MIRA INFORM REPORT

Report No. :	351295
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	TINIUS OLSEN INDIA PRIVATE LIMITED

Registered Office :	Naimex House, A-8, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi - 110044
Tel. No.:	91-11-30810213

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.04.2008

Com. Reg. No.:	55-177135

Capital Investment / Paid-up Capital :	Rs. 13.977 Million

CIN No.: [Company Identification No.]	U29113DL2008PTC177135

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	DELT08192C

PAN No.: [Permanent Account No.]	AACCT9109Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Universal Testing Machines.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject was incorporated in the year 2008 and is having moderate track record. The company has shown significant growth in its turnover during FY 2014. However, it has incurred heavy loss its operations which has fully eroded entire net worth of the company. Business is active. Payments are reported as slow. The company can be considered for business dealings on safe and secured 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 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

Name :	Mr. Dalveer Singh
Designation :	Company Secretary
Contact No.:	91-11-30810213
Date :	26.11.2015

LOCATIONS

Registered Office :	Naimex House, A-8, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110044, India
Tel. No.:	91-11-30810213
Fax No.:	91-11-26950011
E-Mail :	dalveersingh@gmail.com
Website :	http://www.aimil.com

Factory :	J3, SDF, NSEZ, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4525701

DIRECTORS

AS ON 29.12.2014

Name :

Mr. Arvind Verma

Designation :

Director

Address :

N-36,Greater Kailash,Part-I, New Delhi - 110048, India

Date of Birth/Age :

15.05.1953

Date of Appointment :

24.04.2008

DIN No.:

00206073

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	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U74899DL1972PLC006093	AIMIL LIMITED	MANAGING DIRECTOR	01/04/2015	18/08/1984	ACTIVE	NO
2	U29113DL2008PTC177135	TINIUS OLSEN INDIA PRIVATE LIMITED	DIRECTOR	24/04/2008	24/04/2008	ACTIVE	NO
3	U28910DL2007PTC168136	MALVERN-AIMIL INSTRUMENTS PRIVATE LIMITED	DIRECTOR	23/12/2008	23/12/2008	ACTIVE	NO
4	U74140DL2011PTC223440	PRUFTECHNIK AIMIL TECHNICAL SERVICES PRIVATE LIMITED	DIRECTOR	09/08/2011	09/08/2011	ACTIVE	NO
5	U51909DL2013PTC250901	AIMIL INTERNATIONAL INSTRUMENTS PRIVATE LIMITED	DIRECTOR	17/04/2013	17/04/2013	ACTIVE	NO
6	U74900DL2015PTC280897	LUBE EXPERT PRIVATE LIMITED	DIRECTOR	28/05/2015	28/05/2015	ACTIVE	NO

Name :

Mr. Earl Allan Ruth

Designation :

Director

Address :

1123, Ridge Valley Rd, Sellersville - 18960, United States Of America

Date of Birth/Age :

27.08.1953

Date of Appointment :

24.04.2008

DIN No.:

02129281

Name :

Mr. Charles Robert Tait Iii

Designation :

Director

Address :

1661 Durham Road, Po Box 90, Buckingham - 18912, United States Of America

Date of Birth/Age :

30.12.1965

Date of Appointment :

24.04.2008

DIN No.:

02129244

Name :

Mr. David Gregory Wheeler

Designation :

Director

Address :

Mantra Amaltas, 23 Friends Colony (West), New Delhi - 110065, India

Date of Birth/Age :

25.05.1970

Date of Appointment :

08.03.2011

DIN No.:

03530869

KEY EXECUTIVES

Name :	Mr. Dalveer Singh
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.12.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Tinius Olsen Limited, UK	173859	60.00
Aimil Limited, India	115906	40.00

Total	289765	100.00

AS ON 29.12.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	60.00
Bodies corporate	40.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Universal Testing Machines.

