MIRA INFORM REPORT

Report No. :	353936
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	MOSDORFER INDIA PRIVATE LIMITED
Registered Office :	403C, Wing B1, Marathon Innova, Opposite Peninsula Corporate Park, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-24374287/24953082
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	02.03.2007
Com. Reg. No.:	11-168305
Capital Investment / Paid-up Capital :	Rs. 49.150 Million
CIN No.: [Company Identification No.]	U74999MH2007PTC168305
IEC No.:	0307070999
TAN No.: [Tax Deduction & Collection Account No.]	MUMM31481C
PAN No.: [Permanent Account No.]	AAECM9969D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hardware, Fittings, Accessories of Insulators, Conductors, Earth Wire and OPW required in Power Transmission Lines. [Confirmed by management]
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (56)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary company of “Mosdorfer Gmbh, Austria (75%). It has fair track. The ratings takes into consideration strong financial risk profile of the company marked by strong networth base along with debt free capital structure of the company in the year 2015. Further, management has reported decent increase in its revenue base along with fair profit margin in the same consecutive year. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of strong holding company, the subject can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Manali Shah
Designation :	Account Manager
Contact No.:	91-22-24926395
Date :	08.12.2015

LOCATIONS

Registered Office :	403C, Wing B1, Marathon Innova, Opposite Peninsula Corporate Park, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24926395/93/94
Fax No.:	91-22/26374287/24953082
E-Mail :	manali.shah@mosdorfer.com
Website :	http://www.mosdorfor.com
Area :	4000 sq. ft.
Location :	Rented
Locality :	Commercial
Factory :	No. 193/194,Village Gonde, MISC, Nashik – 422606, Maharashtra, India

DIRECTORS

AS ON 31.03.2014

Name :

Mr. Pradeep Brijlal Saigal

Designation :

Chairman Cum Managing Director

Address :

B-101, 10^th Floor, Bay View, Tanna Residency, Prabhadevi, Mumbai – 400 025, Maharashtra, India.

Date of Birth/Age :

22.04.1959

Date of Appointment :

02.03.2007

DIN No.:

00266466

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	U74140MH1990PTC057046	PRANSA INTERNATIONAL PRIVATE LIMITED	Director	27/06/1990	27/06/1990	-	Active	NO
2	U67120MH1991PTC062686	KASHISH HOLDINGS PVT LTD	Director	26/07/1991	26/07/1991	-	Active	NO
3	U24110MH1994PTC077403	NAPHTHALO ORGANICS LTD.	Director	29/03/1994	29/03/1994	-	Strike off	NO
4	U26920MH1994PTC080200	XICON ENGINEERING SERVICES PRIVATE LIMITED	Director	09/08/1994	09/08/1994	-	Active	NO
5	U65920MH1994PTC080771	PRANSA FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	02/09/1994	02/09/1994	-	Active	NO
6	U65990MH1995PTC091017	FINANZ HOLDINGS PRIVATE LIMITED	Director	26/07/1995	26/07/1995	-	Active	NO
7	U67120MH1994PTC076393	PHILTRE INVESTMENT AND FINANCE P LTD	Director	30/09/2003	30/09/2003	-	Active	NO
8	U74999MH2007PTC168305	MOSDORFER INDIA PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
9	U74900MH2008PTC185066	Palladio Pransa Consultancy Services Private Limited	Director	24/07/2008	24/07/2008	-	Active	NO
10	U63011MH2008PTC186607	MAXIMA LOGISTICS & MANAGEMENT SERVICES PRIVATE LIMITED	Director	10/09/2008	10/09/2008	-	Active	NO
11	U74990PN2009PTC151274	KINETIC FGTECNOPOLO ENGINEERING SERVICES PRIVATE LIMITED	Director	20/08/2009	20/08/2009	17/12/2010	Active	NO
12	U93090MH2012PTC226569	Jaguar Communication Consultancy Services Private Limited	Director	30/07/2013	05/03/2012	-	Active	NO
13	U74999MH2012PTC232292	LAPP INSULATORS INDIA PRIVATE LIMITED	Director	16/06/2012	16/06/2012	-	Active	NO
14	U45200MH1980PLC022166	TANNA BUILDERS LIMITED	Additional director	18/12/2014	18/10/2013	-	Active	NO
15	U31300MH1973PTC016713	ASSOCIATED CABLES PRIVATE LIMITED	Nominee director	18/09/2014	18/03/2014	-	Active	NO

Name :

Mr. Erich Kaltmann

Designation :

Director

Address :

Weizbachweg 40 F 18, Andritz, Graz, Austria- 008045

Date of Birth/Age :

08.09.1969

Date of Appointment :

02.03.2007

DIN No.:

00404926

Name :

Mr. Guntram Wilhelm Haas

Designation :

Director

Address :

Janneckweg 10, St. Peter, Graz, Austria- 008042

Date of Birth/Age :

29.07.1967

Date of Appointment :

02.03.2007

DIN No.:

00401004

Name :

Mr. Christian Knill

Designation :

Director

Address :

Eisengasse 24A, Weiz, Austria 008160

Date of Birth/Age :

24.01.1970

Date of Appointment :

29.07.2011

DIN No.:

03605708

Name :

John Leslie Morris

Designation :

Additional Director

Address :

