MIRA INFORM REPORT

Report Date :

28.03.2012

IDENTIFICATION DETAILS

Name :	ELCEN MACHINES PRIVATE LIMITED
Registered Office :	270, GIDC Estate, Makarpura, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1973
Com. Reg. No.:	04-002272
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29120GJ1973PTC002272
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electric Motors Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 30000
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 for small to mediocre 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 Office :	270, GIDC Estate, Makarpura, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2642001/ 2648501
Fax No.:	91-265-2642001/ 2648501
E-Mail :	dhankesh@elcen.com
Website :	www.elcen.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Dhankesh Mukundbhai Patel

Designation :

Managing director

Address :

B-1, Pancham Bunglows, Near Vasna Jakat Naka, Vasna Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

17.01.1969

Date of Appointment :

30.01.1993

DIN No.:

00166172

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	U29120GJ1973PTC002272	ELCEN MACHINES PRIVATE LIMITED	Managing director	1/04/2010	30/01/1993	-	Active	NO
2	U32201GJ1982PTC005197	POWER DRIVES (GUJRAT) PRIVATE LIMITED	Director	14/08/2006	14/08/2006	31/07/2009	Active	NO

Name :

Ms. Yaminiben Dhankeshbhai Patel

Designation :

Whole-time director

Address :

102, Sarshwati Apartments, Vasna Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

29.08.1968

Date of Appointment :

31.07.2009

DIN No.:

01753161

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	U32201GJ1982PTC005197	POWER DRIVES (GUJRAT) PRIVATE LIMITED	Director	14/08/2006	14/08/2006	31/07/2009	Active	NO
2	U29120GJ1973PTC002272	ELCEN MACHINES PRIVATE LIMITED	Whole-time director	1/04/2010	31/07/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhankesh M Patel Jointly Yamini D Patel	410
Dhankesh M Patel Jointly Yamini D Patel	470
Dakshaben S Parikh	10
Surendra R Parikh	10
Yamini D Patel Jointly Dhankesh M Patel	80
Govind C Patel Jointly Yamini D Patel	30
Mukundbhai D Patel Jointly Dhankesh M Patel	10
Dhankesh M Patel	3485
Yamini D Patel	495
Total	5000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electric Motors Components.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, 28 – GIDC Industrial Estate Branch, Makarpura, Vadodara – 390010, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit with Bank of Baroda (Secured against hypothecation of stock, book debts, equitable mortgage of machinery and personal guarantee of Directors)	6.482	6.673
Vehicle Loan (Secured against Hypothecation of Vehicle)	0.000	0.000
ICICI Bank Limited	0.574	0.000
Union Bank of India	0.000	(0.001)
Kotak Mahindra Bank Limited	1.611	0.035
Term Loan (Against hypothecation of Machine)	0.000	0.000
Bank of Baroda	0.988	1.854
Personal Loan with CitiBank	0.000	0.001
Total	9.655	8.562
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Share Holders	0.000	0.109
From Others	1.206	1.054
Total	1.206	1.163

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	501, Race Course Towers, Race Course (South), Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-3058025/29
Fax No.:	91-265-3058027
E-Mail :	baroda@talatiandtalati.com
PAN.:	AADPU5121F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.796	6.754	6.139
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.296	7.254	6.639
LOAN FUNDS
1] Secured Loans		9.655	8.562	5.906
2] Unsecured Loans		1.206	1.163	1.089
TOTAL BORROWING		10.861	9.725	6.995
DEFERRED TAX LIABILITIES		0.305	0.357	0.274
TOTAL		19.462	17.336	13.908
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.520	7.747	5.272
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.067	7.719	2.943
	Sundry Debtors	13.873	13.372	12.241
	Cash & Bank Balances	0.460	0.149	0.098
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.037	4.291	3.742
Total Current Assets		25.437	25.531	19.024
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.743	11.189	6.975
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.754	4.755	3.415
Total Current Liabilities		15.497	15.944	10.390
Net Current Assets		9.940	9.587	8.634
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.462	17.336	13.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	51.936	43.054	37.371
		Other Income	0.294	0.024	0.108
		TOTAL (A)	52.230	43.078	37.479
Less	EXPENSES
		Increase/ (Decrease) in stocks	(0.133)	(3.192)	0.062
		Raw Material Consumed	36.501	34.419	26.789
		Manufacturing, Administrative, Selling and General Expenditure	12.785	9.844	8.099
		TOTAL (B)	49.153	41.071	34.950
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.077	2.007	2.529
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.77	2.007	2.529
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.558	1.060	0.834
	PROFIT BEFORE TAX (E-F) (G)		1.519	0.947	1.695
Less	TAX (H)		0.477	0.332	0.674
	PROFIT AFTER TAX (G-H) (I)		1.042	0.615	1.021
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.859	5.244	4.223
	BALANCE CARRIED TO THE B/S		6.901	5.859	5.244
	Earnings Per Share (Rs.)		208.32	189.43	204.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.99	1.43	2.72
Net Profit Margin (PBT/Sales)	(%)	2.92	2.20	4.54
Return on Total Assets (PBT/Total Assets}	(%)	4.35	2.85	6.98
Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.26
Debt Equity Ratio (Total Liability/Networth)		3.18	3.54	2.62
Current Ratio (Current Asset/Current Liability)		1.64	1.60	1.83

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U29120GJ1973PTC002272
Name of the company	ELCEN MACHINES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	270, GIDC Estate, Makarpura, Vadodara – 390010, Gujarat, India Email : dhankesh@elcen.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10301805
Type of charge	Immovable Property
Particular of charge holder	ING VYSYA BANK LIMITED, "SWING" Race Course Road, Near Alkapuri Telephone Exchange, Vadodra – 390007, Gujarat, India Email : cms@companiesinn.com
Nature of instrument creating charge	Mortgage by deposit of title deeds
Date of instrument Creating the charge	29.09.2011
Amount secured by the charge	Rs.14.788 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC-SIT : IVBR + 2.55% TL : IVBR + 2.55% ILC/FLC : Commission 1.50% Terms of Repayment CC-SIT : Payable on demand TL : 19 Installment of Rs.0.050 Million and Last Installment of Rs.0.024 Million ILC/FLC : Usance Period of 60 days Margin CC-SIT : 25% on Stock and 25% on Book Debts TL : N.A. ILC/FLC : By way of Term Loan - 20%, Lien to be marked Extent and Operation of the charge First charge on the immovable property of the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The immovable property being Industrial Plot No. C I B-270,Makarpura Industrial Estate, GIDC, Vadodara admeasuring about Plot area 1087 sq mtrs and construction there upon situated on the land bearing R S No.574 P and 593 Paike in the Village Moje: Vadsar District Vadodara, Gujarat, India
Particulars of the present modification	There is no change in the limit of Rs.14.788 Millions. The limit has been additionally secured by the immovable property of the company All other terms and conditions are remain same

FIXED ASSETS

· Land

· Factory Building

· Plant and Machineries

· Office Equipments

· Tools

· Computer

· Furniture and Fixtures

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.50.91
UK Pound	1	Rs.81.27
Euro	1	Rs.67.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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		43

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.