1. Summary Information

		Country	India
Company Name	MARATHON ELECTRIC INDIA PRIVATE LIMITED	Principal `Name 1	Mr. Maharaj Kishen Trisal
Status	Good	Principal Name 2	Mr. Sheel Kapoor
		Registration #	05-032429
Street Address	Sector -11, Model Town, Faridabad -121006, Haryana, India
Established Date	13.10.1994	SIC Code	--
Telephone#	91-129-2286421 / 2265340	Business Style 1	Manufacturer
Fax #	91-129-2284855	Business Style 2	Exporter
Homepage	--	Product Name 1	Electric Motor Components.
# of employees	Not Available	Product Name 2	Electric Fan
Paid up capital	Rs.31,199,950/-	Product Name 3	--
Shareholders	Foreign holdings – 100%	Banking	ABN Amro Bank
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (59)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,498,396,000	Current Liabilities	567,834,000
Inventories	575,922,000	Long-term Liabilities	533,009,000
Fixed Assets	1,411,731,000	Other Liabilities	--
Deferred Assets	79,988,000	Total Liabilities	1,100,843,000
Invest& other Assets	29,043,000	Retained Earnings	2,463,037,000
		Net Worth	2,494,237,000
Total Assets	3,595,080,000	Total Liab. & Equity	3,595,080,000
Total Assets (Previous Year)	2,551,481,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	4,897,650,000	Net Profit	440,481,000
Sales(Previous yr)	3,710,241,000	Net Profit(Prev.yr)	177,488,000

MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	MARATHON ELECTRIC INDIA PRIVATE LIMITED (w.e.f. 22.04.2008)
Formerly Known As :	GEMI MOTORS INDIA PRIVATE LIMITED (w.e.f. 08.03.2006) DLF MOTORS I(NDIA) PRIVATE LIMITED
Registered Office :	Sector -11, Model Town, Faridabad -121006, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.10.1994
Com. Reg. No.:	05-032429
Capital Investment / Paid-up Capital :	Rs.31.200 Millions
CIN No.: [Company Identification No.]	U31909HR1994FTC032429
TAN No.: [Tax Deduction & Collection Account No.]	RTKG03482D
PAN No.: [Permanent Account No.]	AAACG5525H
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter of Electric Motors Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 9900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. 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.

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 :	Sector -11, Model Town, Faridabad -121006, Haryana, India
Tel. No.:	91-129-2286421 / 2265340
Fax No.:	91-129-2284855
E-Mail :	marathonelectric.india@marathonelectric.com gemi.motors@regalbeloit.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Maharaj Kishen Trisal

Designation :

Director

Address :

V-9/3, DLF City Phase-3, Gurgaon-122001, Haryana, India

Date of Birth/Age :

26.11.1953

Qualification :

B.E. (Electrical)

Date of Appointment :

29.03.2001

DIN No.:

00059545

Other Directorship

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	U74899DL1995PLC073261	SUDHIR GENSETS LIMITED	Director	1/3/2006	1/3/2006	-	Active	NO
2	U31909HR1994FTC032429	Marathon Electric India Private Limited	Director	29/09/2006	29/09/2006	-	Active	NO
3	U29120WB2004PLC098278	Marathon Electric Motors (India) Limited	Director	30/12/2008	2/11/2007	-	Active	NO
4	U40101DL1997PLC088255	RBC Motors India Limited	Additional director	2/11/2007	2/11/2007	-	Amalgamated	NO
5	U70102DL2007PLC160912	SUDHIR POWER PROJECTS LIMITED	Director	30/09/2010	23/03/2010	-	Active	NO

Name :

Mr. Sheel Kapoor

Designation :

Director

Address :

Flat-86, Plot-102, Jai Apartments, New Delhi-110092, Delhi, India

Date of Birth/Age :

02.08.1969

Qualification :

BE and MBA

Date of Appointment :

21.03.2006

DIN No.:

00063765

Other Directorship

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	U31909HR1994FTC032429	MARATHON ELECTRIC INDIA PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
2	U29120WB2004PLC098278	MARATHON ELECTRIC MOTORS (INDIA) LIMITED	Director	30/12/2008	2/11/2007	-	Active	NO
3	U40101DL1997PLC088255	RBC MOTORS INDIA LIMITED	Additional director	2/11/2007	2/11/2007	-	Amalgamated	NO

