MIRA INFORM REPORT

Report No. :	309055
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	ASSOCIATED ELECTROCHEMICALS PRIVATE LIMITED (w.e.f. 03.06.2013)
Formerly Known As :	RD MEMBRANES PRIVATE LIMITED
Registered Office :	35/56 Punjabi Bagh Extension, New Delhi-110026, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.12.2010
Com. Reg. No.:	55-211059
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U25200DL2010PTC211059
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELR18928A
PAN No.: [Permanent Account No.]	AAFCR0329D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of battery separator.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Even though the company was incorporated on 3^rd December 2010, it has commenced its business operations from September 2013. It is having moderate track record. Mr. Mohit Jain, Finance manager has provided general information to us. The company has incurred loss in its first year of business operations which has eroded net worth of the company. Business is active. Payment are reported to be slow. The company can be considered for business dealings on safe and secured 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

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. Mohit Jain
Designation :	Finance Manager
Contact No.:	91-9350994449
Date :	20.02.2015

LOCATIONS

Registered Office :	35/56 Punjabi Bagh Extension, New Delhi-110026, Delhi, India
Tel. No.:	Not Available
Mobile No.:	91-9350994449
Fax No.:	Not Available
E-Mail :	associatedmohit@gmail.com
Area :	5000 Sq. ft.
Location :	Owned
Locality :	Commercial
Factory :	Plot No.172, sec-16, HSIIDC, bahadurgarh, Haryana, India
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Rakesh Mittal

Designation :

Director

Address :

35, Ballygunge Park, Tirumala building, Flat – 3, Ballyunge, Kolkata-700019, West Bengal, India

Date of Birth/Age :

04.11.1974

Qualification :

Graduate

Date of Appointment :

03.02.2010

DIN No.:

01720340

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	U27204TG1999PTC030852	LABELLE BODY CARE PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
2	U31104WB2002PTC095052	ASSOCIATED BATTERY PRODUCTS PRIVATE LIMITED	Director	26/08/2002	26/08/2002	-	Active	NO
3	U74999TG2007PTC055721	MITTAL BATTERIES PRIVATE LIMITED	Director	28/09/2007	28/09/2007	-	Active	NO
4	U45201DL2005PTC136147	ICON BUILD TECH PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Strike off	NO
5	U70200DL2008PTC173887	ASSOCIATED INFRACON PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Active	NO
6	U51101DL2008PTC174062	MATRIX PROMOTERS PRIVATE LIMITED	Director	14/02/2008	14/02/2008	-	Active	NO
7	U51109DL2008PTC175463	AADI SHAKTI TRADING COMPANY PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO
8	U28994DL2004PTC127663	PALM FAUCETS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
9	U27100TG2007PTC070042	HYDERABAD PIGMENTS PRIVATE LIMITED	Director	09/02/2009	09/02/2009	-	Active	NO
10	U51109WB2007PTC113283	ABHIRUCHI MARKETING PRIVATE LIMITED	Director	30/05/2009	30/05/2009	-	Active	NO
11	U36100DL2009PTC190285	GLOBAL EWIN WINDOOR PRIVATE LIMITED	Director	01/08/2009	01/08/2009	15/02/2014	Active	NO
12	U51109WB2007PTC113347	DINKAR TRACON PRIVATE LIMITED	Director	20/08/2009	20/08/2009	-	Active	NO
13	U51109WB2007PTC113338	AAKANSHA DEALER PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
14	U25200DL2010PTC211059	Associated Electrochemicals Private Limited	Director	03/12/2010	03/12/2010	-	Active	NO
15	U51109WB2007PTC113330	PHALGUNI MERCHANTS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
16	U74899DL1995PTC064195	ELECTRO MAGNETICS INDIA PRIVATE LIMITED	Additional director	19/09/2011	19/09/2011	14/01/2015	Active	NO
17	U65900DL2013PTC259366	SRGM FINANCE PRIVATE LIMITED	Director	21/10/2013	21/10/2013	-	Active	NO

Name :

Mrs. Dolly Mittal

Designation :

Director

Address :

H. No. 335, Fancy Ali, P.O. Jorhat-785001, Assam, India

Date of Birth/Age :

17.03.1973

Date of Appointment :

03.12.2010

DIN No.:

