MIRA INFORM REPORT

Report Date :

20.04.2011

IDENTIFICATION DETAILS

Name :	NAAC ENERGY CONTROLS PRIVATE LIMITED
Registered Office :	A-159, Ground Floor, Shivalik, Near Malviya Nagar, New Delhi-110 017, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.03.2005
Com. Reg. No.:	55-133543
CIN No.: [Company Identification No.]	U31109DL2005PTC133543
TAN No.: [Tax Deduction & Collection Account No.]	DELN06965A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Varied Type of Energy Saving Capacitor Panels and Power Factor Correction, Data Warehousing, Energy Management Systems

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 62000
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 to be usually correct and as per commitments. The company can be considered normal for business dealing 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

INFORMATION PARTED BY

Name :	Mr. Mohan Kumar
Designation :	Directors
Contact No.:	91-9582215910
Date :	16.04.2011

LOCATIONS

Registered Office :	A-159, Ground Floor, Shivalik, Near Malviya Nagar, New Delhi-110 017, Delhi, India
Tel No:	91-120-4221631
Mobile No.:	91-9811199085 (Chander M.)
E-Mail :	cmkapoor@haacenergy.com
Area :	1000 Sq. ft.
Location :	Owned
Factory :	C-135, Hosiery Complex, Phase II (Extn.), Noida-201 305, Uttar Pradesh, India
Tel. No.:	91-120-4221631-34
Fax No.:	91-120-4221635
Location :	Owned

DIRECTORS

As on : 25.09.2010

Name :	Mr. Chander Mohan Kapoor
Designation :	Director
Address :	B-1/6, Malviya Nagar, New Delhi- 110 017, Delhi, India
Date of Birth/Age :	17.08.1965
Qualification :	Graduate
Date of Appointment :	03.03.2005
Name :	Ms. Anju Kapoor
Designation :	Director
Address :	B-1/6, Malviya Nagar, New Delhi- 110 017, Delhi, India
Date of Birth/Age :	40 Years
Qualification :	Graduate

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2010

Names of Shareholders	No. of Shares
Anju Kapoor	41001
Chander Mohan Kapoor	101899
Total	142900

As on : 25.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Varied Type of Energy Saving Capacitor Panels and Power Factor Correction, Data Warehousing, Energy Management Systems
Products :	v Power Factor Correction v Harmonic Filtration Products v Data Warehousing and Power Quality Management Products v Energy Management System
Exports :
Product :	Raw Materials
Country :	USA
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

25 (Approximately)

Bankers :

v State Bank of India, G-14,15, Sector-18, Noida-201 301, Uttar Pradesh, India

v State Bank of Bikaner and Jaipur, G-14, 15, Sector-18, Noida- 201 301, Uttar Pradesh, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Banks – Cash Credit Limits	11.066	5.559
From Banks – Car Loan	0.527	0.000
Total	11.593	5.559
Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Banks	0.000	0.000
From Directors	0.642	6.230
From Others	0.800	0.800
Total	1.442	7.030

Banking Relations :	-
Auditors :
Name :	Sumeer Kamboj and Company Chartered Accountants
Address :	112A, 1^st Floor, Chiranjeev Tower, 43 Nehru Place, New Delhi-110 019, Delhi, India

CAPITAL STRUCTURE

As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- Each	Rs.1.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
142900	Equity Shares	Rs.10/- Each	Rs.1.429 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		1.429	0.344	0.344
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.059	6.442	4.962
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.488	6.786	5.306
LOAN FUNDS
1] Secured Loans		11.593	5.559	0.000
2] Unsecured Loans		1.442	7.030	2.672
TOTAL BORROWING		13.035	12.589	2.672
DEFERRED TAX LIABILITIES		0.084	0.025	0.000
TOTAL		28.607	19.400	7.978
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.416	12.576	4.516
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.047
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.833	12.412	6.712
	Sundry Debtors	20.156	6.824	10.927
	Cash & Bank Balances	0.247	0.124	0.226
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.707	2.400	2.566
Total Current Assets		30.943	21.760	20.431
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	13.392	14.080	15.096
	Provisions	2.360	0.862	1.931
Total Current Liabilities		15.752	14.942	17.027
Net Current Assets		15.191	6.818	3.404
MISCELLANEOUS EXPENSES		0.000	0.006	0.011
TOTAL		28.607	19.400	7.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	83.568	66.829	53.228
		Other Income		0.412	0.024
		TOTAL (A)	83.568	67.241	53.252
Less	EXPENSES
		Manufacturing Expenses		57.149	43.102
		Personnel Expenses		4.825	3.091
		Indirect Expenses		4.259	2.552
		Preliminary Expenses		0.007	0.006
		Increase / Decrease in Finished goods		(2.340)	(0.139)
		TOTAL (B)		63.900	48.612
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		78.576	3.341	4.640
Less	FINANCIAL EXPENSES (D)			0.441	0.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			2.900	4.634
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.589	0.479
	PROFIT BEFORE TAX (E-F) (G)		4.992	2.311	4.155
Less	TAX (I)		1.455	0.744	1.251
	PROFIT AFTER TAX (G-I) (J)		3.336	1.567	2.904
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.484	4.230	1.394
	BALANCE CARRIED TO THE B/S		3.277	1.484	4.230
	IMPORTS
		Raw Materials	NA	0.000	0.231
	TOTAL IMPORTS		NA	0.000	0.231
	Earnings Per Share (Rs.)		--	45.55	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.99	2.76	5.45
Net Profit Margin (PBT/Sales)	(%)	5.97	4.07	7.81
Return on Total Assets (PBT/Total Assets}	(%)	11.25	6.73	15.65
Return on Investment (ROI) (PBT/Networth)		0.32	0.34	0.78
Debt Equity Ratio (Total Liability/Networth)		1.85	4.06	3.71
Current Ratio (Current Asset/Current Liability)		1.96	1.46	1.20

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered office of the company has been shifted from B1/6 Malviya Nagar, New Delhi-110 017, Delhi, India to the present address w.e.f.17.06.2008

Operations Review:

During the year company has achieved turnover of Rs.83.570 millions (Previous Year Rs. 67.240 millions ) and has earned net profit of Rs.3.490 millions (previous year Rs. 1.560 millions). The Directors of the company are confident about the picture turning out much brighter in the near future.

Directors of the company are hopeful to achieve higher turnover and profit during the next financial year. To achieve higher growth the company has started a process of creating a network of business partners for effective coverage of the market.

Fixed Assets:

v Land

v Building

v Plant and Machinery

v Furniture and Fitting

v Fixture

v Computer

v Official Equipments

v Vehicles

v Die and Tool

Form : 8

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U31109DL2005PTC133543
Name of the company	NAAC ENERGY CONTROLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-159, Ground Floor, Shivalik, Near Malviya Nagar, New Delhi-110 017, Delhi, India
Type of charge	Movable Property Immovable Property
Particular of charge holder	State Bank of Bikaner and Jaipur, G-14, 15, Sector-18, Noida- 201 301, Uttar Pradesh, India
Nature of description of the instrument creating or modifying the charge	As Per agreement.
Date of instrument Creating the charge	13.08.2008
Amount secured by the charge	Rs.12.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14%. Margin 25%
Short particulars of the property charged	The property is situated at C-135, Hosiery Complex Phase-II Extension Noida

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. 44.68
UK Pound	1	Rs. 72.56
Euro	1	Rs. 63.53

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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.