MIRA INFORM REPORT

Report Date :

09.10.2014

IDENTIFICATION DETAILS

Name :	ADVANCE PANELS AND SWITCHGEARS PRIVATE LIMITED
Registered Office :	A-257, DSIDC, Narela Industrial Park, Narela, Delhi – 110040
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.06.2002
Com. Reg. No.:	55-115650
Capital Investment / Paid-up Capital :	Rs. 79.012 Millions
CIN No.: [Company Identification No.]	U31909DL2002PTC115650
TAN No.: [Tax Deduction & Collection Account No.]	DELA09548A
PAN No.: [Permanent Account No.]	AADCA6472A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Low Voltage and Medium Voltage Panels, Switchgears, Motor Starters and Automation.
No. of Employees :	550 (Approximately) (In Office – 50 and In Factory – 500))

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects APSPL’s healthy financial risk profile marked by comfortable market position in the electrical equipment industry 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 conditions.

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	CRISIL
Rating	Long term rating: “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	18.12.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A3+”
Rating Explanation	Moderate degree of safety and high credit risk.
Date	18.12.2013

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 (GENERAL DETAILS)

Name :	Mr. Suresh Jain
Designation :	Director
Contact No.:	91-9350290801
Date :	08.10.2014

LOCATIONS

Registered Office / Factory 1:	A-257, DSIDC, Narela Industrial Park, Narela, Delhi – 110040, India
Tel. No. :	91-11-27787322/ 27787333/ 27787344
Mobile No. :	91-9350290801 (Suresh Raj Jain) 91-9350290806 (Mr. Rajesh Agarwal)
Fax No. :	91-11-32594220/ 27785637
E-Mail :	del1@advancepanels.com
Website :	www.advancepanelsandswitchgears.com
Factory 2:	Plot No.30 and 31, Sector-5, SIDCUL, Ranipur, Haridwar, Uttarakhand, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Suresh Raj Jain

Designation :

Director

Address :

241, Vivekanandpuri, Sarai Rohilla, New Delhi – 110007, India

Date of Birth/Age :

01.07.1952

Date of Appointment :

03.06.2002

PAN No.:

AAGPJ4215L

DIN No. :

00014905

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	U31909DL2002PTC115650	ADVANCE PANELS AND SWITCHGEARS PRIVATE LIMITED	Director	03/06/2002	03/06/2002	Active	NO
2	U51909DL2004PTC178119	BHOLEBABA VINIMAY (PRIVATE) LIMITED	Director	16/07/2007	16/07/2007	Active	NO
3	U31908DL2008PTC172521	ANANT POWERTECH PRIVATE LIMITED	Director	10/01/2008	10/01/2008	Active	NO
4	U29253DL2008PTC185011	ADVANCE ENGINEERING WORKS PRIVATE LIMITED	Director	18/11/2008	18/11/2008	Active	NO
5	U45200DL2010PTC200341	ARIHANT INFRACOLONISERS PRIVATE LIMITED	Director	17/03/2010	17/03/2010	Active	NO

Name :

Mr. Jitendra Jain

Designation :

Director

Address :

241, Vivekanandpuri, Sarai Rohilla, New Delhi – 110007, India

Date of Birth/Age :

08.11.1977

Date of Appointment :

03.06.2002

PAN No. :

AAGPJ7013E

DIN No. :

00014906

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	U31909DL2002PTC115650	ADVANCE PANELS AND SWITCHGEARS PRIVATE LIMITED	Director	03/06/2002	03/06/2002	Active	NO
2	U51909DL2004PTC178119	BHOLEBABA VINIMAY (PRIVATE) LIMITED	Director	16/07/2007	16/07/2007	Active	NO
3	U31908DL2008PTC172521	ANANT POWERTECH PRIVATE LIMITED	Director	10/01/2008	10/01/2008	Active	NO
4	U29253DL2008PTC185011	ADVANCE ENGINEERING WORKS PRIVATE LIMITED	Director	18/11/2008	18/11/2008	Active	NO
5	U45200DL2010PTC200341	ARIHANT INFRACOLONISERS PRIVATE LIMITED	Director	17/03/2010	17/03/2010	Active	NO

Name :

Mr. Mahaveer Chand Lodha

Designation :

Director

Address :

A-2/225, Paschim Vihar, New Delhi – 110063, India

Date of Birth/Age :

15.02.1964

Date of Appointment :

03.06.2002

PAN No. :

AABPL0068J

DIN No. :

00014913

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	U31909DL2002PTC115650	ADVANCE PANELS AND SWITCHGEARS PRIVATE LIMITED	Director	03/06/2002	03/06/2002	Active	NO
2	U29253DL2008PTC185011	ADVANCE ENGINEERING WORKS PRIVATE LIMITED	Director	27/03/2009	27/03/2009	Active	NO

Name :

Mr. Jaskanwar Jain

Designation :

Director

Address :

