MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	TRANSFIX (INDIA) PRIVATE LIMITED [w.e.f. 09.02.2010]
Formerly Known as:	CAHORS ELECTRICALS (INDIA) PRIVATE LIMITED
Registered Office :	E-90, Ranjangaon MIDC, Taluka Shirur, Pune-412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.10.2007
Com. Reg. No.:	25-130901
Capital Investment / Paid-up Capital :	Rs.154.943 Millions
CIN No.: [Company Identification No.]	U32109PN2007PTC130901
TAN No.: [Tax Deduction & Collection Account No.]	PNEC07431E
PAN No.: [Permanent Account No.]	AADCC1941J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Electric Goods.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 805000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated in the year 2007, it started its commercial operating from December 2011. The management has failed to file the financial for the year 2012 with the government department. As per the financial of 2011 the networth seems to be good. However, business is active. Payments are unknown. The company can be considered for business dealings with great 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 – 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.

INFORMATION DENIED BY

Name :	Mr. Uday Mane
Designation :	Accountant
Contact No.:	91-2138-612000
Date :	10.06.2013

LOCATIONS

Registered Office :	E-90, Ranjangaon MIDC, Taluka Shirur, Pune-412208, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	uday.mane@groupe-cahors.in
Website :	http://www.group-cahors.com

DIRECTORS

AS ON 30.09.2011

Name :

Philippe Alain Gerard Claude Rostain

Designation :

Director

Address :

53 Rue De Lechiquies, Paris – 75010, France

Date of Birth/Age :

01.06.1943

Date of Appointment :

15.10.2009

DIN :

01404663

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	U51909MH1993PTC071707	TEK COMPONENTS PRIVATE LIMITED	Director	29/09/2007	24/01/2007	Active	NO
2	U32109PN2007PTC130901	TRANSFIX (INDIA) PRIVATE LIMITED	Director appointed in casual vacancy	15/10/2009	15/10/2009	Active	NO

Name :

Pierre Raymond Rene Willams

Designation :

Director

Address :

Bungalow No.311, Kumar City, Kalyani Nagar, Pune – 411014, Maharashtra, India

Date of Birth/Age :

25.01.1970

Date of Appointment :

23.10.2009

DIN :

02810486

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	U32109PN2007PTC130901	TRANSFIX (INDIA) PRIVATE LIMITED	Director	30/11/2009	23/10/2009	Active	NO
2	U51909MH1993PTC071707	TEK COMPONENTS PRIVATE LIMITED	Director	30/09/2011	18/08/2011	Active	NO

Name :

Mr. Michel Andre Pierre Hibon

Designation :

Director

Address :

696 Chemin N Du Pont De Champagne, Cahors-46000, France

Date of Birth/Age :

24.05.1950

Date of Appointment :

15.10.2009

DIN :

01403834

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	U51909MH1993PTC071707	TEK COMPONENTS PRIVATE LIMITED	Director	29/09/2007	24/01/2007	Active	NO
2	U32109PN2007PTC130901	TRANSFIX (INDIA) PRIVATE LIMITED	Director	15/10/2009	15/10/2009	Active	NO

Name :

Gregory Stephen Flyn

Designation :

Director

Address :

Bunglow No. 3/8, Kumar City, Kalyaninagar, Pune-410014, Maharashtra, India

Date of Birth/Age :

26.12.1970

Date of Appointment :

01.08.2011

DIN :

02860916

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Marc Gilles Andre Simon	9999
Kurup Sasidharan Mundantavita	1
S.A. Transfix, France	20297183
TOTAL	20307183

AS ON 14.12.2012

Names of Allottees	No. of Shares
Societe Nouvelle Transfix, France	1334383

AS ON 18.09.2012

Names of Allottees	No. of Shares
Societe Nouvelle Transfix, France	2697915

AS ON 06.08.2012

Names of Allottees	No. of Shares
Societe Nouvelle Transfix, France	3249918

AS ON 08.06.2012

Names of Allottees	No. of Shares
Societe Nouvelle Transfix, France	2086413

AS ON 05.11.2011

Names of Allottees	No. of Shares
Societe Nouvelle Transfix, France	7699256

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]	99.99
Other top fifty shareholders	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Electric Goods.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· ICICI Bank, Pune, Maharashtra, India

· HSBC Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Finance lease obligation long term	0.000	32.000
TOTAL	0.000	32.000

Banking Relations :	--
Auditors :
Name :	Chandran S Poduval and Company Chartered Accountants
Address :	No.2A, Moledina Road, Camp, Behind India, Behind New India Assurance Company, Ground Floor, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-26138129
Fax No.:	91-20-26138129
E-Mail :	chandu_podu@yahoo.com radaco_ca@yahoo.co.in
PAN No:	AONPP8170P

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital : Rs.402.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.401.210 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20307183	Equity Shares	Rs.10/- each	Rs.203.072 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15494311	Equity Shares	Rs.10/- each	Rs.154.943 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		154.943	30.636	30.636
2] Share Application Money		48.129	48.328	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1.620)	(0.650)	(0.180)
NETWORTH		201.452	78.314	30.456
LOAN FUNDS
1] Secured Loans		0.000	32.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	32.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		201.452	110.314	30.456
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.239	29.669	0.000
Capital work-in-progress		122.800	22.109	28.645
INVESTMENT		23.186	57.265	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	9.115	1.024	0.819
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.612	0.884	0.215
Total Current Assets		15.727	1.908	1.034
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.249	0.570	0.000
	Other Current Liabilities	1.629	0.156	0.115
	Provisions	0.106	0.395	0.000
Total Current Liabilities		9.984	1.121	0.115
Net Current Assets		5.743	0.787	0.919
MISCELLANEOUS EXPENSES		0.484	0.484	0.892
TOTAL		201.452	110.314	30.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		TOTAL	0.353	0.206	0.180
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.353)	(0.206)	(0.180)
Less/ Add	DEPRECIATION/ AMORTISATION		0.617	0.264	0.000
	PROFIT / (LOSS) BEFORE TAX		(0.970)	(0.470)	(0.180)
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(0.970)	(0.470)	(0.180)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.650)	(0.180)	0.000
	BALANCE CARRIED TO THE B/S		(1.620)	(0.650)	(0.180)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		(0.06)	(0.15)	(0.06)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.49)	(1.49)	(17.41)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.41	0.00
Current Ratio (Current Asset/Current Liability)		1.57	1.70	8.99

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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

NOTE:

The registered office of the company has been shifted from 166/3, Gat No.95, Kesnand Village, Rahu Road, Pune-412207, Maharashtra, India to the present address.

FIXED ASSETS:

· Land

· Furniture and Fixtures

· Computer

· Equipments

· Vehicles

· Computer Software

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.57.73
UK Pound	1	Rs.90.60
Euro	1	Rs.76.96

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.