47 Main Street, Ratcliffe,, Wreake, Leicestershire Le7 4sn, Leicester, Le74sn, United Kingdom

Date of Appointment :

25.11.2014

DIN No.:

07017396

KEY EXECUTIVES

Name :	Ms. Manali Shah
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Names of Shareholders	No. of Shares
Pransa International Private Limited, India	374
Mosdorfer GmbH, Austria	2128
Xicon Engineering Services Private Limited, India	374
Mosderfer GMBH	140500
Pransa International Private Limited, India	49400
Total	192776

AS ON 01.08.2014

Names of Allottees	No. of Shares
Mosdorfer GmbH, Austria	352
Pransa International Private Limited, India	62
Xicon Engineering Services Private Limited, India	62
Total	476

AS ON 01.03.2015

Names of Allottees	No. of Shares
Mosdorfer GmbH, Austria	1509
Pransa International Private Limited, India	530
Total	2039

Equity Share Break up (Percentage of Total Equity)

AS ON 31.03.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Bodies corporate	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Hardware, Fittings, Accessories of Insulators, Conductors, Earth Wire and OPW required in Power Transmission Lines. [Confirmed by management]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Austria Thailand African Countries
Imports :
Products :	Raw Material
Countries :	Austria
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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 :

125 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Prabhadevi, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-24384401
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)	Continuously Ringing

• Corporate Bank, BGG-1, Delphi, Orhard Avenue, Hiranandani Business Park, Powai Branch, Mumbai – 400076, Maharashtra, India

Auditors :
Name :	Manek and Associates Chartered Accountants
Address :	3, Shanti Kunj, 17^th Prarthana Samaj Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-26185110 / 26185137
Fax No.:	91-22-26184912
E-Mail :	manek@vsnl.com shailesh.manek@gmail.com
PAN No.:	AAHPM4874F
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Mosdorfer GmbH
Others :	Xicon Engineering Services Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.10000/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4915	Equity Shares	Rs.10000/- each	Rs. 49.150 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.150	24.000	24.000
(b) Reserves & Surplus	270.496	43.574	4.305
(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)	319.646	67.574	28.305
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	237.366	237.366
(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	4.077	2.828	0.841
Total Non-current Liabilities (3)	4.077	240.194	238.207
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	219.521	146.301	161.655
(c) Other current liabilities	24.077	38.029	76.646
(d) Short-term provisions	3.358	5.036	2.763
Total Current Liabilities (4)	246.956	189.366	241.064
TOTAL	570.679	497.134	507.576
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.699	65.493	45.396
(ii) Intangible Assets	0.589	0.033	0.077
(iii) Capital work-in-progress	0.081	5.060	14.742
(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)	5.778	3.138	0.000
(d) Long-term Loan and Advances	5.603	5.159	5.480
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.750	78.883	65.695
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	163.664	135.934	121.565
(c) Trade receivables	275.035	222.409	283.008
(d) Cash and cash equivalents	41.893	51.032	34.081
(e) Short-term loans and advances	17.794	8.251	2.963
(f) Other current assets	0.543	0.625	0.264
Total Current Assets	498.929	418.251	441.881
TOTAL	570.679	497.134	507.576

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1098.575	882.251	707.850
	Other Income	19.033	10.047
	TOTAL	1117.608	892.298	707.850
Less	EXPENSES
	Cost of Materials Consumed	762.046	562.892
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.577)	(40.693)
	Employees benefits expense	40.367	31.071
	Other expenses	226.798	238.550
	TOTAL	1020.634	791.820	697.391
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	96.974	100.478	Including
				Financial
Less	FINANCIAL EXPENSES	30.457	27.564	And
				Depreciation
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	66.517	72.914	Expenses
Less/ Add	DEPRECIATION/ AMORTISATION	19.832	16.750
	PROFIT/ (LOSS) BEFORE TAX	46.685	56.164	10.459
Less	TAX	15.597	16.895	5.016
	PROFIT/ (LOSS) AFTER TAX	31.088	39.269	5.443
	Earnings Per Share (Rs.)	10801.94	13644.54	2,268.000

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	47.401	77.581	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.83	4.45	0.77
Operating Profit Margin (PBIDT/Sales)	(%)	8.83	11.39	0.00
Return on Total Assets (PBT/Total Assets}	(%)	8.27	11.49	2.12
Return on Investment (ROI) (PBT/Networth)		0.15	0.83	0.37
Debt Equity Ratio (Total Debt /Networth)		0.00	3.51	8.39
Current Ratio (Current Asset/Current Liability)		2.02	2.21	1.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	24.000	24.000	49.150
Reserves & Surplus	4.305	43.574	270.496
Share Application money pending allotment	0.000	0.000	0.000
Net worth	28.305	67.574	319.646
long-term borrowings	237.366	237.366	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	237.366	237.366	0.000
Debt/Equity ratio	8.386	3.513	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	707.850	882.251	1098.575
		24.638	24.520

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	707.850	882.251	1098.575
Profit	5.443	39.269	31.088
	0.77%	4.45%	2.83%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Fully convertible debentures others	0.000	237.366
Total	0.000	237.366

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Factory Equipments
• Furniture and Fixture
• Vehicles
• Building
• Plant and Equipment
• Office Equipments

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. 66.79
UK Pound	1	Rs. 101.37
Euro	1	Rs. 73.46

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		56

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.