241, Vivekanandpuri, Sarai Rohilla, New Delhi – 110007, India

Date of Birth/Age :

01.08.1954

Date of Appointment :

01.04.2006

PAN No. :

AAGPJ4216K

DIN No. :

00453783

KEY EXECUTIVES

Name :	Mr. Rajesh Agarwal
Designation :	Production Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Suresh Raj Jain	3592818	45.47
Jitendra Jain	505500	6.40
Jaskanwar Jain	780390	9.88
S.R. Jain (HUF)	195000	2.47
Bholebaba Vinimay Private Limited, India	2827500	35.79
Total	7901208	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	35.79
Directors or relatives of Directors	64.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Low Voltage and Medium Voltage Panels, Switchgears, Motor Starters and Automation.

Products :

Item Code No. (ITC Code)	Product Description
8537	Electric Control Panel
854420	Bus Duct
853810	Spares

Exports :

Countries :

Ethiopia Country

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

550 (Approximately) (In Office – 50 and In Factory – 500))

Bankers :

· State Bank of India, Commercial Branch, Najafgarh Road, New Delhi - 110015, India

ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Vehicle loans are secured by hypothecation of the vehicle purchased there against)	0.335	0.147
SHORT TERM BORROWINGS
Working capital loans from banks (Working Capital limit is secured by the first charge over fixed and current assets of the company and personal guarantee of all the directors of the company)	148.414	113.964
Total	148.749	114.111

Banking Relations :	--
Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	13, Community Centre, East of Kailash, New Delhi – 110065, India
Income-tax PAN of auditor or auditor's firm :	AACFD8728L
Subsidiary Company:	Arihant Infracolonisers Private Limited CIN No.: U45200DL2010PTC200341
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Advance Engineering Works Private Limited CIN No.: U29253DL2008PTC185011 Bholebaba Vinimay (Private) Limited CIN No.: U51909DL2004PTC178119 Advance Engineering Company Anant Powertech

CAPITAL STRUCTURE

As on 31.03.2013

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
7,901,208	Equity Shares	Rs.10/- each	Rs. 79.012 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	79.012	79.012	79.012
(b) Reserves & Surplus	258.363	212.345	156.583
(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)	337.375	291.357	235.595
(3) Non-Current Liabilities
(a) long-term borrowings	0.335	0.147	0.763
(b) Deferred tax liabilities (Net)	0.225	0.207	0.296
(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)	0.560	0.354	1.059
(4) Current Liabilities
(a) Short term borrowings	217.277	132.301	122.332
(b) Trade payables	65.801	47.161	128.635
(c) Other current liabilities	49.713	18.826	29.419
(d) Short-term provisions	11.130	13.482	8.401
Total Current Liabilities (4)	343.921	211.770	288.787
TOTAL	681.856	503.481	525.441
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.302	39.324	43.614
(ii) Intangible Assets	0.009	0.145	0.532
(iii) Capital work-in-progress	17.572	13.072	3.954
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.510	2.510	2.510
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.043	21.789	22.100
(e) Other Non-current assets	16.579	16.317	11.217
Total Non-Current Assets	94.015	93.157	83.927
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	240.186	165.036	159.627
(c) Trade receivables	333.852	209.651	237.310
(d) Cash and cash equivalents	2.962	21.625	21.185
(e) Short-term loans and advances	10.841	14.012	23.392
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	587.841	410.324	441.514
TOTAL	681.856	503.481	525.441

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	870.503	827.830
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		68.819	67.424	69.797
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	10.40	13.82	13.45
Return on Investment (ROI) (PBT/Networth)		0.20	0.23	0.30
Debt Equity Ratio (Total Debt/Networth)		0.65	0.45	0.52
Current Ratio (Current Asset/Current Liability)		1.71	1.94	1.53

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	79.012	79.012	79.012
Reserves & Surplus	156.583	212.345	258.363
Net worth	235.595	291.357	337.375
long-term borrowings	0.763	0.147	0.335
Short term borrowings	122.332	132.301	217.277
Total borrowings	123.095	132.448	217.612
Debt/Equity ratio	0.522	0.455	0.645

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10017102	19/03/2009 *	7,396,000.00	STATE BANK OF INDIA	23, NAJAFGARH ROAD, NEW DELHI - 110015, INDIA	A61162152
2	10017388	25/02/2013 *	280,000,000.00	STATE BANK OF INDIA	SME BRANCH, 23, NAJAFGARH ROAD, NEW DELHI - 110015, INDIA	B71115026
3	90054834	13/03/2006 *	8,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NAZAFGARH ROAD NEW DELHI - 110015, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	68.863	0.000
Other loans and advances	0.000	18.337
Total	68.863	18.337

FIXED ASSETS

Tangible Assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

Intangible Assets

Computer Software

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.61.46
UK Pound	1	Rs.98.77
Euro	1	Rs.77.65

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	ANK

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		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.