MIRA INFORM REPORT

Report Date :

14.06.2014

IDENTIFICATION DETAILS

Name :	MAHA ACTIVE ENGINEERS INDIA PRIVATE LIMITED
Registered Office :	202, Arth Complex, Adalat Road, Aurangabad – 431001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.07.2006
Com. Reg. No.:	11-162943
Capital Investment / Paid-up Capital :	Rs. 84.101 Millions
CIN No.: [Company Identification No.]	U45201MH2006PTC162943
TAN No.: [Tax Deduction & Collection Account No.]	NSKM05292A
PAN No.: [Permanent Account No.]	AAECM7279A
Legal Form :	Private Limited Liability Company
Line of Business :	Service Providers of EPC services in power transmission and distribution and also provide complete power evacuation solutions for solar and wind power generation.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 748000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operational activities during financial year 2013. However, trade relations are fair. Business is active. Payment terms are 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 :	Mr. Rajendra Poojary
Designation :	Accounts Department
Contact No.:	91-240-2324171
Date :	12.06.2014

LOCATIONS

Registered Office :	202, Arth Complex, Adalat Road, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2324171 / 2338170
Mobile No.:	91-9545457006 (Ms. LB Kulkarni)
Fax No.:	91-240-2338170 / 232417
E-Mail :	sunilvidolkar@yahoo.co.in administration@mahaactiveindia.com accounts_mahaactive@rediffmail.com
Website :	http://www.mahaactiveindia.com

DIRECTORS

s

AS ON 30.09.2013

Name :

Mr. Sunil Vasudeorao Vidolkar

Designation :

Managing director

Address :

36, Malhar Sarang Society,Gajanan Maharaj, Mandir Road,Garkheda, Aurangabad, Maharashtra, India

Date of Birth/Age :

15.06.1968

Date of Appointment :

21.08.2006

PAN No. :

AALPV4562B

DIN No. :

00637803

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	U45201MH2006PTC162943	MAHA ACTIVE ENGINEERS INDIA PRIVATE LIMITED	Managing director	21/08/2006	03/07/2006	-	Active	NO

Name :

Mrs. Vanita Sunil Vidolkar

Designation :

Director

Address :

36, Malhar Sarang Society,Gajanan Maharaj, Mandir Road,Garkheda, Aurangabad, Maharashtra, India

Date of Birth/Age :

27.08.1962

Date of Appointment :

30.03.2007

PAN No. :

ADBPV9142Q

DIN No. :

00637961

Name :

Mrs. Neeta Sudhir Vidolkar

Designation :

Director

Address :

Flat No.4, Plot No.16 A, Suyog Apartments, Samadhan Colony, Aurangabad, 431001, Maharashtra, India

Date of Birth/Age :

27.08.1968

Date of Appointment :

03.07.2006

PAN No. :

ADBPV9143R

DIN No. :

00656190

Name :

Mr. Sagar Sunil Vidolkar

Designation :

Director

Address :

Malhar Plot No.36, Sarang CHS Gajanan Mahraj Mandir, Aurangabad, 431005, Maharashtra, India

Date of Birth/Age :

27.07.1987

Date of Appointment :

30.09.2013

PAN No. :

AENPV5093H

DIN No. :

03518375

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	U45201MH2006PTC162943	MAHA ACTIVE ENGINEERS INDIA PRIVATE LIMITED	Director	30/09/2013	01/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra Poojary
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Sunil Vasudeorao Vidolkar	3257500
Vanita Sunil Vidolkar	2958000
Neeta Sudhir Vidolkar	744500
Rajani Vasudeorao Vidolkar	90000
Sagar Sunil Vidolkar	990000
Renu Sunil Vidolkar	240000
Apurova Sunil Vidolkar	40000
Lata Enggineering and Infra, India	10
Anil D. Aglawe	10
Kanjalkar L.K	10
Mohanpurkar U.S	10
R.N. Tonge	10
Manchewar Balaprasad Nathrao	90010
	0
Total	8410060

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	1.19
Directors or relatives of Directors	98.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Providers of EPC services in power transmission and distribution and also provide complete power evacuation solutions for solar and wind power generation.
Terms :
Selling :	Cash, Advance Payment, Cheque and Credit
Purchasing :	Cash, Advance Payment, Cheque and Credit

GENERAL INFORMATION

Customers :

· MSFTCL

· DCL

· Silent Senitals

· Sterlite

· Superintending Engineer (Infra Plan)

· Superintending Engineer

· Asia Brown Boveri Limited

· Bharat Heavy Electricals Limited ( E and C )

No. of Employees :

250 (Approximately)

Bankers :

· Axis Bank Limited, Sakar Building, Adalat Road, Kranti Chowk, Aurangabad - 431001, Maharashtra, India

· Janata Sahakari Bank Limited, Pune Aurangabad Branch, Opp. Gomtesh Market, Dalalwadi, Aurangabad - 431001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	2.465	3.479
SHORT TERM BORROWINGS
Rupee term loans from banks	106.898	77.060
Total	109.363	80.539

Banking Relations :	--
Auditors :
Name :	Joshi Kulkarni and Associates Chartered Accountants
Address :	Jaswand Aptartment, Rana Nagar, Disha Shrushti, Opposite Atithi Hotel, Aurangabad, Maharashtra, India
PAN No.:	AHFPG0665B

