MIRA INFORM REPORT

Report No. :	331077
Report Date :	13.07.2015

IDENTIFICATION DETAILS

Name :	LAPP INDIA PRIVATE LIMITED
Registered Office :	98. J and K, Jigani Industrial Estate, phase II, Jigani, Anekal Taluk, Bangalore - 562106, Karnataka.
Tel. No.:	91-80-30560216/186/209/000
Country :	India
Financials (as on) :	30.09.2014
Date of Incorporation :	15.05.1996
Com. Reg. No.:	08-020467
Capital Investment / Paid-up Capital :	Rs. 292.564 Million
CIN No.: [Company Identification No.]	U28999KA1996PTC020467
IEC No.:	0796011303
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL3002G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importers of cables and cables accessories.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of LAPP group of companies. It is an established company having satisfactory track. Rating takes into consideration Company’s established presence and its long track record in the cables manufacturing business. Further company possesses healthy capital structure marked by low gearing and healthy cash accruals from its operations profitability seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of strong managerial and financial support from its group, the company can be considered normal for business dealings with 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 – 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	ICRA
Rating	Fund Based = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	June 2015

Rating Agency Name	ICRA
Rating	Non – Fund Based = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	June 2015

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

Name :	Mr. Satyanarayana
Designation :	Head of Finance
Contact No.:	91-80-30560186
Date :	09.07.2015

LOCATIONS

Registered Office/ Factory :	98. J and K, Jigani Industrial Estate, phase II, Jigani, Anekal Taluk, Bangalore - 562106, Karnataka, India
Tel. No.:	91-80-30560216/186/209/000
Fax No.:	91-80-30560101
E-Mail :	satya@lappindia.com
Website :	http://www.lappindia.lappgroup.com
Regional Office:	Located At: Haryana Kolkata Pune Chennai
Warehouse:	B 5 and B 7, NH3, Dire Anjur Village, Bhiwandi, Thane - 400001, Maharashtra, India

DIRECTORS

AS ON 24.01.2015

Name :

Marc Christian Michel Bernard Jarrault Jarrault

Designation :

Managing Director

Address :

No.1/3, Sumeru Enclave, 9th A Main Road, 9th Cross, Jayanagar 2nd Block, Bangalore - 560011, Karnataka, India

Date of Birth/Age :

27.05.1956

Date of Appointment :

08.01.2014

DIN No.:

06717498

Name :

Bentz Ewald

Designation :

Director

Address :

Laufdorfer Weg 85, Wetzlar - 35578, Germany

Date of Birth/Age :

25.03.1948

Date of Appointment :

06.06.2007

DIN No.:

01903147

Name :

Susanne Frank

Designation :

Director

Address :

Ebersbach An Der Fils, Ortsteil Robwalden, Amselweg10, Germany, 73061, Germany

Date of Birth/Age :

27.05.1967

Date of Appointment :

20.01.2010

DIN No.:

02683659

Name :

Andreas Paul Lapp

Designation :

Director

Address :

Stadtbezirk, Vaihingen, Rosentalstr 56, Stuttgart, 70565, Germany

Date of Birth/Age :

06.03.1956

Date of Appointment :

14.11.2011

DIN No.:

00481791

Other Directorship:

Name :

Richard Lee

Designation :

Director

Address :

2 Ripley Crescent, Singapore, 556180, Singapore

Date of Birth/Age :

21.08.1958

Date of Appointment :

14.09.2012

DIN No.:

05359686

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	U72200KA2008FTC048417	LAPP IT SERVICES PRIVATE LIMITED	Director	06-03-2013	24-08-2012	-	Active	NO
2	U28999KA1996PTC020467	LAPP INDIA PRIVATE LIMITED	Director	11-01-2013	14-09-2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satyanarayana
Designation :	Head of Finance

MAJOR SHAREHOLDERS

AS ON 24.01.2015

Names of Shareholders	No. of Shares	%age holding
Lapp Holding Asia Private Limited, Singapore	1657066	56.64
Lapp Holding Asia Private Limited, Singapore	1268575	43.36
Total	2925641	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 24.01.2015

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
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importers of cables and cables accessories.
Products :	Cables and cables accessories.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users

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

No. of Employees :

350 (Approximately)

Bankers :

Banker Name	The Bank of Nora scotia
Branch Address	M. G. Road, Bangalore, Karnataka, 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 :

(Rs. In Million)

SECURED LOAN	As on 30.09.2014	As on 30.09.2013
LONG TERM BORROWING
Rupee term loans from banks	0.000	37.308
SHORT TERM BORROWING
Loans repayable on demand from banks	398.431	257.525
Total	398.431	294.833

Auditors :
Name :	B S R R AND COMPANY Chartered Accountants
Address :	Maruthi Info-Tech Centre, 11-12/1inner Ring Road, Koramangala, Bangalore, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFB1884H
Memberships :	Not Available
Collaborators :	Not Available
Other Related Party:	U.I. Lapp Gmbh, Germany Lapp Gmbh Kabelwerke, Germany Camuna Cavi Srl, Italy Lapp Muller Sas, France Lapp Logistics Private Limited, Singapore Lapp Korea Llc, Korea, Republic Of Lapp Service Gmbh, Germany Lapp Systems Gmbh, Germany Lapp Engineering, Switzerland Lapp Usa Inc, United States Lapp It Services Private Limited, India (U72200KA2008FTC048417) Lapp Immobilien Gmbh And Co Kg, Germany Milltronsic As, Italy Lapp Kabel Shanghai Company Limited, China
Holding Company:	Lapp Holding Asia Private Limited, Singapore
Ultimate Holding Company:	Lapp Holding Ag, Germany

