MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	IKE ELECTRIC PRIVATE LIMITED
Registered Office :	Gat No. 1231, S. No. 113, Sanaswadi, Opposite Bright, Auto Plast Ind. Limited, Taluka Shirur, District Pune – 412208, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.06.2000
Com. Reg. No.:	11-015042
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U31200PN2000PTC015042
IEC No.:	3105002006
PAN No.: [Permanent Account No.]	AAACI7724E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of variety of electrical distribution panels for industrial applications.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has failed to file latest financial of FY 13, with the statutory authorities. As per available financial statements, the company has reported an acceptable financial profile marked by infusion of funds as capital from the part of promoters along with slight working capital intensive operations during FY 12. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of lack of latest financial information, the company can be considered for business dealings at usual trade terms and conditions 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 :	Mr. Jagtap
Designation :	H. R. Manager
Contact No.:	91-9225562962
Date :	13.09.2014

LOCATIONS

Registered Office/ Factory 1:	Gat No. 1231, S. No. 113, Sanaswadi, Opposite Bright, Auto Plast Ind. Limited, Taluka Shirur, District Pune – 412208, Maharashtra, India
Tel. No. :	Not Available
Mobile No. :	91-9225562962 (Mr. Jagtap)
Fax No. :	Not Available
E-Mail :	flamingo2@vsnl.com accounts@ikeelectric.com marketing@ikeelectric.com
Website :	www.ikeelectric.com
Head Office :	601-602, Necco Gardens, Vimananager, Pune – 411 014, Maharashtra, India
Tel. No.:	91-20-66290300/ 66290301
Fax No.:	91-20-66290302
Factory 2:	Gat No.564/1, Koregaonbhima, Nagar Road, Taluka Shirur, Pune – 412207, Maharashtra, India
Fax No.:	91-2137-252222
Factory 3:	Gat No. 347, Mouje, Wagholi, Taluka - Haveli, Dist. - Pune - 412207, Maharashtra, India
Area :	59180 Sq. ft.
Location :	Leased

DIRECTORS

As on 25.09.2012

Name :

Tajindersing Iqbalsing Bhathal

Designation :

Director

Address :

Bunglow No. 25, Talera Park,, Kalyani Nagar, Pune - 411014, Maharashtra, India

Date of Birth/Age :

11.08.1966

Qualification :

B. Com

Date of Appointment :

14.01.2005

DIN No. :

00342971

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	U29299MH1995PTC093514	IKE POWER ENGINEERING PRIVATE LIMITED	Director	11-10-1995	11-10-1995	Active	NO
2	U31200PN2000PTC015042	IKE ELECTRIC PRIVATE LIMITED	Director	14-01-2005	14-01-2005	Active	NO
3	U40200MH1991PLC060810	DEESAN AGRO-TECH LIMITED	Director	24-08-2006	24-08-2006	Active	NO
4	U70100CH2004PTC027244	GURSUKH DEVELOPERS PRIVATE LIMITED	Director	26-03-2007	26-03-2007	Active	NO

Name :

Itinderkaur Tajindersingh Bhathal

Designation :

Director

Address :

Bunglow No. 25, Talera Park, Kalyani Nagar, Pune - 411014, Maharashtra, India

Date of Birth/Age :

21.12.1969

Date of Appointment :

14.01.2005

DIN No. :

01424287

Name :

Navchetan Singh Grewal

Designation :

Director

Address :

FP-79, Siddharth Enclave, 10 North Avenue Kalyani Nagar, Pune - 411006, Maharashtra, India

Date of Birth/Age :

05.07.1962

Date of Appointment :

18.09.2009

DIN No. :

02655228

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	U31200PN2000PTC015042	IKE ELECTRIC PRIVATE LIMITED	Director	18-09-2009	15-05-2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Jagtap
Designation :	H. R. Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Iqbalsingh Parsasingh Bhathal	22010	1.47
Tajindersing Iqbalsing Bhathal	1477990	98.53
Total	1500000	100.00

Allottee as on 11.02.2014

Names of Allottee	No. of Shares
Tajindersing Iqbalsing Bhathal	1000000
Total	1000000

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of variety of electrical distribution panels for industrial applications.

Products :

Item Code No. (ITC Code)	Product Description
85371000	Electrical Control Panel
85444990	Bus Bar Trunking
73089090	Cable Trays

Brand Names :

IKB

Exports :

Products :

Electrical Switchgear Assemblie and Control Panel

Countries :

Kenya

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Aakansha Enterprises

· Adept Fluidyne Private Limited

· Ajanta Electricals

· Atul Industries

· Carpet Mohit Enterprises

· Dav Industries

· Dhupar Brothers

· Electro Fibres

· Essar Industries

· GE Power Controls (Private) Limited

· General Engineering Company

Customers :

End Users and OEM’s

· Peeraj Trading Company (Dubai)

· Trunky Project

· ABB Limited

· GMR Industries Limited (Cogen)

