MIRA INFORM REPORT

Report Date :

15.11.2014

IDENTIFICATION DETAILS

Name :	SWITCH BUILD ENGINEERS (INDIA) PRIVATE LIMITED
Registered Office :	A-80, H Block, MIDC, Pimpri, Pune-411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.01.1992
Com. Reg. No.:	11-64755
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U29303MH1992PTC064755
IEC No.:	Not divulged
TAN No.: [Tax Deduction & Collection Account No.]	PNES11131B
PAN No.: [Permanent Account No.]	AACCS3379P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of low and medium voltage switchgear and the engineering of automation solutions.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 13000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. External borrowing of the company seems to be increasing compared to previous year. Profitability of the company also seems to be low. However, trade relations are fair. Business is active. Payment terms 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Madhavi
Designation :	Finance Manager/ Account Head
Contact No.:	91-20-27477989
Date :	08.11.2014

LOCATIONS

Registered Office :	A-80, H Block, MIDC, Pimpri, Pune-411018, Maharashtra, India
Tel. No.:	91-20-27477989/ 2966/ 27476064
Mobile No.:	91-9881209121 (Siddharth)
Fax No.:	91-20-27476064
E-Mail :	iut@eth.net
Website :	http://www.switchbuild.com
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :	Mr. Bimalkumar Ralikrishna Bose
Designation :	Director
Address :	52, Bhoir Colony, Chinchwad, Pune-411033, Maharashtra, India
Date of Birth/Age :	08.04.1943
Date of Appointment :	07.01.1992
DIN No.:	02173198
Name :	Mrs. Ajita Bimalkumar Bose
Designation :	Director
Address :	52, Bhoir Colony, Chinchwad, Pune-411033, Maharashtra, India
Date of Birth/Age :	01.01.1947
Date of Appointment :	07.01.1992
DIN No.:	02173206
Name :	Mr. Siddharth Bimal Bose
Designation :	Director
Address :	S. B. House, 52 Bhoir Colony, Chinchwad, Pune – 411033, Maharashtra, India
Date of Birth/Age :	20.08.1985
Date of Appointment :	24.09.2011
DIN No.:	03316884

KEY EXECUTIVES

Name :	Ms. Madhavi
Designation :	Finance Manager/Account Head

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Bimal Kumar Bose	11000
Ajitha Bimal Bose	2400
Sonali Bimal Bose	1600
Total	15000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of low and medium voltage switchgear and the engineering of automation solutions.
Products :	· 12 KV Indoor Vaccum Circuit Breaker Panels · 12 KV Indoor SF6 Circuit Breaker Panels · 36 KV Indoor SF6 Circuit Breaker Panels · 11 KV Outdoor Vaccum Circuit Breaker · 22/33 KV Outdoor Vacuum Circuit Breaker · Indoor/ Outdoor ring Main Unit · 22/33 KV Outdoor SF6, Circuit Breaker · Compact Sub- Station · 11/22 KV Load Break Switch · Earth Switches · Off Load Isolators
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Control Panel
Countries :	Nigeria Singapore
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

ABB Limited, Nashik, Maharashtra, India

Customers :

Wholesalers, Retailers and Manufacturer

• Mather and Platt, Pune, Maharashtra, India

No. of Employees :

10 (Approximately)

Bankers :

• State Bank of India, Chinchwad, Pune, Maharashtra, India

Bank Name :	Oriental Bank of Commerce, Pimpri Branch, Pune-411018, Maharashtra, India
Contact No. :	91-20-27422129
Remark :	Satisfactory

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loans
Loan from OBC (Secured against hypothecation of car – fortune)	0.988	1.131
SHORT TERM BORROWING
Cash Credit with OBC Bank (Secured against hypothecation of stock and receivables)	6.603	5.951
Bank Overdraft with OBC Bank (Secured against fixed deposits)	3.525	3.745
Total	11.116	10.827

Banking Relations :	---
Auditors :
Name :	L B Laddha and Company Chartered Accountant
Address :	Flat No. 7 and 8, 2^nd Floor, Sukhwani Chambers, Station Road, Pimpri, Pune-411018, Maharashtra, India
Tel. No.:	91-20-27426966/ 27420547
E-Mail :	laddhlb@gmail.com
PAN No.:	AAJPL1258Q
Sister concern :	Siddharth Switch Gear Services, Pimpri, Pune, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	3.029	2.408	3.507
(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)	4.529	3.908	5.007
(3) Non-Current Liabilities
(a) long-term borrowings	4.489	4.172	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)	4.489	4.172	0.000
(4) Current Liabilities
(a) Short term borrowings	10.128	9.697	6.503
(b) Trade payables	11.098	14.770	13.351
(c) Other current liabilities	0.495	0.422	0.174
(d) Short-term provisions	0.528	0.478	0.315
Total Current Liabilities (4)	22.249	25.367	20.343
TOTAL	31.267	33.447	25.350
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.782	4.386	3.184
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.402	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	0.472	0.329	0.122
(d) Long-term Loan and Advances	0.069	0.070	0.070
(e) Other Non-current assets	5.889	0.237	0.044
Total Non-Current Assets	12.312	6.524	3.520
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.708	9.520	8.919
(c) Trade receivables	4.890	11.070	6.980
(d) Cash and cash equivalents	0.422	4.561	4.371
(e) Short-term loans and advances	1.894	1.420	1.560
(f) Other current assets	0.041	0.352	0.000
Total Current Assets	18.955	26.923	21.830
TOTAL	31.267	33.447	25.350

