1. Summary Information

		Country	INDIA
Company Name	AG AEROVISION ELECTRONICS PRIVATE LIMITED	Principal Name 1	Mr. Amarjit Singh
Status	Satisfactory	Principal Name 2	MS. GUNITA DASWAL
		Registration #	55-122951
Street Address	B-4/ 35, Safdarjung Enclave, New Delhi – 110 029, Delhi, India
Established Date	05.11.2003	SIC Code	--
Telephone#	91-11-45006900	Business Style 1	MANUFACTURER
Fax #	91-11-45082370	Business Style 2	IMPORTER
Homepage	--	Product Name 1	AIR CONDITIONERS
# of employees	1500 (Approximately)	Product Name 2	COLOUR TELEVISION
Paid up capital	Rs.58,040,000/-	Product Name 3	--
Shareholders	Bodies corporate - 7.48% Directors or relatives of directors – 92.52%	Banking	Punjab National Bank
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATES/ SUBSIDIARIES	INDIA	INTEC APPLIANCES PRIVATE LIMITED	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	442,887,000	Current Liabilities	170,166,000
Inventories	266,738,000	Long-term Liabilities	786,673,000
Fixed Assets	428,311,000	Other Liabilities	4,240,000
Deferred Assets	0.000	Total Liabilities	961,079,000
Invest& other Assets	7,015,000	Retained Earnings	104,570,000
		Net Worth	183,872,000
Total Assets	1,144,951,000	Total Liab. & Equity	1,144,951,000
Total Assets (Previous Year)	825,188,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	1,962,988,000	Net Profit	3,162,000
Total Income(Previous yr)	1,454,488,000	Net Profit(Prev.yr)	20,940,000

MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	AG AEROVISION ELECTRONICS PRIVATE LIMITED
Registered Office :	B-4/ 35, Safdarjung Enclave, New Delhi – 110 029, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.2003
Com. Reg. No.:	55-122951
Capital Investment/ Paid-up Capital:	Rs.58.040 Millions
CIN No.: [Company Identification No.]	U51395DL2003PTC122951
IEC No.:
TAN No.: [Tax Deduction & Collection Account No.]	DELA12555E/ DELA14311D
PAN No.: [Permanent Account No.]	AAECA4491N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Air Conditioners and Colour Television etc.
No. of Employees:	1500 (Approximately)

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 730000
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 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 :	B-4/ 35, Safdarjung Enclave, New Delhi – 110 029, Delhi, India
Tel. No.:	91-11-45006900
Fax No.:	91-11-45082370
E-Mail :	mail@ndhco.com
Area :	1200 sq ft
Location :	Owned
Corporate Office :	63/12-A, Main Rama Road, New Delhi – 110015, Delhi, India
Tel. No.:	91-11-45006900
Fax No.:	91-11-45082370
Administrative Office :	B-257, Naraina Industrial Area, Phase – I, New Delhi – 110 028, India
Location :	Owned
Factory 1 :	Trilokpur Road, Sirmour, Kalaamb, Shimla, Himachal Pradesh, India
Area :	3 Acres
Factory 2 :	Plot No.K-3, Phase 2, SIPCOT Industrial Park, Sriperumpudur, Kanchipuram, District Chennai – 602 105, Tamilnadu, India
Area :	8 Acres
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mr. Amarjit Singh

Designation :

Director

Address :

34/37, Old Rajinder Nagar, New Delhi – 110060, Delhi, India

Date of Appointment :

05.11.2003

DIN No :

01244897

Other Directorships :

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	U29301DL1999PTC102590	INTEC APPLICIANCES PRIVATE LIMITED	Director	29-11-99	29-11-99	-	Active	NO
2	U29301DL1999PTC102596	AMARGUN OVERSEAS PRIVATE LIMITED	Director	29-11-99	29-11-99	-	Active	NO
3	U51395DL2003PTC122951	AG AEROVISION ELECTRONICS PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO
4	U29303DL1989PTC036235	INTEC ELECTRICALS PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO
5	U31909DL2004PTC131394	ORANGE ELECTRICALS PRIVATE LIMITED	Director	20-12-04	20-12-04	22-07-07	Active	NO
6	L24230HP2004PLC027558	JHS SVENDGAARD LABORATORIES LIMITED	Director	31-12-11	14-11-11	-	Active	NO

