MIRA INFORM REPORT

Report No. :	306608
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	MICON AUTOMATION SYSTEMS PRIVATE LIMITED
Registered Office :	A-814, Siddhi Vinayak Towers, Behind DCP Office, Off S.G. Road, Makarba, Ahmedabad-380051, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.08.2006
Com. Reg. No.:	04-48980
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U31909GJ2006PTC048980
IEC No.:	0807005011
TAN No.: [Tax Deduction & Collection Account No.]	AHMM08120A
PAN No.: [Permanent Account No.]	AAECM7879C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automation Instrumentation and Control Panels.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 17037
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 during 2014. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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.

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

Name :	Mr. Parag Shukla
Designation :	Director
Contact No.:	91-9824006290
Date :	09.02.2014

LOCATIONS

Registered Office :	A-814, Siddhi Vinayak Towers, Behind DCP Office, Off S.G. Road, Makarba, Ahmedabad-380051, Gujarat, India
Tel. No.:	91-79-32900400
Mobile No.:	91-9824006290 [Mr. Parag Shukla]
Fax No.:	Not Available
E-Mail :	sales@miconindia.com
Website :	http://www.miconindia.com
Factory :	5A-5B, Sahajanand, Industrial Estate, Near Railway Crossing, Gota Ahmedabad-382481, Gujarat, India
Tel. No.:	91-79-32900400
Location :	Rented

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Niket Sureshbhai Gorakhia
Designation :	Director
Address :	21, Shaivali Society, Near ADC Bank, Vejalpur, Ahmedabad- 382451, Gujarat, India
Date of Birth/Age :	08.01.1975
Date of Appointment :	31.08.2006
PAN No.:	ACHPG0426B
Voter ID:	GJ/11/064/912239
DIN No.:	00009662

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	U31909GJ2006PTC048980	MICON AUTOMATION SYSTEMS PRIVATE LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO

Name :	Mr. Parag Vishnuprasad Shukla
Designation :	Director
Address :	28, Earth Bungalows, Near Auda Garden, Prahladnagar, Satellite, Ahmedabad- 382415, Gujarat, India
Date of Birth/Age :	20.11.1973
PAN No.:	AGSPS5588D
Date of Appointment :	31.08.2006
DIN No.:	00009633

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	U31909GJ2006PTC048980	MICON AUTOMATION SYSTEMS PRIVATE LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Name of Shareholders	No. of Shares	%age
Niket Gorakhia	60,000	40.00%
Parag Shukla	60,000	40.00%
Bansari Gorakhia	15,000	10.00%
Darshana Shukla	15,000	10.00%
Total	150,000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automation Instrumentation and Control Panels.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	· Africa · Europe
Imports :
Products :	Raw Material
Countries :	· China · Taiwan
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

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

Customers :

· Wholesalers

· Retailers

· Manufacturer

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

No. of Employees :

25 (Approximately)

Bankers :

Bank Name	State bank of India
Branch	Corporate Branch, Ahmedabad
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 MILLIONS)	31.03.2013 (RS. IN MILLIONS)
SHORT-TERM BORROWINGS
FROM BANKS
Bank Overdraft against fixed deposit with SBI	0.707	0.621
CC A/C with State Bank of India [Hypothecated against stocks and book debts]	4.888	3.507
ICICI Bank Limited – Car Loan [Hypothecated against Motor Car]	0.620	0.000
TOTAL	6.215	4.128

Banking Relations :	--
Auditors :
Name :	Chhajed and Doshi Chartered Accountant
Address :	4, Prarthna Flats, Near Girish Cold Drinks, Off C.G Road, Navrangpura, Ahmedabad- 380009, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFC3606J
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Micon Infotech · Micon Solutions

CAPITAL STRUCTURE

AS ON 31.03.2014

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	4.463	3.408	2.374
(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)	5.963	4.908	3.874
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.049	0.047	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.049	0.047	0.000
(4) Current Liabilities
(a) Short term borrowings	11.979	9.679	8.892
(b) Trade payables	4.100	1.383	2.659
(c) Other current liabilities	1.000	0.583	1.035
(d) Short-term provisions	0.484	0.384	0.454
Total Current Liabilities (4)	17.563	12.029	13.040
TOTAL	23.575	16.984	16.914
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.238	6.039	0.561
(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	0.041
(d) Long-term Loan and Advances	1.588	1.639	3.639
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.826	7.678	4.241
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.781	4.500	5.817
(c) Trade receivables	5.776	3.519	4.066
(d) Cash and cash equivalents	1.652	0.857	1.979
(e) Short-term loans and advances	0.537	0.425	0.804
(f) Other current assets	0.003	0.005	0.007
Total Current Assets	15.749	9.306	12.673
TOTAL	23.575	16.984	16.914

