MIRA INFORM REPORT

Report No. :	318036
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	MASS-TECH CONTROLS PRIVATE LIMITED

Registered Office :	Plot No G/23, MIDC Industrial Area, Jalgaon – 425003, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	06.04.1988

Com. Reg. No.:	11-046895

Capital Investment / Paid-up Capital :	Rs.5.382 Millions

CIN No.: [Company Identification No.]	U29300MH1988PTC046895

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMM37353B

PAN No.: [Permanent Account No.]	AAACM2800M

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Battery Chargers, Convertors and Low Voltage Switchgear and Control Panels.

No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payments 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.

EXTERNAL AGENCY RATING

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. Dattataray Chaudhari
Designation :	Director
Contact No.:	91-9422283623
Date :	18.04.2015

LOCATIONS

Registered Office / Factory 1 / Branch Office:	Plot No G/23, MIDC Industrial Area, Jalgaon – 425003, Maharashtra, India
Tel. No.:	91-257-2210080 / 2212100 / 2210018
Mobile No.:	91-9422283623 (Mr. Dattataray Chaudhari)
Fax No.:	91-257-2210061
E-Mail :	priti.trivedi@masstechcontrols.com dattatray.chaudhari@masstechcontrols.com sudhir.chaudhary@masstechcontrols.com sales@masstechcontrols.com prabhu.nanavare@masstechcontrols.com
Website :	http://www.masstechcontrols.com

Factory 2 :	G-53, MIDC, Ajantha Road, Jalgaon – 425003, Maharashtra, India
Tel. No.:	91-257-2210061

Corporate Office :	2/7, Meghal Industrial Estate, Devidayal Road, Mulund (West) Mumbai - 400080, Maharashtra, India
Tel No.:	91-22-41704338
Fax No.:	91-22-41704325

Branch Office :	Located at Delhi Vadodara Bangalore Tiruchirapalli Bhopal Pune Bhilai Jamnagar

Overseas Offices :	Located at : United Arab Emirates Germany

DIRECTORS

As on 30.09.2014

Name :	Mr. Subhash Narayan Patil
Designation :	Managing Director
Address :	Pratiksha, 3^rd Floor 32, Nimbalkar Society, Mulund (West), Mumbai – 400082, Maharashtra, India
Date of Birth/Age :	23.01.1959
Date of Appointment :	06.04.1988
DIN No.:	00926521

Name :	Mrs. Manasi Subhash Patil
Designation :	Director
Address :	Pratiksha, 3^rd Floor 32, Nimbalkar Society, Mulund (West), Mumbai – 400082, Maharashtra, India
Date of Birth/Age :	28.01.1986
Date of Appointment :	01.12.2006
DIN No.:	00777946

Name :	Mr. Bhushan Ram Bharambe
Designation :	Director
Address :	Plot No.6, 40/5B, Ayodhya Nagar, Near Dr. Badgujar Clinic, MIDC,Jalgaon – 425003, Maharashtra, India
Date of Birth/Age :	04.04.1975
Date of Appointment :	01.12.2006
DIN No.:	00965966

Name :	Mr. Dattataray Onkar Chaudhari
Designation :	Director
Address :	45, Ganeshwadi Jilha Peth, Jalgaon – 425001, Maharashtra, India
Date of Birth/Age :	10.09.1964
Date of Appointment :	01.12.2006
DIN No.:	00782294

Name :	Mr. Anurag Subhash Patil
Designation :	Director
Address :	32, Pratiksha Nimbkar Society, Malabar Hill Road, Mulund Colony, Mumbai – 400082, Maharashtra, India
Date of Birth/Age :	19.02.1989
Date of Appointment :	27.08.2007
DIN No.:	01678651

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Anurag Subhash Patil	7737	14.38
Manasi Subhash Patil	6624	12.31
Subhash Narayan Patil (HUF)	8493	15.78
Subhash Narayan Patil	4731	8.79
Smita Subhash Patil	25142	46.72
Kusum Narayan Patil	1091	2.03

Total	53818	100.00

As on 30.09.2014

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 Battery Chargers, Convertors and Low Voltage Switchgear and Control Panels.

Products :	Battery Chargers Convertors and Low Voltage Switchgear Control Panels

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Battery Chargers Convertors and Low Voltage Switchgear Control Panels
Countries :	Nepal Saudi Arabia Indonesia

Imports :
Products :	Raw Material Component
Countries :	Germany

Terms :
Selling :	Cheque and Credit

Purchasing :	Cheque and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference 1 :	Vashi Electrica, Mumbai
Reference 2 :	Z. V. Steel, Mumbai
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 :	--

Customers :

Reference 1 :	Reliance Industries Limited
Reference 2 :	Tata Power Corporation Limited
Reference 3 :	BHEL
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 :	--

No. of Employees :

125 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Mulund (West), Mumbai - 400080, Maharashtra, 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)	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks
Term loans – 06/991	1.502	1.854
Car loan	0.387	0.491
Term loan – 06/872	0.450	0.650
Other Loan and advance
Bank of Baroda – Cash	30.280	30.449

SHORT TERM BORROWINGS
Bank of Baroda Over Draft	0.175	0.000

Total	32.794	33.444

Auditors :
Name :	Viren Gandhi and Company Chartered Accountants
Address :	103, 1^st Floor, Vikas Commercial Bhakti Marg, Mulund, Mumbai – 400080, Maharashtra, India
Telefax. No. :	91-22-25916926
Mobile No. :	91-9820818466
E-Mail :	cavirengandhi@gmail.com
Website :	www.cavirengandhiandco.com
PAN No. :	AAJFV3761E

Memberships :	--

Collaborators :	--

Sister Concern :	Electrical India Private Limited Address: G-53, MIDC, Ajantha Road, Jalgaon – 425003, Maharashtra, India Line of Business: Manufacturer and Exporter of Battery Chargers, Convertors and Low Voltage Switchgear and Control Panels.

