MIRA INFORM REPORT

Report No. :	305564
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	STANLEY ENGINEERED FASTENING INDIA PRIVATE LIMITED (w.e.f. 01.04.2014)

Formerly Known As :	EMHART TEKNOLOGIES (INDIA) PRIVATE LIMITED

Registered Office :	Dua Associates, 95, Free Press House, 9th Floor, 215, Backbay Reclamation - III, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	09.09.2008

Com. Reg. No.:	11-186575

Capital Investment / Paid-up Capital :	Rs.771.905 Millions

CIN No.: [Company Identification No.]	U72900MH2008FTC186575

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AACCE0728L

Legal Form :	Private Limited Liability Company

Line of Business :	Distribution and marketing of fastening assembly solution including installation tolls and components and manufacturing of industrial fasteners.

No. of Employees :	120 (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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of continues losses incurred by the company from its two years of operation. 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.

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 PARTED BY

Name :	Mr. Rajesh Patil
Designation :	Director
Contact No.:	91-9167255884
Date :	29.01.2015

LOCATIONS

Registered Office :	Dua Associates, 95, Free Press House, 9th Floor, 215, Backbay Reclamation - III, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9167255884 (Mr. Rajesh Patil)
Fax No.:	Not Available
E-Mail :	anand.patni@sbdinc.com rajesh.patil@sbdinc.com hemant.sharma@sbdinc.com
Website :	http://www.stanleyengineeredfastening.com

Head Office :	Apex Towers, 6th Floor, No. 54, 2nd Main Road, R.A. Puram, Chennai- 600028, Tamilnadu, India
Tel. No.:	91-44-43437100
Fax No.:	91-44-43060768

Factory 1 / Warehouse 1 :	Plot No 165/166, Road No. 27, Wagle Industrial Estate, Thane - 400604, Maharashtra, India
Tel. No.:	91-22-41134347
Fax No.:	91-22-25825365

Factory 2 / Warehouse 2 :	Plot No. 0Z-14, Hitech SEZ, Sipcot Industrial Growth Centre, Oragadam, Sriperumbudur Taluk, Kanchipuram District – 602105, Tamilnadu, India
Tel. No.:	91-44-47118006

Warehouse 3 :	116, Devaneri Village, Sholavaram Post, Ponneri Taluk, Chennai – 600067, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Rajesh Patil
Designation :	Director
Address :	H-604, Serenity Complex, Off Link Road,, Adarsh Nagar, Oshiwara, Andheri (West), Mumbai - 400102, Maharashtra, India
Date of Birth/Age :	27.01.1966
Date of Appointment :	08.10.2008
PAN No.:	ACAPP4276B
DIN No.:	02262930

Name :	Kathryn Partridge Sherer
Designation :	Director
Address :	63, Judson Ave, Woodbury Connecticut, 06798, United States Of America
Date of Birth/Age :	05.01.1963
Date of Appointment :	16.04.2010
DIN No.:	02754947

Name :	Mr. Anand Patni
Designation :	Director
Address :	Block Coral Flat No.15 D, Olympia Opaline, Navallur, Kanchipuram, Chennai - 603103, Tamilnadu, India
Date of Birth/Age :	22.07.1975
Date of Appointment :	10.03.2014
PAN No.:	AKQPP0014P
DIN No.:	06805092

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Black and Decker Holdings B.V., Netherlands		7719024
Stanley Black and Decker Holdings B.V., Netherlands		30
Total		7719054

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 :

Distribution and marketing of fastening assembly solution including installation tolls and components and manufacturing of industrial fasteners.

Products :

Product Description	Item Code No. (ITC Code)
Other Machn Tools(Incl Prsses)	84629919

Brand Names :

Agencies Held :

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

Germany
Japan
USA
UK
China
Thailand
Taiwan

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Honda Car India, Noida, Uttar Pradesh, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Mahindra and Mahindra Limited, Mumbai, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

120 (Approximately)

Bankers :

Banker Name	HSBC Bank
Branch Address	Main Road, Chennai, Tamilnadu, 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

Facilities :


Auditors :
Name :	M K Dandeker and Company Chartered Accountants
Address :	No:244 (Old No:138), II Floor, Angappa Naicken Street, George Town, Chennai - 600001, Tamilnadu, India
PAN No.:	AAAFM0865H

Memberships :	--

Collaborators :	--

Holding Company :	Black and Decker Overseas Holding B.V, Netherlands

Subsidiary Company :	Avfast (India) Private Limited CIN No.: U74900MH2010PTC199890

