MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	GUJARAT PLUG-IN DEVICES PRIVATE LIMITED
Registered Office :	10, Tarun Society, Gotri Road, Vadodara – 390 015, Gujarat
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	21.05.1985
Com. Reg. No.:	04-7833
CIN No.: [Company Identification No.]	U32201GJ1985PTC007833
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00286G
PAN No.: [Permanent Account No.]	AAACG6863C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Transformers and Panels.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 155000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal 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 PARTED BY

Name :	Mr. Viral D. Kothari
Designation :	Director
Contact No.:	91-9925042386
Date :	30.07.2009

LOCATIONS

Registered Office :	10, Tarun Society, Gotri Road, Vadodara – 390 015, Gujarat, India
Tel. No.:	91-265-2398249
Mobile No.:	91-9925042386 (Mr. Viral Kothari)
E-Mail :	info@gpd-transformers.com drkad1@sancharnet.in
Website :	www.gpd-transformers.com
Location :	Rented
Corporate Office :	103, Maruti Complex, Gotri Road, Vadodara – 390 007, Gujarat, India
Area :	2500 sq ft
Location :	Owned
Factory :	989/ 3, GIDC, Makarpura, Vadodara – 390 010, Gujarat, India
Area :	10000 sq ft
Location :	Leased

DIRECTORS

Name :	Mr. Dipak R. Kothari
Designation :	Director
Address :	10, Tarun Society, Gotri Road, Vadodara – 390 007, Gujarat, India
Date of Birth/Age :	18.11.1948
Qualification :	MS
Date of Appointment :	21.05.1985
Name :	Mr. Sudhir V. Chemburkar
Designation :	Director
Address :	16, Aarti Sociaety, Atmajyoti Ashram Road, Ellora Park, Vadodara – 390 023, Gujarat, India
Date of Birth/Age :	17.09.1949
Qualification :	BE
Date of Appointment :	21.05.1985
Name :	Mr. Jayveersinh K. Jadeja
Designation :	Director
Address :	D – 6, Pruthviraj Complex, Near Chanakyapuri, Sama Road, Vadodara – 390 008, Gujarat, India
Date of Birth/Age :	09.01.1970
Qualification :	Diploma in Electrical Engineering
Date of Appointment :	29.06.1995
Date of Ceasing :	01.07.2009
Name :	Mr. Viral D. Kothari
Designation :	Director
Address :	10, Tarun Society, Gotri Road, Vadodara – 390 007, Gujarat, India
Date of Birth/Age :	13.10.1979
Qualification :	MBA
Date of Appointment :	01.04.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2008

Names of Shareholders	No. of Shares
Dipak R. Kothari	918
Sudhir V. Chemburkar	896
Himani S. Chemburkar	180
Manali S. Chemburkar	180
Chandrakala R. Kothari	180
Shaila D. Kothari	1440
Viral D. Kothari	4680
Vibha Kothari	180
Dipak R. Kothari	1620
Sandhya S. Chemburkar	4760
Sudhir V. Chemburkar	2982
Jayveersinh K. Jadeja	18
Geetaben V. Chemburkar	2
Total	18036

As on 27.09.2008

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Transformers and Panels.

Products :

Item Code No. (ITC Code)	8504
Product Description	Electrical Transformer

Exports :

Countries :

USA, Egypt, South East Asian Countries

Imports :

Products :

Raw Material

Countries :

USA, France

Terms :

Selling :

Cash and Bank

Purchasing :

Cash

PRODUCTION STATUS (As on 31.03.2008)

Particulars	Unit	Actual Production
Transformers	Nos.	7833
Coils	Nos.	3456
Rectifiers	Nos.	110
Scraps	Kgs.	2177

GENERAL INFORMATION

Customers :	Manufacturer GDPL Employer Group Gratuity Cum Life Netural Galss and Allide IND Private Limited Sharp Packaging Shivtech Marine Control Systems
No. of Employees :	45
Bankers :	State Bank of India, Alkapuri Branch, Baroda – 390 007, Gujarat, India HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	501, Race Course Towers, Race Course Circle, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-3058025-26, 2310499
Fax No.:	91-265-3058027
Website :	www.talatiandtalati.com
Associates/Subsidiaries :	Kwick Sales and Services Address: 103, Maruti Complex, Gotri Road, Vadodara – 390 007, Gujarat, India Line of Business: Trader of Electronic Items

