MIRA INFORM REPORT

Report No. :	356490
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	MEENA CIRCUITS PRIVATE LIMITED
Registered Office :	Survey No.99/1, Village Vadadala, Jarod Savli Road, Savli – 391520, Gujarat
Tel. No.:	91-2667-251791/ 251792 / 251793 / 251794
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	18.03.1996
Com. Reg. No.:	04-029081
Capital Investment / Paid-up Capital :	Rs. 86.151 Million
CIN No.: [Company Identification No.]	U31102GJ1996PTC029081
IEC No.:	0804000077
TAN No.: [Tax Deduction & Collection Account No.]	AHMM03461D
PAN No.: [Permanent Account No.]	AABCM3160D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Printed Circuit Boards. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 95000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1996 having moderate track. The company has some accumulated losses which seems to be increasing over years. Further, the rating also takes into consideration unfavorable gap between trade payables and trade receivables. Their trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered Office/ Factory/ Head Office :	Survey No.99/1, Village Vadadala, Jarod Savli Road, Savli – 391520, Gujarat, India
Tel. No.:	91-2667-251791/ 251792 / 251793 / 251794
Fax No.:	91-2667-251795
E-Mail :	apnaik99@yahoo.com mail@meenacircuits.com
Website :	www.meenacircuits.com
Location :	Owned

DIRECTORS

As on 31.03.2015

Name :

Mr. Bhagvan Hirdas Patel

Designation :

Director

Address :

206, Kalasagar, Jodhpur Char Rasta, Behind Ratnamani Tower, Satelite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

10.12.1942

Date of Appointment :

01.04.1996

PAN No.:

BGXPP9872M

DIN No.:

01887332

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	U31102GJ1996PTC029081	MEENA CIRCUITS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
2	U31102GJ1997PTC032478	MEENA POWER SUPPLY PRIVATE LIMITED	Director	30/09/2011	17/01/2008	23/03/2012	Strike off	NO

Name :

Mr. Amritlal Prahladbhai Naik

Designation :

Director

Address :

8, Jagat Park Society, Near Railway Station, Ghatlodiya, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

19.12.1942

Date of Appointment :

12.08.1999

PAN No.:

ABCPN3820G

DIN No.:

00818057

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	U31102GJ1997PTC032478	MEENA POWER SUPPLY PRIVATE LIMITED	Director	06/09/1997	06/09/1997	-	Strike off	NO
2	U31102GJ1996PTC029081	MEENA CIRCUITS PRIVATE LIMITED	Director	12/08/1999	12/08/1999	-	Active	NO
3	U72200GJ1999PTC035713	MEENA INFOSYSTEMS PRIVATE LIMITED	Director	01/11/2000	01/11/2000	-	Active	NO
4	U31900GJ2008PTC054856	RITESOURCE INFOSYSTEMS PRIVATE LIMITED	Director	25/08/2008	25/08/2008	15/03/2010	Active	NO

Name :

Mr. Nanjibhai Mohanlal Patel

Designation :

Director

Address :

7, Kunvarika Society, Bus Station Road, Patan, Mehasana – 384265, Gujarat, India

Date of Birth/Age :

01.06.1948

Date of Appointment :

01.04.1996

PAN No.:

ACDPP8403F

DIN No.:

01986291

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	U31102GJ1996PTC029081	MEENA CIRCUITS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
2	U72200GJ1999PTC035713	MEENA INFOSYSTEMS PRIVATE LIMITED	Director	30/09/2011	10/10/2009	-	Active	NO
3	U31102GJ1997PTC032478	MEENA POWER SUPPLY PRIVATE LIMITED	Director	30/09/2011	01/12/2010	-	Strike off	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares	%age holding
Amrit P. Naik	1350	0.02
Bhagwandas Patel	5475915	91.61
Meena Infosystem Private Limited, India	500000	8.37
Total	5977265	100.00

Names of Preference Shareholders	No. of Shares
Bhagwandas Patel	2637798
Total	2637798

BUSINESS DETAILS

Line of Business :

Manufacturing of printed Circuit Boards. (Registered Activity)

Products :

Item Code No.	Product Description
85340000	Printed Circuit Boards

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name	Allahabad Bank
Branch	S P Nagar Branch, Acme Centre, Shrimali Society, Ahmedabad - 380009, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	0.000	47.983
Loans repayable on demand from banks	34.470	0.000
Total	34.470	47.983

