MIRA INFORM REPORT

Report No. :	345315
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	MSS INDIA PRIVATE LIMITED
Registered Office :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422010, Maharashtra
Tel No.:	91-253-66252999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.05.1998
Com. Reg. No.:	11-114831
Capital Investment / Paid-up Capital :	Rs.7.500 Million
CIN No.: [Company Identification No.]	U27200MH1998PTC114831
IEC No.:	3198009511
TAN No.: [Tax Deduction & Collection Account No.]	NSKM02779A
PAN No.: [Permanent Account No.]	AAACI5887J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing exporting and importing of electrical components, battery components and DC bus bar systems.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (56)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the UK-Based MSS Group incorporated in the year 1998. It is a wholly owned subsidiary of Bryden (UK) Limited. For the FY14, the company has achieved decent revenue marked by satisfactory profitability margin of 6.02%. The company possesses healthy financial risk profile marked by adequate liquidity position, low gearings and there is favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are regular and as per commitment. In view of company’s established market position in the electrical components industry, the same can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	10.03.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	10.03.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Parag Zaveri
Designation :	Accounts Manager
Contact No.:	91-253-6611119
Date :	13.10.2015

LOCATIONS

Registered Office/ Head office/ Factory / Warehouse :	H - 8, M.I.D.C. Area, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-662529999 / 6611124 / 19
Fax No.:	91-253-6611117
E-Mail :	mssindia_04@mssindia.co.in mssind_nsk@sancharnet.in mssind@sify.com mssajay@sify.com mangesh_natal@mssinida.co.in suranaaj@yahoo.co.in enquiries@missindia.co.in
Website :	http://www.mssindia.co.in
Area :	4500 sq. ft.
Location :	Owned
Locality :	Commercial
Factory 2 :	H –111, MIDC, Ambad, Nashik-422010, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Mangesh Dattatraya Natal
Designation :	Nominee Director
Address :	Flat No. 18, Patil Classic Apartments, Govind Nagar, Near Pimprikar Hospital, Nashik-422009, Maharashtra, India
Qualification :	M. Tech, BE
Date of Appointment :	01.11.2005
PAN No.:	AAPPN5674A
DIN No.:	00910326
Name :	Mr. Anand Shivdas Daga
Designation :	Director
Address :	Suman Smruti, Goley Colony, Nashik – 422002, Maharashtra, India
Qualification :	CA
Date of Appointment :	01.08.2010
DIN No.:	00696171
Name :	Mr. Roy Philip Calvin
Designation :	Director
Address :	3, Rydal Drive Hale Barns, At Tincham WA 15 STE, Cheshire, 158l, United Kingdom
Date of Appointment :	27.05.1999
DIN No.:	01718415
Name :	Mr. Braine Joseph Hall
Designation :	Director
Address :	White Paddock Farm, Harwooid Road, Tittington, BLS 3 PT, Tottington 83M United Kingdom
Date of Appointment :	01.07.2004
DIN No.:	01718502

KEY EXECUTIVES

Name :	Mr. Parag Zaveri
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 24.09.2014

Names of Shareholders	No. of Shares
Bryden Properties Limited, United Kingdom	749999
Roy Philip Calvin	1
Total	750000

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing exporting and importing of electrical components, battery components and DC bus bar systems.

Products :

Product Description	ITC Code
Electrical Spares for industrial Use	85381010

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Switchgear Products and Accessories

Countries :

• United State of America
• United Kingdom
• United Arab Emirates

Imports :

Products :

Raw Material

Countries :

• Thailand
• United Kingdom

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Oriental Copper Company Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and OEMs

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

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Satpur Industrial Branch, Satpur and Nashik - 422007, 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 :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Term loans from banks	62.657	71.509
Total	62.657	71.509

Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe 194, Churchgate Reclamation, Dineshaw Vachha Road, Mumbai - 400020, Maharashtra, India
PAN No.:	AAGPA5214Q
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	· Bryden (UK) Limited
Associates :	· Logistics and Distribution Services Limited · MSS Products Limited · G Corner Electrical System Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Million
750000	13% Redeemable Cumulative Preference Shares	Rs.10/- each	Rs.7.500 Million
	Total		Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 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	7.500	7.500	7.500
(b) Reserves & Surplus	469.381	459.583	454.001
(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)	476.881	467.083	461.501
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	21.699	19.981	9.207
(c) Other long term liabilities	0.000	0.143	0.143
(d) long-term provisions	1.040	0.957	0.717
Total Non-current Liabilities (3)	22.739	21.081	10.067
(4) Current Liabilities
(a) Short term borrowings	62.657	71.509	65.803
(b) Trade payables	279.310	309.248	211.839
(c) Other current liabilities	154.487	108.024	121.605
(d) Short-term provisions	184.889	87.484	115.990
Total Current Liabilities (4)	681.343	576.265	515.237
TOTAL	1180.963	1064.429	986.805
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	331.027	289.930	235.482
(ii) Intangible Assets	24.946	28.760	31.981
(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	2.361	8.523	2.144
(e) Other Non-current assets	3.169	0.097	0.000
Total Non-Current Assets	361.503	327.310	269.607
(2) Current assets
(a) Current investments	0.000	5.000	50.000
(b) Inventories	261.691	257.387	189.828
(c) Trade receivables	407.736	300.231	302.132
(d) Cash and cash equivalents	111.695	114.285	121.323
(e) Short-term loans and advances	22.906	55.515	52.501
(f) Other current assets	15.432	4.701	1.414
Total Current Assets	819.460	737.119	717.198
TOTAL	1180.963	1064.429	986.805

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
TURNOVER	1717.936	1299.377	1104.467
NET PROFIT	103.485	100.371	125.913

Particulars	31.03.2015
Sales Turnover (Approximately)	2270.000

Expected Sales 2015-2016: Rs.2400.000 Million

The above information has been parted by Mr. Parag Zaveri (Accounts Manager)

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
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.02	7.72	11.40
Debt Equity Ratio (Total Debt /Networth)		0.13	0.15	0.14
Current Ratio (Current Asset/Current Liability)		1.20	1.28	1.39

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	7.500	7.500	7.500
Reserves & Surplus	454.001	459.583	469.381
Net worth	461.501	467.083	476.881
long-term borrowings	0.000	0.000	0.000
Short term borrowings	65.803	71.509	62.657
Total borrowings	65.803	71.509	62.657
Debt/Equity ratio	0.143	0.153	0.131

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)
Turnover	1104.467	1299.377	1717.936
		17.647	32.212

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	1104.467	1299.377	1717.936
Profit	125.913	100.371	103.485
	11.40%	7.72%	6.02%

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	No
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	Yes
18]	Major suppliers	Yes
19]	Major customers	Yes
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 four years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
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

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10009850	06/03/2009 *	222,500,000.00	State Bank of India	Satpur Industrial Area Branch,, Satpur, Nashik, Maharashtra - 422007, INDIA	A59320945
2	90236041	22/01/2015 *	483,000,000.00	State Bank of India	SATPUR INDUSTRIAL AREA BRANCH, SATPUR, NASHIK, Maharashtra - 422007, INDIA	C41446741

*Date of modification Charges

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.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	AMR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		56

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.