Fellow Subsidiary Company :	Emhart Teknologies LLC, USA Shanghai Emhart Fastening System Company Limited China Emhart Teknologies Tucker Fasteners Limited, UK Emhart Teknologies Nippon POP Rivets and Fasteners Limited, Japan Emhart Teknologies Tucker GMBH Guangzhou Emhart Fastening Systems Company Limited, China Emhart Teknologies Brazil Emhart Teknologies INC U.K Emhart Teknologies (Thailand ) Limited Stanley Assembly Teknologies Avdel UK Limited Avdel Deutschland GmbH Black and Decker SA De CV (Mexico) Emhart Teknologies Group Management Infastech Fastening System Wuxi China Infastech Fastening Technologies India Private Limited CIN No.: U29253TN2007PTC064895 Infastech Tri Star Taiwan Infastech Singapore Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

8500000	Equity Shares	Rs.100/- each	Rs.850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7719054	Equity Shares	Rs.100/- each	Rs.771.905 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	771.905	684.545	684.545
(b) Reserves & Surplus	811.611	90.306	92.508
(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)	1,583.516	774.851	777.053

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.147
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.147

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	14.841	3.671	2.333
(c) Other current liabilities	184.668	205.093	101.740
(d) Short-term provisions	2.749	2.720	0.680
Total Current Liabilities (4)	202.258	211.484	104.753

TOTAL	1,785.774	986.335	881.953

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.838	19.921	18.697
(ii) Intangible Assets	0.000	0.000	1.712
(iii) Capital work-in-progress	37.528	19.786	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1,253.389	720.371	720.371
(c) Deferred tax assets (net)	1.672	0.508	0.000
(d) Long-term Loan and Advances	14.205	10.539	8.437
(e) Other Non-current assets	7.012	2.216	0.000
Total Non-Current Assets	1,365.644	773.341	749.217

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	151.946	67.299	53.650
(c) Trade receivables	72.923	67.612	44.409
(d) Cash and cash equivalents	168.594	60.733	30.217
(e) Short-term loans and advances	26.667	17.350	4.460
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	420.130	212.994	132.736

TOTAL	1,785.774	986.335	881.953

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			218.001	197.371
		Other Income			0.986	0.673
		TOTAL		268.736	218.987	198.044

Less	EXPENSES			325.355	214.839	137.230

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(56.619)	4.148	60.814

Less	DEPRECIATION/ AMORTISATION			9.480	6.820	36.948

	PROFIT/(LOSS) BEFORE TAX			(66.099)	(2.672)	23.866

Less	TAX			(1.164)	(0.470)	8.273

	PROFIT/(LOSS) AFTER TAX			(64.935)	(2.202)	15.593

	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	0.831	NA	NA
	TOTAL EARNINGS			0.831	NA	NA

	IMPORTS
			Raw materials and components	10.479	38.064	2.318
			Traded goods	27.854	2.636	24.394
			Capital goods	9.720	13.444	0.000
	TOTAL IMPORTS			48.053	54.144	26.712

	Earnings / (Loss) Per Share (Rs.)			(8.41)	(0.32)	2.28

Expected Sales (2014-2015): Rs.300.000 Millions

The above information has been parted by M. Rajesh Patil

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	(1.01)	7.90

Operating Profit Margin (PBDIT/Sales)	(%)	NA	1.90	30.81

Return on Total Assets (PBT/Total Assets}	(%)	(13.40)	(1.09)	14.77

Return on Investment (ROI) (PBT/Networth)		(0.04)	0.00	0.03

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		2.08	1.01	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	684.545	684.545	771.905
Reserves & Surplus	92.508	90.306	811.611
Share Application money pending allotment	0.000	0.000	0.000
Net worth	777.053	774.851	1583.516

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	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	198.044	218.987	268.736
		10.575	22.718

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	198.044	218.987	268.736
Profit	15.593	(2.202)	(64.935)
	7.87%	(1.01%)	(24.16%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS 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	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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS OPERATION:

During the Financial Year ended 31st March 2014, the company’s total revenue was of Rs.268.736 Millions in comparison with the revenue of Rs.218.987 Millions in the previous year ended 31st March, 2013. The Company has incurred loss of an amount of Rs.64.935 Millions as against loss of Rs.2.202 Millions during the previous financial year. The Company is confident of achieving much better results in the future years to come.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	DIV

Report Prepared by :	VNT

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	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		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.

MIRA INFORM REPORT

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