CAPITAL STRUCTURE

AS ON 24.01.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Million
1400000	Preference Shares	Rs.100/- each	Rs. 140.000 Million
	Total		Rs. 640.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1657068	Equity Shares	Rs.100/- each	Rs. 165.706 Million
1268575	Preference Shares	Rs.100/- each	Rs. 126.858 Million
	Total		Rs. 292.564 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6400000	Equity Shares	Rs.100/- each	Rs.640.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2925643	Equity Shares	Rs.100/- each	Rs.292.564 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2014	30.09.2013	30.09.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	295.564	269.835	269.836
(b) Reserves & Surplus	1379.042	1177.137	1156.377
(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)	1674.606	1446.972	1426.213
(3) Non-Current Liabilities
(a) long-term borrowings	115.800	37.308	82.824
(b) Deferred tax liabilities (Net)	0.000	2.758	0.000
(c) Other long term liabilities	14.200	13.000	11.500
(d) long-term provisions	0.293	0.000	15.768
Total Non-current Liabilities (3)	130.293	53.066	110.092
(4) Current Liabilities
(a) Short term borrowings	623.307	496.654	352.855
(b) Trade payables	377.201	313.010	238.285
(c) Other current liabilities	224.993	240.590	247.605
(d) Short-term provisions	35.592	55.136	47.575
Total Current Liabilities (4)	1261.093	1105.390	886.320
TOTAL	3065.992	2605.429	2422.625
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	924.880	976.963	926.128
(ii) Intangible Assets	2.459	3.446	2.755
(iii) Capital work-in-progress	209.968	39.999	19.940
(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)	6.949	0.000	1.605
(d) Long-term Loan and Advances	97.309	100.831	135.293
(e) Other Non-current assets	0.586	0.538	0.057
Total Non-Current Assets	1242.151	1121.777	1085.778
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	919.734	758.495	600.344
(c) Trade receivables	636.410	605.574	582.042
(d) Cash and cash equivalents	112.485	21.760	68.859
(e) Short-term loans and advances	152.190	97.573	85.602
(f) Other current assets	0.022	0.250	0.000
Total Current Assets	1820.841	1483.652	1336.847
TOTAL	3062.992	2605.429	2422.625

PROFIT & LOSS ACCOUNT

	PARTICULARS	30.09.2014	30.09.2013	30.09.2012
	TOTAL INCOME	3856.000	3368.000	3537.000
Less	TOTAL EXPENSES	3589.000	3128.000	3246.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION	(including Financial Expenses)
Less	FINANCIAL EXPENSES
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	267.000	240.000	260.000
Less/ Add	DEPRECIATION/ AMORTISATION	119.000	124.000	93.000
	PROFIT/ (LOSS) BEFORE TAX	148.000	116.000	167.000
Less	TAX	56.000	45.000	55.000
	PROFIT/ (LOSS) AFTER TAX	92.000	71.000	112.000
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	11.000
	Dividend	0.000	0.000	35.000
	Tax on Dividend	0.000	0.000	5.600
	Addition to securities premium account	0.000	0.000	139.000
	Total	0.000	0.000	190.600
	Earnings / (Loss) Per Share (Rs.)
	Basic	56.43	46.53	76.37
	Diluted	54.07	44.88	71.77

Particulars	As On 31.03.2015
Sales Turnover (Approximately)	4250.000

The above information has been parted by Mr. Satyanarayana (Head of Finance).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	30.09.2014	30.09.2013	30.09.2012
Current Maturities of Long term debt	37.309	50.000	50.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	110.390	178.933	(4.550)

KEY RATIOS

PARTICULARS		30.09.2014	30.09.2013	30.09.2012
Net Profit Margin (PAT / Total Income)	(%)	2.39	2.11	3.17
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.20	4.52	6.96
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.12
Debt Equity Ratio (Total Debt /Networth)		0.46	0.40	0.34
Current Ratio (Current Asset/Current Liability)		1.44	1.34	1.51

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2012	30.09.2013	30.09.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	269.836	269.836	295.564
Reserves & Surplus	1156.377	1177.137	1379.042
Net worth	1426.213	1446.973	1674.606
long-term borrowings	82.824	37.308	115.800
Short term borrowings	352.855	496.654	623.307
Current maturities of long-term debts	50.000	50.000	37.309
Total borrowings	485.679	583.962	776.416
Debt/Equity ratio	0.341	0.404	0.464

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	30.09.2013	30.09.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	3537.000	3368.000	3856.000
		-4.778	14.489

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	30.09.2013	30.09.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	3537.000	3368.000	3856.000
Profit	112.000	71.000	92.000
	3.17%	2.11%	2.39%

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	Yes
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	Yes
26	Turnover of firm for last four 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	Yes
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 98, J&K Jigani Industrial Estate, phase II, Jigani Anekal Taluk, Bangalore – 562106, Karnataka, India to the present address w.e.f. 12.11.2013

UNSECURED LOAN

Particulars	As on 30.09.2014	As on 30.09.2013
LONG TERM BORROWING
Other external commercial borrowings	115.800	0.000
SHORT TERM BORROWING
Loans repayable on demand from banks	224.876	239.129
Total	340.676	239.129

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545550	17/12/2014	300,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, INDIAN EXPRESS BUILDING,  SECOND FLOOR, QUEEN'S ROAD, BANGALORE - 560001, KARNATAKA , INDIA	C41653619
2	10136678	27/03/2014 *	300,000,000.00	THE BANK OF NOVA SCOTIA	BANGALORE BRANCH, NO. 25/2, S N TOWERS, M.G.ROAD,  BANGALORE - 560001, KARNATAKA, INDIA	C03739059

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• 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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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		53

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.