MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	SEMCO ELECTRIC PRIVATE LIMITED
Formerly Known As :	SAGE ELECTRICAL MANUFACTURING COMPANY PRIVATE LIMITED
Registered Office :	Gate No.154/1 Mahalunge Village, Post Chakan, Pune - 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.08.1996
Com. Reg. No.:	11 – 101929
Capital Investment / Paid-up Capital :	Rs.18.434 millions
CIN No.: [Company Identification No.]	U31909PN1996PTC101929
TAN No.: [Tax Deduction & Collection Account No.]	PNES09380A
PAN No.: [Permanent Account No.]	AADC39493H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporter Electrical Components and Equipments
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

Maximum Credit Limit :	USD 9000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Payments are reported to be regular 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.

INFORMATION DENIED by

Name :	Mr. Mukesh
Designation :	General Manager – Finance and Accountant
Date :	24.11.2010

LOCATIONS

Registered Office/ Factory1 :	Gate No.154/1 Mahalunge Village, Post Chakan, Pune - 410501, Maharashtra
Tel. No.:	91-2135-307100
Fax No.:	91-2135-307111
E-Mail :	amittal@semco.co.in semco@semco.co.in semco@vsnl.net business@semco.co.in ravi@semco.co.in rsbala@semco.co.in
Website :	http://www.semco.co.in www.semco.com
Location :	10000 (Owned)
Factory 2 :	Plant II, Plot No. A-2, MIDC, Chakan, Talegaon Road, Pune – 410501, Maharashtra, India
Office Locations :	Ultratech Metals India Private Limited A-134, Road No.12, V.K. Industrial Area, Jaipur – 302 013, India. Tel No: 91-141-2332833 Fax No: 91-141-2331408 E-Mail: business@semco.co.in USA Sigma Electric Mfg. Corp. 120 Sigma Drive, Garner, NC 27529, USA Tel No: + 1 919 7730011 Fax No: + 1 919 773038 E-Mail: business@semco.co.in UNITED KINGDOM Liaison Office Worldwide Materials Limited 42 Kittoe Road, Four Oaks, Sutton Coldfield, West Midlands. B74 4SA United Kingdom Tel No: + 44 (0) 121 308 6983 Mobile No: + 44 07940 808412 E-Mail: nh@worldwidematerials.co.uk neil.henderson@talktalk.net Germany Liaison Office Technic – Service – Consulting Solutions Ottengruen 8, 95233 Helmbrechts Germany Tel No: + 49 9252 357218 Fax No: + 49 9252 357242 E-Mail: g.lorenz@so-lutions.com

DIRECTORS

As on 28.07.2010

Name :	Mr. Rajindra Jawaharlal Raina
Designation :	Director
Address :	No. R4, S. No. 75/2, Wanawadi, Pune – 411 040, Maharashtra, India
Date of Birth/Age :	24.03.1959
Qualification:	B.E.
Experience:	21 Years
Date of Appointment :	12.01.2008
Date of Appointment :	19.08.1996
Previous Employment:	Consultant
Name :	Mr. Shreekant V Rohankhedkar
Designation :	Director
Address :	D/2, Madhuban Apartments 1223, F C Road, Pune – 411 004, Maharashtra, India.
Date of Birth/Age :	02.03.1948
Qualification:	B.E
Experience:	39 Years
Date of Appointment :	12.01.2008
Previous Employment:	Osram India Limited
Name :	Mr. Vishal Kamalnain Bakshi
Designation :	Director
Address :	A-24, IFS Apartments, Mayur Vihar Phase I, Delhi – 110 097, India.
Date of Birth/Age :	12.08.1971
Date of Appointment :	25.06.2008
Name :	Mr. Shantanu Bhalchandra Gote
Designation :	Director
Address :	Flat B-16, SN 362 (Part), Rohan Parthana Kothrud, Pune-411029, Maharashtra, India
Date of Birth/Age :	05.07.1966
Date of Appointment :	28.07.2010
Name :	Mr. Rupen Mukesh Jhaveri
Designation :	Director
Address :	5/C Alankar Building, BJ Mehta Road, Malbar Hill, Mumbai – 400 006, Maharashtra, India.
Date of Birth/Age :	28.07.1982
Date of Appointment :	15.10.2007
Date of Ceasing:	11.05.2009
Din No :	01820858

