MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	JAKOB MULLER (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 27, 4^th Main Bommasandra Industrial Area, Attibelle Hobli, Bangalore – 562158, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.11.1994
Com. Reg. No.:	08-016624
Capital Investment / Paid-up Capital :	Rs.36.222 Millions
CIN No.: [Company Identification No.]	U29269KA1994PTC016624
TAN No.: [Tax Deduction & Collection Account No.]	BLRJ01648D
PAN No.: [Permanent Account No.]	AAACJ4140K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile Spare Parts.
No. of Employees :	Not Available

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in the profits of the company during current year. However, general financial position of the company is good. No external borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-80-27835126)

LOCATIONS

Registered Office :	Plot No. 27, 4^th Main Bommasandra Industrial Area, Attibelle Hobli, Bangalore – 562158, Karnataka, India
Tel. No. :	91-80-27835126 / 128
Fax No. :	91-80-27834414
E-Mail :	n.prabhu@mueller-frick.com jmin@mueller-frick.com
Website :	www.mueller-frick.com
Regional sales and service centers :	Located At: v Bangalore v Delhi v Mumbai v Surat v Tirupur

DIRECTORS

As on 27.09.2013

Name :

Hangalore Narayanarao Krishnamurthy

Designation :

Alternate Director

Address :

No. 53/1, West Anjaneya Temple Road, Gandhi Bazaar, Basa Vanagudi, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

13.03.1956

Date of Appointment :

23.08.2013

DIN No. :

00020274

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	U67120KA2005PTC035846	FRONTLINE CAPITAL ANALYSTS PRIVATE LIMITED	Director	28/09/2007	28/06/2007	-	Active	NO
2	U45200KA1982PLC007138	AIGL PROPERTIES LIMITED	Director	20/09/2008	17/12/2007	-	Active	NO
3	U72200KA1999PTC025303	WEBSTORM INFORMATION TECHNOLOGY PRIVATE LIMITED	Director	30/09/2009	20/08/2008	-	Active	NO
4	U72200KA1999PTC024931	POLYGLOBE TECHNOLOGY PRIVATE LIMITED	Director	30/09/2009	20/08/2008	-	Active	NO
5	U29269KA1994PTC016624	JAKOB MULLER (INDIA)PRIVATE LIMITED	Alternate director	23/08/2013	08/02/2009	-	Active	NO

Name :

Preetham David

Designation :

Whole-time Director

Address :

No. L-25 Sector 14 Road, F.4 LIC Colony Jeevanbhima Nagar Bangalore-560075, Karnataka, India

Date of Birth/Age :

28.03.1958

Date of Appointment :

23.08.2013

DIN No. :

06699221

Name :

Christian Kuoni

Designation :

Director

Address :

Sonnenweg 4, Zeiningen, 4314 Switzerland

Date of Birth/Age :

25.05.194

Date of Appointment :

03.07.1995

DIN No. :

00528676

Name :

Bruno Bolliger

Designation :

Director

Address :

Spittelgasse 38, Auenstein, 5105, Switzerland

Date of Birth/Age :

17.07.1963

Date of Appointment :

05.09.2011

DIN No. :

03379187

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Jakob Muller A G, Switzerland	3622169
C. Kuoni / Jakob Muller Holding AG, Switzerland	1
Total	3622170

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 Textile Spare Parts.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	CGS and Company Chartered Accountants
Address :	No 48, 3rd Floor, R V Road, Basavanagudi, Bangalore – 560004, Karnataka, India
PAN No. :	AAAFC6336K

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3622170	Equity Shares	Rs.10/- each	Rs.36.222 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.222	36.222	36.222
(b) Reserves & Surplus	133.752	122.623	107.829
(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)	169.974	158.845	144.051
(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	4.210	3.493	3.263
Total Non-current Liabilities (3)	4.210	3.493	3.263
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	22.479	7.048	19.671
(c) Other current liabilities	7.587	7.635	13.756
(d) Short-term provisions	32.756	30.213	22.034
Total Current Liabilities (4)	62.822	44.896	55.461
TOTAL	237.006	207.234	202.775
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.669	64.350	68.262
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.511	0.300	0.286
(d) Long-term Loan and Advances	16.411	17.036	14.895
(e) Other Non-current assets	0.549	0.533	0.564
Total Non-Current Assets	81.140	82.219	84.007
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.522	57.255	52.595
(c) Trade receivables	18.563	9.282	23.498
(d) Cash and cash equivalents	51.599	33.429	25.263
(e) Short-term loans and advances	27.182	25.049	17.412
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	155.866	125.015	118.768
TOTAL	237.006	207.234	202.775

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		22.377	29.115	42.183
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of goods exported	29.635	66.080	66.080
		Commission	11.325	12.785	12.785
		Technical and other services	1.584	1.445	1.446
		Re-imbursement of export	2.654	0.504	0.504
	TOTAL EARNINGS		45.198	80.814	80.815
	IMPORTS
		Raw Materials	37.845	22.400	49.357
		Components & Spares	0.023	0.382	0.634
		Capital Goods	9.807	7.826	7.873
	TOTAL IMPORTS		47.675	30.608	57.864
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)	2.48	2.78	2.14

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	No
12]	Profitability for last three years	No
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]	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

INDEX OF CHARGES

No Charges Exist for Company

OPERATING PERFORMANCE

The Profit before depreciation during the year is Rs. 22.377 Millions previous period Rs. 29.115 Millions

OPERATIONS

The board wants to inform the shareholders that the Income for the year was 7% more, the total operating costs were 12% more and the Profit before tax was 21% less than the results in the previous financial year that ended March 201 2.

The price situation for Varitex needle loom could still be kept at a satisfactory level. Subject sold some HW – A which has been introduced in the domestic market. Subject also introduced the MW 400 for the domestic market and sold a few machines.

The Volume of Domestic Varitex Sales was 88% of the Annual Budget 2012. The Export Varitex Sales was 80% of the Annual Budget 2012, this was much better when compared to the previous year.

The INR was overall quite stable throughout the year

For the imported machines, Customs duty for Rapier, Air Jet, Needle looms and Crochet machines was decreased to 10.53%. For the Varitex and HW - A, Excise duty was maintained at 6.18% and 12.36% respectively in the Indian Fiscal Budget.

The Volume of Sales for JMF machines was 50% of the Budget 2012. A substantial number of used machines are still coming in to the country, since the landed cost of new machines is high.

The prices of the machines in all segments and harness are further under pressure due to the weaker INR resulting In higher landed cost to customers.

OUTLOOK

The market situation for JMG machines seems to be very slow in the near future.

In WE there is a very still price competition mainly from Chinese manufacturer.

FIXED ASSETS

Ø Factory Land

Ø Building

Ø Computer

Ø Demo Equipment

Ø Furniture and Fixture

Ø Office Equipment

Ø Plant and Machinery

Ø Vehicle

Ø Warehouse Equipment

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.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.61

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	NO
--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.