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	48.485	50.262	42.214
	Other Income	1.228	0.549	0.897
	TOTAL	49.713	50.811	43.111
Less	EXPENSES	49.197	52.026	42.593
	PROFIT/ (LOSS) BEFORE TAX	0.516	(1.215)	0.518
Less	TAX	0.454	(0.117)	0.191
	PROFIT/ (LOSS) AFTER TAX	0.062	(1.098)	0.327
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	4.917	0.000	0.000
	TOTAL EARNINGS	4.917	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	41.37	(73.26)	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	45.000

Expected Sales (2014-15) : Rs. Rs. 67.000 Millions

The above information has been parted by Ms. Madhavi

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.13	(2.18)	0.77
Operating Profit Margin (PBDIT / Sales)	(%)	1.06	(2.42)	1.23
Return on Total Assets (PBT/Total Assets}	(%)	1.68	(3.84)	2.06
Return on Investment (ROI) (PBT/Networth)		0.11	(0.31)	0.10
Debt Equity Ratio (Total Debt /Networth)		3.23	3.55	1.30
Current Ratio (Current Asset/Current Liability)		0.85	1.06	1.07

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	1.500	1.500	1.500
Reserves & Surplus	3.507	2.408	3.029
Net worth	5.007	3.908	4.529
long-term borrowings	0.000	4.172	4.489
Short term borrowings	6.503	9.697	10.128
Total borrowings	6.503	13.869	14.617
Debt/Equity ratio	1.299	3.549	3.227

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	42.214	50.262	48.485
		19.065	(3.535)

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	42.214	50.262	48.485
Profit	0.327	(1.098)	0.062
	0.77%	(2.18%)	0.13%

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	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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From Directors (Repayable at discretion of management)	3.501	3.040
Total	3.501	3.040

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10509855	13/06/2014	395,000.00	ORIENTAL BANK OF COMMERCE	JHAMTANI CHAMBERS, 1ST FLOOR,, PUNE-MUMBAI ROAD , PIMPRI, PUNE, Maharashtra - 411018, INDIA	C11917309
2	10292284	24/05/2011	1,800,000.00	ORIENTAL BANK OF COMMERCE	JHAMTANI CHAMBERS,1ST FLOOR,, PIMPRI, MUMBAI PUNE ROAD,PIMPRI, PUNE, Maharashtra - 411018, INDIA	B15035744
3	90092953	02/07/2014 *	21,120,000.00	ORIENTAL BANK OF COMMERCE	JHAMTANI CHAMBERS, 1ST FLOOR,, PUNE-MUMBAI ROAD , PIMPRI, PUNE, Maharashtra - 411018, INDIA	C14471833
4	90085864	01/09/2001	2,000,000.00	RUPEE CO - OP. BANK LTD.	CHINCHWAD BRANCH, PUNE, Maharashtra - 411019, INDIA	-
5	90085202	15/11/1996 *	1,000,000.00	RUPEE CO - OP. BANK LTD.	CHINCHWAD BRANCH, PUNE, Maharashtra - 411019, INDIA	-
6	90082473	28/10/1996	1,600,000.00	RUPEE CO - OP. BANK LTD.	CHINCHWAD BRANCH, PUNE, Maharashtra - 411019, INDIA	-
7	90084349	14/11/1995	1,000,000.00	RUPEE CO - OP. BANK LTD.	CHINCHWAD BRANCH, PUNE, Maharashtra - 411019, INDIA	-
8	90093637	14/11/1995 *	750,000.00	RUPEE CO - OP. BANK LTD.	CHINCHWAD BRANCH, PUNE, Maharashtra - 411019, INDIA	-
9	90087885	16/03/1995	300,000.00	STATE BANK OF INDIA	CHINCHWAD BRANCH, PUNE, Maharashtra - 411019, INDIA	-

* Date of charge modification

FIXED ASSETS

· Air Conditioner

· Air Cooler

· Computer

· Electrical Installation

· Fax Machine

· Furniture and Fixture

· Land and Building

· Mobile

· Office Equipments

· Plant and Machinery

· Telex Machine

· Tempo Trax

· Time Recording Machine

· Tools

· Vaccum Cleaner

· Vehicle- Maruti Sx4

· Tata Sumo Vict DLEX

· Vehicle- Estilo

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 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] 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.61.65
UK Pound	1	Rs.96.54
Euro	1	Rs.76.70

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RSM
Report Prepared by :	ART

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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		27

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.