MIRA INFORM REPORT

Report No. :	339999
Report Date :	10.09.2015

IDENTIFICATION DETAILS

Name :	TRANSPOWER TECHNOLOGIES PRIVATE LIMITED
Registered Office :	346/A2/3, GIDC, Makarpura, Vadodara - 390010, Gujarat
Tel. No.:	91-265-2632223/4/5
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.09.2005
Com. Reg. No.:	04-046784
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51505GJ2005PTC046784
IEC No.:	Not Available
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 :	Subject is engaged in the business of dealing in switchgears, motors and similar electrical and electronic components.
No. of Employees :	89 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2005. It has a satisfactory track record. For the financial year 2014, the company has reported average operational activity. It has achieved decent sales turnover along with profitability margin of 0.60%. Further, the company has fine financial risk profile and acceptable net worth position and borrowing are huge. There is favourable gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payment terms are slow but 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 – 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 PARTED BY

Name :	Mr. Jignesh
Designation :	Accountant
Contact No.:	91-265-2632223
Date :	08.09.2015

LOCATIONS

Registered Office/Warehouses :	346/A2/3, GIDC, Makarpura, Vadodara - 390010, Gujarat, India
Tel. No.:	91-265-2632223/4/5
Mobile No.:	91-9825507517 (Mr. Sanjay)
Fax No.:	91-91-265-2632235
E-Mail :	frp@transpowernet.in baroda@transpower.net.in export@transpower.net.in
Website :	http://www.transpower.net.in
Marketing Office:	Gita Mandir Road, Opposite Lati Bazar, Near S.T. Stand, Ahmedabad- 380022, Gujarat, India
Mobile No.:	91-9909984799
Fax No.:	91-7925398676

DIRECTORS

As on 30.09.2014

Name :	Mr. Hemant Ghanshyambhai Patel
Designation :	Director
Address :	5, The Heritage, Nr Indra Park Vasna Road, Vadodara - 390015, Gujarat, India
Date of Birth/Age :	24.11.1975
Date of Appointment :	19.09.2005
DIN No.:	01064116
Name :	Mrs. Rachana Hemantbhai Patel
Designation :	Director
Address :	5 Heritage Bunglow, Vasana Road, Vadodara - 390015, Gujarat, India
Date of Birth/Age :	30.05.1976
Date of Appointment :	30.06.2011
DIN No.:	03564335

KEY EXECUTIVES

Name :	Mr. Jignesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Hemant Ghanshyambhai Patel	5000	50.00
Rachana Hemantbhai Patel	4500	45.00
Hemant Patel HUF	500	5.00
Total	10000	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 :	Subject is engaged in the business of dealing in switchgears, motors and similar electrical and electronic components.
Products :	FRP Motors Switch Gears Pumps FRP Lighting Poles Flag Masts GRP Pipes, FRP Scaffolding
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Sri Lanka Dubai Iran Egypt
Imports :	Not Available
Terms :
Selling :	Depend
Purchasing :	Depend

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Gujarat Sidhee Cement 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

Customers :

End Users

Reference :	Anupam Industries Limited, Gujarat, India
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 :

89 (Approximately)

Bankers :

• Standard Chartered Bank

Bank Name	State Bank of India
Branch	SME City Centre, Neha Apartment, Vadodara - 390007, Gujarat, 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

Auditors :
Name :	Naresh and Company Chartered Accountants
Address :	201, City Enclave Opposite, Pologround, Vadodara - 390001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFM7595C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	15.155	13.068	9.544
(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)	15.255	13.168	9.644
(3) Non-Current Liabilities
(a) long-term borrowings	2.662	4.677	0.957
(b) Deferred tax liabilities (Net)	0.000	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)	2.662	4.677	0.957
(4) Current Liabilities
(a) Short term borrowings	41.473	16.572	24.972
(b) Trade payables	37.601	60.802	61.429
(c) Other current liabilities	3.263	3.271	1.952
(d) Short-term provisions	1.031	1.583	1.721
Total Current Liabilities (4)	83.368	82.228	90.074
TOTAL	101.285	100.073	100.675
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.392	12.490	6.273
(ii) Intangible Assets	0.174	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	1.363
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.230	1.000	1.040
(c) Deferred tax assets (net)	0.238	0.157	0.155
(d) Long-term Loan and Advances	0.850	0.258	0.182
(e) Other Non-current assets
Total Non-Current Assets	25.884	13.905	9.013
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.202	6.776	14.392
(c) Trade receivables	57.310	71.315	60.749
(d) Cash and cash equivalents	2.134	4.288	8.308
(e) Short-term loans and advances	5.755	3.789	8.213
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	75.401	86.168	91.662
TOTAL	101.285	100.073	100.675

