MIRA INFORM REPORT

Report No. :	322845
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	IKA INDIA PRIVATE LIMITED
Registered Office :	#814/475, Survey # 129/1, Kengeri Village, Kengeri Hobli, Bangalore South Taluk, Bangalore – 560060, Karnataka
Tel. No.:	91-80-26253900
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.2008
Com. Reg. No.:	08-048372
Capital Investment / Paid-up Capital :	Rs.77.018 Million
CIN No.: [Company Identification No.]	U74900KA2008PTC048372
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRI03682A
PAN No.: [Permanent Account No.]	AABCI9880Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter and lab and process Technology
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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. The company has reported a better increase in its sales turnover and achieved good profit profit as against the loss made during previous financial year 2013. Reserves of the company are very low and it has weak liquidity marked by unfavorable gap between trade receivables and payable during FY 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. In the view of aforesaid, subject 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.

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	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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Chandra Mouli
Designation :	Senior Finance Executive
Contact No.:	91-80-26253900
Date :	15.05.2015

LOCATIONS

Registered Office / Factory :	#814/475, Survey # 129/1, Kengeri Village, Kengeri Hobli, Bangluru South Taluk, Bangalore – 560060, Karnataka, India
Tel. No.:	91-80-26253900 / 26253960
Mobile No.:	91-9632899883 (Mr. Shripad)
Fax No.:	91-80-26253901
E-Mail :	Alok.das@ika.in Chandramail.hs@ika.in
Area :	Not Available
Location :	Not Available

DIRECTORS

As on : 25.09.2014

Name :

Mr. Rene Alexandre Stiegelmann

Designation :

Director

Address :

Strenzleweg 14, Staufen – 79219, Germany

Date of Birth/Age :

27.12.1952

Date of Appointment :

21.11.2008

DIN No.:

02374958

Name :

Mr. Peter Gunter Laser

Designation :

Managing Director

Address :

Vishwani Solitaire No. 7, Door No. 201, Papanna Street, ST. Marks Road, Banglore – 560001, Karnataka, India

Date of Birth/Age :

15.03.1960

Date of Appointment :

25.09.2014

DIN No.:

06879649

Name :

Mr. Rajneesh Sood

Designation :

Director

Address :

B-82, 2^nd Floor, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

03.07.1973

Date of Appointment :

01.09.2014

DIN No.:

00009256

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	U74210DL2001FTC110798	RECORDING ARCHITECTURE INDIA PRIVATE LIMITED	Director	21/05/2001	21/05/2001	21/03/2014	Active	NO
2	U74140DL2004PTC126638	SIROCCO CONSULTANTS PRIVATE LIMITED	Director	28/05/2004	28/05/2004	18/08/2008	Active	NO
3	U51909DL2004PTC127807	COMMITTED TRADING PRIVATE LIMITED	Director	23/07/2004	23/07/2004	30/08/2008	Active	NO
4	U93090DL2006PTC154433	COMMITTED CONSULTANTS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	25/08/2008	Active	NO
5	U72900DL2007PTC165396	brains4u Knowledge Processes Private Limited	Director	29/06/2007	29/06/2007	-	Active	NO
6	U31908UP2008PTC035694	HORIZON HGE ELECTRONICEQUIPMENT INDIA PRIVATE LIMITED	Director	17/07/2008	17/07/2008	20/03/2014	Active	NO
7	U31907DL2008FTC183847	SiRcom India Private Limited	Director	30/09/2008	30/09/2008	22/10/2009	Active	NO
8	U72900DL2004PTC124679	INTRASPHERE INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	05/09/2011	05/09/2011	-	Under liquidation	NO
9	U72901DL2006PTC148526	CLAIRVOLEX KNOWLEDGE PROCESSES PVT. LTD.	Additional director	01/04/2014	01/04/2014	29/09/2014	Active	NO
10	U65100DL2009PTC194094	OSK HOLDINGS PRIVATE LIMITED	Director	30/09/2014	01/04/2014	-	Active	NO
11	U74900KA2008PTC048372	IKA INDIA PRIVATE LIMITED	Director	25/09/2014	01/09/2014	-	Active	NO
12	U21098TG2015PTC097488	MOELLE INDIA PRIVATE LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shripad Borgaonkar
Designation :	Marketing Manager
Name :	Mr. Sandeepta Bose
Designation :	Secretary
Address :	Nithya Sadan, # 49, G-001, Krishnappa Layout, Sanjay Nagar, Banglore – 560094, India
Date of Birth :	27.12.1983
Date of Appointment :	01.04.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2014

Names of Shareholders	No. of Shares	%age
IKA werke GmbH and Company	7701816	100.00
IKA-Verwaltungsgesellschaft MBH (as a nomlee of IKA Janke and Kunkel – Str. 10, D-79219, Staufen Werke GmbH and Company)	1	0.00
Total	7701817	100.00

