1. Summary Information

Country

India

Company Name

A RAYMOND FASTENERS INDIA PRIVATE LIMITED

Principal Name 1

Mr. Stephen T Lockett

Status

Moderate

Principal Name 2

Mr. Manish K Padharia

Registration #

11-133150

Street Address

G No. 259, 276/ 8B, Nighoje, Taluka – Khed, Pune – 410501, Maharashtra, India

Established Date

30.11.2007

SIC Code

--

Telephone#

91-20-40728807

Business Style 1

Service Provider

Fax #

91-20-40728899

Business Style 2

Fastening

Homepage

Not Available

Product Name 1

Bonding

# of employees

Not Available

Product Name 2

Solutions

Paid up capital

Rs.232,312,000/-

Product Name 3

-

Shareholders

Foreign holding-100%

Banking

HDFC Bank

Public Limited Corp.

No

Business Period

7 Years

IPO

No

International Ins.

-

Public Enterprise

No

Rating

B (26)

Related Company -

Relation

Country

Company Name

CEO

Holding company

FRANCE

A. Raymond ET CIE SCS

-

Note

-

2. Summary Financial Statement

Balance Sheet as of	--		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,377,000	Current Liabilities	211,019,000
Inventories	147,214,000	Long-term Liabilities	344,800,000
Fixed Assets	442,450,000	Other Liabilities	3,628,000
Deferred Assets	3,973,000	Total Liabilities	559,447,000
Invest& other Assets	330,162,000	Retained Earnings	0,000
		Net Worth	367,729,000
Total Assets	927,176,000	Total Liab. & Equity	927,176,000
Total Assets (Previous Year)	545,326,000
P/L Statement as of	31.03.2014		(Unit: Indian Rs.)
Total Sales	546,383,000	Net Profit	9,003,000
Total Sales(Previous yr)	497,844,000	Net Profit(Prev.yr)	31,220,000

MIRA INFORM REPORT

Report Date :

14.07.2014

IDENTIFICATION DETAILS

Name :	A RAYMOND FASTENERS INDIA PRIVATE LIMITED
Registered Office :	G No. 259, 276/ 8B, Nighoje, Taluka – Khed, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.11.2007
Com. Reg. No.:	11-133150
Capital Investment / Paid-up Capital :	Rs. 232.312 Millions
CIN No.: [Company Identification No.]	U24139PN2007PTC133150
PAN No.: [Permanent Account No.]	AAGCA7184G
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Bonding and Fastening Solutions.
No. of Employees :	Information denied by management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 Corporative (91-21-35676231)

LOCATIONS

Registered Office :	G No. 259, 276/ 8B, Nighoje, Taluka – Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-20-40728807
Fax No.:	91-20-40728899
E-Mail :	manish.padharia@in.araymond.com

DIRECTORS

As on 06.08.2013

Name :	Mr. Antoine Robert Raymond
Designation :	Director
Address :	1, Place Des Tilleuls, Grenoble, France - 38000
Date of Birth/Age :	07.03.1962
Date of Appointment :	30.12.2008
DIN No.:	01897871
Name :	Mr. Stephen T Lockett
Designation :	Director
Address :	The Old Coach House – The Rocks Road, East Malling – West Malling, Kent, ME196AU, UK
Date of Birth/Age :	08.08.1960
Date of Appointment :	30.12.2008
DIN No.:	01897902
Name :	Mr. Manish K Padharia
Designation :	Managing Director
Address :	The Woods Cresent House 301, Near Park Street, Kalewadi Wakad, Pune – 411057, Maharashtra, India
Date of Birth/Age :	16.10.1971
Date of Appointment :	01.04.2012
PAN No.:	AJWPP4139L
DIN No.:	02147908
Name :	Mr. Dirk Bernhard Hoffmann
Designation :	Director
Address :	Bergfriedweg 3E, Lorrach, Germany 79541
Date of Birth/Age :	16.08.1960
Date of Appointment :	30.12.2008
DIN No.:	02176294

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2013

Names of Shareholders	No. of Shares
A Raymond ET CIE SCS, France	23231227
Manish K. Padharia	1
Total	23231228

AFTER on 06.08.2013

Names of Allotee	No. of Shares
A Raymond ET CIE SCS, France	5067000
Total	5067000

Equity Share Break up (Percentage of Total Equity)

As on 06.08.2013

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 :

Providing Bonding and Fastening Solutions.

