MIRA INFORM REPORT

Report Date :

18.04.2011

IDENTIFICATION DETAILS

Name :	SVASCA INDUSTRIES (INDIA) LIMITED
Registered Office :	SF 20, Cross River Mall, Plot No. 9 B and 9 C (CBD) Shahdara, Delhi – 110032
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.05.1997
Com. Reg. No.:	55-87192
CIN No.: [Company Identification No.]	u28999dl1997plc087192
TAN No.: [Tax Deduction & Collection Account No.]	dels15013F
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Servo Stabilizers

RATING & COMMENTS

MIRA’s Rating :

Ba ( 45 )

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported as correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	SF 20, Cross River Mall, Plot No. 9 B and 9 C (CBD) Shahdara, Delhi – 110032, India
Mobile No. :	91-9811030312 / 9971992827 [Mr. Siddarth]
E-Mail :	mktg_svasca@yahoo.co.in lallandcompany@gmail.com
Corporate Office :	A-56, Jhlimil Industrial Area Shahadra, New Delhi – 110 095
Factory :	48^th Mile Stone, Delhi – Mathura Road, Village – Prithla, District – Palwal, Haryana
Tel. No.:	91-1275-401700/01/03
Fax No.:	91-1275-401702

DIRECTORS

As on 24.09.2010

Name :	Mr. Shyam Tayal
Designation :	Director
Address :	C-74, Surya Nagar, Sahibabad, Ghaziabad – 201 0011, Uttar Pradesh
Date of Birth/Age :	06.10.1956
Date of Appointment :	12.05.1997
Name :	Mr. Sidharth Tayal
Designation :	Director
Address :	C-74, Surya Nagar, Sahibabad, Ghaziabad – 201 0011, Uttar Pradesh
Date of Birth/Age :	14.08.1997
Date of Appointment :	01.04.1998
Name :	Mr. Girish Tayal
Designation :	Director
Address :	C-74, Surya Nagar, Sahibabad, Ghaziabad – 201 0011, Uttar Pradesh
Date of Birth/Age :	15.04.1967
Date of Appointment :	12.05.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2010

Names of Shareholders	No. of Shares
Aditya Tayal	73600
Ajay Kumar Rai	2000
Ajay Kumar Verma	26500
Anshu Tayal	34500
Anju Deswal	24000
Badri Raman	4500
Baljit	4000
Bijender Singh Deswal	38500
Cheena Tayal	74310
Chintamani	10000
Deep Chand	27700
Deepak Mittal	25000
Deep Shikha Aggarwal	100
Girish Tayal	304010
Sh. Gulshan Chawla	4500
Khalid	42800
H.K.Khare	16000
H.C.Gupta	35000
Heena Tayal	9700
J.B.Goyal	59000
Kaushal Devi	40000
Kuldeep Gupta	21500
Kamlesh	15000
Lab Care	5000
Lokesh	25000
Priya Tayal	10900
Mahinder Tayal	51510
Mukesh Malhotra	15000
Mini Tayal	39310
Nisha Tayal	48210
Naresh	20000
Neelesh Mangla	100
Nitin Mangla	100
Nahar Singh	100
P.D. Mittal	49500
Pushpa Devi	84300
Pradeep Sharma	35000
Rajbir Singh Deshwal	25000
Rama Shankar Acharya	23500
Rakesh Dixit	26000
Rakesh Kumar	32500
Master Rijul Tayal Ramdutt	10000
Ramdutt	20000
Subhankar Sharma	4500
Sanjeev Bansal	10000
S.C. Sharma	3000
Shriniwas Verma	9500
Shyam Tayal	384583
Shyam Tayal (HUF)	29700
Siddharth Tayal	149432
Sunita	22000
Sanjay Kumar Aggarwal	100
S.S.Arora	100
Sonia Tayal	11000
Tayal Strips Private Limited	299365
Vasundhra Tayal	57200
Vijay Tayal	101110
Vijay Tayal(HUF)	29700
Vishwa Bandhu	5500
Veena Rani	32500
S.K.Jain	20000
Rajiv jain	26000
Ragini Jain	5000
Girish Tayal (SCI)	138600
Deepanjali Syamping Works	100
Bhagyodaya Sales	100
Hi Volt Magnet	100
Single Strips Limited	100
Tripti Tayal	49000
Ashok Thakur	50000
71. Pavitra Vinmay Private Limited	27500
72. Laxmi Vinmay Private Limited	25000
73. Apri Beverages and Foods Private Limited	2000
74. Monisha Impex Private Limited	20000
75. Ahy Foods Products Limited	500
76. East India Power Grid Company Private Limited	10000
77. Stuti Holiday Resorts Limited	10000
78. Saraogi Commercials Private Limited	2500
79. Uplink Vyaar Private Limited	2500
Total	2951540

