MIRA INFORM REPORT

Report Date :

18.11.2013

IDENTIFICATION DETAILS

Name :	R.STAHL PRIVATE LIMITED (w.e.f.02.06.2000)
Formerly Known As :	BALIGA-STAHL PRIVATE LIMITED
Registered Office :	Plot No. 5, Malrosapuram Road, Sengundram Industrial Area, Singaperumal Koil, Chengalpet Taluk, District Kancheepuram – 603204, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.10.1988
Com. Reg. No.:	18-016338
Capital Investment / Paid-up Capital :	Rs. 472.683 Millions
CIN No.: [Company Identification No.]	U29142TN1988PTC016338
TAN No.: [Tax Deduction & Collection Account No.]	CHER05173A
PAN No.: [Permanent Account No.]	AAACB2538F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Explosion Protected Electrical and Electronic Equipment including, Light Fittings, Automation, Junction Boxes and Other Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 712000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear accumulated losses recorded by the company during the year 2012. However, trade relations are improving. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. 5, Malrosapuram Road, Sengundram Industrial Area, Singaperumal Koil, Chengalpet Taluk, District Kancheepuram – 603204, Tamilnadu, India
Tel. No.:	91-44-30600600
Fax No.:	91-44-30600700
E-Mail :	sales@rstahl.net stahl@vsnl.net
Website :	http://www.r-stahl.com
Corporate Office :	9, Arcot Road, Lakshmi Nagar, Porur, Chennai – 600116, Tamilnadu, India
Tel. No.:	91-44-24766674/ 24765713/ 24761084
Fax No.:	91-44-24767835
Factory 1 :	90 and 91, Kuntrathur Main Road, Mowlivakkam, Chennai – 600116, Tamilnadu, India
Tel. No.:	91-44-23821355/ 23821356
Factory 2 :	2/397, Mookambika Nagar, Kattupakkam, Chennai – 600056, Tamilnadu, India
Tel. No.:	91-44-24766873/ 24762232

DIRECTORS

AS ON 17.09.2011

Name :

Jorg Fitzek

Designation :

Managing director

Address :

2/234, Sai Avenue, Juhu Beach Uthandi, Chennai – 600119, Tamilnadu, India

Date of Birth/Age :

27.02.1966

Date of Appointment :

15.05.2010

PAN No.:

AALPF6486A

DIN No.:

01691012

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	U74210PN1989PTC129569	ATS AUTOMATION INDIA PRIVATE LIMITED	Managing director	28/03/2006	28/03/2006	17/01/2010	Active	NO
2	U29142TN1988PTC016338	R.STAHL PRIVATE LIMITED	Managing director	15/05/2010	01/02/2010	-	Active	NO

Name :

Bernd Peter Marx

Designation :

Director

Address :

60321 Bruhl Monengasse

Date of Birth/Age :

16.07.1963

Date of Appointment :

17.09.2011

DIN No.:

05179478

Name :

R S Raja Sastry Rambhatla Sridhar

Designation :

Director

Address :

Flat No. 1, No. 3, 1 Street, L.B. Road, Indira Nagar, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

28.08.1969

Date of Appointment :

18.06.2010

PAN No.:

AEPPR9799Q

DIN No.:

03263109

Name :

Alain Jacobus Robert Schellings

Designation :

Director

Address :

Mispelweg 37 Koeln Ot Heimersdorf 50767

Date of Birth/Age :

04.02.1963

Date of Appointment :

28.09.2012

DIN No.:

06715698

Name :

Clife Josef Hermanowski

Designation :

Director

Address :

Waidachshofer STR.57 Seckach 74743

Date of Birth/Age :

18.06.1961

Date of Appointment :

28.09.2012

DIN No.:

06613346

KEY EXECUTIVES

Name :	R S Raja Gopal Sastry
Designation :	Secretary
Address :	Flat No. 1, No. 3, 1 Street, L.B. Road, Indira Nagar, Adyar, Chennai – 600020, Tamilnadu, India
Date of Birth/Age :	28.08.1969
Date of Appointment :	04.05.2010
PAN No.:	AEPPR9799Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Names of Shareholders	No. of Shares
R. Stahl Schaltgeräte GmbH, Germany	1
R. Stahl AG, Germany	4726829
Total	4726830

AS ON 27.09.2013

Names of Allottee	No. of Shares
R. Stahl Schaltgeräte GmbH, Germany	3002787
Total	3002787

AS ON 17.09.2011

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Explosion Protected Electrical and Electronic Equipment including, Light Fittings, Automation, Junction Boxes and Other Equipments.

