MIRA INFORM REPORT

Report Date :

04.06.2011

IDENTIFICATION DETAILS

Name :	S B ELECTRICALS AND EQUIPMENTS PRIVATE LIMITED
Registered Office :	Plot No.47, Road No.2, GIDC Kathwada, Odhav Kathwada Road, Ahmedabad – 382430, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.07.1995
Com. Reg. No.:	04-26765
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U65910GJ1995PTC026765
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Control Panel and Panel.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be 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. Jignesh
Designation :	Director
Contact No.:	91-9825185186
Date :	24.05.2011

LOCATIONS

Registered Office/ Factory :	Plot No.47, Road No.2, GIDC Kathwada, Odhav Kathwada Road, Ahmedabad – 382430, Gujarat, India
Tel. No.:	91-79-22901656/ 22901658
Mobile No.:	91-9825185186 (Mr. Jignesh Patel)
Fax No.:	91-79-22901857
E-Mail :	doshiac@gmail.com j.patel@yahoo.com

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Siddharth C. Shah
Designation :	Director
Address :	12, Roop Nagar Society, Near Dada Saheb Pagala, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	30.06.1945
Date of Appointment :	18.07.1995
Name :	Mr. Saumil Shah
Designation :	Director
Address :	12, Roop Nagar Society, Near Dada Saheb Pagala, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	14.03.1977
Date of Appointment :	29.09.2008
Name :	Mr. Jignesh Patel
Designation :	Director
Address :	26, Vaibhav Bunglow S Part 3, Near Gulab Tower, Sola Road, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	12.06.1982
Date of Appointment :	29.09.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Siddharth C. Shah	39500
Niraj S. Shah	9500
Dipika S. Shah	4500
Purna A. Patel	42500
Jignesh Patel	4000
Total	100000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Control Panel and Panel.
Products :	· Panel Board · Electrical Control Panel Board · Control Panel Board · Control Panel Boards for plans etc.
Exports :
Products :	Control Panel and Panel
Countries :	· USA · UK · Europe
Imports :
Products :	Raw Materials
Countries :	· China · Germany
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

OEM’s and Manufacturer

No. of Employees :

20 (Approximately)

Bankers :

· Bank of Baroda

Post Box No. 1020, Panchkuva, P. O. Railway Pura, Ahmedabad - 380002, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Bank of Baroda
(Against hypothecation of book debts, stock and equitable mortgage of factory premises of the company and guaranteed by Directors)	0.214	0.020
From Bank of Baroda	0.770	1.190
(Against hypothecation of machinery and equitable mortgage of factory premises of the company and guaranteed by Directors)
From HDFC Bank Car Loan	0.849	Nil
(Against hypothecation of Motor Car)
From ICICI bank Car Loan
(Against hypothecation of Motor Car)	0.051	0.194
Total	1.884	1.404
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Director	0.342	0.157
Shareholders	2.834	1.423
Total	3.176	1.580

Banking Relations :	--
Auditors :
Name :	Siddharta N. Shah and Associates Chartered Accountant
Address :	203, 3^rd Floor, Sumeru Shikhar, Opposite Bhagyoday Bank, Paldi, Ahmedabad– 380007, Gujarat, India
Tel No.:	91-79-26642809 (O) /26635953 (R)
Email :	prashwes@gmail.com

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.010	3.466	2.246
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.010	4.466	3.246
LOAN FUNDS
1] Secured Loans		1.884	1.404	2.939
2] Unsecured Loans		3.176	1.580	0.094
TOTAL BORROWING		5.060	2.984	3.033
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		10.070	7.450	6.279
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.593	5.945	6.205
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.477	3.013	4.535
	Sundry Debtors	0.000	0.000	29.121
	Cash & Bank Balances	1.632	4.199	1.353
	Other Current Assets	17.652	22.712	0.000
	Loans & Advances	2.368	1.647	0.573
Total Current Assets		27.129	31.571	35.582
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.312	29.125	34.427
	Other Current Liabilities		0.341	0.491
	Provisions	0.340	0.600	0.590
Total Current Liabilities		23.652	30.066	35.508
Net Current Assets		3.477	1.505	0.074
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10.070	7.450	6.279

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	57.265	67.565	91.400
		Other Income	0.638	0.101	NA
		TOTAL (A)	57.903	67.666	NA
Less	EXPENSES
		TOTAL (B)	56.993	65.790	NA
	PROFIT BEFORE TAX (E-F) (G)		0.910	1.876	1.807
Less	TAX (H)		0.366	0.656	NA
	PROFIT AFTER TAX (G-H) (I)		0.544	1.220	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.466	2.246	NA
	BALANCE CARRIED TO THE B/S		4.010	3.466	NA
	Earnings Per Share (Rs.)		5.44	12.20	--

Particulars	31.03.2011
Sales Turnover	70.000

The above information has been parted by Mr. Jignesh.

