holding AG (Von Roll Holding) , Switzerland · Von Roll Italia S.p.A (Von Roll Italia) · Von Roll do Brasil Ltda (Von Roll Brasil) · Von Roll UK Limited (Von Roll UK)
Holding Company:	Von Roll India Private Limited (Von Roll – India) CIN : U67110KA1998PTC024473
Ultimate Holding Company:	Von Roll Schweiz AG, Switzerland (Von Roll – Switzerland)

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions
200000	Preferences Shares	Rs.100/- each	Rs. 20.000 Millions
	Total		Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
231264	Equity Shares	Rs.100/- each	Rs. 23.126 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.126	23.126
(b) Reserves & Surplus	1085.995	947.775
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1109.121	970.901
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	13.005	8.880
Total Non-current Liabilities (3)	13.005	8.880
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	85.503	55.998
(c) Other current liabilities	108.264	29.327
(d) Short-term provisions	1.772	1.248
Total Current Liabilities (4)	195.539	86.573
TOTAL	1317.665	1066.354
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.104	94.032
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	16.228
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	10.300	12.400
(d) Long-term Loan and Advances	51.857	68.636
(e) Other Non-current assets	2.390	1.500
Total Non-Current Assets	251.651	192.796
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	173.707	182.520
(c) Trade receivables	535.068	351.067
(d) Cash and cash equivalents	262.124	279.546
(e) Short-term loans and advances	83.849	57.792
(f) Other current assets	11.266	2.633
Total Current Assets	1066.014	873.558
TOTAL	1317.665	1066.354

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.126
2] Share Application Money		0.000
3] Reserves & Surplus		787.279
4] (Accumulated Losses)		0.000
NETWORTH		810.405
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		810.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.950
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		10.700
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	118.849
	Sundry Debtors	329.921
	Cash & Bank Balances	218.502
	Other Current Assets	0.000
	Loans & Advances	406.495
Total Current Assets		1073.767
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.669
	Other Current Liabilities	4.982
	Provisions	321.361
Total Current Liabilities		388.012
Net Current Assets		685.755
MISCELLANEOUS EXPENSES		0.000
TOTAL		810.405

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income
	Other Income
	TOTAL	2592.400	2230.700	1778.132
EXPENSES
	TOTAL	NA	NA	1519.536
PROFIT BEFORE TAX		NA	NA	258.596
TAX		NA	NA	80.301
PROFIT AFTER TAX		138.200	160.400	170.295
EARNINGS IN FOREIGN CURRENCY		38.934	37.506	15.439
Earnings Per Share (Rs.)		597.67	693.99	736.37

Particulars	31.03.2013
Sales Turnover (Approximately)	2360.000 (Due to market fluctuation)

Expected Sales ( 2013-2014) : Rs. 2500.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.33	7.19	9.58
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	21.77
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.32
Current Ratio (Current Asset/Current Liability)		1.01	10.90	2.77

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
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	Yes

FINANCIAL RESULTS :

During the year the Company earned total income of Rs. 2592.400 Millions when compared to Rs. 2230.700 Millions during the previous year. The operations of the Company resulted in a net profit after tax of Rs. 138.200 Millions when compared to Rs. 160.400 Millions during the previous year.

SEGMENT REPORTING :

The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.

FIXED ASSETS:

• Land Free Hold
• Buildings
• Plant and Machinery
• Computers
• Furniture
• Other Equipments
• Motor 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 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 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. 59.80
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.