MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	ELECTRO ZAVOD (INDIA) PRIVATE LIMITED
Registered Office :	19/1 B, Keyatala Road, Kolkata - 700029, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.06.1973
Com. Reg. No.:	21-028846
Capital Investment / Paid-up Capital :	Rs. 4.185 Millions
CIN No.: [Company Identification No.]	U31200WB1973PTC028846
TAN No.: [Tax Deduction & Collection Account No.]	CALE00158E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Specialised Engineering Equipments for Materials Handling Industries as well as Trading of Spare Parts.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 830000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payment terms 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 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 that 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=NSIC
Rating	Care MSE Rating: SE1A
Rating Explanation	Highest performance capability and high financial strength.

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 DECLINED BY

Name :	Mr. D. Basu
Contact No.:	91-33-71011900
Date :	21.08.2014

LOCATIONS

Registered Office :	19/1 B, Keyatala Road, Kolkata – 700029, West Bengal, India
Tel. No.:	91-33-24640156/ 3831/ 24635403
Fax No.:	91-33-24640103
E-Mail :	zavod@vsnl.com admin@electrozavod.com
Corporate Office / Factory:	Sankrail Industrial Park, Dhulagarh, P.O Kanduah, District Howrah – 711302, West Bengal, India
Tel. No.:	91-33-26295100/44
Fax No.:	91-33-26616296

DIRECTORS

AS ON 25.09.2013

Name :

Ms. Jayashree Jayakar Mohanka

Designation :

Director

Address :

5B, Maruti Sadan, 12 Dover Park, Kolkata-700019, West Bengal, India

Date of Birth/Age :

24.10.1959

Date of Appointment :

01.01.1996

Voder ID No.:

LFB/1003391

DIN No.:

00662973

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	Company/ LLP Status	Defaulting status
1	U31200WB1973PTC028846	ELECTRO ZAVOD(INDIA) PRIVATE LIMITED	Director	01-01-1996	01-01-1996	Active	NO
2	U65993WB1996PTC076681	BENTEX FIN PRIVATE LIMITED	Director	04-04-2005	04-04-2005	Active	NO
3	U65993WB1992PTC055221	ORACLE FINVEST AND CONSULTANTS PRIVATE LIMITED	Director	10-04-2006	10-04-2006	Active	NO
4	U27109WB1964PTC026160	MECHANICAL MACHINERY MAKERS PRIVATE LIMITED	Director	19-09-2009	15-09-2009	Active	NO

Name :

Mr. Abraham Paulraj

Designation :

Director

Address :

202 (25A), Deshbandhu Road, Jadavpur, Kolkata-700032, West Bengal, India

Date of Birth/Age :

28.11.1949

Date of Appointment :

01.01.1996

Voder ID No.:

WB/18/108/408018

DIN No.:

00662610

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	Company/ LLP Status	Defaulting status
1	U31200WB1973PTC028846	ELECTRO ZAVOD(INDIA)PVT LTD	Director	01-01-1996	01-01-1996	Active	NO
2	U27109WB1964PTC026160	MECHANICAL MACHINERY MAKERS PRIVATE LIMITED	Director	15-03-1999	15-03-1999	Active	NO
3	U32109WB1999PTC089057	MC TECHNOCRATS PRIVATE LIMITED	Director	04-05-2001	04-05-2001	Amalgamated	NO
4	U51909WB2004PTC098648	ADHUNIK COMMERCIAL PRIVATE LIMITED	Director	08-02-2007	08-02-2007	Amalgamated	NO

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
Savitri Devi Mohanka	8205
Jayashree J. Mohanka	2980
Anant Mohanka	11815
Bentex Fin Private Limited	1900
Oracle Finvest and Consultant Private Limited, India	2200
Anant Mohanka	14749
Virgos International Private Limited, India	5
Total	41854

