MIRA INFORM REPORT

Report Date :

07.08.2010

IDENTIFICATION DETAILS

Name :	MSS INDIA PRIVATE LIMITED
Registered Office :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	08.05.1998
Com. Reg. No.:	11-114831
CIN No.: [Company Identification No.]	U27200MH1998PTC114831
TAN No.: [Tax Deduction & Collection Account No.]	NSKM02779A
PAN No.: [Permanent Account No.]	AAACI5887J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Components like pressure components used in switch gears, TC Busbar, Power Generation Products such as Transformers, Fusegear etc.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1383000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Brydon Properties Limited, UK. It is engaged in small fabrication work at Nashik in Maharashtra. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. General financial position is satisfactory but profit margin is under severe pressure. Payments are usually correct and as per commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Jitendra Mehta
Designation :	Finance Department
Date :	06.08.2010

LOCATIONS

Registered Office/ Factory :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422 010, Maharashtra
Tel. No.:	91-253-6611119/ 118
Mobile No.:	91-9922912043 (Mr. Parag Javeri)
Fax No.:	91-253-2383732/ 6611117
E-Mail :	mssindia_04@mssindia.co.in mssind_nsk@sancharnet.in enquiries@mssindia.co.in mssind@sify.com mssajay@sify.com mangesh_natal@mssinida.co.in
Website :	http://www.mssindia.co.in
Area :	4500 sq mtr.
Location :	Owned

DIRECTORS

Name :	Mr. Devel Haresh Patel
Designation :	Nominee Director
Address :	1, Ladhbhai Mansion, 1st Floor,1A, New Queens Road, Mumbai-400004, Maharashtra, India
Date of Birth/Age :	10.02.1970
Date of Appointment :	27.02.2009
Name :	Mr. Mangesh D Natal
Designation :	Nominee Director
Address :	Flat No. 18, Patil Classic Apartments, Govind Nagar, Near Pimprikar Hospital, Nashik-422009, Maharashtra, India
Qualification :	M. Tech, BE
Date of Appointment :	1.11.2005
Name :	Mr. Roy Philip Calvin
Designation :	Director
Address :	3, Rydal Drive Hale Barns, At Tincham WA 15 STE, Cheshire, 158l, United Kingdom
Date of Appointment :	27.05.1999
Name :	Mr. Braine Joseph Hall
Designation :	Director
Address :	White Paddock Farm, Harwooid Road, Tittington, BLS 3 PT, Tottington 83m Uinited Kingdom
Date of Appointment :	01.07.2004
Name :	Mrs. Rashmi Haresh Patel
Designation :	Nominee Director
Address :	1, Ladhbhai Mansion, 1^st Floor, 1A, New Queens Road, Mumbai-400004, Maharashtra, India
Date of Birth/Age :	19.02.1938
Date of Appointment :	27.02.2009
Name :	Mr. Calvin P. Roy
Designation :	Director
Address :	3, Rydal Drive Hale Barns, Altincham Wa15 Ste, Cheshire-158, United Kingdom
Date of Appointment :	27.05.1999
Name :	Mr. Anand Daga
Designation :	Director
Date of Birth/Age :	39 Years
Qualification :	CA
Name :	Mrs. Heena R Doshi
Designation :	Nominee Director
Address :	302, Mahavir Sadan, Balram Street, Grant Road, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	25.08.1957
Qualification :	Solicitors
Date of Appointment :	1.12.2005
Date of Ceasing:	12.03.2009
Name :	Mr. David Withers
Designation :	Additional Director
Address :	16, Kingfisher Close, Durkar, Wakefield, United Kingdom -30511
Qualification :	CA
Date of Appointment :	08.07.2008
Date of Ceasing:	25.06.2009
Name :	Mr. Pooran Gokuldas Tahilramaney
Designation :	Nominee Director
Address :	31, White House, N Gaamadia Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	14.04.1928
Qualification :	Solicitors
Date of Appointment :	08.05.1998
Date of Ceasing:	12.03.2009

KEY EXECUTIVES

Name :	Mr. Parag Javeri
Designation :	Accounts Manager
Name :	Mr. Jitendra Mehta
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Bryden Properties Limited, UK	749999
Roy Calvin Jointly with Mangesh Natal	1
Total	750000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2009

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(S), Foreign comapnie(s), Foreign financial institutions(s), Non-resident Indian(s) or Overseas corporate bodies or others)	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Components like pressure components used in switch gears, TC Busbar, Power Generation Products such as Transformers, Fusegear etc.

