MIRA INFORM REPORT

Report Date :

16.01.2014

IDENTIFICATION DETAILS

Name :	SIGNET PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No. 16/16A, N-5, South Sector, CIDCO, Aurangabad – 431003, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.12.1999
Com. Reg. No.:	11-122876
Capital Investment / Paid-up Capital :	Rs.5.928 Millions
CIN No.: [Company Identification No.]	U51909MH1999PTC122876
Legal Form :	Private Limited Liability Company
Line of Business :	Designing, erection and commissioning of utility power sector such as meter, transformer etc.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating reflect the company’s below-average financial risk profile, marked by an average capital structure and below-average debt protection metrics, modest scale of operations, and large working capital requirements. However, trade relations are fair. Business is active. Payment terms are 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: B
Rating Explanation	Risk prone credit quality and high risk at default.
Date	03.01.2013

Rating Agency Name	CRISIL
Rating	Short term rating: A4
Rating Explanation	Minimal degree at safety and very high credit risk.
Date	03.01.2013

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 31-03-2012.

INFORMATION PARTED BY

Name :	Vaidehi Narendra Korde
Designation :	Director
Contact No.:	91-9970001351
Date :	15.01.2014

LOCATIONS

Registered Office :	Plot No. 16/16A, N-5, South Sector, CIDCO, Aurangabad – 431003, Maharashtra, India
Tel. No.:	91-240-2476849
Mobile No.:	91-9970001351 (Vaidehi Narendra Korde)
Fax No.:	Not Available
E-Mail :	amcon.mumbai@amcount.com korde.vaidehi@signetproducts.in
Website :	www.signetproducts.in
Area :	4,000 sq ft
Location :	Owned
Branch :	P T Gera Centre, Office No 301, 5th Floor, Dhole Patil Road, Bund Garden, Pune – 411001, Maharashtra, India
Tel. No.:	91- 20-66836200
Area :	3,000 sq ft
Location :	Owned
Pune Office:	Flat No.: 202, Neetu Maya Cooperative Housing Society, Plot No. 292, Down, German Bakery Lane, Koregaon, Pune – 411001, Maharashtra, India
Dombivali Office:	RL – 2, Milap Nagar, MIDC Dombivali (East), District : Thane - – 421203, Maharashtra, India
Tel. No.:	91-251-2472510

DIRECTORS

As on 30.09.2013

Name :

Vaidehi Narendra Korde

Designation :

Director

Address :

6, Valentina Society, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

14.09.1977

Date of Appointment :

08.12.2002

DIN No.:

02649961

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	U51909MH1999PTC122876	SIGNET PRODUCTS PRIVATE LIMITED	Director	08/12/2002	08/12/2002	-	Active	NO
2	U51505PN2009PTC134456	NIPKO ENGINEERING SERVICES PRIVATE LIMITED	Director	10/08/2009	10/08/2009	-	Active	NO
3	U51909PN2010PTC137470	BIZSOL TRADING AND SERVICES PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO
4	U29100PN2012PTC144682	FEZCO FASTENERS PRIVATE LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO
5	AAB-5722	NIPKO ENTERPRISES LLP	Designated Partner	07/06/2013	07/06/2013	-	Active	NO

Name :

Mr. Achyut Nagorao korde

Designation :

Director

Address :

3 Shriram Nagar, Jawahar Colony, Aurangabad – 431005, Maharashtra, India

Date of Birth/Age :

07.10.1940

Date of Appointment :

08.12.2002

DIN No.:

00644231

Name :

Mr. Narendra Achyutrao Korde

Designation :

Director

Address :

Bunglow - 6, Plot - 322, Valentina Co-operative Housing Society, Noth Main Road, Opposite Central Bank, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

21.07.1968

Date of Appointment :

02.12.1999

DIN No.:

01779086

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	U51909MH1999PTC122876	SIGNET PRODUCTS PRIVATE LIMITED	Director	02/12/1999	02/12/1999	-	Active	NO
2	U31200MH2003PTC141034	MEDIATORS POWER DISTRIBUTION NETWORK PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
3	U31101PN2007PTC130788	J K ELECTROTECH PRIVATE LIMITED	Director	03/10/2007	03/10/2007	-	Active	NO
4	U51505PN2009PTC134456	NIPKO ENGINEERING SERVICES PRIVATE LIMITED	Director	10/08/2009	10/08/2009	-	Active	NO
5	U74900PN2010PTC137222	TRIMITI INFRASTRUCTURE PRIVATE LIMITED	Director	27/08/2010	27/08/2010	22/11/2011	Active	NO
6	U29304PN2010PTC137469	SILVERLINE ELECTRICAL ENGINEERING PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO
7	AAB-5722	NIPKO ENTERPRISES LLP	Designated Partner	07/06/2013	07/06/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Narendra Achyutrao Korde	58600
Achyut Nagorao korde	10
Vaidehi Narendra Korde	670
Total	59280

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Designing, erection and commissioning of utility power sector such as meter, transformer etc.
Exports :
Products :	Meter and Transformer
Countries :	South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit (30 Days – 45 Days)

GENERAL INFORMATION

Suppliers :

Name:	L Star Metering Private Limited
Address:	Mumbai, Maharashtra, India
Tel No.:	91-22-67579000
Mobile No.:	91-7738076415
Contact Person Name:	Mr. Jadgish Markande

Customers :

Government Body’s

Name:	Mansi Electricals
Address:	Aurangabad, Maharashtra, India
Contact Person Name:	Mr. Shirish Despande
Mobile No.:	91-94222207283
Remark:	He rated company as very good.

