MIRA INFORM REPORT

Report No. :	326357
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	ELIND INDUCTION FURNACES PRIVATE LIMITED

Registered Office :	Abhav Ground Floor, Plot No. 46, 5^th Floor, Khar West, Mumbai – 400052, Maharashtra
Tel. No.:	91-22-26497023

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.08.1989

Com. Reg. No.:	11-052919

Capital Investment / Paid-up Capital :	Rs.1.000 Million

CIN No.: [Company Identification No.]	U74999MH1989PTC052919

IEC No.:	Not Available

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, Exporter and Importer of Induction Heating Equipment.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 36000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1989 and engaged in the business of manufacturer and exporter of Induction Heating and equipment. It is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions. Profit and Loss of the Company is Not Available.

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

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 PARTED BY (GENERAL INFORMATION)

Name :	Mr. Rambahal
Designation :	Director
Contact No.:	91-9821132520
Date :	06.06.2015

LOCATIONS

Registered Office :	Abhav, Ground Floor, Plot No.46, 5^th Floor, Khar (West), Mumbai – 400 052, Maharashtra, India
Tel. No.:	91-22-26497023
Mobile No.:	91- 9821132520 (Mr. Rambahal)
Fax No.:	91-22-26870443
E-Mail :	info@elindinduction.com
Website :	http://www.elindinduction.com
Location :	Owned

Factory :	1, 2 and 14 B, Jay Vijay Industrial Estate, Waliv Phata, Vasai (East), Vasai – 401 208, Maharashtra, India
Tel. No.:	91-250-2481963/ 2480729/ 3298015
Fax No.:	91-250-2480729/ 2481963
Area :	3000 sq. ft.
Location :	Owned

Branch Office :	31, Mistry Industrial Complex, Cross Road ‘A’, M.I.D.C, Andheri (East), Mumbai – 400 093. Maharashtra, India
Tel. No.:	91-22-26870649/ 26874629/ 26870443
Fax No.:	91-22-26870443

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shirish Vinod Chinoy

Designation :

Director

Address :

18, Mahesh Darshan Building, S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

04.12.1951

Date of Appointment :

30.05.1991

DIN No. :

00220737

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	U74999MH1989PTC052919	ELIND INDUCTION FURNACES P. LTD.	Director	30/05/1991	30/05/1991	-	Active	NO
2	U35914PN2006PTC137411	Undercarriage and Tractor Parts Private Limited	Director	03/08/2006	03/08/2006	31/01/2007	Active	NO
3	U29268MH2011PTC219678	ELECTRONICS DEVICES WORLDWIDE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mr. Rambahal Ramsurat Singh

Designation :

Director

Address :

Ambauday, 2^nd Floor, Plot No.75, 5^th Road, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

25.05.1939

Date of Appointment :

26.12.1989

DIN No. :

00663822

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	U74999MH1989PTC052919	ELIND INDUCTION FURNACES P. LTD.	Director	26/12/1989	26/12/1989	-	Active	NO
2	U29268MH2011PTC219678	ELECTRONICS DEVICES WORLDWIDE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rambahal Ramsurat Singh	5000
Anand Rambahal Singh	5000
Sadanand Rambahal Singh	5000
Rampyare R. Sharma	5000
Shirish V. Chinoy	5000
Bharat V. Chinoy	5000
Uttam Navinchandra Chinoy	5000
Vikas V. Chinoy	5000
Bhanumati V. Chinoy	5000
Sunil Rampyare Singh	5000
Beiletti Guido	25000
Luciano Gilardo	25000
Total	100000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.000
Directors or relatives of Directors	50.000

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Induction Heating Equipment.

Products :	Hot and Warm Forging Hot Shearing Brazing Hardening Annealing and Bright Annealing Sintering

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	USA Africa Germany

Imports :
Products :	Components
Countries :	USA Germany

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

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 :

End Users, OEMs

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 :

150 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Khar (West), Mumbai, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from Bank	0.902	0.902

Total	0.902	0.902

Auditors :
Name :	Mahaveer Sharma and Company Chartered Accountants
Address :	Krishna Bhavan, 3^rd Floor, 511, S.V.P. Road, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-30023885/ 30203515
Fax No :	91-22-23885055
E-Mail :	sharmamp44@hotmail.com
PAN No.:	AAQPS2706M

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

200,000	Equity Shares	Rs.10/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs.10/- each	Rs. 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	11.928	10.778	9.890
(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)	12.928	11.778	10.890

(3) Non-Current Liabilities
(a) long-term borrowings	4.516	4.516	0.943
(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)	4.516	4.516	0.943

(4) Current Liabilities
(a) Short term borrowings	1.000	1.045	0.149
(b) Trade payables	16.144	10.276	16.547
(c) Other current liabilities	11.346	16.184	17.484
(d) Short-term provisions	0.645	2.025	1.554
Total Current Liabilities (4)	29.135	29.530	35.734

TOTAL	46.579	45.824	47.567

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.619	1.791	1.919
(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)	2.544	4.008	1.620
(d) Long-term Loan and Advances	4.802	3.304	3.580
(e) Other Non-current assets
Total Non-Current Assets	8.965	9.103	7.119

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.129	4.208	10.516
(c) Trade receivables	15.678	30.003	25.927
(d) Cash and cash equivalents	2.198	0.617	3.416
(e) Short-term loans and advances		0.077	0.077
(f) Other current assets	0.609	1.816	0.512
Total Current Assets	37.614	36.721	40.448

TOTAL	46.579	45.824	47.567

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

N.A

Cash generated from operations

N.A

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012

Debt Equity Ratio (Total Debt /Networth)	0.43	0.47	0.10

Current Ratio (Current Asset/Current Liability)	1.29	1.24	1.13

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	1.000	1.000	1.000
Reserves & Surplus	9.890	10.778	11.928
Net worth	10.890	11.778	12.928

long-term borrowings	0.943	4.516	4.516
Short term borrowings	0.149	1.045	1.000
Total borrowings	1.092	5.561	5.516
Debt/Equity ratio	0.100	0.472	0.427

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	Yes
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	Yes
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)	Yes
16	No. of employees	Yes
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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Body Corporate	3.614	3.614

SHORT TERM BORROWING
Loans and Advance are from Related parties	1.000	1.045
Total	4.614	4.659

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Plant and Machinery
Furniture and Fixtures
Office Equipment
Mobile
Computers
Vehicle
Mobile

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.63.93
UK Pound	1	Rs.98.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	RSH

Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.

MIRA INFORM REPORT

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