MIRA INFORM REPORT

Report No. :	328017
Report Date :	23.06.2014

IDENTIFICATION DETAILS

Name :	ELECTROLAB (INDIA) PRIVATE LIMITED
Registered Office :	401, Titupati Industrial Estate IB Patel Road Off, Western Express Highway, Goregaon, Mumbai – 400063, Maharashtra
Tel. No.:	91-22-40413131
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.08.2002
Com. Reg. No.:	11-136735
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U33110MH2002PTC136735
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 Pharmaceutical Testing Equipment and Peristaltic Pumps
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2002. It is engaged in the business of manufacturing pharmaceutical testing equipment and peristaltic pumps which are used in several industries. It has a fine track record. For the financial year ended 2014, the company possesses upstanding operational performance and has achieved decent profitability margin with good top line growth. Further the rating takes into consideration, the healthy balance sheet of the company having strong net worth and favorable gap between trade receivables to trade payables. Trade relations are reported as fair. Business is active. Payments terms are regular. In the view of decent financial base and healthy operational profile, the company can be considered good for normal 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 – 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 DECLINED BY

Name :	Mr. Shrikant Joshi
Designation :	Chief Operating Officer
Contact No.:	91-22-40413131
Date :	19.06.2014

LOCATIONS

Registered Office :	401, Titupati Industrial Estate IB Patel Road Off, Western Express Highway, Goregaon, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-40413131
Fax No.:	91-22-40413199 / 26863727
E-Mail :	finance@electrolabindia.com sales@electrolabindia.com admin@electrolabindia.com
Website :	www.electrolabindia.com
Factory Address :	EL-23/24, T.T.C. Electronic Zone, M.I.D.C., Mahape, Navi Mumbai – 400710, Maharashtra, India
Tel. No.:	91-22-41613131
Fax No.:	91-22-41613199
Branch :	Located at : USA

DIRECTORS

As on 29.09.2014

Name :

Mr. Amit Trikamlal Marfati

Designation :

Whole Time Director

Address :

26/A, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.08.1949

Qualification :

B.Com / M.B.A (Marketing)

Experience :

26 Years

Date of Appointment :

01.04.2011

DIN No.:

00096827

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	U33110MH2002PTC136735	ELECTROLAB (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2011	06/08/2002	-	Active	NO
2	AAA-3671	ELECTROLABULTIMA (INDIA) LLP	Designated Partner	03/02/2011	03/02/2011	-	Active	NO
3	AAA-6855	ELECTROPHARMA SERVICES LLP	Designated Partner	14/11/2011	14/11/2011	-	Active	NO

Name :

Mr. Bharat Kanubhai Zaveri

Designation :

Whole Time Director

Address :

B-1, Queen’s View, 28/30, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.03.1961

Qualification :

B.Sc., Tech. in Instrumentation

Experience :

30 Years

Date of Appointment :

01.04.2011

DIN No.:

00096935

Name :

Mr. Aditya Amit Marfatia

Designation :

Whole Time Director

Address :

26/A, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

31.01.1979

Qualification :

B.Pharm, Master degree (USA)

Experience :

5 Years

Date of Appointment :

01.04.2011

DIN No.:

02907832

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	U33110MH2002PTC136735	ELECTROLAB (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2011	20/01/2010	-	Active	NO
2	AAA-3671	ELECTROLABULTIMA (INDIA) LLP	Designated Partner	03/02/2011	03/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shrikant Joshi
Designation :	Chief Operating Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Amit Trikamlal Marfatia	25000	1.25
Bharat Kanubhai Zaveri	992500	49.63
Amita Amit Marfatia	470000	23.50
Parul Bharat Zaveri	7500	0.38
Ankit Amit Marfatia	5000	0.25
Aditya Amit Marfatia	500000	25.00
Total	2000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Testing Equipment and Peristaltic Pumps
Products :	Not Divulged
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 :
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 :
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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
Received from HDFC Bank	0.237	0.272
Total	0.237	0.272

Auditors :
Name :	R.V. Patwa and Company Chartered Accountants
Address :	404, Seeta Kutir, C.D. Barfiwala Marg, Andheri – West, Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26287681
Mobile No.:	91-9869636854
E-Mail :	rajeshpatwa@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABPP5793N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

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
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	345.418	209.015	75.234
(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)	365.418	229.015	95.234
(3) Non-Current Liabilities
(a) long-term borrowings	0.237	0.272	0.000
(b) Deferred tax liabilities (Net)	0.137	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)	0.374	0.272	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.025	17.289	32.673
(c) Other current liabilities	69.668	173.948	261.662
(d) Short-term provisions	178.014	95.105	27.707
Total Current Liabilities (4)	262.707	286.342	322.042
TOTAL	628.499	515.629	417.276
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118.027	103.704	106.049
(ii) Intangible Assets	0.208	0.346	0.577
(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	0.111	0.265
(d) Long-term Loan and Advances	3.565	3.049	2.231
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	121.800	107.210	109.122
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.272	41.441	52.541
(c) Trade receivables	134.231	154.623	134.924
(d) Cash and cash equivalents	161.328	111.808	87.363
(e) Short-term loans and advances	146.237	98.070	29.952
(f) Other current assets	3.631	2.477	3.374
Total Current Assets	506.699	408.419	308.154
TOTAL	628.499	515.629	417.276

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operation	576.848	576.472	379.902
	Other Income	14.315	8.320	4.222
	TOTAL	591.163	584.792	384.124
Less	TOTAL EXPENSES	331.839	375.640	294.671
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	259.324	209.152	89.453
Less/ Add	DEPRECIATION/ AMORTISATION	5.836	6.253	6.042
	PROFIT/ (LOSS) BEFORE TAX	253.488	202.899	83.411
Less	TAX	112.406	69.117	26.564
	PROFIT/ (LOSS) AFTER TAX	141.082	133.782	56.847
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	208.015	74.234	29.519
Less	APPROPRIATIONS
	Interim Dividend	4.000	0.000	10.000
	Tax on Interim Dividend	0.680	0.000	1.133
	Transfer to Reserves	0.400	0.000	1.000
	Total (M)	5.080	0.000	12.133
	Balance Carried to the B/S (J+K+L-M)	344.017	208.016	74.233
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	193.794	142.129	96.793
	Commission Received	1.149	0.000	0.000
	TOTAL EARNINGS	194.943	142.129	96.793
	Earnings / (Loss) Per Share (Rs.)	70.54	66.89	28.42

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	24.46	23.21	14.96
Operating Profit Margin (PBIDT/Sales)	(%)	44.96	36.28	23.55
Return on Total Assets (PBT/Total Assets}	(%)	40.33	39.36	20.00
Return on Investment (ROI) (PBT/Networth)		0.69	0.89	0.88
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.93	1.43	0.96

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	20.000	20.000	20.000
Reserves & Surplus	75.234	209.015	345.418
Net worth	95.234	229.015	365.418
long-term borrowings	0.000	0.272	0.237
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.272	0.237
Debt/Equity ratio	0.000	0.001	0.001

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	379.902	576.472	576.848
		51.742	0.065

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	379.902	576.472	576.848
Profit	56.847	133.782	141.082
	14.96%	23.21%	24.46%

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	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)	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

INDEX OF CHARGES : NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

--Land

--Building

--Factory

--Computer

--Plant and Machinery

--Furniture and Fixture

--Furniture and Fixture (MIP)

--Vehicles

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.63.50
UK Pound	1	Rs.100.93
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.