KEY EXECUTIVES

Name :	Mr. Ravi Venkat Bachu
Designation :	Company Secretary
Address :	Plot No. 163, Ring Road 2, Manohar Nagar Talegaon, Pune-410507, Maharashtra, India
Date of Birth/Age :	07.02.1965
Date of Appointment :	15.07.2010
Name :	Mr. Rajangam Swaminathan Balasubramanyam
Designation :	Company Secretary
Address :	C/18 Hill View Residency Baner, Pune – 411 045, Maharashtra, India.
Date of Birth/Age :	07.02.1965
Date of Appointment :	22.02.2007
Date of Ceasing:	14.07.2010
Pan No	ADKPR5751N
Name :	Ms. Kanchan
Designation :	Accounts Department
Name :	Mr.Girish Kulkarni
Designation :	Senior Group Leader- Material
Date of Birth/Age :	47 Years
Qualification :	B.E. (Mechanical)
Experience :	25 Years
Date of Appointment :	20.11.2003
Last Employment:	Garges Bourdon (India) Private Limited
Name :	Mr. R Giri
Designation :	Senior Group Leader – Quality
Date of Birth/Age :	52 Years
Qualification :	B.Sc. (Engineering)
Experience :	25 Years
Date of Appointment :	01.10.2004
Last Employment:	Tata Autoplastic Systems Limited
Name :	Mr. S B Gote
Designation :	Chief Operating Officer
Date of Birth/Age :	43 Years
Qualification :	BE (Mechanical) and ICWA
Experience :	22 Years
Date of Appointment :	17.09.2007
Last Employment:	Sigma Electric Manufacturing Company
Name :	Mr. Rajiv Satoor
Designation :	Senior Group Leader Project
Date of Birth/Age :	50 Years
Qualification :	Be (Mechanical) and DMM
Experience :	28 Years
Date of Appointment :	12.06.2000
Last Employment:	Advani Oerlikon Limited
Name :	Mr. Mukesh Kumar Jain
Designation :	General Manager – Finance and Accountant
Date of Birth/Age :	46 Years
Qualification :	B.Com and C.A
Experience :	22 Years
Date of Appointment :	20.11.1997
Last Employment:	Reserve Bank of India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2010

Names of Shareholders	No. of Shares
GSCP Sigma (LUX) S.A.R.L. Nominee of Sigma Electric Holding Formerly Known as Semco Holding INC. Mauritius	1
Sigma Electric Holding Formerly Known as Semco Holding INC. Mauritius	1843426
Total	1843427

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter Electrical Components and Equipments

Products :

• Design Engineering
• Tool Making
• Metal Casting
• Machining and Assembly
• Finishing, Painting, Plating
• Packaging
• Conduit and Cable Fittings
• Retail Packaged Products
• Weatherproof Products

ITC CODE	Product Description
760900/ 85389000	Electric Wiring Accessories

Exports :

Products :

Electrical Equipments Company

Countries :

USA and UK

Imports :

Products :

Raw Materials

Countries :

· Dubai

· Taiwan

· China

· Japan

· New York

Terms :

Selling :

L/C, Cash and Credit (30-60 Days)

Purchasing :

L/C, Cash and Credit (30-60 Days)

PRODUCTION STATUS:-

As on 31.03.2010

Particulars	31.03.2009
Installed Capacity*	26100
Actual Production	12150

* As certified by the Management and accepted by the auditors, this being a technical matter.

Information on Licensed Capacity has not been given since Licensing has been abolished.

GENERAL INFORMATION

Customers :

End Users, OEM’s, Other and Manufacturer

No. of Employees :

1500 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390 015, Gujarat, India.

(The company enjoys Export Credit facilities of Rs.215.000 millions from it’s banker, its outstanding amount of Rs.105.529 millions up to 31.03.2002)

· State Bank of India

Tara Chambers, Wakdewadi, Pune – 411003, Maharashtra, India

(The company enjoys Export Credit facilities of Rs.120.000 millions from it’s banker, its outstanding amount of Rs.70.141 millions up to 31.03.2002)

· Corporation Bank

Aditi Commerce Center H 2406, Gen Thimmayya Road, East Street, Camp Pune – 411001, Maharashtra, India

· Axis Bank Limited

Stealing Plaza, Plot No.126/B Jangali Maharaj Road, Near Deccan Gymkhana Pune – 411004, Maharashtra, India

· IDBI Bank

IDBI House, Dnyneshwar Paduka Chowk, Fergusson Collage Road, Pune – 411004, Maharashtra, India

