MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	BUREAU VERITAS (INDIA) PRIVATE LIMITED
Formerly Known As :	BOREAU VERITAS CONSULTING (INDIA) PRIVATE LIMITED (w.e.f 26.05.2005)
Registered Office :	Marwah Centre, 6^th Floor, Opposite Ansa Industrial Estate, Krishnalal Marwah Marg, Off Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra,
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.12.2001
Com. Reg. No.:	11-134262
Capital Investment / Paid-up Capital :	Rs. 0.803 Million
CIN No.: [Company Identification No.]	U74210MH2001PTC134262
PAN No.: [Permanent Account No.]	AABCB6767B
Legal Form :	Private Limited Liability Company.
Line of Business :	Service Provider of Technical Inspection.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 5200000
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 files) is shown as 31.03.2013 but the document related to the financial are not available from any source. As per available financial record of 2012, the rating into consideration company’s healthy financial risk profile and decent liquidity of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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 PARTED (Partial Details)

Name :	Not Divulged
Designation :	Not Divulged
Contact No.:	91-22-66956300
Date :	22.09.2014

LOCATIONS

Registered Office :	Marwah Centre, 6^th Floor, Opposite Ansa Industrial Estate, Krishnalal Marwah Marg, Off Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No. :	91-22-66956300
Fax No. :	91-22-66956310 / 66956304
E-Mail :	Industry.mumbai@in.bureauveritas.com
Website :	http://bureauveritas.com
Branch 1 :	R.A. Narayana Nadar Complex, Firsr Floor, # 19, V.E. Road, Opposite Holy Cross Convent, Tuticorin - 628002 Tamil Nadu, India
Tel No. :	91-461-2331103
Fax No. :	91-461-2331104
Branches :	also located at : · Andra Pradesh · Chattisgarth · Delhi · Goa · Gujarat · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · New Delhi · Orissa · Punjab · Rajasthan · Tamil Nadu · Uttar Pradesh · West Bengal

DIRECTORS

As on 30.09.213

Name :

Mr. Nareshkumar Shrikrishna Gupta

Designation :

Director

Address :

A-502, Saggittarius, Divya Park, Lower Kharodi, Marve Road, Malad (W), Mumbai, Maharashtra, India

Date of Birth/Age :

12.02.1959

PAN No :

AACPG3362

Date of Appointment :

22.11.2002

DIN No. :

00109938

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	U74210MH2001PTC134262	BUREAU VERITAS (INDIA) PRIVATE LIMITED	Director	22/11/2002	22/11/2002	-	Active	NO
2	U74999MH1988PTC046117	BUREAU VERITAS INDUSTRIAL SERVICES (INDIA) PRIVATE LIMITED	Director	30/09/2011	31/01/2011	-	Active	NO
3	U74999MH2002PTC138108	BUREAU VERITAS CERTIFICATION (INDIA) PRIVATE LIMITED	Director	30/09/2011	31/01/2011	-	Active	NO
4	U28120KA1997PTC023097	CIVIL-AID TECHNOCLINIC PRIVATE LIMITED	Nominee director	06/08/2011	06/08/2011	-	Active	NO
5	U74220TG1995PTC019280	BHAGAVATHI ANA LABS PRIVATE LIMITED	Director	15/05/2012	05/05/2012	-	Active	NO
6	U51507MH2001PTC130473	SIEVERT INDIA PRIVATE LIMITED	Nominee director	30/07/2013	30/07/2013	-	Active	NO

Name :

Mr. Guido Dori

Designation :

Director

Address :

Flat No. 401/402, Alexandra Apartments, St Sebastian Road, Bandra (W), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

11.11.1970

Date of Appointment :

30.09.2011

DIN No. :

03634025

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	U74999MH2002PTC138108	BUREAU VERITAS CERTIFICATION (INDIA) PRIVATE LIMITED	Director	30/09/2011	09/09/2011	-	Active	NO
2	U74210MH2001PTC134262	BUREAU VERITAS (INDIA) PRIVATE LIMITED	Director	30/09/2011	09/09/2011	-	Active	NO
3	U74999MH1988PTC046117	BUREAU VERITAS INDUSTRIAL SERVICES (INDIA) PRIVATE LIMITED	Director	30/09/2011	09/09/2011	-	Active	NO
4	U51507MH2001PTC130473	SIEVERT INDIA PRIVATE LIMITED	Nominee director	30/07/2013	30/07/2013	-	Active	NO

