MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	SHASHI ENGICON PRIVATE LIMITED
Registered Office :	D-84, Krishna Niwas Jhotwara Road, Bani Park, Jaipur – 302016, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.10.1996
Com. Reg. No.:	17-012737
Capital Investment / Paid-up Capital :	Rs. 1.800 Millions
CIN No.: [Company Identification No.]	U45201RJ1996PTC012737
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in Manufacture, Export and Supply of Relays, Lighting Assets, Lighting Spares, Electrical Components and Lighting Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 35000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

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 BY

Name :	Mr. Omprakash Sharma
Designation :	Manager
Contact No.:	91-141-2379509
Date :	23.12.2014

LOCATIONS

Registered Office :	D-84, Krishna Niwas Jhotwara Road, Bani Park, Jaipur – 302016, Rajasthan, India
Tel. No.:	91-141-2379509
Fax No.:	91-141-2363706
E-Mail :	rahulsharma@sashiengicon.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dinesh Chandra Sharma

Designation :

Director

Address :

D-84, Krishna Niwas Jhotwara Road, Bani Park, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

26.03.1953

Date of Appointment :

11.10.1996

DIN No.:

00269688

Oher 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	U14101RJ1984PTC003013	SHREE KRISHNA DAYAL PRIVATE LIMITED	Director	26-05-84	26-05-84	04-04-13	Active	NO
2	U45201RJ1996PTC012737	SHASHI ENGICON PRIVATE LIMITED	Director	11-10-96	11-10-96	-	Active	NO

Name :

Mr. Rahul Sharma

Designation :

Director

Address :

D-84, Krishna Niwas Jhotwara Road, Bani Park, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

04.10.1973

Date of Appointment :

30.06.2006

DIN No.:

00269721

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	U45201RJ1996PTC012737	SHASHI ENGICON PRIVATE LIMITED	Director	30-09-06	22-02-06	-	Active	NO
2	U45201RJ2012PTC038636	ADR BUILDWELL PRIVATE LIMITED	Director	20-04-12	20-04-12	-	Active	NO
3	U70101RJ2013PTC042716	RATASH INFRALAND PRIVATE LIMITED	Director	29-05-13	29-05-13	-	Active	NO

Name :

Mr. Shashi Sharma

Designation :

Director

Address :

D-84, Krishna Niwas Jhotwara Road, Bani Park, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

17.08.1957

Date of Appointment :

11.10.1996

DIN No.:

00430556

KEY EXECUTIVES

Name :	Mr. Omprakash Sharma
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Dinesh Chandra Sharma	87699
San Mohan Sharma	300
Shashi Sharma	71100
Rahul Sharma	300
Kirti Sharma	20300
Mulanjulika Sharma	300
Harish Chandra Sharma	1
Total	180000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in Manufacture, Export and Supply of Relays, Lighting Assets, Lighting Spares, Electrical Components and Lighting Products.

Products :

Item Code No. (ITC Code)	Product Description
2035	Industrial Machines and Bearing

v Lighting Assets

v Lighting Spares

v Electrical Components

v Lighting Products.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

GENERAL INFORMATION

Suppliers :

v Alstom T& D India Limited, Chennai

v Areva T&D India Limited, Howrah

v Areva T&D India Limited, Naini

v Damini Engineers

v Delta Fine Security Service Private Limited, India

v Dev Industries

v Dusad Electricals

v El‐Tronics, Jaipur

v Govind Associates

v India Electric Works, St.Rd Jp

v Indra Enterprises,Vkia,Jpr

v Ishwar Metal Industries

v Jaipur Trilor Service

Customers :

TN‐4412

v ACOS AVVNL ALWAR‐4412

v ACOS AVVNL JAHLAWAR‐4412

v ACOS JPDC JVVNLJAIPUR‐4412

v ACOS JVVNL BHARTUPUR‐4412

TN‐751

TN‐753

v ACOS AVVNL BANSWARA ‐753

v ACOS AVVNL AJMER ‐753

v ACOS AVVNL BHILWARA ‐753

v ACOS AVVNL CHITTORGARH‐753

TN‐754

v ACOS AVVNL BANSWARA‐754

v ACOS AVVNL BHILWARA‐754

v ACOS AVVNL CHITTORGARH‐754

v ACOS AVVNL JHUNJHUNU‐754

TN‐756

v ACOS AVVNL CHITTORGARH‐756 - 5 83,172.00 583,172.00

v ACOS AVVNL RAJSAMAND ‐756 - 1 ,809,936.00 1,809,936.00

v ACOS AVVNL SIKAR‐756 - 1 ,792,269.00 1,792,269.00

v ACOS AVVNL UDAIPUR‐756

Others

v BHARAT HEAVY ELECTRICALS LIMITED, INDIA

v CHAMBAL FERTILESERS &CHEMICALS LIMITED, INDIA

v EXE.ENGG.220 KVGSS RRVPNL BHIWADI

No. of Employees :

Not Divulged

Bankers :

