MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	ELECTROFAB INNOVATIONS (INDIA) PRIVATE LIMITED
Registered Office :	G – 48 and G – 48/1, MIDC, Ambad, Nashik – 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.08.2004
Com. Reg. No.:	11-148079
Capital Investment / Paid-up Capital :	Rs.14.500 Millions
CIN No.: [Company Identification No.]	U31909MH2004PTC148079
TAN No.: [Tax Deduction & Collection Account No.]	NSKE00461G
PAN No.: [Permanent Account No.]	AABCE3571E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Control Panel and Sheet Metals Fabricators.
No. of Employees :	100 (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 96000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 caution.

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. Sandeep Sangai
Designation :	Chief Executive Officer
Contact No.:	91-9822333000
Date :	13.02.2012

LOCATIONS

Registered Office :	G – 48 and G – 48/1, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-6607912 / 3
Mobile No.:	91-9822333000 [Mr. Sandeep Sangai]
Fax No.:	91-253-2380850
E-Mail :	Sandeep.electrofab@sangaigroup.com raviangadis@yahoo.com smg1902@gmail.com
Website :	http://www.sangaigroup.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Prashant Arun Sangai

Designation :

Director

Address :

Plot No.203 B, Near Ganpati Mandir, Mahatma Nagar, Nashik – 422007, Maharashtra, India

Date of Appointment :

18.08.2004

DIN No.:

01247609

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	U31909MH2004PTC148079	ELECTROFAB INNOVATIONS (INDIA) PRIVATE LIMITED	Director	18-08-04	18-08-04	-	Active	NO
2	U74200MH2007PTC176973	URJAYANT ENGINEERING PRIVATE LIMITED	Director	19-12-07	19-12-07	-	Active	NO

Name :

Mrs. Archana Prashant Sangai

Designation :

Director

Address :

Plot No.203 B, Near Ganpati Mandir, Mahatma Nagar, Nashik – 422007, Maharashtra, India

Date of Birth/Age :

12.10.1967

Date of Appointment :

28.09.2010

DIN No.:

01886708

KEY EXECUTIVES

Name :	Mr. Sandeep Sangai
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Prashant Arun Sangai	59500
Archana P. Sangai	73500
Utkarsh Prashant Sangai	12000
Total	145000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Control Panel and Sheet Metal Fabricator
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

• The Shamrao Vithal Co-Operative Bank Limited, Parshwanath CHS, Near Symbiosis College, N. H. Shrawan Sector, Ambad, Nashik - 422009, Maharashtra, India
• ICICI Bank
• State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank OD [CC-33]	29.357	26.913
The Shamrao Vithal Co-Operative Bank Limited – BD 400	110.188	79.987
ICICI Bank – Car Loan	0.000	0.203
The Shamrao Vithal Co-Operative Bank Limited TL-48	2.567	6.610
The Shamrao Vithal Co-Operative Bank Limited B-Loan-101	5.830	6.990
The Shamrao Vithal Co-Operative Bank Limited B-Loan 100	23.951	31.996
The Shamrao Vithal Co-Operative Bank Limited B-Loan 99	5.103	8.338
The Shamrao Vithal Co-Operative Bank Limited TL-120	25.266	0.000
Total	202.262	161.037
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Arun Kumar Jaiswal	0.000	0.072
Mala Khandare	0.114	0.114
Shantikumar Khandare	0.114	0.114
Kumudshree Jaiswal	0.000	0.100
Nirmal Kumar Ruiwale	0.222	0.222
Utkarsh Traders	19.607	14.488
Archana P. Sangai	11.012	14.623
Total	31.069	29.733