Name :

Mr. Tanios Mouawad

Designation :

Nominee Director

Address :

Po Box – 26264, Immeuble Peugeot, Abou Dabi, Emirates Arabes Unis, Abu Dhabi, 000000, United Arab Emirates

Date of Birth/Age :

25.12.1954

Date of Appointment :

30.11.2011

DIN No. :

05165801

Name :

Mr. Sami Badarani

Designation :

Nominee Director

Address :

3 Boulevard Pershing, 75017 Paris, France

Date of Birth/Age :

11.11.1950

Date of Appointment :

30.11.2011

DIN No. :

05165860

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Bureau Veritas S. A, France	80288
Bureau Veritas S. A and Sedhyca	1
Total	80289

As on 30.09.2013

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 :	Service Provider of Technical Inspection.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Others
No. of Employees :	Not Divulged
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Sushil Budhia Associates Chartered Accountants
Address :	1103, Level 11, Universal Majestic, Behind Rbk International School, Ghatkopar, Mankhurd Link Road, Chembur, Mumbai – 400043, Maharashtra, India
PAN No. :	ABEFS9500J
Holding Company :	· Bureau Veritas S. A, France
Subsidiary :	· Civil - Aid Technoclinic Private Limited, India
Associates :	· Bureau Veritas Certification (India) Private Limited, India · Bureau Veritas Industrial Services (India) Private Limited, India · Bureau Veritas – Indian Division, India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80289	Equity Shares	Rs.10/- each	Rs. 0.803 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.757	0.500
(b) Reserves & Surplus	1303.050	331.139
(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)	1303.807	331.639
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	29.758	25.906
Total Non-current Liabilities (3)	29.758	25.906
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	109.564	223.554
(c) Other current liabilities	10.594	8.201
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	120.158	231.755
TOTAL	1453.723	589.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.397	31.384
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	720.900	0.000
(c) Deferred tax assets (net)	27.980	17.061
(d) Long-term Loan and Advances	59.048	84.537
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	844.325	132.982
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	66.909	47.505
(c) Trade receivables	403.045	334.979
(d) Cash and cash equivalents	123.016	56.623
(e) Short-term loans and advances	16.279	17.098
(f) Other current assets	0.149	0.113
Total Current Assets	609.398	456.318
TOTAL	1453.723	589.300

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		195.558
4] (Accumulated Losses)		0.000
NETWORTH		196.058
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		196.058
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.217
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		15.147
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.852
	Sundry Debtors	222.964
	Cash & Bank Balances	22.893
	Loans & Advances	79.227
Total Current Assets		369.936
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	198.312
	Provisions	15.930
Total Current Liabilities		214.242
Net Current Assets		155.694
MISCELLANEOUS EXPENSES		0.000
TOTAL		196.058

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	INCOME	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	365.039	1040.754	NA
Less/ Add	DEPRECIATION/ AMORTISATION	12.589	11.075	NA
	PROFIT/ (LOSS) BEFORE TAX	352.450	1029.679	NA
Less	TAX	125.263	894.099	NA
	PROFIT/ (LOSS) AFTER TAX	227.187	135.580	NA
	EARNINGS IN FOREIGN CURRENCY	237.874	223.976	NA
	Earnings / (Loss) Per Share (Rs.)	2954.17	1688.65	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	50.00	179.94	0.00
Return on Investment (ROI) (PBT/Networth)		0.27	3.10	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.07	1.97	2.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	195.558	331.139	1303.502
Net worth	196.058	331.639	1304.002
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

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 yes 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	Yes
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	Yes
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

s

FIXED ASSETS

· Plant and Machinery

· Office Equipments

· Computer Equipments

· Furniture and Fixture

· Motor Vehicles

· Leasehold Equipments

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. 60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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		46

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.