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

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.94	1.80	NA
Net Profit Margin (PBT/Sales)	(%)	1.59	2.78	1.98
Return on Total Assets (PBT/Total Assets}	(%)	2.70	5.00	4.32
Return on Investment (ROI) (PBT/Networth)		0.18	0.42	0.56
Debt Equity Ratio (Total Liability/Networth)		5.73	7.40	11.87
Current Ratio (Current Asset/Current Liability)		1.15	1.05	1.00

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 12 Roop Nagar Society, Near Dada Saheb Pagla Navrangpur, Ahmedabad-380009, Gujarat, India, to the present address w.e.f. 01.04.2008.

OPERATIONS:

Sales and Other Income decreased from Rs.67.565 Millions to Rs.57.265 Millions whereas after depreciation and provisions for taxation the company incurred Net profit for the year to the tune of Rs.0.544 Million. The directors are optimist of achieving better result in the next year.

FORM 8:

This form is for

Modification of charge

Charge identification number of the modified

90107079

Corporate identity number of the company

U65910GJ1995PTC026765

Name of the company

S B Electricals and Equipments Private Limited

Address of the registered office or of the principal place of business in India of the company

12 Roop Nagar Society, Near Dada Saheb Pagla Navrangpur, Ahmedabad-380009, Gujarat, India

Type of charge

Book Debts

Movable property (not being pledge)

Particular of charge holder

Bank of Baroda

Post Box No. 1020, Panchkuva, P. O. Railway Pura, Ahmedabad – 380002, Gujarat, India

panchk@bankofbaroda.com

Nature of description of the instrument creating or modifying the charge

Supplemental composite agreement of hypothecation of goods, book debts, movable machinery and vehicles executed by the company to secure the cash credit and term loan limits of Rs.4.100 Millions

Date of instrument Creating the charge

08.11.2007

Amount secured by the charge

Rs.4.100 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Cash Credit - 0.50% above BPLR @ 13.75% p. a. on monthly rest basis or such other rates as may be prescribed by the bank from time to time.

Term Loan - 1% above BPLR @ 14.25% P. a. on monthly rest basis or such other rates as may be prescribed by the bank from time to time.

Terms of Repayment

Cash Credit Stocks / Book Debts - On Demand / Annual Review

Term Loan - 60 monthly installments of Rs.0.035 Million each

Margin:

Cash Credit - Stocks - 25%,

Book Debts up to 90 Days- 50%

Term Loan - 30%

Extent and Operation of the charge

First and exclusive hypothecation charge on all tangible movable properties in particular all plant and machineries, stocks of materials, book debts and other movable assets of the company lying, being and situate at Factory / Office Premises, Godowns at Ahmedabad or else where to secure the cash credit and term loan aggregate limits of Rs.4.100 Millions along with interest, addl interest, commission, cost and charges and such other amt due to the bank of what so ever nature

Others: (Rs. in Millions)

Facility	Existing	Addl	Total
CC STK/ BK DT	1.000	1.000	2.000
Term Loan	Nil	2.100	2.100
Total	1.000	3.100	4.100

Short particulars of the property charged

All Mov Plant and Machinery both present and future and whether installed or not and whether lying loose or in cases at site or in transit at premises of the Co At 47, GIDC, Kathwada, Ahmedabad, or elsewhere

All the stocks of Raw Materials, WIP, Semi Finished and Finished Goods both present and future situate at Co's premises at 47, GIDC, Kathwada, Ahmedabad, or elsewhere

All the book debts both present and future, bills, outstandings, money receivables, claims.

Particulars of the present modification

The bank has granted Addl CC Limit of Rs.1.000 Millions and term loan of Rs.2.100 Millions and thus the hypothecation charge on movables is modified and increased from Rs.1.000 Millions to Rs.4.100 Millions. Thus the first and exclusive hypothecation charge on tangible movable assets being plant and machinery, stocks, book debts and all other movable assets of the co will operate for Rs.4.100 Millions w. e. f. 08.11.2007

FORM 8:

· Air Conditioner

· Computer

· Cycle

· D. G. Set

· Electric Installation

· Factory Building

· Furniture

· Motor Car

· Motor Car Skoda

· Motor Cycle

· Plant and Machinery

· Refrigerator

· R. O. Plant

· Scanner Machine

· Scooter (Etemo)

· Telephone System (EPBAX)

· Telephone (Mobile Phone)

· Water Cooler

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 records 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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.