Brand Names :	--

Agencies Held :	--

Exports :
Products :	Finished Good
Countries :	Russia

Imports :	--

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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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:	State Bank of India
Branch:	Okhla, New Delhi, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Citi Bank Limited

Connaught Place, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loan from bank	1.242	1.603

Total	1.242	1.603

Auditors :
Name :	Mzsk and Associates Chartered Accountants
Address :	Business Bay Lavel-3, Plot No. 84, Wellesley Road, Near Rto (Sangam Bridge), Pune – 411001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFK3470E

Memberships :	--

Collaborators :	--

Holding Company :	Tinius Olsen Limited, United Kingdom

Joint Ventures :	AIMIL Limited, India

Enterprises over which directors exercise significant influence :	· Tinius Olsen Testing Machine Inc, United State of America (USA) · Naimex (Partnership firm) India

CAPITAL STRUCTURE

AS ON 29.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

289,765	Equity Shares	Rs. 100/- each	Rs. 28.977 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

139,765	Equity Shares	Rs. 100/- each	Rs. 13.977 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	13.977	13.977	13.977
(b) Reserves & Surplus	(69.567)	(42.392)	(20.095)
(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)	(55.590)	(28.415)	(6.118)

(3) Non-Current Liabilities
(a) Long-term borrowings	1.242	1.603	0.000
(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)	1.242	1.603	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	35.875	36.890	1.642
(c) Other current liabilities	61.795	33.754	11.218
(d) Short-term provisions	0.000	0.209	0.000
Total Current Liabilities (4)	97.670	70.853	12.860

TOTAL	43.322	44.041	6.742

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.950	2.323	0.022
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.549	0.572	0.832
(e) Other Non-current assets	0.884	0.029	0.027
Total Non-Current Assets	3.383	2.924	0.881

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.336	19.140	2.551
(c) Trade receivables	7.602	5.609	0.734
(d) Cash and cash equivalents	9.773	16.019	2.372
(e) Short-term loans and advances	0.228	0.349	0.204
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	39.939	41.117	5.861

TOTAL	43.322	44.041	6.742

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operation	40.262	26.385	0.709
		Other Income	0.570	0.026	0.177
		TOTAL (A)	40.832	26.411	0.886

Less	EXPENSES
		Cost of Materials Consumed	19.169	37.945	1.515
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.330	(16.934)	(1.046)
		Employees benefits expense	12.856	0.000	0.000
		Other expenses	29.939	27.490	16.510
		TOTAL (B)	66.294	48.501	16.979

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(25.462)	(22.090)	(16.093)

Less	FINANCIAL EXPENSES (D)		1.066	0.068	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26.528)	(22.158)	(16.093)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.647	0.139	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(27.175)	(22.297)	(16.093)

Less	TAX (H)		0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(27.175)	(22.297)	(16.093)

	IMPORTS
		Raw Materials	11.705	23.731	0.000
		Capital Goods	0.000	0.156	0.000
	TOTAL IMPORTS		11.705	23.887	0.000

	EARNINGS IN FOREIGN CURRENCY		40.262	25.093	0.709

	Earnings Per Share (Rs.)		(194.43)	(159.53)	(115.14)

PARTICULARS

31.03.2015

Sales Turnover (Approximately)

80.000

Expected Sales (2015-2016): Rs.150.000 Million

The above information has been parted by Mr. Dalveer Singh (Company Secretary)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.361	0.326	0.000

Cash Generated from Operations	NA	NA	NA

Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(67.50)	(84.51)	(2269.82)

Operating Profit Margin (PBDIT/Sales)	(%)	(63.24)	(83.72)	(2269.82)

Return on Total Assets (PBT/Total Assets}	(%)	(62.73)	(50.63)	(238.70)

Return on Investment (ROI) (PBT/Networth)		0.49	0.78	2.63

Debt Equity Ratio (Total Debt/Networth)		(0.03)	(0.07)	0.00

Current Ratio (Current Asset/Current Liability)		0.41	0.58	0.46

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	13.977	13.977	13.977
Reserves & Surplus	-20.095	-42.392	-69.567
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	-6.118	-28.415	-55.590

Long-term borrowings	0.000	1.603	1.242
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	1.929	1.603
Debt/Equity ratio	0.000	-0.068	-0.029

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)
Sales	0.709	26.385	40.262
		3,621.439	52.594

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.709	26.385	40.262
Profit	(16.093)	(22.297)	(27.175)
	(2269.82%)	(84.51%)	(67.50%)

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 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BACKGROUND

The company was incorporated on April 24, 2008 under the companies Act, 1956. The company is a joint ventures between Tinius Olsen Limited, United Kingdom and ALMIL Limited, India. The company is engaged in the business of manufacturing and materials and testing machines.

FIXED ASSETS:

· Plant and Machinery

· Computer Systems

· Vehicles

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.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KAS

Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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	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		13

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.