MIRA INFORM REPORT

Report No. :	307784
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	LEONI CABLE SOLUTIONS (INDIA) PRIVATE LIMITED (w.e.f. 05.08.2008)
Formerly Known As :	LEONI SPECIAL CABLES (INDIA) PRIVATE LIMITED
Registered Office :	Indospace Rohan Industrial Park, Gat No.428, Village, Mahalunge, Off Chakan – Talegaon Road, Taluka Khed, Pune – 410 501, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.01.2006
Com. Reg. No.:	25-149865
Capital Investment / Paid-up Capital :	Rs.26.728 millions
CIN No.: [Company Identification No.]	U31300PN2006PTC149865
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUML06223A
PAN No.: [Permanent Account No.]	AABCL1870F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and sale of wiring and cable systems.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. The company has incurred huge accumulated losses which has eroded networth of the company during FY13. However, business is active. Payment terms are unknown. The company can be considered for business dealing on a safe and secured trade terms and conditions.

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

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 DECLINED BY

Name :	Mr. Shailesh
Designation :	Field Sales Manager
Contact No.:	91-8411966240
Date :	13.02.2015

LOCATIONS

Registered Office/ Corporate Office/ Factory :	Indospace Rohan Industrial Park, Gat No.428, Village, Mahalunge, Off Chakan – Talegaon Road, Taluka Khed, Pune – 410 501, Maharashtra, India
Tel. No.:	91-2135-391600 91-20-35391606/ 40111424
Fax No.:	91-2135-391650
E-Mail :	leoni-cables-india@leoni.com sanjeev.maheshwari@leoni.com werner.bernard@leoni.com pravin.narayan@lsc.leoni.com mahendra.pareek@leoni.om
Website :	www.leoni.com

DIRECTORS

AS ON 22.09.2014

Name :	Mr. Pushpendra Shyam Singh
Designation :	Managing Director
Address :	3A, Sorrento Enclave, No. 4 Sardar, Patel Road, Adyar, Chennai – 600 020, Tamilnadu, India
Date of Birth/Age :	21.01.1958
Qualification :	B.Sc. and MBA
Date of Appointment :	12.04.2012
DIN No.:	05251462
Name :	Mr. Bruno Fankhauser
Designation :	Director
Address :	Rebbergstrasse 65, Wollerau, 8832, Switzerland
Date of Birth/Age :	10.10.1971
Date of Appointment :	21.05.2012
DIN No.:	05265574
Name :	Mr. Wolfgang Losch
Designation :	Director
Address :	Forstackerweg 11 A, Belmbrach, Roth, Germany
Date of Birth/Age :	31.05.1957
Date of Appointment :	21.05.2012
DIN No.:	05280717

KEY EXECUTIVES

Name :	Ms. Vrushali Prashant Eksambekar
Designation :	Secretary
Address :	F-84, Sneh Society, Mhada Project, Behind Corporation Bank, S.R. No.29/1, 30/1, Hingane, Karvenagar, Pune – 411 052, Maharashtra, India
Date of Birth/Age :	23.07.1987
Date of Appointment :	02.06.2014
PAN No.:	AAOPE4253F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Leoni Special Cables GmbH, Germany	10000	0.02
Leoni Kabel Holding GmbH, Germany	49962800	99.98
Total	49972800	100.00

AS ON 22.09.2014

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

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and sale of wiring and cable systems.
Products :	Wiring and Cable Systems
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Information declined by the Management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Banking Relations :	--
Auditors :
Name :	SRBC and Company LLP Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune – 411 006, Maharashtra, India
Tel. No. :	91-20-66036000
Fax No. :	91-20-66015900
PAN No.:	ABSFS4151K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Leoni Kabel Holding GmbH
Ultimate Holding Company:	Leoni AG
Fellow Subsidiaries :	· Leoni Cable (Changzhou) Co. Limited · Leoni Fibre Optics GmbH · Leoni Kable GmbH · Leoni Kable Polska Sp. Z.O.O. · Leoni Kable Ve Teknologileri · Leoni Kerpen GmbH · Leoni Special Cables GmbH · Leoni Studer AG

