MIRA INFORM REPORT

Report Date :

08.08.2014

IDENTIFICATION DETAILS

Name :	REMI ELEKTROTECHNIK LIMITED [w.e.f November 2009]
Formerly Known As :	RAJENDRA ELECTRICAL INDUSTRIES LIMITED
Registered Office :	Plot No. 11, Cama Industrial Estate, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.04.1988
Com. Reg. No.:	11-047157
Capital Investment / Paid-up Capital :	Rs. 48.650 Millions
CIN No.: [Company Identification No.]	L51900MH1988PLC047157
TAN No.: [Tax Deduction & Collection Account No.]	MUMR13939C
PAN No.: [Permanent Account No.]	AAACR2578P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of electrical motors and laboratory equipments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition,

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: (CARE) BBB-
Rating Explanation	Moderate degree of Safety Moderate Credit Risk
Date	24.12.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: (CARE) A3
Rating Explanation	Moderate degree of Safety Higher Credit Risk
Date	24.12.2013

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-40589800)

LOCATIONS

Registered Office :	Plot No. 11, Cama Industrial Estate, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-40589888 / 40589800
Fax No.:	91-22-40589890 / 26852335 / 26850888 / 3868
E-Mail :	vsyer@remigroup.com remigroup@bom4.vsnl.net.in sales@remilabworld.com motors@remigroup.com compliance@remigroup.com rei_igrd@remigroup.com
Website :	http://www.remigroup.com www.labsequipment.com
Area :	10000
Location :	Owned
Factory 1 :	Survey No. 65/1, Naaikpada, Village Waliv, Vasai (East), District – Thane, Mumbai-401208, Maharashtra, India
Tel. No.:	91-250-6456181/88
Fax No.:	91-250-2454493
Area :	60000
Location :	Owned
Factory 2/Corporate Office:	Instruments Division, 3^rd Floor, 11, Cama Industrial Estate, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-40589888
Fax No.:	91-22-40589890/ 26850888
E-Mail :	sales@remilabworld.com
Branches :	Located at : · Ahmedabad · Bangalore · Chennai · Goa · New Delhi · Hyderabad · Indore · Kanpur · Kolkata · Kochi · Nagpur

DIRECTORS

As on: 31.03.2013

Name :

Mr. Vishwambhar C. Saraf

Designation :

Chairman cum Managing Director

Address :

D-84, Tahnee Heights, 66, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.08.1939

Date of Appointment :

01.01.2013

DIN No.:

00161381

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	L28920MH1970PLC014746	REMI EDELSTAHL TUBULARS LIMITED	Director	26-12-1980	26-12-1980	-	Active	NO
2	L28920MH1974PLC017683	REMI PROCESS PLANT AND MACHINERY LIMITED	Director	19-11-1983	19-11-1983	-	Active	NO
3	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Managing director	01-01-2013	31-10-1991	-	Active	NO
4	L27100GJ1993PLC020358	RMG ALLOY STEEL LIMITED	Whole-time director	01-05-2008	29-04-2003	15-11-2008	Active	NO
5	U74999MH2008NPL181789	TAHNEE HEIGHTS CLUB	Director	30-04-2008	30-04-2008	-	Active	NO
6	U51109MH2008PTC189093	MAGNIFICENT TRADING PRIVATE LIMITED	Director	22-12-2008	22-12-2008	-	Active	NO

Name :

Mr. Rajendra C. Saraf

Designation :

Director

Address :

D-74, Tahnee Heights, 66, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

02.08.1954

Date of Appointment :

31.10.1991

DIN No.:

00161412

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	L28920MH1970PLC014746	REMI EDELSTAHL TUBULARS LIMITED	Director	04-09-1976	04-09-1976	-	Active	NO
2	L28920MH1974PLC017683	REMI PROCESS PLANT AND MACHINERY LIMITED	Managing director	01-04-2013	19-11-1983	-	Active	NO
3	L74999MH1999PLC013394	PUDUMJEE INDUSTRIES LIMITED	Director	31-12-1990	31-12-1990	-	Active	NO
4	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Director	31-10-1991	31-10-1991	-	Active	NO
5	L27100GJ1993PLC020358	RMG ALLOY STEEL LIMITED	Director	01-11-2008	29-04-2003	07-02-2013	Active	NO
6	U51109MH2008PTC189092	CALPLUS TRADING PRIVATE LIMITED	Director	22-12-2008	22-12-2008	-	Active	NO
7	U21010PN2004PLC021212	PUDUMJEE HYGIENE PRODUCTS LIMITED	Additional director	28-02-2014	28-02-2014	-	Active	NO

