MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	AMBA ENTERPRISES LIMITED
Registered Office :	A-103, Shilpin Building, Off Borsapada Road, Opposite Malhar Building, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.1992
Com. Reg. No.:	11-067004
Capital Investment / Paid-up Capital :	Rs.52.752 Millions
CIN No.: [Company Identification No.]	L99999MH1992PLC067004
PAN No.: [Permanent Account No.]	AAFCA6033R
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Transformer, Lamination, Crgo, Crngo, Toroidal Cores, Cut and Stamping.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 336000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined during financial year 2014. However, the rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 DENIED BY

Management Non Co-operative

Contact No.: 91-22-28624345

LOCATIONS

Registered Office :	A-103, Shilpin Building, Off Borsapada Road, Opposite Malhar Building, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No. :	91-22-28624345
Fax No. :	Not Available
E-Mail :	sark@nakshgroup.com skhanna@gmail.com
Website :	www.ambaenterprises.net
Factory 1 :	S. No. 132, H. No. 1/4/4, Premraj Industrial Estate, Shed No. B-2, 3, 4, Dalvi Wadi, Nanded Phata, Dhairy, Pune – 411041, Maharashtra, India
Tel. No. :	91-20-32943040 / 24380091
Factory 2 :	15 / 3, Survey No. Pandurang Industrial Estate, Nanded Phata, Pune, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ketan Harilal Mehta

Designation :

Managing Director

Address :

C-503/504, Nisang Apartment, Opposite Woodland Hotel, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

10.01.1971

Date of Appointment :

07.02.2007

PAN No.:

AFHPM0792B

DIN No. :

01238700

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	U22300MH2003PTC141871	Ashtavinayak Filmmaker Private Limited	Director	25/08/2003	25/08/2003	-	Active	NO
2	L99999MH1992PLC067004	AMBA ENTERPRISES LIMITED	Managing director	17/09/2013	07/02/2007	-	Active	NO
3	U51496MH2008PTC180345	SHREE OM SAI CHEMICALS PRIVATE LIMITED	Director	13/10/2010	13/10/2010	09/11/2012	Active	NO
4	U74999MH1984PTC033745	CHHAYA INFO-TECH INDUSTRIES PRIVATE LIMITED	Additional director	29/11/2012	29/11/2012	-	Active	NO

Name :

Mr. Vinay Ramniklal Mehta

Designation :

Director

Address :

B-57-202, Chaitra Co-Operative Housing Society Anand Nagar, Dahisar (East), Mumbai - 400068, Maharashtra, India

Date of Birth/Age :

09.03.1976

Date of Appointment :

08.03.2007

DIN No. :

01327907

Name :

Mr. Dinesh Babulal Sanjalia

Designation :

Director

Address :

A-206, Vijay Park, Mathuradas Road, Near Atul Park, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

06.05.1972

Date of Appointment :

05.03.2011

DIN No. :

03447205

Name :

Mr. Rajendra Babulal Sanghvi

Designation :

Director

Address :

D/102, Riddhi Avenui Co-Operative Housing. Society, Chikoowadi, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

01.07.1957

Date of Appointment :

02.02.2012

DIN No. :

05101164

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	U74999MH1984PTC033745	CHHAYA INFO-TECH INDUSTRIES PRIVATE LIMITED	Additional director	18/10/2011	18/10/2011	-	Active	NO
2	L99999MH1992PLC067004	AMBA ENTERPRISES LIMITED	Director	29/09/2012	02/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	7.69
Bodies corporate	3.32
Directors or relatives of Directors	24.78
Other top fifty shareholders	64.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Transformer, Lamination, Crgo, Crngo, Toroidal Cores, Cut and Stamping.

