MIRA INFORM REPORT

Report Date :

21.06.2014

IDENTIFICATION DETAILS

Name :	DAGA POWER SYSTEMS AND ENGINEERS PRIVTE LIMITED
Registered Office :	32, Ezra Street, TR No – 505, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.2003
Com. Reg. No.:	21-095634
Capital Investment / Paid-up Capital :	Rs.7.300 Millions
CIN No.: [Company Identification No.]	U40105WB2003PTC095634
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Earthing Strips, Cable Lugs, Cable Trays
No. of Employees :	150 (Approximately) (Office + Factory)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 84300
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. External borrowings of the company seems to be increasing compare to previous year. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution. Note: profit and loss account for the year 2013 is not available from government department.

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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Hemanshu Daga
Designation :	Director
Contact No.:	91-9903127058
Date :	16.06.2014

LOCATIONS

Registered Office :	32, Ezra Street, TR No – 505, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22353120
Mobile No.:	91-9903127058
Fax No.:	Not Available
E-Mail :	md@gugapowergroup.com
Website :	http://www.dpsecabletrays.com
Factory 1 :	Jalan Complex, Gate No.3, Village beniara, Post Begri, PS. Domjur, Howrah – 711411, West Bengal, India

DIRECTORS

As on: 28.09.2013

Name :

Mr. Manak Chand Daga

Designation :

Managing Director

Address :

9A, Chowringhee Terrace, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

08.08.1966

Date of Appointment :

09.01.2003

PAN No.:

AGQPD7082B

DIN No.:

01009232

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	U40105WB2003PTC095634	DAGA POWER SYSTEMS & ENGINEERS PRIVATE LIMITED	Managing director	09/01/2003	09/01/2003	-	Active	NO
2	U45208WB2010PTC140878	SHREEVIM INFRA PROJECTS PRIVATE LIMITED	Director	11/01/2010	11/01/2010	-	Active	NO

Name :

Mr. Himanshu Daga

Designation :

Director

Address :

32, Prince Anwar Shah Road, South City, Tower No – 2, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

30.01.1991

Date of Appointment :

30.01.2012

DIN No.:

05170980

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	U45208WB2010PTC140878	SHREEVIM INFRA PROJECTS PRIVATE LIMITED	Director	30/12/2011	30/12/2011	-	Active	NO
2	U40105WB2003PTC095634	DAGA POWER SYSTEMS & ENGINEERS PRIVATE LIMITED	Director	30/01/2012	30/01/2012	-	Active	NO

Name :

Mr. Harsh Daga

Designation :

Director

Address :

9A, Chowringhee Terrace, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

28.06.1987

Date of Appointment :

03.12.2005

DIN No.:

01009293

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	U40105WB2003PTC095634	DAGA POWER SYSTEMS & ENGINEERS PRIVATE LIMITED	Director	03/12/2005	03/12/2005	-	Active	NO
2	U45208WB2010PTC140878	SHREEVIM INFRA PROJECTS PRIVATE LIMITED	Director	30/12/2011	30/12/2011	-	Active	NO

Name :

Mrs. Sarojdevi Sethia

Designation :

Director

Address :

29, Cantonment, Shillong - 793001, Meghalaya, India

Date of Birth/Age :

18.10.1954

Date of Appointment :

09.01.2003

DIN No.:

01109022

Name :

Ms. Sarita Devi Daga

Designation :

Director

Address :

9A, Chowringhee Terrace, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

16.05.1968

Date of Appointment :

09.01.2003

DIN No.:

01009236

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	U40105WB2003PTC095634	DAGA POWER SYSTEMS & ENGINEERS PRIVATE LIMITED	Director	09/01/2003	09/01/2003	-	Active	NO
2	U45208WB2010PTC140878	SHREEVIM INFRA PROJECTS PRIVATE LIMITED	Director	11/01/2010	11/01/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2013

Names of allotters	No. of Shares
Zigma Electricals Private Limited, Kolkata, India	48000
A. K. Construction Private Limited, Kolkata, India	100000
Vivek Barter Private Limited, Kolkata, India	48000
Bhiksu Barter Private Limited, Kolkata, India	12000
Sunhill Vincom Private Limited, Kolkata, India	32000
RSKT Trading Private Limited, Kolkata, India	28000
Sarojini Vinimay Private Limited, Kolkata, India	60000
Mangal Murti Enclave Private Limited, Kolkata, India	148000
Nikhil Holdings Private Limited, Kolkata, India	80000
Astonish Financers Private Limited, Kolkata, India	20000
Total	576000