Name :

Mr. Sunil Saraf

Designation :

Whole-time Director

Address :

1803 C Wing, Lakshachand Heights Krishnavatika Marg, Gokuldham Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

06.03.1959

Date of Appointment :

01.10.2013

DIN No.:

00157244

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	U65990MH1977PTC019622	RAJENDRA FINANCE PRIVATE LIMITED	Director	04-09-2001	04-09-2001	-	Active	NO
2	U85190MH1984PLC033731	REMI INSTRUMENTS LIMITED	Whole-time director	01-11-2001	01-11-2001	-	Amalgamated	NO
3	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Whole-time director	01-10-2013	31-01-2007	-	Active	NO

Name :

Mr. Shyam Jatia

Designation :

Director

Address :

Jatia House 38 Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra India

Date of Birth/Age :

16.08.1952

Date of Appointment :

20.09.2009

DIN No.:

00049457

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	L74999MH1999PLC013394	PUDUMJEE INDUSTRIES LIMITED	Managing director	01-04-2012	11-01-1980	31-08-2013	Active	NO
2	U74999MH1965PTC013257	CHEM MACH PRIVATE LIMITEDN	Director	09-04-1985	09-04-1985	-	Active	NO
3	U01122WB1987PTC042037	MANJU VIDHAN AGRICULTURE PVT LTD	Director	18-03-1987	18-03-1987	-	Active	NO
4	U65990MH1988PTC049323	SUMA COMMERCIAL PRIVATE LIMITED	Director	06-10-1990	06-10-1990	29-10-2013	Active	NO
5	U65900MH1990PTC059114	APPOSITE TRADING PRIVATE LIMITED	Managing director	01-10-2013	26-11-1990	-	Active	NO
6	U65993PN1991PLC062635	PUDUMJEE INVESTMENT AND FINANCE COMPANY LTD	Director	24-07-1991	24-07-1991	31-08-2013	Active	NO
7	U65990MH1994PTC077782	GELID COMMERCIAL PRIVATE LIMITED	Director	19-04-1994	19-04-1994	01-10-2013	Active	NO
8	U01122PN1994PLC021609	PUDUMJEE PLANT LABORATORIES LIMITED	Director	21-04-1994	21-04-1994	31-08-2013	Active	NO
9	U30007MH2004PLC147380	FUJISAN TECHNOLOGIES LIMITED	Director	08-07-2004	08-07-2004	30-09-2013	Active	NO
10	U21010PN2004PLC021212	PUDUMJEE HYGIENE PRODUCTS LIMITED	Director	18-11-2004	18-11-2004	31-08-2013	Active	NO
11	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Director	20-03-2009	20-03-2009	-	Active	NO
12	U65993PN2011PLC141027	PUDUMJEE HOLDING LIMITED	Director	11-10-2011	11-10-2011	02-09-2013	Active	NO
13	U65990MH1990PTC059029	CHEERFUL COMMERCIAL PRIVATE LIMITED	Director	20-05-2013	20-05-2013	-	Active	NO

Name :

Mr. Ashish Kanodia

Designation :

Director

Address :

B9-10 Ekta Apartment 2^nd Floor, LBS Marg, Mulund, Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

05.12.1972

Date of Appointment :

20.03.2009

DIN No.:

02591999

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	U23010MH1991PTC062034	VIRAJ FUELS PRIVATE LIMITED	Director	13-06-2003	13-06-2003	-	Strike off	NO
2	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Director	20-03-2009	20-03-2009	-	Active	NO
3	U67120MH1996PTC100671	GREEN FINANCIAL SERVICES PRIVATE LIMITED	Director	28-12-2010	28-12-2010	-	Active	NO
4	U74999MH2006PTC164025	NANO MINPRO PRIVATE LIMITED	Director	15-03-2012	15-03-2012	20-02-2013	Active	NO
5	U51101MH2011PTC214077	PRADHVI MULTITRADE PRIVATE LIMITED	Additional director	03-12-2012	03-12-2012	28-01-2013	Active	NO

