MIRA INFORM REPORT

Report No. :	320731
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	AXIS ELECTRICAL COMPONENTS (INDIA) PRIVATE LIMITED
Registered Office :	Axis House, Plot No.104-C, Government Industrial Estate, Kandivali (West), Mumbai – 400067, Maharashtra
Tel. No.:	91-22-67756000/ 28696636
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.1997
Com. Reg. No.:	11-108174
Capital Investment / Paid-up Capital :	Rs.15.000 Million
CIN No.: [Company Identification No.]	U31200MH1997PTC108174
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18966D
PAN No.: [Permanent Account No.]	AAACA9691C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electrical Components.
No. of Employees :	150 (Approximately)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Dipti Shinde
Designation :	Marketing Department
Contact No.:	91-22-28696636
Date :	30.04.2015

LOCATIONS

Registered Office/ Factory :	Axis House, Plot No.104-C, Government Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Tel. No.:	91-22-67756000/ 28696636
Fax No.:	91-22-28678491/ 28683561
E-Mail :	axisindia@vsnl.com info@axis-india.com ln1957@rediffmail.com marketing@axis-india.com (Marketing) purchase@axis-india.com (Purchase) logistics@axis-india.com (Logistics) accounts@axis-india.com (Accounts)
Website :	http://www.axis-india.com
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Kanderp Sevantilal Khandwala
Designation :	Director
Address :	401, Megh Apartment, 4^th Floor Military Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	27.09.1958
Date of Appointment :	21.05.1997
DIN No.:	00514555
Name :	Mr. Nimish Premsingh Taterh
Designation :	Director
Address :	1902, Great Eastern Height CTS Limited, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	15.10.1967
Date of Appointment :	21.05.1997
DIN No.:	00517983

KEY EXECUTIVES

Name :	Ms. Dipti Shinde
Designation :	Marketing Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Kanderp Sevantilal Khandwala	75000	50.00
Nimish Premsingh Taterh	75000	50.00
Total	150000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electrical Components.
Products :	Copper Lugs Copper Ferrules Brass Cable Glands Earth Clamps Earth Conductors Line Taps Split Bolts Hot Line Clamp LT AB Fittings Pole Line Hardware Suspension Clamp Dead end Clamp Piercing Connectors PG Clamps
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Gulf Country Middle East Asian Country Europe South Africa Arabic Countries
Imports :
Products :	Raw Materials
Countries :	Malaysia China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Deepak Enterprises
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

Reference :	Quality Trade and Distribution Limited
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	Central Bank of India
Branch	Mumbai Main Office, Documentation Cell, 2nd Floor, Central Bank Building, Fort, Mumbai - 400001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-22625932
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 LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
From Central Bank of India
Working Capital Loan	5.033	4.093
Export Packing Credit	40.000	30.000
Bill Discounting (Secured against mortgage of Immovable Assets, Inventory and Receivable. Also Guaranteed by Directors)	0.000	0.000
Car loan form HDFC Bank Limited	0.000	0.848
Total	45.033	34.941

Auditors :
Name :	N.P. Patwa and Company Chartered Accountants
Address :	102, Sudaive Plot No.97, Hindu Colony Road No.3, Dadar (CR), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24118146/ 24115870/ 24114590
E-Mail :	nppatwa@gmail.com
PAN No.:	AAGFN2813E
Memberships :		--
Collaborators :		--
Associates/Subsidiaries :		Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs.100/- each	Rs.15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	352.251	221.311	165.009
(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)	367.251	236.311	180.009
(3) Non-Current Liabilities
(a) long-term borrowings	0.177	0.172	0.105
(b) Deferred tax liabilities (Net)	0.147	0.000	0.055
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.363	1.116	0.892
Total Non-current Liabilities (3)	1.687	1.288	1.052
(4) Current Liabilities
(a) Short term borrowings	45.033	34.941	11.271
(b) Trade payables	96.038	40.507	64.086
(c) Other current liabilities	16.804	12.764	21.079
(d) Short-term provisions	30.529	20.148	8.765
Total Current Liabilities (4)	188.404	108.360	105.201
TOTAL	557.342	345.959	286.262
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.639	24.457	19.274
(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	2.189	2.253	2.209
(c) Deferred tax assets (net)	0.000	0.127	0.000
(d) Long-term Loan and Advances	1.164	3.000	1.710
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.992	29.837	23.193
(2) Current assets
(a) Current investments	155.937	35.670	32.868
(b) Inventories	99.370	60.068	78.523
(c) Trade receivables	129.559	121.818	84.605
(d) Cash and cash equivalents	5.672	4.770	2.135
(e) Short-term loans and advances	135.812	93.796	64.938
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	526.350	316.122	263.069
TOTAL	557.342	345.959	286.262