As on: 28.09.2013

Names of Shareholders	No. of Shares
Harsh Daga	64500
Manak Chand Daga	142500
Manak Chand Daga (Huf)	25000
M.C. Bucha	20000
Sarita Devi Daga	100000
Saroj Devi Sethia	10000
Nim Finance And Investment Private Limited, India	13000
Mangalam Sanitary Private Limited, India	15000
Maheshwari Merchants Private Limited, India	30000
Jamvant Trading Private Limited, India	40000
Jagriti Trade Services Private Limited, India	10000
Goodworth Investments Private Limited, India	10000
Sharp Investments Private Limited, India	10000
Ujjala Fisical Services Private Limited, India	10000
Abhinav Trading Private Limited, India	80000
Alpha Agencies Private Limited, India	70000
Rover Radelinks Private Limited, India	20000
Skylight Agencies Private Limited, India	20000
Nikhil Holdings Private Limited, India	40000
Total	730000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2013

Category	Percentage
Bodies corporate	50.41
Directors or relatives of directors	49.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Farthing Strips, Cable Lugs, Cable Trays
Products :	Perforated Cable Trays Ladder type Cable Trays Cable Lugs Cable Glands Cable Tray Accessories GI Strips Ear thing Pipes Inline Connectors
Exports :
Products :	Farthing Strips Cable Lugs Cable Trays
Countries :	Oman Singapore
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	150 (Approximately) (Office +Factory)
Bankers :	Vijaya Bank, Brabourne Road Branch, 1, R N Mukherjee Road, Kolkata – 700001, West Bengal, India
Facilities :	Total - Rs. 34.500 Millions

Banking Relations :	--
Auditors :
Name :	Rajkumar Kothari And Company Chartered Accountants
Address :	32, Ezra Street, Kolkata – 700001, West Bengal, India
Tel. No.:	Not Available
PAN No.:	AAGFR8858M
Sister concern:	Shreevim Infra Projects Private Limited,

CAPITAL STRUCTURE

As on: 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
730000	Equity Shares	Rs.10/- each	Rs.7.300 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	7.300	7.300	5.000
(b) Reserves & Surplus	13.792	12.502	2.469
(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)	21.092	19.802	7.469
(3) Non-Current Liabilities
(a) long-term borrowings	67.518	19.065	16.146
(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)	67.518	19.065	16.146
(4) Current Liabilities
(a) Short term borrowings	1.031	52.060	35.886
(b) Trade payables	13.995	7.472	19.655
(c) Other current liabilities	22.915	19.868	10.721
(d) Short-term provisions	(1.674)	2.286	1.778
Total Current Liabilities (4)	36.267	81.686	68.040
TOTAL	124.877	120.553	91.655
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.443	28.485	23.936
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.406	0.724	0.329
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.849	29.209	24.265
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.618	6.035	16.572
(c) Trade receivables	52.205	24.093	15.357
(d) Cash and cash equivalents	1.091	0.851	0.743
(e) Short-term loans and advances	9.993	36.483	21.033
(f) Other current assets	27.121	23.882	13.685
Total Current Assets	100.028	91.344	67.390
TOTAL	124.877	120.553	91.655

Particulars	31.03.2014	31.03.2013	31.03.2012
Sales Turnover (Approximately)	200.000	150.000	130.000

The above information has been parted by Mr. Hemanshu Daga (Director)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	3.25	3.59	6.97
Current Ratio (Current Asset/Current Liability)	2.76	1.12	0.99

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	5.000	7.300	7.300
Reserves & Surplus	2.469	12.502	13.792
Net worth	7.469	19.802	21.092
long-term borrowings	16.146	19.065	67.518
Short term borrowings	35.886	52.060	1.031
Total borrowings	52.032	71.125	68.549
Debt/Equity ratio	6.966	3.592	3.250

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	130.000	150.000	200.000
		15.385	33.333

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	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	No
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)	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	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

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loans
From Banks	27.709	19.065
From Other Parties	36.972	0.000
Other Loans and Advances	2.837	0.000
SHORT TERM BORROWINGS:
Other loans and advances	1.031	52.060
Total	68.549	71.125

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10336951	31/10/2013 *	34,563,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B89966246
2	10261453	21/12/2010	3,390,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B03458999
3	10198739	22/01/2010	2,242,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI - 400021, MAHARASHTRA, INDIA	A78246931
4	10012320	29/12/2010 *	15,200,000.00	VIJAYA BANK	BRABOURNE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B04106886

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 records 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] 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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	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		28

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.