GENERAL INFORMATION

No. of Employees :	Information denied by management.
Bankers :	· HDFC Bank · CALYON Bank · Indian Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Natu and Pathak Chartered Accountant
Address :	401-402, Utkarsha Apartments, Bhakti Marg, Law College Road, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-25458074 / 75
Fax No.:	91-20-25458074 / 75
PAN.:	AABFN5816E
Holding Company:	A. Raymond ET CIE SCS, France
Fellow Subsidiary company :	· A Raymond France · A Raymond GMBH & Co. Germnay · A Raymond Italiana · Raymond Jabloneck SRO Czech Republic · A Raymond fasteners (Z) Co. Ltd. · A Raymond Tecniacero S.A.Un Spain · A Raymond Japan Co. Ltd · Raymond Ltd U.K. · A Raymond U.S.A · A. Raymond Brasil Ltd · Pacific Sight holdings Ltd. China · Rayconnect Inc. U.S.A. · Raygroup SAS France · Rayconnect International SASU France · Raynet SNC France · A Raymond Ltd, STI Turkey · A Raymond Tinnerman Mfg. Hamilton-INC · A Raymond France Grenoble · A Raymond Korea Co. Ltd · A Raymond Tinnerman Automotive INC

CAPITAL STRUCTURE

As on 06.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
26500000	Equity Shares	Rs.10/- each	Rs.265.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23231228	Equity Shares	Rs.10/- each	Rs.232.312Millions

AFTER 06.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
46500000	Equity Shares	Rs.10/- each	Rs.465.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31269830	Equity Shares	Rs.10/- each	Rs.312.698 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	232.312	225.421	213.976
(b) Reserves & Surplus	135.417	93.337	32.358
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	12.981	0.000
Total Shareholders’ Funds (1) + (2)	367.729	331.739	246.334
(3) Non-Current Liabilities
(a) long-term borrowings	314.201	60.953	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.455
(c) Other long term liabilities	7.117	8.593	4.523
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	321.318	69.546	4.978
(4) Current Liabilities
(a) Short term borrowings	30.599	7.517	0.000
(b) Trade payables	192.810	124.194	77.957
(c) Other current liabilities	11.092	9.287	12.165
(d) Short-term provisions	3.628	3.043	1.988
Total Current Liabilities (4)	238.129	144.041	92.110
TOTAL	927.176	545.326	343.422
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	441.864	177.055	59.726
(ii) Intangible Assets	0.586	1.212	2.364
(iii) Capital work-in-progress	31.747	6.621	4.311
(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)	3.973	1.440	0.000
(d) Long-term Loan and Advances	3.377	6.411	61.048
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	481.547	192.739	127.449
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	147.214	125.642	86.251
(c) Trade receivables	97.261	105.119	75.034
(d) Cash and cash equivalents	120.682	88.478	29.293
(e) Short-term loans and advances	80.472	33.348	25.395
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	445.629	352.587	215.973
TOTAL	927.176	545.326	343.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	546.383	497.844	336.962
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	493.858	429.778	299.537
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		52.525	68.066	37.425
Less/ Add	DEPRECIATION/ AMORTISATION		40.809	22.863	12.845
	PROFIT BEFORE TAX (E-F)		11.716	45.203	24.580
Less	TAX		2.713	13.983	2.930
	PROFIT AFTER TAX (G-H)		9.003	31.220	21.650
	Earnings Per Share (Rs.)		0.39	-	-

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.65	6.27	6.43
Net Profit Margin (PBT/Sales)	(%)	2.14	9.08	7.29
Return on Total Assets (PBT/Total Assets}	(%)	1.31	8.41	7.25
Return on Investment (ROI) (PBT/Networth)		0.03	0.14	0.10
Debt Equity Ratio (Total Debt /Networth)		0.94	0.21	0.00
Current Ratio (Current Asset/Current Liability)		1.87	2.45	2.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	213.976	225.421	232.312
Reserves & Surplus	32.358	93.337	135.417
Share Application money pending allotment	0.000	12.981	0.000
Net worth	246.334	331.739	367.729
long-term borrowings	0.000	60.953	314.201
Short term borrowings	0.000	7.517	30.599
Total borrowings	0.000	68.470	344.800
Debt/Equity ratio	0.000	0.206	0.938

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	336.962	497.844	546.383
		47.745	9.750

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	336.962	497.844	546.383
Profit	21.650	31.220	9.003
	6.43%	6.27%	1.65%

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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
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 THE COMPANY

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowing:
Loans and advances from related partied	314.201	60.953
Short term Borrowing:
Loans and advances from related partied	30.599	7.517
Total	344.800	68.470

FIXED ASSETS

· Land

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer Equipments

· Leasehold improvements

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.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	JGT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.