MIRA INFORM REPORT

Report No. :	319612
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	ELEKTROLITES (POWER) PRIVATE LIMITED
Registered Office :	122, Navjeevan Complex, 29, Station Road, Jaipur – 302003, Rajasthan
Tel. No.:	91-141-2330576
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.04.1994
Com. Reg. No.:	17-008222
Capital Investment / Paid-up Capital :	Rs. 4.190 Million
CIN No.: [Company Identification No.]	U31909RJ1994PTC008222
IEC No.:	1397002760
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE4080B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Disconnector, Isolator, Surge Arrester, Air Break Switch, Load Break Switch, Sectionalizer, Recloser, Fault Passage Indicator FPI, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 505000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company is progressing well. General financial position of the company is good. Trade relations are reported to be fair. Business is active. Payments 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 – 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

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.

LOCATIONS

Registered Office :	122, Navjeevan Complex, 29, Station Road, Jaipur – 302003, Rajasthan, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@elektrolites.com
Website :	http://www.elektrolites.com
Head Office :	S 758 (A and B), Road No 9F, VKI Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2330576/ 2331624
Fax No.:	91-141-2333572
Factory :	E - 148 to 150, RIICO Industrial Area Extn, Bagru – 302007, Rajasthan, India
Tel. No.:	91-141-2330576/ 2331624
Fax No.:	91-141-2333572
Branch Office :	B 161, Vishnu Baug Society, S.V. Road, Andheri (West), Mumbai, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anil Kumar Saboo

Designation :

Managing director

Address :

B-140,Vidhyut Nagar, Queens Road, Jaipur, Rajasthan, India

Date of Birth/Age :

03.09.1958

Date of Appointment :

12.04.1994

DIN No.:

00102990

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	Company/ LLP Status	Defaulting status
1	U31909RJ1994PTC008222	ELEKTROLITES (POWER) PRIVATE LIMITED	Managing director	12-04-1994	12-04-1994	Active	NO
2	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	04-09-2006	04-09-2006	Active	NO
3	U45201RJ2004PTC020057	REGENT TOWNSHIP PRIVATE LIMITED	Director	05-10-2007	05-10-2007	Active	NO

Name :

Mr. Purushottam Lal Saboo

Designation :

Director

Address :

B-140,Vidhyut Nagar, Queens Road, Jaipur, Rajasthan, India

Date of Birth/Age :

28.06.1936

Date of Appointment :

28.03.1997

DIN No.:

00102844

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	Company/ LLP Status	Defaulting status
1	U31909RJ1994PTC008222	ELEKTROLITES (POWER) PRIVATE LIMITED	Director	28-03-1997	28-03-1997	Active	NO
2	U45201RJ2004PTC020057	REGENT TOWNSHIP PRIVATE LIMITED	Director	05-10-2007	05-10-2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Anil Kumar Saboo	255700	61.03
Purushottam Lal Saboo	81500	19.45
Bimla Devi Saboo	55500	13.25
Ankit Saboo	26300	6.28
Total	419000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Disconnector, Isolator, Surge Arrester, Air Break Switch, Load Break Switch, Sectionalizer, Recloser, Fault Passage Indicator FPI, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Syndicate Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans from Banks	24.410	33.413
Term Loan from Financial Institutions	3.488	6.300
Term Loans from Non-Banking Finance Companies	13.430	18.221
SHORT TERM BORROWINGS
Repayable on Demand From Syndicate Bank ( OD Account )	110.757	77.823
From Syndicate Bank (Packing Credit Limit )	0.300	0.071
Total	152.385	135.828

Banking Relations :	--
Financial Institution :	SREI Equipment Finance Private Limited
Auditors :
Name :	B. Khosla and Company Chartered Accountants
Address :	206, Anukampa II, M I Road, Jaipur – 302001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AADFB1338D
Entity where key management personnel or relatives of key management personnel have significant influence :	· Excel Associates Private Limited · Elektrolites

