MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	MAGNETEC MANGAL PRIVATE LIMITED
Registered Office :	Flat No.305, Sahyog Building, 58, Nehru Place, New Delhi-110019, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.06.1999
Com. Reg. No.:	55-100386
Capital Investment / Paid-up Capital :	Rs.11.304 millions
CIN No.: [Company Identification No.]	U31909DL1999PTC100386
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Electro magnet solution.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 63000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred loss in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 (General Details)

Name :	Mr. Mukesh
Designation :	Account Executive
Contact No.:	91-124-4299206
Date :	07.04.2012

LOCATIONS

Registered Office :	Flat No.305, Sahyog Building, 58, Nehru Place, New Delhi-110019, Delhi, India
Tel. No.:	91-124-4299206
Mobile No.:	91-9811116976 (Mr. Pradeep)
Fax No.:	91-124-4265130
E-Mail :	pradeepgill@magnetecmangal.com scverms_associated@yahoo.com operations@magnetecmangal.com sanjibpatra@magnetecmangal.com
Website :	www.magnetcmangal.tradeindia.com
Location :	Owned
Factory :	D-18, Udyog Vihar, Phase-VI, Gurgaon-122004, Haryana, India
Tel. No.:	91-124-4299206
Fax No.:	91-124-4265130

DIRECTORS

As on 30.09.2011

Name :

Mr. Prakash Singh Gill

Designation :

Director

Address :

T-25/8, DLF Qutab Enclave, Phase-III, Gurgaon-122002, Haryana, India

Date of Birth/Age :

11.11.1933

Date of Appointment :

24.06.1999

DIN No :

01190172

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1996PTC076927	PUNAM STOCK BROKINGS PRIVATE LIMITED	Director	01-04-99	01-04-99	-	Active	NO
2	U31909DL1999PTC100386	MAGNETEC MANGAL PRIVATE LIMITED	Director	24-06-99	24-06-99	-	Active	NO
3	U74899HR1995PLC032532	MANGAL ELECTRO MAGNETIC DEVICES LIMITED	Director	24-06-99	24-06-99	-	Active	NO
4	U27104DL2005PTC133105	WILTAN TELMAG (INDIA) PRIVATE LIMITED	Director	17-02-05	17-02-05	-	Active	NO

Name :

Mr. Pradeep Singh Gill

Designation :

Director

Address :

T-25/8, DLF Qutab Enclave, Phase-III, Gurgaon-122002, Haryana, India

Date of Birth/Age :

04.01.1968

Date of Appointment :

24.06.1999

DIN No :

00990093

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1996PTC076927	PUNAM STOCK BROKINGS PRIVATE LIMITED	Director	01-04-99	01-04-99	-	Active	NO
2	U31909DL1999PTC100386	MAGNETEC MANGAL PRIVATE LIMITED	Director	24-06-99	24-06-99	-	Active	NO
3	U74899HR1995PLC032532	MANGAL ELECTRO MAGNETIC DEVICES LIMITED	Director	24-06-99	24-06-99	-	Active	NO
4	U27104DL2005PTC133105	WILTAN TELMAG (INDIA) PRIVATE LIMITED	Director	17-02-05	17-02-05	-	Active	NO

Name :

Mr. Rolf Rodeder

Designation :

Director

Address :

An Der Steinraute-11, D-63628, Bad Soden, Salmuenster

Date of Birth/Age :

23.08.1948

Date of Appointment :

01.02.2006

DIN No :

01289968

Name :

Mr. Martin Ferch

Designation :

Director

Address :

Erlenweg-7A, D-63505, Langenselbold

Date of Birth/Age :

26.07.1959

Date of Appointment :

01.02.2006

DIN No :

01379838

KEY EXECUTIVES

Name :	Mr. Mukesh
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Prakash Singh Gill	78250
Pradeep Singh gill	142750
Deepali Shekhon	30000
Rashmi Sujlana	20000
Punam Stock Broking Private Limited, India	282195
Magnetic GMBH, India	565195
Reminder Gill	12000
TOTAL	1130390

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	75.00
Directors or relatives of Directors	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electro magnet solution.
Exports :
Products :	Electro magnet solution
Countries :	Brazil France
Imports :
Products :	Raw Material
Countries :	China Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

50 (Approximately)

Bankers :

· Indian Bank, Nehru Place, New Delhi-110019, Delhi, India

· Centurion Bank of Punjab Limited, 472/11, Old Railway Road, Gurgaon-122001, Haryana, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Indian Bank (Secured by Equitable Mortgage of land and Building and hypothecation of plant and machinery)	0.124	0.626
Car Loan From Bank (Secured by and hypothecation of car)	2.262	0.065
Cash Credit Limit (Cash credit limit from Indian Bank against hypothecation of Stock and Book Debts)	16.504	10.916
(All the above credit facility is also guaranteed by Mr. Prakash Singh Gill and Mr. Pradeep Singh Gill, Directors of the Company, in their personal capacities.)
Total	18.890	11.607
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
FROM Bank / NBFC	7.206	8.854
From Shareholders	0.527	2.350
Long Term Liabilities (Payable with in period of 5years as agreed by supplier)	2.586	12.590
Total	10.319	23.794