CAPITAL STRUCTURE

AFTER 22.09.2014

Authorised Capital : Rs.1200.000 millions

Issued, Subscribed & Paid-up Capital : Rs.599.728 millions

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49972800	Equity Shares	Rs.10/- each	Rs.499.728 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2672800	Equity Shares	Rs.10/- each	Rs.26.728 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	26.728	26.728	26.728
(b) Reserves & Surplus	(129.124)	(18.419)	(12.927)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	396.000	0.000	1.620
Total Shareholders’ Funds (1) + (2)	293.604	8.309	15.421
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.003	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.698	0.000	0.000
Total Non-current Liabilities (3)	0.698	0.003	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	61.403	4.371	0.086
(c) Other current liabilities	85.423	0.362	2.116
(d) Short-term provisions	1.567	0.000	0.000
Total Current Liabilities (4)	148.393	4.733	2.202
TOTAL	442.695	13.045	17.623
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.258	0.407	0.105
(ii) Intangible Assets	0.092	0.000	0.000
(iii) Capital work-in-progress	109.569	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)	0.000	0.000	0.005
(d) Long-term Loan and Advances	202.372	0.436	0.436
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	317.291	0.843	0.546
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	93.140	0.081	0.000
(c) Trade receivables	3.907	0.116	0.170
(d) Cash and cash equivalents	0.000	11.553	16.795
(e) Short-term loans and advances	28.357	0.452	0.000
(f) Other current assets	0.000	0.000	0.112
Total Current Assets	125.404	12.202	17.077
TOTAL	442.695	13.045	17.623

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Gross Sales	15.234	7.131	2.173
		Other Income		1.251	1.262
		TOTAL (A)	15.234	8.382	3.435
Less	EXPENSES
		Cost of Sales	117.470	4.090	1.483
		Administrative and Management Expenses		9.699	4.382
		TOTAL (B)	117.470	13.789	5.865
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(102.236)	(5.407)	(2.430)
Less	INTEREST (D)		9.223	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(111.459)	(5.407)	(2.430)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.867	0.076	0.031
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(112.326)	(5.483)	(2.461)
Less	TAX (H)		(1.622)	0.009	(0.003)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(110.704)	(5.492)	(2.458)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(18.419)	(12.927)	(10.469)
	BALANCE CARRIED TO THE B/S		(129.123)	(18.419)	(12.927)
	IMPORTS
		Raw Materials	64.061	0.000	NA
		Traded Goods	20.127	4.090	NA
		Capital Goods	79.653	0.000	NA
	TOTAL IMPORTS		163.841	4.090	NA
	Earnings / (Loss) Per Share (Rs.)		(41.42)	(2.05)	(0.92)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	NA	(77.02)	(113.12)
Operating Profit Margin (PBDIT/ Sales)	(%)	NA	(75.82)	(111.83)
Return on Total Assets (PBT/Total Assets}	(%)	(33.72)	(42.03)	(13.97)
Return on Investment (ROI) (PBT/Networth)		(0.38)	(0.66)	(0.16)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.85	2.58	7.76

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	26.728	26.728	26.728
Reserves & Surplus	(12.927)	(18.419)	(129.124)
Share Application money pending allotment	1.620	0.000	396.000
Net worth	15.421	8.309	293.604
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	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	3.435	8.382	15.234
		144.017	81.747

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	3.435	8.382	15.234
Profit	(2.458)	(5.492)	(110.704)
	(71.56%)	(65.52%)	(726.69%)

LOCAL AGENCY FURTHER INFORMATION

NOTE: Current Maturities of Long Term Debts is Not Available.

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	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	Yes
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	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

NOTES:

· The registered office of the company has been shifted from A-405, Galleria, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India to the present address w.e.f. 05.12.2013.

· No Charges Exist for Company.

CORPORATE INFORMATION

The company is a subsidiary of LEONI Kable Holdings GmbH. The company is engaged in the manufacturing and sale of wiring and cable systems. The company has started its manufacturing facility at Chakan, near Pune in current financial year.

OPERATIONS:

The total revenue for the year is Rs.15.230 millions compared to Rs.8.380 millions in the previous year, with a growth of 81% as compared to previous year. The Directors are continuously looking for avenues for future growth of the Company in Cable industry. The Loss before Tax during the year is Rs.110.700 millions as compared to Rs.5.490 millions in the previous year.

FUTURE OUTLOOK:

LEONI Group persists with its globalization strategy by expanding its business in India. During the year, the Company started work for set up of its Greenfield cable manufacturing factory at Chakan near Pune. The set of this new plant is to serve better local customers from different industries with cables and cable systems.

The establishment of the plant brings advantages such as better logistics conditions, the usage of local cost structures and the avoidance of import duties. The new plant has a total area of around 17,000 square meters and during the end of the year the Company started the manufacturing of standard cables for the fast growing automotive industry.

In the future the Company will also commence local production of cables and cable systems for the renewable energy market in order to serve the rising demand in this field. The company will offer a wide range of power and control cables for photovoltaic and solar power plants as well as wind turbines. Furthermore, the company will locally produce standard cables, application-specific special cables, ready-to-connect assembled cables, sub-systems as well as complete system solutions for rail vehicles such as high-speed trains, locomotives, trams, metros and cargo railcars.

The new facility will also make cables for critical applications in oil and gas, petrochemicals, power plants, water treatment and other process industries. The Company also plans to export such products to other countries.

FIXED ASSETS

· Office Equipments

Furniture and Fixtures

Computers

Vehicles

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 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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
-- PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.