MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	RESPONSIVE ELECTROENGINEERS PRIVATE LIMITED
Registered Office :	A-33, Star Industrial Estate, Naik Pada, Waliv Village, Vasai (East), Vasai – 40097, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.08.1997
Com. Reg. No.:	11-110337
Capital Investment / Paid-up Capital :	Rs.0.830 Million
CIN No.: [Company Identification No.]	U32107MH1997PTC110337
TAN No.: [Tax Deduction & Collection Account No.]	MUMR20243G
PAN No.: [Permanent Account No.]	AACR7389C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Auto Parts and Accessories Systems.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 4000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company in its field. Its scale of activities are limited. 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

Name :	Mr. Hitendra
Designation :	Chief Executive Office
Contact No.:	91-9869960090
Date :	08.02.201

LOCATIONS

Registered Office/ Factory :	A-33, Star Industrial Estate, Naik Pada, Waliv Village, Vasai (East), Vasai – 40097, Maharashtra, India
Tel. No.:	91-250-3261313/ 91-22-28406629
Mobile No.:	91-9869960090 (Mr. Mahendra Shah) 91-9699707432(Mr. Hitendra Shah)
Fax No.:	91-22-28432504
E-Mail :	responsivelectro@yahoo.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Hitendra Narendrakumar Shah
Designation :	Director
Address :	D-4, Hawa Hira Majal, Pushpa Park, Daftrai Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	17.01.1968
Date of Appointment :	06.11.2005
DIN No.:	00016439
Name :	Mr. Kirit Surendra Kumar Shah
Designation :	Director
Address :	D-4, Hawa Hira Majal, Pushpa Park, Daftrai Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	09.07.1964
Date of Appointment :	06.11.2005
DIN No.:	00016452

KEY EXECUTIVES

Name :	Mr. Mahendra
Designation :	Chief Executive Office

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Surendra Shah	23800
Mahendra Shah	5000
Mahendra Shah Joint with Shailesh Shah	1500
Shirin N. Shah Joint with Hemakshi S. Shah	500
Surendra Shah Joint with Shailesh Shah	1500
Kirit Surendra Kumar Shah	7900
Hitendra Narendrakumar Shah	29100
Shirin Shah	9500
Sulekha M. Shah	4200
Total	83000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Suppliers of Auto Parts and Accessories Systems.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

10 (Approximately)

Bankers :

· Janata Sahkari Bank Limited

Vasai Branch, Maharashtra, India

· Janata Sahkari Bank Limited

Girgaum Branch, Deccan Chambers, Beside Majestic Shopping Centre, Girgaum, Mumbai – 400004, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
(Against the Pledge of Machinery	0.338	0.468
Total	0.338	0.468
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Unsecured Loans	0.360	0.360
Total	0.360	0.360

Banking Relations :	--
Auditors :
Name :	Rajendra Shah and Company Chartered Accountant
Address :	Shahviri, 2^nd Floor, 37/41, Picket Road, Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel No.:	91-22-22018212/ 22056957
Pan No.:	AAJPS1488H
Email :	rns@cnshah.com

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83000	Equity Share	Rs.10/- each	Rs.0.830 Million

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		0.830	0.830	0.830
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.257	0.232	0.240
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.087	1.062	1.070
LOAN FUNDS
1] Secured Loans		0.338	0.468	0.764
2] Unsecured Loans		0.360	0.360	0.245
TOTAL BORROWING		0.698	0.828	1.009
DEFERRED TAX LIABILITIES		0.073	0.073	0.093
TOTAL		1.858	1.963	2.172
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.044	1.209	1.218
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.028	0.028	0.028
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.491	0.788	1.114
	Sundry Debtors	0.854	0.406	1.058
	Cash & Bank Balances	0.125	0.184	0.020
	Other Current Assets	0.009	0.032	0.038
	Loans & Advances	0.038	0.028	0.028
Total Current Assets		1.517	1.438	2.258
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor and Other Current Liabilities	0.731	0.707	1.303
	Provisions	0.000	0.005	0.029
Total Current Liabilities		0.731	0.712	1.332
Net Current Assets		0.786	0.726	0.926
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.858	1.963	2.172

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1.919	1.710	2.414
		Other Income	0.312	0.496	0.565
		TOTAL (A)	2.231	2.206	2.979
Less	EXPENSES
		Cost of Goods Sold	1.177	1.212	1.641
		Manufacturing Expenses	0.152	0.219	0.412
		Sales Expenses	0.000	0.003	0.006
		Advertising Expenses	0.642	0.508	0.516
		TOTAL (B)	1.971	1.942	2.575
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.260	0.264	0.404
Less	FINANCIAL EXPENSES (D)		0.062	0.092	0.062
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.198	0.172	0.342
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.173	0.193	0.106
	PROFIT BEFORE TAX (E-F) (G)		0.025	(0.021)	0.236
Less	TAX (H)		0.000	(0.013)	0.081
	PROFIT AFTER TAX (G-H) (I)		0.025	(0.008)	0.155
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.232	0.240	0.085
	BALANCE CARRIED TO THE B/S		0.257	0.232	0.240
	Earnings Per Share (Rs.)		0.30	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.12	(0.36)	5.20
Net Profit Margin (PBT/Sales)	(%)	1.30	(1.23)	9.78
Return on Total Assets (PBT/Total Assets}	(%)	0.98	(0.79)	6.79
Return on Investment (ROI) (PBT/Networth)		0.02	(0.02)	0.22
Debt Equity Ratio (Total Liability/Networth)		1.31	1.45	2.19
Current Ratio (Current Asset/Current Liability)		2.08	2.02	1.70

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	-----
Export/ Imports Details (If applicable)	-----
Market Information	-----
Litigations that the firm/ Promoters Involved in	Yes
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The Registered office of the company has been shifted from, 2 Hakim Cottage No 1, Near Pedestrain Subway, Kurar Malad East, Mumbai – 400097, Maharashtra, India, to the present address, w.e.f. 16.02.2010

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U32107MH1997PTC110337
Name of the company	RESPONSIVE ELECTROENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 Hakim Cottage No 1nr Pedestrain Subway, Kurar Malad East, Mumbai – 400097, Maharashtra, India
Type of charge	Immovable property
Particular of charge holder	Janata Sahakari Bank Limited, Pune Girgaum Branch, Deccan Chambers, Beside Majestic Shopping Centre, Girgaum, Mumbai – 400004, Maharashtra, India njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Simple Mortgage
Date of instrument Creating the charge	23/09/2008
Amount secured by the charge	Rs.0.950 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.50% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment Term Loan: 60 Months Cash Credit: 12 months Margin As determined by the bank from time to time Extent and Operation of the charge Term Loan: Rs 0.600 Millions Cash Credit: Rs.0.350 Millions
Short particulars of the property charged	Mortgage of all that piece and parcel of property at village Waliv Vasai Taluka more particularly described in schedule attached herewith

FIXED ASSETS:

· Machinery

· Dies

· Computers

· Printer

· Water Purifier

· Furniture

· Factory

· Mobile

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		27

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.