MIRA INFORM REPORT

Report No. :	311813
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	KARCHER CLEANING SYSTEMS PRIVATE LIMITED

Registered Office :	Level 4, B – Wing, Statesmen House Building, Barakhamba Road, Connaught Place, Delhi - 110001

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.02.2011

Com. Reg. No.:	55-214243

Capital Investment / Paid-up Capital :	Rs. 43.600 Million

CIN No.: [Company Identification No.]	U29142DL2011PTC214243

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

PAN No.: [Permanent Account No.]	AAECK2479G

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in the activity of trading in cleaning equipment’s and providing after sale services.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 120000

Status :	Moderate

Payment Behaviors :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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.

INFORMATION DENIED BY

Name :	Mr. Hitesh Mathur
Designation :	Marketing Manager
Date :	21.03.2015

LOCATIONS

Registered Office :	Level 4, B – Wing, Avanta Business Center, Statesmen House Building, Barakhamba Road, Connaught Place, Delhi – 110 001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@karcher.in
Website :	http://www.karcherindia.com
	http://www.karcher.in

Head Office :	D – 120, Sector – 63, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-7111800/4661800
Fax No.:	91-120-7111900/4661823

Branch Office :	Ahmedabad Bangalore Chennai Cochin Hyderabad Kolkata Mumbai Noida Panchkula Vadodara

DIRECTORS

As on 02.09.2014

Name :

Mr. Hartmut Otto Jenner

Designation :

Director

Address :

Sonnenbergstrass E – 70, Winnenden - 71364, Germany

Date of Birth/Age :

07.09.1965

Date of Appointment :

09.08.2012

DIN No.:

01476408

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	U29142DL2011PTC214243	KARCHER CLEANING SYSTEMS PRIVATE LIMITED	Director	09-08-2012	18-02-2011	-	Active	NO

Name :

Mr. Dieter Hermann Grajer

Designation :

Director

Address :

Dappachstrass E – 19, Fichtenberg – 74427, Germany

Date of Birth/Age :

09.06.1961

Date of Appointment :

09.08.2012

DIN No.:

03434078

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	U29142DL2011PTC214243	KARCHER CLEANING SYSTEMS PRIVATE LIMITED	Director	09-08-2012	16-04-2011	-	Active	NO

Name :

Mr. Markus Jakob Asch

Designation :

Director

Address :

Nelkenstrab E – 3, Ammerbuch – 72119, Germany

Date of Birth/Age :

13.03.1971

Date of Appointment :

09.08.2012

DIN No.:

02502605

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	U29142DL2011PTC214243	KARCHER CLEANING SYSTEMS PRIVATE LIMITED	Director	09-08-2012	18-02-2011	-	Active	NO

Name :

Mr. Ruediger Frank Schroeder

Designation :

Managing Director

Address :

DC – 03/402, Dell Court, Jaypee Greens, Greater Noida – 21306, Gautam Budh Nagar, Uttar Pradesh, India

Date of Birth/Age :

24.02.1956

Date of Appointment :

30.09.2013

DIN No.:

06736891

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	U29142DL2011PTC214243	KARCHER CLEANING SYSTEMS PRIVATE LIMITED	Managing director	30-09-2013	01-09-2013	-	Active	NO

Name :

Mr. Thomas Heinrich Elsner

Designation :

Director

Address :

Kornatal, Munchingen – 70825, Germany

Date of Birth/Age :

10.08.1967

Date of Appointment :

30.09.2013

DIN No.:

06841486

KEY EXECUTIVES

Name :	Mr. Hitesh Mathur
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.09.2014

Names of Shareholders		No. of Shares
Karcher Beteiligungs GmbH		435999
Alfred Karcher Vertriebs GmbH		1
Total		436000

Equity Share Break up (Percentage of Total Equity)

As on 02.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(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 :	The company is engaged in the activity of trading in cleaning equipment’s and providing after sale services.

