MIRA INFORM REPORT

Report Date :

11.10.2012

IDENTIFICATION DETAILS

Name :	MAMTA TRANSFORMERS PRIVATE LIMITED
Registered Office :	CH-11, Sukhilya, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.08.1995
Com. Reg. No.:	10-009898
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U31102MP1995PTC009898
PAN No.: [Permanent Account No.]	AADCM9878N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Transformer
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 45000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It has recorded better growth in its sales turnover during 2011. However, profitability of the company appears to be low. The External borrowings are more than the company’s networth. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	CH-11, Sukhilya, Indore – 452001, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mamtatransformer@rediffmail.com
Factory :	A-1 and A-1/2, Sector-E, Gram Nakhal Industrial Area, Sanwer Road, Indore – 452010, Madhya Pradesh, India
Tel. No.:	91-731-2722874
Fax No.:	91-731-4248541

DIRECTORS

As on 30.09.2011

Name :	Mr. Vinit Ora
Designation :	Director
Address :	House No. CH-11, Sukhilya, Indore – 452010, Madhya Pradesh, India
Date of Birth/Age :	29.09.1973
Date of Appointment :	30.08.1995
DIN No.:	00329673

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	U31102MP1995PTC009898	MAMTA TRANSFORMERS PRIVATE LIMITED	Director	30/08/1995	30/08/1995	Active	NO
2	U45201MP2010PTC024460	ADR REALITIES PRIVATE LIMITED	Director	04/10/2010	04/10/2010	Active	NO

Name :	Mr. Ramniklal Ora
Designation :	Director
Address :	House No. CH-11, Sukhilya, Indore – 452010, Madhya Pradesh, India
Date of Birth/Age :	01.01.1944
Date of Appointment :	15.01.2003
DIN No.:	00329738

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinit Ora	48000
Ramniklal Ora	48000
Aman Ora	13500
Versha Ora	13500
Manorama Ora	13500
Sonal Ora	13500
Total	150000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Suppliers of Transformer

GENERAL INFORMATION

Suppliers :

• Acme Cable and Conductors Private Limited
• Anil Electricals
• Arihant Industries
• Atlas Stemping
• Bhavi Industries
• Columbia Petrochem
• Dewas Conductors Industries
• Dhoot Vidhyut
• Electro Trade
• Era Electricals Private Limited
• G.M. Ispat Udyog
• H.K. Steel Enterprises
• Hariom Services
• Indore Electricals
• Industrial Gas Trader

Customers :

• Akash Electricals
• ARK Electricals
• Deepa Electricals
• Fort Crushing Metal
• Genus Power Infra
• Get Power Limited
• Gretar Kailash Hospital
• Hight Park
• IDB Universal Private Limited
• Lakshya Developers
• Maytas Infra Limited

· Nagarjuna Construction Company Limited

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Branch Siyagang, 15/16, Jawahar Marg, Indore – 452001, Madhya Pradesh, India

• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Baroda CCH A/c	18.872	20.114
Bank of Baroda Car Loan A/c	0.000	0.090
HDFC Business Loan	0.896	1.307
Total	19.768	21.511
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Vinit Ora	0.000	0.350
Total	0.000	0.350

Banking Relations :	--
Auditors :
Name :	Vinod Runwal and Company Chartered Accountants
Address :	112,Sunrise Tower, 579, M. G. Road, Indore – 452001, Madhya Pradesh, India
PAN No.:	AAEFV7023Q

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.2.400 Millions

Issued, Subscribed & Paid-up Capital : Rs.2.400 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 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		2.000	1.500	1.000
2] Share Application Money		0.804	0.694	2.557
3] Reserves & Surplus		8.491	6.136	4.281
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.295	8.330	7.838
LOAN FUNDS
1] Secured Loans		19.768	21.511	18.193
2] Unsecured Loans		0.000	0.350	0.450
TOTAL BORROWING		19.768	21.861	18.643
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.063	30.191	26.481
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.324	2.712	2.455
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.088	0.094	0.066
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.432	18.923	8.717
	Sundry Debtors	29.590	29.823	25.835
	Cash & Bank Balances	0.364	0.281	0.096
	Other Current Assets	4.455	2.647	2.514
	Loans & Advances	0.262	0.479	0.065
	Advance to supplier	0.391	1.203	1.397
Total Current Assets		58.494	53.356	38.624
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.998	24.103	13.167
	Other Current Liabilities	1.372	1.172	1.198
	Provisions	0.482	0.705	0.308
Total Current Liabilities		31.852	25.980	14.673
Net Current Assets		26.642	27.376	23.951
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
		0.009	0.009	0.009
TOTAL		31.063	30.191	26.481

