MIRA INFORM REPORT

Report No. :	303880
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	WAGO LIMITED (w.e.f. 13.06.2013)
Formerly Known As :	WAGO AND CONTROLS (INDIA) LIMITED
Registered Office :	C-4/5, Lower Ground Floor, Safdarjung Development Area, New Delhi - 110016
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.06.1995
Com. Reg. No.:	55-070294
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC070294
TAN No.: [Tax Deduction & Collection Account No.]	DELW00459E
PAN No.: [Permanent Account No.]	AAACW0947R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Terminal Blocks, Multi Connection System, Connectors and its accessories.
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 847000
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 filed is shown as 31.03.2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for normal business dealings at usual 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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

MANAGEMENT NON-COOPERATIVE [CONTACT NO.: 91-120-2580409/ 10]

LOCATIONS

Registered Office :	C-4/5, Lower Ground Floor, Safdarjung Development Area, New Delhi – 110016, India
Tel. No.:	91-11-49562700
Fax No.:	91-11-26511158
E-Mail :	anilkumar@wagoindia.com
Website :	www.wago.com
Corporate Office :	222, Okhla Industrial Estate, New Delhi – 110020, India
Tel. No.:	91-11-30887520/ 29
Fax No.:	91-11-26847154/ 28829063
E-Mail:	info@controlsindia.com info@wagoindia.com

DIRECTORS

AS ON 15.09.2014

Name :

Jens Adler

Designation :

Director

Address :

Gutenbergstr.9, Minden, 32427, Germany

Date of Birth/Age :

07.09.1969

Date of Appointment :

09.07.2008

DIN No.:

02274854

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	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC070294	WAGO LIMITED	Director	29-09-2010	09-07-2008	Active	NO

Name :

Sven Michael Hohorst

Designation :

Director

Address :

Fasanenstr.31, Minden, 32427, Germany

Date of Birth/Age :

03.05.1963

Date of Appointment :

30.06.1999

DIN No.:

03303465

Name :

Axel Christian Borner

Designation :

Director

Address :

Friesenstr 11, Minden, 32423, Germany

Date of Birth/Age :

07.05.1962

Date of Appointment :

24.11.2003

DIN No.:

03303501

Name :

Ulrich Bohling

Designation :

Director

Address :

Muhlenfeldstrasse, 88, Bunde, 32257, Germany

Date of Birth/Age :

26.01.1964

Date of Appointment :

24.11.2003

DIN No.:

03303536

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Wago Auslandsbeteiligungs GmbH, Germany	1250000	41.67
Wago Holding GmbH, Germany	1224000	40.80
Wago Contact SA, Germany	306000	10.20
Sven Michael Hohorst [Nominee shareholder of Wago Auslands]	10000	0.33
Axel Christian Boerner [Nominee shareholder of Wago Auslands]	52500	1.75
Ulrich Bohling [Nominee shareholder of Wago Auslands]	52500	1.75
Jens Adler [Nominee shareholder of Wago Auslands]	105000	3.50
Total	3000000	100.00

AS ON 15.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Terminal Blocks, Multi Connection System, Connectors and its accessories.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· State Bank of India, Okhla Industrial Estate, New Delhi – 110020, India

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Income-tax PAN of auditor or auditor's firm :	AAACW0947R
Holding Company :	WAGO Holding GmbH, Germany
Enterprises over which KMP and their relatives are able to exercise significant influence :	WAGO Kontakttechnik GmbH and Co. Kg. Germany WAGO Contact SA, Switzerland WAGO Electronic (Tianjin) Co. Limited, China WAGO Corporation, U.S.A.

CAPITAL STRUCTURE

AS ON 15.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs. 10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	266.535	248.841	238.729
(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)	296.535	278.841	268.729
(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	2.304	1.859	1.250
Total Non-current Liabilities (3)	2.304	1.859	1.250
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	135.546	61.816	51.763
(c) Other current liabilities	19.588	13.725	11.975
(d) Short-term provisions	0.865	0.696	4.725
Total Current Liabilities (4)	155.999	76.237	68.463
TOTAL	454.838	356.937	338.442
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.453	28.778	30.372
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.242	0.566	0.773
(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)	0.375	1.091	0.569
(d) Long-term Loan and Advances	1.563	1.377	0.439
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	60.633	31.812	32.153
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	165.633	138.860	114.501
(c) Trade receivables	104.685	112.402	103.049
(d) Cash and cash equivalents	77.006	43.702	59.118
(e) Short-term loans and advances	46.710	29.233	29.127
(f) Other current assets	0.171	0.928	0.494
Total Current Assets	394.205	325.125	306.289
TOTAL	454.838	356.937	338.442

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	518.364	574.036	571.611
		Other Income	3.840	8.345	6.535
		TOTAL (A)	522.204	582.381	578.146
Less	EXPENSES
		Cost of Materials Consumed	401.868	403.631	379.633
		Changes in inventories of finished goods and work-in-progress	-19.650	-3.018	-4.971
		Employees benefits expense	56.473	50.956	40.104
		Other expenses	47.791	48.904	44.457
		Exceptional Items	0.000	60.000	0.000
		TOTAL (B)	486.482	560.473	459.223
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.722	21.908	118.923
Less	FINANCIAL EXPENSES (D)		2.694	0.926	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.028	20.982	118.923
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.767	5.077	4.901
	PROFIT BEFORE TAX (E-F) (G)		26.261	15.905	114.022
Less	TAX (H)		8.566	5.794	38.808
	PROFIT AFTER TAX (G-H) (I)		17.695	10.111	75.214
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	29.488	100.587	85.365
	TOTAL EARNINGS		29.488	100.587	85.365
	IMPORTS
		Raw Materials	364.644	383.793	363.798
		Stores & Spares	0.291	1.336	1.504
		Capital Goods	29.525	1.305	2.172
	TOTAL IMPORTS		394.460	386.434	367.474
	Earnings Per Share (Rs.)		5.90	3.37	25.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	3.41	1.76	13.16
Operating Profit Margin (PBDIT/Sales)	(%)	6.89	3.82	20.80
Return on Total Assets (PBT/Total Assets}	(%)	5.83	4.48	33.82
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.42
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.53	4.26	4.47

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	30.000	30.000	30.000
Reserves & Surplus	238.729	248.841	266.535
Net worth	268.729	278.841	296.535
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)
Sales	571.611	574.036	518.364
		0.424	-9.698

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	571.611	574.036	518.364
Profit	75.214	10.111	17.695
	13.16%	1.76%	3.41%

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	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	No
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	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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS

The registered office of the company has been shifted from 222, Okhla Industrial Estate, New Delhi – 110020, India to the present address w.e.f. 01.06.2012.

CORPORATE INFORMATION

Subject was incorporated on June 29, 1995. The company was incorporated as a joint venture between C and S Electric Limited [Formerly Controls and Switchgear Company Limited] and Wago Kontaktrechnik GmbH and Co. KG, On November 28, 2011 the Joint Venture agreement got cancelled and the 49% shares held by C and S Electric Limited and its nominees got transferred to Wago Auslandsbetelligungs GmbH and thereby, the Company became a subsidiary of Wago Holding GmbH, Minden.

The company is engaged in the manufacturing of Terminal Blocks, Multi Connection System, Connectors and its accessories.

FIXED ASSETS

· Leasehold Land

· Factory Building

· Plant and Machinery

· Office Equipment

· Vehicles

· Computers

· Furniture and Fixtures

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. 61.61
UK Pound	1	Rs. 93.49
Euro	1	Rs. 71.38

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	RAS
Report Prepared by :	MRI

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
DEFAULTERS
--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.