MIRA INFORM REPORT

Report No. :	349272
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	BUHLER (INDIA) PRIVATE LIMITED (w.e.f. 27.09.2001)
Formerly Known As :	BUHLER (INDIA) LIMITED
Registered Office :	13-D, 12-D, 13C and 13-B, KIADB Industrial Area, Attibele, Bangalore – 562107, Karnataka
Tel. No.:	91-80-67770000
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.02.1991
Com. Reg. No.:	08-011695
Capital Investment / Paid-up Capital :	Rs.100.000 Million
CIN No.: [Company Identification No.]	U85110KA1991PTC011695
IEC No.:	0792009339
TAN No.: [Tax Deduction & Collection Account No.]	BLRB00692G
PAN No.: [Permanent Account No.]	AAACB5987A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing, marketing and selling of agri-based and other processing machines
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Buhler Holding AG, Switzerland”. It is a well-established company incorporated in the year 1991 having satisfactory track. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial, the company possesses a healthy financial profile marked by sound net worth base and comfortable capital structure characterized by zero debt position. The company has witnessed growth in its sales volume, but has reported a dip in its net profitability during FY 13. The rating further also derives strength from its holding company and its experienced management. Trade relations are fair. Business is active. Payment terms are reported as usually correct and as per commitements. In view of strong holding support and sound financial base, the company can be considered normal for business dealings 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	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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vinay Sarji
Designation :	Company Secretary
Contact No.:	91-80-22890001

LOCATIONS

Registered Office :	13-D, 12-D, 13C and 13-B, KIADB Industrial Area, Attibele, Bangalore – 562 107, Karnataka, India
Tel. No.:	91-80-67770000
Fax No.:	91-80-22890001
E-Mail :	vinay.sarji@buhlergroup.com buhler.banglore@buhlergroup.com srimannarayana.murthy@buhler.com
Website :	http://www.buhlergroup.com
Marketing Offices :	Located at: · New Delhi · Pune · Kakinada · Kolkata · Hyderabad · Raipur
Liaison Office :	Road No. 131, House No. 60/C Gulshan South, Gulshan – 1 Dhaka, Bangladesh
Tel. No.:	+880 29859890
Fax No.:	+880 28828446

DIRECTORS

As on 26.09.2014

Name :

Andreas Schachtner

Designation :

Director

Address :

Ruteliweg 24, Oberburen - 9245, Switzerland

Date of Birth/Age :

29.07.1965

Date of Appointment :

03.05.2008

DIN No.:

02228706

Name :

Mr. Dipak Balasaheb Mane

Designation :

Managing director

Address :

No. 408, Wings, ,Cambridge Road, Opposite Frank Anthony Public School, Ulsoor, Bangalore, 560008, Karnataka, India

Date of Birth/Age :

23.11.1960

Date of Appointment :

01.07.2015

DIN No.:

01215889

Other Directorship:

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	U85110KA1991PTC011695	BUHLER (INDIA) PRIVATE LIMITED	Whole-time director	01/07/2015	01/11/2000	-	Active	NO
2	U72900KA2010PTC055497	FrontalRain Technologies Private Limited	Director	16/08/2013	16/08/2013	15/08/2015	Active	NO

Name :

Mr. Prashant Gokhale Shrikant

Designation :

Managing director

Address :

703 Sepia H M World City, J P Nagar 9 Phase, Bangalore - 560062, Karnataka, India

Date of Birth/Age :

20.08.1972

Date of Appointment :

01.07.2015

DIN No.:

07185794

KEY EXECUTIVES

Name :	Mr. Vinay Sarji
Designation :	Company Secretary
Address :	No/20/1,1st Floor, 3rd Cross, Javariah Gardern, Thyagaragnagar, Bangalore - 560028, Karnataka, India
Date of Birth/Age :	04.01.1978
Date of Appointment :	05.07.2006
PAN No. :	AVAPS2841L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Buhler Holding AG, Switzerland	9999990
Interfonda Limited, Switzerland	10
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

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 :

Subject is engaged in manufacturing, marketing and selling of agri-based and other processing machines

Products :

ITC Code No.	Product Descriptions
84378010	Flour Mill Machinery
84378020	Rice Mill Machinery
84371000	Other Machinery for Clng, Srtng / Gradng Seeds

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Pakistan
• Bangalore

Imports :

Products :

Raw Material

Countries :

• Germany
• Switzerland

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C 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 :

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 :

600 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	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

Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	12^th and 13^th Floor, UB City, Canberra Block, No.24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-81-40275000
Fax No.:	91-80-22106000
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Buhler Holding Ag, Switzerland
Fellow Subsidiary company :	Buhler Ag, Uzwil, Switzerland Buhler Gmbh, Germany Wuxi Buhler Machinery Manufacturing Company, China Buhler Sortex Limited, United Kingdom Buhler Druckguss Ag, Germany Buhler Sa, Madrid, Spain Schmidt-Seeger India Private Limited, India Buhler Management Ag, Switzerland Buhler Aeroglide, United States Buhler Barth Ag, Germany Buhler (Wuxi) Commerial, China Buhler (Pty) Limited, South Africa Schmidt-Seeger Gmbh, Germany Buhler Equipment (Xi'an) Co., Limited, China Hefei Yijiete Optoelectronic Technology Co. Limited, China Buhler Inc.,Minneapolism, United States Buhler Asia Private Limited, Singapore Bühler and Scherler Ag, Switzerland

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	100.000	100.000	100.000
(b) Reserves & Surplus	1438.343	1189.960	820.035
(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)	1538.343	1289.960	920.035
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	43.973	49.197	33.809
(c) Other long term liabilities	6.909	12.002	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	50.882	61.199	33.809
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	303.254	190.334	224.479
(c) Other current liabilities	913.205	673.208	546.642
(d) Short-term provisions	83.515	64.413	75.680
Total Current Liabilities (4)	1299.974	927.955	846.801
TOTAL	2889.199	2279.114	1800.645
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	761.199	688.858	465.404
(ii) Intangible Assets	0.338	1.149	1.959
(iii) Capital work-in-progress	49.138	25.531	20.364
(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	80.428	13.431	60.476
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	891.103	728.969	548.203
(2) Current assets
(a) Current investments	1000.064	589.185	330.016
(b) Inventories	312.128	275.464	291.139
(c) Trade receivables	218.263	177.525	153.828
(d) Cash and cash equivalents	113.782	285.731	265.627
(e) Short-term loans and advances	83.892	84.233	102.836
(f) Other current assets	269.967	138.007	108.996
Total Current Assets	1998.096	1550.145	1252.442
TOTAL	2889.199	2279.114	1800.645

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2724.000	2135.000	1751.000
		Other Income	76.000	47.000	40.000
		TOTAL	2800.000	2182.000	1791.000
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		248.382	369.926	212.376
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	305.000	390.000	285.000
		Commission Earnings	299.000	228.000	145.000
	TOTAL EARNINGS		604.000	618.000	430.000
	Earnings Per Share (Rs.)		24.84	36.99	21.24

Particulars	31.03.2015
Sales Turnover	5000.000

Expected Sales (2015-2016) : Rs.5500.000 Million

The above information has been parted by Mr. Vinay Sarji (Company Secretary)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	533.739	626.076	334.265
Net cash flow from operating activity	358.154	528.736	244.288

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	9.12	17.33	12.13
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.54	1.67	1.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.000	100.000	100.000
Reserves & Surplus	820.035	1189.960	1438.343
Net worth	920.035	1289.960	1538.343
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	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1751.000	2135.000	2724.000
		21.930	27.588

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1751.000	2135.000	2724.000
Profit	212.376	369.926	248.382
	12.13%	17.33%	9.12%

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	No
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	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

NOTE: Registered office of the company has been shifted from 13-D, Kiadb Idustrial Area Attibele, Bangalore – 562107, Karnataka, India to the present address w.e.f. 01.12.2009

REVIEW OF PERFORMANCE

OPERATIONS

The order booking during the period April 2011 to March 2012 increased to Rs.2836.000 million as compared to Rs. 2169.000 million during the previous year.

The total revenue from operations for the year was at Rs. 2724.000 million as compared to Rs. 2135.000 million for the previous year. The Other Income was at Rs 76.000 million as compared to Rs 47.000 million for the previous year. Exports are at Rs. 305.000 million as compared to Rs 390.000 million in the previous year.

Inspite of the difficult market conditions we have been able to increase their revenue compared to the previous year.

The construction of the new building for the office block (ie Phoenix - 2 Project) has been completed during the year.

They expect to grow around 10% in the current year over the previous year. Prospects for the rest of the year are challenging.

FINANCE

The company continues to fund its operations entirely on its own without any borrowings from the Banks / others.

During the year the company has earned an interest income of nearly Rs 9.000 million mainly out of the Fixed Deposit. The Company has also earned a dividend income of Rs 32.000 million mainly on accounts of its investments in Mutual Funds.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2013	31.03.2012
Claims against company not acknowledged as debt	86.989	86.989
Guarantees	28.726	39.508
Other money for which company is contingently liable	0.258	5.581

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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.65.79
UK Pound	1	Rs.99.94
Euro	1	Rs.71.54

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

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.