MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	GUJARAT PLUG-IN DEVICES PRIVATE LIMITED
Registered Office :	10, Tarun Society, Gotri Road, Baroda – 390015, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.05.1985
Com. Reg. No.:	04007833
Capital Investment / Paid-up Capital :	Rs.1.804 Millions
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 :	Design, Manufacture and Supply of Consistent Quality Electrical Products.
No. of Employees :	Not Available

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 360000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The financial position of the company appears to be good. It has achieved better growth in its sales turnover and profits during 2012. Trade relations are reported as decent. Business is active. Payments terms are regular and as per commitments. The company can be considered good for business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	10, Tarun Society, Gotri Road, Vadodara – 390015, Gujarat, India
Tel. No.:	91-265-2398249
Mobile No.:	91-9925042386 (Mr. Viral Kothari)
E-Mail :	info@gpd-transformers.com drkad1@sancharnet.in accounts@gpd-transfomers.com vibhakothri@gpd-transformers.com kwicksales@sify.com
Website :	www.gpd-transformers.com
Location :	Rented
Corporate Office :	103, Maruti Complex, Near Natubhi Centre, Gotri Road, Vadodara – 390007, Gujarat, India
Tel No.:	91-265-2396148/ 2398249
Fax No.:	91-265-2396971
Email :	kwick_sales@sify.com
Area :	2500 sq ft
Location :	Owned
Factory :	989/3, GIDC, Makarpura, Vadodara – 390010, Gujarat, India
Tel No.:	91-265-2631075/2637209
Fax No.:	91-265-2396971
Email :	info@gpd-transformers.com
Area :	10000 sq ft
Location :	Leased

DIRECTORS

(AS ON 20.09.2012)

Name :

Mr. Sudhir Vasantrao Chemburkar

Designation :

Director

Address :

16, Aarti Society, Atmajyoti Ashram Road, Ellora Park, Vadodara – 390 023, Gujarat, India

Date of Birth/Age :

17.09.1949

Date of Appointment :

21.05.1985

DIN No.:

00638666

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32201GJ1985PTC007833	GUJARAT PLUG-IN DEVICES PVT LTD	Director	21/05/1985	21/05/1985	Active	NO
2	U29130GJ1994PTC022645	SAHIL SWITCHGEARS PVT LTD	Director	29/07/1994	29/07/1994	Active	NO
3	U31900GJ2009PTC057958	REO-GPD INDUCTIVE COMPONENTS PRIVATE LIMITED	Director	02/09/2009	02/09/2009	Active	NO

Name :

Mr. Viral Dipak Kothari

Designation :

Director

Address :

10, Tarun Society, Gotri Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

13.10.1979

Date of Appointment :

01.04.2007

DIN No.:

01338920

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32201GJ1985PTC007833	GUJARAT PLUG-IN DEVICES PVT LTD	Director	01/04/2007	01/04/2007	Active	NO
2	U29130GJ1994PTC022645	SAHIL SWITCHGEARS PVT LTD	Director	18/07/2011	18/07/2011	Active	NO
3	U31900GJ2009PTC057958	REO-GPD INDUCTIVE COMPONENTS PRIVATE LIMITED	Director	18/07/2011	18/07/2011	Active	NO

Name :

Mr. Vibha Dipak Kothari

Designation :

Additional Director

Address :

10, Tarun Society, Gotri Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

15.10.1985

Date of Appointment :

01.11.2012

DIN No.:

06408350

Name :

Mrs. Himani Sudhir Chemburkar

Designation :

Additional Director

Address :

16, Aarti Society, Atmajyoti Ashram Road, Ellora Park, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

28.04.1981

Date of Appointment :

01.11.2012

DIN No.:

06408342

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 20.09.2012)

Names of Shareholders	No. of Shares
Sudhir Vasantrao Chemburkar	896
Himani Sudhir Chemburkar	180
Manali Sudhir Chemburkar	180
Viral Dipak Kothari Shaila Dipak Kothari	4680
Vibha Dipak Kothari Shail Dipak Kothari	180
Sandhya Sudhir Chemburkar Sudhir Vasantrao Chemburkar	4760
Sudhir Vasantrao Chemburkar Sandhya Sudhir Chemburkar	3002
Shail Dipak Kothari	3978
Chandrakala Ramniklal Kothari Vibha Dipak Kothari	180
Total	18036

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Design, Manufacture and Supply of Consistent Quality Electrical Products.

