MIRA INFORM REPORT

Report No. :	302558
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	FLUCON COMPONENTS PRIVATE LIMITED
Registered Office :	C/4, Bijlee Co-Operative Housing Society, Vidyanagari Marg, Kalina, Mumbai-400098, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	05.08.2010
Com. Reg. No.:	11-206263
Capital Investment :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U93000MH2010PTC206263
IEC No.:	0306085917
TAN No.: [Tax Deduction & Collection Account No.]	MUMF06105B
PAN No.: [Permanent Account No.]	AABCF5800B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Control Panel Equipments, Moulded Products, Industrial Connector, etc.
No. of Employees :	100 (Approximately)

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 114000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as proprietary concern during the year 1982 with the name of “FLUCON ENTERPRISES”. Later it got converted into partnership concern in the year 2001. However, in the year 2010 subject got converted in the private limited company with the name of “FLUCON COMPONENTS PRIVATE LIMITED”. It is an established company having satisfactory track record. Mr. Dylan Dsouza, Director has provided general information to us and claimed that in private limited company subject has started its business operations from April 2013. As per available financial record of 2014, the company has processed above average operational performance marked by decent sales turnover achieved in its first year of business operations and improved liquidity profile of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but 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

Name :	Mr. Dylan Richardson Richard Dsouza
Designation :	Director
Contact No.:	91-9323318780
Date :	13.01.2015

LOCATIONS

Registered Office :	C/4, Bijlee Co-Operative Housing Society, Vidyanagari Marg, Kalina, Mumbai-400098, Maharashtra, India
Tel. No.:	91-251-2470121
Mobile No.:	91-9323318780 (Mr. Dylan Richard Dsouza)
Fax No.:	Not Available
E-Mail :	nileshoff@gmail.com
Website :	www.fccomponents.com
Factory 1 :	A/112, MIDC, Phase 1, Dombivali (East), District Thane, Dombivili - 421203, Maharashtra, India
Tel. No.:	91-251-2470121
Fax No.:	91-22-29200217

DIRECTORS

As on 30.09.2014

Name :

Ms. Leena Richard Dsouza

Designation :

Director

Address :

C/4, Bijlee Co-Operative Housing Society, Vidyanagari Marg, Kalina, Mumbai-400098, Maharashtra, India

Date of Birth/Age :

07.05.1948

Date of Appointment :

05.08.2010

DIN No.:

03022656

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	Company/ LLP Status	Defaulting status
1	U93000MH2010PTC206263	FLUCON COMPONENTS PRIVATE LIMITED	Director	05-08-2010	05-08-2010	Active	NO
2	U31900MH2010PTC210051	DYLON FASTNERS PRIVATE LIMITED	Director	15-11-2010	15-11-2010	Active	NO

Name :

Mr. Dylan Richardson Richard Dsouza

Designation :

Director

Address :

C/4, Bijlee Co-Operative Housing Society, Vidyanagari Marg, Kalina, Mumbai-400098, Maharashtra, India

Date of Birth/Age :

22.02.1975

Date of Appointment :

05.08.2010

DIN No.:

03022652

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	Company/ LLP Status	Defaulting status
1	U93000MH2010PTC206263	FLUCON COMPONENTS PRIVATE LIMITED	Director	05-08-2010	05-08-2010	Active	NO
2	U31900MH2010PTC210051	DYLON FASTNERS PRIVATE LIMITED	Director	15-11-2010	15-11-2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Dylan Richard Dsouza	1525	15.25
Leena Richard Dsouza	1525	15.25
Richard Sylvester Dsouza	1025	10.25
Sunitha Dylan Dsouza	1025	10.25
Aslam Zainuddin Patankar	980	9.80
Manzoorhussain Zainuddin Patankar	980	9.80
Naushadali Zainuddin Patankar	980	9.80
Mark Samuel Jacinto	980	9.80
Sabir Patankar	980	9.80
Total	10000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	51.00
Others	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Control Panel Equipments, Moulded Products, Industrial Connector, etc.

Products :

Polyamide Cable Glands	Spiral Cable Glands	Straight Cable Glands
Flexible Cable Glands (Grey/Black)	Plastic Bushes	End Caps
Polycarbonate Meter Windows	Meter Housings	Delrin Collar Bushes
Plastic Bushes	Copper Busbar Insulators	Panel Door Knobs
Hinges	Handles	Ventilators
Pneumatic Connectors	Neutral Breaks and Connectors	Brass Neutral Links and Bases
SMC/DMC Bakelite Mouldings	Document Holders and Air Vents	Control Panel Accessories
Plastic Moulding for Various Industries	Brass/Copper/Steel Insert Moulded Components	Nylon Faced Soft Blow Hammers
Transformer and Gear Components	PVC Rubber Grommets and Closures	Rotary Joints and Housing for the Pneumatic Industry
DMC Mouldings for Switchgear, Control Panels, Electrical Transformers, etc.	SMC Mouldings for Switchgear, Automobile and Railway Industry	Thermosetting and Thermoplastic Mouldings
PVC Rawl Plugs	UV Resistant Polycarbonate Protection Covers

