MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	MARINE ELECTRICALS (INDIA) PRIVATE LIMITED
Registered Office :	B/1, Udyog Sadan No. 3, MIDC, Marol Industrial Area, Andheri (East), Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.12.2007
Com. Reg. No.:	11-176443
Capital Investment / Paid-up Capital :	Rs.42.945 Millions
CIN No.: [Company Identification No.]	U31907MH2007PTC176443
TAN No.: [Tax Deduction & Collection Account No.]	MUMM33180A
PAN No.: [Permanent Account No.]	AAFCM3153Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importers and Exporters of Power Panels, Ship System Panel, L.T. Switchboards, Relay Panel, Battery Charging Panel, Portable Lights Distribution Panel, Star Delta Starters, Sea Water and Chilling Water Pump Panel, Supply Panel for Bridge and Wind Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually and as per commitments. 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 – 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

LOCATIONS

Registered / Corporate Office :	B/1, Udyog Sadan No. 3, MIDC, Marol Industrial Area, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-28346076/28349132/40334300
Fax No.:	91-22-28364045
E-Mail :	marine@bom4.vsnl.net.in rrb@rrbandekar.com
Website :	http://www.marineelectricals.com
Head Office:	Plot No. 17 and 18, Verna Electronic City, Verna, Salcate-403722, Goa, India

DIRECTORS

AS ON 09.09.2011

Name :

Mr. Venkatesh Krishna Uchil

Designation :

Chairman cum Managing Director

Address :

502, Heritage, Hiranandani Gardens, Powai, Mumbai-400078, Maharashtra, India

Date of Birth/Age :

04.10.1977

Date of Appointment :

04.12.2008

Din No.:

01282671

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH2004PTC147292	MCGEOCH MARINE ELECTRICALS PRIVATE LIMITED	Director	02-07-04	02-07-04	Active	NO
2	U99999MH1988PTC049991	SWITCH N CONTROL GEARS PRIVATE LIMITED	Director	04-04-05	04-04-05	Active	NO
3	U31907MH2007PTC176443	MARINE ELECTRICALS (INDIA) PRIVATE LIMITED	Managing director	23-03-10	04-12-07	Active	NO
4	U36991MH1982PTC027850	KDU ENTERPRISES PRIVATE LIMITED	Additional director	14-07-08	14-07-08	Active	NO
5	U74140MH2009PTC196666	ACCPRO CONSULTANTS AND ADVISORS PRIVATE LIMITED	Director	26-10-09	26-10-09	Active	NO

Name :

Mr. Vijay Krishna Uchil

Designation :

Director

Address :

502, Heritage, Hiranandani Gardens, Powai, Mumbai-400078, Maharashtra, India

Date of Birth/Age :

21.01.1971

Date of Appointment :

04.12.2008

Din No.:

01276871

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1988PTC049991	SWITCH N CONTROL GEARS PRIVATE LIMITED	Director	21-04-95	21-04-95	Active	NO
2	U31909MH2004PTC147292	MCGEOCH MARINE ELECTRICALS PRIVATE LIMITED	Director	02-07-04	02-07-04	Active	NO
3	U31907MH2007PTC176443	MARINE ELECTRICALS (INDIA) PRIVATE LIMITED	Director	04-12-07	04-12-07	Active	NO
4	U36991MH1982PTC027850	KDU ENTERPRISES PRIVATE LIMITED	Additional director	14-07-08	14-07-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.09.2011

Names of Shareholders	No. of Shares
Venkatesh Krishna Uchil	1024875
Vijay Krishna Uchil	50
Tanuja D Pudhierkar	50
Vilas M Kulkarni	50
Bhalchandra Bhalerao	50
Kalpesh S Mehta	50
Kdu Enterprises Private Limited, India	897375
Total	1922500

AS ON 09.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	46.68
Directors or relatives of directors	53.31
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importers and Exporters of Power Panels, Ship System Panel, L.T. Switchboards, Relay Panel, Battery Charging Panel, Portable Lights Distribution Panel, Star Delta Starters, Sea Water and Chilling Water Pump Panel, Supply Panel for Bridge and Wind Equipments.