Equity Share Break up (Percentage of Total Equity)

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, Importer, Exporter and lab and process Technology
Products :	Magnetic Stirrers Magnetic Stirrers without Heating Overhead Stirrers Hot Plates Mills Shakers Rotary Evaporator Laboratory Reactors Laboratory Software
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Product :	Finished Goods
Country :	Germany Malaysia China
Imports :
Product :	Raw Material
Country :	Germany Malaysia China Switzerland Hong Kong
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Blue Ocean Innovation Limited – Hong Kong
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 :	Cilpa Limited – Mumbai
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 :

100 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Kengeri, Bangalore, 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

Auditors :
Name :	S. V. Ghatalia and Associates, LLP Chartered Accountant
Address :	12^th and 13^th Floor, UB City, Canberra Block No. 24, Vittal Mallya Road, Bengalore – 560001, India
PAN No.:	ACHFS9181P
Memberships :	Not Divulged
Collaborators :	Not Divulged
Sister concern :	Not Divulged

CAPITAL STRUCTURE

As on : 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7701817	Equity Shares	Rs.10/- each	Rs.77.018 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	77.018	77.018	49.673
(b) Reserves & Surplus	11.746	(1.052)	4.042
€ Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	27.345
Total Shareholders’ Funds (1) + (2)	88.764	75.966	81.060
(3) Non-Current Liabilities
(a) long-term borrowings	58.630	49.377	48.523
(b) Deferred tax liabilities (Net)	0.000	0.000	1.271
€ Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.651	2.478	1.528
Total Non-current Liabilities (3)	61.281	51.855	51.322
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	381.929	353.498	304.994
€ Other current liabilities	7.339	11.045	8.841
(d) Short-term provisions	6.982	5.709	5.238
Total Current Liabilities (4)	396.250	370.252	319.073
TOTAL	546.295	498.073	451.455
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.879	76.950	56.664
(ii) Intangible Assets	4.128	7.841	8.579
(iii) Capital work-in-progress	0.000	12.693	17.157
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
€ Deferred tax assets (net)	5.071	5.350	0.000
(d) Long-term Loan and Advances	61.207	48.260	40.361
€ Other Non-current assets	1.102	0.005	0.000
Total Non-Current Assets	147.387	151.100	122.761
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	135.441	143.352	124.755
€ Trade receivables	147.436	143.127	153.822
(d) Cash and cash equivalents	38.794	5.416	6.632
€ Short-term loans and advances	77.146	55.077	43.485
(f) Other current assets	0.090	0.000	0.000
Total Current Assets	398.907	346.972	328.694
TOTAL	546.295	498.073	451.455

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013
	SALES
		Income		662.603	528.288
		Other Income
		TOTAL		662.603	528.288
Less	EXPENSES
		TOTAL		616.625	510.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			45.978	18.137
Less/ Add	DEPRECIATION/ AMORTISATION			26.489	26.238
	PROFIT BEFORE TAX			19.489	(8.101)
Less	TAX			6.690	(3.007)
	PROFIT AFTER TAX			12.799	(5.094)
	Earnings Per Share (Rs.)			1.66	(0.66)

Particulars	31.03.2015
Sales Turnover (Approximately)	700.000

Expected Sales (2015-2016) : Rs.800.000 Million

The above information has been parted by Mr. Chandra Mouli (Senior Finance Executive)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.93	(0.96)	NA
Operating Profit Margin (PBITD/Sales)	(%)	6.94	3.43	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.60	(1.69)	NA
Return on Investment (ROI) (PBT/Networth)		0.22	(0.11)	NA
Debt Equity Ratio (Total Debt /Networth)		0.66	0.65	0.60
Current Ratio (Current Asset/Current Liability)		1.01	0.94	1.03

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	49.673	77.018	77.018
Reserves & Surplus	4.042	(1.052)	11.746
Share Application money pending allotment	0.000	0.000	27.345
Net worth	53.715	75.966	116.109
long-term borrowings	48.523	49.377	58.630
Short term borrowings	0.000	0.000	0.000
Total borrowings	48.523	49.377	58.630
Debt/Equity ratio	0.903	0.650	0.505

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	528.288	662.603
	---	25.425

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	528.288	662.603
Profit	(5.094)	12.799
	(0.96%)	1.93%

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	Yes
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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	No
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year
29	Profitability for last two 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and Advances from related parties	58.630	49.377
Total	58.630	49.377

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Lease hold improvement
• Plant and equipment
• Furniture and Fixture
• Office equipment
• Computer

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.63.68
UK Pound	1	Rs.99.72
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		34

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.