MIRA INFORM REPORT

Report No. :	319421
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	DASS ELECTRIC TRADING COMPANY PRIVATE LIMITED
Registered Office :	Unit No. G7A, Sacred World, Jagtap Chowk, Wanawadi, Pune-411040, Maharashtra
Mobile No. :	91-9850824851 (Mr. Nareshchandra Bishandas Sarin)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.09.1988
Com. Reg. No.:	11-048872
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U52334MH1988PTC048872
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, Importers, exporters, Dealers, Assemblers and Distributors of electrical, electronic appliances of all types used for industrial and domestic purpose.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Under Liquidation
Payment Behaviour :	--
Litigation :	--
Comments :	Subject is an established company having moderate track. During the year it has not carried our any business activity on its own. The company has huge accumulated losses which has eroded the net worth of the company. The company is totally out of business and it is under liquidation process. In the view of aforesaid, we do not recommend any credit to the subject company.

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 (GENERAL DETAILS)

Name :	Mr. Nareshchandra Bishandas Sarin
Designation :	Managing director
Contact No.:	91-9850824851
Date :	27.04.2015

LOCATIONS

Registered Office :	Unit No. G7A, Sacred World, Jagtap Chok, Wanawadi, Pune-411040, Maharashtra, India
Tel. No.:	91-20-26851385
Mobile No. :	91-9850824851 (Mr. Nareshchandra Bishandas Sarin)
Fax No.:	91-20-26856021
E-Mail :	dasselec@bsnl.com nareshsareen@gmail.com
Website :	http://dusselectronics.in
Area :	10000 sq. ft
Location:	Owned
Showrooms :	· Kothrud · Nashik · Pune Camp · Aundh · Pimpari · Kalyan Nagar · Hadapsar · Vanodi · Airport Road
Warehouse :	Located At: v Pune
Area :	20 to 25000 sq. ft.
Location:	Leased

DIRECTORS

As on 30.09.2011

Name :	Mr. Nareshchandra Bishandas Sareen
Designation :	Managing Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	07.04.1949
Qualification :	MA
Date of Appointment :	19.09.1998
DIN No.:	00300381
Name :	Mr. Dinesh Bishandas Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	11.07.1951
Qualification :	B.com
Date of Appointment :	19.09.1998
DIN No.:	00301037
Name :	Ms. Usha Rameshchandra Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	10.01.1940
Qualification :	BA
Date of Appointment :	19.09.1998
DIN No.:	00301321
Name :	Mr. Vicky Naresh Sareen
Designation :	Additional Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	19.10.1984
Qualification :	B.com
Date of Appointment :	01.05.2008
DIN No.:	02227183
Name :	Mr. Kapil Dinesh Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	18.10.1979
Qualification :	B.com
Date of Appointment :	01.10.2007
DIN No.:	02281056

Name :	Mr. Karan Dinesh Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411037, Maharashtra, India
Date of Birth/Age :	21.11.1976
Qualification :	B.com
Date of Appointment :	01.10.2007
DIN No.:	02281077

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Naresh Bishandas Sareen	389100
Dinesh Bishandas Sareen	186350
Usha Ramesh Sareen	419700
Kunal Naresh Sareen	137000
Kapil Dinesh Sareen	409650
Karan Dinesh Sareen	411450
Naresh Bishandas Sareen (HUF)	89250
Dinesh Sareen HUF	89150
Vicky Naresh Sareen	406150

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importers, exporters, Dealers, Assemblers and Distributors of electrical, electronic appliances of all types used for industrial and domestic purpose.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

Information declined by the management

Bankers :

Janaseva Sahakari Bank Limited, Camp Branch,, Pune - 411001, Maharashtra, India

Bank Name	Canara Bank
Branch	M G Road Camp Branch, Pune - 411001, 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)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)
Long-term Borrowings
Canara Bank	52.123
Short-term borrowings
Canara Bank – Cash credit 9Secured hypothecation of stock and book debt)	146.376
Total	198.499