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	9.81
Directors or relatives of Directors	90.19
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Specialised Engineering Equipments for Materials Handling Industries as well as Trading of Spare Parts.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Indian Overseas Bank, Ballygunge Park Road Branch, 22, Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Banking Relations :	--
Auditors :
Name :	Krishna Kumar and Company Chartered Accountant
Address :	13, Crooked Lane, 4^th Floor, Kolkata-700069, West Bengal, India
Tel. No.:	91-33-22488617/5377
PAN No.:	AAHFK2658P

CAPITAL STRUCTURE

AS ON 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41854	Equity Shares	Rs.100/- each	Rs.4.185 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.185	4.185	4.185
(b) Reserves & Surplus	205.732	173.574	134.149
(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)	209.917	177.759	138.334
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.736	3.294	2.097
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.736	3.294	2.097
(4) Current Liabilities
(a) Short term borrowings	28.500	0.000	0.000
(b) Trade payables	127.599	126.796	130.066
(c) Other current liabilities	18.617	34.064	20.717
(d) Short-term provisions	13.407	20.907	13.125
Total Current Liabilities (4)	188.123	181.767	163.908
TOTAL	402.776	362.820	304.339
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.919	89.808	66.946
(ii) Intangible Assets	0.109	0.218	0.880
(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	7.534	12.243	12.304
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.139	0.902	1.413
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	96.701	103.171	81.543
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.662	54.165	34.008
(c) Trade receivables	136.055	119.765	134.383
(d) Cash and cash equivalents	57.625	59.663	31.469
(e) Short-term loans and advances	5.924	2.404	6.624
(f) Other current assets	40.809	23.652	16.312
Total Current Assets	306.075	259.649	222.796
TOTAL	402.776	362.820	304.339

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	306.014	394.663	372.366
		Other Income	6.221	3.347	3.187
		TOTAL	312.235	398.010	375.553
Less	EXPENSES
		TOTAL	266.330	336.265	331.056
	PROFIT/(LOSS) BEFORE TAX		45.905	61.745	44.497
Less	TAX		13.747	22.320	14.409A
	PROFIT/(LOSS) AFTER TAX		32.158	39.425	30.088
	F.O.B. VALUE OF EXPORTS		0.761	1.488	NA
	Earnings Per Share (Rs.)		768.34	941.98	729.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.30	9.91	8.01
Net Profit Margin (PBT/Sales)	(%)	15.00	15.64	11.95
Return on Total Assets (PBT/Total Assets}	(%)	11.61	17.61	15.24
Return on Investment (ROI) (PBT/Networth)		0.22	0.35	0.32
Debt Equity Ratio (Total Debt /Networth)		0.14	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.63	1.43	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	4.185	4.185	4.185
Reserves & Surplus	134.149	173.574	205.732
Net worth	138.334	177.759	209.917
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	28.500
Total borrowings	0.000	0.000	28.500
Debt/Equity ratio	0.000	0.000	0.136

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	372.366	394.663	306.014
		5.988	(22.462)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	372.366	394.663	306.014
Profit	30.088	39.425	32.158
	8.08%	9.99%	10.51%

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	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90253260	12/10/2011 *	97,500,000.00	INDIAN OVERSEAS BANK	BALLYGUNGE PARK ROAD BRANCH, 22, BALLYGUNGE PARK ROAD, KOLKATA, WEST BENGAL - 700019, INDIA	B25869967

* Date of charge modification

CORPORATE INFORMATION

The company is a private limited incorporated under the Companies Act, 1956 in the year 1973. The company is mainly engaged in the manufacturing of Specialised Engineering Equipments for Materials Handling Industries as well as Trading of Spare Parts.

REVIEW OF OPERATION:

During the year, the Company has earned revenue from operations of Rs.306.014 Millions as compared to Rs.394.663 Millions during the previous year and other income of Rs.6.221 Millions as compared to Rs.3.347 Millions during the previous year. The net profit for the year has been Rs.32.158 Millions against Rs. 39.425 during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company in material handling equipment industry.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
From Related Parties
From Body Corporate	28.500	0.000
Total	28.500	0.000

FIXED ASSETS:

· Land

· Flat

· Testing Equipment

· Fire Protection Equipment

· Water Treatment Equipment

· Air Conditioner

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

· 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 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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.