Name :

Mr. Mahendra Chirawawala

Designation :

Director

Address :

31 B Carmi Chael Road, Bhagwati Bhawan, Ground Floor, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

25.03.1946

Date of Appointment :

20.03.2009

DIN No.:

00340658

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	U51900MH1986PTC040757	SANGHVI BROTHERS TRADING PVT. LTD.	Whole-time director	28-08-1986	28-08-1986	-	Active	NO
2	U51900MH2000PTC127915	MMA EXIM INDIA PRIVATE LIMITED	Director	26-07-2000	26-07-2000	-	Active	NO
3	U92140MH2004PTC148110	COURTYARD LEISURE PRIVATE LIMITED	Director	28-03-2006	28-03-2006	-	Active	NO
4	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Director	20-03-2009	20-03-2009	-	Active	NO

Name :

Mr. Harkishan Zaveri

Designation :

Director

Address :

Flat No.: 2103 21 Flr Odyssey II, Hiranandani Garden Powai Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

15.01.1939

Date of Appointment :

20.03.2009

DIN No.:

00401107

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	U36911MH2004PTC070903	PRAHAR JEWELLERY IMPEX PVT LTD	Managing director	30-09-2004	30-09-2004	-	Active	NO
2	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Director	20-03-2009	20-03-2009	-	Active	NO

Name :

Mr. Ritvik Saraf

Designation :

Whole-time Director

Address :

D-84, Tahnee Heights, 66, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.01.1986

Date of Appointment :

01.11.2012

DIN No.:

01638851

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	L28920MH1970PLC014746	REMI EDELSTAHL TUBULARS LIMITED	Whole-time director	01-04-2009	01-07-2007	-	Active	NO
2	U51109MH2008PTC189092	CALPLUS TRADING PRIVATE LIMITED	Director	22-12-2008	22-12-2008	-	Active	NO
3	L51900MH1988PLC047157	REMI ELEKTROTECHNIK LIMITED	Whole-time director	01-11-2012	30-10-2009	-	Active	NO
4	U36910MH2005PTC154930	AURA REALFINVEST PRIVATE LIMITED	Additional director	10-12-2010	10-12-2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2014

Category	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1346730	27.68
Bodies Corporate	1661234	34.15
Any Others (Specify)	463296	9.52
Trusts	463296	9.52
Sub Total	3471260	71.35
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3471260	71.35
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1382200	28.41
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Millions	11540	0.24
Sub Total	1393740	28.65
Total Public shareholding (B)	1393740	28.65
Total (A)+(B)	4865000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	4865000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of electrical motors and laboratory equipments.

Products :

Product Description	Item Code No. (ITC Code)
Electric Motors	850110.02
Laboratory Equipments	841899

· H.P. Motors

· Laboratory Stirrers

· BOD Incubators

· Environmental Test Chambers

· Rotary Shakers

· Blood Bank Refrigerators

· High Speed Centrifuges

· Laboratory and Blood Banking instruments

· A.C Fans and D C Fans, Solar Fans

· Electric Motors and Geared Motors

· Stainless Steel Welded / Seamless Pipes and Tubes

· Industrial Agitators and Mixers

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Electrical Motors	Nos.	83000	78894
Laboratory Instruments	Nos.	--	32571

GENERAL INFORMATION

Customers :

· Tamil Nadu Medical Services, Chennai, Tamil Nadu

· United Nations Office for Project Services, (UNOPS), New Delhi

· National Chemical Laboratory, Pune, Maharashtra

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Industrial Finance Branch, 2nd Floor, The Arcade, World trade Centre, Cuff Parade, Mumbai - 400005, Maharashtra, India

· Small Industries Development Bank of India, 11-13, Atlanta, 209, V.K. Shah Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