Products :

Product Description	ITC Code
Small Fabricated Items	853810.09
Fabricated Bus Bars	853810.09
Press Work Items	853810.09
Braided Connectors	853810.09
Laminated Connectors	853810.09
Lead Cast Connector	853810.09

Exports :

Products :

Electrical Components

Countries :

· European Countries

· UK

· Ireland

· Singapore

· Middle East

Imports :

Products :

Raw Materials

Countries :

Malaysia, Germany and UK

Terms :

Selling :

L/C, Cash and Credit ( 30 Days)

Purchasing :

L/C, Cash Credit ( 30 - 90 Days)

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

210 (In office – 35, In factory – 175)

Bankers :

· State Bank of India, Satpur Industrial Branch, Satpur and Nashik-422 007, Maharashtra, India

Facilities :

Secured Loans	31.03.2009 Rs In Millions
From Bank
Cash Credit	116.276
Total	116.276

Banking Relations :	--
Auditors :
Name :	Edwin P. Augustine Chartered Accountant
Address :	Ravindra Annexe 194, Churchgate Reclamation, Dineshaw Vachha Road, Mumbai - 400 020, Maharashtra, India
Holding Company:	Bryden Properties Limited
Associates:	· Power Components Limited · Logistics Distribution Services Private Limited · MSS Products Limited · MSS South Africa · MSS Industrial Battery Accessories Limited MSS Global Sourcing Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions
750000	13% Redeemable Cumulative Preference Shares	Rs.10/- each	Rs.7.500 Millions
	Total		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Note:

During the current year, entire share capital is held by Bryden Properties Limited, U.K

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		338.252	291.854	143.420
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		345.752	299.354	150.920
LOAN FUNDS
1] Secured Loans		116.276	18.891	20.605
2] Unsecured Loans		0.000	0.000	13.291
TOTAL BORROWING		116.276	18.891	33.896
DEFERRED TAX LIABILITIES		6.756	4.545	2.884
TOTAL		468.784	322.790	187.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		160.086	142.084	78.929
Capital work-in-progress		0.000	0.000	0.059
INVESTMENT		0.000	0.000	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	146.502	86.248	84.877
	Sundry Debtors	199.716	167.696	233.339
	Cash & Bank Balances	33.474	25.690	2.911
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51.430	44.522	7.761
Total Current Assets		431.122	324.156	328.888
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	101.164	129.654	213.929
	Provisions	21.260	13.796	6.257
Total Current Liabilities		122.424	143.450	220.186
Net Current Assets		308.698	180.706	108.702
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		468.784	322.790	187.700

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Sales Turnover		512.064	637.594	552.732
Other Income		50.945	22.540	4.776
Total Income		563.009	660.134	557.508
Profit/(Loss) Before Tax		53.672	99.566	62.239
Provision for Taxation		5.875	5.534	1.970
Profit/(Loss) After Tax		47.797	94.032	60.269
Earnings in Foreign Currency :
	Export Earnings	439.177	596.923	NA
	Commission Earnings	0.000	0.478	NA
Total Earnings		439.177	597.401	NA
Imports :
	Raw Materials	287.579	341.807	NA
	Capital Goods	6.762	1.552	NA
Total Imports		294.341	343.359	NA
Expenditures :
	Cost of Goods Sold	413.163	489.061	418.717
	Staff and Welfare	20.721	15.826	12.154
	Manufacturing, Selling and Administration	58.246	40.376	55.354
	Finance Cost	9.442	8.740	5.023
	Depreciation & Amortization	7.765	6.563	4.021
Total Expenditure		509.337	560.568	495.269
Basic and Diluted Earnings Per Share (Rs.)		63.73	125.38	80.36

Particulars	31.03.2010
Sales Turnover	600.000

Expected Sales (2010-11): Rs.750.000 millions

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	8.49	14.24	10.81
Net Profit Margin (PBT/Sales)	(%)	10.48	15.62	11.26
Return on Total Assets (PBT/Total Assets}	(%)	9.09	21.36	15.26
Return on Investment (ROI) (PBT/Networth)		0.16	0.33	0.41
Debt Equity Ratio (Total Liability/Networth)		0.69	0.54	1.68
Current Ratio (Current Asset/Current Liability)		3.52	2.26	1.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Trade Creditors
- Due to Micro and Small Enterprises	0.091	0.416
- Due to Others	66.421	99.044
Total	66.512	99.460