No. of Employees :

60 (Approximately)

Bankers :

· ING Vysya Bank Limited, 928, Mantri Centre, F.C. Road, Pune - 411004, Maharashtra, India

· State Bank of India, Commercial Branch, 1548/A,Sadashiv Peth, Tilak Road, Pune - 411030, Maharashtra, India

· IDBI Bank Limited, F C Road Branch, Shivaji Nagar, Pune - 411004, Maharashtra, India

· Standard Chartered Bank, B 2 Cerelerum I T Park, Kumar City, Vadgaon Sheri, Kalyani Nagar, Pune - 411014, Maharashtra, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· UTI Bank Limited, Aurangabad, Maharashtra, India

· UCO BankPune Camp Branch, 79, M. G. Road,, Pune - 411001, Maharashtra, India

Facilities :

Fund Non Fund Total: Rs.140.000 Millions

Banking Relations :	--
Auditors :
Name :	Gokhale Tanksale and Ghatpande Chartered Accountants
Address :	221, Siddharth Towers, S No. 12/3 B, Sangam Press Road, Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25469793
Mobile No.:	91-9890213000
E-Mail :	nrcoffice@glgca.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFG4275H
Associates/Subsidiaries :	Nipko Engineering Services Private Limited Address: Koregaon, Pune, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2013

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
59280	Equity Shares	Rs.10/- each	Rs. 5.928 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	5.928	5.928	5.928
(b) Reserves & Surplus	87.178	40.239	31.237
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	5.000	5.000	0.000
Total Shareholders’ Funds (1) + (2)	98.106	51.167	37.165
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.754	1.490	1.336
(c) Other long term liabilities	71.866	75.735	55.013
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	73.620	77.225	56.349
(4) Current Liabilities
(a) Short term borrowings	69.921	47.650	39.273
(b) Trade payables	19.438	30.256	20.698
(c) Other current liabilities	23.167	27.128	9.128
(d) Short-term provisions	1.105	0.732	11.125
Total Current Liabilities (4)	113.631	105.766	80.224
TOTAL	283.357	234.158	173.738
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.165	50.617	50.898
(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	0.051	0.051	0.051
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.522	50.177	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	83.738	100.845	50.949
(2) Current assets
(a) Current investments	0.000	0.000	11.251
(b) Inventories	17.938	11.830	4.522
(c) Trade receivables	79.611	78.644	89.117
(d) Cash and cash equivalents	12.833	12.086	0.373
(e) Short-term loans and advances	0.000	0.000	17.526
(f) Other current assets	91.237	30.753	0.000
Total Current Assets	201.619	133.313	122.789
TOTAL	285.357	234.158	173.738

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	356.318	185.892
		Other Income	7.601	8.801
		TOTAL (A)	363.919	194.693	139.153
Less	EXPENSES
		Purchase of stock in trade	249.925	139.330
		Changes in inventories	(6.108)	(7.308)
		Employee Benefit Expenses	12.582	8.147
		Other Expenses	14.137	19.867
		TOTAL (B)	270.536	160.036	127.655 (Including Financial Expenses and Depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		93.383	34.657
Less	FINANCIAL EXPENSES (D)		22.154	16.426
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.229	18.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.790	5.134
	PROFIT BEFORE TAX (E-F) (G)		65.439	13.097	11.498
Less	TAX (H)		18.500	4.095	3.520
	PROFIT AFTER TAX (G-H) (I)		46.939	9.002	7.978
	Earnings Per Share (Rs.)		791.82	151.85	134.00

Expected Sales (2013-2014): Rs.450.000 Millions

The above information has been parted by Vaidehi Narendra Korde (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.90	4.62	5.73
Net Profit Margin (PBT/Sales)	(%)	18.37	7.05	NA
Return on Total Assets (PBT/Total Assets}	(%)	23.01	5.59	6.62
Return on Investment (ROI) (PBT/Networth)		0.67	0.26	0.31
Debt Equity Ratio (Total Debt /Networth)		0.71	0.93	1.06
Current Ratio (Current Asset/Current Liability)		1.77	1.26	1.53

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10351332	30/03/2012	25,000,000.00	ING VYSYA BANK LIMITED	928, MANTRI CENTRE, F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA	B38059168
2	10154510	02/03/2012 *	140,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1548/A, SADASHIV PETH, TILAK ROAD, PUNE, MAHARASHTRA - 411030, INDIA	B36499465

* Date of charge modification

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.61.59
UK Pound	1	Rs.101.09
Euro	1	Rs.83.99

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	KVT

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.