MIRA INFORM REPORT

MIRA INFORM REPORT

Report Date :

20.05.2013

IDENTIFICATION DETAILS

Name :	mei power private limited (w.e.f. 08.01.2008) marson’s electrical industries (UNIT OF mei power private limited)

Formerly Known As :	THE MARSON’S ELECTRICAL INDUSTRIES PRIVATE LIMITED

Registered Office :	11^th Floor, Room No. 36, 23 A, Netaji Subhash Road, Kolkata – 700001, West Bengal

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	05.01.1984

Com. Reg. No.:	21-037064

Capital Investment / Paid-up Capital :	Rs. 8.020 Millions

CIN No.: [Company Identification No.]	U31102WB1984PTC037064

TAN No.: [Tax Deduction & Collection Account No.]	CALT00780D

PAN No.: [Permanent Account No.]	AABCT1567H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Power and Distribution Transformers and Allied Transformers.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 602000

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 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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 PARTED BY

Name :	Mr. Arun
Designation :	Finance Manager
Contact No.:	91-562-2520027 / 28
Date :	18.05.2013

LOCATIONS

Registered Office :	11^th Floor, Room No. 36, 23 A, Netaji Subhash Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40050326 / 22301968 91-562-2520027 / 2642327 / 28
Fax No.:	Not Available
E-Mail :	info@marsonselctricals.com
Website :	www.marsonselectricals.com

Corporate Office :	1/189, Delhi Gate, Civil Lines, Agra - 282002, Uttar Pradesh, India
Tel. No.:	91-562-2520027 / 2850812
Fax No.:	91-562-2851306

Factory :	Marson’s Electrical Industries, Mathura Road, Artoni, Agra – 282007, Uttar Pradesh, India
Tel. No.:	91-562-2642327 / 2642328 / 2640144
Fax No.:	91-562-2641435

Sales Office :	Located at: Kolkata Delhi Jaipur

DIRECTORS

As on 28.08.2012

Name :

Mr. Bimlesh Kumar Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra, India

Date of Birth/Age :

17.01.1953

Date of Appointment :

05.01.1984

DIN No.:

00383164

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	U31102RJ1972PTC001444	WESTERN TRANSFORMER AND EQUIPMENT PRIVATE LIMITED	Director	05/04/1979	05/04/1979	-	Active	NO
2	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	05/01/1984	05/01/1984	-	Active	NO
3	U03110MP1977PTC001428	BANMORE ELECTRICALS PRIVATE LIMITED	Director	14/01/1985	14/01/1985	-	Active	NO
4	U74899DL1988PTC033273	FUTURA BUILDERS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	-	Active	NO
5	U74899DL1984PTC017404	MARSONS INDUSTRIES PRIVATE LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
6	U40105DL2007PTC168066	SPICE ENERGY PRIVATE LIMITED	Director	05/05/2008	05/05/2008	01/10/2009	Active	NO

Name :

Mr. Nirmal Kumar Jain

Designation :

Whole Time Director

Address :

1/189, Delhi Gate, Civil Lines, Agra, India

Date of Birth/Age :

21.08.1954

Date of Appointment :

01.07.1987

DIN No.:

00383214

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	U03110MP1977PTC001428	BANMORE ELECTRICALS PRIVATE LIMITED	Director	28/12/1977	28/12/1977	-	Active	NO
2	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	01/07/1987	01/07/1987	-	Active	NO
3	U31102RJ1972PTC001444	WESTERN TRANSFORMER AND EQUIPMENT PRIVATE LIMITED	Director	18/11/1999	18/11/1999	-	Active	NO
4	U74899DL1984PTC017404	MARSONS INDUSTRIES PRIVATE LIMITED	Director	04/12/2000	04/12/2000	-	Active	NO

Name :

Mrs. Neetu Jain

Designation :

Whole Time Director

Address :

1/189, Delhi Gate, Civil Lines, Agra, India

Date of Birth/Age :