Auditors :
Name :	Shashank Patki and Associates Chartered Accountants
Address :	2, Anil Apartments, Baner Residency, Baner Road, Aundh, Pune – 411007, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AASFS3183J
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	(293.373)	(293.373)	(289.743)
(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)	(263.373)	(263.373)	(259.743)
(3) Non-Current Liabilities
(a) long-term borrowings	116.110	116.110	116.110
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.749	1.749	0.049
Total Non-current Liabilities (3)	117.859	117.859	116.159
(4) Current Liabilities
(a) Short term borrowings	185.020	185.066	185.066
(b) Trade payables	62.483	62.483	62.483
(c) Other current liabilities	7.561	7.515	7.510
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	255.064	255.064	255.059
TOTAL	109.550	109.550	111.475
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.465	16.465	18.294
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.427	22.427	22.427
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	38.892	38.892	40.721
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	68.001	68.001	68.001
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1.253	1.253	1.266
(e) Short-term loans and advances	1.404	1.404	1.487
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	70.658	70.658	70.754
TOTAL	109.550	109.550	111.475

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	0.000	0.000	0.000
	Other Income	0.000	0.024	0.810
	TOTAL (A)	0.000	0.024	0.810
Less	EXPENSES
	Changes in inventories of finished goods, work in progress and stock in trade	0.000	0.000	17.000
	Employees benefits expense	0.000	0.021	0.941
	Other expenses	0.000	0.041	4.857
	Extraordinary items	0.000	1.763	31.100
	TOTAL (B)	0.000	1.825	53.898
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.000	(1.801)	(53.088)
Less	FINANCIAL EXPENSES (D)	0.000	0.000	0.033
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.000	(1.801)	(53.121)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.000	1.829	1.829
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.000	(3.630)	(54.950)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.000	(3.630)	(54.950)
	Earnings / (Loss) Per Share (Rs.)	0.00	(1.21)	(18.32)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	(3.31)	(49.29)
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.21
Debt Equity Ratio (Total Debt /Networth)		(1.14)	(1.14)	(1.16)
Current Ratio (Current Asset/Current Liability)		0.28	0.28	0.28

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	30.000	30.000	30.000
Reserves & Surplus	(289.743)	(293.373)	(293.373)
Net worth	(259.743)	(263.373)	(263.373)
long-term borrowings	116.110	116.110	116.110
Short term borrowings	185.066	185.066	185.020
Total borrowings	301.176	301.176	301.130
Debt/Equity ratio	(1.160)	(1.144)	(1.143)

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	0.810	0.024	0.000
		(97.037)	(100.000)

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	0.810	0.024	0.000
Profit	(54.950)	(3.630)	0.000
	(6783.95%)	(15125.00%)

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	No
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	No
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

REVIEW OF OPERATIONS

During to year the company has not carried out any business activity on its own. Various parties have initiated legal proceedings against the company for non-payment of their dues. The company is totally out of business and foresees negative phase in future.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loan from Rajesh Exports Limited	60.000
Loan from Institution on personal guarantee	3.987
Short-term borrowings
ICICI Bank (Unsecured for credo card payments)	16.912
Loan from directors	19.660
Loan from member	2.072
Total	102.631

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10125959	06/10/2008	20,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	A48395271
2	10070109	08/10/2007	20,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	A24323537
3	10045838	22/08/2009 *	198,400,000.00	CANARA BANK	M G ROAD CAMP BRANCH, PUNE, MAHARASHTRA - 411001, INDIA	A70945183
4	80059624	17/07/2004	2,500,000.00	JANASEVA SAHAKARI BANK LIMITED	CAMP , , PUNE, MAHARASHTRA - 411001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Furniture
• Computer
• Office Equipment
• Electrical Instruments
• Air Conditioner
• Generator

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 records 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.63.3
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	KVT

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.