· ICICI Bank

Landmark, Race Course Circle, Vodadara – 390007, Gujarat, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Mildlions)	31.03.2009 (Rs. In Millions)
Export packing Credit (Repayable within one year) (Export credit is secured by hypothecation of stock, book debts, bills and pari passu first charge over fixed assets of the company)	195.391	569.507
Interest accrued and due	0.000	9.200
Total	195.391	578.707

Banking Relations :	Good
Auditors :	Price Waterhouse and Company
	Chartered Accountant
Address :	‘Muttha Towers’, 5^th Floor, Suite No.8, Airport Road, Yerwada, Pune – 411 006, Maharashtra, India.
Pan No :	AADFP9359C
Holding Company :	Sigma Electric Holdings (Formerly Semco Holding Inc.) Mauritius
Fellow Subsidiaries:	Sigma Electric Corporation, USA
Associates/Subsidiaries :	Sigma Electric Manufacturing Corporation 120 Sigma Drive, Garner, NC 27529, United States Website : http://www.sigmaelectric.com Ultratech Metals India Private Limited (Formerly Ultrateh Metals (India) Limited) A-134, Road No. 12, VKI Area, Jaipur - 302013 (Rajasthan), India Tel No.: 91-141-2332833 Fax No.:91-141-2331408 Email: business@semco.co.in CIN No: U27320RJ1989PTC004961

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Notes:

(Including increase of 50 lac Equity Shares of Rs. 10/- each pursuant to High Court Order for amalgamation of Ultratech Metals (India) Private Limited in to SEMCO Electric Private Limited.

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1843427	Equity Shares	Rs.10/- each	Rs.18.434 millions

Notes:

All the above shares are held by Sigma Electric Holdings, Mauritius and It’s nominees)

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		18.434	18.434	18.434
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2239.906	1857.056	2090.660
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2258.340	1875.490	2109.094
LOAN FUNDS
1] Secured Loans		195.391	578.707	294.006
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		195.391	578.707	294.006
DEFERRED TAX LIABILITIES		0.000	7.430	0.000
TOTAL		2453.731	2461.627	2403.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		762.070	771.230	499.987
Capital work-in-progress		95.704	134.396	119.547
INVESTMENT		0.000	0.000	550.396
DEFERREX TAX ASSETS		52.271	0.000	50.347
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	456.567	411.862	272.568
	Sundry Debtors	984.057	1041.598	689.703
	Cash & Bank Balances	177.001	279.859	321.386
	Other Current Assets	1.656	2.360	6.707
	Loans & Advances	241.062	266.080	184.339
Total Current Assets		1860.343	2001.759	1474.703
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	195.914	64.373	109.214
	Current Liabilities	93.537	348.862	164.821
	Provisions	27.206	32.523	17.845
Total Current Liabilities		316.657	445.758	291.880
Net Current Assets		1543.686	1556.001	1182.823
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2453.731	2461.627	2403.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2751.227	3549.709	2892.141
		Other Income	19.960	1.289	33.362
		TOTAL (A)	2771.187	3550.998	2925.503
Less	EXPENSES
		Cost of Material Consumed	1663.709	2102.651	1825.235
		Operating and other Expenses	771.317	959.741	762.846
		Prior Period Expenses	0.000	18.561	16.866
		TOTAL (B)	2435.026	3080.953	2604.947
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		336.161	470.045	320.556
Less	FINANCIAL EXPENSES (D)		6.071	26.130	7.424
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		330.090	443.915	313.132
Less/ Add	DEPRECIATION/ AMORTISATION (F)		180.872	146.243	118.612
	PROFIT BEFORE TAX (E-F) (G)		149.218	297.672	194.520
Less	TAX (H)		23.628	73.486	52.075
	PROFIT AFTER TAX (G-H) (I)		125.590	224.186	142.445
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2089.003	2079.817	1939.314
Less	APPROPRIATIONS
		Transfer to General Reserve	--	215.000	1.942
	BALANCE CARRIED TO THE B/S		2214.593	2089.003	2079.817
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2641.251	3448.518	2838.809
	TOTAL EARNINGS		2641.251	3448.518	2838.809
	IMPORTS
		Raw Materials	1181.675	1278.034	1310.268
		Capital Goods	15.593	84.243
	TOTAL IMPORTS		1197.268	1362.277	1310.268
	Basic and Diluted Earnings Per Share (Rs.)		68.13	121.62	77.27