Products :	· Window Cleaner · High Pressure Cleaner · Spray Extraction Cleaner · Walk Behind Sweeper · Municipal Implement Carrier · Dry Ice Blaster · Push Sweeper · Vacuum Cleaner · Steam Cleaner · Floor Polisher · Cordless Broom · Wet Dry Vacuum Cleaner, etc.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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 :

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 :

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 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 :	MZSK and Associates Chartered Accountants
Address :	C-21 Lower Ground Floor, Panchsheel Vihar, Malviya Nagar, New Delhi – 110017, India
Tel. No.:	91-11-29545421
E-Mail :	Id.vishalivadkar@bdo.in
PAN N Income-tax PAN of auditor or auditor's firm :	AACFK3470E

Memberships :	Not Divulged

Collaborators :	Not Divulged

Holding company :	Karcher Beteiligungs GmbH, Germany

Ultimate Holding Company :	Alfred Karcher GmbH & Co. KG, Germany

Enterprises under common control :	Karcher South East Asia Pte. Ltd., Singapore Karcher Futuretech GmbH, Germany

Enterprises over which key Management Personnel exercise significant influence :	Manmachine India Private Limited Manmachine Works Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

436000	Equity Shares	Rs.100/- each	Rs.43.600 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

436000	Equity Shares	Rs.100/- each	Rs.43.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	43.600	43.600	43.600
(b) Reserves & Surplus	(0.236)	65.601	310.082
(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)	43.364	109.201	353.682

(3) Non-Current Liabilities
(a) long-term borrowings	2.142	4.292	5.745
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.142	4.292	5.745

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	258.473	84.508	49.315
(c) Other current liabilities	41.294	44.800	34.113
(d) Short-term provisions	2.180	3.559	3.617
Total Current Liabilities (4)	301.947	132.867	87.045

TOTAL	347.453	246.360	446.472

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.356	29.921	40.159
(ii) Intangible Assets	1.043	2.178	215.747
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	5.577	4.173	3.449
(e) Other Non-current assets	2.150	0.000	2.123
Total Non-Current Assets	25.126	36.272	261.478

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	155.313	103.696	78.325
(c) Trade receivables	87.234	67.273	36.819
(d) Cash and cash equivalents	52.545	27.074	60.698
(e) Short-term loans and advances	19.928	8.544	9.049
(f) Other current assets	7.307	3.501	0.103
Total Current Assets	322.327	210.088	184.994

TOTAL	347.453	246.360	446.472

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL INCOME	575.777	446.164	310.774

Less	TOTAL EXPENSES	641.614	690.645	392.192

	PROFIT/ (LOSS) BEFORE TAX	65.836	244.481	(81.418)

Less	TAX	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	65.836	244.481	(81.418)

	Earnings / (Loss) Per Share (Rs.)	151.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	11.43	54.80	(26.20)

Return on Total Assets (PBT/Total Assets}	(%)	18.95	99.24	(18.24)

Return on Investment (ROI) (PBT/Networth)		1.52	2.24	(0.23)

Debt Equity Ratio (Total Debt /Networth)		0.05	0.04	0.02

Current Ratio (Current Asset/Current Liability)		1.07	1.58	2.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	43.600	43.600	43.600
Reserves & Surplus	310.082	65.601	(0.236)
Net worth	353.682	109.201	43.364

long-term borrowings	5.745	4.292	2.142
Short term borrowings	0.000	0.000	0.000
Total borrowings	5.745	4.292	2.142
Debt/Equity ratio	0.016	0.039	0.049

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	310.774	446.164	575.777
		43.565	29.051

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	310.774	446.164	575.777
Profit	(81.418)	244.481	65.836
	(26.20)%	54.80%	11.43%

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	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	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	Yes
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

BACKGROUND

Karcher Cleaning System Private Limited (“the Company”) was incorporated on February 17, 2011 under the

Companies Act, 1956. The Company carries out the activity of trading of cleaning equipment’s manufactured by Alfred Karcher GmbH and Co. KG (the ultimate holding company) and providing after sale services.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Finance lease	2.142	4.292
Total	2.142	4.292

FIXED ASSETS

Tangible assets

Computers
Furniture and fixtures
Plant and machinery
Office equipment
Vehicles

Intangible assets

Software
Know how
Goodwill

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.62.29
UK Pound	1	Rs.93.02
Euro	1	Rs.67.36

INFORMATION DETAILS

Information Gathered by :	REK

Analysis Done by :	KAR

Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		26

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 unfavorable 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

· Window Cleaner

· High Pressure Cleaner

· Spray Extraction Cleaner

· Walk Behind Sweeper

· Municipal Implement Carrier

· Dry Ice Blaster

· Push Sweeper

· Vacuum Cleaner

· Steam Cleaner

· Floor Polisher

· Cordless Broom

· Wet Dry Vacuum Cleaner, etc.

Unit