Banker Name	UCO Bank
Branch Address	Johari Bazar Branch, Jaipur – 302001, Rajasthan, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Secured Loans	0.238	1.790
SHORT TERM BORROWINGS
Overdraft from UCO Bank(C.C.A/C 68842) (Against hypothecation of stock and debtors)	29.902	36.267
Total	30.140	38.057

Auditors :
Name :	R Seth and Associates Chartered Accountant
Address :	203, Suryodaya Apartment, F-72, Subhash Marg, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-0141-2223621, 2223631
E-Mail :	mail@rsethca.com
PAN No.:	AAEFR4661G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Related Parties :	v Selmore Electricals v M/S Selmore

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180000	Equity Shares	Rs.10/- each	Rs. 1.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.800	1.800	1.800
(b) Reserves & Surplus	10.557	5.256	4.414
(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)	12.357	7.056	6.214
(3) Non-Current Liabilities
(a) long-term borrowings	19.831	4.213	4.855
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	19.831	4.213	4.855
(4) Current Liabilities
(a) Short term borrowings	31.302	39.867	8.588
(b) Trade payables	27.907	40.977	18.274
(c) Other current liabilities	5.345	4.927	1.575
(d) Short-term provisions	0.072	0.489	0.062
Total Current Liabilities (4)	64.626	86.260	28.499
TOTAL	96.814	97.529	39.568
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.951	4.889	5.025
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.013	0.013	0.013
(c) Deferred tax assets (net)	0.081	0.118	0.118
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.045	5.020	5.156
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.828	9.256	6.395
(c) Trade receivables	63.516	73.400	19.017
(d) Cash and cash equivalents	12.777	2.212	2.139
(e) Short-term loans and advances	5.550	6.871	6.478
(f) Other current assets	1.098	0.770	0.383
Total Current Assets	90.769	92.509	34.412
TOTAL	96.814	97.529	39.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Operation and Other Income	254.353	103.446	61.456
		TOTAL	254.353	103.446	61.456
Less	EXPENSES
		TOTAL	238.957	99.586	58.213
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		15.396	3.860	3.243
Less	FINANCIAL EXPENSES		6.941	1.847	1.801
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.455	2.013	1.442
Less/ Add	DEPRECIATION/ AMORTISATION		0.802	0.734	0.870
	PROFIT BEFORE TAX		7.653	1.279	0.572
Less	TAX		2.351	0.437	0.118
	PROFIT AFTER TAX		5.302	0.842	0.454
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.051	4.414	3.960
	BALANCE CARRIED TO THE B/S		10.353	5.256	4.414
	Earnings Per Share (Rs.)		29.46	4.68	2.52

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.08	0.81	0.74
Operating Profit Margin (PBITD/Sales)	(%)	6.05	3.73	5.28
Return on Total Assets (PBT/Total Assets}	(%)	7.91	1.31	1.45
Return on Investment (ROI) (PBT/Networth)		0.62	0.18	0.09
Debt Equity Ratio (Total Debt /Networth)		4.14	6.25	2.16
Current Ratio (Current Asset/Current Liability)		1.40	1.07	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.800	1.800	1.800
Reserves & Surplus	4.414	5.256	10.557
Net worth	6.214	7.056	12.357
long-term borrowings	4.855	4.213	19.831
Short term borrowings	8.588	39.867	31.302
Total borrowings	13.443	44.080	51.133
Debt/Equity ratio	2.163	6.247	4.138

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	61.456	103.446	254.353
		68.325	145.880

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	61.456	103.446	254.353
Profit	0.454	0.842	5.302
	0.74%	0.81%	2.08%

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	Yes
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	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 LOAN

(Rs. In Million)

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Unsecured Loans	19.593	2.423
SHORT TERM BORROWINGS
From Shareholders and relatives	1.400	3.600
Total	20.993	6.023

OPERATIONS

The Company achieved good profits during current year and it also increased its turnover in comparison to earlier year. However the directors are not interested to recommend any dividend during this year.

FUTURE PROSPECTS

The company is hopeful for better results during forthcoming years, since it has good orders in hand. The directors are confident about good long-term prospects.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10451764	09/09/2013	5,000,000.00	UCO Bank	Johari Bazar Branch, Jaipur, Rajasthan - 302001, INDIA	B86046257
2	10178699	13/10/2009	2,500,000.00	UCO BANK	JOHARI BAZAR, JAIPUR, Rajasthan - 302003, INDIA	A70938733
3	90070283	12/02/2013 *	45,000,000.00	UCO BANK	JOHARI BAZAR BRANCH, JAIPUR, Rajasthan - 302001, INDIA	B71064869
4	90066857	11/10/2002 *	105,000.00	U.C.O. BANK	JOHARI BAZAR, JAIPUR, Rajasthan, INDIA	-

* Date of charge modification

FIXED ASSETS

v Land

v Factory building

v Plant and machinery

v Dies

v Office

v Cycle

v Computer

v Camera, etc.

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.63.44
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.