Banking Relations :	--
Auditors :
Name :	Sanjay V. Goyal and Company Chartered Accountant
Address :	10, Prince Tower, Tidke Colony, Nashik – 422002, Maharashtra, India
PAN.:	AATPG1219J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
145,000	Equity Shares	Rs.100/-each	Rs.14.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145,000	Equity Shares	Rs.100/-each	Rs.14.500 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		14.500	14.500	10.500
2] Share Application Money		0.000	0.000	4.000
3] Reserves & Surplus		9.542	5.390	4.120
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.042	19.890	18.620
LOAN FUNDS
1] Secured Loans		202.262	160.037	122.529
2] Unsecured Loans		31.069	29.733	26.466
TOTAL BORROWING		233.331	189.770	148.995
DEFERRED TAX LIABILITIES		1.543	0.919	1.072
TOTAL		258.916	210.579	168.687
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		109.611	108.367	107.480
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.500	48.090	29.379
	Sundry Debtors	134.385	112.510	55.893
	Cash & Bank Balances	1.223	0.745	1.508
	Other Current Assets	13.284	12.915	6.984
	Loans & Advances	0.025	0.000	2.798
Total Current Assets		221.417	174.260	96.562
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.286	67.957	31.635
	Other Current Liabilities	1.712	2.752	3.263
	Provisions	6.614	1.898	1.157
Total Current Liabilities		72.612	72.607	36.055
Net Current Assets		148.805	101.653	60.507
MISCELLANEOUS EXPENSES		0.000	0.059	0.200
TOTAL		258.916	210.579	168.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	368.154	241.425	195.120
		Other Income		0.205	0.492
		TOTAL	368.154	241.630	195.612
Less	EXPENSES
		Office Expenses	354.444	219.985	178.684
		Administrative Expenses
		Advertising Expenses
		TOTAL	354.444 (Including financial expense)	219.985	178.684
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			21.645	16.928
Less	FINANCIAL EXPENSES			11.672	6.814
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.710	9.973	10.114
Less/ Add	DEPRECIATION/ AMORTISATION		7.535	8.021	7.655
	PROFIT BEFORE TAX		6.175	1.952	2.459
Less	TAX		2.023	0.683	1.160
	PROFIT AFTER TAX		4.152	1.269	1.299
	Prior Period Items		NA	0.059	0.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.390	4.120	2.821
	BALANCE CARRIED TO THE B/S		NA	5.390	4.120
	Earnings Per Share (Rs.)		28.64	8.76	12.38

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.13	0.52	0.66
Net Profit Margin (PBT/Sales)	(%)	NA	0.81	1.26
Return on Total Assets (PBT/Total Assets}	(%)	1.87	0.69	1.20
Return on Investment (ROI) (PBT/Networth)		0.26	0.10	0.13
Debt Equity Ratio (Total Liability/Networth)		12.73	13.19	9.94
Current Ratio (Current Asset/Current Liability)		3.05	2.40	2.68

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS (Rs. in millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	64.286	67.957	31.635

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions 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 fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC11	--
Major shareholder , if available	--

Note : Registered office address of the company has been shifted from 1st Floor, Swastik Chambers, Shravan Sector, Pathardi Phata, Nashik – 422010, Maharashtra, India to the present address w.e.f. 05.05.2008

OPERATIONS

The company has made good progressing the financially year 2 010-11. The Turnover of the company for the year was Rs.368.154 millions. The profit before tax for the period is Rs.6.175 millions. They expect increase in the turnover in the current year due to further expansion of production capacity and increased orders

CONTINGENT LIABILITIES

• Rs.3.899 millions for fulfillment of export obligation as against custom duty saved Rs.0.487 on imported of machinery not provided so far. The export obligation for the said amount i.e. Rs.3.899 within 8 years.

FORM 8

Corporate identity number of the company	U31909MH2004PTC148079
Name of the company	ELECTROFAB INNOVATIONS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-48, MIDC, Ambad, Nashik – 422010, Maharashtra, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10091830
Type of charge	Immovable Property
Particular of charge holder	The Shamrao Vithal Co-Operative Bank Limited, Parshwanath CHS, Near Symbiosis College, N. H. Shrawan Sector, Ambad, Nashik - 422009, Maharashtra, India
Nature of instrument creating charge	Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	27.09.2011
Amount secured by the charge	Rs.269.460 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As may be decided, from time to time, by the Bank. Margin - As may be decided, from time to time, by the Bank. Extent and Operation of the charge – To secure due repayment of credit facilities aggregating Rs.269.460 millions, together with cost, interest, charges, expenses thereof, granted by the Bank to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Linkage in respect of Plot No.G-48 admeas.1980 sq.mts & G/48/1 admeas.690 sq.m. along with structure constructed/ to be constructed thereon situated, lying and being at Nashik Industrial Estate, MIDC, Village Ambad, Nashik
Particulars of the present modification	By the present modification, the aggregate facilities granted by the Bank to the Company are enhanced toRs.269.460 millions, being CC: Rs.21.000 millions, Bills Disount. Limit: Rs.150.000 millions, Term Loans of Rs.15.460 millions, Rs.12.000 millions, Rs.36.500 millions, Rs.9.500 millions, and Term Loan under Asset Finance: Rs.25.000 millions TLs Rs.75.553 millions (in earlier charge) is the outstanding amount, whereas the actual Term Loans amount to Rs.98.460 millions (accounted for in this charge) Hence the overall charge stands modified to Rs.269.460 millions

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Tools and Equipments

· Electrical Installations

· Vehicles

· Fire System

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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.