MIRA INFORM REPORT

Report Date :

28.06.2014

IDENTIFICATION DETAILS

Name :	SECMEC CONSULTANTS PRIVATE LIMITED
Registered Office :	601, B-Wing, Godrej Coliseum, Off Eastern Express Highway, Chunabhatti, Sion, Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.04.2010
Com. Reg. No.:	11-202561
Capital Investment / Paid-up Capital :	Rs.9.100 Millions
CIN No.: [Company Identification No.]	U74900MH2010PTC202561
TAN No.: [Tax Deduction & Collection Account No.]	MUMS66824C
PAN No.: [Permanent Account No.]	AAOCS2086B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Consultancy Services.
No. of Employees :	Not Available

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low reserves and slight dip in profit as compared to previous year. However, trade relation 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 – 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.

LOCATIONS

Registered Office :	601, B-Wing, Godrej Coliseum, Off Eastern Express Highway, Chunabhatti, Sion, Mumbai – 400022, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dhavalashar@rathi.com

DIRECTORS

AS ON 21.09.2013

Name :

Mr. Amit Anand Rathi

Designation :

Director

Address :

284-15, Kalpataru Horizon, S. K. Ahire Marg Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

07.10.1974

Date of Appointment :

29.04.2010

DIN No.:

00029791

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	Company/ LLP Status	Defaulting status
1	U67120MH1996PLC100108	ANAND RATHI FINANCIAL SERVICES LIMITED	Managing director	03-03-09	13-01-98	Active	NO
2	U80903MH2000PTC126030	AR TRUSTEE COMPANY PRIVATE LIMITED	Director	20-04-00	20-04-00	Active	NO
3	U65990MH1996PTC096553	GERARD VIEGASFINVEST PRIVATE LIMITED	Director	12-09-01	12-09-01	Active	NO
4	U67190MH1982PLC140380	ANAND RATHI GLOBAL FINANCE LIMITED	Director	19-11-01	19-11-01	Active	NO
5	U67120MH1992PLC066006	ANAND RATHI INSURANCE BROKERS LIMITED	Director	06-02-03	06-02-03	Active	NO
6	U67120MH1991PLC064107	ANAND RATHI COMMODITIES LIMITED	Director	20-08-03	20-08-03	Active	NO
7	U51909MH2004PTC150348	ANAND RATHI COMMODITIES INTERNATIONAL PRIVATE LIMITED	Director	31-12-04	31-12-04	Active	NO
8	U67120MH1995PLC086696	AR VENTURE FUNDS MANAGEMENT LIMITED	Director	18-03-05	18-03-05	Active	NO
9	U45400MH2007PTC171383	EMERALD BUILDING AND CONSTRUCTION PRIVATE LIMITED	Director	07-06-07	07-06-07	Active	NO
10	U45400MH2007PTC171829	Garnet Building and Construction Private Limited	Director	20-06-07	20-06-07	Active	NO
11	U66030MH2008PLC178031	ANAND RATHI REINSURANCE BROKERS LIMITED	Director	21-01-08	21-01-08	Strike off	NO
12	U72900MH2008PTC186431	SAPPHIRE HUMAN SOLUTIONS PRIVATE LIMITED	Director	02-09-08	02-09-08	Active	NO
13	U65999MH2009PLC192316	ANAND RATHI WEALTH ADVISORS LIMITED	Director	11-05-09	11-05-09	Active	NO
14	U17100MH1987PLC043579	ANAND RATHI ADVISORS LIMITED	Whole-time director	20-06-13	03-11-09	Active	NO
15	U74900MH2010PTC202561	SECMEC CONSULTANTS PRIVATE LIMITED	Director	29-04-10	29-04-10	Active	NO
16	U93000MH2011NPL212695	PUSHPALATA RATHI FOUNDATION	Director	25-01-11	25-01-11	Active	NO

Name :

Mr. Vishal Jugalkishor Laddha

Designation :

Director

Address :

401A, Ayushi Co-operative Housing Society Limited, 248 JB Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

23.05.1971

Date of Appointment :

29.04.2010

DIN No.:

00033628

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	U17100MH1987PLC043579	ANAND RATHI ADVISORS LIMITED	Director	19/04/1994	19/04/1994	08/12/2009	Active	NO
2	U65920MH1986PTC040977	PREDICT INVESTMENT AND FINANCE CONSULTANTS PVT LTD	Director	19/04/1994	19/04/1994	-	Active	NO
3	U67120MH1992PTC066005	AMIT CAPITAL AND SECURITIES PVT LTD	Director	19/04/1994	19/04/1994	-	Active	NO
4	U65990MH1991PTC064109	Anand Rathi Capital Advisors Private Limited	Director	19/04/1994	19/04/1994	-	Active	NO
5	U67190MH1982PLC140380	ANAND RATHI GLOBAL FINANCE LIMITED	Director	10/05/1994	10/05/1994	10/02/2014	Active	NO
6	U67120MH1992PTC065981	SHINE CAPITAL AND SECURITIES PRIVATE LIMITED.	Director	19/04/1998	19/04/1998	-	Active	NO
7	U65990MH1991PTC064108	AQUA PROOF WALL PLAST PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
8	U27109KA1982PTC004971	EMGE CYLINDERS PRIVATE LIMITED	Director	30/09/2006	05/12/2005	-	Active	NO
9	U65990MH1996PTC096553	GERARD VIEGASFINVEST PRIVATE LIMITED	Director	13/12/2006	13/12/2006	-	Active	NO
10	U74900MH2010PTC202561	SECMEC CONSULTANTS PRIVATE LIMITED	Director	29/04/2010	29/04/2010	-	Active	NO

