MIRA INFORM REPORT

Report No. :	302955
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	GEMCO CONTROLS LIMITED
Registered Office :	311 Pocket-A, Sarita Vihar, New Delhi – 110044, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.06.1993
Com. Reg. No.:	55-053930
Capital Investment / Paid-up Capital :	Rs.14.711 Million
CIN No.: [Company Identification No.]	U74899DL1993PLC053930
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Industrial Automation and Power control systems.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 100000
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. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 INFORMATION)

Name :	Mr. Lalit
Designation :	Finance Manager
Contact No.:	91-129-2274831

LOCATIONS

Registered Office :	311 Pocket-A, Sarita Vihar, New Delhi – 110044, Delhi, India
Tel. No.:	91-129-2274831
Mobile No.:	91-9910644060 (Mr. Kaul)
Fax No.:	Not Available
E-Mail :	contact@gemcocontrols.com
Website :	www.gemcocontrols.com
Factory :	14/3, Mathura Road, Faridabad-121003, Haryana, India
Tel. No.:	91-129-2274831/ 227483/ 2274832
Fax No.:	91-129-2283976/ 2271477
E-Mail :	contact@gemcocontrols.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Manohar Lal Sachdeva

Designation :

Director

Address :

House No. 1291, Sector-15, Faridabad, Haryana, India

Date of Birth/Age :

18.05.1931

Date of Appointment :

07.06.1993

DIN No.:

02588230

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	U74899DL1993PLC053930	GEMCO CONTROLS LIMITED	Director	07/06/1993	07/06/1993	-	Active	NO
2	U40104DL2009PLC196019	GEMCO ENERGY LIMITED	Director	02/09/2010	31/05/2010	-	Active	NO

Name :

Mr. Mahesh Sachdeva

Designation :

Director

Address :

House No. 1291, Sector – 15, Faridbad, Haryana, India

Date of Birth/Age :

14.09.1956

Date of Appointment :

07.06.1993

DIN No.:

00480494

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	U74899DL1993PLC053930	GEMCO CONTROLS LIMITED	Director	07/06/1993	07/06/1993	-	Active	NO
2	U74899DL1991PTC043218	GEMCO TECHNOLOGIES PRIVATE LIMITED	Director	14/08/2001	14/08/2001	-	Active	NO
3	U74999DL2002PTC116414	APICOM INDIA PRIVATE LIMITED	Director	02/08/2002	02/08/2002	-	Active	NO
4	U40104DL2009PLC196019	GEMCO ENERGY LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO

Name :

Mr. Yogesh Sachdeva

Designation :

Director

Address :

House No. 1291, Sector-15, Faridabad, Haryana, India

Date of Birth/Age :

15.07.1962

Date of Appointment :

17.02.1996

DIN No.:

00480406

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	U74899DL1993PLC053930	GEMCO CONTROLS LIMITED	Director	17/02/1996	17/02/1996	-	Active	NO
2	U03007DL1998PTC093339	BB SYSTEMS INDIA PRIVATE LIMITED	Director	20/08/2000	20/08/2000	-	Active	NO
3	U74899DL1991PTC043218	GEMCO TECHNOLOGIES PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
4	U40104DL2009PLC196019	GEMCO ENERGY LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO

Name :

Mr. Vishan Dass Ahuja

Designation :

Director

Address :

House No. 1344, Sector-17, Faridabad, Haryana, India

Date of Birth/Age :

10.10.1931

Date of Appointment :

07.06.1993

DIN No.:

02605632

KEY EXECUTIVES

Name :	Mr. Lalit
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
M.L. Sachdeva	113100
M.L. Sachdeva HUF	18000
Mahesh Sachdeva	207300
Yogesh Sachdeva	203986
Yogesh Sachdeva HUF	18500
Kirti Sachdeva	95010
Charu Sachdeva	90000
V.D. Ahuja	35010
Ashwani Ahuja	10
Nagesh Garg	10
Prem Lata Ahuja	90000
Neera Sabhawal	60000
Rakesh Sabhawal	15000
Amir Chand Madan	3500
O.P. Chugh	111120
V.M. Sharma	83969
Suresh Kumar	40000
S.L. Chakraborty	8155
Kulbhushan Chugh	28510
BB System India Private Limited	50000
DPS Enterprises Private Limited	100000
Charles India Private Limited	100000
Total	1471180

