MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	MSS INDIA PRIVATE LIMITED
Registered Office :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.1998
Com. Reg. No.:	11-114831
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U27200MH1998PTC114831
TAN No.: [Tax Deduction & Collection Account No.]	NSKM02779A
PAN No.: [Permanent Account No.]	AAACI5887J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electrical Components like pressure components used in switch gears, TC Busbar, Power Generation Products such as Transformers, Fusegear etc.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 1800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the UK-Based MSS Group. It is a wholly owned subsidiary of Bryden (UK) Limited. It is a well established company having fine track record. The company enjoys comfortable financial risk profile, market by a low gearing and comfortable debt protection metrics and established market position in the electrical components industry. Trade relations are reported as trustworthy. Business is active. Payments terms are regular and as per commitments. The company can be considered good 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A-(Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	06.11.2012

Rating Agency Name	CRISIL
Rating	A2+(short Term Rating)
Rating Explanation	Strong degree of safety and very low credit risk.
Date	06.11.2012

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 PARTED BY

Name :	Mr. Pravin Nagare
Designation :	Accounts Assistant
Contact No.:	91-253-6611118
Date :	21.03.2013

LOCATIONS

Registered Office/ Factory / Head Office :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-6625299 / 6611124
Fax No.:	91-253-6611117
E-Mail :	mssindia_04@mssindia.co.in mssind_nsk@sancharnet.in mssind@sify.com mssajay@sify.com mangesh_natal@mssinida.co.in suranaaj@yahoo.co.in
Website :	http://www.mssindia.co.in
Area :	4500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 10.09.2012

Name :	Mr. Mangesh Dattatraya Natal
Designation :	Nominee Director
Address :	Flat No. 18, Patil Classic Apartments, Govind Nagar, Near Pimprikar Hospital, Nashik-422009, Maharashtra, India
Qualification :	M. Tech, BE
Date of Appointment :	1.11.2005
PAN No.:	AAPPN5674A
DIN No.:	00910326
Name :	Mr. Anand Shivdas Daga
Designation :	Director
Address :	Suman Smruti, Goley Colony, Nashik – 422002, Maharashtra, India
Qualification :	CA
Date of Appointment :	01.08.2010
DIN No.:	00696171
Name :	Mr. Roy Philip Calvin
Designation :	Director
Address :	3, Rydal Drive Hale Barns, At Tincham WA 15 STE, Cheshire, 158l, United Kingdom
Date of Appointment :	27.05.1999
DIN No.:	01718415
Name :	Mr. Braine Joseph Hall
Designation :	Director
Address :	White Paddock Farm, Harwooid Road, Tittington, BLS 3 PT, Tottington 83M United Kingdom
Date of Appointment :	01.07.2004
DIN No.:	01718502

KEY EXECUTIVES

Name :	Mr. Pravin Nagare
Designation :	Accounts Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2012

Names of Shareholders	No. of Shares
Bryden Properties Limited, UK	749999
Roy Philip Calvin, UK	1
TOTAL	750000

AS ON 10.09.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Components like pressure components used in switch gears, TC Busbar, Power Generation Products such as Transformers, Fusegear etc.

Products :

Product Description	ITC Code
Small Fabricated Items	853810.09
Fabricated Bus Bars	853810.09
Press Work Items	853810.09
Braided Connectors	853810.09
Laminated Connectors	853810.09
Lead Cast Connector	853810.09

Exports :

Countries :

• South Africa
• Mexico
• Malaysia
• Kuwait
• Japan
• Italy
• Korea
• Hong Kong
• Egypt
• Germany
• Canada
• Dubai

Imports :

Products :

• Raw Material

Countries :

• Korea
• China
• UK

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity *	Actual Production
Small Fabricated Items	Nos.	25,800,000	6,190,526
Fabricated Busbars
Press Work Items
Braided Connectors
Laminated Connectors
Lead Cast Connectors
HSN Switch Fuse Unit

* As certified by the management, on which the auditors have placed reliance.

