MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	TRANSFIX (INDIA) PRIVATE LIMITED [w.e.f. 09.02.2010]
Formerly Known As :	CAHORS ELECTRICALS (INDIA) PRIVATE LIMITED
Registered Office :	E-90, Ranjangaon MIDC, Taluka Shirur, Pune-412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.10.2007
Com. Reg. No.:	25-130901
Capital Investment / Paid-up Capital :	Rs. 280.064 Millions
CIN No.: [Company Identification No.]	U32109PN2007PTC130901
TAN No.: [Tax Deduction & Collection Account No.]	PNEC07431E
PAN No.: [Permanent Account No.]	AADCC1941J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Electric Goods.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Even though the company was incorporated in the year 2007, it started its commercial operation from December 2011. Management of the company has failed to file its financial for the year 2013 with the government department. As per the financial of 2012, there appears accumulated loss recorded by the company. However, the networth of the company seems to be good. No external borrowings are recorded by the company. Trade relation are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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.

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.

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 DENIED BY

Name :	Mr. Mahesh
Designation :	HR Head
Contact No.:	91-2138-612000
Date :	11.01.2014

LOCATIONS

Registered Office/ Factory :	E-90, Ranjangaon MIDC, Taluka Shirur, Pune-412208, Maharashtra, India
Tel. No.:	91-20-30261703
Fax No.:	91-20-30261712
E-Mail :	uday.mane@groupe-cahors.in
Website :	http://www.group-cahors.com
Communication:	Plot No. 109, Office No. 401 and 402, Lunkad Sky Station, Viman Nagar, Pune – 411 014, Maharashtra, India
Tel. No.:	91-20-30261704
Fax. No:	91-20-30261712

DIRECTORS

As on: 29.12.2012

Name :	Mr. Michel Andre Pierre Hibon
Designation :	Director
Address :	696 Chemin N Du Pont De Champagne, Cahors-46000, France
Date of Birth/Age :	24.05.1950
Date of Appointment :	15.10.2009
DIN No.:	01403834
Name :	Philippe Alain Gerard Claude Rostain
Designation :	Director
Address :	53 Rue De Lechiquies, Paris – 75010, France
Date of Birth/Age :	01.06.1943
Date of Appointment :	15.10.2009
DIN No.:	01404663
Name :	Pierre Raymond Rene Willams
Designation :	Director
Address :	Bungalow No.311, Kumar City, Kalyani Nagar, Pune – 411014, Maharashtra, India
Date of Birth/Age :	25.01.1970
Date of Appointment :	23.10.2009
DIN No.:	02810486
Name :	Gregory Stephen Flyn
Designation :	Director
Address :	Bunglow No. 3/8, Kumar City, Kalyaninagar, Pune-410014, Maharashtra, India
Date of Birth/Age :	26.12.1970
Date of Appointment :	01.08.2011
DIN No.:	02860916
Name :	Mr. Francoise Brigitte Genevieve Bacqueyrisses Gacs
Designation :	Director
Address :	157, Boulevard George, 5 Talence, France – 033400
Date of Birth/Age :	25.06.1945
Date of Appointment :	08.06.2012
DIN No.:	05293089
Name :	Mr. Philippe Bourrieres
Designation :	Director
Address :	38, Rue Arnaud Beraldy, Pradines, France – 46090
Date of Birth/Age :	20.02.1955
Date of Appointment :	08.06.2012
DIN No.:	05293132
Name :	Mr. Jean Bertrand Andre Bacqueyrisses
Designation :	Director
Address :	22, Ave Pierre, Brossolette, LE, Bouscat, France – 033110
Date of Birth/Age :	12.05.1948
Date of Appointment :	08.06.2012
DIN No.:	05297247

KEY EXECUTIVES

Name :	Mr. Mahesh
Designation :	HR Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.12.2012

Names of Shareholders	No. of Shares
Marc Gilles Andre Simon	9999
Kurup Sasidharan Mundantavita	1
Societe Nouvelle Transfix, France	37365068
Total	37375068

Equity Share Break up (Percentage of Total Equity)

As on: 29.12.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Electric Goods.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	S N J and Company Chartered Accountants
Address :	Office: # 25, Manisha Terrace,1^st Floor, 2A, Moledina Road, Camp, Opposite SGS Mall , Pune-411001, Maharashtra, India
PAN No.:	AACFJ1826D
Holding company :	· Societe Nouvelle Transfix

CAPITAL STRUCTURE

After: 29.12.2012

Authorised Capital : Rs.402.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.401.210 Millions

As on: 29.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37375068	Equity Shares	Rs.10/- each	Rs. 373.751 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28006439	Equity Shares	Rs.10/- each	Rs. 280.064 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	280.064	154.943
(b) Reserves & Surplus	(3.778)	(1.620)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	53.363	48.129
Total Shareholders’ Funds (1) + (2)	329.649	201.452
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	4.923	0.000
(c) Other current liabilities	11.091	9.893
(d) Short-term provisions	0.165	0.090
Total Current Liabilities (4)	16.179	9.983
TOTAL	345.828	211.435
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	110.138	48.958
(ii) Intangible Assets	0.094	0.281
(iii) Capital work-in-progress	183.302	122.800
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.101	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.484	0.483
Total Non-Current Assets	294.119	172.522
(2) Current assets
(a) Current investments	0.000	23.186
(b) Inventories	26.762	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	5.333	9.115
(e) Short-term loans and advances	1.388	3.388
(f) Other current assets	18.226	3.224
Total Current Assets	51.709	38.913
TOTAL	345.828	211.435

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.636
2] Share Application Money		48.328
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.650)
NETWORTH		78.314
LOAN FUNDS
1] Secured Loans		32.000
2] Unsecured Loans		0.000
TOTAL BORROWING		32.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		110.314
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.669
Capital work-in-progress		22.109
INVESTMENT		57.265
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.024
	Other Current Assets	0.000
	Loans & Advances	0.884
Total Current Assets		1.908
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.570
	Other Current Liabilities	0.156
	Provisions	0.395
Total Current Liabilities		1.121
Net Current Assets		0.787
MISCELLANEOUS EXPENSES		0.484
TOTAL		110.314

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		0.000	0.000
		Other Income		0.000	0.000
		TOTAL	0.835	0.000	0.000
Less	EXPENSES
		TOTAL	3.093	0.353	0.206
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		Including depreciation	(0.353)	(0.206)
Less/ Add	DEPRECIATION/ AMORTISATION			0.617	0.264
	PROFIT / (LOSS) BEFORE TAX		(2.258)	(0.970)	(0.470)
Less	TAX		(0.101)	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(2.157)	(0.970)	(0.470)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.620)	(0.650)	(0.180)
	BALANCE CARRIED TO THE B/S		(3.777)	(1.620)	(0.650)
	Earnings / (Loss) Per Share (Rs.)		(0.06)	(0.06)	(0.15)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(258.32)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.40)	(1.09)	(1.49)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)	(0.01)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.41
Current Ratio (Current Asset/Current Liability)		3.20	3.90	1.70

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
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	No
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

Note: No Charges Exist for Company

FIXED ASSETS:

· Land

· Furniture and Fixtures

· Computer

· Equipments

· Vehicles

· Computer 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 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. 61.53
UK Pound	1	Rs. 100.73
Euro	1	Rs. 83.83

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.