MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	NARAYAN POWER TECH PRIVATE LIMITED
Registered Office :	Padre-Baroda Road, Padra, Baroda 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.07.1995
Com. Reg. No.:	026819
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U65922GJ1995PTC026819
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Power Transformers and Sensors Transducers
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 439608
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 a 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 – 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 /Factory :	Padre-Baroda Road, Padra, Baroda 391440, Gujarat, India
Tel. No.:	91-265-6455184 / 85 / 86 / 6548822
Fax No.:	91-2662-221371
E-Mail :	customercare@narayanpowertech.com cheats@narayanpowertech.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Chirag S Shah
Designation :	Director
Date of Birth/Age :	16.07.1968
Date of Appointment :	21.07.1995
DIN No.:	00511170

S.No.	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
1	U65922GJ1995PTC026819	Narayan Power Tech Private Limited	Managing director	21/07/1995	21/07/1995	-	Active	NO
2	U32109GJ2000PTC038677	Transtech Magnetics Private Limited	Managing director	20/09/2000	20/09/2000	-	Active	NO
3	U01110GJ1999PTC035470	Sun Agrigenetics Private Limited	Director	10/07/2006	10/07/2006	13/12/2010	Active	NO

Name :	Mr. Surendrabhai R Shah
Designation :	Director
Date of Birth/Age :	03.06.1939
Date of Appointment :	21.07.1995
Din No.:	00511190

S.No.	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
1	U65922GJ1995PTC026819	Narayan Power Tech Private Limited	Director	21/07/1995	21/07/1995	-	Active	NO
2	U32109GJ2000PTC038677	Transtech Magnetics Private Limited	Director	20/09/2000	20/09/2000	-	Active	NO
3	U01110GJ1999PTC035470	Sun Agrigenetics Private Limited	Director	10/07/2006	10/07/2006	13/12/2010	Active	NO

Name :	Mr. Sandipkumar I Shah
Designation :	Director
Date of Birth/Age :	09.01.1965
Date of Appointment :	01.06.1998
DIN No.:	01144087

S.No.	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
1	U65922GJ1995PTC026819	Narayan Power Tech Private Limited	Director	01/06/1998	01/06/1998	-	Active	NO
2	U32109GJ2000PTC038677	Transtech Magnetics Private Limited	Director	20/09/2000	20/09/2000	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Chirag S Shah	40010
Surendrabhai R Shah	35500
Bhargav S Shah	47500
Sandipkumar I Shah	37500
Jyostnaben S Shah	1000
Sapnaben C Shah	86490
Anand C Shah	1000
Bhargav S Shah - HUF	400
Chirag S Shah - HUF	500
Sandipkumar I Shah - HUF	100
TOTAL	250000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Power Transformers and Sensors Transducers

Products :

ITC Code	Product Description
850431 01	Current Transformer
732090 09	Relay Coils

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Race Course Circle Branch, 5, Rokadnath Society, Race Course, Vadodara 390007, Gujarat, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Union Bank of India CC A/c No. 77002 (secured by hypothecation of stock and book debts)	25.571	11.475
Union Bank of India Packing Credit Account (secured by hypothecation of stock and Export Order)	19.461	29.100
Union Bank of India Car Loan Account (secured by hypothecation of Vehicle – car)	0.135	0.000
Union Bank of India (secured by hypothecation of Vehicle – car)	0.037	0.200
Union Bank of India Term Loan Account (secured by hypothecation of Land and Building)	1.020	1.830
Union Bank of India Term Loan Account (secured by hypothecation of machinery)	10.016	0.000
Total	56.237	42.605
UNSECURED LOAN
From Directors	5.938	5.938
From Members	4.626	4.626
Total	10.764	10.764

Banking Relations :	--
Auditors :
Name :	Naresh and Company Chartered Accountant
Address :	City Enclave, Near Baroda High School, Opposite Polo Ground, Vadodara 390001, Gujarat, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2010

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
136530	Equity Shares	Rs. 10 each	Rs.1.365 millions