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,410,060	Equity Shares	Rs.10/- each	Rs. 84.101 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	84.101	82.701	77.900
(b) Reserves & Surplus	102.803	118.353	116.132
(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)	186.904	201.054	194.032
(3) Non-Current Liabilities
(a) long-term borrowings	7.510	7.873	2.783
(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	1.632	6.848	10.849
Total Non-current Liabilities (3)	9.142	14.721	13.632
(4) Current Liabilities
(a) Short term borrowings	109.036	77.060	138.791
(b) Trade payables	36.294	33.738	138.814
(c) Other current liabilities	7.874	34.164	81.105
(d) Short-term provisions	1.081	379.522	261.416
Total Current Liabilities (4)	154.285	524.484	620.126
TOTAL	350.331	740.259	827.790
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.539	37.608	40.262
(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	0.519	3.540	2.240
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.006	0.006	0.006
(e) Other Non-current assets	0.099	0.197	0.318
Total Non-Current Assets	36.163	41.351	42.826
(2) Current assets
(a) Current investments	23.986	20.150	51.234
(b) Inventories	54.349	32.415	6.424
(c) Trade receivables	122.987	604.880	642.603
(d) Cash and cash equivalents	15.125	2.234	37.637
(e) Short-term loans and advances	0.650	0.732	0.688
(f) Other current assets	97.071	38.497	46.378
Total Current Assets	314.168	698.908	784.964
TOTAL	350.331	740.259	827.790

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue From Operations	272.473	350.460	1,075.768
	Other Income
	TOTAL	272.473 [Market Fluctuation]	350.460	1,075.768
Less	EXPENSES
	TOTAL	278.213 [Including Depreciation]	344.112	965.690
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.348	110.078
Less/ Add	DEPRECIATION/ AMORTISATION		2.594	1.751
	PROFIT/ (LOSS) BEFORE TAX	(5.740)	3.754	108.327
Less	TAX	0.000	1.534	36.556
	PROFIT/ (LOSS) AFTER TAX	(5.740)	2.220	71.771
	Earnings / (Loss) Per Share (Rs.)	0.68	--	--

Particulars	31.03.2014
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Rajendra Poojary.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	(2.11)	1.07	10.07
Return on Total Assets \(PBT/Total Assets}	(%)	(1.64)	0.51	13.12
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.01	0.55
Debt Equity Ratio (Total Debt /Networth)		0.62	0.42	0.73
Current Ratio (Current Asset/Current Liability)		2.04	1.33	1.27

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	77.900	82.701	84.101
Reserves & Surplus	116.132	118.353	102.803
Net worth	194.032	201.054	186.904
long-term borrowings	2.783	7.873	7.510
Short term borrowings	138.791	77.060	109.036
Total borrowings	141.574	84.933	116.546
Debt/Equity ratio	0.730	0.422	0.624

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)
Revenue From Operations	1,075.768	350.460	272.473
		(67.422)	(22.253)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue From Operations	1,075.768	350.460	272.473
Profit After Tax	71.771	2.220	(5.740)
	6.67%	0.63%	(2.11%)

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%	Yes
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	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	5.045	4.394
SHORT TERM BORROWINGS
Loans and advances from others	2.138	0.000
Total	7.183	4.394

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10286929	07/04/2011	250,000,000.00	AXIS BANK LIMITED	SAKAR BUILDING, ADALAT ROAD, KRANTI CHOWK, AURANGABAD - 431001, MAHARASHTRA , INDIA	B12890109
2	10275739	18/05/2013 *	250,000,000.00	AXIS BANK LIMITED	SAKAR BUILDING, ADALAT ROAD, KRANTI CHOWK, AURANGABAD - 431001, MAHARASHTRA , INDIA	B77184984
3	10197875	08/01/2010	467,000.00	JANATA SAHAKARI BANK LIMITED PUNE	AURANGABAD BRANCH, OPP. GOMTESH MARKET, DALALWADI, AURANGABAD - 431001, MAHARASHTRA, INDIA	A77767671
4	10089445	13/02/2007	320,000.00	JANATA SAHAKARI BANK LIMITED PUNE	OPPOSITE GOMTESH MARKET, NEW GULMANDI ROAD, AURANGABAD - 431001, MAHARASHTRA, INDIA	A16247645

* Date of charge modification

FINANCIAL PERFORMANCE

Particulars 2012-2013 2011-2012 Rs. in Millions Rs. in Millions Gross Revenue from operations 272.473, 350.460 Net Profit / (Loss) before Tax (5.740), 3.754 Less: Provision for Taxation 0.000, 1.534 Profit after Tax (5.740) 2.220 The Gross Revenue from operations of the company during the year under review has gone down from Rs. 350.460 Millions in the previous year to Rs. 272.473 Millions in the current year. The company has incurred a loss of Rs.5.740 Millions during the year as compared to the profit of Rs.3.754 Millions in the previous year.

FIXED ASSETS

· Land

· Buildings

· Office building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Computer equipments

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SNT

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	3
--PROFITABILIRY	1~10	--
--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	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		26

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.