17.01.1978

Date of Appointment :

25.07.2001

DIN No.:

00346737

Name :

Mr. Nitin Jain

Designation :

Whole Time Director

Address :

1/189, Delhi Gate, Civil Lines, Agra, India

Date of Birth/Age :

02.08.1980

Date of Appointment :

25.07.2001

DIN No.:

00383348

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	U74899DL1984PTC017404	MARSONS INDUSTRIES PRIVATE LIMITED	Director	04/12/2000	04/12/2000	-	Active	NO
2	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	25/07/2001	25/07/2001	-	Active	NO
3	U31102RJ1972PTC001444	WESTERN TRANSFORMER AND EQUIPMENT PRIVATE LIMITED	Director	20/08/2012	20/08/2012	-	Active	NO

Name :

Mr. Swaroop Chand Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra, India

Date of Birth/Age :

19.08.1927

Date of Appointment :

15.02.2000

DIN No.:

00383083

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	U31102RJ1972PTC001444	WESTERN TRANSFORMER AND EQUIPMENT PRIVATE LIMITED	Director	12/07/1972	12/07/1972	-	Active	NO
2	U03110MP1977PTC001428	BANMORE ELECTRICALS PRIVATE LIMITED	Director	28/12/1977	28/12/1977	-	Active	NO
3	U74899DL1988PTC033273	FUTURA BUILDERS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	-	Active	NO
4	U74899DL1984PTC017404	MARSONS INDUSTRIES PRIVATE LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
5	U31300MP1997PTC011547	VARDHAN WIRES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Active	NO
6	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	15/02/2000	15/02/2000	-	Active	NO
7	U31102RJ2005PTC021527	MARSONS ENERGY PRIVATE LIMITED	Director	26/10/2005	26/10/2005	25/08/2009	Active	NO

Name :

Mr. Ratan Kumar Jain

Designation :

Director

Address :

1/189, Delhi Gate, Civil Lines, Agra, India

Date of Birth/Age :

11.05.1956

Date of Appointment :

15.02.2000

DIN No.:

00383272

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	U74899DL1988PTC033273	FUTURA BUILDERS PRIVATE LIMITED	Director	14/06/1990	14/06/1990	-	Active	NO
2	U31300MP1997PTC011547	VARDHAN WIRES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Active	NO
3	U31102WB1984PTC037064	MEI POWER PRIVATE LIMITED	Director	15/02/2000	15/02/2000	-	Active	NO
4	U31102RJ1972PTC001444	WESTERN TRANSFORMER AND EQUIPMENT PRIVATE LIMITED	Director	24/02/2000	24/02/2000	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 28.08.2012

Names of Shareholders	No. of Shares
Bimlesh Kumar Jain	411766
Swaroop Chand Jain	83100
Nitin Jain	162600
Ratan Kumar Jain	2334
Usha Jain	23134
Neetu Jain	21668
Meghna Jain	96398
Nirmal Kumar Jain	1000
Total	802000

Equity Share Break up (Percentage of Total Equity)

As on 28.08.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Power and Distribution Transformers and Allied Transformers.

Products / Services :

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
850431	Transformers and ITS Components
841280	Wind Power Generation

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Transformers (per shift)	KVA	NA	1500000	1066993

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

Not Divulged

Bankers :

Canara Bank, Overseas Branch, Sanjay Place, Agra – 282001, Uttar Pradesh, India
United Bank of India, Main Branch, Freeganj, Agra – 282004, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
From United Bank of India, Agra
Working Capital Loan Cash Credit Account	28.709	37.824
Packing Credit Account	29.785	20.375
Total	58.494	58.199

Note: 'Secured against hypothecation of raw materials, finished goods and semi finished goods and book debts.