Auditors :
Name :	Manubhai and Company Chartered Accountants
Address :	2nd Floor, 'B' Wing, Premium House, Near Gandhigram Rly Station, Navarangpura, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFM2086H
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Meena Infosystems Private Limited CIN No.: U72200GJ1999PTC035713 · Amitron Corporation, United States of America

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs.10/- each	Rs. 60.000 Million
3,000,000	Preference Shares	Rs.10/- each	Rs. 30.000 Million
	Total		Rs. 90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,977,265	Equity Shares	Rs.10/- each	Rs. 59.773 Million
2,637,798	Preference Shares	Rs.10/- each	Rs. 26.378 Million
	Total		Rs. 86.151 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	86.151	86.151	86.151
(b) Reserves & Surplus	(52.775)	(42.380)	(47.199)
(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)	33.376	43.771	38.952
(3) Non-Current Liabilities
(a) long-term borrowings	88.157	88.560	84.762
(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	3.663	2.688	2.487
Total Non-current Liabilities (3)	91.820	91.248	87.249
(4) Current Liabilities
(a) Short term borrowings	35.570	49.923	38.915
(b) Trade payables	70.693	89.190	71.945
(c) Other current liabilities	2.561	4.778	14.140
(d) Short-term provisions	3.967	3.567	3.160
Total Current Liabilities (4)	112.791	147.458	128.160
TOTAL	237.987	282.477	254.361
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.983	100.282	98.613
(ii) Intangible Assets	0.000	0.000	0.031
(iii) Capital work-in-progress	14.205	13.900	17.956
(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)	3.151	0.000	0.000
(d) Long-term Loan and Advances	3.326	3.280	3.926
(e) Other Non-current assets	0.800	0.800	0.000
Total Non-Current Assets	101.465	118.262	120.526
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.383	92.352	78.401
(c) Trade receivables	43.326	63.605	42.108
(d) Cash and cash equivalents	4.777	5.438	6.000
(e) Short-term loans and advances	1.959	2.730	7.118
(f) Other current assets	0.077	0.090	0.208
Total Current Assets	136.522	164.215	133.835
TOTAL	237.987	282.477	254.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	423.461	400.536	NA
		Other Income	1.631	1.861	NA
		TOTAL (A)	425.092	402.397	NA
Less	EXPENSES
		Cost of Materials Consumed	265.245	265.160
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.980)	(10.363)
		Employees benefits expense	42.425	38.018
		Other expenses	94.978	87.272
		Exceptional items	7.879	(7.341)
		TOTAL (B)	408.547	372.746	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		16.545	29.651	NA
Less	FINANCIAL EXPENSES (D)		10.356	11.366	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.189	18.285	23.178
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.487	13.466	13.032
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(13.298)	4.819	10.146
Less	TAX (H)		(2.903)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(10.395)	4.819	10.146
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(42.810)	(47.629)	(57.775)
	BALANCE CARRIED TO THE B/S		(53.205)	(42.810)	(47.629)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	238.605	261.635
	TOTAL EARNINGS		0.000	238.605	261.635
	Earnings / (Loss) Per Share (Rs.)		(1.74)	0.56	1.18

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.177	0.220
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	28.872	3.900	(3.750)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(2.45)	1.20	NA
Operating Profit Margin (PBIDT/Sales)	(%)	3.91	7.40	NA
Return on Total Assets (PBT/Total Assets}	(%)	(6.03)	1.79	4.29
Return on Investment (ROI) (PBT/Networth)		(0.40)	0.11	0.26
Debt Equity Ratio (Total Debt /Networth)		3.71	3.17	3.18
Current Ratio (Current Asset/Current Liability)		1.21	1.11	1.04

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	86.151	86.151	86.151
Reserves & Surplus	(47.199)	(42.380)	(52.775)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	38.952	43.771	33.376
long-term borrowings	84.762	88.560	88.157
Short term borrowings	38.915	49.923	35.570
Current maturities of long-term debts	0.220	0.177	0.000
Total borrowings	123.897	138.660	123.727
Debt/Equity ratio	3.181	3.168	3.707

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	400.536	423.461
		5.724

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	400.536	423.461
Profit	4.819	(10.395)
	1.20%	(2.45%)

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	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
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)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
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 two 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	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	88.157	88.560
Short-term borrowings
Loans and advances from directors	1.100	1.940
Total	89.257	90.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90099991	20/12/2013 *	92,500,000.00	ALLAHABAD BANK	S P NAGAR BRANCH, ACME CENTRE, SHRIMALI SOCIETY,  AHMEDABAD, Gujarat - 380009, INDIA	B92856079

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

Intangible Assets

• Computer Software

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.66.14
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.