MIRA INFORM REPORT

Report Date :

06.05.2014

IDENTIFICATION DETAILS

Name :	EADS DS INDIA PRIVATE LIMITED
Registered Office :	TERI University Campus, Plot No.10 IHC Vasant Kunj Institutional Area, New Delhi – 110070
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.12.2008
Com. Reg. No.:	55-185881
Capital Investment / Paid-up Capital :	Rs.0.530 Million
CIN No.: [Company Identification No.]	U72500DL2008PTC185881
IEC No.:	0510082165
TAN No.: [Tax Deduction & Collection Account No.]	DELE05032G
PAN No.: [Permanent Account No.]	AACCE1124A
Legal Form :	Private Limited Liability Company
Line of Business :	Sale Office / Engineering Center for Cassidian. Cassidian is a worldwide leader in global security solutions and systems, providing Lead Systems Integration and value-added products and services to civil and military customers around the globe: air systems (aircraft and unmanned aerial systems), land, naval and joint systems, intelligence and surveillance, cyber security, secure communications, test systems, missiles, services and support solutions.
No. of Employees :	104 (Approximately) (Office – 17 and Engineering Center – 87)

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

Maximum Credit Limit :	USD 930000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is good. Networth of the company is strong. No borrowing recorded by the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 BY

Name :	Mr. Udbhav Sharma
Contact No.:	91-7760922666
Date :	05.05.2014

LOCATIONS

Registered Office :	TERI University Campus, Plot No.10 IHC Vasant Kunj Institutional Area, New Delhi – 110070, India
Tel. No.:	91-11-45801100
Mobile No.:	91-7760922666 (Mr. Udbhav Sharma)
Fax No.:	91-11-43579024 / 45801124
E-Mail :	info@viswaco.com yves.guillaume@eads.com vijay.kumar@in-eads.net
Website :	http://www.eads.com http://www.cassidian.com
Area :	10,043 sq. ft.
Location :	Leased
Factory - Engineering Center Only (No Production) :	Cassidian India, 8^th Floor, Tower B, RMZ Infinity, Old Madras Road, Bangalore – 560016, Karnataka, India
Tel. No.:	91-80-67083200
Area :	17,630 sq. ft.
Location :	Leased

DIRECTORS

AS ON 06.08.2013

Name :

Mr. Yves Jean Jacques Guillaume

Designation :

Director

Address :

House No.27, Green Avenue Lane, Vasant Kunj, New Delhi, India

Date of Birth/Age :

30.08.1956

Date of Appointment :

16.12.2008

DIN No.:

00819536

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	U72200DL2006PTC149927	EADS INDIA PRIVATE LIMITED	Managing director	21/06/2006	21/06/2006	-	Active	NO
2	U72200KA2007PTC043079	EADS Hi Tech Services Private Limited	Director	30/09/2008	28/08/2007	-	Strike off	NO
3	U62200KA2007PTC041886	Indian Aero Ventures Private Limited	Director	25/08/2008	11/12/2007	-	Active	NO
4	U72500DL2008PTC185881	EADS DS India Private Limited	Director	16/12/2008	16/12/2008	-	Active	NO
5	U63000DL2010PTC204949	Eurocopter India Private Limited	Director	29/06/2010	29/06/2010	-	Active	NO

Name :

Mr. Nigel Steven Johnson

Designation :

Director

Address :

Twin Oaks, Salden Lane, Little Horwood, Milton Keynes, United Kingdom – MK170PN

Date of Birth/Age :

18.02.1957

Date of Appointment :

14.09.2011

Experience :

11 years

DIN No.:

02538091

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	U72500DL2008PTC185881	EADS DS India Private Limited	Director	14/09/2011	02/03/2009	-	Active	NO

Name :

Mr. Roy Pouthenpourakel Mathew

Designation :

Director

Address :

House No.287, 1^st Cross, 8^th Main, BEML Lyout, Thubarahalli, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

26.08.1946

Qualification :

B.E. (Electronics )

Experience :

40 years

Date of Appointment :

14.09.2011

DIN No.:

03361735

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	U72500DL2008PTC185881	EADS DS India Private Limited	Director	14/09/2011	03/01/2011	-	Active	NO

Name :

Mr. Dieter Witt

Designation :

Director

Address :

75, IM Kapuzineroschle, Markdorf, Germany

Date of Birth/Age :

12.09.1960

Date of Appointment :

06.08.2013

DIN No.:

06518602

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	U72500DL2008PTC185881	EADS DS India Private Limited	Director	06/08/2013	08/04/2013	-	Active	NO