Other related Parties :	Elek Tek India Private Limited Leading Age consultants Private Limited Convertronic Products Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

53818	Equity Shares	Rs.100/- each	Rs.5.382 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	5.382	5.200	5.000
(b) Reserves & Surplus	20.307	17.045	13.811
(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)	25.689	22.245	18.811

(3) Non-Current Liabilities
(a) long-term borrowings	50.559	46.271	38.541
(b) Deferred tax liabilities (Net)	0.633	0.515	0.454
(c) Other long term liabilities	0.299	0.299	0.299
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	51.491	47.085	39.294

(4) Current Liabilities
(a) Short term borrowings	0.175	0.000	0.000
(b) Trade payables	48.134	57.780	38.492
(c) Other current liabilities	4.381	4.038	4.196
(d) Short-term provisions	3.138	2.575	1.791
Total Current Liabilities (4)	55.828	64.393	44.479

TOTAL	133.008	133.723	102.584

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.474	16.008	15.664
(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	1.410	1.387	0.735
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.446	8.675	10.838
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27.330	26.070	27.237

(2) Current assets
(a) Current investments	0.000	0.058	0.058
(b) Inventories	55.952	37.162	30.883
(c) Trade receivables	32.902	54.266	30.986
(d) Cash and cash equivalents	12.409	12.199	11.527
(e) Short-term loans and advances	3.619	3.682	1.471
(f) Other current assets	0.796	0.286	0.422
Total Current Assets	105.678	107.653	75.347

TOTAL	133.008	133.723	102.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	145.545	157.637	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	141.970	154.057	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				10.721

Less	FINANCIAL EXPENSES				5.448

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				5.273

Less/ Add	DEPRECIATION/ AMORTISATION				1.557

	PROFIT/ (LOSS) BEFORE TAX		3.575	3.580	3.716

Less	TAX		1.131	1.146	1.148

	PROFIT/ (LOSS) AFTER TAX		2.444	2.434	2.568

	Earnings / (Loss) Per Share (Rs.)		45.41	--	--

Particulars			31.03.2015

Sales Turnover (Approximately)			220.000

The above information has been parted by Mr. Dattataray Chaudhari

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.72	2.71	3.65

Return on Investment (ROI) (PBT/Networth)		0.14	0.16	0.20

Debt Equity Ratio (Total Debt/Networth)		1.97	2.08	2.05

Current Ratio (Current Asset/Current Liability)		1.89	1.67	1.69

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	5.000	5.200	5.382
Reserves & Surplus	13.811	17.045	20.307
Net worth	18.811	22.245	25.689

long-term borrowings	38.541	46.271	50.559
Short term borrowings	0.000	0.000	0.175
Total borrowings	38.541	46.271	50.734
Debt/Equity ratio	2.049	2.080	1.975

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Total Income	157.637	145.545
		-7.671

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Total Income	157.637	145.545
Profit	2.434	2.444
	1.54%	1.68%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long Term Debts	0.000	0.177	0.980

Total	0.000	0.177	0.980

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

NOTE:

The registered address of the company has been shifted from 2/7, Meghal Industrial Estate, Devidayal Road, Mulund (West) Mumbai - 400080, Maharashtra, India to the present address w.e.f 01.04.2007

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Debenture	4.900	2.810
ICICI Bank Loan	2.371	0.000
Loans and advance from related parties
Anurag Patil	0.107	0.207
Smita N Patil	1.945	2.130
Subhash N Patil	1.539	1.059
Manasi Patil	0.310	0.100
Kusum Patil	2.620	2.508
Subhash N Patil HUF	4.148	4.013

Total	17.940	12.827

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80011261	01/02/2013 *	82,716,000.00	Bank of Baroda	Mulund Branch, Mulund West, Mumbai, Maharashtra - 400080, INDIA	B71775902
2	90220196	05/01/2015 *	117,001,000.00	The Bank Of Baroda	Hari Om Plaza, (opp. old Sampson English School), R. H. Bhojraj Road, Mulund (W), Mumbai, Maharashtra - 400080, INDIA	C41681552
3	90222400	21/06/2007 *	37,331,000.00	BANK OF BARODA	MULUND WEST BRANCH, "POOJAS", 99, JAWAHARLAL NEHRU ROAD, MULUND WEST, MUMBAI, Maharashtra - 400080, INDIA	A18702035

* Date of charge modification

FIXED ASSETS

Land and Building
Plant and Machinery
Furniture and Fixture
Vehicles
Office Equipment

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.93.05
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	RAS

Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	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		48

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.

MIRA INFORM REPORT

Unit