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· UK

· USA

· Europe

· Malaysia

· Canada

· Singapore

Imports :

Products :

Raw Material

Countries :

· China

· Taiwan

· Singapore

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not divulged
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Not Divulged

Reference:	Ila Trading Company
Name of the Person (with Designation):	Mr. Bhavesh Mehta (Proprietor)
Contact Number:	91-22-22062977
Since How Long Known:	8 Years
Maximum Limit Dealt:	Rs. 10.000 Approx. (Yearly)
Experience :	Product Quality : Excellent Delivery Behaviour: Excellent Overall: Excellent
Remarks :	They gave us positive response about subject company they are satisfied with their product quality and delivery.

· Asea Brown Boveri Limited

· Crompton Greaves Limited

· Godrej and Boyce Manufacturing Company Limited

· Grindwell Norton Limited

· Larsen and Toubro Limited

· Siemens Limited

· Tata Motors

· Emerson Network Power

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Not divulged
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

Auditors :
Name :	Nilesh Mhapsekar and Company Chartered Accountants
Address :	Veer Mahal Co-operative Housing Society, 10^th Floor, Room No. 1015, Lalbaug Currey Road (East), Mumbai – 400012, Maharashtra, India
Tel. No. :	91-22-65643100
Mobile No. :	91-9987255312
E-Mail :	nileshcfp@gmail.com nileshoff@gmail.com
Income-tax PAN of auditor or auditor's firm :	AEVPM7702E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.100/- each	Rs. 1.000 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	1.000	0.100	0.100
(b) Reserves & Surplus	39.061	-0.048	-0.048
(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)	40.061	0.052	0.052
(3) Non-Current Liabilities
(a) Long-term borrowings	6.402	18.334	28.700
(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)	6.402	18.334	28.700
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.960	0.000	0.000
(c) Other current liabilities	0.723	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	8.683	0.000	0.000
TOTAL	55.146	18.386	28.752
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.572	10.621	6.953
(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	2.000	3.200	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.430	0.000	13.664
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	35.002	13.821	20.617
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.516	0.000	0.000
(c) Trade receivables	5.402	0.000	0.000
(d) Cash and cash equivalents	5.226	4.565	8.135
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	20.144	4.565	8.135
TOTAL	55.146	18.386	28.752

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	70.777	0.000	0.000
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.353	(0.008)	(0.015)
Less	FINANCIAL EXPENSES (D)		0.123	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.230	(0.008)	(0.015)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.288	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.942	(0.008)	(0.015)
Less	TAX (H)		2.796	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6.146	(0.008)	(0.015)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.031)	(0.023)	(0.008)
	BALANCE CARRIED TO THE B/S		6.115	(0.031)	(0.023)
	Earnings / (Loss) Per Share (Rs.)		614.60	(8.00)	(15.00)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.68	0.00	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	21.69	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	16.83	(0.05)	(0.05)
Return on Investment (ROI) (PBT/Networth)		0.22	(0.15)	(0.29)
Debt Equity Ratio (Total Debt/Networth)		0.16	352.56	551.92
Current Ratio (Current Asset/Current Liability)		2.32	0.00	0.00

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	1.000
Reserves & Surplus	(0.048)	(0.048)	39.061
Net worth	0.052	0.052	40.061
long-term borrowings	28.700	18.334	6.402
Short term borrowings	0.000	0.000	0.000
Total borrowings	28.700	18.334	6.402
Debt/Equity ratio	551.923	352.577	0.160

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	0.000	0.000	70.777

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	0.000	0.000	70.777
Profit	(0.015)	(0.008)	6.146
			8.68%

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	Yes
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: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans - From banks Loan From HDFC Bank	1.297	0.000
Loans and Advances from Related Parties
Flucon Enterprises	2.405	(10.366)
Loan From Aslam Patankar	0.220	5.100
Loan From Manzoorhussian Patankar	0.020	5.400
Loan From Mark Jacinto	0.220	4.700
Loan From Naushad Ali Patankar	1.120	6.500
Loan From Sabir Ali Patankar	1.120	7.000
Total	6.402	18.334

FIXED ASSETS

· Machinery

· Mobile phone

· Motor Car

· Office Equipments

· Mould and Dies

· Furniture and fixtures

· Air conditioner

· Computer

· Software

· Factory Building

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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

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