MIRA INFORM REPORT

Report No. :	326020
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	METTLER-TOLEDO INDIA PRIVATE LIMITED

Registered Office :	Amar Hill, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra

Country :	India

Financials (as on) :	31.12.2013

Date of Incorporation :	23.03.1998

Com. Reg. No.:	11-114109

Capital Investment / Paid-up Capital :	Rs.44.306 Million

CIN No.: [Company Identification No.]	U51900MH1998PTC114109

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMM12209B

PAN No.: [Permanent Account No.]	AABCL0779N

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Trader, Exporter and Importer of Precision Equipments and Related Services and Software Development

No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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

Maximum Credit Limits :	USD 2800000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is a well-established company having fine track. Management has failed to file its financial record with government department for the year 2014. As per available financial record of 2013, the rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for normal business dealing 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Divulged

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. Deepak
Designation :	Assistant Manager Finance
Contact No.:	91-22-42910300
Date :	05.06.2015

LOCATIONS

Registered Office :	Amar Hill, Saki Vihar Road, Powai, Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28031111 / (Ext. 256/100), 28570808
Mobile No.:	91-9899064032 (Mr. Prabhashankar Jha)
Fax No.:	91-22-28575071
E-Mail :	mitesh.doshi@mt.com nikhil.bhansali@mt.com sunil.kumar@mt.com
Website :	http://www.in.mt.com

Factory :	Building No. 3, Survey No – 44 and 45, Village Mouje Sativali, Vasai (East), Thane – 401208, Maharashtra, India

DIRECTORS

As on 30.06.2014

Name :	Mr. Sanjeev Dhar
Designation :	Managing Director
Address :	1603 B, Florentine Hiranandani Gardens, Powai, Mumbai – 400072, Maharashtra, India
Date of Birth/Age :	03.02.1959
Date of Appointment :	27.06.2011
PAN No.:	AAAPD0819N
DIN No.:	03465762

Name :	Mr. Harimohan Puri
Designation :	Director
Address :	16, Heliopolis, S. B. Road, Colaba, Mumbai-40005, Maharashtra, India
Date of Birth/Age :	12.10.1928
Date of Appointment :	23.03.1998
PAN No.:	AAFPP8976P
DIN No.:	00493886

Name :	Mr. Andreas Otto Wernle
Designation :	Director
Address :	Breitenloostr. 5, Oberwil Nuren, Nuerensdorf, Switzerland-8309
Date of Birth/Age :	16.07.1951
Date of Appointment :	23.03.1998
DIN No.:	02350281

Name :	Mr. Richard Annping Wong
Designation :	Director
Address :	23, Sunbird Avenue, Singapore-487340
Date of Birth/Age :	23.06.1964
Date of Appointment :	30.09.2009
DIN No.:	02568299

Name :	Arunachalam Krishnamurthy
Designation :	Director
Address :	E-12, Ashiorwad, Near Poonam Nagar, Mahakali Caves Road, Nagar Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	07.08.1969
Date of Appointment :	27.06.2011
PAN No.:	AAEPK7402L
DIN No.:	02053104

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders		No. of Shares
Mettler-Toledo Holding AG, Switzerland		4430609
Microwa Praezisionswaagen AG, Switzerland		1

Total		4430610

Equity Share Break up (Percentage of Total Equity)

As on 30.06.2014

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 :

Manufacturer, Trader, Exporter and Importer of Precision Equipments and Related Services and Software Development.

Products :

Item Code No.

Product Description

84230000

Electronic Weighing

S c a l e s ,

Weighbridges,

Weighing Systems,

Check Weighers,

Metal Detectors and

Components, Pipette

Products :

Not Available

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Nepal
Bangladesh
Bhutan
Sri Lanka

Imports :

Products :

Raw Material

Countries :

China
Germany
Switzerland

Terms :

Selling :

Cash and L/C

Purchasing :

Cash and L/C

GENERAL INFORMATION

Suppliers :

Reference :	Canon India, Bagalore
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 :	Nestle India Limited
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 :

450 (Approximately)

Bankers :

Banker Name	HDFC Bank
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

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Svarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AAAAA1111A

Subsidiaries [AS ON 31.12.2013] :	Ohaus Weighing India Private Limited CIN No : U29199MH2006PTC165285

Holding Company [AS ON 31.12.2013]:	Mettler-Toledo Holdings AG, Switzerland

Ultimate Holding Company [AS ON 31.12.2013]:	Mettler-Toledo International Inc. (USA)