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18036	Equity Shares	Rs.100/- each	Rs.1.804 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2009 (Approximately)
Sales Turnover	120.000

Expected Sales (2009-10): Approximately Rs.120.000 millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.804	1.804	0.902
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.122	17.811	7.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.926	19.615	8.502
LOAN FUNDS
1] Secured Loans		0.000	0.007	0.991
2] Unsecured Loans		1.592	6.495	8.179
TOTAL BORROWING		1.592	6.502	9.170
DEFERRED TAX LIABILITIES		0.092	0.110	0.118
TOTAL		32.610	26.227	17.790
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.677	4.137	3.465
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.765	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.921	5.903	5.174
	Sundry Debtors	22.967	18.162	13.019
	Cash & Bank Balances	5.465	6.678	1.308
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.794	5.748	2.783
Total Current Assets		43.147	36.491	22.284
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	11.011	6.356	3.366
	Provisions	10.968	8.045	4.593
Total Current Liabilities		21.979	14.401	7.959
Net Current Assets		21.168	22.090	14.325
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.610	26.227	17.790

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		107.773	105.367	70.241
Other Income		1.099	0.320
Total Income		108.872	105.687	70.241
Profit/(Loss) Before Tax		23.963	22.225	9.567
Provision for Taxation		8.183	7.774	3.415
Profit/(Loss) After Tax		15.780	14.451	6.152
Expenditures :
	Raw Material Consumed	57.267	58.443
	Manufacturing, Administrative & Selling Expenses	27.982	24.121	60.674
	Interest & Financial Charges	0.436	0.755
	Increase/(Decrease) in Finished Goods	(0.776)	0.143
Total Expenditure		84.909	83.462	60.674
Earnings Per Share (Rs.)		872.00	801.00	NA

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	14.49	13.67	8.76
Net Profit Margin (PBT/Sales)	(%)	22.23	21.09	13.62
Return on Total Assets (PBT/Total Assets}	(%)	50.11	54.70	37.15
Return on Investment (ROI) (PBT/Networth)		0.77	1.13	1.13
Debt Equity Ratio (Total Liability/Networth)		0.76	1.07	2.01
Current Ratio (Current Asset/Current Liability)		1.96	2.53	2.80

LOCAL AGENCY FURTHER INFORMATION

This form is for	Modification of charge
Charge identification number of the modified	90104639
Corporate identity number of the company	U32201GJ1985PTC007833
Name of the company	GUJARAT PLUG-IN DEVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	10, Tarun Society, Gotri Road, Vadodara – 390 015, Gujarat, India
Type of charge	Book Debts Others (Stocks)
Particular of charge holder	State Bank of India, Alkapuri Branch, Baroda – 390 007, Gujarat, India E-Mail: deepak.v@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplementary Agreement of Loan – Hypothecation dated 17.04.2007.
Date of instrument Creating the charge	17.04.2007
Amount secured by the charge	Rs.2.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 0.55% above SBAR with minimum of 13.30% p.a. with monthly rest. Terms of Repayment: Repayable on demand. Margin: Raw material – 25% Semi-finished goods – 25% Finished goods – 25% Receivable – 50% Extent and Operation of the charge: Cash Credit facilities is secured by hypothecation of stock and book debts.
Short particulars of the property charged	Stock and book debts of the company.
Date of latest modification prior to the present modification	05.09.2006

TRADE REFERENCES:

• Postirronics Private Limited, Makarpura (Gujarat)
• Elicon Engineering Private Limited, Vallabh Vidhya Nagar

FIXED ASSETS:

• Land
• Building (Factory)
• Plant and Machinery
• Office Equipments
• Electric Installation
• Furniture and Fixtures
• Vehicles
• Computers
• Building (Rented)
• Capital Work in Progress

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.47.67
UK Pound	1	Rs.80.70
Euro	1	Rs.68.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		46

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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.