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	18.47
Bodies corporate	17.00
Directors or relatives of Directors	62.05
Other top fifty shareholders	2.48
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Industrial Automation and Power control systems.
Products :	Digital DC Drives & Systems Upto 5000 KW Variable Frequency AC Drives Upto 1000 KW Analogue DC Drives PLC & PC Based Automation Systems Motor Control Centre (MCC's) Power Control Centres (PCC's) Electrical Control Panels Battery Chargers Soft Starters Upto 1000 Amps
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Malaysia Iran China Dubai Russia Italy Korea
Imports :
Products :	Raw Material
Countries :	Italy UK
Terms :
Selling :	Cash and L/C
Purchasing :	Cash and L/C

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 :

100 (Approximately)

Bankers :

· Bank of India, SCF-8, DLF Market, Sector – 11D, Faridabad – 121006, Haryana, India

· Citi Bank

· Indian Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Bank	0.313	0.493
Total	0.313	0.493

Auditors :
Name :	Deepak and Arora Chartered Accountants
Address :	B-391, Nehru Ground, Faridabad – 121001, Haryana, India
Tel No.:	91-129-4006524
PAN No.:	AAFFD3242G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/-each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1471180	Equity Shares	Rs.10/-each	Rs.14.711 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	14.711	14.711	14.711
(b) Reserves & Surplus	52.392	47.189	41.866
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	4.000	4.000
Total Shareholders’ Funds (1) + (2)	67.103	65.900	60.577
(3) Non-Current Liabilities
(a) long-term borrowings	0.313	0.493	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.313	0.493	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	34.454	47.415	46.772
(c) Other current liabilities	33.797	20.723	26.286
(d) Short-term provisions	2.910	4.332	1.952
Total Current Liabilities (4)	71.161	72.470	75.010
TOTAL	138.577	138.863	135.587
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.081	9.579	9.234
(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	33.279	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42.360	9.579	9.234
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.724	12.157	14.356
(c) Trade receivables	43.806	42.932	50.254
(d) Cash and cash equivalents	7.577	15.073	8.005
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	27.110	59.122	53.738
Total Current Assets	96.217	129.284	126.353
TOTAL	138.577	138.863	135.587

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	214.296	245.961	186.902
	Other Income	5.193	4.682	3.189
	TOTAL	219.489	250.643	190.091
Less	EXPENSES
	Cost of Materials Consumed	180.244	209.357	158.266
	Employees benefits expense	8.996	7.419	7.490
	Other expenses	21.541	24.727	18.551
	TOTAL	210.781	241.503	184.307
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8.708	9.140	5.784
Less	FINANCIAL EXPENSES	0.164	0.370	0.245
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.544	8.770	5.539
Less/ Add	DEPRECIATION/ AMORTISATION	1.148	1.215	0.949
	PROFIT/ (LOSS) BEFORE TAX	7.396	7.555	4.590
Less	TAX	2.263	2.223	1.390
	PROFIT/ (LOSS) AFTER TAX	5.133	5.332	3.200
	Earnings / (Loss) Per Share (Rs.)	3.49	3.62	2.18

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.39	2.16	1.71
Operating Profit Margin (PBDIT/Sales)	(%)	4.06	3.71	3.09
Return on Total Assets (PBT/Total Assets}	(%)	7.02	5.44	3.39
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.08
Debt Equity Ratio (Total Liability/Networth)		0.00	0.01	0.00
Current Ratio (Current Asset/Current Liability)		1.35	1.78	1.68

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	14.711	14.711	14.711
Reserves & Surplus	41.866	47.189	52.392
Net worth	56.577	61.900	67.103
long-term borrowings	0.000	0.493	0.313
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.493	0.313
Debt/Equity ratio	0.000	0.008	0.005

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	186.902	245.961	214.296
		31.599	(12.874)

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	186.902	245.961	214.296
Profit	3.200	5.332	5.133
	1.71%	2.17%	2.40%

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	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	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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10304265	18/07/2011 *	377,900,000.00	BANK OF INDIA	SCF-8, DLF MARKET, SECTOR- 11D, FARIDABAD, Haryana - 121006, INDIA	B20067120

FIXED ASSETS

• Plant and Machinery
• Office Equipment
• Factory Equipment
• Lighting and Fixture
• Measuring Equipment
• Testing Equipment
• Tools and Dies
• Fire Equipment
• Computer Equipment
• Furniture and Fixture
• Vehicles
• Motor Vehicle

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.62.10
UK Pound	1	Rs.94.09
Euro	1	Rs.73.41

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	PNM

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	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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 unfavorable 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.