Banking Relations :	-

Auditors :
Name :	Prem Pradeep and Company Chartered Accountants
Address :	1^st Floor, Friends Wasan Plaza, Sanjay Place, Agra – 282002, Uttar Pradesh, India
Tel. No.:	91-562-2525540
PAN No.:	AAXPG0792Q

Enterprises over which Key management Personnel and/or their relatives have significance influence:	Western Transformers and Equipment Private Limited Marsons Industries Private Limited Marsons Energy Private Limited Vardhan Wires Private Limited Banmore Electricals Private Limited

CAPITAL STRUCTURE

As on 27.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs. 10 /- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

802000	Equity Shares	Rs. 10 /- each	Rs. 8.020 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		8.020	8.020	8.020
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		142.367	123.114	104.373
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		150.387	131.134	112.393
LOAN FUNDS
1] Secured Loans		58.494	58.199	39.283
2] Unsecured Loans		27.032	23.687	26.332
TOTAL BORROWING		85.526	81.886	65.615
DEFERRED TAX LIABILITIES		4.076	4.402	4.570

TOTAL		239.989	217.422	185.578

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		35.535	38.158	36.453
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.008	0.008	0.008
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	66.675	66.154	35.389
	Sundry Debtors	131.361	148.405	200.286
	Cash & Bank Balances	165.979	133.274	85.917
	Other Current Assets	0.340	0.312	0.245
	Loans & Advances	37.337	35.629	37.567
Total Current Assets		401.692	383.774	359.404
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.366	199.978	207.404
	Other Current Liabilities	35.083	2.383	1.788
	Provisions	2.797	2.157	4.095
Total Current Liabilities		197.246	204.518	213.287
Net Current Assets		204.446	179.256	146.117

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		239.989	217.422	182.578

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010

	TURNOVER		960.863	940.786	813.673

Less	TOTAL EXPENSES		NA	NA	NA

	PROFIT BEFORE TAX, DEPRECIATION AND PROVISION FOR INCOME TAX		39.674	37.121	31.194

Less/ Add	DEPRECIATION/ AMORTISATION		3.691	3.240	NA

	PROFIT BEFORE TAX		35.983	33.881	31.194

Less	TAX		11.872	11.215	NA

	PROFIT AFTER TAX		24.111	22.666	30.352

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.781	1.843	NA

Less	APPROPRIATIONS
		Interim Dividend	2.005	1.604	NA
		Corporate tax on interim Dividend	0.325	0.266	NA
		Proposed Dividend	2.005	1.604	NA
		Corporate tax on proposed Dividend	0.325	0.254	NA
		General Reserve	19.500	19.000	NA
	BALANCE CARRIED TO THE B/S		1.732	1.781	1.843

	TOTAL EARNINGS IN FOREIGN CURRENCY		468.798	291.087	241.923

	Earnings Per Share (Rs.)		30.06	28.26	25.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.51	2.41	3.73

Net Profit Margin (PBT/Sales)	(%)	3.75	3.60	3.83

Return on Total Assets (PBT/Total Assets}	(%)	8.23	8.03	7.88

Return on Investment (ROI) (PBT/Networth)		0.24	0.26	0.28

Debt Equity Ratio (Total Debt /Networth)		0.57	0.62	0.58

Current Ratio (Current Asset/Current Liability)		2.04	1.87	1.69

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	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	No
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)	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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
From directors/share holders/relatives	22.350	15.800
Deferred Liabilities	4.682	7.887
Total	27.032	23.687

FIXED ASSETS:

Land with Development
Land for Wind Farm
Building
Furniture and Fixtures
Electric Installation
Plant and Machinery
Material Handling Equipments
D.G. Sets
Tools and Implements
Testing Equipment
Motor and Vehicles
Office Equipments
Data Processing Machine
Wind Power Project
Computer Software
Goodwill

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. 57.89
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.78

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.

66.675

131.361

165.979

0.340

37.337

401.692

159.366

35.083

2.797

197.246

204.446

2.51

3.75

8.23

0.24

0.57

2.04

Unit