MIRA INFORM REPORT

Report No. :	320326
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	OETIKER INDIA PRIVATE LIMITED
Registered Office :	5, St. Martin Road, Off Turner Road, Bandra West, Mumbai – 400050, Maharashtra
Tel. No.:	91-22-26405282
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.01.2006
Com. Reg. No.:	11-159347
Capital Investment / Paid-up Capital :	Rs.829.235 Million
CIN No.: [Company Identification No.]	U28910MH2006PTC159347
TAN No.: [Tax Deduction & Collection Account No.]	MUMO04094G
PAN No.: [Permanent Account No.]	AAACO8083G
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in manufacturing, Selling and trading of clamps, clamping tools and couplings.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	----
Comments :	Subject is an established company having moderate track. Available information indicates weak operational performance of the subject company. The company has incurred loss from its operations. Moreover, the company has huge accumulated losses which are yet to be wiped off. However, it has good liquidity position during FY 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. Subject 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.

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

Name :	Mr. Apurva Dangi
Designation :	Additional Director
Contact No.:	91-9702009769
Date :	29.04.2015

LOCATIONS

Registered Office :	5, St. Martin Road, Off Turner Road, Bandra West, Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-26405282
Mobile No.:	91-9702009769 (Mr. Apurva Dangi)
Fax No.:	Not Available
E-Mail :	nbhoir@in.oetiker.com adangi@in.oetiker.com tmeier@ch.oetiker.com
Website :	http://www.oetiker.com
Area :	200 Sq. Ft.
Location :	Owned
Administrative Office / Factory:	N – 14, Additional Patalganga Industrial Area, Village Chavane, Taluka Panvel, Raigad – 410 220, Maharashtra, India
Tel. No.:	91-2192-250107-12
Fax No.:	91-2192-250105
Area :	12 Acres
Location :	Leased
Sales Office 1:	Flat No.1006, Canaught Place, New Delhi, India
Tel. No.:	91-11-43588571 / 72
Fax No.:	91-11-43588573
Business World Centre :	Room No.5, Martin Road, Off Turner Road, Bandra, Mumbai – 400 050, Maharashtra, India
Sales Office 2 :	Unit No. 707, 7th Floor, DLF City Court, M. G. Marg, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4514350/53
Fax No.:	91-124-4514333

DIRECTORS

AS ON: 30.09.2014

Name :	Mr. Varughese Jacob
Designation :	Director
Address :	B-601, Swastik Enclave, Azad Nagar P.O, Sandozbaug, Thane (West), Mumbai, Maharashtra, India
Date of Birth/Age :	20.02.1954
Date of Appointment :	11.07.2007
Date of Cessation :	26.03.2014
DIN No.:	00119316
Name :	Mrs. Ashwani G. Keswani
Designation :	Additional Director
Address :	The Shelter, 3rd Floor, 32nd Road, Bandra (West), Mumbai - 400 050, Maharashtra, India
Date of Birth/Age :	20.01.1962
Qualification :	BE, MS and MBA
Experience :	28 Years
Date of Appointment :	02.01.2008
DIN No.:	02023107
Name :	Mr. Thomas Stefan Meier Bickel
Designation :	Additional Director
Address :	Sonntagsteig 4, Zurich , Switzerland
Date of Birth/Age :	09.01.1975
Date of Appointment :	12.08.2013
DIN No.:	06656285
Name :	Mr. Apurva Dangi
Designation :	Additional director
Address :	G-6/1:2 1st Floor, Sharayu CHS, Sector -29, Vashi, Navi Mumbai - 400703, Maharashtra, India
Date of Appointment :	11.02.2015
DIN No.:	07082947

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares
Marco Lorez	1
Inter Clamp Holding AG, Switzerland	829234
Total	829235

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2014

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 :

The company is engaged in manufacturing, Selling and trading of clamps, clamping tools and couplings.