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	110.477	75.677	72.909
		Receipt from repairing of transformer	0.003	0.021	0.000
		Other Income	2.554	1.627	1.217
		TOTAL (A)	113.034	77.325	74.126
Less	EXPENSES
		Purchase of Raw Material	87.244	64.020	52.604
		Operational Expenses	4.006	3.482	3.469
		Duties and Taxes	12.149	8.946	10.334
		Administrative and Selling Expenses	8.266	6.444	4.001
		Director Remuneration	1.200	0.900	0.696
		(Increase)/decrease in stock	(4.509)	(10.207)	(0.227)
		TOTAL (B)	108.356	73.585	70.877
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.676	3.740	3.249
Less	FINANCIAL EXPENSES (D)		2.576	2.318	1.943
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.100	1.422	1.306
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.541	0.464	0.398
	PROFIT BEFORE TAX (E-F) (G)		1.561	0.958	0.908
Less	TAX (H)		0.457	0.312	0.292
	PROFIT AFTER TAX (G-H) (I)		1.104	0.646	0.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.637	2.031	1.431
Less	LAST YEAR PROVISION		0.000	0.040	0.016
	BALANCE CARRIED TO THE B/S		3.741	2.637	2.031
	Earnings Per Share (Rs.)		5.52	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.98	0.84	0.83
Net Profit Margin (PBT/Sales)	(%)	1.41	1.27	1.25
Return on Total Assets (PBT/Total Assets}	(%)	2.48	1.71	2.21
Return on Investment (ROI) (PBT/Networth)		0.14	0.12	0.12
Debt Equity Ratio (Total Liability/Networth)		4.57	5.74	7.31
Current Ratio (Current Asset/Current Liability)		1.84	2.05	2.63

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE AND FUTURE PROSPECTS

The general recession in the economy and industry has adverse effect on the profitability of the company. However, the company expects better results in the forth-coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31102MP1995PTC009898
Name of the company	MAMTA TRANSFORMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	CH-11, Sukhilya, Indore, 452001, Madhya Pradesh, India E-mail Id : mamtatransformer@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10069006
Type of charge	Immovable property Book debts Others (Stock)
Particular of charge holder	Bank of Baroda, Branch Siyagang, 15/16, Jawahar Marg, Indore – 452001, Madhya Pradesh, India E-mail Id : siyaga@bankofbaroda.com
Nature of instrument creating charge	1.Extension of Mortgage by Deposit of Title Deed dated on 26th May, 2012 2. Supplemental Composite Agreement of hypothecation of goods, book-debts, moveable machinery and vehicles dated on 26th May, 2012
Date of instrument Creating the charge	26/05/2012
Amount secured by the charge	Rs.69.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.50% above Base rate i.e. 14% p.a. at present at monthly basis for 'CR-4' rated SE account. Terms of Repayment Term Loan-- Repayment in 63 graded monthly installments as per schedule attached commencing adit fter 6 months from the date of first disbursements. CC Limit-- 12 months BG Limit-- 12 months Margin Term Loan--- 34.35% on factory land and building and 25% on machinery and equipments. Overall margin 28.36% CC Limit--- 25% for RM, SIP, FG, Stores and Spares and Packaging Materials 40% for Book-Debts up to 90 days and 120 days BG Limit--- Cash Margin @ 15% uniform for all Performance B.G. Cash Margin @ 15% for all Mobilization / Advance payment B.G. Cash Margin @ 100% for all guarantees for disputed Excise duty/ Sales tax / Income tax dues, etc. Extent and Operation of the charge First charge over the immovables property together with buildings and structures fixtures and fittings, constructed, erected or installed thereon. Others First charge by way of Hypothecation of entire stocks of raw materials, stock in -process, stores and spares packing materials, finished goods and book debts of the company, both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Term Loan-- Equitable Mortgage of Leasehold Factory Land, situated at A-1 and A-1/2, Sec-E, Sanwer Road, Industrial Area, Indore (MP) Hypothecation of entire Plant and Machineries, Electrical installations, Furniture and Fixtures, Office equipment, and other movable fixed assets. CC Limit: Hypothecation of entire raw materials, SIP, Stores, and Spares, Packing materials, Finished Goods and Book-debts of the company, both present and future. Factory property of the Co. situated at plot/ shed No. A-1, Gram Nakhal Industrial Area, Sanwer Road, Sector-E, Indore. Factory property of the Co. situated at plot/ shed No. A-1/2, Gram Nakhal Industrial Area, Sanwer Road, Sector-E, Indore. BG-- Hypothecation of Stock and Book- debts
Date of instrument modifying the charge	15/04/2011
Particulars of the present modification	The overall credit limit has been enhanced from Rs.50.000 Millions to Rs.69.100 Millions (The fresh term loan of Rs.4.100 Millions has been introduced and CC Limit from Rs.30.000 Millions to Rs.40.000 Millions and BG Limit from Rs.20.000 Millions to Rs.25.000 Millions -- thereby total enhancement of Rs.19.100 Millions)

FIXED ASSETS:

• Factory Building
• Plant and Machinery
• Land
• Furniture
• Car (Maruti 0398, Logan, Spark)
• Computer
• Testing Equipments
• Mobile Set
• Invertor
• Fax Machines
• Water Purifier
• Air Conditioner
• Weighing Scale
• Fire Extension
• Office Equipments

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.53.04
UK Pound	1	Rs.84.84
Euro	1	Rs.68.21

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.