Name :

Mr. Scott Douglas Brown

Designation :

Director

Address :

9 Coyote CT, Madison, Wisconsin, Wisconsin-53717, USA

Date of Birth/Age :

24.07.1959

Date of Appointment :

16.02.2009

DIN No.:

02505852

Other Directorship

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	U29120WB2004PLC098278	MARATHON ELECTRIC MOTORS (INDIA) LIMITED	Director	23/09/2009	16/02/2009	-	Active	NO
2	U31909HR1994FTC032429	MARATHON ELECTRIC INDIA PRIVATE LIMITED	Director	19/09/2009	16/02/2009	-	Active	NO

Name :

Mr. Sanjeev Bahree

Designation :

Director

Address :

K-209, SFS Flats, Sarita Vihar, New Delhi-110044, Delhi, India

Date of Birth/Age :

20.10.1962

Date of Appointment :

09.03.2009

DIN No.:

02561531

KEY EXECUTIVES

Name :	Mr. Rajesh Kumar
Designation :	Secretary
Address :	L-173, Sarita Vihar, New Delhi-110076, Delhi, India
Date of Birth/Age :	15.06.1976
Date of Appointment :	20.03.2006
PAN No. :	ANRPK8666J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Regal Beloit Electric Motors Incorporation, USA	3319994
Regal Beloit Corporation, USA	01
Total	3319995

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter of Electric Motors Components.

Products :

Product Description	ITC Code
Electric Motor	8501
Electric Fan	8414

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Electric motors	Nos.	5700000	3521449
Electric fans	Nos.	5000000	116076
Room coolers / blower / housing units	Nos.	50000	--
Domestic pumps	Nos.	100000	--
Electric stampings	MT	12000	*10511

* Includes production for captive consumption 10,364 MT (Previous year 8,549 MT)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ABN Amro Bank N.V., DLF Centre, Sansad Marg, New Delhi-110001, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Finance lease obligation long-term secured	1.573	4.669
Total	1.573	4.669
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	531.436	0.000
Total	531.436	0.000
Cash credit 233.528 Millions + Buyer's credit 297.908 Millions

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	7th Floor, Building No. 10-B, DLF Cyber City, DLF Phase-II, Gurgaon -122002, Haryana, India
PAN.:	AABFD2095B
Ultimate Holding Company:	Regal Beloit Corporation, USA
Holding Company :	RBC Manufacturing Corporation, USA (formerly Regal Beloit Electric Motors Inc., USA) (RBEM) (upto 28 March, 2011) Calamsar Investments Limited, Cyprus (w.e.f 29 March, 2011) REGAL – BELOIT Corporation
Fellow subsidiaries :	Regal Beloit Casa Marathon Electric Motors India Limited Changzhou REGAL-BELOIT Sinya Motor Company Limited Leeson Electric Corporation

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3319995	Equity Shares	Rs.10/- each	Rs.33.120 Millions

Of the above: 3,119,994 equity shares are held by Calamsar Investments Limited, Cyprus the holding company, Regal Beloit Corporation, USA being the ultimate holding company.

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		31.200	31.200	31.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2463.037	2022.557	2313.268
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2494.237	2053.757	2344.468
LOAN FUNDS
1] Secured Loans		1.573	4.669	6.949
2] Unsecured Loans		531.436	0.000	0.000
TOTAL BORROWING		533.009	4.669	6.949
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3027.246	2058.426	2351.417
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1411.731	488.768	521.580
Capital work-in-progress		29.043	38.720	16.201
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		79.988	(67.568)	235.595
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	575.922	421.306	372.840
	Sundry Debtors	765.373	643.378	639.739
	Cash & Bank Balances	39.601	451.604	747.384
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	693.422	575.273	642.171
Total Current Assets		2074.318	2091.561	2402.134
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	441.651	394.644	739.210
	Other Current Liabilities	30.097	15.327	5.254
	Provisions	96.086	83.084	79.629
Total Current Liabilities		567.834	493.055	824.093
Net Current Assets		1506.484	1598.506	1578.041
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3027.246	2058.426	2351.417

