MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	MAZDA HI-TECH ELECTRICALS PRIVATE LIMITED
Registered Office :	56, Botawalla Building, 2^nd Floor, Bomanji Master Road, Dhobi Talao, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.05.2004
Com. Reg. No.:	11-146576
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U31909MH2004PTC146576
Legal Form :	Private Limited Liability Company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1781000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established and reputed company having a good track record. The financial position seems to be strong. Promoters and directors are reported as experienced and reputed businessmen. Fundamentals are healthy. Trade relations are fair. Business is active. Payments are recorded to be regular 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 :	56, Botawalla Building, 2^nd Floor, Bomanji Master Road, Dhobi Talao, Mumbai – 400002, Maharashtra, India
Tel No. :	91-22-22096156
Fax No. :	91-22-22063303
E-Mail :	kotharimehta.ca@hotmail.com

DIRECTORS

As on 29.09.2012

Name :

Sharukh Faredoon Mondegari

Designation :

Director

Address :

267, Panchsheela Building, 4^th Floor, Babasaheb Jaykar

Date of Birth/Age :

01.03.1962

Date of Appointment :

27.05.2004

DIN No.:

00614999

PAN No. :

AABPM9584C

Name :

Nozer Soli Meherji

Designation :

Director

Address :

56, Botawalla Building, 2^nd Floor, Bomanji Master Lane, Dhobi Talao, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

30.03.1967

Date of Appointment :

27.05.2004

DIN No.:

00615005

PAN No. :

AALPM8912G

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	U31909MH2004PTC146576	MAZDA HI-TECH ELECTRICALS PRIVATE LIMITED	Director	27-05-04	27-05-04	-	Active	NO
2	U45400MH2010PTC208853	MBM PRECAST INDIA PRIVATE LIMITED	Director	11-10-10	11-10-10	-	Active	NO
3	U74210GJ2012PTC072117	ULTRASPAN PRECAST PRODUCTS PRIVATE LIMITED	Director	26-09-12	26-09-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Nozer Soli Meherji	9500
Sharukh Faredoon Mondegari	500
Total	10000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	FDR Bank

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
From Bank (Secured against Bank FDR)	9.458	0.000
Total	9.458	0.000

Banking Relations :	--
Auditors :
Name :	Kothari Mehta and Associates Chartered Accountants
Address :	Jain Bhavan, 2^nd Floor, 80, Dr. M.B. Velkar Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-074977/ 035512
PAN.:	AAAFK7007K

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		445.379	413.177	375.308
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		445.479	413.277	375.408
LOAN FUNDS
1] Secured Loans		9.458	0.000	8.174
2] Unsecured Loans		2.777	8.377	10.075
TOTAL BORROWING		12.235	8.377	18.249
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		457.714	421.654	393.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.907	6.923	7.071
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		156.958	130.238	117.869
DEFERREX TAX ASSETS		0.006	0.007	(0.037)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.205	73.968	58.399
	Sundry Debtors	129.761	140.387	213.052
	Cash & Bank Balances	136.960	130.563	117.572
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.745	40.517	212.322
Total Current Assets		384.671	385.435	601.345
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	91.828	100.949	156.877
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	175.714
Total Current Liabilities		91.828	100.949	332.591
Net Current Assets		292.843	284.486	268.754
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		457.714	421.654	393.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	344.214	490.764	400.249
		Other Income	19.479	13.771	21.463
		TOTAL (A)	363.693	504.535	421.712
Less	EXPENSES
		Purchase of Stock-in-trade	270.115	334.605
		Changes in inventories of finished goods and work-in-progress	(5.196)	0.982
		Employee benefits expense	8.476	12.827
		Other expenses	40.280	93.115
		TOTAL (B)	313.675	441.529	374.396
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.018	63.006	74.316
Less	FINANCIAL EXPENSES (D)		1.921	2.196	2.188
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.097	60.810	72.128
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.097	1.029	1.177
	PROFIT BEFORE TAX (E-F) (G)		47.000	59.781	70.951
Less	TAX (H)		14.801	19.456	32.045
	PROFIT AFTER TAX (G-H) (I)		32.199	40.325	38.906
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		415.633	375.308	336.402
	BALANCE CARRIED TO THE B/S		447.832	415.633	375.308
	Earnings Per Share (Rs.)		3219.9	4032.5	3890.6

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.85	7.99	9.22
Net Profit Margin (PBT/Sales)	(%)	13.65	12.18	17.72
Return on Total Assets (PBT/Total Assets}	(%)	11.97	15.23	11.66
Return on Investment (ROI) (PBT/Networth)		0.10	0.14	0.19
Debt Equity Ratio (Total Debt /Networth)		0.03	0.02	0.05
Current Ratio (Current Asset/Current Liability)		4.19	3.82	1.81

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	No
6]	Line of Business	No
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	No
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
From Directors	2.777	8.377
Total	2.777	8.377

OPERATIONS:

This was not a very good year for the company. With a meagre capital and ploughed back profit the Company was able to achieve a turnover of Rs. 344.214 Millions (P.Y. Rs. 490.763 millions) and Net Profit after Tax was Rs. 32.199 millions. During the year the company has continued with activities of electrical switchgear and dealing in shares in F and O and Cash Segment. The Board wishes to put on record the great efforts of Key Man of the Company namely the director Shri N.S.Mcherji.

FUTURE OUTLOOK:

In view of the slow pickup and liquidity problems of customers and higher inventories the company is adopting a wait and watch policy so as to enable the markets to improve and liquidity crisis to end instead of increasing volumes and facing up bad debt problems and higher inventory carrying cost problems. Besides all activities started shall be continued.

The Company has continued during the year into share trading in Cash segment where it has gained but has suffered fosses in F and O segment with available expertise and favorable market conditions the company will benefit.

FIXED ASSETES:

· Air Conditioners

· Camera

· Computer and Printer

· Cellular Mobile Phone

· Furniture and Fixture

· LCD TV

· Refrigerator

· Vehicles

· Water Purifier

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 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.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.51

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.