MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	SEVCON (INDIA) PRIVATE LIMITED
Registered Office :	1012, Chiranjiv Tower, 43 Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.04.1996
Com. Reg. No.:	55-078199
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U51909DL1996PTC078199
TAN No.: [Tax Deduction & Collection Account No.]	DELS12103A
PAN No.: [Permanent Account No.]	AAACS9573K
Legal Form :	Private Limited Liability Company
Line of Business :	Importer, Exporter and Trader of Industrial Consumer Equipment, Components and Technical Consultancy.
No. of Employees :	Not Available

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 240000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 / Head Office :	1012, Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-47629300 / 350 / 99
Fax No.:	91-11-47629305
E-Mail :	ukaggarwalca@gmail.com sevcon@ndb.vsnl.net.in
Branch Office :	337 and 338, Jai Ganesh Vision, 3^rd Floor, Off Mumbai-Pune Road, Akurdi, Pune-411035, Maharashtra, India
Tel. No.:	91-20-64107838 / 30684672
Branch Office :	Also Located At: · Chennai · Hyderabad · Cochin · Ahmedabad
Regional Office :	Located At: · New Delhi · Bangalore · Kolkata · Mumbai
Overseas Office :	17, Phillip Street, 05-01, Grand Building, Pin Code 048695, Singapore
Tel. No.:	+ 65-65387777
Fax No.:	+ 65-65331144

DIRECTORS

As on 15.09.2011

Name :	Mr. Sunil Kher
Designation :	Director
Address :	D-19, Pamposh Enclave, New Delhi-110048, India
Date of Birth/Age :	28.11.1959
Date of Appointment :	05.06.1996
Din No.:	00167584
Name :	Mrs. Rajni Kher
Designation :	Director
Address :	D-19, Pamposh Enclave, New Delhi-110048, India
Date of Birth/Age :	25.04.1962
Date of Appointment :	25.06.1996
Din No.:	00167580

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Sunil Kher	150000
Rajni Kher	150000
TOTAL	300000

As on 15.09.2011

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

BUSINESS DETAILS

Line of Business :

Importer, Exporter and Trader of Industrial Consumer Equipment, Components and Technical Consultancy.

GENERAL INFORMATION

Bankers :

· Dena Bank, 35-36, Agarwal Bhawan, Nehru Place, New Delhi-110019, India

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Dena Bank [Secured against stock and book debts]	18.808	27.309
HDFC Bank [Secured against motor cars]	2.033	0.680
ICICI Bank [Secured against motor cars]	0.337	0.818
Total	21.178	28.807
Unsecured Loan
Form Directors	4.950	0.000
Total	4.950	0.000

Banking Relations :	--
Auditors :
Name :	U K Aggarwal and Associates Chartered Accountants
Address :	205-206, South Extension Plaza II, NDSE Part, II Masjid Moth Village, New Delhi-110049, India
Tel. No.:	91-11-26254045/26251921
Fax No.:	91-11-26251921
Pan No.:	AAEPA2594D

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 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		3.000	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		58.691	46.499	35.974
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.691	46.999	36.474
LOAN FUNDS
1] Secured Loans		21.178	28.807	25.038
2] Unsecured Loans		4.950	0.000	0.000
TOTAL BORROWING		26.128	28.807	25.038
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		87.819	75.806	61.512
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.165	22.882	14.895
Capital work-in-progress		1.110	1.020	0.000
INVESTMENT		0.800	0.300	0.300
DEFERREX TAX ASSETS		0.560	0.552	0.291
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.167	52.349	31.368
	Sundry Debtors	169.496	116.195	87.132
	Cash & Bank Balances	25.592	27.334	8.094
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.200	17.137	15.840
Total Current Assets		252.455	213.015	142.434
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	141.828	117.674	67.032
	Other Current Liabilities	31.885	26.494	15.645
	Provisions	15.616	17.872	13.731
Total Current Liabilities		189.329	162.040	96.408
Net Current Assets		63.126	50.975	46.026
MISCELLANEOUS EXPENSES		0.058	0.077	0.000
TOTAL		87.819	75.806	61.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	488.559	494.733	350.879
Less	EXPENSES
		Office Expenses
		Administrative Expenses	466.325	473.114	330.317
		Advertising Expenses
		TOTAL	466.325	473.114	330.317
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.234	21.619	20.562
Less/ Add	DEPRECIATION/ AMORTISATION		2.900	2.500	2.158
	PROFIT BEFORE TAX		19.334	19.119	18.404
Less	TAX		4.642	8.595	8.162
	PROFIT AFTER TAX		14.692	10.524	10.242
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.498	35.974	25.732
Less	APPROPRIATIONS
		Bonus Shares Issued	2.500	0.000	0.000
	BALANCE CARRIED TO THE B/S		58.690	46.498	35.974
	EARNINGS IN FOREIGN CURRENCY		7.568	3.549	NA
	IMPORTS VALUE		53.746	56.553	NA
	Earnings Per Share (Rs.)		249.43	210.49	204.84

