MIRA INFORM REPORT

Report No. :	321907
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	AVANTIKA ELCON PRIVATE LIMITED
Registered Office :	201, Composite House, 170, Prajapat Nagar, Opposite B-2, Gulmohar Park, New Delhi - 110049
Tel No.:	91-11-26525958 / 26855646
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.04.1996
Com. Reg. No.:	55-078186
Capital Investment / Paid-up Capital :	Rs.2.500 Million
CIN No.: [Company Identification No.]	U31102DL1996PTC078186
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELA05992A
PAN No.: [Permanent Account No.]	AAACA7775P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Transformer.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 23000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its latest financials with government department of FY 2014. As per available financial of 2013, subject seems to be a small company. The company has taken huge external borrowing which may act as a threat to its liquidity position. However, trade relations are fair. Business is active. Payment terms are unknown. Subject can be considered for business dealings with some caution.

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.

INFORMATION DENIED BY

Name :	Mr. Chetan
Designation :	President
Contact No.:	91-9873268244
Date :	09.05.2015

LOCATIONS

Registered Office :	201, Composite House, 170, Prajapat Nagar, Opposite B-2, Gulmohar Park, New Delhi – 110049, India
Tel. No.:	91-11-26525958 / 26855646
Mobile No.:	91-9873268244 (Mr. Chetan)
Fax No.:	91-11-26861291
E-Mail :	cavipulsharma@gmail.com varunsharma335@gmail.com
Website :	http://www.aelcon.net
Factory :	A-22, Sector 7, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-2420150 / 4169733

DIRECTORS

As on 30.09.2013

Name :

Mr. Vinod Agarwal

Designation :

Director

Address :

201, Composite House, 170 Prajapat Nagar Opposite B-4, Gulmohar Park, Gautam Nagar, Andrewsganj, South Delhi - 110049, India

Date of Birth/Age :

21.08.1962

Date of Appointment :

06.09.2013

DIN No.:

00768704

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	U74899DL1995PTC074540	ATSE FOODS PRIVATE LIMITED	Director	11/12/1995	11/12/1995	-	Active	NO
2	U51909DL1998PTC095170	AGROS IMPEX INDIA PRIVATE LIMITED	Director	24/07/1998	24/07/1998	07/08/2013	Active	NO
3	U74140GJ2012PTC068782	FTA HSRP SOLUTIONS PRIVATE LIMITED	Director	27/01/2012	27/01/2012	07/08/2013	Active	NO
4	U74999AS2012PTC010954	AFT HSRP SOLUTIONS PRIVATE LIMITED	Director	29/02/2012	29/02/2012	07/08/2013	Active	NO
5	U74900PB2012PTC036015	HSRP SOLUTIONS (PUNJAB) PRIVATE LIMITED	Director	05/03/2012	05/03/2012	07/08/2013	Active	NO
6	U31102DL1996PTC078186	AVANTIKA ELCON PRIVATE LIMITED	Director	06/09/2013	06/09/2013	-	Active	NO
7	U00389DL2005PTC135212	RSD Security Solutions Private Limited	Director	30/09/2014	26/08/2014	-	Active	NO

Name :

Mrs. Anshu Agarwal

Designation :

Director

Address :

D-14 1st Floor, Gulmohar Park, New Delhi - 110049, India

Date of Birth/Age :

29.12.1969

Date of Appointment :

01.02.2013

DIN No.:

00768736

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	U29150DL1984PTC017875	SCB ENGINEERS PRIVATE LIMITED	Director	01/03/1990	01/03/1990	02/04/2012	Active	NO
2	U74899DL1995PTC074540	ATSE FOODS PRIVATE LIMITED	Director	18/04/1996	18/04/1996	-	Active	NO
3	U51909DL1998PTC095170	AGROS IMPEX INDIA PRIVATE LIMITED	Director	24/07/1998	24/07/1998	07/08/2013	Active	NO
4	U72900DL2010PTC204107	SUNRAY IT SOLUTIONS PRIVATE LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
5	U31102DL1996PTC078186	AVANTIKA ELCON PRIVATE LIMITED	Director	01/02/2013	01/02/2013	-	Active	NO
6	U00389DL2005PTC135212	RSD Security Solutions Private Limited	Additional director	01/10/2013	01/10/2013	30/10/2014	Active	NO

Name :

Mrs. Vinita Gupta

Designation :

Director

Address :

House No.399, Sector-15 A, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

04.11.1971

Date of Appointment :

01.02.2013

DIN No.:

06498671

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	U31102DL1996PTC078186	AVANTIKA ELCON PRIVATE LIMITED	Director	01/02/2013	01/02/2013	-	Active	NO
2	U00389DL2005PTC135212	RSD Security Solutions Private Limited	Additional director	01/10/2013	01/10/2013	26/08/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Chetan
Designation :	President

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Anshu Agarwal	225000
Vinita Gupta	25000
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transformer.
Products :	Transformer
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Banker Name	Canara Bank
Branch Address	Parliament Street, New Delhi - 110001, 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 LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
SHORT TERM BORROWINGS
Open cash credit from Canara bank secured by hypothecation of stocks and books debts and personal guarantee of directors.	0.000	14.043
Total	0.000	14.043

Auditors :
Name :	Vipul Sharma and Company Chartered Accountants
Address :	209, Krishna Apra Plaza, P-3, Sector-18, Noida – 201301, Uttar Pradesh, India
PAN No.:	AUGPS1170H
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500	2.500	2.500
(b) Reserves & Surplus	5.464	5.148	5.446
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.825
Total Shareholders’ Funds (1) + (2)	7.964	7.648	8.771
(3) Non-Current Liabilities
(a) long-term borrowings	47.627	61.447	31.559
(b) Deferred tax liabilities (Net)	1.281	1.194	0.892
(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)	48.908	62.641	32.451
(4) Current Liabilities
(a) Short term borrowings	0.000	14.043	11.801
(b) Trade payables	0.000	7.686	6.395
(c) Other current liabilities	0.000	2.113	2.609
(d) Short-term provisions	0.036	0.021	1.111
Total Current Liabilities (4)	0.036	23.863	21.916
TOTAL	56.908	94.152	63.138
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.156	8.252	8.290
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.156	8.252	8.290
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	46.467	51.742	30.983
(c) Trade receivables	2.319	32.899	22.926
(d) Cash and cash equivalents	0.717	0.335	0.132
(e) Short-term loans and advances	0.249	0.924	0.807
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	49.752	85.900	54.848
TOTAL	56.908	94.152	63.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5.559	48.120	50.357
		Other Income	1.780	0.172	0.130
		TOTAL (A)	7.339	48.292	50.487
Less	EXPENSES
		Cost of Materials Consumed	3.268	32.970	33.757
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.308	(0.255)	0.663
		Employee Benefits Expenses	0.395	8.089	8.332
		Other Direct Expenses	0.033	0.319	0.844
		Other Expenses	0.660	3.762	3.515
		Exceptional Items	(0.508	(0.745)	(0.994)
		TOTAL (B)	4.156	44.140	46.117
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.183	4.152	4.370
Less	FINANCIAL EXPENSES (D)		2.196	3.480	3.180
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.987	0.672	1.190
Less	DEPRECIATION/ AMORTISATION (F)		0.583	0.607	0.756
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.404	0.065	0.434
Less	TAX (H)		0.000	0.060	0.036
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.404	0.005	0.398
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.148	5.446	5.273
Less	DEFERRED TAX ADJUSTMENT FOR THE YEAR		0.088	0.303	0.225
	BALANCE CARRIED TO THE B/S		5.464	5.148	5.446
	Earnings / (Loss) Per Share (Rs.)		1.62	0.02	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	7.27	0.01	0.79
Operating Profit Margin (PBDIT/Sales)	(%)	57.26	8.63	8.68
Return on Total Assets (PBT/Total Assets}	(%)	0.71	0.07	0.69
Return on Investment (ROI) (PBT/Networth)		0.05	0.01	0.05
Debt Equity Ratio (Total Debt /Networth)		5.98	9.87	4.94
Current Ratio (Current Asset/Current Liability)		1382.00	3.60	2.50

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	2.500	2.500	2.500
Reserves & Surplus	5.446	5.148	5.464
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.825	0.000	0.000
Net worth	8.771	7.648	7.964
Long Term borrowings	31.559	61.447	47.627
Short Term borrowings	11.801	14.043	0.000
Total borrowings	43.360	75.490	47.627
Debt/Equity ratio	4.944	9.871	5.980

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	50.357	48.120	5.559
		(4.442)	(88.448)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	50.357	48.120	5.559
Profit	0.398	0.005	0.404
	0.79%	0.01%	7.27%

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	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	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	No
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	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Unsecured Loans	47.627	61.447
Total	47.627	61.447

ACCOUNTS AND PROGRESS

Company achieved Gross Receipts of Rs.6.977 Million during the year while the profit before tax was RS.404 Million.

NO CHARGES EXIST FOR COMPANY 

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 records 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 records 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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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		28

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.