MIRA INFORM REPORT

Report No. :	344796
Report Date :	13.10.2015

IDENTIFICATION DETAILS

Name :	KENDRION (PUNE) PRIVATE LIMITED

Formerly Known As :	KENDRION LINNIG INDIA PRIVATE LIMITED

Registered Office :	Klaus Union Campus, Gat No. 1197, Ghotawade Phata, Pirangut, Taluka Mulshi, Pune – 412108, Maharashtra
Tel. No.:	91-20-67928702

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.01.2011

Com. Reg. No.:	11-138221

Capital Investment / Paid-up Capital :	Rs.58.982 Million

CIN No.: [Company Identification No.]	U29268PN2011FTC138221

IEC No.:	3111008550

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

PAN No.: [Permanent Account No.]	AAECK1975F

Legal Form :	Private Limited Liability Company

Line of Business :	Service provider of auto electrical and light systems, automotive sensors and electromagnetic solenoids.

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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 a subsidiary of foreign company Kendrion Finance B.V incorporated in the year 2011. The company has incurred accumulated loss marked by declined in its sales revenue as compared to previous year. It has moderate financial risk profile marked by leveraged capital structure, negative reserves with nil cash and cash balances. However, trade relations are fair. Business is active. Payments are slow but correct. The company 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.

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

Name :	Mr. Sameer Khanderao Deshmukh
Designation :	Director
Contact No.:	91-9890930476
Date :	12.10.2015

LOCATIONS

Registered Office :	Klaus Union Campus, Gat No. 1197, Ghotawade Phata, Pirangut, Taluka Mulshi, Pune – 412108, Maharashtra, India
Tel. No.:	91-20-67928702
Mobile No.:	91-9890930476 (Mr. Sameer Khanderao Deshmukh)
Fax No.:	Not Available
E-Mail :	Sameer.Deshmukh@kendrion.com Jan.Eberhardt@roedl.pro
Website :	http://www.kendrion.com/ www.pune.kendrion.com
Area :	2500 Sq.ft.
Location :	Owned
Locality:	Residential

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Sameer Khanderao Deshmukh
Designation :	Director
Address :	Shubhang Karoti, H.No.317, Survey No. 20/3/2/3, Rohit Nagar, Bawdhan, Pune - 411021, Maharashtra, India
Date of Birth/Age :	15.09.1967
Date of Appointment :	07.01.2011
DIN No.:	03174850

Name :	Mr. Bernd Eugen Gundelsweiler
Designation :	Director
Address :	Marbacher Str. 10, Brigachtal Ortsteil Kirchdorf, 78086, Germany
Date of Birth/Age :	24.06.1968
Date of Appointment :	27.07.2012
DIN No.:	05331855

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Kendrion Finance BV, Netherlands	1051377	99.99
Kendrion Linnig GmbH, Germany	60	0.01
Total	1051437	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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 :

Service provider of auto electrical and light systems, automotive sensors and electromagnetic solenoids.

Product Or Service:

Item Code No.	product or service Description
85052000	Electromagnetic fan clutch Assly
90321090	Termo Switch

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Auto electrical and light systems

Countries :

China

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

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

End Users and OEMs

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Deutsche Bank
Branch	Pune Branch, Maharashtra, 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 :	Shashank Patki and Associates Chartered Accountants
Address :	2nd Anil Apartments, Banner Residency Baner Road, Aundh, Pune, Maharashtra, India
PAN No.:	AASFS3183J

Memberships :	Not Available

Collaborators :	Not Available

Holding company:	Kendrion Finance BV

Associated Companies:	Kendrion (Villingen) Gmbh Kendrion Linnig GmbH Kendrion Holding Germany Gmbh Kendrion (Shelby) INC Kendrion NV Kendrion Linnig Drive Tech (Nanjing)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,051,437	Equity Shares	Rs.100/- each	Rs.105.144 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,051,437	Equity Shares	Rs.100/- each	Rs.105.144 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6,00,000	Equity Shares	Rs.100/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5,99,825	Equity Shares	Rs.100/- each	Rs.59.982 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	59.982	59.982	42.500
(b) Reserves & Surplus	(42.211)	(37.893)	(44.738)
(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)	17.771	22.089	(2.238)

