MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	MEC ELEC INDUSTRIAL SERVICES PRIVATE LIMITED
Registered Office :	602, Building No.1, Pushpa Mangal Complex, Near Babubhai Petrol Pump, LBS Marg, Thane – 400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.01.2008
Com. Reg. No.:	11-177367
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U93090MH2008PTC177367
TAN No.: [Tax Deduction & Collection Account No.]	PNEM13573A
PAN No.: [Permanent Account No.]	AAFCM3973Q
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Engineering Services.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 85000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 willfully 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. Dyanesh Madhav Divekar
Designation :	Whole-time director
Contact No.:	91-9167208146
Date :	24.09.2014

LOCATIONS

Registered/ Head Office :	602, Building No.1, Pushpa Mangal Complex, Near Babubhai Petrol Pump, LBS Marg, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25478002/ 3/ 4/ 5
Mobile No.:	91-9167208146 [Mr. Dyanesh M. Divekar]
Fax No.:	91-22-25478006
E-Mail :	contact@mecelec.in
Website :	http://www.mecelec.in
Area :	2000 Sq. ft.
Location :	Owned
Navi Mumbai Works :	Arvind Brothers Compound, Ganpati Pada, Near Hindalco, Old Belapur Road, Digha Village, Navi Mumbai, Maharashtra, India
Hazira Works :	Plot. No. 270, GIDC Ichchapur – Bhatpore Industrial Estate, Hazira, Surat, Gujarat, India

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Dyanesh Madhav Divekar

Designation :

Whole-time director

Address :

64 Anil Apartments, Gavand Path, Gokhale Road, Thane - 400602, Maharashtra, India

Date of Birth/Age :

27.10.1977

Date of Appointment :

01.02.2013

DIN No.:

01291407

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	U93090MH2008PTC177367	MEC ELEC INDUSTRIAL SERVICES PRIVATE LIMITED	Whole-time director	01/02/2013	04/01/2008	Active	NO

Name :

Mr. Madhav Krishna Divekar

Designation :

Managing director

Address :

64 Anil Apartments, Gavand Path, Gokhale Road, Thane - 400602, Maharashtra, India

Date of Birth/Age :

15.06.1947

Date of Appointment :

01.02.2013

DIN No.:

01291447

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	U93090MH2008PTC177367	MEC ELEC INDUSTRIAL SERVICES PRIVATE LIMITED	Managing director	01/02/2013	04/01/2008	Active	NO

Name :

Mrs. Prachi Dyanesh Divekar

Designation :

Director

Address :

13.904, Crystal Garden Estate CHS Limited, Off Glady, Alwaris Road, Manpada, Thane - 400610, Maharashtra, India

Date of Birth/Age :

08.06.1982

Date of Appointment :

01.01.2010

DIN No.:

02586880

Name :

Mrs. Sharda Madhav Divekar

Designation :

Director

Address :

13.904, Crystal Garden Estate CHS Limited, Off Glady Alwaris Road, Manpada, Thane - 400610, Maharashtra, India

Date of Birth/Age :

20.03.1982

Date of Appointment :

01.01.2010

DIN No.:

02586925

Name :

Mrs. Shubha Madhav Divekar

Designation :

Director

Address :

13.904, Crystal Garden Estate CHS Limited, Off Glady Alwaris Road, Manpada, Thane - 400610, Maharashtra, India

Date of Birth/Age :

10.11.1954

Date of Appointment :

01.01.2010

DIN No.:

02586972

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Madhav Krishna Divekar	4000	40.00
Dyanesh Madhav Divekar	2500	25.00
Sharda Madhav Divekar	1500	15.00
Shubha Madhav Divekar	1000	10.00
Prachi Dyanesh Divekar	1000	10.00
Total	10000	100.00

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Engineering Services.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· IDBI Bank Limited

Thane, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
IDBI OD A/c. 222	(0.255)	2.996
TJSB OD A/c. 101118	4.261	2.206
Total	4.006	5.202

Banking Relations :	--
Auditors :
Name :	Singavi Oturkar and Kelkar Chartered Accountants
Address :	Nirveli Apartment, 1st Floor, Near Malhar Talkies, Thane – 400602, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFS8002L

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	21.208	13.111	7.008
(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)	21.308	13.211	7.108
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.037	0.038
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.037	0.038
(4) Current Liabilities
(a) Short term borrowings	4.368	7.161	4.641
(b) Trade payables	5.254	2.868	5.542
(c) Other current liabilities	1.312	1.587	2.446
(d) Short-term provisions	8.946	5.952	0.549
Total Current Liabilities (4)	19.880	17.568	13.178
TOTAL	41.188	30.816	20.324
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.943	7.194	3.884
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.996	0.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.185	0.000	0.000
(d) Long-term Loan and Advances	1.252	0.183	0.130
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.380	8.373	4.414
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.583	0.583	0.498
(c) Trade receivables	15.848	14.412	9.311
(d) Cash and cash equivalents	0.158	1.500	1.690
(e) Short-term loans and advances	0.005	0.000	0.000
(f) Other current assets	8.214	5.948	4.411
Total Current Assets	24.808	22.443	15.910
TOTAL	41.188	30.816	20.324

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	TURNOVER	83.114	70.262	54.498
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	12.024	9.415	6.702
Less/ Add	DEPRECIATION/ AMORTISATION	1.349	0.563	0.430
	PROFIT BEFORE TAX	10.675	8.852	6.272
Less	TAX	3.238	2.748	1.981
	PROFIT AFTER TAX	7.437	6.104	4.291
	Earnings Per Share (Rs.)	743.70	610.34	429.06

Particulars	31.03.2014
Sales Turnover (Approximately)	84.800

The above information has been parted by Mr. Dyanesh M. Divekar [Director]

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	26.03	29.68	31.48
Return on Investment (ROI) (PBT/Networth)		0.50	0.67	0.88
Debt Equity Ratio (Total Debt/Networth)		0.20	0.54	0.65
Current Ratio (Current Asset/Current Liability)		1.25	1.28	1.21

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	0.100	0.100	0.100
Reserves & Surplus	7.008	13.111	21.208
Net worth	7.108	13.211	21.308
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	4.641	7.161	4.368
Total borrowings	4.641	7.161	4.368
Debt/Equity ratio	0.653	0.542	0.205

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)
Turnover	54.498	70.262	83.114
		28.926	18.292

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	54.498	70.262	83.114
Profit	4.291	6.104	7.437
	7.87%	8.69%	8.95%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Dyanesh M. Divekar	0.297	0.297
M.K. Divekar	0.065	0.065
Sharda M. Divekar	0.000	1.597
Total	0.362	1.959

FIXED ASSETS:

· Shed

Building

Machinery

Air Conditioner

Tools and Equipments

Electronic Machinery

Computer

Vehicles

Leasehold Land

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. 61.57
UK Pound	1	Rs. 100.42
Euro	1	Rs. 78.45

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	BVA

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	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.