MIRA INFORM REPORT

Report No. :	304751
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	GENSET INDIA PRIVATE LIMITED
Registered Office :	6, Pretoria Street, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.10.1980
Com. Reg. No.:	21-033085
Capital Investment / Paid-up Capital :	Rs.16.999 Millions
CIN No.: [Company Identification No.]	U74210WB1980PTC033085
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 :	Manufacturer of diesel Generator Sets.
No. of Employees :	Information declined by the management

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established private limited company having satisfactory track. The management has failed to file the financials of yea 2013-2014 with the government department. As per available information from financial of year 2012-2013 there has been a dip in profits of the company. However, the company is able to manage its operations well. 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

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 DECLINED BY

Name :	Mr. Nagendra Kumar Rathi
Designation :	Director
Contact No.:	91-9831000300
Date :	27.01.2014

LOCATIONS

Registered Office / Corporate Office:	6, Pretoria Street, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22827878
Mobile No.:	91-9831000300 (Mr. Nagendra Kumar Rathi)
Fax No.:	91-33-22823769
E-Mail :	gensetindia@hotmail.com gensetindia@gmail.com
Factory:	Uluberia Industrial, Groth Centre, Shed No 3/6A and D Uluberia, Howrah – 711315, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :	Mr. Nagendra Kumar Rathi
Designation :	Director
Address :	6, Pretoria Street, Kolkata – 700071, West Bengal, India
Date of Birth/Age :	07.09.1954
Date of Appointment :	15.01.1985
DIN No.:	01940138
Name :	Mr. Nikhil Rathi
Designation :	Director
Address :	6, Pretoria Street, Kolkata – 700071, West Bengal, India
Date of Birth/Age :	17.06.1979
Date of Appointment :	01.01.2001
DIN No.:	01940157

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Nagendra Kumar Rathi	498210
Sushma Rathi	499690
Newage Impex Private Limited, India	45000
Sujata Rathi	50000
Nikhil Rathi	175000
Nagendra Kumar Rathi HUF	202000
Genset Electricals Private Limited, India	140000
Shri Laxmi Minerals Industries, India	40000
Total	1649900

Names of Shareholders (Preference Shares)	No. of Shares
Nagendra Kumar Rathi	3500
Newage Impex Private Limited, India	1500
Total	5000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	11.21
Directors or relatives of Directors	88.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of diesel Generator Sets.

Products:

Code No.	Product description
850163.00	AC Generator between 12.5 KVA to 1000 KVA
840810.00	Diesel or Semi Diesel Engine Exceeding 250cc
853710.00	Electric Control Panels for a voltage exceeding 1000v

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Vijaya Bank
Branch	Brabourne Road Branch, 1, R N Mukherjee Road, Kolkata - 700001, West Bengal, India
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	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term Loan from bank	1.940	0.000
Short-term borrowings
From Banks	3.562	3.538
Total	5.502	3.538
Note: The Vehicle Loan taken from BMW India Finance Service is secured by hypothecation of Motor Car and personal guarantee of the Directors of the Company. The Overdraft facility from Vijaya Bank is secured by hypothecation of Fixed Deposit and personal guarantee of the Directors of the Company.

Auditors :
Name :	Gupta and Manglik Chartered Accountants
Address :	1/1A Princep Street, Electronics Centre, Kolkata – 700072, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFG9079P
Memberships :	--
Collaborators :	--
Associates:	Adab Plasticeuticals Private Limited Newage Impex Private Limited Rawdon Holding Private Limited Shree Laxmi Minerals Industries

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs. 17.500 Millions
5000	Preference Shares	Rs.100/- each	Rs. 0.500 Millions
	Total		Rs. 18.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1649900	Equity Shares	Rs.10/- each	Rs. 16.499 Millions
5000	Preference Shares	Rs.10/- each	Rs. 0.500 Millions
	Total		Rs. 16.999 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.999	16.999	16.999
(b) Reserves & Surplus	18.217	16.820	14.872
(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)	35.216	33.819	31.871
(3) Non-Current Liabilities
(a) long-term borrowings	22.638	17.004	17.869
(b) Deferred tax liabilities (Net)	0.709	0.735	0.605
(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)	23.347	17.739	18.474
(4) Current Liabilities
(a) Short term borrowings	4.081	4.040	3.381
(b) Trade payables	7.538	21.809	6.765
(c) Other current liabilities	3.801	6.154	8.468
(d) Short-term provisions	0.640	0.731	1.030
Total Current Liabilities (4)	16.060	32.734	19.644
TOTAL	74.623	84.292	69.989
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.616	22.601	12.553
(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	0.297	0.297	0.297
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.237	0.322	0.295
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23.150	23.220	13.145
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33.065	25.916	16.709
(c) Trade receivables	8.419	10.784	7.985
(d) Cash and cash equivalents	7.459	17.998	17.437
(e) Short-term loans and advances	2.530	4.642	14.546
(f) Other current assets	0.000	1.732	0.167
Total Current Assets	51.473	61.072	56.844
TOTAL	74.623	84.292	69.989

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	61.198	80.112	107.634
	Other Income
	TOTAL	61.198	80.112	107.634
Less	EXPENSES	59.186	77.304	103.867
	PROFIT/ (LOSS) BEFORE TAX	2.012	2.808	3.767
Less	TAX	0.614	0.861	1.156
	PROFIT/ (LOSS) AFTER TAX	1.398	1.947	2.611
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	16.819	14.872	12.261
	Balance Carried to the B/S	18.217	16.819	14.872
	Earnings / (Loss) Per Share (Rs.)	0.85	1.18	1.58

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	2.71	3.34	5.41
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.12
Debt Equity Ratio (Total Debt /Networth)		0.76	0.62	0.67
Current Ratio (Current Asset/Current Liability)		3.21	1.87	2.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.999	16.999	16.999
Reserves & Surplus	14.872	16.820	18.217
Net worth	31.871	33.819	35.216
long-term borrowings	17.869	17.004	22.638
Short term borrowings	3.381	4.040	4.081
Total borrowings	21.250	21.044	26.719
Debt/Equity ratio	0.667	0.622	0.759

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	107.634	80.112	61.198
		(25.570)	(23.609)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	107.634	80.112	61.198
Profit	2.611	1.947	1.398
	2.43%	2.43%	2.28%

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	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	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	No
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

PERFORMANCE

The Company have done satisfactory business during the year and are prospective of doing even better in the coming years with the requirement of generators increasing day by day.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	20.698	17.004
Short-term borrowings
Temporary Overdrawn balances in current account	0.519	0.502
Total	21.217	17.506

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2013
Bank guarantee furnished to Sundry	0.856

FIXED ASSETS

• Factory land and Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment’s

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 records 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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUC
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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.