MIRA INFORM REPORT

Report No. :	324590
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	SUMMIT ENGINEERING TECHNOLOGY PRIVATE LIMITED
Registered Office :	B-23, Group 2, Summit House, Sector 4, Airoli, Navi Mumbai - 400708, Maharashtra
Tel. No.:	91-22-27792776
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.02.2002
Com. Reg. No.:	11-134829
Capital Investment / Paid-up Capital :	Rs.0.320 Million
CIN No.: [Company Identification No.]	U51500MH2002PTC134829
TIN No.:	2786000022561V
TAN No.: [Tax Deduction & Collection Account No.]	MUMS28993G
PAN No.: [Permanent Account No.]	AAFCS9880C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of engineering products like, insert tools, electrical and mechanical tools.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 19000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company and it is having moderate track record. Rating constrained on company’s limited track record and moderate scale of its operation marked by its low net worth position. However, trade relation are reported to be fair. Business is active. Payment are slow but correct. The company can be considered for business dealings with some cautions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Aple
Designation :	Account Department
Contact No.:	91-22-27792776
Date :	29.05.2015

LOCATIONS

Registered Office :	B-23, Group 2, Summit House, Sector 4, Airoli, Navi Mumbai - 400708, Maharashtra, India
Tel. No.:	91-22-27792776 / 27799667 / 27790919
Fax No.:	91-22-27790819
E-Mail :	summit2@vsnl.com ravishankar@summitengg.com setplaccs@gmail.com
Website :	http://www.summitengg.com

DIRECTORS

As on : 30.09.2014

Name :	Mr. Satyajit Abhaykumar Shah
Designation :	Director
Address :	A/2, 1301, Hydepark Regency CHS, Ghodbunder Road, Thane (West), Mumbai – 400607, Maharashtra, India
Date of Appointment :	07.02.2002
DIN No.:	00648345
Name :	Mr. Ravishankar Vobillisetty
Designation :	Director
Address :	A-704, Princeton, Hiranandani Estate, Patlipada, Thane (West), Mumbai – 400607, Maharashtra, India
Date of Appointment :	07.02.2002
DIN No.:	00861759

KEY EXECUTIVES

Name :	Mr. Aple
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Satyajit Shah	1600	50.00
Ravi Shankar	1600	50.00
Total	3200	100.00

Equity Share Break up (Percentage of Total Equity)

As on : 31.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of engineering products like, insert tools, electrical and mechanical tools.
Products :	Insert tools Electrical and Mechanical tools. Hand Tools Impact Sockets and Tools Torque Indicator and Data Collector Input Devices Digital Torque Screwdriver Toggle Clamps
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Abbott Toolfast Private Limited -New Delhi
• Carl Walter Schraubwerkzeug
• Crane Electronics Limited
• Hazet-Werk-Hermann Gmbh Company
• Hoffmann Group
• Shangai Kington Trading Co Limited
• Shrav Precision Engrs Private Limited
• Tisa Enterprises-Bangalore
• Blue Dart Express Limited
• First Flight Cour. Limited
• Kansan Communication Private Limited
• Kudale Calibrations laboratories Private Limited
• Taru Enterprises
• Startrek Logistics Private Limited
• Tnt India Private Limited
• Ups Jetair Express Private Limited
• Vichare Courier Service Private Limited
• S.R. Pusalkar & Company

Customers :

• Abbott Toolfast Private Limited
• Deshpande Marketing
• Fiat India Automobiles Private Limited
• Ford India Private Limited
• Global Marketing CST (Vadodara)
• Hilti Manu. India Private Limited
• Hindustan Aeronautics Limited
• Hoffmann GMBH Qua.
• John Deere India Private Limited
• M and M Limited. Nagpur
• Mahindra Navistar Automotive Limited
• Sigma Multi Tech Private Limited
• Tata Motors –Pune
• Shimoga Tools Private Limited
• Siemens Limited Thane
• Skoda Auto India Private Limited.
• Sridevi Tool Engg. Private Limited
• Rieter India Private Limited

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Canara Bank
Branch	Vikhroli Branch, Hazari Baugh, L.B.S. Road, Vikhroli (West), Mumbai – 400063, Maharashtra, 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	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Tata Capital Limited (SAS) -Motor Car Loan	0.148	0.307
Tata Capital Limited (VRS) -Motor Car Loan (Secured Against Cars)	0.147	0.307
Total	0.295	0.614

Nature of Security and terms of repayment for secured borrowings (other than debentures):

Nature of Security	Terms of Repayment
Both Term Loans from TATA Capital Limited for purchase of Motor Cars have been secured by first charge by way of hypothecation of Motor Cars	Repayable in 48 monthly payment of Equated Monthly Instalments (EMI's) of Rs.15,576 each from the Date of the Loan (28 Jan., 2012) along with interest of 10.00 % p.a.