AS ON :30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		14.00
Directors or relatives of directors		86.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Servo Stabilizers
Products :	Power Distribution Transformers Furnace transformers Servo Stabilizers Rectifier transformers, etc

GENERAL INFORMATION

No. of Employees :

200 Approximately

Bankers :

· Bank of India, Connaught Circus Branch, H-0 16, Indra Place, Middle Circle, Connaught Circle New Delhi – 110 001

· Allahabad Bank

· Ing Vysya Bank

· HDFC bank

· ICICI bank Limited

· IDBI bank

· Standard Chartered Bank

Facilities :

Rs in Millions

Secured Loans	As on 31.03.2010	As on 31.03.2009
Bank of India (Cash Credit against hypothecation of stocks and book debts)	116.700	76.434
Bank of India (against hypothecation of vehicle)	0.619	0.901
Bank of India (against hypothecation of machinery)	0.000	0.741
ICICI bank Limited (Against Hypothecation Vehicle)	0.131	0.164
ICICI bank Limited (Against Hypothecation Vehicle)	0.075	0.287
TML Finance Services Limited (Against hypothecation of vehicle)	0.000	0.475
HDFC bank (Against hypothecation of vehicle )	0.000	0.059
Tata motors Finance Limited (against hypothecation of vehicles)	0.270	0.529
Intec Security Limited (Mortgagee of leases Deed)	2.208	5.614
Kotak Mahindra Bank Limited (Against hypothecation of vehicle )	0.380	0.620
Total	120.383	85.824

Unsecured Loans
Deferred Sales Tax (Haryana State)	17.975	17.975
ICICI Bank Limited	0.000	0.099
ICICI Bank Limited	0.000	0.078
Standard Chartered Bank	1.878	0.000
HDFC Bank	0.000	0.112
Kotak Mahindra Bank	0.000	0.197
India Bull Credit Bank	0.329	0.919
ABN Amro Bank	1.753	2.448
Bajaj Finance Limited	1.321	1.894
Barclays Bank PLC	2.289	3.281
Reliance Capital Limited	1.448	3.000
Rcligare Finvest Limited	2.379	3.355
Mahinder Tayal	0.027	0.181
Cheena Tayal	1.190	1.090
Shyan Tayal	0.045	0.045
Girish Tayal	0.500	0.800
Tayal Strips Private Limited	0.608	0.252
Vasundra Tayal	0.161	0.171
Siddharth Tayal	0.229	0.033
NSlC	9.650	0.000
Vijay Tayal	0.136	0.000
Total	41.918	35.930

Banking Relations :

---

Auditors :

Name :

Naveen upadhyaya and associates

Chartered Accountants

Address :

E 186, Basement, krishna Market, Lajpat Nagar – I, New Delhi – 110 024

Tel No. :

91-11-29810619

Mobile No. :

91-9911334882

Email :

naveenupadhyaya@yahoo.com

PAN No. :

AADFN1033H

CAPITAL STRUCTURE

after 24.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3071540	Equity Shares	Rs. 10/- each	Rs. 30.715 millions