GENERAL INFORMATION

Bankers :

Development Credit Bank Limited, 5^th Floor, Empire Plaza, LBS Marg, Vikhroli (West), Mumbai-400083, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. In Millions]	As on 31.03.2010 [Rs. In Millions]
Term Loan From Banks
In Rupee	74.495	119.808
Total	74.495	119.808
Unsecured Loan
BS Bhalerao	1.125	1.200
Switch and Control Gears	0.063	0.063
Total	1.188	1.263

Banking Relations :	--
Auditors :
Name :	R.R. Bandekar and Associates Chartered Accountants
Address :	A-204, Valentine Apartments, II, B-3, Gen. A.K. Vaidya Marg, Goregaon, Mumbai-400097, Maharashtra, India
Tel. No.:	91-22-26851288
Mobile No.:	91-9223341288
Fax No.:	91-22-26855788
E-Mail :	rrb@rrbandekar.com
Pan No.:	AADPB5550F

CAPITAL STRUCTURE

AS ON 09.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1922500	Equity Shares	Rs.10/- each	Rs.19.225 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4294500	Equity Shares	Rs.10/- each	Rs.42.945 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		42.945	19.225	17.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		167.099	124.278	77.881
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		210.044	143.503	95.006
LOAN FUNDS
1] Secured Loans		74.495	119.808	24.719
2] Unsecured Loans		1.188	1.263	0.063
TOTAL BORROWING		75.683	121.071	24.782
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		285.727	264.574	119.788
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		319.577	268.249	97.888
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.200	1.200	1.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.192	9.684	6.130
	Sundry Debtors	209.373	167.062	183.716
	Cash & Bank Balances	2.447	7.449	19.381
	Other Current Assets	47.129	35.862	20.139
	Loans & Advances	41.006	34.038	59.379
Total Current Assets		311.147	254.095	288.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	238.929	188.939
	Other Current Liabilities	54.606	35.038	249.446
	Provisions	52.755	35.180	18.680
Total Current Liabilities		346.290	259.157	268.126
Net Current Assets		(35.143)	(5.062)	20.619
MISCELLANEOUS EXPENSES		0.093	0.187	0.281
TOTAL		285.727	264.574	119.788

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010
	TURNOVER	634.053	635.562
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	93.662	89.535
Less	FINANCIAL EXPENSES	15.648	11.630
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	78.014	77.905
Less/ Add	DEPRECIATION/ AMORTISATION	12.766	9.549
	PROFIT BEFORE TAX	65.248	68.356
Less	TAX	21.727	16.500
	PROFIT AFTER TAX	43.521	51.856
	EARNINGS IN FOREIGN CURRENCY	3.276	166.860
	Earnings Per Share (Rs.)	10.13	26.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	10.29	10.75	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.34	13.09	NA
Return on Investment (ROI) (PBT/Networth)		0.31	0.48	NA
Debt Equity Ratio (Total Liability/Networth)		2.00	2.65	3.08
Current Ratio (Current Asset/Current Liability)		0.90	0.98	1.08

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U31907MH2007PTC176443
Name of the company	MARINE ELECTRICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B/1, Udyog Sadan No. 3, MIDC, Marol Industrial Area, Andheri (East), Mumbai-400093, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Development Credit Bank Limited, 5^th Floor, Empire Plaza, LBS Marg, Vikhroli (West), Mumbai-400083, Maharashtra, India
Email	vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Letter of Recording for Equitable Mortgage.
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.90.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment As may be stipulated by the Bank. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.90.000 Millions granted by Bank to the Company, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Immovable property being Plot No.16, Road No.9, MIDC, Andheri (E), Mumbai - 400 093

FIXED ASSETS:

· Air Conditioner

· Building

· Computers

· Electrical Installations

· Factory Building

· Furniture and Fixtures

· Land

· Motor Car

· Software

· Telephone

· Scooter

· Printer

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	6
--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		47

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.