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	40.045	33.035	31.287
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.332	1.890	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.790	0.382	NA
	PROFIT / (LOSS) BEFORE TAX		1.542	1.508	1.421
Less	TAX		0.486	0.474	0.446
	PROFIT / (LOSS) AFTER TAX		1.056	1.034	0.975
	Earnings / (Loss) Per Share (Rs.)		7.04	6.89	6.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PBT/Sales)	(%)	3.85	4.57	4.54
Return on Total Assets (PBT/Total Assets}	(%)	6.54	8.88	8.42
Return on Investment (ROI) (PBT/Networth)		0.26	0.31	0.37
Debt Equity Ratio (Total Debt/Networth)		2.01	1.97	2.30
Current Ratio (Current Asset/Current Liability)		0.90	0.77	0.97

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	1.500	1.500	1.500
Reserves & Surplus	2.374	3.408	4.463
Net worth	3.874	4.908	5.963
long-term borrowings	0.000	0.000	0.000
Short term borrowings	8.892	9.679	11.979
Total borrowings	8.892	9.679	11.979
Debt/Equity ratio	2.295	1.972	2.009

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.287	33.035	40.045
		5.587	21.220

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.287	33.035	40.045
Profit	0.975	1.034	1.056
	3.12%	3.13%	2.64%

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	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	No
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 5A-5B Sahajanand Estate Nr Gota Railway Crossing, Gota Ahmedabad-380051, Gujarat, India to the present address w.e.f. 01.11.2012.

The registered office of the company has been shifted from A-801, Siddhi Vinayak Towers, Behind DCP Office, Off S.G. Road, Makarba, Ahmedabad-380051, Gujarat, India to the present address w.e.f. 10.12.2012.

UNSECURED LOAN

PARTICULARS	AS ON 31.03.2014 [RS. IN MILLIONS]	AS ON 31.03.2013 [RS. IN MILLIONS]
From Directors
Shti Niket Gorakhia	2.181	2.090
Shri Parag Gorakhia	2.580	2.460
From Others
Mrs. Bansari Gorakhia	0.236	0.236
Mr. Darshana Shukla	0.236	0.236
Niket Gorakhia HUF	0.300	0.300
Parag Gorakhia HUF	0.230	0.230
Bajaj Finserve Limited	0.000	0.000
Total	5.763	5.552

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10205936	30/12/2014 *	10,000,000.00	State Bank of India	STATE BANK OF INDIA SMECC, 2ND FLOOR, SHUKAN-II,,  SWASTIK CHAR RASTA, NAVRANGPURA, AHMEDABAD, Gujar  at - 380009, INDIA	C41424508

* Date of charge modification

FINANCIAL HIGHLIGHTS:

· The Company delivered strong financial performance with healthy growth in revenues and high quality earnings- This performance is particularly commendable when viewed against the backdrop of the extremely challenging business environment in which it was achieved, namely, a sluggish macro-economic environment with lower GDP growth during the reporting period, however, the winds of change are very much visible and general business environment looks bright.

· For the Company, the period under report was an excellent year in terms of operations- The revenues grew by 21.22% to Rs.40.045 Millions (PY Rs.33.035 Millions). This was along expected lines. The general market conditions are very favorable and the management expects an even better growth during the coming year.

· The net profit before tax and depreciation rose by 23-37% to Rs.2.332 Millions (PY Rs.1.890 Millions). However, the profit before tax and after tax showed a moderate growth of 2.28% and 2.14% respectively due to higher depreciation. The absolute numbers {i.e. PBT and PAT) stood at Rs.1.542 Millions (PY Rs.1.508 Millions) and Rs.1.056 Millions (PY Rs.1.034 Millions).

· The management has not recommended any payment of dividend for the year.

· The Board docs not propose to transfer any amount to reserves.

FIXED ASSETS

• Air Conditioner
• Computer
• Electric Fitting
• Furniture and Fixtures
• Motor Car
• New Office Building
• Office Equipment
• Telephone 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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	RAS
Analysis Done by :	DPA
Report Prepared by :	SDA

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	6
--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		49

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	--

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