· Madhucon Sugar and Power Industries Limited

· Selco International Limited

· Shree Ambika Sugar Limited

· TCP Limited

· S S Engineers

· Yash Agro Energy Limited

OEM Clients

· ABB Limited

Five-Cail KCP Limited

ISGEC John Thompson

National Heavy Engineering Company Limited

 Siemens Limited

Praj Industries Limited

Suzlon Energy Limited

Thermax Limited

Thermodyne Technologies Private Limited

Thyssenkrupp Industries (India) Private Limited

Triveni Engineering Limited

Walchandnagar Ind. Limited

No. of Employees :

200 (Approximately)

Bankers :

· The Cosmos Co-Operative Bank Limited (Viman Nagar Branch), 269/270, Shaniwar Peth, Pune - 411030, Maharashtra, India

Axis Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan From Banks
Term Loan From Cosmos Co-op Bank Limited A/c No.01075100781 (Secured against Hypothecation of Machinery)	0.000	0.017
Term Loan From Cosmos Co-op Bank Limited A/c No.010751001199 (Secured against Hypothecation of Machinery)	0.475	1.305
Term Loan From Cosmos Co-op Bank Limited A/c No.010751801007 (Secured against Hypothecation of Machinery)	3.066	4.976
Kotak Mahindra Primes Limited Car Loan No. 5229530 (Secured against lien on Maruti Swift Car)	0.015	0.187
Axis Bank Car Loan No. 0370100195803 (Secured against lien on Maruti Ritz Car)	0.099	0.251
Term Loan From Cosmos Co-op Bank Limited A/c No.010751001472 (Secured against Book Debts and stock)	4.688	5.997
Term Loan From Cosmos Co-op Bank Ltd A/c No.09047516037 Unit 3 (Secured against Land and Building Sanaswadi)	33.584	37.750
SHORT TERM BORROWINGS
Cash Credit from Cosmos Co-op Bank Limited A/c No. 200039 (Secured against Hypothecation of Stock, WIP and Receivables)	50.943	(1.901)
Cash Credit from Cosmos Co-op Bank Limited A/c No. 101847 (SLSO) (Secured against Book Debts and Stock)	0.000	61.435
Cosmos Bank Bills Discounting A/c No.210001 (Secured against Hypothecation of Movables and book debts)	53.791	19.946
Cosmos Bank Temporary Overdraft 90475010727 (Secured against Fixed Deposit With Bank)	2.488	0.000
Total	149.149	129.963

Banking Relations :	--
Financial Institution :	Kotak Mahindra Primes Limited
Auditors :
Name :	S. M. Suratwala and Company Chartered Accountants
Address :	1082, Shukrawar Peth, Sathe Colony, Pune – 411002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ADXPS4436N
Related Parties :	· Aren Engineers Paras Udyog Aren Engineering Co

CAPITAL STRUCTURE

After 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

As on 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	5.000
(b) Reserves & Surplus	46.267	32.126
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	10.000
Total Shareholders’ Funds (1) + (2)	61.267	47.126
(3) Non-Current Liabilities
(a) long-term borrowings	48.332	53.722
(b) Deferred tax liabilities (Net)	0.377	0.179
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.195	0.779
Total Non-current Liabilities (3)	49.904	54.680
(4) Current Liabilities
(a) Short term borrowings	107.222	79.480
(b) Trade payables	93.819	59.995
(c) Other current liabilities	5.697	4.779
(d) Short-term provisions	24.842	12.908
Total Current Liabilities (4)	231.580	157.162
TOTAL	342.751	258.968
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.538	83.004
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	36.612	36.233
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	120.150	119.237
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	33.278	90.815
(c) Trade receivables	133.546	20.364
(d) Cash and cash equivalents	8.980	0.580
(e) Short-term loans and advances	0.701	1.808
(f) Other current assets	46.096	26.164
Total Current Assets	222.601	139.731
TOTAL	342.751	258.968

