MIRA INFORM REPORT

Report No. :	336196
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	CARL ZEISS INDIA (BANGALORE) PRIVATE LIMITED
Registered Office :	Plot No. 3, Jigani Link Road, Bommasandra Industrial Area, Bangalore - 560099 Karnataka
Tel No.:	91-80-43438000
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.03.2009
Com. Reg. No.:	08-049465
Capital Investment / Paid-up Capital :	Rs. 45.510 Million
CIN No.: [Company Identification No.]	U33125KA2009PTC049465
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Exporter of Medical Equipment
No. of Employees :	560 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 2200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financial with the government department for the year 2014. As per available financial of 2013, the company has incurred a loss. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Sumangala
Designation :	Divisional Secretary
Contact No.:	91-80-43438000
Date :	14.08.2015

LOCATIONS

Registered Office / Warehouse :	Plot No. 3, Jigani Link Road, Bommasandra Industrial Area, Bangalore - 560099 Karnataka, India
Tel. No.:	91-80-43438000
Fax No.:	91-80-27833010
E-Mail :	sumangala.mllesh@zeisscom ramesh@zeiss.com
Website :	www.zeiss.co.in
Branches :	Kolkata New Delhi Mumbai Chennai Ahmedabad Hyderabad Pune Cochin

DIRECTORS

As on 30.11.2013

Name :

Mr. Wilson Thomas

Designation :

Whole-time director

Address :

L-105 Purva Pavilion Apartments, 170 Kempapura, Hebbal, Bangalore, 560024, Karnataka, INDIA

Date of Birth/Age :

13.11.1965

Date of Appointment :

26.03.2009

DIN No.:

02489878

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	U33125KA2009PTC049465	Carl Zeiss India (Bangalore) Private Limited	Whole-time director	01/04/2009	26/03/2009	-	Active	NO
2	U33200MH1997PTC109046	CARL ZEISS OPTICAL INDIA PRIVATE LIMITED	Additional director	05/08/2010	05/08/2010	-	Strike off	NO

Name :

Mr. Venkatachelam Raman

Designation :

Director

Address :

37 Lorong N Telok Kurau Road, Singapore, 425161, , Singapore

Date of Birth/Age :

14.07.1964

Date of Appointment :

29.09.2010

DIN No.:

02706961

Name :

Mr. Michael Frank Kaschke

Designation :

Director

Address :

Wiesenweg 20, Oberkochen, 73447, , Germany

Date of Birth/Age :

18.06.1957

Date of Appointment :

29.12.2010

DIN No.:

02729011

Name :

Mr. Anuj Kalra

Designation :

Additional director

Address :

House No. 471, Ground Floor Amar Jyothi Layout,, Domlur, Landmark Near Sasken Tele Communications, Bangalore, 560071, Karnataka, India

Date of Appointment :

19.01.2015

DIN No.:

07046019

Name :

Mr. Raymund Johann Heinen

Designation :

Additional director

Address :

Zeigelstrasse 62,, 73431 Aalen, Germany, NA, , Germany

Date of Appointment :

20.08.2014

DIN No.:

06941726

Name :

Mr. Daniel John Sims

Designation :

Managing director

Address :

Plot No. 3, Jigani Link Road,, Bommasandra Industrial Area, Bommasandra,, Bangalore, 560099, Karnataka, India

Date of Appointment :

01.06.2014

KEY EXECUTIVES

Name :	Ms. Sumangala
Designation :	Divisional Secretary
Name :	Mr. G V Srinicasa Murthy
Designation :	Practicing Company Secretary

MAJOR SHAREHOLDERS

As on 30.11.2013

Names of Shareholders	No. of Shares
Anukkavoor Nagaswamy Ramesh Babu	1
Carl Zeiss AG, Germany	4551022
Total	4551023

As on 30.11.2013

Equity Share Break up (Percentage of Total Equity)

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 :	Trader, Importer and Exporter of Medical Equipment
Products :	Spectacle Lenses Surgical Medical Microscopy Industrial Metrology Electronic Microscopic Systems Accessories
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Singapore
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

