MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	RISHA CONTROL ENGINEERS PRIVATE LIMITED
Registered Office :	BG – 7/121, Paschim Vihar, New Delhi – 110063
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.2000
Com. Reg. No.:	55-105102
Capital Investment / Paid-up Capital :	Rs.1.970 Millions
CIN No.: [Company Identification No.]	U31909DL2000PTC105102
TAN No.: [Tax Deduction & Collection Account No.]	DELR05056C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Electrical/ Engineering Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 16000
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. 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 Office :	BG – 7/121, Paschim Vihar, New Delhi – 110063, India
E-Mail :	Sales Queries :salesrisha@gmail.com/sales@risha.in rkothari572@rediffmail.com Customer Support :service@risha.in Management :khattar@risha.in
Website :	www.risha.in www.ltpanels.com
Workshop/ Factory 1 :	297, Swam Park, Udyog Nagar, Mundka, New Delhi – 110041, India
Tel. No.:	91-11-28341817/ 28341198
Fax No.:	91-11-28345796
Factory 2 :	GL – 45, Ganpati Dham Industrial Area, Bahadurgarh, Haryana, India

DIRECTORS

As on 15.07.2011

Name :

Mr. Ashok Kumar Khattar

Designation :

Director

Address :

BG – 7/121, Paschim Vihar, New Delhi – 110063, India

Date of Birth/Age :

12.06.1955

Date of Appointment :

07.04.2000

DIN No.:

01347806

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31909DL2000PTC105102	Risha Control Engineers Private Limited	Director	7/04/2000	7/04/2000	-	Active	NO
U29305DL2010PTC207642	Kruti Technoengineering Private Limited	Director	27/08/2010	27/08/2010	-	Active	NO
U31500DL2010PLC208791	Abani Engineers India Limited	Director	27/09/2010	27/09/2010	-	Active	NO

Name :

Ms. Vandana Khattar

Designation :

Director

Address :

BG – 7/121, Paschim Vihar, New Delhi – 110063, India

Date of Birth/Age :

09.08.1958

Date of Appointment :

01.04.2004

DIN No.:

01379905

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2011

Names of Shareholders	No. of Shares
Ashok Kumar Khattar	117010
Vandana Khattar	30010
Rishab Khattar	35000
Winnie Khattar	15000
Total	197020

Equity Share Break up (Percentage of Total Equity)

As on 15.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Electrical/ Engineering Products.
Products :	· LT Panels/ Switchboards · PLC Automation Panels · AC/DC VFD Panels · Feeder Pillars · PCC and Control Panels · DG Synchronization and AMF Panels · LT Busduct/ Rising Mains · Control Desks/ MIMIC Panels · MCC and Drawout MCC · Power and Lighting DBs · HT BUS DUCT/ Capacitor Panels · Starters (DOL, SDS, ATS, SRS)

GENERAL INFORMATION

Suppliers :

· Aarcee Mittal and Bros.

· Aarti enterprises

· Aastha Steels

· Allied Agencies Limited

· Arnada India Private Limited

· Amar Timber Traders

· Anjali Enterprises

· Ansh trading Company

· Arush Switchgear

· Ashutosh Enterprises

· Perfect Engineering Works

· Premier Paints

· Radha Associates

· Ragtron lndia

· Rajdeep Automations

· Ravi Dealers, Bahadurgarh

· R.L. Engineering Works

· Rising Edge Automation (Private) Limited

· Sanjeev Electricals

· Sharma Electricals

· Shatabdi Switchsears

· Aurotel Communications Private Limited

· Associated Engineers

· B.S Electricals

· Balaji Switctgears (Private) Limited

· Bharat Metals

· Bihar Mica House

· Bombay electric store

· Cosmos lndustrial Paints

· Dina Nath Mishra

· D. P. Electricals Private Limited

· Debak Eneterprises Private Limited

· Excel Technocrats

· Ge lndia Industrial Private Limited

· Ganpathi Electricals and Hardware

· Globe Corrugation

· Indotech Devices Private Limited

· lndra Electrical Controls

· Industrial Control System

· Jasoria Brothers

· J.P. Sharma and Company

· Kamal Hardware

· Kinetic Electricals and Automation

· KMA Electricals Private Limited

· KMG International Limited

· KMG Power and Control Private Limited

· Konark Marketing Agencies

· KRS System Electricals

· Kuldip Industries

· Maha Mai Enterprises

· Mahesh Saxena

· Manocha Printer

Customers :

· A.C.V Systems Private Limited

· Alpha Pecific System

· Bhai Vir Singh Sahitya Sadan

· Shree Conveyor Systems

· Cadance Electricals Private Limited

· Chandra Brothers

· Chinar Forge Limited

· Eastern India Powertech Limited

· Endurance Technologies Private Limited

· Envicon Technologies Private Limited

· Ess ELL Wires

· Essobigi Engineers Private Limited

· EXL Services Communication lndia Private Limited

· Fire Coll

· Fire Pro System Private Limited

· Flowmore Limited

· Fregerio Conserra Alliance Limited

· Futech Projects lndia Private Limited

· Global Engineers Limited

· Goodwill Enterprises

· Guardian International Private Limited

· Gorkha Brewery

· Hitech Equipment Services

· Hindustan National Glass Limited

· Hotel City Park

· Idea Mobile Communication Limited (Mec)

· Kiran Udyog Delhi

· Kiran Udyog Private Limited (Rudrpur)

