MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	ASHMOR ELECTRICALS (INDIA) PRIVATE LIMITED
Registered Office :	Pushpak', Third Floor, Khanpur, Ahmedabad- 380001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.09.2001
Com. Reg. No.:	04-039982
Capital Investment / Paid-up Capital :	Rs. 2.100 Millions
CIN No.: [Company Identification No.]	U31200GJ2001PTC039982
TAN No.: [Tax Deduction & Collection Account No.]	AHMA03595E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Panel Board, Meter, Testing Institution
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The management of the company has not filed its latest financial i.e. 2011-12 with the government department. From the financial of 2011 it seems that the company is performing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – 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 :	Pushpak', Third Floor, Khanpur, Ahmedabad- 380001, Gujarat, India
Tel. No.:	91-79-25600889
Fax No.:	91-79-25601916
E-Mail :	shahbrothers108@yahoo.com, contact@ashmor.in
Website :	http://www.ashmor.in/
Admin. Off. & Works (Unit I)	27, G.V.M.S.A.V. Limited, Odhav, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-22901058
Fax No.:	91-79-22901827
Works (Unit II)	Block Number 1458, Across Mayur Wovens, Near Arvind International, Kalol Khatraj Road, Moti Bhoyan – 382721,Kalol, Gandhi nagar, Gujarat, India
Tel. No.:	91-2764-281061/62
Fax No.:	91-2764-281061/62

DIRECTORS

As on: 30.09.2011

Name :	Mr. Darshankumar Kantilal Gandhi
Designation :	Managing director
Address :	52/53,P.H Jai nagar, New Sharda Mandir Road, Ellis bridge, Ahmedabad– 380 007, Gujarat, India
Date of Appointment :	01.04.2003
DIN No.:	01025528
Name :	Mr. Kantilal Ramanlal Gandhi
Designation :	Director
Address :	52/53,P.H Jai nagar, New Sharda Mandir Road, Ellis bridge, Ahmedabad– 380 007, Gujarat, India
Date of Appointment :	01.04.2003
DIN No.:	01025965
Name :	Ms. Aashaka Darshan Gandhi
Designation :	Additional director
Address :	52/53,P.H Jai nagar, New Sharda Mandir Road, Ellis bridge, Ahmedabad– 380 007, Gujarat, India
Date of Appointment :	11.10.2010
DIN No.:	03265426

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Kantilal Gandhi	15000
Darshan Gandhi	14700
Darshan Gandhi Shefali Gandhi Kantilal Gandhi	67800
Kantilal Gandhi Darshan Gandhi Charuben Gandhi	66000
Charuben Gandhi Kantilal Gandhi Darshan Gandhi	16200
Jayman Gandhi Kantilal Gandhi Darshan Gandhi	30
Aniruddh Shah Darshan Gandhi	30
Bipinchandra Shah Rekha Shah Darshan Gandhi	30
Taraben Shah Bipinchandra Shah Darshan Gandhi	30
Rajesh Shah Bipinchandra Shah Darshan Gandhi	30
Chandrvati Shah Chimanlal Shah Darshan Gandhi	30
Chimanlal Shah Rajesh Shah Darshan Gandhi	30
Dipti Bhavsar Darshan Gandhi	30
Upendra Shah Darshan Gandhi	30
Kantilal Gandhi Darshan Gandhi	30000
Preeti Mehta Darshan Gandhi	30
Total	210000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	99.89
Other top fifty shareholders	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Panel Board, Meter, Testing Institution

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
C.T.S.	Nos.	293128
B.B.Supprts	Nos.	135729
D.M.C.	K.G.	348.750
Waste and Scrap of Copper	K.G.	400.600

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Ashram Road Branch, Jamahita House, Opposite H. K. Arts College, Ashram Road, Ahmedabad - 380009, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit Account. (Against hypothecation of Stock)	13.347	13.631
Cash Credit Account. (Against hypothecation f Book Debts)	0.282	0.449
Cash Credit Account. (Against hypothecation of Cedia Carl (above (a),(b) & (c) are additionally secured by personal guarantee of directors of the Company)	0.252	0.41 0
From Citi Mobile Finance Limited. (Against hypothecation Of Motor Car)	0.000	0.032
Total	13.881	14.522
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	0.378	1.227
From Shareholders	5.284	4.622
Total	5.662	5.849

Banking Relations :	--
Auditors :
Name :	Shah Brothers Chartered Accountants
Address :	2, B Jadav Chambers, Ashram Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAOFS1939G

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.10/- each	Rs.2.100 Millions

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		2.100	2.100	2.1000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.366	14.493	11.820
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.466	16.593	13.920
LOAN FUNDS
1] Secured Loans		13.881	14.522	5.806
2] Unsecured Loans		5.661	5.849	4.746
TOTAL BORROWING		19.542	20.371	10.553
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		45.008	36.964	24.472
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.603	10.115	7.927
Capital work-in-progress		11.887	0.788	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.341	0.227	0.238
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.905	8.890	3.217
	Sundry Debtors	41.583	37.827	23.082
	Cash & Bank Balances	2.369	1.745	1.629
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.544	6.165	4.059
Total Current Assets		57.401	54.627	31.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.246	23.855	11.485
	Other Current Liabilities	1.652	1.683	1.151
	Provisions	8.326	3.258	3.051
Total Current Liabilities		35.224	28.796	15.687
Net Current Assets		22.177	25.831	16.300
MISCELLANEOUS EXPENSES		0.000	0.003	0.007
TOTAL		45.008	36.964	24.472

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	136.220	77.685	NA
		Other Income	0.696	0.381
		TOTAL	136.916	78.066	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	121.303	73.265	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.613	4.801	6.587
Less/ Add	DEPRECIATION/ AMORTISATION		2.324	1.826	1.665
	PROFIT BEFORE TAX		13.289	2.975	4.922
Less	TAX		NA	(0.330)	1.808
	PROFIT AFTER TAX		NA	3.305	3.114
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	5.219	10.563
	Short/ Excess Provision of expenses of Previous Years		NA	(0.019)	(0.007)
Less	APPROPRIATIONS
		Interim Dividend	NA	0.000	0.175
		Final Dividend	NA	0.525	0.210
		Dividend Tax	NA	0.087	0.065
		Transfer to General Reserve	NA	2.500	8.000
	BALANCE CARRIED TO THE B/S		NA	5.393	5.220
	Earnings Per Share (Rs.)		NA	15.65	14.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.23	NA
Net Profit Margin (PBT/Sales)	(%)	9.71	3.81	NA
Return on Total Assets (PBT/Total Assets}	(%)	19.54	4.60	12.33
Return on Investment (ROI) (PBT/Networth)		0.52	0.18	0.35
Debt Equity Ratio (Total Liability/Networth)		2.15	2.96	1.89
Current Ratio (Current Asset/Current Liability)		1.63	2.11	2.04

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	No
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	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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:

· Factory Land

· Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

• Bore well (Khatraj Factory)

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.54.74
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

RAJ

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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.