MIRA INFORM REPORT

Report No. :	306871
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	QUATRO RAIL TECH SOLUTIONS PRIVATE LIMITED
Registered Office :	# 756 ( 1st Floor) 80 Feet Road, 4th Block, Koramangala, Bangalore-560034, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.06.2012
Com. Reg. No.:	08-064625
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U74900KA2012PTC064625
IEC No.:	Not Available
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 :	Providing Consultancy Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 48000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of a reputed firm “EMC Limited”. It is a relatively new company establishing itself gradually. The company witnessed a gradual improvement in its financial as well as business profile, being a subsidiary of a reputed parent which has a decent financial profile during FY14. Management has reported an increase in its modest sales volume as well as net profitability backed by infusion of funds from the part of promoters during the year under review. The rating also take into consideration, the various planned and proposed dedicated freight conidor and urban metro/ Monoral projects where the subject can be opportunistic about in the Indian infrastructure sector, which may further improve the overall position of the company. Trade relations are improving. Business is active. Payment terms are reported as usually correct, supported by its parent. In view of technical, managerial and financial support from its parent, the company can be considered for business dealings at usual trade terms and conditions, with some prudence.

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

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.

LOCATIONS

Registered Office :	# 756 ( 1st Floor) 80 Feet Road, 4th Block, Koramangala, Bangalore-560034, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	amitava.majumdar@quatrorail.com

DIRECTORS

As on 17.09.2014

Name :

Mr. Amitava Majumdar

Designation :

Director

Address :

1027/1, Gitanjali Corner 1 Flat No.303, Gitanjali Lay Out, Hal 3^rd Stage, Bangalore-560075, Karnataka, India

Date of Birth/Age :

24.01.1960

Date of Appointment :

28.06.2012

DIN No.:

05233216

Name :

Mr. Sarbananda Lahiri

Designation :

Director

Address :

G-200, Mntri Wooland, Arkera Gate, Bannerghatta, Bangalore-5600076, Karnataka, India

Date of Birth/Age :

03.12.1953

Date of Appointment :

28.06.2012

DIN No.:

03011045

Name :

Mr. Partho Mullick

Designation :

Director

Address :

L-2 Block 2 Samhita Castle, C V Raman Nagar, Bangalore-560093, Karnataka, India

Date of Birth/Age :

25.02.1962

Date of Appointment :

28.06.2012

DIN No.:

05285772

Name :

Mr. Subroto Chaudhury

Designation :

Director

Address :

Ch -10/11a, Sunder Apartments, Paschim Vihar, New Delhi-110087, India

Date of Birth/Age :

09.01.1956

Date of Appointment :

23.08.2013

DIN No.:

00656102

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	U45200DL2006PTC154217	Futurist Infrastructure Private Limited	Managing director	28/12/2011	22/09/2006	-	Active	NO
2	U70101AS2001PTC006639	SURFACE TECH INDIA PRIVATE LIMITED	Director	28/06/2008	28/06/2008	10/05/2014	Active	NO
3	U01111DL2010PTC197863	SNS AGROPOLIS PRIVATE LIMITED	Director	12/01/2010	12/01/2010	21/05/2010	Active	NO
4	L65990MH1984PLC032422	SPANCO LIMITED	Director	24/09/2010	29/03/2010	02/01/2014	Active	NO
5	U45203MH2010PLC209046	MP Border Checkpost Development Company Limited	Director	30/08/2011	17/02/2011	17/12/2012	Active	NO
6	U74900KA2012PTC064625	QUATRO RAIL TECH SOLUTIONS PRIVATE LIMITED	Director	23/08/2013	01/08/2012	-	Active	NO
7	U72300DL2006PLC156367	BHARAT BPO SERVICES LIMITED	Director	30/09/2013	17/05/2013	12/12/2014	Active	NO
8	U31901WB1953PLC021044	EMC LIMITED	Whole-time director	01/03/2014	01/03/2014	13/08/2014	Active	NO

Name :

Manoj Toshniwal

Designation :

Director

Address :

CI-290, Salt Lake, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

30.12.1967

Date of Appointment :

28.03.2013

DIN No.:

00022787

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	U17309WB1991PTC051043	DEWPOINT SYNTHETICS PVT LTD	Director	21/10/1999	21/10/1999	18/02/2014	Active	NO
2	U67120WB1991PTC051851	MKN INVESTMENT PVT LTD	Director	30/06/2004	30/06/2004	-	Active	NO
3	U28999WB1959PTC024396	METALIND PVT LTD	Director	12/08/2005	12/08/2005	30/04/2010	Active	NO
4	U24299WB1982PLC183166	EMC HARDWARE LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
5	U31901WB1953PLC021044	EMC LIMITED	Managing director	24/07/2013	12/08/2005	-	Active	NO
6	U67120WB1995PTC068947	TAMKORE INVESTMENT PVT. LTD.	Additional director	14/11/2007	14/11/2007	16/11/2012	Active	NO
7	U32109WB1995PLC074182	TRINETRA ELECTRONICS LTD	Director	25/03/2008	25/03/2008	26/11/2012	Active	NO
8	U40108WB2010PLC149583	EMC SOLAR LIMITED	Director	26/05/2010	26/05/2010	-	Active	NO
9	U40102WB2010PLC149843	EMC Forging Limited	Director	28/05/2010	28/05/2010	-	Active	NO
10	U40107WB2010PLC149842	EMC Tower Limited	Director	28/05/2010	28/05/2010	-	Active	NO
11	U60230WB2010PLC150647	EMC LOGISTICS LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
12	U70100WB2010PLC151197	EMC INFRASTRUCTURE LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
13	U80221WB2010PLC151754	EMC ACADEMY LIMITED	Director	28/07/2010	28/07/2010	-	Active	NO
14	U40102WB2011PLC162101	EMC OVERSEAS LIMITED	Director	28/04/2011	28/04/2011	-	Active	NO
15	U74900KA2012PTC064625	QUATRO RAIL TECH SOLUTIONS PRIVATE LIMITED	Director	23/08/2013	31/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2014

Names of Shareholders	No. of Shares	Percentage
Mr. Sarbananda Lahiri	92500	9.25
Mr. Amitava Majumdar	92500	9.25
Mr. Partho Mullick	92500	9.25
Mr. Subroto Chaudhury	92500	9.25
Mrs. Gaja Manaoj	30000	3.00
M/s. EMC Limited	600000	60.00
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	60.00
Directors or relatives of Directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Consultancy Services
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, Anand Nilaya, No.6, 100 Feet Road, Koramangala 5th Block, Bangalore-560095, Karnataka, India

Auditors :
Name :	P Chandrasekar Chartered Accountant
Address :	S-512,514, Manipal Centre, 47, Dickenson Road, Bangalore-560042, Karnataka, India
PAN No.:	AABFP1536H
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	EMC Limited (w.e.f. 12^th August, 2013)

CAPITAL STRUCTURE

As on 17.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	4.000
(b) Reserves & Surplus	6.869	0.997
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.869	4.997
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	10.000	0.000
(b) Trade payables	7.014	0.150
(c) Other current liabilities	8.774	5.132
(d) Short-term provisions	4.578	0.680
Total Current Liabilities (4)	30.366	5.962
TOTAL	47.235	10.959
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.322	0.699
(ii) Intangible Assets	0.212	0.021
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.062	0.093
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1.000	0.700
Total Non-Current Assets	1.596	1.513
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	27.105	1.815
(d) Cash and cash equivalents	15.731	6.407
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	2.803	1.224
Total Current Assets	45.639	9.446
TOTAL	47.235	10.959

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	54.934	12.700
		Other Income	0.000	0.000
		TOTAL (A)	54.934	12.700
Less	EXPENSES
		Cost of Materials Consumed	20.682	0.000
		Employees benefits expense	16.335	7.383
		Other expenses	8.764	3.801
		Exceptional Items	(0.012)	0.000
		TOTAL (B)	45.769	11.184
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.165	1.516
Less	FINANCIAL EXPENSES (D)		0.480	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.685	1.515
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.131	0.072
	PROFIT BEFORE TAX (E-F) (G)		8.554	1.443
Less	TAX (H)		2.682	0.446
	PROFIT AFTER TAX (G-H) (I)		5.872	0.997
	Earnings Per Share (Rs.)		7.53	2.49

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.69	7.85
Operating Profit Margin (PBDIT/Sales)	(%)	16.68	11.94
Return on Total Assets (PBT/Total Assets}	(%)	18.13	13.28
Return on Investment (ROI) (PBT/Networth)		0.51	0.29
Debt Equity Ratio (Total Debt /Networth)		0.59	0.00
Current Ratio (Current Asset/Current Liability)		1.50	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.000	10.000
Reserves & Surplus	0.997	6.869
Net worth	4.997	16.869
long-term borrowings	0.000	0.000
Short term borrowings	0.000	10.000
Total borrowings	0.000	10.000
Debt/Equity ratio	0.000	0.593

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	12.700	54.934
		332.551

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	12.700	54.934
Profit	0.997	5.872
	7.85%	10.69%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans from related parties	10.000	0.000
Total	10.000	0.000

Company information

Subject was formed on 28^th June 2012. The primary objective of the company is to provided consultancy service to various national and international companies in the field of signaling and telecommunication system solutions for main line and metro railways and also to carry on the business of Manufacturing, Assembly, System Integration Services In The Areas of Safety And Security Systems, Signaling and Telecommunication Systems and Other Transportation Systems for Main Line Railways and Metro Railways.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10525750	25/09/2014	8,000,000.00	IDBI Bank Limited	Anand Nilaya, No.6, 100 Feet Road, Koramangala 5^th Block, BANGALORE, Karnataka - 560095, INDIA	C29584877

* Date of charge modification

FIXED ASSETS

• Electrical equipment
• Furniture and fixtures
• 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 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.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.