Name :

Mrs. Gunita Daswal

Designation :

Director

Address :

34/37, Old Rajinder Nagar, New Delhi – 110060, Delhi, India

Date of Appointment :

05.11.2003

DIN No:

02534256

Other Directorships :

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	U29301DL1999PTC102590	INTEC APPLICIANCES PRIVATE LIMITED	Director	29-11-99	29-11-99	-	Active	NO
2	U29301DL1999PTC102596	AMARGUN OVERSEAS PRIVATE LIMITED	Director	29-11-99	29-11-99	-	Active	NO
3	U51395DL2003PTC122951	AG AEROVISION ELECTRONICS PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO

Name :

Mr. Rajender Singh

Designation :

Director

Address :

PN -87 Shyam Nagar Extension, New Delhi – 110029, Delhi, India

Date of Appointment :

05.11.2003

DIN No:

02558273

Other Directorships :

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	U74899DL1983PTC017005	UNICO ELECTRICALS PRIVATE LIMITED	Director	25-01-88	25-01-88	-	Active	NO
2	U51395DL2003PTC122951	AG AEROVISION ELECTRONICS PRIVATE LIMITED	Director	05-11-03	05-11-03	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Amarjit Singh	2696625
Gunita Singh	2563300
Intec Electricals Private Limited, India	129167
Intec Appliances Private Limited, India	79880
Rajinder Singh	100000
Manjit Singh	5000
Harcharn Kaur	5000
Amargun Overseas Private Limited, India	225000
Total	5803972

As on: 30.09.2011

Category	Percentage
Bodies corporate	7.48
Directors or relatives of directors	92.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Air Conditioners and Colour Television etc.

PRODUCTION STATUS

As on: 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Air Conditioners/ Compressors	Nos	200000	123739
EPS	Nos	2800000	2407454
IM	Nos	3655000	1023529
UPS	Nos	--	1166

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

• Punjab National Bank, Nahan, Sirmour, Nahan – 173001, Himachal Pradesh, India
• Punjab National Bank, Rajendra Place, New Delhi – 110 008, India

Facilities :

Secured Loans Particular	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs In Millions)
Rupee term loans Bank secured	241.889	177.851
Foreign currency loans Bank secured	20.112	69.509
Working capital loans Bank secured	326.252	174.348
Other debt secured	64.467	0.000
Total	652.720	421.708
Unsecured Loans Particular	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs In Millions)
Loans Director unsecured	50.000	50.000
Other debt unsecured	83.953	52.678
Total	133.953	102.678

Banking Relations :	--
Auditors :
Name :	N. Dhawan and Company Chartered Accountants
Address :	411, Outer Ring, Paschim Vihar, Delhi – 110 087, India
Tel. No.:	91-11-42342154
Mobile No :	91-9313510400
PAN No :	AESPD3213Q
E-Mail :	mail@ndhco.com
Associates/Subsidiaries :	Intec Appliances Private Limited, Ahmedabad Amargun Overseas Private Limited, Haridwar

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 Millions
100000	Preference Share	Rs.100/-each	Rs.10.000 Millions
	Total		Rs.70.000 Millions

Issued, Subscribed :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 Millions

Paid-up Capital

No. of Shares	Type	Value	Amount
5803972	Equity Share	Rs.10/- each	Rs.58.040 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		58.040	41.158	17.100
2] Share Application Money		21.262	21.076	12.458
3] Reserves & Surplus		104.570	76.875	55.935
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		183.872	139.109	85.493
LOAN FUNDS
1] Secured Loans		652.720	421.708	167.027
2] Unsecured Loans		133.953	102.678	62.450
TOTAL BORROWING		786.673	524.386	229.477
DEFERRED TAX LIABILITIES		4.240	4.240	0.174
TOTAL		974.785	667.735	315.144
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		428.311	286.207	43.159
Capital work-in-progress		0.000	48.051	18.411
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	266.738	239.503	180.415
	Sundry Debtors	389.444	189.797	229.504
	Cash & Bank Balances	40.851	18.908	0.915
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.592	33.945	6.945
Total Current Assets		709.625	482.153	417.779
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	160.126	152.695	158.417
	Other Current Liabilities	10.040	4.758	5.853
	Provisions	0.000	0.000	0.000
Total Current Liabilities		170.166	157.453	164.270
Net Current Assets		539.459	324.700	253.509
MISCELLANEOUS EXPENSES		7.015	8.777	0.065
TOTAL		974.785	667.735	315.144