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		19.747
4] (Accumulated Losses)		0.000
NETWORTH		24.747
LOAN FUNDS
1] Secured Loans		29.678
2] Unsecured Loans		1.597
TOTAL BORROWING		31.275
DEFERRED TAX LIABILITIES		0.421
TOTAL		56.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.247
Capital work-in-progress		0.000
INVESTMENT		0.100
DEFERRED TAX ASSETS		0.0000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.909
	Sundry Debtors	86.133
	Cash & Bank Balances	22.737
	Other Current Assets	2.396
	Loans & Advances	21.975
Total Current Assets		163.150
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.953
	Other Current Liabilities	80.034
	Provisions	17.067
Total Current Liabilities		138.054
Net Current Assets		25.096
MISCELLANEOUS EXPENSES		0.000
TOTAL		56.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	779.997
		Other Income	4.190
		TOTAL	784.187	647.393	288.133
Less	EXPENSES
		TOTAL	752.790	620.539	274.855
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		31.397	26.854	13.278
Less/ Add	DEPRECIATION/ AMORTISATION		7.025	5.007	4.051
	PROFIT/ (LOSS) BEFORE TAX		24.372	21.847	9.227
Less	TAX		9.356	8.015	3.104
	PROFIT/ (LOSS) AFTER TAX		15.016	13.832	6.123
Less	APPROPRIATIONS
		Proposed Dividend	0.750	1.250	1.250
		Dividend Distribution Tax	0.122	0.203	0.208
		Transferred to General Reserve	3.003	2.766	0.000
	BALANCE CARRIED TO THE B/S		11.141	9.613	4.665
	EARNINGS IN FOREIGN CURRENCY		22.479	5.147	1.079
	Earnings / (Loss) Per Share (Rs.)		10.01	27.66	9.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.91	2.14	2.13
Net Profit Margin (PBT/Sales)	(%)	3.12	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.96	9.81	4.75
Return on Investment (ROI) (PBT/Networth)		0.40	0.46	0.37
Debt Equity Ratio (Total Debt/Networth)		2.54	2.83	1.26
Current Ratio (Current Asset/Current Liability)		0.96	0.89	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	15.000
Reserves & Surplus	32.126	46.267
Share Application money pending allotment	10.000	0.000
Net worth	47.126	61.267
long-term borrowings	53.722	48.332
Short term borrowings	79.480	107.222
Total borrowings	133.202	155.554
Debt/Equity ratio	2.827	2.539

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	288.133	647.393	784.187
		124.685	21.130

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	288.133	647.393	784.187
Profit	6.123	13.832	15.016
	2.13%	2.14%	1.91%

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	Yes
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	No
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10437007	19/06/2013	5,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (VIMAN NAGAR BRANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B79689451
2	10380833	21/09/2012	10,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (VIMAN NAGAR BRANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B59795294
3	10352993	09/04/2012	10,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (VIMAN NAGAR BRANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B38695946
4	10317968	12/10/2011	10,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED ( VIMAN NAGAR BRANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B25421264
5	10293469	03/06/2011	10,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED ( VIMANNAGAR BRANCH )	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B15447964
6	10261120	21/12/2010	46,500,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (VIMANNAGAR B RANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B03691649
7	10226842	02/07/2010 *	25,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (LAXMI ROAD B RANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	A90284399
8	10199534	02/07/2010 *	7,500,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (LAXMI ROAD B RANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	A90284662
9	10162429	02/05/2009	5,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED LAXMI ROAD BR ANCH	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	A64040801
10	10162517	24/10/2011 *	55,000,000.00	THE COSMOS COOPERATIVE BANK LIMITED ( VIMAN NAGAR BRANCH )	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B25216532
11	10162533	28/04/2009	6,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED LAXMI ROAD BR ANCH	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	A64112873
12	10081792	18/10/2011 *	90,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED ( VIMAN NAGAR BRANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B25421991
13	10075483	02/11/2007 *	12,600,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED LAXMI ROAD BR ANCH	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	A27431139
14	10001280	17/01/2014 *	54,388,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED (VIMANNAGAR B RANCH)	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	B97931158
15	90086649	28/04/2009 *	1,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED LAXMI ROAD BR ANCH	269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	A64113293
16	90086342	21/03/2003	1,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD.	LAXMI ROAD BRANCH, 269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-
17	90092113	21/03/2003	1,500,000.00	THE COSMOS CO-OPERATIVE BANK LTD.	269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-
18	90091543	18/04/2001	3,500,000.00	THE COSMOS CO-OPERATIVE BANK LTD.	LAXMI ROAD BRANCH, 269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-
19	90091468	29/01/2001	1,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD.	269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-
20	90091405	18/11/2000	3,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD.	269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties T.S. Bhathal (Maximum balance outstanding during the year Rs. 6.405 Millions previous year Rs. 4.003 Millions)	6.405	3.239
Total	6.405	3.239

CORPORATE INFORMATION

The company is into the business of manufacturing of variety of electrical distribution panels for industrial applications. It principally caters to the needs of Sugar and Power Generations Industry. It also supplies electrical and executes Projects in these Industries.

The Place of business of the company is situated at Gat No. 564/1, Koregaon Bhima, Nagar Road, Shirur, Pune – 412207.

RESULTS OF OPERATIONS

The company has achieved a turnover of Rs.779.997 Millions which is approximately 21.13% more than the previous year. This growth is due the robust Capital goods market. The Company has executed various projects like M/s. ISGEC John Thompson, Walchandnagar Industries Limited, OPG Geeta Power, ILFS Warna, Shree Vighnahar SSK Limited, Peeraj Mumias Sugar, Vishnu Vidhuth India Limited, NSL Sugar, Indpro Electronic System, Thyssenkrupp, etc.

FIXED ASSETS

· Office Equipment

Plant and Machinery

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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 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.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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.