MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	NIEHOFF OF INDIA PRIVATE LIMITED
Registered Office :	Plot No.186 to 194, Industrial Park, Phase-3, Pashamylaram, Medak District – 502 307, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.08.1997
Com. Reg. No.:	01-027696
Capital Investment / Paid-up Capital :	Rs.50.000 millions
CIN No.: [Company Identification No.]	U29219AP1997PTC027696
PAN No.: [Permanent Account No.]	AABCN0947R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wire drawing machines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1862000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Maschinenfabrik Niehoff GmbH & Co.”. It is an established company having a satisfactory track record. The management has seen an increase in its net profitability during 2013. Financial as well as liquidity position appears to be decent marked by no external borrowings recorded in the books during the year under review. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong support from its holding company, the subject can be considered 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 DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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/ Factory :	Plot No.186 to 194, Industrial Park, Phase-3, Pashamylaram, Medak District – 502 307, Andhra Pradesh, India
Tel. No.:	91-8455-304040 (4 Lines)/ 224391
Fax No.:	91-8455-304044/ 224394
E-Mail :	info@niehoff.in accounts@niehoff.in

DIRECTORS

AS ON 23.09.2013

Name :

Mr. Ashwin Kumar Julka

Designation :

Director

Address :

145, Vista Villas, Green Wood City, Sector-46, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

18.09.1967

Date of Appointment :

31.08.2011

DIN No.:

00113409

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	U33116HR2005FTC035844	RICHARD WOLF INDIA PRIVATE LIMITED	Alternate director	15/09/2005	15/09/2005	-	Active	NO
2	U74899DL1989PTC037818	GEA WESTFALIA SEPARATOR INDIA PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
3	U29219AP1997PTC027696	NIEHOFF OF INDIA PRIVATE LIMITED	Director	31/08/2011	02/03/2011	-	Active	NO
4	U74899DL1989PTC036596	INTEC HOLDINGS PRIVATE LIMITED	Additional director	17/10/2011	17/10/2011	-	Active	NO

Name :

Mr. Daniel Thomas Sagaya Raj

Designation :

Director

Address :

Flat No.403, SVL Towers, Plot No.18, LIC Colony, West Marredpally, Secunderabad – 500 026, Andhra Pradesh, India

Date of Birth/Age :

30.05.1971

Date of Appointment :

01.07.2006

DIN No.:

00555036

Name :

Mr. Bernd Walter Lohmuller

Designation :

Director

Address :

Muehlweg 1a-91126, Rednitzhembach, Germany

Date of Birth/Age :

17.03.1965

Date of Appointment :

11.07.2008

DIN No.:

02238939

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	U29219AP1997PTC027696	NIEHOFF OF INDIA PRIVATE LIMITED	Director	11/07/2008	26/06/2008	-	Active	NO

Name :

Mr. Arnd Kulaczewski

Designation :

Additional Director

Address :

Distelberg 95, 31157 Sarstedt, Germany

Date of Birth/Age :

05.10.1965

Date of Appointment :

02.11.2013

DIN No.:

06748559

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Names of Shareholders	No. of Shares
Maschinenfabrik Niehoff GmbH and Co., Germany	4950000
Walter Niehoff GmbH and Co. KG, Germany	50000
Total	5000000

BUSINESS DETAILS

Line of Business :

Manufacturer of wire drawing machines.

Products :

Item Code No. (ITC Code)	8463 10 90
Product Description	Wire Drawing Machine
Item Code No. (ITC Code)	8479 40 00
Product Description	Cable Making Machine
Item Code No. (ITC Code)	8479 90 90
Product Description	Spares and Consumables

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	R. Subramanian and Company Chartered Accountants
Address :	Plot No.186 to 194, Industrial Park, Phase 3, Pashyamalaram, Medak District – 502 307, Andhra Pradesh, India
PAN No.:	AAAFR0602F
Holding Company :	Maschinenfabrik Niehoff GmbH and Co., Germany

CAPITAL STRUCTURE

AS ON 23.09.2013

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
5000000	Equity Shares	Rs.10/- each	Rs.50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	415.451	332.095	268.791
(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)	465.451	382.095	318.791
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	6.118
(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	0.000	0.000	0.725
Total Non-current Liabilities (3)	0.000	0.000	6.843
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	133.068	80.868	94.263
(c) Other current liabilities	83.618	55.260	81.275
(d) Short-term provisions	8.188	6.828	3.937
Total Current Liabilities (4)	224.874	142.956	179.475
TOTAL	690.325	525.051	505.109
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109.310	113.911	57.306
(ii) Intangible Assets	0.058	0.143	0.359
(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)	1.493	0.189	0.223
(d) Long-term Loan and Advances	0.918	0.846	3.779
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	111.779	115.089	61.667
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	236.234	125.667	91.742
(c) Trade receivables	123.423	147.707	187.776
(d) Cash and cash equivalents	184.189	127.118	155.638
(e) Short-term loans and advances	4.220	2.253	3.856
(f) Other current assets	30.480	7.217	4.430
Total Current Assets	578.546	409.962	443.442
TOTAL	690.325	525.051	505.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	618.095	636.008
		Commission	NA	4.527	3.831
		Other Income	NA	10.963	8.638
		TOTAL	NA	633.585	648.477
Less	EXPENSES
		Office Expenses	NA	541.308	553.333
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	541.308	553.333
	PROFIT / (LOSS) BEFORE TAX		NA	92.277	95.144
Less	TAX		NA	28.973	32.521
	PROFIT / (LOSS) AFTER TAX		83.356	63.304	62.623
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		332.095	268.791	206.168
	BALANCE CARRIED TO THE B/S		415.451	332.095	268.791
	EARNINGS IN FOREIGN CURRENCY
		Exports on F.OB. basis	NA	86.806	76.545
		Commission	NA	4.527	3.831
	TOTAL EARNINGS		NA	91.333	80.376
	Earnings / (Loss) Per Share (Rs.)		16.67	12.66	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	9.99	9.66
Net Profit Margin (PBT/Sales)	(%)	NA	14.93	14.96
Return on Total Assets (PBT/Total Assets}	(%)	NA	17.58	18.84
Return on Investment (ROI) (PBT/Networth)		NA	0.24	0.30
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.02
Current Ratio (Current Asset/Current Liability)		2.57	2.87	2.47

LOCAL AGENCY FURTHER INFORMATION

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 two 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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90259257	14/12/2005	3,800,000.00	CANARA BANK	M.G. ROAD BRANCH, SUCUNDERABAD, ANDHRA PRADESH, INDIA	-
2	90121732	12/08/2003	6,800,000.00	CANARA BANK	M G ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA	-
3	90122957	23/03/2001	1,000,000.00	CANARA BANK	M G ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA	-

Note:

The registered office of the company has been shifted from First Floor, Swapnalok Complex, 92-93, Sarojini Devi Road, Secunderabad – 500 003, Andhra Pradesh to the present address w.e.f. 26.03.2007.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· 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 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.61.99
UK Pound	1	Rs.102.67
Euro	1	Rs.83.97

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	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		48

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.