AS ON 30.09.2010

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
250000	Equity Shares	Rs. 10 each	Rs.2.500 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		1.365	1.365	1.365
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.537	78.024	48.226
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.902	79.389	49.591
LOAN FUNDS
1] Secured Loans		56.237	42.605	40.879
2] Unsecured Loans		10.764	10.764	11.064
TOTAL BORROWING		67.001	53.369	51.943
DEFERRED TAX LIABILITIES		5.094	3.684	3.151
TOTAL		181.997	136.442	104.685
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.254	34.125	25.572
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.752	0.748	0.750
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.792	33.072	40.420
	Sundry Debtors	86.188	99.945	72.351
	Cash & Bank Balances	30.777	9.838	2.045
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.691	30.955	13.402
Total Current Assets		189.448	173.810	128.218
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.902	52.545	42.371
	Other Current Liabilities	2.470	4.928	2.849
	Provisions	15.084	14.768	4.635
Total Current Liabilities		67.456	72.241	49.855
Net Current Assets		121.991	101.569	78.363
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		181.997	136.442	104.685

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	300.998	381.897	252.310
		Other Income	0.000	0.000	0.000
		TOTAL (A)	300.998	381.897	252.310
Less	EXPENSES
		Office Expenses
		Administrative Expenses	245.457	326.197	231.300
		Advertising Expenses
		TOTAL (B)	245.457	326.197	231.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		55.541	55.700	21.010
Less	FINANCIAL EXPENSES (D)		5.190	8.744	5.619
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.351	46.956	15.391
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.187	1.639	1.361
	PROFIT BEFORE TAX (E-F) (G)		48.164	45.317	14.030
Less	TAX (H)		17.652	15.519	5.200
	PROFIT AFTER TAX (G-H) (I)		30.512	29.798	8.830
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		78.024	48.226	39.396
	BALANCE CARRIED TO THE B/S		108.536	78.024	48.226
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	147.352	222.791	120.889
	IMPORTS
		Raw Materials	30.888	61.716	48.841
	Earnings Per Share (Rs.)		223.49	218.25	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.13	7.80	3.50
Net Profit Margin (PBT/Sales)	(%)	16.00	11.86	5.56
Return on Total Assets (PBT/Total Assets}	(%)	19.36	21.79	9.30
Return on Investment (ROI) (PBT/Networth)		0.43	0.57	0.28
Debt Equity Ratio (Total Liability/Networth)		1.26	1.62	2.11
Current Ratio (Current Asset/Current Liability)		2.80	2.40	2.57

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Land Building

· Machinery

· Testing Equipments

· Furniture and Fixture

· Office Equipment

· Factory Equipment

· Mould and Dies

· Computer

· Generator

· Air Conditioners

· Vehicle Car

· Telephone Systems

· Weighing Scale

FORM 8

Corporate identity number of the company	U65922GJ1995PTC026819
Name of the company	NARAYAN POWER TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Padre-Baroda Road, Padra, Baroda 391440, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Union Bank of India, Race Course Circle Branch, 5, Rokadnath Society, Race Course, Vadodara 390007, Gujarat, India Email: cbsracecourserd@unionbankofindia.com
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	19.06.2009
Amount secured by the charge	Rs. 99.376 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest This is collateral charge. Terms of repayment This is collateral charge. Margin This is collateral charge. Extent and operation of the charge This is collateral charge. Other This is collateral charge.
Short particulars of the property charged (Including location of the property)	1. The immovable property situated at Plot No. 1276/1-B located in Village Padra admeasuring 4134.85.00 Sq. Mtrs. and 3959.10 Sq. Mtrs. comprising vacant land and buildings including the additional construction made thereon. 2. The immovable property located at Block No. 192, situated at Village Luna, Ta: Padra, Dist. Baroda admeasuring 8086.00 Sq. Mtrs. comprising vacant land and buildings.
Date of instrument modifying the charge	27.03.2008
Particulars of the present modification	The Charge is being modified from Rs. 87.200 millions to Rs. 99.376 millions as the collateral security on the strength of deposit of title deeds.

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.47.46
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.