(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	0.000	0.000	0.000
(d) long-term provisions	0.756	0.657	0.000
Total Non-current Liabilities (3)	0.756	0.657	0.000

(4) Current Liabilities
(a) Short term borrowings	96.576	103.417	3.752
(b) Trade payables	49.886	84.599	186.593
(c) Other current liabilities	2.288	2.925	1.296
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	148.750	190.941	191.641

TOTAL	167.277	213.687	189.403

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.337	32.185	24.480
(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)	22.207	20.069	1.155
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	51.544	52.254	25.635

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.565	48.026	91.379
(c) Trade receivables	56.957	85.922	50.214
(d) Cash and cash equivalents	0.000	0.000	0.000
(e) Short-term loans and advances	27.211	27.485	22.175
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	115.733	161.433	163.768

TOTAL	167.277	213.687	189.403

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	212.149	249.692	62.395
	Other Income	0.133	0.000	0.000
	TOTAL	212.282	249.692	62.395

Less	EXPENSES
	TOTAL	213.751	264.605	105.775

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1.469)	(14.913)	(43.380)

Less/ Add	DEPRECIATION/ AMORTISATION	4.987	4.674	1.831

	PROFIT/ (LOSS) BEFORE TAX	(6.456)	(19.587)	(45.211)

Less	TAX	(2.137)	(18.914)	(1.155)

	PROFIT/ (LOSS) AFTER TAX	(4.318)	(0.673)	(44.056)

	Earnings / (Loss) Per Share (Rs.)	(7.20)	(1.45)	NA

Particulars

31.03.2015

Sales Turnover (Approximately)

250.000

The above information has been parted by Mr. Sameer Khanderao Deshmukh (Director).

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
Net cash flows from (used in) operations	19.682	(112.286)	(19.940)
Net cash flows from (used in) operating activities	19.682	(112.286)	(19.940)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.04)	(0.27)	(70.61)

Return on Total Assets (PBT/Total Assets}	(%)	(4.45)	(10.12)	(24.02)

Return on Investment (ROI) (PBT/Networth)		(0.36)	(0.89)	20.20

Debt Equity Ratio (Total Debt /Networth)		5.43	4.68	(1.68)

Current Ratio (Current Asset/Current Liability)		0.78	0.85	0.85

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	42.500	59.982	59.982
Reserves & Surplus	(44.738)	(37.893)	(42.211)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(2.238)	22.089	17.771

long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.752	103.417	96.576
Total borrowings	3.752	103.417	96.576
Debt/Equity ratio	-1.676	4.682	5.434

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	62.395	249.692	212.149
		300.180	(15.036)

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	62.395	249.692	212.149
Profit/Loss	(44.056)	(0.673)	(4.318)
	(70.61%)	(0.27%)	(2.04%)

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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks	96.576	103.417
Total	96.576	103.417

NOTE

The registered office of the company has been shifted from Shubhang Karoti, H. No. 317 Survey No. 20/3/2/3, Rohit Nagar Bawdhan, Pune - 411021, Maharashtra, India to the present address w.e.f. 25.10.2011.

OPERATIONS

During the year, Company’s revenue from operations is Rs. 212.149 Million in the year 2013-14 as against Rs.249.692 Million in the year 2012-13.

The company has incurred loss during the year, due to increase in finance cost and other overheads. The company has earned adequate revenue from sales during the year. The management is confident of making considerable profits in the ensuing years with the enhanced turnover and controlled costs.

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Plant and equipment
Furniture and fixtures
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 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.64.73
UK Pound	1	Rs.99.29
Euro	1	Rs.73.59

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	AMR

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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		31

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

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