MIRA INFORM REPORT

Report No. :	315110
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	FORBO SIEGLING MOVEMENT SYSTEMS PRIVATE LIMITED
Registered Office :	Gat No. 880 Pune Nagar Highway, Sanaswadi, Pune – 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.12.2010
Com. Reg. No.:	11-138050
Capital Investment / Paid-up Capital :	Rs. 26.000 Million
CIN No.: [Company Identification No.]	U36900PN2010PTC138050
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEF01406G
PAN No.: [Permanent Account No.]	AABCF6592Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of timing Belts, Rubber timing Belts, Polyurethane timing Belts, Modular Belts, Flat belts and Conveyor Belts.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 69000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established Company having a moderate track record. Management of the company has failed to file its latest financial for the year 2014 with the Government Department. As per available financial of 2013, Profitability of the company seems to be low. However, Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 BY (GENERAL DETAILS)

Name :	Mr. Aahish Ranjan
Designation :	Managing Director
Contact No.:	91-9975954623
Date :	01.04.2015

LOCATIONS

Registered Office / Factory:	Gat No. 880, Pune Nagar Highway, Sanaswadi, Pune – 412208, Maharashtra, India
Tel. No.:	91-21-37615119/37615100
Mobile No.:	91-9975954623 (Mr. Ashish Ranjan) 91-9870066659 (Mr. Kailash Yadav)
Fax No.:	91-21-37615101
E-Mail :	ashish.ranjan@forbo.com siegling.in@forbo.com
Website :	http://www.forbo-siegling.in http://www.forbo.com
Area :	2 Acre
Location :	Owned
Delhi Service Center :	C-6 Ground Floor, DSIDC Industrial Area, Patparganj, New Delhi - 110092, India
Tel. No.:	91-11- 42402016
Fax No.:	91-11- 42402016
Chennai Service Center :	Plot No: 10/958, H-Block, 24th Street, Annanagar West Chennai - 600040, Tamilnadu, India

DIRECTORS

As on: 24.12.2013

Name :

Ashish Ranjan

Designation :

Managing Director

Address :

303, Night Angel, Nayati Enclave, Mohammadwadi, Pune - 411028, Maharashtra, India

Date of Birth/Age :

15.20.1972

Date of Appointment :

01.07.2011

DIN No.:

03557786

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	U36900PN2010PTC138050	Forbo Siegling Movement Systems India Private Limited	Managing director	01/07/2011	27/06/2011	-	Active	NO
2	U74900HR2011FTC055010	FORBO FLOORING INDIA PRIVATE LIMITED	Director	19/06/2013	28/12/2011	-	Active	NO

Name :

Oliver Roger Schutte

Designation :

Additional Director

Address :

11D, No. 2, Lane 1500, Huaihai Road (M), Shanghai, Na, China

Date of Birth/Age :

08.12.1974

Date of Appointment :

27.06.2011

DIN No.:

03557815

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	U36900PN2010PTC138050	Forbo Singling Movement Systems India Private Limited	Additional director	27/06/2011	27/06/2011	-	Active	NO
2
U74900HR2011FTC055010	FORBO FLOORING INDIA PRIVATE LIMITED	Director	19/06/2013	28/12/2011	14/01/2015	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.12.2013

Names of Shareholders	No. of Shares	%age
Forbo Finanz AG, Switzerland	1950000	75.00
Forbo NL Holding BV, Switzerland	650000	25.00
Total	2,600,000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 24.12.2013

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 :	Manufacturer, Exporter and Importer of Timing Belts, Rubber timing Belts, Polyurethane timing Belts, Modular Belts, Flat belts and Conveyor Belts.
Products :	· Conveyor Belts · Flat belts · Flat Transmission Belts · Timing Belts · Modular Belts · Rubber Timing Belts, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	· Conveyor Belts · Flat belts · Flat Transmission Belts · Timing Belts · Modular Belts · Rubber Timing Belts, etc.
Countries :	· Bangladesh · South Africa
Imports :
Products :	Conveyor Belts
Countries :	· USA · Japan · China · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Forbo Limited, Germany
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Maruti Suzuki, Gurgaon
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Shivaji Nagar, Pune, Maharashtra, India.
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Jain Christopher Srikanth and Srikanth Chartered Accountants
Address :	2^nd Floor, Uniworth Plaza, 20, Sankey Road, Bangalore – 560020, Karnataka, India
PAN No.:	AAACJ8466A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 31.03.2013