Products/ Services :

ITC Code No.	Product Descriptions
72192190	Stainless Steel Scrap
76020010	Aluminium Scrap
76169990	8265 GUB Box
84716090	Exicom Operating Termianl
85123010	Yl50 Sounder Strobe
85369030	8150 Junction Box
90328990	Barriers
94051090	FRP Light Fitting

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Deutsche Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease obligations	0.221	0.472
Total	0.221	0.472

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	2nd Floor, TPL House No. 3, Cenotaph Road, Teynampet, Chennai – 600018, Tamilandu, India
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Holding company :	R. Stahl AG, Germany
Fellow Subsidiary Company :	· Electromach B.V · Industrias Stahl, S.A. · R Stahl Ex-proof (Shanghai) Company Limited · R Stahl Schweiz AG · R Stahl (Hong-Kong) Company Limited · R. Stahl Australia Pty Limited · R. Stahl HMI Systems Gmbh · R. Stahl Inc. Canada · R. Stahl Inc. · R. Stahl K.K. Company Limited · R. Stahl Limited U.K · R. Stahl Middle East FZE · R. Stahl SGmbh · R. Stahl Svneska AB · R. STAHL Engineering and Manufacturing Sdn. · R.STAHL S.r.l. Socio Unico · ST Solutions Atex · Screen Tec GMBH · Tranberg AS

CAPITAL STRUCTURE

AFTER 28.09.2012

Authorised Capital : Rs. 1040.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 981.712 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6,100,000	Equity Shares	Rs. 100/- each	Rs. 410.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,726,830	Equity Shares	Rs. 100/- each	Rs. 472.683 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012 (12 Months)	31.03.2011 (15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	472.683	363.038
(b) Reserves & Surplus	(294.799)	(315.322)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	43.645
Total Shareholders’ Funds (1) + (2)	177.884	91.361
(3) Non-Current Liabilities
(a) long-term borrowings	21.779	0.472
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	21.779	0.472
(4) Current Liabilities
(a) Short term borrowings	0.000	15.964
(b) Trade payables	258.729	181.428
(c) Other current liabilities	13.427	36.272
(d) Short-term provisions	2.123	1.160
Total Current Liabilities (4)	274.279	234.824
TOTAL	473.942	326.657
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.889	16.019
(ii) Intangible Assets	4.163	5.623
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	50.148	0.421
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	96.200	22.063
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	168.745	152.342
(c) Trade receivables	137.057	97.732
(d) Cash and cash equivalents	37.413	0.925
(e) Short-term loans and advances	34.527	53.595
(f) Other current assets	0.000	0.000
Total Current Assets	377.742	304.594
TOTAL	473.942	326.657

SOURCES OF FUNDS		31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		211.788
2] Share Application Money		0.000
3] Reserves & Surplus		2.805
4] (Accumulated Losses)		(157.680)
NETWORTH		56.913
LOAN FUNDS
1] Secured Loans		1.017
2] Unsecured Loans		157.320
TOTAL BORROWING		158.337
DEFERRED TAX LIABILITIES		0.000
TOTAL		215.250
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.145
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		77.907
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.650
	Sundry Debtors	60.927
	Cash & Bank Balances	3.305
	Other Current Assets	0.000
	Loans & Advances	39.149
Total Current Assets		207.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.676
	Other Current Liabilities	11.989
	Provisions	5.168
Total Current Liabilities		88.833
Net Current Assets		118.198
MISCELLANEOUS EXPENSES		0.000
TOTAL		215.250

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (15 Months)	31.12.2009
	SALES
		TOTAL	564.863	360.070	187.765
Less	EXPENSES
		TOTAL	538.544	435.499	279.789
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		26.319	(75.429)	(92.024)
Less/ Add	DEPRECIATION/ AMORTISATION		5.796	8.632	5.067
	PROFIT/ (LOSS) BEFORE TAX		20.523	(84.061)	(97.091)
Less	TAX		0.000	76.386	(35.315)
	PROFIT/ (LOSS) AFTER TAX		20.523	(160.447)	(61.776)
	Earnings/ (Loss) Per Share (Rs.)		4.34	(44.20)	NA

KEY RATIOS

PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (15 Months)	31.12.2009
PAT / Total Income	(%)	3.63	(44.56)	(32.90)
Return on Total Assets (PBT/Total Assets}	(%)	4.33	(25.73)	(42.93)
Return on Investment (ROI) (PBT/Networth)		0.12	(0.92)	(1.71)
Debt Equity Ratio (Total Debt/Networth)		0.12	0.18	2.78
Current Ratio (Current Asset/Current Liability)		1.38	1.30	2.33

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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Other external commercial borrowings	21.558	0.000
SHORT TERM BORROWINGS	0	0
Working capital loans from banks	0.000	15.964
Total	21.558	15.964

NATURE OF OPERATIONS

Subject was originally incorporated on October 12, 1988. The Company is a subsidiary of R Stahl AG, Germany. The Company is engaged in the manufacture and sale of explosion protected electrical and electronic equipment including, light fittings, automation, junction boxes and other equipments. The Company has its manufacturing facilities at Chennai.

OPERATIONS

The Company is continuing to grow. The Company achieved a top line growth of 55% year on year. The sales team installed during the previous year is consolidating the position of the company by selling the entire basket of products. Importantly the company grew its export business to 25.3 Crores against 11.9 crores in the previous year. This was achieved by improving the capacities in the Steel Enclosures and Aluminium enclosure business. A small but significant contribution to the export business was from the Flood Lights, which is likely to grow significantly in the future. The Clifford and Snell range of products the production of which was commissioned during December 2010 grew and contributed significantly to the revenue of the company.

The company earned a net profit of INR 20.520 Millions against a loss of INR 160.000 Millions in the earlier year. This is significant in its import as this indicates a turnaround for the company from a loss making one to a profitable one.

During the Year, the company has allotted 1096450 shares of Rs. 100 each to R. Stahl AG, Germany.

FIXED ASSETS:

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipments

· Computer software

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 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] 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. 63.06
UK Pound	1	Rs. 101.15
Euro	1	Rs. 84.95

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.