Auditors :
Name :	Kapadia and Company Chartered Accountants
Address :	601, Damji Shamji Trade Centre, Near Vidyavihar Station (West), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22- 25094612 / 65758885
Mobile No.:	91-9821332460
E-Mail :	capranavKapadia@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAGPK2892L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9200	Equity Shares	Rs.10/- each	Rs.0.920 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3200	Equity Shares	Rs.10/- each	Rs.0.320 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.320	0.320	0.320
(b) Reserves & Surplus	6.478	5.843	4.391
(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)	6.798	6.163	4.711
(3) Non-Current Liabilities
(a) long-term borrowings	0.295	0.614	0.898
(b) Deferred tax liabilities (Net)	0.056	0.083	0.039
(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)	0.351	0.697	0.937
(4) Current Liabilities
(a) Short term borrowings	0.929	0.929	0.769
(b) Trade payables	4.671	4.487	5.431
(c) Other current liabilities	0.752	0.702	0.706
(d) Short-term provisions	0.000	0.221	0.186
Total Current Liabilities (4)	6.352	6.339	7.092
TOTAL	13.501	13.199	12.740
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.653	3.158	3.758
(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	0.168	0.137	0.138
(e) Other Non-current assets	0.003	0.003	0.003
Total Non-Current Assets	2.824	3.298	3.899
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.891	1.146	0.869
(c) Trade receivables	6.685	5.333	4.658
(d) Cash and cash equivalents	2.851	3.244	3.249
(e) Short-term loans and advances	0.242	0.170	0.057
(f) Other current assets	0.008	0.008	0.008
Total Current Assets	10.677	9.901	8.841
TOTAL	13.501	13.199	12.740

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	36.098	40.419
	Other Income	0.176	0.087
	TOTAL	36.274	40.506	37.357
Less	TOTAL EXPENSES	35.081	38.007	34.291
	PROFIT/ (LOSS) BEFORE TAX	1.193	2.499	3.066
Less	TAX	0.371	0.859	0.928
	PROFIT/ (LOSS) AFTER TAX	0.822	1.640	2.138
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.879	1.623	1.366
	TOTAL EARNINGS	1.879	1.623	1.366
	Earnings / (Loss) Per Share (Rs.)	256.875	512.5	668.125

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.308	0.270	0.251
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.28	4.06	5.72
Return on Total Assets (PBT/Total Assets}	(%)	8.84	18.93	24.07
Return on Investment (ROI) (PBT/Networth)		0.18	0.41	0.65
Debt Equity Ratio (Total Debt /Networth)		0.23	0.29	0.41
Current Ratio (Current Asset/Current Liability)		1.68	1.56	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.320	0.320	0.320
Reserves & Surplus	4.391	5.843	6.478
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4.711	6.163	6.798
long-term borrowings	0.898	0.614	0.295
Short term borrowings	0.769	0.929	0.929
Current Maturities of Long-Term Debts	0.251	0.270	0.308
Total borrowings	1.918	1.813	1.532
Debt/Equity ratio	0.407	0.294	0.225

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	37.357	40.419	36.098
		8.197	(10.691)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	37.357	40.419	36.098
Profit	2.138	1.640	0.822
	5.72%	4.06%	2.28%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from G C-9, Karma Stambh, LB Smarg, Vikhroli (West), Mumbai – 400083, Maharashtra, India to the present address w.e.f. 14.05.2007

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Loans and Advances from related parties:
Satyajit A Shah - Director	0.465	0.465
V. Ravishankar - Director	0.464	0.464
Total	0.929	0.929

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80011352	25/02/2012 *	1,500,000.00	CANARA BANK	VIKHROLI BRANCH, HAZARI BAUGH, L.B.S.ROAD, VIKHRO  LI (WEST),, MUMBAI, Maharashtra - 400083, INDIA	B34336263
2	90242380	24/09/2002	300,000.00	CANARA BANK	VIKHROLI WEST BRANCH, MUMBAI, Maharashtra, INDIA	-

FIXED ASSETS

• Furniture and Fixture
• Mobile Phone
• Computers
• Fax Machine
• Motor-Car
• Office Premises
• Tools
• Office 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 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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs71.28.

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KSH
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.