Products :

Item Code No. (ITC Code)	Product Description
84621030	Stamping Machines, Metal Working

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Other loan and advances	0.284	0.497
Total	0.284	0.497

Banking Relations :	--
Auditors :
Name :	U. D. Kachare and Company Chartered Accountants
Address :	C6, Saraswati Apts, Laxmi Nagar, Mahadevbhai Desai Road, Borivali (East), Mumbai – 400066, Maharashtra, India
PAN No. :	AAHPK2745B
Enterprises significantly influenced: by key management personnel :	¨ Chhaya Impex

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5275200	Equity Shares	Rs.10/- each	Rs.52.752 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	52.752	52.752	52.752
(b) Reserves & Surplus	64.777	60.057	56.436
(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)	117.529	112.809	109.188
(3) Non-Current Liabilities
(a) long-term borrowings	0.284	0.497	0.000
(b) Deferred tax liabilities (Net)	0.118	0.069	0.054
(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)	0.402	0.566	0.054
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	2.069
(b) Trade payables	4.808	12.677	31.565
(c) Other current liabilities	10.616	17.895	8.037
(d) Short-term provisions	0.000	1.445	1.805
Total Current Liabilities (4)	15.424	32.017	43.476
TOTAL	133.355	145.392	152.718
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.505	3.582	2.550
(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	5.065	5.065	59.309
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.570	8.647	61.859
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.892	28.675	47.862
(c) Trade receivables	17.978	23.049	24.184
(d) Cash and cash equivalents	55.862	75.696	4.553
(e) Short-term loans and advances	22.508	8.954	10.736
(f) Other current assets	0.545	0.371	3.524
Total Current Assets	123.785	136.745	90.859
TOTAL	133.355	145.392	152.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	64.342	80.935	91.343
		Other Income	5.346	4.626	3.219
		TOTAL	69.688	85.561	94.562
Less	EXPENSES
		Cost of Materials Consumed	40.981	56.263	61.747
		Purchases of Stock-in-Trade	6.703	2.841	2.215
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.313)	0.994	3.537
		Employees benefits expense	2.799	2.390	2.376
		Other expenses	13.530	15.549	17.419
		TOTAL	61.700	78.037	87.294
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.988	7.524	7.268
Less	FINANCIAL EXPENSES		0.196	0.498	0.016
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.792	7.026	7.252
Less/ Add	DEPRECIATION/ AMORTISATION		0.697	0.429	1.424
	PROFIT/ (LOSS) BEFORE TAX		7.095	6.597	5.828
Less	TAX		2.375	2.976	1.801
	PROFIT/ (LOSS) AFTER TAX		4.720	3.621	4.027
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.109	12.988	8.961
Less	APPROPRIATIONS
	Transfer to General Reserve		1.000	1.500	0.000
	Balance Carried to the B/S		18.829	15.109	12.988
	IMPORTS
		Raw Materials	NA	18.751	35.870
	TOTAL IMPORTS		NA	18.751	35.870
	Earnings / (Loss) Per Share (Rs.)		0.89	0.69	0.76

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.34	4.47	4.41
Operating Profit Margins (PBTIT / Sales)	(%)	12.41	9.30	7.96
Return on Total Assets (PBT/Total Assets}	(%)	5.53	4.70	6.24
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.02
Current Ratio (Current Asset/Current Liability)		8.03	4.27	2.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	52.752	52.752	52.752
Reserves & Surplus	56.436	60.057	64.777
Net worth	109.188	112.809	117.529
long-term borrowings	0.000	0.497	0.284
Short term borrowings	2.069	0.000	0.000
Total borrowings	2.069	0.497	0.284
Debt/Equity ratio	0.019	0.004	0.002

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	91.343	80.935	64.342
		(11.394)	(20.502)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	91.343	80.935	64.342
Profit	4.027	3.621	4.720
	4.41%	4.47%	7.34%

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

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

OPERATIONS

The sales of the Company decreased from Rs.90.392 Millions to Rs.71.548 Millions.as compared to the last financial year. The other Income increase during the year was Rs.5.346 Millions as against Rs.4.626/- Millions in the previous year.

The Profit Before Depreciation, amortization and Tax Increase from Rs.7.026 Millions to Rs. 7.792 Millions. The Profit after tax increased from Rs.3.621 Millions to Rs.4.720 Millions registering a increase of Rs.1.098 Millions over the preceding year.

FIXED ASSETS

¨ Plant and equipment

¨ Factory Equipments

¨ Furniture and fixtures

¨ Vehicles

¨ Office equipment

¨ Computer equipment’s

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.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.