Note:

The Registered Office of the company has been shifted from H-111, MIDC, Ambad, Nashik-422010, Maharashtra, India to present address w.e.f. 28.01.2008

Bankers Charges Report as per Registry

Name of the company

MSS INDIA PRIVATE LIMITED

Presented By

MSS INDIA PRIVATE LIMITED

1) Date and description of instrument creating the change

Confirmation Letter for Deposit of Title Deed for creation of Equitable Mortgage dated 06.11.2000

2) Amount secured by the charge/amount owing on the securities of charge

Demand Cash Credit Rs.4.000 Millions

Letter of Credit and Guarantees Rs.2.175 Millions

Total Rs. 6.179 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Equitable mortgage of Plot No. H-111, MIDC, Industrial Area, Ambad, Nashik admeasuring 1615 Sq.mtrs. by way of collateral security

4) Gist of the terms and conditions and extent and operation of the charge.

Mortgage as security for Demand Cash credit, Letter of Credit facilities and bank guarantee limit of total value Rs.6.175 Millions with intention of creating an Equitable Mortgage as collateral security

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Satpur Industrial Branch, Satpur and Nashik-422007, Maharashtra, India

6) Date and brief description of instrument modifying the charge

Enhanced letter dated 16.12.2003 for deposit of title deed for creation of additional charge.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Original charge of Rs.6.175 Millions created on 06.11.2000 was registered with ROC on 27.11.2000. This charge was further modified by Rs.3.150 Millions i.e. the charge in enhanced form Rs.6.175 Million to Rs.9.325 millions on 01.11.2001 and registered with ROC on 05.12.2001 by Sr. No. 20.

Now by this present modification the credit limits are enhanced form Rs.9.325 Millions to Rs.15.600 Millions and the additional charge is created on Plot No. H-111l, MIDC Industrial area, Ambad, Nashik admeasuring 1615 sq.mtrs. The details of enhanced limits are as under-

Particulars	Existing Limit (Rs. in Millions)	Enhanced Limit (Rs. in Millions)
DCC (Stock and Book Debts)	6.000	8.000
SME Credit Plus	--	1.600
Export Packing Credit (Within DCC)	--	[5.000]
Export Bill Negotiation (Within DCC)	--	[5.000]
Letter of Credit	3.000	5.000
Bank Guarantee	0.325	1.000
Total	9.325	15.600

This form is for	Modification of charge
Charge identification number of the modified	90236041
Corporate identity number of the company	U27200MH1998PTC114831
Name of the company	MSS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H - 8, M.I.D.C. Area, Ambad, Nashik-422 010, Maharashtra, India
Type of charge	Book Debts Others
Particular of charge holder	State Bank of India, Satpur Industrial Branch, Satpur and Nashik-422 007, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Loan-cum-Hypothecation Letter of Arrangement
Date of instrument Creating the charge	06.03.2009
Amount secured by the charge	Rs.222.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at 0.25% above / below State Bank Advance Rate (SBAR) (SBAR = 12.25% w.e.f. 01.01.2009) with minimum of 12.50% p.a. rising or falling therewith, on daily products with monthly rests and as notified by the bank to the borrower form time to time Terms of Repayment On demand Margin Raw Materials: Imported, Raw Materials: Indigenous, Semi-Finished Goods, Finished Goods 25% Letter of Credit and Bank Guarantee 15% Extent and Operation of the charge As per the bank norms
Short particulars of the property charged	Hypothecation of all stock of raw materials, stock in process, finished goods, consumables, book debts, bills and other current assets, receivables present and future of the company and more particularly described in attached agreement.
Date of latest modification prior to the present modification	01.09.2007
Particulars of the present modification	The total overall credit limit is enhanced form Rs.107.500 Millions to Rs.222.500 Millions, the details of credit limits are as under:- Working Capital : Rs.100.000 Millions SMECC: Rs.2.500 Millions LC : Rs.100.000 Millions BG: Rs.20.000 Millions

TRADE REFERENCES:

· Areva India Limited, Kolkata

· Exide India Limited, Haldia (West Bengal)

· BUI Limited (Union Battery), Pune

· ABB India Limited

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Office Furniture and Fixture

· Leasehold Land

· Software

· 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.46.02
UK Pound	1	Rs.73.21
Euro	1	Rs.60.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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

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.