MIRA INFORM REPORT

Report Date :

04.07.2012

IDENTIFICATION DETAILS

Name :	ELIND INDUCTION FURNACES PRIVATE LIMITED
Registered Office :	Abhav Ground Floor, Plot No. 46, 5^th Floor, Khar (West), Mumbai-400052, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.08.1989
Com. Reg. No.:	11-052919
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U74999MH1989PTC052919
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Induction Heating Machine.
No. of Employees :	55 [Approximately]

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 36000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. NOTE: Latest profit and loss of the company is not available.

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 :	Ms. Diana
Designation :	Admin Department
Contact No.:	91-250-3298015
Date :	26.06.2012

LOCATIONS

Registered Office :	Abhav, Ground Floor, Plot No. 46, 5^th Floor, Khar (West), Mumbai-400052, Maharashtra, India
Tel. No.:	91-250-3298015
Mobile No.:	91-9820069760 (Mr. Rambahal Ramsurat Singh)
Fax No.:	Not Available
E-Mail :	info@elindinduction.com
Area :	500 sq. ft.
Location :	Owned
Factory :	1,2 and 14 B, Jay Vijay Industrial Estate, Waliv Phata, Vasai (East), Vasai – 401208, Maharashtra, India
Tel. No.:	91-250-2481963 / 2480729
Fax No.:	91-250-2480729 / 2481963
Area :	3000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Shirish Vinod Chinoy

Designation :

Director

Address :

18, Mahesh Darshan Building, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

04.12.1951

Date of Appointment :

30.05.1991

DIN No. :

00220737

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1989PTC052919	ELIND INDUCTION FURNACES PRIVATE LIMITED	Director	30-05-91	30-05-91	-	Active	NO
2	U35914PN2006PTC137411	UNDERCARRIAGE AND TRACTOR PARTS PRIVATE LIMITED	Director	03-08-06	03-08-06	31-01-07	Active	NO
3	U29268MH2011PTC219678	ELECTRONICS DEVICES WORLDWIDE PRIVATE LIMITED	Director	12-07-11	12-07-11	-	Active	NO

Name :

Mr. Rambahal Ramsurat Singh

Designation :

Director

Address :

Ambaudav, 2^nd Floor, Plot No. 75, 5^th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

25.05.1939

Date of Appointment :

26.12.1989

DIN No. :

00663822

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	U74999MH1989PTC052919	ELIND INDUCTION FURNACES PRIVATE LIMITED	Director	26-12-89	26-12-89	Active	NO
2	U29268MH2011PTC219678	ELECTRONICS DEVICES WORLDWIDE PRIVATE LIMITED	Director	12-07-11	12-07-11	Active	NO

KEY EXECUTIVES

Name :	Ms. Diana
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rambahal Ramsurat Singh	5000
Anand Rambahal Singh	5000
Sadanand Rambahal Singh	5000
Rampyare Ramsurat Singh	5000
Shirish Vinod Chinoy	5000
Bharat Vinod Chinoy	5000
Uttam Navinchandra Chinoy	5000
Vikas Vinod Chinoy	5000
Bhanumati Vinod Chinoy	5000
Sunil Rampyare Singh	5000
Beiletti Guido	25000
Luciano Gilardo	25000
Total	100000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Induction Heating Machine.
Exports :
Products :	Induction Heating Machine
Countries :	· Italy · Thailand
Imports :
Products :	Raw Materials
Countries :	· Italy · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Bheeraj Chemicals

Customers :

Wholesalers, Retailers and End Users

· M. Tech Auto Industries Private Limited

No. of Employees :

55 [Approximately]

Bankers :

Bank of India, Khar (West), Mumbai, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks	0.700	0.700
Advance Received Against Order	8.253	3.220
Total	8.953	3.920

Overdraft Rs.25.000 Millions.

Banking Relations :	--
Auditors :
Name :	M. P. Sharma Chartered Accountant
Address :	Krishna Bhavan, 3^rd Floor, 511, S.V.P. Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23885055 / 30203515
Email:	sharmamp44@hotmail.com
Pan No.:	AAQPS2706M
Associates/Subsidiaries :	· Electronic Devices Address: Abhav, Ground Floor, Plot No. 46, 5^th Floor, Khar (West), Mumbai-400052, Maharashtra, India Line of Business: Manufacturer and Exporter of Induction Heating Machine.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.232	6.373	4.834
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.232	7.373	5.834
LOAN FUNDS
1] Secured Loans		8.953	3.920	1.013
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		8.953	3.920	1.013
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		18.185	11.293	6.847
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.411	2.276	2.726
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.407	2.633	2.386
	Sundry Debtors	9.476	10.713	14.664
	Cash & Bank Balances	0.482	0.797	0.573
	Other Current Assets	0.136	0.072	0.072
	Loans & Advances	6.368	3.913	2.855
Total Current Assets		19.869	18.128	20.550
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.379	8.365	8.971
	Other Current Liabilities	0.716	0.750	7.464
	Provisions	0.000	0.000	0.000
Total Current Liabilities		4.095	9.115	16.435
Net Current Assets		15.774	9.013	4.115
MISCELLANEOUS EXPENSES		0.000	0.004	0.006
TOTAL		18.185	11.293	6.847

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES TURNOVER		40.000 [Approximately]	37.045	32.378
Less	EXPENSES
		Office Expenses
		Administrative Expenses		NA	NA
		Advertising Expenses
		TOTAL		NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			2.540	1.492
Less/ Add	DEPRECIATION/ AMORTISATION			0.588	0.734
	PROFIT / (LOSS) BEFORE TAX			1.952	0.758
Less	TAX			0.349	0.346
	PROFIT / (LOSS) AFTER TAX			1.603	0.412
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			4.834	4.422
	BALANCE CARRIED TO THE B/S			6.437	4.834
	Earnings / (Loss) Per Share (Rs.)			16.03	--

Particulars	31.03.2012
Sales Turnover [Approximately]	42.000

Expected Sales (2012-13) : Rs.45.000 Millions.

The above information has been parted by Ms. Diana.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	NA	5.27	2.34
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.57	3.26
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.13
Debt Equity Ratio (Total Liability/Networth)		1.41	1.77	2.99
Current Ratio (Current Asset/Current Liability)		4.85	1.47	1.25

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

OPERATIONS:

The company has posted sales turnover of Rs.37.045 Millions and net profit before tax of Rs.1.952 Million.

FIXED ASSETS:

• Car
• Computer
• Furniture and Fixture
• Mobile
• Office Equipment
• Plant and Machinery

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.54.81
UK Pound	1	Rs.86.03
Euro	1	Rs.69.06

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--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	YES
--AFFILIATION	YES/NO	YES
--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.