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.00	2.13	2.92
Return on Total Assets (PBT/Total Assets}	(%)	7.04	8.10	11.70
Return on Investment (ROI) (PBT/Networth)		0.31	0.41	0.50
Debt Equity Ratio (Total Liability/Networth)		3.49	4.06	3.33
Current Ratio (Current Asset/Current Liability)		1.33	1.31	1.47

LOCAL AGENCY FURTHER INFORMATION

BUSINESS OPERATIONS:

During the year the company has achieved turnover of Rs.488.600 Millions as compare to last year turnover of Rs.494.700 Millions and earned Rs. 19.334 Millions before tax as compare to Rs.19.119 Millions in the previous year, in the competitive market. This profit also includes profit earned by the Singapore Branch.

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Bank Guarantee	25.353	4.965

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10002102
Corporate identity number of the company	U51909DL1996PTC078199
Name of the company	SEVCON (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1012, Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Immovable Property
Particular of charge holder	Dena Bank, 35-36, Agarwal Bhawan, Nehru Place, New Delhi-110019, India
Email	nehrup@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation (Goods, Book Debt and other Movable Assets) dated 07.04.2011 Memorandum of Entry dated 07.04.2011
Date of instrument Creating the charge	07.04.2011
Amount secured by the charge	Rs.85.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC- BPLR LC- 10% + 10% on acceptance Bank Guarantee- Performance- 10% (Margin), Financial- 25% (Margin) Terms of Repayment CC: repayable on demand Margin CC: Stock- 25%, Book Debts- 33.33% Extent and Operation of the charge 100%
Short particulars of the property charged	All present and future raw materials Goods in Process and finished goods such as various pumps, fans, beets, valves , consumable stores and spares, Packing materials etc. All present and future tangible Moveable properties and assets including plant, machinery, tools and accessories, stores, spares etc at borrower factory/premises. All the present and future book debts, outstanding, money, receivables, claims, bills, rights etc. Land and premises/office bearing no. 1002, area admeasuring 633 sq ft. in commercial building known as Chiranjiv Tower, situated at plot no. 43, Nehru Place, New Delhi-110019. Land and premises/office bearing no. 3-B, area admeasuring 415 sq ft. in commercial bldg known as Regency House, situated at Corporation Door no. 250, Anna Salai, Teynamper, Chennai. Land and premises/office bearing no. 1012, area admeasuring 584 sq ft. in commercial building known as Chiranjiv Tower, situated at plot no. 43, Nehru Place, New Delhi-110019.
Date of latest modification prior to the present modification	20.05.2009
Particulars of the present modification	The overall limits has been enhanced from Rs. 65.000 Millions to Rs. 85.000 Millions. The sub-limits are Cash Credit Hypo stock cum book debts- Rs. 32.500 Millions (sublimit BP- Rs. 2.500 Millions), LC (I/F-DP/DA)/ Stand by LC- RS. 275 Millions, Bank Guarantee- Rs. 25.000 Millions. Other terms and conditions remains unchanged.

FIXED ASSETS:

· Commercial Flats

· Furniture and Fixtures

· Computers

· Office Equipments

· Printer

· Service Tools

· Motor Vehicles

· Plot

WEBSITE DETAILS:

PROFILE:

Their heritage as supremacy in the field of conceptualizing, system engineering, marketing, installation, service and rendering comprehensive engineering services from small to Large HVAC projects.

Their well-structured team of managerial, marketing and technical experts delivering the best possible solutions to ensure Total Customer Satisfaction brings a passionate focus to the solutions they create for their customers.

They provide products and services in many fields, including Energy conservation by way of Variable Speed Pumping System Thermal energy Storage Systems, Automatic Balancing and control solutions, and ductless induction ventilation systems for car park, Ventilation fans, Energy recovery system and other fluid technology products/systems that help people and the environment in important ways across the Indian subcontinents.

Having started its operations in the year 1996 from Headquarter in Delhi, They enjoy enduring affiliation with the industry, through their other offices in Bangalore, Chennai, Kolkata, Hyderabad, Pune and Mumbai. The company has now almost touched every second building with their products installed.

During the course of their journey since 1996 various industries like Hotel, Software, Pharmaceuticals, Telecom, Hospital, Schools, Shopping malls, corporate offices, and Embassies etc. have found place in their project reference list.

The company's success is based on innovative products with high operational reliability, customer proximity and sound advice. Customer orientation is reflected in its many solutions to problems. Subject teamwork skills understanding and alacrity in processing and execution of their projects are decisive for their successful completion and Total Customer Satisfaction.

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.82

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.