Name :

Mr. Goverdhandas Shrigopal Daga

Designation :

Director

Address :

Bhagwan Bhavan, Flat No.203, Opposite Goenka Hall, 73, J. B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

05.12.1949

Date of Appointment :

26.09.2011

DIN No.:

00048560

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	Company/ LLP Status	Defaulting status
1	U74994TN1993PTC070556	FLSMIDTH DESIGNS PRIVATE LIMITED	Managing director	01-04-98	01-04-98	Amalgamated	NO
2	U74900MH2010PTC202561	SECMEC CONSULTANTS PRIVATE LIMITED	Director	26-09-11	15-06-10	Active	NO

MAJOR SHAREHOLDERS

AS ON 21.09.2013

Names of Shareholders	No. of Shares	% of Holding
Amit Rathi	55000	6.04
Supriya Rathi	50000	5.49
Goverdhan Das Daga	300000	32.97
Anand Rathi	85000	9.34
Anand Rathi Capital Advisors Private Limited, India	165000	18.13
Amit Capital and Securities Private Limited, India	165000	18.13
Maheshwari Dhankosh Private Limited, India	90000	9.89
Total	910000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 21.09.2013

Category	Percentage
Bodies corporate	46.15
Directors or relatives of Directors	53.85
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Consultancy Services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	R. J. Rathi and COmpany Chartered Accountants
Address :	1B-144, Kalpataru Garden, Ashok Nagar, Near Fly Over, Kandivali (East), Mumbai – 400101, Maharashtra, India
PAN No.:	AABPR1246E

CAPITAL STRUCTURE

AS ON 21.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
910000	Equity Shares	Rs.10/- each	Rs.9.100 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	9.100	9.100	0.100
(b) Reserves & Surplus	6.602	1.913	-2.936
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	4.700
Total Shareholders’ Funds (1) + (2)	15.702	11.013	1.864
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	2.754	7.460
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	4.044	2.709	1.629
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	4.044	5.463	9.089
TOTAL	19.746	16.476	10.953
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.929	2.937	2.063
(ii) Intangible Assets	0.494	0.846	1.355
(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	9.815	5.721	2.910
(e) Other Non-current assets	0.000	0.113	0.150
Total Non-Current Assets	13.238	9.617	6.478
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	4.897	5.404	4.129
(d) Cash and cash equivalents	1.539	1.402	0.305
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.072	0.053	0.041
Total Current Assets	6.508	6.859	4.475
TOTAL	19.746	16.476	10.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	47.602	34.694	9.746
Less	EXPENSES
		TOTAL	40.817	29.628	12.681
	PROFIT/(LOSS) BEFORE TAX		6.785	5.066	(2.935)
Less	TAX		2.096	0.217	0.000
	PROFIT/(LOSS) AFTER TAX		4.689	4.849	(2.935)
	Earnings Per Share (Rs.)		5.15	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.85	13.98	-30.11
Return on Total Assets (PBT/Total Assets}	(%)	34.36	30.75	-26.80
Return on Investment (ROI) (PBT/Networth)		0.43	0.46	-1.57
Debt Equity Ratio (Total Debt /Networth)		0.00	0.25	4.00
Current Ratio (Current Asset/Current Liability)		1.61	1.26	0.49

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
Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.100	9.100	9.100
Reserves & Surplus	-2.936	1.913	6.602
Share Application money pending allotment	4.700	0.000	0.000
Net worth	1.864	11.013	15.702
long-term borrowings	0.000	0.000	0.000
Short term borrowings	7.460	2.754	0.000

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
Sales	9.746	34.694	47.602
		255.982	37.205

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9.746	34.694	47.602
Profit	-2.935	4.849	4.689
	-30.11%	13.98%	9.85%

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	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
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	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	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

OPERATIONS:

During the year, the Company earned revenue of Rs. 47.602 Millions against the total revenue of Rs. 34.694 Millions in the previous year. The profit after tax of the Company during the year was Rs.4.689 Millions as against profit after tax of Rs.4.849 Millions in the previous year.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Body Corporate	0.000	2.754
Total	0.000	2.754

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Information and Data Processing Equipment

· Motor Car

· Office Equipment

· Software License

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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--CREDIT LINES	1~10	4
--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	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.