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		859.717	552.718	540.592
		Other Income
		TOTAL (A)		859.717	552.718	540.592
Less	EXPENSES
		TOTAL (B)		662.502	469.864	499.708
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			197.215	82.854	0.884
Less	TAX (H)			66.276	26.552	18.350
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			130.939	56.302	22.534
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			219.411	163.109	140.575
	BALANCE CARRIED TO THE B/S			350.350	219.411	163.109
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	732.506	446.949	389.451
	TOTAL EARNINGS			732.506	446.949	389.451
	IMPORTS			86.565	24.773	31.510
	Earnings Per Share (Rs.)			873.00	375.00	150.22

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	35.52	24.11	0.31
Return on Investment (ROI) (PBT/Networth)		0.54	0.35	0.00
Debt Equity Ratio (Total Debt /Networth)		0.12	0.15	0.06
Current Ratio (Current Asset/Current Liability)		2.79	2.92	2.50

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	15.000	15.000	15.000
Reserves & Surplus	165.009	221.311	352.251
Share Application money pending allotment	0.000	0.000	0.000
Net worth	180.009	236.311	367.251
long-term borrowings	0.105	0.172	0.177
Short term borrowings	11.271	34.941	45.033
Total borrowings	11.376	35.113	45.210
Debt/Equity ratio	0.063	0.149	0.123

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)
Total Income	540.592	552.718	859.717
		2.243	55.544

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	540.592	552.718	859.717
Profit	22.534	56.302	130.939
	4.17%	10.19%	15.23%

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	No
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

UNSECURED LOANS

PARTICULARS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
From Directors (Maximum Outstanding Rs.0.218 Million Previous year 0.209 Million)	0.177	0.172
Total	0.177	0.172

CONTINGENT LIABILITIES

PARTICULARS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Guarantee	21.695	4.793
Total	21.695	4.793

INDEX OF CHARGE

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80033600	12/06/2007 *	87,500,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE , DOCUMENTATION CELL ,, 2ND FL  OOR , CENTRAL BANK BLDG. FORT ,, MUMBAI, MAHARASHT  RA - 400001, INDIA	A18849745
2	90145087	29/03/2004	19,500,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; M.G. ROAD  ; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
3	90146623	29/03/2004	27,500,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; M.G. ROAD  ; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
4	90144610	29/07/2003	47,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; M.G. ROAD  ; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
5	90149148	01/11/2012 *	150,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL,, 2ND FLOO  R, CENTRAL BANK BLDG., FORT,, MUMBAI, MAHARASHTRA  - 400001, INDIA	B63929202
6	90146443	31/03/2003	67,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; M.G. ROAD  ; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-

*Date of modification Charges

OPERATION AND OUTLOOK:

During the year the company earned total income by way of revenue from operation and other income of Rs.859.717 Million as against Rs.552.718 Million achieved during the corresponding period of previous year. After offsetting the expenses the company made a profit (before tax) of Rs.197.215 Million as against profit of Rs.82.854 Million achieved during the corresponding period of the previous year.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs70.53

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
Report Prepared by :	SNT

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
--PROFITABILIRY	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	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		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.