MIRA INFORM REPORT

Report No. :	304785
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	LEONI WIRING SYSTEMS (PUNE) PRIVATE LIMITED
Registered Office :	201B, 2nd Floor, P T Gera Centre, T.P.S Sangamwadi, Bund Garden Road, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.10.2008
Com. Reg. No.:	11-132910
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U74900PN2008FTC132910
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 :	Manufacturing and sale of wiring and cable systems.
No. of Employees :	Not Available

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 :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. Management of the company has failed to file its latest financial for the year 2014 with the government department As per available financial of 2013, the company has incurred a huge accumulated loss which has eroded the net worth of the company. However, business is active. Payment terms are slow. The company can be considered for business dealings on 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.

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

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.

LOCATIONS

Registered Office :	201B, 2nd Floor, P T Gera Centre, T.P.S Sangamwadi, Bund Garden Road, Pune – 411001, Maharashtra
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	csnavin@gmail.om

DIRECTORS

As on 30.09.2013

Name :	Mr. Axel Werner Wittenberg
Designation :	Director
Address :	9 Brockhill Loggerheads, Market Drayton, Tf94rl, United Kingdom
Date of Birth/Age :	05.03.1959
Date of Appointment :	29.10.2009
DIN No.:	02809135
Name :	Mr. Mandar Sharadchandra Sant
Designation :	Director
Address :	C - 1 State Bank Nagar, S. NO. 666/1A/A Bibwewadi, Pune, 411037, Maharashtra, India
Date of Birth/Age :	20.08.1968
Date of Appointment :	29.10.2009
DIN No.:	06579939

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Leoni Brodnetz System Gmbh, Germany	599999
Leoni Brodnetz Verwaltungs Gmbh	1
Total	600000

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 :	Manufacturing and sale of wiring and cable systems.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Not Available
Branch	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

--

Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	C - 401 , 4th Floor ,Panchshil Tech Park, Near Don Bosco School , Yerwada, Pune – 411006, Maharashtra, India
Tel. No.:	91-20-6036000
Fax No.:	91-20-66015900
PAN N Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Memberships :	--
Collaborators :	--
Holding Company :	Leonl Bordnetz Systeme GmbH
Ultimate Holding Company :	Leonl AG
Fellow Subsidiary :	Leonl Wiring Systems UK Limited Leonl Wiring systems Egypt Leonl AG Leonl Bordnetz Svsteme G Leonl Russia LEONlshe Portugal LDA Leonl Korea Leonl Wiring systems Arad SRL Leonl Brazil

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs. 206.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 101.238 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 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	6.000	6.000	6.000
(b) Reserves & Surplus	(62.917)	(72.816)	(29.353)
(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)	(56.917)	(66.816)	(23.353)
(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	0.530	0.794	0.000
Total Non-current Liabilities (3)	0.530	0.794	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	11.094	0.000
(b) Trade payables	257.968	175.912	71.083
(c) Other current liabilities	8.003	4.564	2.448
(d) Short-term provisions	1.087	0.027	0.144
Total Current Liabilities (4)	267.058	191.597	73.675
TOTAL	210.671	125.575	50.322
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37.390	33.901	10.943
(ii) Intangible Assets	9.058	5.358	3.729
(iii) Capital work-in-progress	0.000	0.000	4.795
(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	1.998	1.998	1.998
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	48.446	41.257	21.465
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	49.651	36.524	13.415
(c) Trade receivables	61.396	35.639	10.955
(d) Cash and cash equivalents	24.204	0.026	0.593
(e) Short-term loans and advances	26.974	12.129	3.894
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	162.225	84.318	28.857
TOTAL	210.671	125.575	50.322

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	155.150	35.318	13.363
	Other Income	6.993	0.047	0.000
	TOTAL (A)	162.143	35.365	13.363
Less	EXPENSES
	Cost of Materials Consumed		21.579	5.279
	Purchases of Stock-in-Trade		0.000	10.103
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	138.273	(7.985)	(5.290)
	Employees benefits expense		14.678	8.052
	Other expenses		44.248	16.974
	Prior period expenses		0.259	1.843
	TOTAL (B)	138.273	72.779	36.961
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	23.870	(37.414)	(23.598)
Less	FINANCIAL EXPENSES (D)	2.698	0.379	0.003
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	21.172	(37.793)	(23.601)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	10.678	5.670	1.851
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	10.494	(43.463)	(25.452)
Less	TAX (I)	0.595	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	9.899	(43.463)	(25.452)
	Earnings / (Loss) Per Share (Rs.)	16.50	(72.44)	(65.29)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	6.38	(123.06)	(190.47)
Operating Profit Margin (PBIDT/Sales)	(%)	15.39	(105.93)	(176.59)
Return on Total Assets (PBT/Total Assets}	(%)	4.98	(34.61)	(55.91)
Return on Investment (ROI) (PBT/Networth)		(0.18)	0.65	1.09
Debt Equity Ratio (Total Debt /Networth)		0.00	(0.17)	0.00
Current Ratio (Current Asset/Current Liability)		0.61	0.44	0.39

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	6.000	6.000	6.000
Reserves & Surplus	(29.353)	(72.816)	(62.917)
Net worth	(23.353)	(66.816)	(56.917)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	11.094	0.000
Total borrowings	0.000	11.094	0.000
Debt/Equity ratio	0.000	-0.166	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	13.363	35.318	155.150
		164.297	339.294

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	13.363	35.318	155.150
Profit	(25.452)	(43.463)	9.899
	(190.47%)	(123.06%)	6.38%

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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NOTE: Registered office of the company has been shifted from 11 KM Stone, Sai Satyam Bus Stop, Pune Nagar Road, Wagholi, Pune – 412207, Maharashtra, India to the present address w.e.f. 09.10.2009

BACKGROUND

Subject was incorporated on October 8, 2008 and registered under Indian companies act, 1956. The company is a subsidiary of Leoni Bordnetz Systeme GmbH, Germany, (The Holding Company). The company is engaged in manufacturing and sale of wiring and cable systems. The company has started its commercial operations during financial year 2010-11.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Bank overdraft	0.000	11.094
Total	0.000	11.094

FIXED ASSETS

• Plant and Machinery
• Furniture and Fixture
• Computers
• Leasehold Improvements
• Office equipment

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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	KVT

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.