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2951540	Equity Shares	Rs. 10/- each	Rs. 29.515 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		29.515	28.515	28.515
2] Share Application Money		0.300	0.000	0.000
3] Reserves & Surplus		31.502	9.858	7.615
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.317	38.373	36.130
LOAN FUNDS
1] Secured Loans		120.382	85.823	73.137
2] Unsecured Loans		41.919	34.931	24.813
TOTAL BORROWING		162.301	120.754	97.950
DEFERRED TAX LIABILITIES		0.985	0.000	0.000
TOTAL		224.603	159.127	134.080
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.471	20.398	17.220
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.004	56.589	69.427
	Sundry Debtors	151.191	121.882	68.255
	Cash & Bank Balances	11.925	10.176	6.807
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.958	21.710	22.511
Total Current Assets		253.078	210.357	167.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.863	56.723	36.411
	Other Current Liabilities	3.862	13.644	13.252
	Provisions	1.221	1.375	0.745
Total Current Liabilities		55.946	71.742	50.408
Net Current Assets		197.132	138.615	116.592
MISCELLANEOUS EXPENSES		0.000	0.000	0.268
Deferred Revenue Expenditure		0.000	0.114	0.000
TOTAL		224.603	159.127	134.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales Turnover	350.456	315.157	188.836
		Job Work	1.449	6.713	1.019
		Other Income	2.935	3.187	4.927
		TOTAL (A)	354.840	325.057	194.782
Less	EXPENSES
		Raw Material Consumed	281.955	262.843	144.024
		Administrative Expenses	7.945	3.824	1.855
		Personal Expense	5.396	4.333	2.737
		Increase/(Decrease) in Finished Goods	(11.665)	(7.968)	(3.293)
		Selling and Distribution Expense	7.137	1.664	0.725
		Manufacturing Expenses	37.673	40.599	33.455
		TOTAL (B)	328.441	305.295	179.503
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.399	19.762	15.279
Less	FINANCIAL EXPENSES (D)		19.798	14.449	11.725
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.601	5.313	3.554
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.624	2.179	1.713
	PROFIT BEFORE TAX (E-F) (G)		3.977	3.134	1.841
Less	TAX (I)		1.333	0.892	0.407
	PROFIT AFTER TAX (G-I) (J)		2.644	2.242	1.434
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.75	0.69	0.74
Net Profit Margin (PBT/Sales)	(%)	1.13	0.96	0.97
Return on Total Assets (PBT/Total Assets)	(%)	1.42	1.36	1.00
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.05
Debt Equity Ratio (Total Liability/Networth)		3.56	5.02	4.11
Current Ratio (Current Asset/Current Liability)		4.52	2.93	3.31

LOCAL AGENCY FURTHER INFORMATION

change of address:-

The Registered Office of the company has been shifted from E-186, Krishna Market, Lajpat Nagar – I, New Delhi – 110024, India to the present address w.e.f. 30.03.2011

FINANCIAL RESULTS

During the year, the gross receipts of the company are Rs. 354.839 Millions, as compared to Rs. 325.057 Millions during the previous year. The Net Profit of the company has been increased from Rs. 3.134 Millions to Rs. 3.976 Millions during the year.

form 8:-

Corporate identity number of the company

u28999dl1997plc087192

Name of the company

SVASCA INDUSTRIES (INDIA) LIMITED

Address of the registered office or of the principal place of business in India of the company

E-186, Krishna Market, Lajpat Nagar – I, New Delhi – 110 024

This form is for

Modification of Charge

Charge identification number of the charge to be modified

90038142

Type of charge

Immovable Property

Particular of charge holder

Name :	Bank of India
Address :	Connaught Circus Branch, H-0 16, Indra Place, Middle Circle, Connaught Circle New Delhi – 110 001
E-Mail :	virendradel@gmail.com

Nature of instrument creating charge

No Instrument. Oral Assent for extension of equitable mortgage

Date of instrument Creating the charge

27.09.2010

Amount secured by the charge

Rs. 290.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

As may be prescribed by the bank from time to time.

Terms of repayment:

Payable on Demand

Margin:

As may be prescribed by the bank from time to time.

Extent and operation of the charge

100 percent.

Short particulars of the property or assets charged

Hypothecation of stocks, book debts and plant and machinery etc.

Particulars of the present modification

The enhanced credit facilities aggregating to Rs.290.000 Millions shall also be collaterally secured by equitable mortgage by deposit of title deeds in respect of immovable property of company situated at Mustatil No.122, Kila No.13/1(4-0), 8/2 Min.(1-4) total 5 Kanal, 14 Marlas, Village - Prithala, Tehsil- Palwal, Distt- Faridabad, Haryana together with all buildings, super-structure, fixed machinery and plant, fixture and fittings thereat.

Other terms and conditions remained the same.

Fixed Assets

· Office Equipments

· Land

· Building

· Plant and Machinery

· Cellular

· Wireless

· Computer

· Xerox Machine

· EPBAX

· Cooler

· Wireless

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.44.52
UK Pound	1	Rs.72.71
Euro	1	Rs.64.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	no
--AFFILIATION	YES/NO	no
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		45

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.