Products :

Products Description	Item Code No.
Electrical Transformer	8504

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Transformers	Nos.	NA	NA	5652
Coils	Nos.	NA	NA	1600
Copper Scraps	Kg.	NA	NA	891
Control Panel	Nos.	NA	NA	177
Chokes	Nos.	NA	NA	27809

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

Alkapuri Branch, Baroda – 390007, Gujarat, India

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans and Advances from Related parties (of the above nil is guaranteed by directors of the company)	4.394	4.283
Total	4.394	4.283

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address 1:	210- B. N. Chambers, R C Dutt Road, Vadodara – 390007, Gujarat, India
PAN No.:	AAAFT4520A
Subsidiaries :	REO-GPD Inductive Components Private Limited CIN No.: U31900GJ2009PTC057958

CAPITAL STRUCTURE

(AS ON 20.09.2012)

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

RECONCILIATION OF NUMBER OF SHARES

Particulars	Numbers	Rs. In Millions
Shares Outstanding at the beginning of the year	18036	1.804
Shares Issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	18036	1.804

DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% OF SHARES

Particulars	No of Shares held	%
D R Kothari	0	0%
S D Kothari	3978	23%
Sandyaben Chemburkar	4760	27%
S V Chemburkar	3898	23%
Viral D. Kothari	4680	27%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.804	1.804	1.804
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.218	64.858	45.006
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		90.022	66.662	46.810
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4.394	4.283	0.043
TOTAL BORROWING		4.394	4.283	0.043
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		94.416	70.945	46.853
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.100	5.193	4.652
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		33.684	15.300	10.120
DEFERREX TAX ASSETS		0.190	0.099	0.065
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.365	15.600	9.200
	Sundry Debtors	62.741	41.494	35.252
	Cash & Bank Balances	8.802	10.890	5.549
	Other Current Assets	0.261	0.276	6.050
	Loans & Advances	4.838	5.581	0.531
Total Current Assets		89.007	73.841	56.582
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	24.785	18.762
	Other Current Liabilities	0.869	0.433	24.566
	Provisions	7.911	4.293
Total Current Liabilities		33.565	23.488	24.566
Net Current Assets		55.442	50.353	32.016
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		94.416	70.945	46.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	217.473	189.185	105.916
Less	EXPENSES
		TOTAL	167.967	154.534	86.153
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		49.506	34.651	19.763
Less/ Add	DEPRECIATION/ AMORTISATION		0.934	0.919	0.894
	PROFIT BEFORE TAX		48.572	33.732	18.869
Less	TAX		15.770	11.517	6.436
	PROFIT AFTER TAX		32.802	22.215	12.433
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.377	35.746	29.029
Less	APPROPRIATIONS
		Interim Dividend Paid	6.313	0.000	1.803
		Tax On Interim Paid	1.041	0.000	0.307
		Proposed Dividend	1.803	2.020	2.020
		Tax on Dividend	0.293	0.343	0.343
		Transfer to General Reserve	3.280	2.221	1.243
	BALANCE CARRIED TO THE B/S		73.449	53.377	35.746
	Earnings Per Share (Rs.)		1818.70	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15.08	11.74	11.74
Return on Total Assets (PBT/Total Assets}	(%)	51.61	42.68	30.81
Return on Investment (ROI) (PBT/Networth)		0.54	0.51	0.40
Debt Equity Ratio (Total Liability/Networth)		0.42	0.42	0.53
Current Ratio (Current Asset/Current Liability)		2.65	3.14	2.30

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

· Land

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Electric Installation

· Office Equipment

· Computers

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] 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.54.56
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--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.