• Retailers and End Users

Reference :	Not Divulged
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 :

560 (Approximately)

Bankers :

Banker Name	Deutsche Bank
Branch Address	M.G. Road, Bangalore
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. Batliboi and Associates LLP Chartered Accountants
Address :	12th & 13th Floor, "UB City" Canberra, Block, No. 24, Vittal Mallya Road, Bengaluru - 560 001, Karnataka, India
PAN No.:	ACHFS9118A
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Carl Zeiss AG, Germany Carl Zeiss Stiftung, Germany

CAPITAL STRUCTURE

As on 30.11.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,551,022	Equity Shares	Rs.10/- each	Rs. 45.510 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	45.510	36.839	20.000
(b) Reserves & Surplus	726.579	945.454	421.775
(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)	772.089	982.293	441.775
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	30.058	35.216	2.968
Total Non-current Liabilities (3)	30.058	35.216	2.968
(4) Current Liabilities
(a) Short term borrowings	404.368	173.654	0.000
(b) Trade payables	361.698	376.337	61.359
(c) Other current liabilities	330.280	144.566	166.702
(d) Short-term provisions	119.157	67.683	70.582
Total Current Liabilities (4)	1215.503	762.240	298.643
TOTAL	2017.650	1779.749	743.386
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	403.643	182.074	57.333
(ii) Intangible Assets	2.127	2.352	0.000
(iii) Capital work-in-progress	55.219	87.462	0.581
(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	26.643	48.275
(d) Long-term Loan and Advances	183.250	124.433	84.201
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	644.239	422.964	190.390
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	630.371	454.981	130.695
(c) Trade receivables	678.927	482.602	353.573
(d) Cash and cash equivalents	21.639	277.945	35.534
(e) Short-term loans and advances	42.474	141.257	33.194
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1373.411	1356.785	552.996
TOTAL	2017.650	1779.749	743.386

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Gross Turnover	2373.574	1658.049	NA
	Other Income	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	(93.250)	378.461	NA
Less	Exceptional Item	194.961	0.000	NA
Less	TAX	61.594	132.631	NA
	PROFIT/ (LOSS) AFTER TAX	(349.805)	245.830	229.146
	EARNINGS IN FOREIGN CURRENCY	1365.034	1001.434	0.000
	Earnings / (Loss) Per Share (Rs.)	(76.86)	54.02	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(78.516)	110.845	61.439

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/ Gross Turnover)	(%)	(14.74)	14.83	NA
Return on Total Assets (PBT/Total Assets}	(%)	(4.75)	22.72	NA
Return on Investment (ROI) (PBT/Networth)		(0.12)	0.39	NA
Debt Equity Ratio (Total Debt /Networth)		0.52	0.18	NA
Current Ratio (Current Asset/Current Liability)		1.13	1.78	1.85

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	20.000	36.839	45.510
Reserves & Surplus	421.775	945.454	726.579
Net worth	441.775	982.293	772.089
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	173.654	404.368
Total borrowings	0.000	173.654	404.368
Debt/Equity ratio	0.000	0.177	0.524

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Gross Turnover	1658.049	2373.574
		43.155

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Gross Turnover	1658.049	2373.574
Profit	245.830	(349.805)
	14.83%	(4.74%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered office of the company has been shifted from 22, Kensington Road, Ulsoor, Bangalore – 560008, Karnataka, India to the present address w.e.f.18.06.2012

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans repayable on demand from banks	404.368	173.654
Total	404.368	173.654

Business

The Company is engaged in the business of manufacturing / assembly of eye glass lenses / industrial metrology

equipments and dealing, trading, importing, buying, selling of spectacle lenses, surgical, medical, microscopy, industrial metrology, electronic microscopic systems, accessories, spares and after sales service of mainly Carl Zeiss and other products.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Office equipment
• Computer equipments
• Leasehold improvements

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.65.12
UK Pound	1	Rs.101.61
Euro	1	Rs.72.56

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		29

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.