MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	RADICON TRANSMISSION UK LIMITED

Formerly Known As :	ELECON UK TRANSMISSION LIMITED

Registered Office :	Unit J3 Lowfields Way Lowfields Business Park Elland Hx5 9da

Country :	United kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	06.10.2010

Com. Reg. No.:	07397993

Legal Form :	Private limited with Share Capital

Line of Business :	Manufacture of Bearings, Gears, Gearing

No. of Employees :	58

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	RADICON TRANSMISSION UK LIMITED	Company Number	07397993
Registered Address	UNIT J3 LOWFIELDS WAY	Trading Address	Unit J3 Lowfields Way Lowfields Business Park Elland West Yorkshire HX5 9DA
	LOWFIELDS BUSINESS PARK
	ELLAND
	HX5 9DA

Website Address	http://www.radicon.com
Telephone Number	01484465800	Fax Number
TPS	Yes	FPS	No
Incorporation Date	06/10/2010	Company Status	Active - Accounts Filed
Previous Name	ELECON UK TRANSMISSION LIMITED	Type	Private limited with Share Capital
Date of Change	08/12/2010	Filing Date of Accounts	30/03/2012
		Share Capital	£2,156,020
SIC03	2914	Currency	GBP
SIC03 Description	MANUFACTURE OF BEARINGS, GEARS, GEARING
SIC07	28150
SIC07 Description	MANUFACTURE OF BEARINGS, GEARS, GEARING AND DRIVING ELEMENTS
Principal Activity	The provision of producer of highly engineered systems and associated aftermarket parts and services. Commenced trading on 26.11.2010.

DIRECTORS/MANAGEMENT

Current Directors

Name	Prayasvin Patel	Date of Birth	03/04/1958
Officers Title	Mr	Nationality	Indian
Present Appointments	1	Function	Director
Appointment Date	06/10/2010
Address	Honest House Bakrol Road, Vallabh, Vidyanaga, Gujrat, 388 120
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Prashant Amin	Date of Birth	09/08/1956
Officers Title	Mr	Nationality	American
Present Appointments	1	Function	Director
Appointment Date	06/10/2010
Address	Bhikhabhai Marg, Vallabh, Vidyanagar, Gurjrat, 388 120
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Pradip Patel	Date of Birth	05/11/1947
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	06/10/2010
Address	318 Samudra Mahal 18th Floor, Dr Annie Basantt Road, Mumbai, 400 018

Previous Director/Company Secretaries

No Previous Director Details.

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Name	Individual Share Value
ELECON TRANSMISSION INTERNATIONAL LTD	2,156,020 ORDINARY GBP 1.00

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	ELECON ENGINEERING CO LTD

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
ELECON ENGINEERING CO LTD	N/A	-	-
ELECON TRANSMISSION INTERNAT...	N/A	-	-
RADICON TRANSMISSION UK LI...	07397993	31.03.2011	N	£3,912,375

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2011	£3,912,375	£30,477	£22,159	58

Profit & Loss

Date Of Accounts	31/03/11	(%)	-	(%)	-	(%)	-	(%)	-
Weeks	18	(%)	-	(%)	-	(%)	-	(%)	-
Currency	GBP	(%)	-	(%)	-	(%)	-	(%)	-
Consolidated A/cs	N	(%)	-	(%)	-	(%)	-	(%)	-
Turnover	£3,912,375	-	-	-	-	-	-	-	-
Export	£1,313,045	-	-	-	-	-	-	-	-
Cost of Sales	£3,062,591	-	-	-	-	-	-	-	-
Gross Profit	£849,784	-	-	-	-	-	-	-	-
Wages & Salaries	£750,553	-	-	-	-	-	-	-	-
Directors Emoluments	£9,995	-	-	-	-	-	-	-	-
Operating Profit	£153,234	-	-	-	-	-	-	-	-
Depreciation	£24,539	-	-	-	-	-	-	-	-
Audit Fees	£18,000	-	-	-	-	-	-	-	-
Interest Payments	£150,812	-	-	-	-	-	-	-	-
Pre Tax Profit	£30,477	-	-	-	-	-	-	-	-
Taxation	-£9,318	-	-	-	-	-	-	-	-
Profit After Tax	£21,159	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£21,159	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/03/11	(%)	-	(%)	-	(%)	-	(%)	-
Tangible Assets	£771,312	-	-	-	-	-	-	-	-
Intangible Assets	£4,378,569	-	-	-	-	-	-	-	-
Total Fixed Assets	£5,149,881	-	-	-	-	-	-	-	-
Stock	£1,970,035	-	-	-	-	-	-	-	-
Trade Debtors	£2,400,453	-	-	-	-	-	-	-	-
Cash	£1,054,268	-	-	-	-	-	-	-	-
Other Debtors	£1,892,540	-	-	-	-	-	-	-	-
Miscellaneous Current Assets	0	-	-	-	-	-	-	-	-
Total Current Assets	£7,317,296	-	-	-	-	-	-	-	-
Trade Creditors	£1,255,128	-	-	-	-	-	-	-	-
Bank Loans & Overdrafts	0	-	-	-	-	-	-	-	-
Other Short Term Finance	£8,299,533	-	-	-	-	-	-	-	-
Miscellaneous Current Liabilities	£646,565	-	-	-	-	-	-	-	-
Total Current Liabilities	£10,201,226	-	-	-	-	-	-	-	-
Bank Loans & Overdrafts and LTL	£2,243,792	-	-	-	-	-	-	-	-
Other Long Term Finance	£2,155,020	-	-	-	-	-	-	-	-
Total Long Term Liabilities	£2,243,792	-	-	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/03/11	(%)	-	(%)	-	(%)	-	(%)	-
Called Up Share Capital	£1,000	-	-	-	-	-	-	-	-
P & L Account Reserve	£21,159	-	-	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£22,159	-	-	-	-	-	-	-	-

