MIRA INFORM REPORT

Report Date :

05.04.2012

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) :	31.03.2011
Date of Incorporation :	08.05.1998
Com. Reg. No.:	11-114831
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
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 and Exporter of Electrical Components like pressure components used in switch gears, TC Busbar, Power Generation Products such as Transformers, Fusegear etc.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1816584
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Bryden Properties Limited, UK. It is a well established company having fine track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are reported to be 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.

INFORMATION DECLINED BY

Name :	Mr. Parag Javeri
Designation :	Accounts Manger
Contact No.:	91-9922912043
Date :	03.03.2012

LOCATIONS

Registered Office/ Factory :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2380982
Mobile No.:	91-9922912043 (Mr. Parag Javeri)
Fax No.:	91-253-2383732
E-Mail :	mssindia_04@mssindia.co.in mssind_nsk@sancharnet.in mssind@sify.com mssajay@sify.com mangesh_natal@mssinida.co.in suranaaj@yahoo.co.in
Website :	http://www.mssindia.co.in
Area :	4500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mangesh Dattatraya 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 :	Mr. Anand Shivdas Daga
Designation :	Director
Address:	Suman Smruti, Goley Colony, Nashik – 422002, Maharashtra, India
Qualification :	CA
Date of Appointment :	01.08.2010

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Bryden Properties Limited, UK	749999
Mr. Roy Philip Calvin, UK	1
Total	750000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2011

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 :

• UK
• Ireland
• Singapore

Imports :

Products :

Raw Materials

Countries :

• Malaysia
• Germany

Terms :

Selling :

L/C / Cash and Credit (30 days , 60 days , 90 days)

Purchasing :

L/C / Cash and Credit (30 days , 60 days , 90 days)

PRODUCTION STATUS

AS ON 31.03.2011

Particulars	Unit	Installed Capacity *	Actual Production
Small Fabricated Items	Nos.	25,800,000	6,190,526
Fabricated Busbars
Press Work Items
Braided Connectors
Laminated Connectors
Lead Cast Connectors
HSN Switch Fuse Unit

* As certified by the management, on which the auditors have placed reliance.

GENERAL INFORMATION

Suppliers :

• Oriental Copper Company, Thailand
• Agrawal Metal Works

Customers :

· OEM’s

• ABB India

No. of Employees :

300 [Approximately]

Bankers :

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

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Bank
Cash Credit, Export Packing Credit (Cash credit, temporary overdraft and export packing facilities from bank are secured against hypothecation of all stocks and book debts/ receivables and other current assets and other both present and future and all present and future plant and machinery of the company and deposit of title deeds for creation of equitable mortgage of Plot No. H-111 and Plot No. H-B in MIDC; Ambad, Nashik-422010 measuring 1615 sq. Meters and 4500 Sq. Meters respectively and building constructed thereon.)	61.415	94.082
Total	61.415	94.082

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Ravindra Annexe 194, Churchgate Reclamation, Dineshaw Vachha Road, Mumbai - 400 020, Maharashtra, India
Tel No.:	91-22-22047722/23
Fax No.:	91-22-66338352
Email:	sharp@bom3.vsnl.net.in
Holding Company:	Bryden (UK) Limited, UK
Associates:	· Logistics Distribution Services Private Limited · MSS Products Limited · MSS South Africa · MSS Industrial Battery Accessories Limited · MSS Global Sourcing Limited · G Corner Electrical Systems Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

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:

Of the above, 749999 shares are held by Bryden (UK) Limited, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		446.646	368.057	338.252
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		454.146	375.557	345.752
LOAN FUNDS
1] Secured Loans		61.415	94.082	116.276
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		61.415	94.082	116.276
DEFERRED TAX LIABILITIES		7.784	7.538	6.756
TOTAL		523.345	477.177	468.784
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		221.928	162.630	160.086
Capital work-in-progress		8.818	0.000	0.000
INVESTMENT		0.000	100.013	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.244	59.249	146.502
	Sundry Debtors	309.916	195.191	199.716
	Cash & Bank Balances	91.336	60.623	33.474
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	46.818	10.456	51.430
Total Current Assets		558.314	325.519	431.122
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	204.119	95.446	66.512
	Other Current Liabilities	49.922	13.576	34.652
	Provisions	11.674	1.964	21.260
Total Current Liabilities		265.715	110.985	122.424
Net Current Assets		292.599	214.534	308.698
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		523.345	477.177	468.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	762.868	568.094	512.064
		Other Income	22.157	4.724	50.945
		TOTAL (A)	785.025	572.818	563.009
Less	EXPENSES
		Cost of Goods Sold	519.919	416.778	413.163
		Staff and Welfare	26.319	21.781	20.721
		Manufacturing, Selling and Administration	88.040	71.723	58.246
		TOTAL (B)	634.278	510.282	492.130
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		150.747	62.536	70.879
Less	FINANCIAL EXPENSES (D)		7.946	6.704	9.442
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		142.801	55.832	61.437
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.369	9.527	7.765
	PROFIT BEFORE TAX (E-F) (G)		125.432	46.305	53.672
Less	TAX (H)		45.444	15.100	5.875
	PROFIT AFTER TAX (G-H) (I)		79.988	31.205	47.797
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		314.753	283.548	235.751
	BALANCE CARRIED TO THE B/S		394.741	314.753	283.549
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	518.171	419.967	439.177
		Tooling Income	0.925	0.000	0.000
	TOTAL EARNINGS		519.096	419.967	439.177
	IMPORTS
		Raw Materials	260.937	171.291	287.579
		Capital Goods	27.571	7.163	6.762
	TOTAL IMPORTS		288.508	178.454	294.341
	Earnings Per Share (Rs.)		106.65	41.61	63.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.18	5.45	8.49
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.48
Return on Total Assets (PBT/Total Assets}	(%)	16.07	9.48	9.09
Return on Investment (ROI) (PBT/Networth)		0.27	0.12	0.16
Debt Equity Ratio (Total Liability/Networth)		0.73	0.55	0.69
Current Ratio (Current Asset/Current Liability)		2.10	2.93	3.52

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Trade Creditors
- Due to Micro and Small Enterprises	0.157	0.187	0.091
- Due to Others	203.962	95.259	66.421
Total	204.119	95.446	66.512

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

OPERATIONS AND FINANCIAL RESULTS:

During the year company has achieved a sales and other income of Rs. 785.026 millions and earned a profit of Rs. 82.186 millions.

Bankers Charges Report as per Registry

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

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 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.51.04
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		52

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.