MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	FREUDENBERG NONWOVENS INDIA PRIVATE LIMITED

Registered Office :	No.104, Poonamallee High Road, Opposite Sindhi College, Vellappanchavadi, Chennai - 600077, Tamilnadu

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.03.1998

Com. Reg. No.:	18-078651

Capital Investment / Paid-up Capital :	Rs.24.000 Millions

CIN No.: [Company Identification No.]	U29197TN1998PTC078651

TAN No.: [Tax Deduction & Collection Account No.]	CHEF03311A

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of woven and non-woven products.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having fine track record. Financial position of the company to be sound. Trade relations are fair. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Raghunath
Designation :	Import Department
Contact No.:	91-44-32512477
Date :	17.12.2014

Name :	Mr. Mohan
Designation :	Accounts Executive
Contact No.:	91-44-32512477
Date :	17.12.2014

LOCATIONS

Registered Office :	No.104, Poonamallee High Road, Opposite Sindhi College, Vellappanchavadi, Chennai - 600077, Tamilnadu, India
Tel. No.:	91-44-32512477
Fax No.:	91-44-24715420
E-Mail :	ashish.das@freudenberg-nw.com mohanbabu.vishwanathan@freudenberg-nw.com Santosh.patro@freudenberg-nw.com fnipl@freudenberg-nw.com
Website :	www.freudenberg.com
Location :	Owned

Branch Office :	200, Sai Sampanna, Station Road, Vikhroli (East), Mumbai-400083, Maharashtra, India
E-Mail Id :	ashish.das@fviin.net ashish.das@freudenberg-nw.com
Website :	http://www.freudenberg.com

Corporate Office :	No. 4/14, Soundarapandian Street, Ashok Nagar, Chennai, Tamilnadu, India
Tel. No.:	91-44-24715421
Fax No.:	91-44-24715420

Factory 1 :	A – 324, TTC Industrial Area, Atul Raje, Thane – Belapur Road, Mahape, Navi Mumbai - 400 701, Maharashtra, India
Tel. No.:	91-22-5797394 / 97
Fax No.:	91-22-5797398
E-Mail :	amol@fnindia.net

Factory 2 / Sales Office 1 :	Freudenberg Nonwoven India Private Limited, New # 78/2 (Old # 80/2), IV th Avenue, Ashok Nagar, Chennai-600083, Tamilnadu, India
Tel. No.:	91-44-24715420
Fax No.:	91-44-24715421

Sales Office 2 :	Eagle Seals and Systems India Limited, Burgmann India Private Limited, No.5, Mahalinga chetty, II nd Cross Street, Mahalingapuram, Chennai-600034, Tamilnadu, India
Tel. No.:	91-44-28172203 / 28170140 / 28170649
Fax No.:	91-44-28172884
E-Mail :	essilmds@ekk.in yprao@ekk.in
Website :	http://www.burgmann.com

Sales Office 3 :	Sigma Freudenberg NOK Private Limited, Simrit Service Centre, Chennai Regional Sales Office, (North Boag Road), T. Nagar, Old No.3, New No.9, B. N. Reddy Road, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-28155935
Fax No.:	91-44-28154638
E-Mail :	sales@sfnindia.com
Website :	www.simrit.com

Sales Office 4 :	KE-Burgmann Flexibles India Private Limited, 194, Nagappa Industrial Estate, G. N. T. Road, Puzhal, Chennai-600066, Tamilnadu, India
Tel. No.:	91-446590632 / 6590634
Fax No.:	91-44-6590917
E-Mail :	dl@ke-burgmannindia.com

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Bruce Olson Robert
Designation :	Director
Address :	51465 Bergisch Gladbach, Laurentius strasse 74, Gemuendener Strasse 35, Frankfurt, 60599, Germany
Date of Birth :	09.03.1952
Date of Appointment :	31.12.2007
DIN No.:	02186935

Name :	Mr. Alexander Karl Rozman
Designation :	Director
Address :	Flat 9A, Tower 5, Bel-Air Peak (Phase 4), 68 Bel-Air Peak Avenue, Island South, Hong Kong
Date of Birth :	07.08.1975
Date of Appointment :	30.09.2009
DIN No.:	02707273

Name :	Mr. Sivasailam Gunasekaran
Designation :	Managing Director
Address :	F-3, Land Marvel, No-9, Kalakshetra Road, Thiruvanmiyur, Chennai – 600 041, Tamilnadu, India
Date of Birth :	11.02.1969
Date of Appointment :	03.11.2010
DIN No.:	02744313

KEY EXECUTIVE

Name :	Mr. Raghunath
Designation :	Import Department

Name :	Mr. Mohan
Designation :	Accounts Executive

Name :	M. Damodaran and Associates
Designation :	Practicing Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders		No. of Shares
Freudenberg SE (Formerly Known as Freudenberg Beteiligungs Gmbh), Germany		1999999
Freudenberg SE (Formerly Known as Freudenberg Beteiligungs Gmbh), Germany		4000000
*Externa Handels-Und Beteiligungsgesellschaft Mit Beschrankter Haftung (Germany)		1
Total		6000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

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 woven and non-woven products.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Finished Goods
Countries :	Sri Lanka