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.53	6.31	4.86
Net Profit Margin (PBT/Sales)	(%)	5.42	8.39	6.72
Return on Total Assets (PBT/Total Assets}	(%)	5.69	10.74	7.21
Return on Investment (ROI) (PBT/Networth)		0.07	0.16	0.09
Debt Equity Ratio (Total Liability/Networth)		0.23	0.55	0.28
Current Ratio (Current Asset/Current Liability)		5.87	4.49	5.05

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Total Outstanding dues of Micro and Small Enterprises	19.771	8.140	2.943
Total Outstanding dues of Creditors (Other than Micro and Small Enterprises)	176.143	56.233	106.271
Total	195.914	64.373	109.214

operation:-

During the year, the sales in terms of volume and revenue have declined due to continued slow down in the US economy. Further, there has been sharp increase in the raw- material cost. These factors have impacted the profit margin of the company.

However, the company expects improvement in the US economy, resulting in improved sales and margins.

The company continues to relentlessly focus on the new product developments, Break- through Kaizens, Cost reductions and Leadership training efforts.

Contingent Liabilities not provided for:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Income tax matters in respect of which of the company is in Appeal	63.532	62.757
Excise and Customs matters in respect of which the company is in appeal	3.914	3.914
Other matters in respect of which the company is in appeal	3.319	2.302

Trade References:

• Excellent Engineering Industries Private Limited
• Tirupati Industrial Corporation, Pune

FIXED ASSETS:-

· Plant and Machinery

· Freehold Land

· Leasehold Land

· Factory Building

· Other Building

· Dies

· Office Equipment

· Furniture and Fittings

· Vehicles

· Computer Software

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10018049
Corporate identity number of the company	U31909MH1996PTC101929
Name of the company	SEMCO ELECTRIC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gate No.154/1 Mahalunge Village, Post Chakan, Pune - 410501, Maharashtra, India
Type of charge	Immovable property Movable Property
Particular of charge holder	ICICI Bank Limited Landmark, Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India L65190GJ1994PLC021012 a.mulgund@semco.co.in
Nature of description of the instrument creating or modifying the charge	Joint Mortgage by deposit of title deed in respect of immovable properties dated 12.06.2009 Hypothecation of Movable properties vide first supplemental Joint Deed of Hypothecation dated 12.06.2009
Date of instrument Creating the charge	12.06.2009
Amount secured by the charge	Rs. 1010.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per First Supplemental Working Capital Consortium Agreement dated 12.06.2009 Terms of Repayment As per First Supplemental Working Capital Consortium Agreement dated 12.06.2009 Margin As per First Supplemental Working Capital Consortium Agreement dated 12.06.2009 Extent and Operation of the charge First Charge on movable and immovable properties Others ICIC Bank is designated as the lead bank of the ICICI Bank consortium consisting of ICICI Bank, State Bank of India, IDBI Bank and the HSBC Limited
Short particulars of the property charged	All the piece and parcel of the land being, Gate No.154/1, 155/1, Plot No. A2 and B-27 at Chakan Pune and S. No. 276, H. N. 1 at Hinjewadi Pune. The whole of current assets of the borrower namely, Stock of Raw Materials, Stocks in process, semi-finished and finished goods, stores spares not relating to Plant and Machinery (Consumable stores and spares) and BR and Book Debts and all other movable related to current assets. The whole of Fixed Assets of the borrower including, plant and Machinery and all other movable fixed assets.
Date of latest modification prior to the present modification	29.05.2008
Particulars of the present modification	The above mentioned immovable/ movable properties mortgaged / Hypothecated for increase in limit from 845.000 Millions to Rs. 1010.000 Millions

Corporate identity number (CIN) Foreign company registration number	U31909MH1996PTC101929
Name of the Company	SEMCO ELECTRIC PRIVATE LIMITED
Address	Gate No.154/1 Mahalunge Village, Post Chakan, Pune - 410501, Maharashtra, India
This form is for	Creation of Charge
Type of Charge	Hypothecation
Particulars of the charge holder	ICICI Bank Limited Landmark, Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India L65190GJ1994PLC021012 a.mulgund@semco.co.in
Nature or description of the instrument(s) creating or modifying the charge	Working Capital Consortium Agreement Joint Deed of Hypothecation Both are dated 31^st August, 2006. Both Constitute a single charge.
Date of the instrument creating or modifying the charge	31.08.2006
Amount secured by the charge	Rs.1010.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	ICICI Bank is designated as the lead bank of the ICICI Bank Consortium Consisting of ICICI Bank, State Bank of India, Corporation Bank, IDBI Bank and the HSBC Limited Interests shall be charged on the outstanding in the accounts at such rate of interests as may be determined by the said banks from time to time. All Monies draw from the said banks shall be used fro working capital purpose only and all such advances made are balance due to the said banks, repayable on demand.
Short particulars of the property charged (including location of the property)	· Stock in trade · Plant and Machinery · Furniture and fixture · Book Debts · Fixed deposits · Vehicles The Whole of the movable fixed assets including plant and machinery and all movable current namely stock of raw materials, stock in process, semi finished and finished goods, bill receivable and book debts, both present and future, during the continuance of the security of these presents, lying at Gat No.154/1 155 Mahalunge, Chakan, Pune and Plot No.A2, MIDC Chakan Pune and Plot No.B27, MIDC Chakan, Pune and Survey No.276/1, Village Mann, Taluka Mulshi, Pune, Maharashtra, India