· Dena Bank, Versova Branch, Bombay - 400058, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans: From State Bank of India (secured by equitable mortagage of the company’s immovable property situated at Vasai hypothecation of Stocks of Raw Materials, Stock in Process, Finish Goods, Stores and Spares and Book Debts and all other Current Assets, and further guaranteed by two of the Directors) (Repayable is 55 monthly installment of Rs.8,80,000/- each. And 5 installment of Rs.9,80,000/- each. Total number of installments -60, applicable rate of interest- 15.50% p.a.)	N.A	1.323
Vehicle Loans: From Reliance Capital Limited (secured against hypothecation of the Vehicle purchased from such loans and repayable in EMI of Rs. 15,850/-each (including interest). Total number of installments- 36, applicable rate of interest- 12% p.a.)	N.A	0.047
From Kotak Mahindra Prime Limited (secured against hypothecation of the Vehicle purchased from such loans and repayable in EMI of Rs. 15,828/-each (including interest). Total number of installments- 35, applicable rate of interest- 12.60% p.a.)	N.A	N.A
From HDFC Bank Limited (secured against hypothecation of the Vehicle purchased from such loans and repayable in EMI of Rs. 34,895/-each (including interest). Total number of installments- 36, applicable rate of interest- 12% p.a.)	N.A	0.691
SHORT TERM BORROWINGS
From State Bank of India Cash Credit Facility Repayable on Demand (Secured by equitable mortagage of the Company’s immovable property situated at Andheri, Mumbai and at Vasai, hypothecation of Stocks of Raw materials, Stock in Process, Finished Goods, Stores and Spares and Book Debts and all other Current Assets, and further guaranteed by two of the Directors)	N.A	279.852
Total	N.A	281.913

Banking Relations :	---
Auditors :
Name :	Sundarlal Desai and Kanodia Chartered Accountant
Address :	903, Arcadia, NCPA Road, 195, Nariman Point, Mumbai- 400021, Maharashtra, India
Tel. No.:	91-22-2283-2801/2288154
Fax No.:	91-22-2282 3889
E-Mail :	sdkca89@yahoo.com
Associates : (As on: 31.03.2013)	· Bajrang Finance Limited · Remi Process Plant and Machinery Limited · Calplus Trading Private Limited · Hanuman Forging and Engineering Private Limited
Relatives of Key Management Personnel :	· Rajendra Electric Motor Industries

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital : Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 48.650 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4865000	Equity Shares	Rs.10/- each	Rs. 48.650 Millions

(a) Terms/Rights Attached to Equity Shares:

The company has only one class of equity shares having par value of Rs. 10. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian Rupees. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

In the event of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Details of Shareholders Holding more than 5% Shares of the Company:

Sr. No	Name of the Shareholder	No. of Shares as on 31.03.2013
	Remi Securities Limited	389124
	Fulidevi Saraf Family Trust	462988
	Rishabh R. Saraf	500110
	Vishwambharlal Chiranjilal H.U.F.	550000
	Bajrang Finance Limited	1144640
	Hanuman Forging and Engineering Private Limited	1000900
	Hanuman Freight and Carriers Private Limited	--