Name :	Dr. Anton Peter Roland DR Gustsmiedl
Designation :	Director
Address :	OT Goldach Sedlmeierweg 20, Hallbergmoos, NA Germany
Date of Birth/Age :	27.09.1957
Qualification :	PhD. (Physics)
Experience :	22 years
Date of Appointment :	14.09.2011
DIN No.:	03556768
Name :	Mr. Alexander Horst Gerber
Designation :	Director
Address :	Riemerling, Gemeinde Hohenbrunn, Waldparkstrabe 43 C, Germany, NA Germany
Date of Birth/Age :	15.08.1973
Qualification :	Engineer
Experience :	11 years
Date of Appointment :	14.09.2011
DIN No.:	03557121

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.08.2013

Names of Shareholders	No. of Shares
EADS Deutschland GmbH	52999
EADS India Private Limited	1
Total	53000

AS ON 06.08.2013

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 :

Sale office / Engineering Center for Cassidian. Cassidian is a worldwide leader in global security solutions and systems, providing Lead Systems Integration and value-added products and services to civil and military customers around the globe: air systems (aircraft and unmanned aerial systems), land, naval and joint systems, intelligence and surveillance, cyber security, secure communications, test systems, missiles, services and support solutions.

GENERAL INFORMATION

No. of Employees :	104 (Approximately) (Office – 17 and Engineering Center – 87)
Bankers :	· BNP Paribas, New Delhi, India

Banking Relations :	--
Auditors :
Name :	S. N. Ghatalia and Associates LLP Chartered Accountants
Address :	Golf View Corporate Tower, Sector – 42, Sector Road, Gurgaon - 122002, Haryana, India
Tel :	91-124-4644000
Fax :	91-124-4644050
Holding Company :	EADS Deutschland, GmbH
Fellow Subsidiaries :	· EADS India Private Limited Activity: Aerospace and Defence Marketing/ Sales · EADS Casa · Cassadian SAS · APSYS SA · Atlas Hydrographic GmbH

CAPITAL STRUCTURE

AS ON 06.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53000	Equity Shares	Rs.10/- each	Rs.0.530 Million

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	0.530	0.530	0.500
(b) Reserves & Surplus	231.913	179.396	10.572
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	125.500
Total Shareholders’ Funds (1) + (2)	232.443	179.926	136.572
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	2.433	0.755
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.515	2.715	1.464
Total Non-current Liabilities (3)	5.515	5.148	2.219
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	217.418	185.985	19.571
(c) Other current liabilities	26.613	104.219	123.990
(d) Short-term provisions	8.479	10.140	4.335
Total Current Liabilities (4)	252.510	300.344	147.896
TOTAL	490.468	485.418	286.687
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.592	58.739	60.963
(ii) Intangible Assets	26.962	15.676	12.308
(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)	2.110	0.000	0.000
(d) Long-term Loan and Advances	5.439	8.239	0.950
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	76.103	82.654	74.221
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	186.415	209.181	16.258
(d) Cash and cash equivalents	20.457	25.573	161.154
(e) Short-term loans and advances	41.470	36.410	21.120
(f) Other current assets	166.023	131.600	13.934
Total Current Assets	414.365	402.764	212.466
TOTAL	490.468	485.418	286.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013i	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	813.700	683.100	183.505
		Other Income			1.593
		TOTAL (A)	813.700	683.100	185.098
Less	EXPENSES
		Employee Benefits Expenses			75.636
		Other Expenses			81.522
		TOTAL (B)			157.158
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				27.940
Less	FINANCIAL EXPENSES (D)		735.100 (Include of Finance and Depreciation Expenses )	617.600 (Include of Finance and Depreciation Expenses )	1.122
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				26.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)				9.659
	PROFIT BEFORE TAX (E-F) (G)		78.600	65.500	17.159
Less	TAX (H)		26.100	22.200	5.800
	PROFIT AFTER TAX (G-H) (I)		52.500	43.300	11.359
	EARNING IN FOREIGN CURRENCY
	Professional Services		792.133	641.952	168.896
	Marketing and Engineering Services		21.581	41.106	14.609
	Customer Support Services		0.000	0.000	0.000
	TOTAL EARNING		813.714	683.058	183.505
	Earnings Per Share (Rs.)		990.57	837.76	227.18

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	Yes
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	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	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 :

· Registered office of the company has been shifted from PTI Building, 3^rd Floor, 4, Parliament Street, New Delhi – 110001, Delhi, India to the present address w.e.f. 31.03.2010

· No Charges Exist for Company.

FINANCIAL DATA

During the period ending March31,2013, the company earned a profit after tax of Rs.52.500 Millions summary Of results for this period is stated below:

Total income of the company for the first year 2012-2013 was Rs.813.700 Millions with an expenditure of Rs.735.100 Millions resulting in the profit before taxation of Rs. 78.600 Millions. The profit after tax for the years 2012-2013 was Rs. 52.500 Millions.

FUNDS FOR OPERATIONS

The company had no borrowings from Banks for working capital. The cash flow was well managed.

The company would like to thank BNP Paribas, their bankers, for providing assistance for the company’s trading operation.

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.60.05
UK Pound	1	Rs.101.32
Euro	1	Rs.83.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SNT

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.