Name of the company

SEMCO ELECTRIC PRIVATE LIMITED

Presented By

Mr. Rajinder Raina, Director

1) Date and description of instrument creating the change

Working Capital Consortium Agreement

Joint Deed of Hypothecation

Both are dated 26^th June 2003.

Both Constitute a single charge.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.810.000 Millions

Details of facilities provided are as under:

	ICICI Bank	SBI	Corp. Bank	Axis Bank	IDBI Bank	Other Cons. Bank	Total
Export Packing Credit	35.000	100.000	30.000	50.000	120.000	-	335.000
Post Shipment Credit	35.000	100.000	30.000	(50.000)	(120.000)	-	165.000
Total Fund Based (A)	70.000	200.000	60.000	50.000	120.000	-	500.000
Bank Guarantee	20.000	15.000	-	-	10.000	5.000	50.000
Letter of Credit (RM)	80.000	60.000	-	-	20.000	-	160.000
Letter of Credit (RM)	-	-	-	-	(50.000)	-	-
Letter of Credit (Capital Goods)	75.000	25.000	-	-	-	-	100.000
Total Non Fund Based (B)	175.000	100.000	-	-	30.000	5.000	310.000
Grand Total (A)+(B)	245.000	300.000	60.000	50.000	150.000	5.000	810.000

The amount of facilities aggregating Rs.5.000 Millions represents facilities yet to be sanctioned within the overall assessed limit. On sanction of the said facilities to the company (either by the present ICICI Bank Consortium or the reconstituted consortium) and on execution of the appropriate supplemental documents, the above schedule shall stand substituted as per the revised sharing pattern as may be agreed

From time to time.

Interchangeable to export packing credit subject to maximum of Rs.50.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The whole of the current and fixed assets of the company namely stocks of raw materials, Stock in process and finished goods, consumables now being or hereafter during the continuance of this agreement brought into or upon or now or hereafter in course of transit and all other movable both present and future (excluding such as are permitted by the ICICI Bank consortium from time to time) whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these present be brought into or upon or to stored or be in or about of the Borrower factories, premises and godowns situate at Chakan, Pune in the State of Maharashtra or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or high seas or on order or delivery. Howsoever and whosoever in the of the borrower and either by way of substitution or addition.

4) Gist of the terms and conditions and extent and operation of the charge.

ICICI Bank is designated as the lead Bank of the ICICI Bank consortium consisting of ICICI Bank, State Bank of India, Corporation Bank, Axis Bank and IDBI Bank.

Interests shall be charged on the outstanding in the said account at such rate of interests as may be determined by the said bank from time to time and if such rate or rates is or are linked to the commercial banks advance rate, then the effective rate of interests on such account (s) shall correspondingly stand changed on account of any revision therein from the date of any such revision.

All moneys draw from the said banks and credited in the said account(s) shall be solely applied for the working capital of the borrower in its usual ordinary course of business and for no other purpose.

All advances made by the said banks under the said account (s) are the balance due to the said banks hereunder shall be repayable to the said Banks on demand.

5) Name and Address and description of the person entitled to the charge.

ICICI Bank Limited – A Wing Shangrilla Gardens, Bund Garden Road, Pune – 411001

Maharashtra, India

State Bank of India – Tara Chambers, Wakdewadi, Pune – 411003, Maharashtra, India

Corporation Bank – Aditi Commerce Center H 2406, Gen Thimmayya Road, East Street, Camp Pune – 411001, Maharashtra, India

Axis Bank Limited – Sterling Plaza, Plot No.126/B Jangali Maharaj Road, Near Deccan Gymkhana Pune – 411004, Maharashtra, India

IDBI Bank – IDBI House, Dnyneshwar Paduka Chowk, Fergusson Collage Road, Pune – 411004, Maharashtra, India

WEBSITE DETAILS:

The company provides a wide range of conduit fittings, cable connectors and fasteners, outlet boxes, power line hardware and custom components for industrial, commercial, residential and utility markets around the world.