Banking Relations :	--
Auditors :
Name :	S C Verma and Associates Chartered Accountant
Address :	A-3/183, First Floor, Paschim Vihar, New Delhi-110063, Delhi, India
PAN.:	AAJFS7555H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1130390	Equity Shares	Rs.10/- each	Rs.11.304 Millions

Note: (Out of the above shares 31750 Shares of Rs.10/- each fully paid allotted otherwise than cash to the promoter of the company against payment of installment relating to land.)

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		11.304	11.304	11.304
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.461	2.612	1.943
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.765	13.916	13.247
LOAN FUNDS
1] Secured Loans		18.890	11.607	9.230
2] Unsecured Loans		10.319	23.794	22.603
TOTAL BORROWING		29.209	35.401	31.833
DEFERRED TAX LIABILITIES		2.631	3.150	3.235
TOTAL		47.605	52.467	48.315
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.416	26.120	25.894
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.111	0.600	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.401	29.547	18.105
	Sundry Debtors	11.941	15.052	13.920
	Cash & Bank Balances	1.977	1.417	1.486
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.309	9.616	4.321
Total Current Assets		45.628	55.632	37.832
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.260	22.339	12.024
	Other Current Liabilities	3.459	7.207	3.045
	Provisions	0.831	0.353	0.370
Total Current Liabilities		21.550	29.899	15.439
Net Current Assets		24.078	25.733	22.393
MISCELLANEOUS EXPENSES		0.000	0.014	0.028
TOTAL		47.605	52.467	48.315

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	65.613	62.920	62.133
		Other Income
		TOTAL (A)	65.613	62.920	62.133
Less	EXPENSES
		Office Expenses	59.697	55.630	56.244
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	59.697	55.630	56.244
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.916	7.290	5.889
Less	FINANCIAL EXPENSES (D)		4.990	4.618	3.331
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.926	2.672	2.558
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.945	1.977	2.045
	PROFIT BEFORE TAX (E-F) (G)		(1.019)	0.695	0.513
Less	TAX (H)		(0.519)	0.026	(0.017)
	PROFIT AFTER TAX (G-H) (I)		(0.500)	0.669	0.530
	EARNINGS IN FOREIGN CURRENCY		0.521	5.052	7.575
	Earnings Per Share (Rs.)		(0.04)	0.59	0.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.76)	1.08	0.85
Return on Total Assets (PBT/Total Assets}	(%)	(1.48)	0.85	0.81
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.04
Debt Equity Ratio (Total Liability/Networth)		3.22	4.92	3.81
Current Ratio (Current Asset/Current Liability)		2.12	1.86	2.45

LOCAL AGENCY FURTHER INFORMATION

`	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note: Registered Office of the company has been shifted from 19, New Market Double Story, Ramesh Nagar, New Delhi-110015, and Delhi, India to the present address w.e.f. 01.04.2009

FORM 8

Corporate identity number of the company	U31909DL1999PTC100386
Name of the company	MAGNETEC MANGAL PVT LTD
Address of the registered office or of the principal place of business in India of the company	Flat No-305, Sahyog Building, 58, Nehru Place , New Delhi – 110019, India Email : scverma_associates@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10171931
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Indian Bank, Nehru Place, New Delhi-110019, Delhi, India Email: nehruplace@indianbank.co.in
Nature of instrument creating charge	D105 Agreement for open Cash Credit(Stocks and Book debts)D101 agreement for hypothecation of movables
Date of instrument Creating the charge	24.02.2011
Amount secured by the charge	Rs.23.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as per loan agreement and sanction terms of M/S Magnetec Mangal Private Limited Terms of Repayment Repayment as per loan agreement and sanction terms of M/S Magnetec Mangal Private Limited Margin as per loan agreement and sanction terms of M/S Magnetec Mangal Private Limited Extent and Operation of the charge First charge on stocks, goods purchased under LC, plant and machinery, Book debts, current and fixed assets of the company present and future is to secure the secure the IND/SME Secure Rs.17.700 Millions and IMP/Inland LC(DP/DA)Rs.60Lac Total Rs.23.700 millions sanctioned to M/S Magnetec Mangal Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on stocks ,goods purchased under LC, plant and machinery, Book debts, current and fixed assets of the company present and future
Particulars of the present modification	Amount secured is increased to Rs.237Lac to secure IND/SME Secure Rs.17.700 millions and IMP/Inland LC(DP/DA)Rs.6.000 millions Security: First charge on stocks, goods purchased under LC, plant and machinery, Book debts, current and fixed assets of the company present and future -other terms and conditions remain same.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

· Computer and Software

· Cellular Phone

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.51.63
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.