Products :

Product Description	ITC Code
Clamps	73269099
Slit Steel	72209090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Clamps and Rings

Countries :

Asian Courtiers

Europe

Imports :

Products :

Raw Material

Countries :

US

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEms

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	HDFC Bank
Branch	Rasayani Branch, Raigad, 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

Bank Name	Standard Chartered Bank
Branch	Fort Branch, Mumbai, 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 :	S R B C and Company LLP Chartered Accountants
Address :	12th, 14th, 15th and 16th Floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai - 400028, Maharashtra, India
PAN No.:	ACHFS9117R
Memberships :	--
Collaborators :	--
Holding Company :	Inter Clamp Holding AG, Switzerland
Associate Companies :	Hans Oetiker AG Hans Oetiker GMBH Inter Clamp Management AG Kurt Allert Gmbh and Company KG Oetiker Espana S.A. Oetiker Far East Limited Oetiker Inc. Oetiker Industries (Tianjin) Company Limited Oetiker Japan Company Limited Oetiker Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

No. of Shares	Type	Value	Amount
900,000	Equity Shares	Rs.1000/- each	Rs.900.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
829,235	Equity Shares	Rs.1000/- each	Rs.829.235 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	829.235	775.089	609.283
(b) Reserves & Surplus	(491.735)	(434.969)	(361.342)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	58.493
Total Shareholders’ Funds (1) + (2)	337.500	340.120	306.434
(3) Non-Current Liabilities
(a) long-term borrowings	370.370	279.867	329.677
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	3.220
Total Non-current Liabilities (3)	370.370	279.867	332.897
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	88.237	44.359	33.204
(c) Other current liabilities	100.766	90.264	87.805
(d) Short-term provisions	1.571	1.084	0.967
Total Current Liabilities (4)	190.574	135.707	121.976
TOTAL	898.444	755.694	761.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	457.739	442.258	347.184
(ii) Intangible Assets	0.937	1.562	2.604
(iii) Capital work-in-progress	40.983	0.000	0.332
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.391	2.429	35.635
(e) Other Non-current assets	1.971	2.071	41.225
Total Non-Current Assets	505.021	448.320	426.980
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	125.212	89.665	103.601
(c) Trade receivables	158.847	111.630	65.043
(d) Cash and cash equivalents	59.758	54.337	117.712
(e) Short-term loans and advances	48.891	50.577	46.152
(f) Other current assets	0.715	1.165	1.819
Total Current Assets	393.423	307.374	334.327
TOTAL	898.444	755.694	761.307

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales of material and goods (net of excise duty)		396.000	229.000	181.000
		Miscellaneous income		3.000	7.000	7.000
		Interest Received		0.000	3.000	3.000
		TOTAL		399.000	235.000	191.000
Less	EXPENSES			NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX			NA	NA	NA
Less	TAX			NA	NA	NA
	PROFIT/(LOSS) FOR THE PERIOD			(57.000)	(74.000)	(95.000)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	48.271	48.271	17.491
	TOTAL EARNINGS			48.271	48.271	17.491
	Earnings Per Share (Rs.)			(68.74)	(100.60)	NA

Expected Sales ( 2014-2015 ) : Rs.450.000 Million

The above information has been parted by Mr. Apurva Dangi.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(14.39)	(32.31)	(52.49)
Debt Equity Ratio (Total Debt /Networth)		1.10	0.82	1.08
Current Ratio (Current Asset/Current Liability)		2.06	2.26	2.74

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	609.283	775.089	829.235
Reserves & Surplus	-361.342	-434.969	-491.735
Share Application money pending allotment	58.493	0.000	0.000
Net worth	306.434	340.120	337.500
long-term borrowings	329.677	279.867	370.370
Short term borrowings	0.000	0.000	0.000
Total borrowings	329.677	279.867	370.370
Debt/Equity ratio	1.076	0.823	1.097

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	181.000	229.000	396.000
		26.519	72.926

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	181.000	229.000	396.000
Profit/Loss	(95.000)	(74.000)	(57.000)
	(52.49%)	(32.31%)	(14.39%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	Rs. In Million
Current maturities of long-term debt	33.670	64.585	7.014
Total	33.670	64.585	7.014

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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	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: NO CHARGES EXIST FOR THE COMPNAY

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long term borrowing
Other external commercial borrowings	370.370	279.867
Total	370.370	279.867

CORPORATE INFORMATION

Oetiker India Private Limited is a Private Limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It’s a wholly owned subsidiary of Inter Clamp Holding AG, Switzerland.

The company manufactures clamps. In addition, the company trades in clamps, clamping tools and couplings. Sales are made to both domestic and international customers.

NOTE :

The registered office of the company has been shifted from N-14, ADDL Patalganga Industrial Area, Village Chavane, Taluka Panvel, Raigad – 410220, Maharashtra, India to the present address w.e.f. 01.02.2010.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipment

· Computer

· Vehicle

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 judgment 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 records 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.63.20
UK Pound	1	Rs.97.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.