01820248

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	U45201DL2005PTC136147	ICON BUILD TECH PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Strike off	NO
2	U70200DL2008PTC173887	ASSOCIATED INFRACON PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Active	NO
3	U51101DL2008PTC174062	MATRIX PROMOTERS PRIVATE LIMITED	Director	14/02/2008	14/02/2008	-	Active	NO
4	U51109DL2008PTC175463	AADI SHAKTI TRADING COMPANY PRIVATE LIMITED	Director	17/03/2008	17/03/2008	01/06/2008	Active	NO
5	U28994DL2004PTC127663	PALM FAUCETS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
6	U25200DL2010PTC211059	Associated Electrochemicals Private Limited	Director	03/12/2010	03/12/2010	-	Active	NO
7	U51109WB2007PTC113330	PHALGUNI MERCHANTS PRIVATE LIMITED	Director	12/12/2011	12/12/2011	-	Active	NO
8	U31104WB2002PTC095052	ASSOCIATED BATTERY PRODUCTS PRIVATE LIMITED	Director	01/02/2012	01/02/2012	-	Active	NO

Name :

Mrs. Anju Kumar Batra

Designation :

Director

Address :

27/10, East Punjabi Bagh, New Delhi-110026, Delhi, India

Date of Birth/Age :

25.09.1967

Qualification :

Graduate

Date of Appointment :

03.12.2010

KEY EXECUTIVES

Name :	Mr. Mohit Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Rakesh Mittal	2500	25.00
Dolly Mittal	2400	24.00
Anju Kumar Batra	5100	51.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of battery separator.
Products :	Battery Separator
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Materials
Countries :	Japan Sweden
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

60 (Approximately)

Bankers :

Banker Name :	Indusind Bank
Branch Address :	Punjab Bagh (Branch), Punjab, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Auditors :

Name :

VINAY GOEL and Company

Chartered Accountants

Address :

501, Ambadeep Building, 14, K. G. Marg, New Delhi-110001, Delhi, India

Tel. No.:

91-11-23738001/2

Fax No.:

91-11-23730491

PAN No.:

AAIFV5000H

Email :

vkgapat@gmail.com

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 million

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	0.100	0.100	0.100
(b) Reserves & Surplus	(0.140)	(0.164)	(0.059)
(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)	(0.040)	(0.064)	0.041
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	31.176	15.605
(b) Deferred tax liabilities (Net)	0.012	0.000	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)	0.012	31.176	15.605
(4) Current Liabilities
(a) Short term borrowings	69.076	4.400	0.000
(b) Trade payables	7.417	0.105	21.914
(c) Other current liabilities	28.440	16.064	1.313
(d) Short-term provisions	2.058	0.315	0.035
Total Current Liabilities (4)	106.991	20.884	23.262
TOTAL	106.963	51.996	38.908
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	74.086	45.044	28.691
(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	0.309	0.234	0.904
(e) Other Non-current assets	0.000	0.008	0.017
Total Non-Current Assets	74.395	45.286	29.612
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.457	2.521	4.519
(c) Trade receivables	0.635	0.000	0.000
(d) Cash and cash equivalents	3.017	0.133	1.540
(e) Short-term loans and advances	12.451	4.048	3.229
(f) Other current assets	0.008	0.008	0.008
Total Current Assets	32.568	6.710	9.296
TOTAL	106.963	51.996	38.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	25.686	0.000	N.A
Less	EXPENSES
		TOTAL	21.216	0.105	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4.470	(0.105)	N.A
Less	FINANCIAL EXPENSES INCULDING DEPRECIATION		4.434	0.000	N.A
	PROFIT BEFORE TAX		0.036	(0.105)	N.A
Less	TAX		0.012	0.000	N.A
	PROFIT AFTER TAX		0.024	(0.105)	(0.037)
	IMPORTS
		Capital Goods	1.335	0.397	0.000
	TOTAL IMPORTS		1.335	0.397	0.000
	Earnings Per Share (Rs.)		2.40	(10.50)	(3.70)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.09	N.A	N.A
Operating Profit Margin (PBDIT/Sales)	(%)	17.40	N.A	N.A
Return on Total Assets (PBT/Total Assets}	(%)	0.03	(0.20)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.90)	1.64	0.00
Debt Equity Ratio (Total Debt /Networth)		(1726.90	(555.88)	380.61
Current Ratio (Current Asset/Current Liability)		0.30	0.32	0.40

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	0.100	0.100	0.100
Reserves & Surplus	(0.059)	(0.164)	(0.140)
Net worth	0.041	(0.064)	(0.040)
long-term borrowings	15.605	31.176	0.000
Short term borrowings	0.000	4.400	69.076
Total borrowings	15.605	35.576	69.076
Debt/Equity ratio	380.610	(555.875)	(1,726.900)

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

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from related parties	0.000	31.176
Short Term Borrowing
Loans and advances from related parties	40.151	0.000
Loans and advances from related parties	28.925	4.400
Total	69.076	35.576

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.62.18
UK Pound	1	Rs.95.70
Euro	1	Rs.70.75

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.