MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	CERATIZIT INDIA PRIVATE LIMITED
Formerly Known As :	INDIA HARD METALS PRIVATE LIMITED
Registered Office :	58 Motilal Gupta Road Barisha, Kolkata – 700008, West Bengal
Country :	India
Financials (as on) :	28.02.2013
Date of Incorporation :	22.01.1996
Com. Reg. No.:	21-202298
Capital Investment / Paid-up Capital :	Rs. 370.000 Millions
CIN No.: [Company Identification No.]	U74999WB1996PTC202298
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tools.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of Balance Sheet (i.e financial filed) is shown as 28.02.2014 but the documents related to financials are not available for any source. As per available financial record of 2013, profitability of the company has declined. However, the rating takes into consideration company’s healthy financial risk profile and decent liquidity position of the company. Trade relations are fair. Business is active. Payments terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 DENIED BY

Name :	Mr. Vishwajeet Banerjee
Designation :	Marketing Department
Contact No.:	91-33-24940335
Name :	Mr. Subhashesh Dutta
Designation :	Finance Department
Contact No.:	91-33-24940335
Date	31.10.2014

LOCATIONS

Registered Office :	58 Motilal Gupta Road Barisha, Kolkata – 700008, West Bengal, India
Tel. No.:	91-33-24941472 / 24940335
Fax No.:	91-33-24941472
E-Mail :	subhasish.dutta@ceratizit.com

DIRECTORS

As on 28.08.2014

Name :

Ms. Ashwani Kumar Sareen

Designation :

Director

Address :

Flat 3B, Alipore Gardens 1, Raja Santosh Road, Kolkata – 700027, West Bengal

Date of Birth/Age :

09.04.1956

Date of Appointment :

14.12.2011

DIN No.:

00270537

Others 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	U74999WB1996PTC202298	CERATIZIT INDIA PRIVATE LIMITED	Managing director	14/12/2001	14/12/2001	-	Active	NO
2	U27201KA1991PTC011566	PLANSEE INDIA HIGH PERFORMANCE MATERIALS PRIVATE LIMITED	Director	30/09/2011	15/12/2010	22/07/2013	Active	NO
3	U51909WB2011FTC169101	GTP TUNGSTEN POWDER RECYCLING INDIA PRIVATE LIMITED	Director	3/11/2011	3/11/2011	-	Active	NO
4	U52190WB2012FTC184026	WINCUT MACHINING SOLUTIONS INDIA PRIVATE LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO
5	U51909WB2012FTC196706	WNT TOTAL TOOLING INDIA PRIVATE LIMITED	Director	30/10/2012	30/10/2012	-	Active	NO
6	U27205KA1997PTC022604	G.W.PRECISION TOOLS (INDIA) PRIVATE LIMITED	Additional director	27/02/2014	27/02/2014	-	Active	NO
7	U28920KA2006PTC039934	WIRTH COATING INDIA PRIVATE LIMITED	Additional director	27/02/2014	27/02/2014	-	Active	NO

Name :

Mr. Thierry Serge Leon Nicolas Wolter

Designation :

Director

Address :

21 Areeeret Rosss L 8550 Noerdange 8550, Luxembourg

Date of Birth/Age :

03.11.1965

Date of Appointment :

01.07.2003

DIN No.:

01347119

Others 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	U74999WB1996PTC202298	CERATIZIT INDIA PRIVATE LIMITED	Nominee director	1/7/2003	1/7/2003	-	Active	NO
2	U52190WB2012FTC184026	WINCUT MACHINING SOLUTIONS INDIA PRIVATE LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO
3	U51909WB2012FTC196706	WNT TOTAL TOOLING INDIA PRIVATE LIMITED	Director	30/10/2012	30/10/2012	-	Active	NO

Name :

Mr. Jacques Etienne Nicolas Leon Lanners

Designation :

Director

Address :

10 Rue Des Bouleaux, L- 7307, Steinsel

Date of Birth/Age :

19.09.1958

Date of Appointment :

01.04.2014

DIN No.:

01669519

KEY EXECUTIVES

Name :	Mr. Vishwajeet Banerjee
Designation :	Marketing Department
Name :	Mr. Subhashesh Dutta
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.08.2014

EQUITY SHARE

Names of Shareholders	No. of Shares
Ceratizit Austria GMBH	23460000
Ceratizit Mamer Sa uxembourg	22540000
	46000000

PREFERENCE SHARE

Names of Shareholders	No. of Shares
Ceratizit Mamer Sa Uxembourg Preference Share	1400000
	1400000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tools.