GENERAL INFORMATION

Customers :

End Uses

No. of Employees :

300 [Approximately]

Bankers :

• State Bank of India, Satpur Industrial Branch, Satpur and Nashik-422 007, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans repayable on demand	65.803	61.416
TOTAL	65.803	61.416

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Ravindra Annexe 194, Churchgate Reclamation, Dineshaw Vachha Road, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-22047722/23
Fax No.:	91-22-66338352
E-Mail :	sharp@bom3.vsnl.net.in
PAN No.:	AAGPA5214Q
Holding Company :	Bryden (UK) Limited
Associates :	Logistics and Distribution Services Limited MSS Products Limited G Corner Electrical System Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions
750000	13% Redeemable Cumulative Preference Shares	Rs.10/- each	Rs. 7.500 Millions
	TOTAL		Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions

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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		454.000	446.646	368.057
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		461.500	454.146	375.557
LOAN FUNDS
1] Secured Loans		65.803	61.416	94.082
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		65.803	61.416	94.082
DEFERRED TAX LIABILITIES		9.207	7.784	7.538
TOTAL		536.510	523.346	477.177
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		267.463	221.928	162.630
Capital work-in-progress		0.000	8.817	0.000
INVESTMENT		50.000	0.000	100.013
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	189.828	110.244	59.249
	Sundry Debtors	302.132	309.917	195.191
	Cash & Bank Balances	121.323	91.158	60.623
	Other Current Assets	1.414	0.747	0.000
	Loans & Advances	54.645	17.102	10.456
Total Current Assets		669.342	529.168	325.519
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	211.839	204.034	95.446
	Other Current Liabilities	121.749	12.494	13.576
	Provisions	116.707	20.039	1.964
Total Current Liabilities		450.295	236.567	110.986
Net Current Assets		219.047	292.601	214.534
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		536.510	523.346	477.177

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1104.467	762.868	568.094
		Other Income		22.157	4.724
		TOTAL (A)	1104.467	785.025	572.818
Less	EXPENSES
		Cost of Goods Sold	NA	519.919	416.778
		Staff and Welfare		26.319	21.781
		Manufacturing, Selling and Administration		88.040	71.723
		TOTAL (B)	NA	634.278	510.282
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	150.747	62.536
Less	FINANCIAL EXPENSES (D)		NA	7.946	6.704
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	142.801	55.832
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	17.369	9.527
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		125.913	125.432	46.305
Less	TAX (H)		NA	45.444	15.100
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		NA	79.988	31.205
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	314.753	283.548
	BALANCE CARRIED TO THE B/S		NA	394.741	314.753
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	518.171	419.967
		Tooling Income	NA	0.925	0.000
	TOTAL EARNINGS		NA	519.096	419.967
	IMPORTS
		Raw Materials	NA	260.937	171.291
		Capital Goods	NA	27.571	7.163
	TOTAL IMPORTS		NA	288.508	178.454
	Earnings Per Share (Rs.)		--	106.65	41.61

Expected Sales (2012-2013) : Rs. 1500.000 Millions

The above information has been parted by Mr. Pravin Nagare.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	10.18	5.45
Net Profit Margin (PBT/Sales)	(%)	NA	16.44	8.15
Return on Total Assets (PBT/Total Assets}	(%)	13.44	16.70	9.48
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.12
Debt Equity Ratio (Total Debt/Networth)		0.14	0.14	0.25
Current Ratio (Current Asset/Current Liability)		1.49	2.24	2.93

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	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 three 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	No
18]	Major customers	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	211.839	204.034	95.446
TOTAL	211.839	204.034	95.446

NOTE

The Registered Office of the company has been shifted from H-111, MIDC, Ambad, Nashik-422010, Maharashtra, India to present address w.e.f. 28.01.2008

OPERATION

During the year the Company recorded the turnover from Rs. 1104.467 Millions which has increased from the previous year's turnover of Rs. 785.026 Millions. The Company earned the net profit of Rs. 125.913 Millions against previous year net profit of Rs. 125.432 Millions.

FIXED ASSETS

• Factory Building
• Plant and Machinery
• Office Furniture and Fixture
• Leasehold Land
• Software
• Vehicles

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. 54.28
UK Pound	1	Rs. 82.05
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		60

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.