Other Financial Items

Date Of Accounts	31/03/11	(%)	-	(%)	-	(%)	-	(%)	-
Net Worth	-£4,356,410	-	-	-	-	-	-	-	-
Working Capital	-£2,883,930	-	-	-	-	-	-	-	-
Total Assets	£12,467,177	-	-	-	-	-	-	-	-
Total Liabilities	£12,445,018	-	-	-	-	-	-	-	-
Net Assets	£22,159	-	-	-	-	-	-	-	-

Cash Flow

Date Of Accounts	31/03/11	(%)	-	(%)	-	(%)	-	(%)	-
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/11	(%)	-	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	-	-	-	-	-	-	-
Capital Employed	£2,265,951	-	-	-	-	-	-	-	-
Number of Employees	58	-	-	-	-	-	-	-	-
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	SVENSKSA HANDELSBANKEN AB
Bank Branch Code

Ratios

Date Of Accounts	31/03/11	-	-	-	-
Pre-tax profit margin %	0.78	-	-	-	-
Current ratio	0.72	-	-	-	-
Sales/Net Working Capital	-1.36	-	-	-	-
Gearing %	10125.90	-	-	-	-
Equity in %	0.30	-	-	-	-
Creditor Days	40.42	-	-	-	-
Debtor Days	77.30	-	-	-	-
Liquidity/Acid Test	0.52	-	-	-	-
Return On Capital Employed %	1.34	-	-	-	-
Return On Total Assets Employed %	0.24	-	-	-	-
Current Debt Ratio	460.36	-	-	-	-
Total Debt Ratio	561.62	-	-	-	-
Stock Turnover Ratio %	50.35	-	-	-	-
Return on Net Assets Employed %	137.53	-	-	-	-

Creditor Details

No Creditor Data

Total Value

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
13/10/2012	Annual Returns
12/04/2012	New Accounts Filed
09/11/2011	Change in Reg.Office
09/11/2011	Change of Company Postcode
25/10/2011	Annual Returns
13/12/2010	Change in Reg.Office
13/12/2010	Change of Company Postcode
10/12/2010	Change of Name
08/10/2010	New Board Member Mr P. Amin appointed
08/10/2010	New Board Member Mr P. Patel appointed

Limit History

Date	Limit
12/04/2012	£0
05/04/2012	£500
13/12/2010	£1,000
08/10/2010	£500

Previous Company Names

Date	Previous Name	Companies House Documents
08/12/2010	ELECON UK TRANSMISSION LIMITED	View Document

Company Name: RADICON TRANSMISSION UK LIMITED

Company No: 07397993

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	14/09/12
Date Charge Registered:	15/09/12
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BANK OF BARODA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM ELECON TRANSMISSION INTERNATIONAL LIMITED TO THE CHARGEE UNDERTHE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGEFOR FULL DETAILS

Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	22/02/11
Date Charge Registered:	23/02/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SVENSKA HANDELSBANKEN AB (PUBL)
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has fallen 100% in comparison to the previously suggested credit limit.
There is insufficient data to indicate a change in this companies percentage of sales.
There is insufficient data to indicate a change in this companies pre-tax profit.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company has changed its registered address recently.
The company has changed its registered name recently.
The company was established over 2 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SDA

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	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.