Authorised Capital (Rs. In Million)

No. of Shares	Type	Value	Amount
2600000	Equity Shares	Rs.10/- each	Rs. 26.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2600000	Equity Shares	Rs.10/- each	Rs. 26.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	26.000	26.000	0.100
(b) Reserves & Surplus	(1.877)	(1.909)	(0.352)
(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)	24.123	24.091	(0.252)
(3) Non-Current Liabilities
(a) long-term borrowings	41.726	40.658	0.000
(b) Deferred tax liabilities (Net)	0.000	0.281	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.237	0.000
Total Non-current Liabilities (3)	41.726	41.176	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	11.111	23.189	0.000
(c) Other current liabilities	43.439	46.962	0.352
(d) Short-term provisions	8.912	6.188	0.000
Total Current Liabilities (4)	63.462	76.339	0.352
TOTAL	129.311	141.606	0.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.825	22.084	0.000
(ii) Intangible Assets	0.021	0.036	0.000
(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)	0.363	0.000	0.000
(d) Long-term Loan and Advances	3.950	3.950	0.000
(e) Other Non-current assets	0.202	2.865	0.000
Total Non-Current Assets	37.361	28.935	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.478	14.282	0.000
(c) Trade receivables	17.145	16.756	0.000
(d) Cash and cash equivalents	22.306	51.764	0.100
(e) Short-term loans and advances	27.810	29.834	0.000
(f) Other current assets	0.211	0.035	0.000
Total Current Assets	91.950	112.671	0.100
TOTAL	129.311	141.606	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	148.608	24.220	0.002
		Other Income	0.467	0.987	0.000
		TOTAL	149.075	25.207	0.002
Less	EXPENSES
		TOTAL	141.969	24.235	0.355
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.106	0.972	(0.353)
Less/ Add	DEPRECIATION/ AMORTISATION		6.551	0.548	0.000
	PROFIT BEFORE TAX		0.555	0.424	(0.353)
Less	TAX		0.523	1.981	0.000
	PROFIT AFTER TAX		0.032	(1.557)	(0.353)
	Earnings Per Share (Rs.)		0.01	(0.60)	(0.14)

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.02	(6.43)	(17650.00)
Return on Total Assets (PBT/Total Assets}	(%)	0.43	0.30	(353.00)
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	1.40
Debt Equity Ratio (Total Debt /Networth)		1.73	1.69	0.00
Current Ratio (Current Asset/Current Liability)		1.45	1.48	0.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO:

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	26.000	26.000
Reserves & Surplus	(0.352)	(1.909)	(1.877)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.252)	24.091	24.123
long-term borrowings	0.000	40.658	41.726
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	40.658	41.726
Debt/Equity ratio	0.000	1.688	1.730

YEAR-ON-YEAR GROWTH:

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.002	24.220	148.608
		12,10,900.000	513.576

NET PROFIT MARGIN:

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.002	24.220	148.608
Profit	(0.353)	(1.557)	0.032
	(17650.00%)	(6.43%)	0.02%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
23]	Banking Details	Yes
24]	Banking facility details	Yes
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	No
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

UNSECURED LOAN:

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Long Term Borrowing	41.726	40.658
Total	41.726	40.658

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

OPERATIONS [AS ON 31.03.2013]

During the year company is engaged in own manufacturing operations at the leasehold premises in Sanaswadi Area of Pune District, Maharashtra. Company has expanded its employee strength in the production department, sales department and accounts department in order to reap the benefits of own manufacturing facility and looking forward for more recruitment and capacity utilization in near future.

BACKGROUND [AS ON 31.03.2013]

Subject was incorporated on 22.12.2010 in state of Maharashtra. The company’s main object is to carry on business of manufacturing, repairing, trading, designing etc of and act as consultants, advisors, developers for or relating to or concerned with industrial, automotive parts of power transmission belts, conveyor and processing belts etc.

NOTE :

The registered office of the company has been shifted from 1 Friends Paradise, 1205/3, Shirole Road, Off. J.M. Road, Deccan Gymkhana, Pune – 411004, Maharashtra, India to the present address w.e.f. 16.01.2012.

FIXED ASSETS:

· Furniture and Fixtures

· Vehicles

· Machinery and Equipment

· Tools

· Office Equipment

· Computer and Computer Equipment

· 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.