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1453.375	1321.328
		Other Income		1.113	0.432
		TOTAL (A)	1962.988	1454.488	1321.760
Less	EXPENSES
		Manufacturing and Other Expenses		1396.055	1286.047
		Miscellaneous Expenses w/off		0.016	0.016
		TOTAL (B)	1939.662 (Including Financial Expenses)	1396.071	1286.063
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I			58.417	35.697
Less	FINANCIAL EXPENSES (D)			28.248	21.105
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.326	30.169	14.592
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.514	3.893	2.924
	PROFIT BEFORE TAX (E-F) (G)		7.812	26.276	11.668
Less	TAX (H)		7.750	5.336	2.561
	PROFIT AFTER TAX (G-H) (I)		3.162	20.940	9.107
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.674	24.735	15.628
	BALANCE CARRIED TO THE B/S		48.836	45.675	24.735
	IMPORTS
		Capital Goods	39.825	73.795	NA
	TOTAL IMPORTS		39.825	73.795	NA
	Earnings Per Share (Rs.)		0.54	6.08	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.16	1.44	0.69
Net Profit Margin (PBT/Sales)	(%)	NA	1.81	0.88
Return on Total Assets (PBT/Total Assets}	(%)	0.69	3.42	2.53
Return on Investment (ROI) (PBT/Networth)		0.04	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		5.20	4.90	4.61
Current Ratio (Current Asset/Current Liability)		4.17	3.06	2.54

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The registered office of the company has been shifted from B 257, Naraina Industrial area, Phase I, New Delhi – 110 028 to the present address w.e.f. 01.05.2006.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U51395DL2003PTC122951
Name of the company	AG AEROVISION ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-4/ 35, Safdarjung Enclave, Delhi – 110 029, India E-Mail: mail@ndhco.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10247051
Type of charge	Book debts Floating charge Others
Particular of charge holder	Punjab National Bank, Rajendra Place, New Delhi – 110 008, India E-Mail: bo0365@pnb.co.in
Nature of instrument creating charge	Hypothecation of Goods and Book Debts to Secure Cash Credit Facility Agreement of Hypothecation of Current Assets.
Date of instrument Creating the charge	27.08.2011
Amount secured by the charge	Rs.360.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate+05.00% Presently 15.75% per annum with monthly rests and 2% higher shall be charged on adhoc limit. Terms of repayment Cash Credit on Demand. Margin CC Stock 25% and Book Debts 30% others as per various agreements. Extend and operation of the charge First Charge for Rs.360.000 Millions plus interest and charges thereon. Others Cash Credit Rs185.000 Millions Term Loan Rs.11.500 Millions cash Credit Chennai Unit Rs.92.500 Millions ILC /FLC Rs.71.000 Millions The above limit include adhoc limit of CC Rs.10.000 Millions and Conversion of Non Fund based limit of Rs.20.000 Millions in to Cash credit at Chennai Rs.20.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge on all stocks, Book Debts and all Current Assets Present and future at Trilokpur Kalaamb Distt. Simaur, HP. and 2. K-3 SIPCOT Industrial Park Ph-11, Sriperumbudur, (Chennai) or at any other place. The total charge amount includes Rs.10.000 Millions adhoc limit and Rs.20.000 Millions converted from Non Fund limit to Cash Credit limit. All previous terms of sanctions such as 2nd charge etc on the Assets financed by other Banks/financial institution shall continue.
Particulars of the present modification	First Charge on all stocks, Book Debts and all Current Assets Present and future at Trilokpur Kalaamb Distt. Simaur, HP. and 2. K-3 SIPCOT Industrial Park Ph-11, Sriperumbudur, ( Chennai) or at any other place. The total chargeRTs.360.00 Millions, this includes Rs.10.000 Millionns adhoc limit and Rs.20.000 Millions converted from Non Fund limit to Cash Credit. All previous terms of sanctions/securities remains the same. The PNB shall have second charge on assets financed by others.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Vehicles

· Office Equipments

· Electrical Installation

· Computers

· Furniture and Fixtures

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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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	NO
--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	YES
--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.