· Kiran Udyog Private Limited Manesar

· Kirsun Engineers Private Limited

· Kruti Technoengineering Private Limited

· KMG Solution ind Private Limited

· Krish Developers Private Limited

· KU Die Casting Private Limited

· Maharaja Agrasen Tech Education Society

· Maxflow Firm lndia Private Limited

· MEC Engineers

No. of Employees :

Not Available

Bankers :

· Corporation Bank, Mundka Branch, Main Rohtak Road, Delhi – 110041, India

· ICICI Bank

· Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Corporation Bank CC A/C 25/2000 (Secured against Hypothecation of stocks and book debts)	7.740	1.020
Car Loan from ICICI (Secured against Hypothecation of Car) (Installment due within one year Rs.0.202 Million)	0.108	0.287
Standard Chartered Bank (Secured against Hypothecation of stock, book debts and Movable fixed assets)	4.345	0.000
Total	12.193	1.307
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rishabh Khattar	0.077	0.130
A K Khattar	0.038	1.845
Vandana Khattar	0.017	1.667
Winnie Khattar	0.275	0.425
Total	0.407	4.067

Banking Relations :	--
Auditors :
Name :	R. Kothari and Company Chartered Accountants
Address :	5/51, W. E. A., Second Floor, Karol Bagh, New Delhi – 110005, India
PAN.:	AAFFR7366B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
197020	Equity Shares	Rs.10/- each	Rs.1.970 MIllions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.970	0.970	0.970
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.047	1.324	0.774
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.017	2.294	1.744
LOAN FUNDS
1] Secured Loans		12.193	1.307	2.561
2] Unsecured Loans		0.407	4.067	2.267
TOTAL BORROWING		12.600	5.374	4.828
DEFERRED TAX LIABILITIES		0.007	0.019	0.000
TOTAL		16.624	7.687	6.572
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.079	4.376	2.298
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.013	0.013	0.013
DEFERREX TAX ASSETS		0.000	0.000	0.022
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.795	8.663	3.607
	Sundry Debtors	17.230	12.485	16.046
	Cash & Bank Balances	0.565	0.356	0.365
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.578	4.014	3.578
Total Current Assets		37.168	25.518	23.596
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.874	20.656	18.476
	Other Current Liabilities	1.411	1.536
	Provisions	0.351	0.028	0.881
Total Current Liabilities		24.636	22.220	19.357
Net Current Assets		12.532	3.298	4.239
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.624	7.687	6.572

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	86.494	76.046	73.671
		Other Income	0.895	0.438	0.015
		TOTAL	87.389	76.484	73.686
Less	EXPENSES
		Cost of Sales	76.125	68.814
		Administrative and Other Expenses	9.296	6.074
		TOTAL	85.421	74.888
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.968	1.596	73.180
Less/ Add	DEPRECIATION/ AMORTISATION		0.907	0.760
	PROFIT BEFORE TAX		1.061	0.836	0.506
Less	TAX		0.338	0.276	0.225
	PROFIT AFTER TAX		0.723	0.560	0.281
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		0.723	0.560	0.281
	Earnings Per Share (Rs.)		3.67	5.77	2.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.82	0.73	0.38
Net Profit Margin (PBT/Sales)	(%)	1.23	1.09	0.68
Return on Total Assets (PBT/Total Assets}	(%)	2.57	2.79	1.95
Return on Investment (ROI) (PBT/Networth)		0.26	0.36	0.29
Debt Equity Ratio (Total Liability/Networth)		9.26	12.03	13.87
Current Ratio (Current Asset/Current Liability)		1.51	1.15	1.22

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

During the year, the Company has achieved the turnover amounting to Rs.86.494 Millions which is increased to 14% as compare to the previous year and the expenses increased the previous year and the expenses increased to approximately to 53%. The Directors are continuously looking for avenues for future growth of the Company.

FORM 8

Corporate identity number of the company	U31909DL2000PTC105102
Name of the company	RISHA CONTROL ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	BG – 7/121, Paschim Vihar, New Delhi – 110063, India Email Id : rkothari572@rediffmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Corporation Bank, Mundka Branch, Main Rohtak Road, Delhi – 110041, India Email Id : pankajkpc@gmail.com
Nature of instrument creating charge	Common Deed of Hypothecation of Movables/ Assets/ Debts
Date of instrument Creating the charge	27.02.2011
Amount secured by the charge	Rs.8.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 3.25% i.e. 12.5% p.a. at present, subject to change from time to time Terms of repayment CC : Running account repayable on demand subject to Annual renewal Margin Stock : 30% Book debts : 40% Cash Margin : 25% in the form of fixed deposits of our bank Extent and operation of the charge Working capital cash credit : Rs.7.500 Millions Bank Guarantee : Rs.1.000 Million Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The stock as mentioned above stored at 297, Udyog Nagar, Swarn Park, Mundka and 45, Ganpati Dham Industrial Area, Bahadurgarh, Haryana, India Hypothecation of first charge on Plant and Machinery and other movable assets of the company

Contingent Liabilities not provided for 31.03.2011 in respect of:

Bank Guarantee given to various parties Rs.0.400 Million

FIXED ASSETS

· Air Conditioner

· Break Press

· Car

· Computer

· Cycle

· Digital Camera

· Dies and Tools

· EPBAX

· Fax

· Furniture and Fixtures

· Generator

· LCD Monitor

· Motor Bike

· Oven

· Ceiling Fan

· Cell Phone

· Paint Booth

· Pen Driver

· Plant and Machinery

· Printer

· Water Filter

· Water Cooler

· Scooter

· Typewriter

· CCTV Camera

· Tally Software

· UPS

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.51.72
UK Pound	1	Rs.81.42
Euro	1	Rs.69.89

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	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		43

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.