Products :

Item Code No. (ITC Code)	Product Description
8207	Tungsten Carbide Tips Tools and Insert

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Available
Facilities :	--

Banking Relations :	---
Auditors :
Name :	BSSR and Company Chartered Accountant
Address :	C- 178, Sarvodaya Enclave New Delhi – 110016, India
PAN No.:	AAKFB4430H

CAPITAL STRUCTURE

As on 28.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
46000000	Equity Shares	Rs.5/- each	Rs. 230.000 Millions
1400000	Preference Shares	Rs.100/- each	Rs. 140.000 Millions
	TOTAL		Rs. 370.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46000000	Equity Shares	Rs.5/- each	Rs. 230.000 Millions
1400000	Preference Shares	Rs.5/- each	Rs. 140.000 Millions
	TOTAL		Rs. 370.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	28.02.2013	29.02.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	230.000	254.000
(b) Reserves & Surplus	469.593	399.843
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	699.593	653.843
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	6.336	8.780
(c) Other long term liabilities	8.534	7.008
(d) long-term provisions	6.612	4.833
Total Non-current Liabilities (3)	21.482	20.621
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	304.256	141.761
(c) Other current liabilities	44.038	38.568
(d) Short-term provisions	23.068	46.926
Total Current Liabilities (4)	371.362	227.255
TOTAL	1092.437	901.719
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	358.106	241.000
(ii) Intangible Assets	4.275	0.000
(iii) Capital work-in-progress	41.090	0.293
(iv) Intangible assets under development	0.000	0.191
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	32.988	29.990
(e) Other Non-current assets	0.078	0.078
Total Non-Current Assets	436.537	271.552
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	263.820	225.596
(c) Trade receivables	228.110	243.297
(d) Cash and cash equivalents	125.102	122.261
(e) Short-term loans and advances	38.868	39.012
(f) Other current assets	0.000	0.000
Total Current Assets	655.900	630.166
TOTAL	1092.437	901.719

SOURCES OF FUNDS		28.02.2011
SHAREHOLDERS FUNDS
1] Share Capital		278.000
2] Share Application Money		0.000
3] Reserves & Surplus		277.016
4] (Accumulated Losses)		0.000
NETWORTH		555.016
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		9.110
TOTAL		564.126
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.955
Capital work-in-progress		2.603
INVESTMENT
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	190.148
	Sundry Debtors	229.164
	Cash & Bank Balances	39.648
	Other Current Assets	0.000
	Loans & Advances	130.726
Total Current Assets		589.686
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	197.393
	Provisions	87.725
Total Current Liabilities		285.118
Net Current Assets		304.568
MISCELLANEOUS EXPENSES		0.000
TOTAL		564.126

PROFIT & LOSS ACCOUNT

	PARTICULARS		28.02.2013	29.02.2012	28.02.2011
	SALES
		Income	1006.738	1113.008	898.319
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		141.398	219.598	190.694
Less/ Add	DEPRECIATION/ AMORTISATION		37.474	36.284	32.949
	PROFIT BEFORE TAX		103.924	183.314	157.745
Less	TAX		34.174	60.487	30.994
	PROFIT AFTER TAX		69.750	122.827	126.751
	Earnings Per Share (Rs.)		49.82	87.77	90.53

KEY RATIOS

PARTICULARS		28.02.2013	29.02.2012	28.02.2011
Net Profit Margin (PAT/Sales)	(%)	6.93	11.04	14.11
Return on Total Assets (PBT/Total Assets}	(%)	9.51	20.33	27.96
Return on Investment (ROI) (PBT/Networth)		0.15	0.28	0.28
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.77	2.77	2.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	28.02.2011	29.02.2012	28.02.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	278.000	254.000	230.000
Reserves & Surplus	277.016	399.843	469.593
Net worth	555.016	653.843	699.593
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	28.02.2011	29.02.2012	28.02.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	898.319	1113.008	1006.738
		23.899	(9.548)

NET PROFIT MARGIN

Net Profit Margin	28.02.2011	29.02.2012	28.02.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	898.319	1113.008	1006.738
Profit	126.751	122.827	69.750
	14.11%	11.04%	6.93%

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	No
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	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	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 THE COMPANY

PERFORMANCE REVIEW:

The company recorded a turnover of Rs.1002.040 Millions during the year which is 9.26% lesser than that of the previous year which was Rs. 1104.350 Millions. The Company has achieved PAT of Rs. 69.750 Millions during the year which is 43% lower than that of the previous year which was Rs. 122.830 Millions.

The company continued to increase its presence in the market during this year. The company has strengthened its market reach by adding new customers and by improving its dealer network. However the company has also adopted various cost reduction measures to improve profitability of the company. The primary focus of the company is to increase the volume in the domestic market and to become a significant and profitable player in the Indian market.

FUTURE OUTLOOK

The outlook of the company for the year 2013-14 is moderate and your directors look forward to achieving good financial results in the financial year 2013-14.The budgeted turnover for 2013-14 is around Rs. 1290.000 Millions.

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.61.40
UK Pound	1	Rs.98.06
Euro	1	Rs.77.18

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KRN
Report Prepared by :	ANU

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	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.