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (Audited)	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.650	48.650	48.650
(b) Reserves & Surplus	650.292	606.251	550.060
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	698.942	654.901	598.710
(3) Non-Current Liabilities
(a) long-term borrowings	153.556	40.879	162.920
(b) Deferred tax liabilities (Net)	16.595	12.755	12.816
(c) Other long term liabilities	23.615	0.152	134.033
(d) long-term provisions	3.886	3.500	2.978
Total Non-current Liabilities (3)	197.652	57.286	312.747
(4) Current Liabilities
(a) Short term borrowings	182.412	279.852	109.975
(b) Trade payables	90.144	116.322	79.276
(c) Other current liabilities	71.939	35.214	35.690
(d) Short-term provisions	8.587	11.575	3.088
Total Current Liabilities (4)	353.082	442.963	228.029
TOTAL	1249.676	1155.150	1139.486
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	231.376	151.271	157.463
(ii) Intangible Assets	0.000	1.950	2.047
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.448	0.448	0.448
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.278	6.584	26.385
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	237.102	160.253	186.343
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	671.582	603.847	743.678
(c) Trade receivables	260.935	214.718	178.884
(d) Cash and cash equivalents	29.071	111.998	2.119
(e) Short-term loans and advances	50.693	64.161	28.310
(f) Other current assets	0.293	0.173	0.152
Total Current Assets	1012.574	994.897	953.143
TOTAL	1249.676	1155.150	1139.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	857.541	1052.767	656.829
		Other Income	2.103	2.776	3.100
		TOTAL	859.644	1055.543	659.929
Less	EXPENSES
		Cost of Materials Consumed	433.077	399.884	401.921
		Purchases of Stock-in-Trade	19.828	24.644	14.753
		Purchase of Property Development	77.698	74.869	63.674
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(58.717)	132.729	(162.288)
		Employees benefits expense	76.199	70.558	63.980
		Job Work Charges	89.537	0.000	0.000
		Other expenses	119.773	229.369	195.848
		TOTAL	757.395	932.053	577.888
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		102.249	123.490	82.041
Less	FINANCIAL EXPENSES		23.744	29.667	34.511
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		78.505	93.823	47.530
Less/ Add	DEPRECIATION/ AMORTISATION		13.170	10.394	9.755
	PROFIT BEFORE TAX		65.335	83.429	37.775
Less	TAX		21.294	27.238	12.458
	PROFIT AFTER TAX		44.041	56.191	25.317
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	39.770	15.791
	IMPORTS
		Imports of goods on CIF Basis	NA	9.688	5.276
	Earnings Per Share (Rs.)		9.05	11.55	5.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	5.12	5.32	3.84
Net Profit Margin (PBT/Sales)	(%)	7.62	7.92	5.75
Return on Total Assets (PBT/Total Assets}	(%)	5.23	7.23	3.32
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.06
Debt Equity Ratio (Total Debt /Networth)		0.48	0.49	0.46
Current Ratio (Current Asset/Current Liability)		2.87	2.25	4.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	48.650	48.650	48.650
Reserves & Surplus	550.060	606.251	650.292
Net worth	598.710	654.901	698.942
long-term borrowings	162.920	40.879	153.556
Short term borrowings	109.975	279.852	182.412
Total borrowings	272.895	320.731	335.968
Debt/Equity ratio	0.456	0.490	0.481

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	656.829	1052.767	857.541
		60.280	(18.544)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	656.829	1052.767	857.541
Profit	25.317	56.191	44.041
	3.85%	5.34%	5.14%

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	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	Yes
17]	Major suppliers	No
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	No
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Inter corporate Deposit from Others	N.A	29.084
Inter corporate Deposit from Related Parties	N.A	6.766
Deferred Sales Tax Liabilities	N.A	2.968
Total	N.A	38.818

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10385839	20/09/2012	450,000,000.00	State Bank Of India	INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CU FFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA	B61863882
2	10366922	09/07/2012	450,000,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA	B44301422
3	10367108	14/06/2012	642,200,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFF PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA	B44300754
4	10309758	12/08/2011	53,300,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI- 400005, MAHARASHTRA, INDIA	B22361513
5	80002515	10/09/2012 *	192,200,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, THE ARCADE,, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI- 400005, MAHARA SHTRA, INDIA	B57809113

* Date of charge modification

COMPANY PROFILE

Remi Elektrotechnik Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is an engineering company primarily engaged in manufacturing of electrical motors and laboratory equipments. The company is also developing commercial real estate property at Andheri (West), Mumbai. The Company is listed on BSE.

OPERATIONS:

The sales of the products of the Company during the year are less due to stiff competition and the recessional trend. The increases in the input cost and the loss of business in international bid for domestic supply of laboratory instruments have also contributed to the reduced net sales. Profit for the year has also gone down as a consequence.

The Company has already developed new type of laboratory products which are generally imported in the country and upgraded existing laboratory products as new models. It has also planned to start production of Flame Proof Motors and Mounton Gear Boxes. These will reflect in the profitability of the current financial year 2012-13.

FIXED ASSETS

· Lease Hold Land

· Lease Hold Land

· Staff Quarters

· Factory Building (A)

· Factory Building (V)

· Plant and Machinery

· Moulds, and Dies

· Electric Installation

· Office Equipments

· Furniture and Fixture

· Air Conditioner

· Motor Car

· Computer

· Computer Software

· Goodwill A/c

· Fire extinguisher

· Testing Equipments

· Borewell

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.60.24
UK Pound	1	Rs.101.92
Euro	1	Rs.80.69

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	KAR
Report Prepared by :	HIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.