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4897.650	3710.241	4266.620
		Other Income	145.601	326.412	93.984
		TOTAL (A)	5043.251	4036.653	4360.604
Less	EXPENSES
		Consumption of Materials		2171.173	2626.846
		Cost of Traded Goods		467.168	467.038
		Personal Expenses	4581.146	398.263	386.991
		Manufacturing, Operating and Selling Expenses		362.802	395.078
		Loss on Foreign Exchange Fluctuations (net)		0.000	375.788
		TOTAL (B)	4581.146	3399.406	4251.741
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		462.105	637.247	108.863
Less	FINANCIAL EXPENSES (D)		9.900	5.530	6.153
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		452.205	631.717	102.710
Less/ Add	DEPRECIATION/ AMORTISATION (F)		124.980	135.470	143.952
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		327.225	496.247	(41.242)
Less	TAX (H)		113.256	318.759	(77.701)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		440.481	177.488	36.459
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		1814.264	2579.607
		Revenue form services rendered	2720.789	152.817	157.371
		Reimbursement of expenses		10.016	9.940
	TOTAL EARNINGS		2720.789	1977.097	2746.918
	IMPORTS
		Raw Materials and Components	1254.884	892.528	1214.274
		Capital Goods		89.814	44.897
	TOTAL IMPORTS		1254.884	982.342	1259.171
	Earnings Per Share (Rs.)		141.18	56.89	11.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.73	4.40	0.84
Net Profit Margin (PBT/Sales)	(%)	6.68	13.68	(0.97)
Return on Total Assets (PBT/Total Assets}	(%)	9.39	19.23	(1.41)
Return on Investment (ROI) (PBT/Networth)		0.13	0.24	(0.02)
Debt Equity Ratio (Total Liability/Networth)		0.44	0.24	0.35
Current Ratio (Current Asset/Current Liability)		3.65	4.24	2.91

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

The Company was incorporated on 13 October, 1994 as DLF Motors India Private Limited. The name was changed to GE Motors India Private Limited on 16 May, 1996 and was subsequently changed to GEMI Motors India Private Limited on 8 March, 2006. A fresh certificate of incorporation consequent to the change in name to Subject was issued by the Registrar of Companies, N.C.T of Delhi and Haryana on 22 April, 2008 under section 23(1) of the Companies Act, 1956.

REVIEW OF OPERATIONS:

During the year the company came out of the continued recession in the global markets and the deflationary environment moved on to the inflationary mode. The rupees appreciated by almost 5% against the dollars giving the overall impact of approximately 2% on the profitability. The Turnover of the Company grew up by 26.18% mainly due to the 40% increase in Export sales driven by the launch of X-13 series energy efficient motors for THEM markets. In spite of inflationary trends the domestic market maintained its upward growth. In light of above impacts the company took various steps to drive down its fixed costs and improve profitability in this tough environment and ended with a book profit of Rs.318.600 Millions.

The company has also covered its currency exposures through currency hedges. The MTM impact of the currency hedges as of March 31^st was a gain of Rs.860.000 Millions. As a result the company ended the year with a net profit of Rs.452.000 Millions. In the wake of exponential demand of the Lease rentals, the Company concluded the purchase deal of the erstwhile leased premise during the year.

The Company entered the year 2011-12 with strong strategies to further enhance its export presence and also with planned focus to grow across product lines in domestic markets.

CONTINGENT LIABILITIES, CAPITAL COMMITMENTS AND PROVISIONS

Rs. In Millions

Particular	31.03.2011	31.03.2010
a. Claims against the company not acknowledged as debts towards
Demands raised by Income tax authorities*	452.035	60.186
Demands raised by Sales tax authorities **	17.141	17.141
Total #	469.176	77.327
Employee disputes	0.408	0.408
Others	1.308	0.000
# Advance paid against above	29.097	29.087
b. Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for	32.401	22.880

Note:

* These represent demands raised by Income Tax Authorities for certain claims/ disallowances pertaining to various assessment years and are being contested by the Company at various forums. No provision has been made for these demands as the Company expects a favorable decision in the appeals.

** These represent demands raised by Sales Tax Authorities for the DEPB case pertaining to assessment years 2001-02 and 2002-03. No provision has been made for these demands as the Company expects a favorable decision in the appeals.

FIXED ASSETS

• Free hold Land
• Building
• Plant and Machinery

• Furniture and Fixtures
• Vehicles

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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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.