Fellow Subsidiaries [AS ON 31.12.2013]:	Mettler-Toledo GmbH (Switzerland) Mettler-Toledo Albstadt GmbH (Germany) Mettler-Toledo Logistik GmbH (Switzerland) Mettler-Toledo Changzhou Precision Instruments Limited (China) Mettler-Toledo (Changzhou)Measurement Technology Limited (China) Mettler-Toledo AG (Switzerland) Mettler-Toledo Limited (Australia) Mettler-Toledo Thornton Inc. (USA) Mettler-Toledo, LLC (USA) (formerly known as Mettler-Toledo Inc. (USA)) Mettler-Toledo Inc.(Canada) Mettler-Toledo Autochem Inc. (USA) Ohaus Corporation (USA) Mettler-Toledo (M) SDN BHD. (Malaysia) Mettler-Toledo (S.E.A). (Malaysia) Mettler-Toledo Garvens GmbH (Germany) Mettler-Toledo Safeline Limited (UK) Mettler Cargoscan AS (Norway) Mettler-Toledo Corporate Function (Switzerland) Rainin Instrument LLC(USA) Mettler-Toledo S.p.A (Italy) Mettler-Toledo (Korea) Limited Mettler-Toledo Services Asia-Pac SDN BHD (Malaysia) Mettler-Toledo (S) Pte Limited (Singapore) Mettler Toledo (Thailand) Limited

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4430610	Equity Shares	Rs.10/- each	Rs.44.306 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	44.306	44.306	44.306
(b) Reserves & Surplus	967.646	816.860	651.401
(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)	1011.952	861.166	695.707

(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	0.758	0.856	0.464
(d) long-term provisions	43.884	46.928	30.375
Total Non-current Liabilities (3)	44.642	47.784	30.839

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	289.193	178.254	279.409
(c) Other current liabilities	199.199	141.668	161.158
(d) Short-term provisions	40.723	28.538	34.135
Total Current Liabilities (4)	529.115	348.460	474.702

TOTAL	1585.709	1257.410	1,201.248

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	184.977	175.149	132.195
(ii) Intangible Assets	9.219	16.420	24.468
(iii) Capital work-in-progress	128.733	37.647	10.958
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	47.138	35.459	27.852
(d) Long-term Loan and Advances	41.369	34.945	29.866
(e) Other Non-current assets	0.046	0.043	0.000
Total Non-Current Assets	411.582	299.763	225.439

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	204.516	128.875	136.260
(c) Trade receivables	390.293	274.145	238.887
(d) Cash and cash equivalents	503.336	492.173	564.486
(e) Short-term loans and advances	73.131	59.095	32.094
(f) Other current assets	2.851	3.359	4.082
Total Current Assets	1174.127	957.647	975.809

TOTAL	1585.709	1257.410	1,201.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Revenue from Operations	2205.700	1994.812	755.574
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT/(LOSS) AFTER TAX		150.786	165.459	126.456

	Earnings Per Share (Rs.)		34.03	37.34	28.54

Particulars

31.12.2015

31.12.2014

Sales Turnover

3150.000

Not Divulged

Expected Sales ( 2015-2016 ) : Rs.4000.000 Million

The above information has been parted by Mr. Deepak

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.12.2013

31.12.2012

31.12.2011

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	6.84	8.29	16.74

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

Current Ratio (Current Asset/Current Liability)		2.22	2.75	2.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	44.306	44.306	44.306
Reserves & Surplus	651.401	816.860	967.646
Share Application money pending allotment	0.000	0.000	0.000
Net worth	695.707	861.166	1011.952

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	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	755.574	1994.812	2205.700
		164.013	10.572

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	755.574	1994.812	2205.700
Profit	126.456	165.459	150.786
	16.74%	8.29%	6.84%

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	Yes
19	Major customers	Yes
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	No
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

CASE DETAILS

BENCH - BOMBAY

Presentation Date : 02.01.2014

Lodging No.:

ITXAL/36/2014

Filing Date:

02.01.2014

Reg. No.:-

ITXA/9802014

Reg. No.:-

06.06.2014

Petitioner:-	The commissioner of Income Tax-8, MU	Respondent:-	Mettler Toledo India Private Limited
Petn.Adv:-	Arvind Pinto (I583)
District:-	MUMBAI

Bench:-	DIVISION	Category:-	TAX APPEALS
Status:-	Pre-Admission	Stage:-	For Rejection (Original Side Matters)
Last Date:-	07.07.2015
Last Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST

Act. :	Income Tax Act,1961		Under Section : 260A

FINANCIAL RESULTS

The Company has earned a Net Profit after tax of Rs. 150.786 Million as against Rs. 165.459 Million in the previous year. Also, the Revenue from Operations has increased from Rs. 1994.812 Million to Rs. 2205.700 Million. The Company is expecting to further increase its revenue during the current year

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Goodwill

· Software

· Freehold Land

· Leasehold Improvements

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Computers

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.64.11
UK Pound	1	Rs.97.84
Euro	1	Rs.71.12

INFORMATION DETAILS

Information Gathered by :	RKH

Analysis Done by :	KAR

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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

Unit