MIRA INFORM REPORT

Report No. :	318330
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	ASTEK ELECTRIC COMPANY PRIVATE LIMITED
Registered Office :	No.128, 6^th Main Road, P and T Colony, Sanjaynagar, Bangalore – 560094, Karnataka
Tel. No.:	91-80-28361088
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.07.1996
Com. Reg. No.:	08-020792
Capital Investment / Paid-up Capital :	Rs.0.900 Million
CIN No.: [Company Identification No.]	U31200KA1996PTC020792
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electrical motors and transformers.
No. of Employees :	39 (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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 PARTED BY

Name :	Mr. Krishna Murthy
Designation :	Director
Contact No.:	91-9845011328

LOCATIONS

Registered Office :	No.128, 6^th Main Road, P and T Colony, Sanjaynagar, Bangalore – 560094, Karnataka, India
Tel. No.:	91-80-28361088 / 28367008
Mobile No.:	91-9845011328 (Mr. Krishna Murthy)
Fax No.:	91-80-28361088
E-Mail :	hrsureshandco@gmail.com astek@bglbgl.vsnl.net.in
Factory 1 :	56/04, Ramegowda Industrial Estate, Tigalarapalaya Main Road, Peenya Ii Stage, Bangalore – 560058, Karnataka, India
Factory 2 :	11, Nadkerappa Industrial Estate, Hegganahalli, Bangalore 560091, Karnataka, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Gangadarapuram Ramamurthy Krishnamurthy

Designation :

Director

Address :

128, 6^th Main Road, P and T Colony, Sanjaynagar, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

02.10.1946

Date of Appointment :

10.07.1996

DIN No.:

02206631

PAN No.:

AAVPK2281J

Name :

Mr. Malayolickal Anu Joseph

Designation :

Director

Address :

537/30, 5^th Cross, Mahalakshmi Layout, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

01.06.1978

Date of Appointment :

10.07.1996

DIN No.:

03303962

PAN No.:

ADLPJ2817L

Name :

Mr. Malayolickal George Joseph

Designation :

Director

Date of Appointment :

02.06.2014

DIN No.:

00353551

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	U27109KA1982PTC004795	PEARL INSULATIONS PRIVATE LIMITED	Director	01-08-82	01-08-82	21-08-08	Active	NO
2	U85110KA1997PTC021878	PEARL METAL PRODUCTS (BANGALORE) PRIVATE LIMITED	Managing director	27-02-97	27-02-97	21-08-08	Amalgamated	NO
3	U31100MH2005PTC155939	TESLA ELECTROSYSTEMS PRIVATE LIMITED	Director	06-09-05	06-09-05	-	Active	NO
4	U67110KA1998PTC024473	VON ROLL (INDIA) PRIVATE LIMITED	Director	30-04-06	30-04-06	22-08-08	Active	NO
5	U72200KA2013FTC068709	ODINIX SOFTWARE INDIA PRIVATE LIMITED	Director	23-04-13	23-04-13	-	Active	NO
6	U31200KA1996PTC020792	ASTEK ELECTRIC COMPANY PRIVATE LIMITED	Director	02-06-14	02-06-14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Gangadarapuram Ramamurthy Krishnamurthy	2500	27.78
Malayolickal Anu Joseph	4500	50.00
Malayolickal George Joseph	2000	22.22
Total	9000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electrical motors and transformers.
Products :	Electrical motors and transformers
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Sri Lanka Thailand
Imports :
Products :	Raw Material
Countries :	China America
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Pearl Insulation Private Limited, Bangalore, Karnataka, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers, Manufacturer

Reference :	Wind World India, Daman
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

39 (Approximately)

Bankers :

Bank Name	Axis Bank
Branch	Sanjay Nagar, Bangalore, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Kotak Mahindra Prime Limited	0.266	0.422
Total	0.266	0.422

Auditors :
Name :	H R Suresh and Company Chartered Accountants
Address :	# B-4, B Block, 1^st Floor, Unity Buildings, J C Road, Bangalore – 560002, Karnataka, India
Tel. No.:	91-80-22238052
E-Mail :	office@hrsureshaand.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AACFH0293E
Memberships :	--
Collaborators :	--
Company in which KMP/ Relatives of KMP can exercise significant influence :	Pearl Insulations Private Limited Pearl Metal Products (Bangalore) Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs.0.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.900	0.900	0.900
(b) Reserves & Surplus	20.988	22.214	22.453
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.154
Total Shareholders’ Funds (1) + (2)	21.888	23.114	23.507
(3) Non-Current Liabilities
(a) long-term borrowings	5.266	2.422	0.651
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.154	0.154	0.000
(d) long-term provisions	0.986	0.546	0.198
Total Non-current Liabilities (3)	6.406	3.122	0.849
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	27.799	7.838	11.019
(c) Other current liabilities	1.062	1.231	2.722
(d) Short-term provisions	0.037	0.046	0.036
Total Current Liabilities (4)	28.898	9.115	13.777
TOTAL	57.192	35.351	38.133
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.241	5.999	5.196
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.089	0.196	0.024
(d) Long-term Loan and Advances	5.515	1.785	2.580
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10.845	7.980	7.800
(2) Current assets
(a) Current investments	1.872	4.773	4.750
(b) Inventories	3.371	3.410	3.291
(c) Trade receivables	36.677	15.638	11.560
(d) Cash and cash equivalents	2.565	2.013	6.567
(e) Short-term loans and advances	0.943	0.828	3.613
(f) Other current assets	0.919	0.709	0.552
Total Current Assets	46.347	27.371	30.333
TOTAL	57.192	35.351	38.133

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	81.476	53.107	148.772
Other Income
TOTAL	81.476	53.107	148.772
EXPENSES	81.390	56.670	139.213
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.086	(3.563)	9.559
DEPRECIATION/ AMORTISATION	1.204	0.987	0.876
PROFIT/ (LOSS) BEFORE TAX	(1.118)	(0.067)	8.683
TAX	0.107	0.172	2.728
PROFIT/ (LOSS) AFTER TAX	(1.225)	(0.239)	5.955
IMPORTS
Raw Materials	2.957	1.191	NA
TOTAL IMPORTS	2.957	1.191	NA
Earnings / (Loss) Per Share (Rs.)	(136.22)	NA	NA

Expected Sales ( 2014-2015) : Rs.150.000 Million

The above information has been parted by Mr. Krishna Murthy

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.96)	(0.19)	22.78
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.00	0.37
Debt Equity Ratio (Total Debt /Networth)		0.24	0.10	0.03
Current Ratio (Current Asset/Current Liability)		1.60	3.00	2.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.900	0.900	0.900
Reserves & Surplus	22.453	22.214	20.988
Net worth	23.353	23.114	21.888
long-term borrowings	0.651	2.422	5.266
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.651	2.422	5.266
Debt/Equity ratio	0.028	0.105	0.241

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	148.772	53.107	81.476
		(64.303)	53.419

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	148.772	53.107	81.476
Profit	5.955	(0.239)	(1.225)
	4.00%	(0.45%)	(1.50%)

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	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	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

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Gangadarapuram Ramamurthy Krishnamurthy	1.000	0.000
Malayolickal George Joseph	4.000	2.000
Total	5.000	2.000

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Plant and Machinery

· D G Set

· Office Equipment

· Computer and Software

· Furniture and Fixture

· Vehicles

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.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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.