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TURNOVER	328.210	327.520	377.931
	Other Income	N.A	N.A	N.A
	TOTAL	N.A	N.A	N.A
Less	TOTAL EXPENSES	N.A	N.A	N.A
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	11.311	11.656	8.637
Less	FINANCIAL EXPENSES	5.470	4.692	2.388
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5.841	6.964	6.249
Less/ Add	DEPRECIATION/ AMORTISATION	2.805	1.859	1.342
	PROFIT/ (LOSS) BEFORE TAX	3.036	5.105	4.907
Less	TAX	0.949	1.581	1.511
	PROFIT/ (LOSS) AFTER TAX	2.087	3.524	3.396
	Earnings / (Loss) Per Share (Rs.)	208.70	352.40	339.60

Particulars	31.03.2015
Sales Turnover (Approximately)	310.000 (Due Market Down )

The above information has been parted by Mr. Jignesh (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.342	0.585	0.000
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Turnover)	(%)	0.64	1.08	0.90
Operating Profit Margin (PBIDT/Turnover)	(%)	3.45	3.56	2.29
Return on Total Assets (PBT/Total Assets}	(%)	3.46	5.16	5.00
Return on Investment (ROI) (PBT/Networth)		0.20	0.39	0.51
Debt Equity Ratio (Total Debt /Networth)		2.92	1.66	2.69
Current Ratio (Current Asset/Current Liability)		0.90	1.05	1.02

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	0.100	0.100	0.100
Reserves & Surplus	9.544	13.068	15.155
Net worth	9.644	13.168	15.255
long-term borrowings	0.957	4.677	2.662
Short term borrowings	24.972	16.572	41.473
Total borrowings	25.929	21.834	44.477
Debt/Equity ratio	2.689	1.658	2.916

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	377.931	327.520	328.210
		(13.339)	0.211

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	377.931	327.520	328.210
Profit	3.396	3.524	2.087
	0.90%	1.08%	0.64%

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)	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	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW

Transpower Technologies Private Limited was incorporated in September 2005 to undertake on the business of dealing in switchgears, motors and similar electrical and electronic components. The Company has been very successful in this area in limit of growth and profitability.

Riding on the above success, the company has ventured into the service sector by starting a new division christened as “Apidel Technologies”. The company plans to provide a spectrum services such as IT facility and Infrastructur service. Simplified Operational Management, IT Outsourcing and BPO, Staffing

/ Recruitment/Resource Engagement.

BUSINESS PERFORMANCE REVIEW

The Company achieved the turnover of Rs. 328.210 Million which was pretty much similar to last year. The Company has managed to maintain its momentum despite the shutdown of Kemrock Industries midway in preceding year which contributed a considerable amount to the downfall of revenue. However, conscious efforts on the bread-n-butter principal products like switchgears, motors and similar electrical and electronic components the Company managed to retain its topline. Also the company this year has further built up on its IT venture which provides a spectrum services such as IT facility and Infrastructure services, Simplified Operations Management, IT Outsourcing & BPO , Staffing / Recruitment /Resource Engagement. Company’s revenues from sale of services increased to Rs. 7.049 Million over last years' Rs. 2.494 Million.

Overall the Company has posted Gross Profit of 12% in 2013-2014 against 8% in 2012-13.

However, despite of double digits GP, company was not able to derive a comparatively good PBT which was just Rs.3.036 Million against Rs.5.105 Million of last year. This was due to rise in employee costs on the IT services front and notional burden of depreciation due to addition in Fixed Assets of “Apidel Division”. The IT service division was under stabilisation process resulting in higher outflows and slower inflows which also let to higher financial utilisation and higher financial cost.

All in all, Company had a reasonable PAT of Rs.20.87 lacs which is a positive sign despite of loosing a heavy weight business and considering the initial phase of the venture in IT services on which the Company hopes to built positively in the years to come.

In the coming year, the directors still hope to achieve good results through utilization of the infrastructure, focus on marketing, retaining customers, achieving volumes and reducing costs. Other avenues for revenue through new products and brands are also being explored. Apidel Division is expected in all probability to generate higher positive incomes. With concentrated efforts, your directors are hopeful of achieving revenues at a higher side then the current year with the hopes of a positive economic environment.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From Bank (Standard Chartered Bank)
(Seimes Limited Distributor Channel Finance) (Flexe-Loan Facility of Rs. 40.000 with repayment tenor of 90 days) (Personally Guaranteed by two Director)	41.473	16.572
Total	41.473	16.572

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10166634	13/02/2008	1,500,000.00	STATE BANK OF INDIA	SME CITY CREDIT CENTRE, NEHA APARTMENT,, R. C. DUTT ROAD, ALKAPURI, VADODARA - 390007, GUJARAT, INDIA	A56883283

CONTINGENT LIABILITIES:

(Rs. In Million)

PARTICULARS	31.03.2014	31.03.2013
Other Moneys for which Company is contingently liable	0.891	0.891
Total	0.891	0.891

FIXED ASSETS

• Building Construction
• Furniture
• Scooter
• Land
• Mobile
• Computer
• Air Conditioner
• Electric Fitting
• Fire Safety Equipment

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.66.29
UK Pound	1	Rs.73.98
Euro	1	Rs.101.88

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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.