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
419,000	Equity Shares	Rs. 10/- each	Rs. 4.190 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	4.190	4.190	3.900
(b) Reserves & Surplus	172.683	145.806	125.782
(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)	176.873	149.996	129.682
(3) Non-Current Liabilities
(a) Long-term borrowings	41.361	57.967	59.836
(b) Deferred tax liabilities (Net)	15.456	26.347	24.216
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.757	0.646	0.462
Total Non-current Liabilities (3)	57.574	84.960	84.514
(4) Current Liabilities
(a) Short term borrowings	111.057	77.894	79.478
(b) Trade payables	67.781	74.603	67.970
(c) Other current liabilities	37.729	36.776	27.507
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	216.567	189.273	174.955
TOTAL	451.014	424.229	389.151
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	141.513	136.106	133.022
(ii) Intangible Assets	10.363	0.098	0.000
(iii) Capital work-in-progress	0.091	14.750	24.246
(iv) Intangible assets under development	0.000	11.445	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.636	5.042	7.901
(e) Other Non-current assets	11.395	3.125	2.871
Total Non-Current Assets	163.999	170.567	168.041
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.730	65.553	40.699
(c) Trade receivables	173.430	137.256	129.349
(d) Cash and cash equivalents	5.145	13.076	11.910
(e) Short-term loans and advances	50.228	36.790	38.242
(f) Other current assets	0.482	0.987	0.910
Total Current Assets	287.015	253.662	221.110
TOTAL	451.014	424.229	389.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	419.409	324.166	444.922
		Other Income	2.847	3.440	5.953
		TOTAL (A)	422.256	327.606	450.875
Less	EXPENSES
		Cost of Materials Consumed	304.444	232.257	316.493
		Purchases of Stock-in-Trade	1.183	5.734	9.030
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.994	(2.786)	0.106
		Employees benefits expense	11.002	11.330	10.294
		Other expenses	48.292	29.776	50.391
		TOTAL (B)	369.915	276.311	386.314
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.341	51.295	64.561
Less	FINANCIAL EXPENSES (D)		21.512	21.890	22.735
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.829	29.405	41.826
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.342	16.274	13.872
	PROFIT BEFORE TAX (E-F) (G)		14.487	13.131	27.954
Less	TAX (H)		(10.890)	2.387	7.031
	PROFIT AFTER TAX (G-H) (I)		25.377	10.744	20.923
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		126.326	115.582	94.659
	BALANCE CARRIED TO THE B/S		151.703	126.326	115.582
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	124.500	22.921	104.670
	Earnings Per Share (Rs.)		60.57	27.51	53.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.05	3.31	4.70
Operating Profit Margin (PBDIT/Sales)	(%)	12.48	15.82	14.51
Return on Total Assets (PBT/Total Assets}	(%)	3.21	3.30	7.66
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.22
Debt Equity Ratio (Total Debt/Networth)		0.86	0.91	1.07
Current Ratio (Current Asset/Current Liability)		1.33	1.34	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.900	4.190	4.190
Reserves & Surplus	125.782	145.806	172.683
Net worth	129.682	149.996	176.873
Long-term borrowings	59.836	57.967	41.361
Short term borrowings	79.478	77.894	111.057
Total borrowings	139.314	135.861	152.418
Debt/Equity ratio	1.074	0.906	0.862

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	444.922	324.166	419.409
		-27.141	29.381

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	444.922	324.166	419.409
Profit	20.923	10.744	25.377
	4.70%	3.31%	6.05%

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	No
10]	Designation of contact person	No
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10320842	18/11/2011	9,700,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	FIRST FLOOR, UMRAO COMPLEX, SANSAR CHANDRA ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B26705509
2	10355707	15/06/2011	25,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	B26357558
3	10215798	25/03/2014 *	328,300,000.00	SYNDICATE BANK	SYNDICATE BANK, M.I.ROAD BRANCH,C-94, SUBHASH MARG, JAIPUR, RAJASTHAN - 302001, INDIA	C03284130
4	90074981	23/02/2000	150,000.00	STATE BANK OF BIKANER AND JAIPUR	V.K.I. AREA, JAIPUR, RAJASTHAN, INDIA	-
5	90073851	28/01/2000	200,000.00	STATE BANK OF BIKANER AND JAIPUR	V.K.I. AREA, JAIPUR, RAJASTHAN, INDIA	-
6	90073844	15/12/1999	2,500,000.00	STATE BANK OF BIKANER AND JAIPUR	V.K.I. AREA, JAIPUR, RAJASTHAN, INDIA	-
7	90074659	13/07/1995	4,300,000.00	STATE BANK OF BIKANER AND JAIPUR	V.K.I. AREA, JAIPUR, RAJASTHAN, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Related parties	0.033	0.033
Total	0.033	0.033

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
a) Claims against the company not acknowledged as debt	0.000	0.000
b) Capital Commitment pending ( net of advances)	0.000	0.000
c) Letter of credit given by bankers on behalf of the company	59.100	33.600
d) Guarantee given by Bankers on behalf of the company	79.900	24.200
e) Sales tax demand for 1997-98 and 1998-99 against which the company has filed an appeal and deposited a sum of Rs. 0.029 Million	0.047	0.047
f) Income Tax Demand for 2007-08 against which the company has filed an appeal which is pending for disposal	0.000	0.053
g) Income Tax demand for 2008-09 against which the company has filed an appeal which is pending for disposal.	0.000	0.629
h) Income Tax demand for 2005-06 against which the company has filed an appeal which has been disposed off but forwarded to Tribunal Court.	1.377	0.000
Sales Tax demands for the year 2010-11 to 2011-12 amounting to Rs. 10.800 Million against which the company is avaiting the final assessment.	10.800	0.000

FIXED ASSETS:

· Land

· Building

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Vehicles

· Computer

· Computer Software

· Technical Know how

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	Rs. 70.53

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		46

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.