Imports :
Products :	Raw Material and Machinery
Countries :	Hong Kong Germany Taiwan

Terms :
Selling :	L/C, Cheque and Credit

Purchasing :	L/C, Cheque and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	HDFC Bank
Branch	Cathedral Road, Chennai
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	HDFC Bank
Branch	Ashok Nagar Porur
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged


Banking Relations :	--

Auditors :
Name :	S.V. Ghatalia and Associate LLP Chartered Accountants
Address :	6 &7th Floor, A Block, Tidel Park Module 601,701,702, No.4 Rajiv Gandhi Salai, Taramani, Chennai - 600113, Tamilnadu, India
Tel. No.:	91-44-66328400
Fax No.:	91-44-24311450
PAN No.:	AACFS6921Q

Holding Company:	Freudenberg SE

Ultimate Holding :	Freudenberg and Company KG

Fellow Subsidiaries:	Freudenberg Vliesstoffe SE and Company KG. Germany Freudenberg Far Eastern Spunweb Company Limited, Taiwan Freudenberg Espana S.A, Spain Freudenberg Evolon KG, Germany Freudenberg Evolon S.A.R.L, Germany Freudenberg and Vilene International Limited, Hong Kong Freudenberg and Vilene Interlinings (Nantong) Company Limited, China Freudenberg B Vilene Nonwovens (Taiwan) Company Limited, Taiwan Freudenberg Nao Tecidos Ltda and Cia Freudenberg Nonwovens (Pty) Limited, South Africa Freudenberg Nonwovens LP, USA Japan Vilene Company Limited, Japan Korea Vilene Company Limited, Korea Freudenberg Vliesstoffe Service SE and Company KG, Germany Freudenberg Filtration Technologies KG, Germany Freudenberg Filtration Technologies lndia Private limited, lndia Freudenberg and Company KG, Germany Freudenberg and Vilene Nonwovens (Suzhou) Company Limited, China

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed, Paid-up Capital:

No. of Shares	Type	Value	Amount

2000000	Equity Shares (Fully paid up)*	Rs.10/- each	Rs.20.000 Millions
4000000	Equity Shares (Re. 1 paid up) #	Re.1/- each	Rs.4.0000 Millions
	Total		Rs.24.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.000	24.000	24.000
(b) Reserves & Surplus	356.673	283.063	233.307
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	380.673	307.063	257.307

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.908	17.383	15.936
Total Non-current Liabilities (3)	31.908	17.383	15.936

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	82.911	65.151	70.049
(c) Other current liabilities	46.149	29.163	1.835
(d) Short-term provisions	5.028	4.902	4.054
Total Current Liabilities (4)	134.088	99.216	75.938

TOTAL	546.669	423.662	349.181

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.334	16.051	21.868
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.530	1.530
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	21.153	17.240	16.426
(d) Long-term Loan and Advances	0.120	0.000	20.678
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	39.607	34.821	60.502

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	115.316	81.553	71.773
(c) Trade receivables	218.547	33.680	84.743
(d) Cash and cash equivalents	123.101	112.041	118.826
(e) Short-term loans and advances	40.007	160.636	13.337
(f) Other current assets	10.091	0.931	0.000
Total Current Assets	507.062	388.841	288.679

TOTAL	546.669	423.662	349.181

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Gross Income	694.506	569.256	538.257

GROSS EXPENSES	577.426	482.804	449.739

PROFIT/ (LOSS) AFTER TAX	73.609	49.756	46.464

EARNINGS IN FOREIGN CURRENCY	15.285	32.358	25.977

Expected Sales ( 2014-2015 ) : Rs.700.000 Millions

The above information has been parted by Mr. Raghunath.

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012

Debt Equity Ratio (Total Liability/Networth)	0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)	3.78	3.92	3.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	24.000	24.000	24.000
Reserves & Surplus	233.307	283.063	356.673
Net worth	257.307	307.063	380.673

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Gross Income	538.257	569.256	694.506
		5.759	22.002

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Gross Income	538.257	569.256	694.506
Profit	46.464	49.756	73.609
	8.63%	8.74%	10.60%

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%	------
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	No

NOTE:

The Registered office of the company has been shifted from 200, Sai Sampanna, Station Road, Vikhroli (East), Mumbai - 400083, Maharashtra, India to the present address w.e.f. 29.11.2010.

BACKGROUND

Subject was incorporated on March 30, 1998 under the Companies Act, 1956 (‘the Act’). The Company is a subsidiary of Freudenberg SE (Formerly known as Freudenberg Beteiligungs GmbH) (‘FBG’) which is a 100% subsidiary of Freudenberg and Company Germany (F and Company), a limited partnership. The Company’s principal activities comprise of trading and manufacturing of woven and non-woven products.

INDEX OF CAHRGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90142350	12/03/1999	15,000,000.00	DRESDNER BANK AG	NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-

FIXED ASSETS:

Leasehold Improvements
Plant and Machinery
Furniture
Office Equipments
Computers
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.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Information Gathered by :	HTL

Analysis Done by :	RAS

Report Prepared by :	SNT

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.

MIRA INFORM REPORT

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