Over the last 20 years they have acquired proficiency in management of concept-to-product life cycle in the casting/foundry industry. Their global team of 1500 motivated and skilled members engages in

· Design Engineering

· Tool Making

· Metal Casting

· Machining and Assembly

· Finishing, Painting, Plating

· Packaging

Their Manufacturing plants in India have consistently provided international quality products to world markets specially the USA and other western geographies.

This off-shore business model has contributed to low cost, high quality on-time delivery of goods and services.

Their global Supply Chain System extends from material sourcing to finished goods distribution network.

All of their business and manufacturing processes are integrated through state-of-the-art technologies such as ERP systems, corporate wide IT network infrastructure, and project management. Leading-edge digital techniques are leveraged for design and process simulations.

Their ISO, UL and CSA certified quality systems ensure reliable and best-of-breed products.

Adoption of Lean Sigma, Kanban and Kaizen practices drive their efforts to continuously improve processes, performance and strengthen their customer relations.

These functions are adequately supported by

· Business Development

· Project Management

· Stringent Quality Systems

· Efficient Supply Chain

· Information Technology

NEWS

April 10

(A Group Company of Sigma Electric Manufacturing Corporation., North Carolina, USA) www.sigmaelectric.com

Sigma Electric Manufacturing Corporation (USA) has its group company Semco Electric Private Limited at Pune & Ultratech Metals India Limited at Jaipur. The group turnover is above $100 million. SEMCO Electric Private Limited, located at Pune, is a 100% export oriented undertaking manufacturing Electrical Wiring Accessories out of Zinc, Aluminum and Copper alloys (mainly conduit fittings, transformer conductors etc) for United States and Canada.

Semco Electric Private Limited is an ISO 9001 Accredited company.

The company was incorporated in 1996 and came into operations in September 1997. It has grown rapidly to reach a turnover of Rs 300 crores in the year 2006 and would be reaching a turnover of Rs. 330 crores in the current year.

The company has strength of more than 560 permanent skilled and trained employees. Our primary operations are Pressure/Gravity Die Casting of Aluminium, Zinc and other non-ferrous metals and subsequent secondary operations including a fully automatic paint plant.

With an aim to deliver world-class quality products to its customers, the company has built a state of the art tool manufacturing facility, which uses latest design software and latest generation CNC machines. To ensure consistency in the quality of products special purpose machines are built in-house.

All products that SEMCO manufactures are approved by Canadian Standards Association and are listed with Underwriters Laboratory.

All our products are sold and distributed through our parent company Sigma Electric, based in USA.

The existing linear organization structure draws its inspiration from entrepreneurial spirit duly supported by professional and participative management style. Company has already taken up initiatives like Lean Manufacturing, Kaizen and pay for performance schemes. We have implemented JD Edwards ERP package at our locations in India & USA. The company is looking forward towards an exponential growth around a well developed strategic plan.All products that SEMCO manufactures are approved by Canadian Standards Association and are listed with Underwriters Laboratory.

We are committed to a strategy of rapid growth through both acquisitions and organic growth. The intent is to become a premier Indian outsource manufacturer of metal parts and assemblies for industrial markets.

We manufacture over 1500 standard products for the following markets, as well as provide custom manufactured solutions for a variety of industries.

Commercial / Industrial / Residential Construction: Principal products include electrical conduit fittings, cable connectors and fasteners that are used by electrical contractors and do-it-yourself installers in various electrical construction projects as well as maintenance and repair requirements.

Power Transmission and Distribution: Primary products include transformer connectors and power line hardware.

Custom OEM: Products designed to meet customer specifications.

Our Clients are Global and Fortune 500 companies including Cooper Industries, Asea Brown Boveri (ABB) and Lowe’s

Our Compensation and Benefits match the best in the industry.

We provide an excellent nurturing, growth-oriented open culture to prove that you can make a difference.

Regards,

Chetan (On behalf of Semco Team)

CMT REPORT (Corruption, Money Laundering and 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 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.44.93
UK Pound	1	Rs.72.91
Euro	1	Rs.64.34

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
TOTAL		63

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.