MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	NSW INDIA LIMITED
Registered Office :	C-255, Mayapuri Industrial Area, Phase-II, New Delhi-110063
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.1998
Com. Reg. No.:	55-096577
Capital Investment / Paid-up Capital :	Rs.2.068 Millions
CIN No.: [Company Identification No.]	U29141DL1998PLC096577
IEC No.:	0502054824
TAN No.: [Tax Deduction & Collection Account No.]	DELN0657C / DELN03488C / DELN03484F
PAN No.: [Permanent Account No.]	AAACN9687R / AAACN9687R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ovens and Machinery.
No. of Employees :	125 (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 25000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears to be some dip in the turnover and profitability of the company. However, 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

INFORMATION PARTED BY

Name :	Mr. Rajesh Narang
Designation :	Director
Contact No.:	91-9810054075
Date :	25.06.2012

LOCATIONS

Registered Office / Corporate Office / Factory 1:	C-255, Mayapuri Industrial Area, Phase-II, New Delhi-110063, India
Tel. No.:	91-11-28112609/ 281110173
Mobile No.:	91-9810054075 ( Mr. Rajesh Narang)
Fax No.:	91-11-28112491
E-Mail :	corporate@nswindia.com nnrm@rediffmail.com r.narang@nswindia.com finance@nswindia.com
Website :	www.nswindia.com
Location :	Owned
Factory 2 :	Plot No. 43-44, Sector 34, A.H. T.P., Gurgaon-122001, Haryana, India
Tel. No.:	91-124-2371106 / 2371820 / 4030679 / 4033679 / 5030679
Fax No.:	91-124-2372859

DIRECTORS

As on 30.09.2011

Name :

Mr. Krishan Chander Narang

Designation :

Whole Time Director

Address :

A-1/52, Ground Floor, Safdarljlung Enclave, New Delhi, India

Date of Birth/Age :

03.11.1942

Date of Appointment :

08.10.1998

DIN No.:

00165445

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29141DL1998PLC096577	NSW INDIA LIMITED	Director	8/10/1998	8/10/1998	-	Active	NO
2	U72900DL1995PTC066273	MAHAVIR SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	18/01/1999	18/01/1999	-	Active	YES

Name :

Mr. Rajesh Narang

Designation :

Managing Director

Address :

A-1/52, Ground Floor, Safdarljlung Enclave, New Delhi, India

Date of Birth/Age :

13.09.1971

Date of Appointment :

08.10.1998

DIN No.:

00165492

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29192DL1990PTC039520	ANCO CONTROLS PRIVATE LIMITED	Director	15/03/1990	15/03/1990	20/06/2008	Active	NO
2	U74899DL1994PTC058323	MISCAB INDIA PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
3	U29141DL1998PLC096577	NSW INDIA LIMITED	Managing director	8/10/1998	8/10/1998	-	Active	NO
4	U72900DL1995PTC066273	MAHAVIR SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	18/01/1999	18/01/1999	-	Active	YES

Name :

Mrs. Prem Narang

Designation :

Director

Address :

A-1/52, Ground Floor, Safdarljlung Enclave, New Delhi, India

Date of Birth/Age :

14.04.1949

Date of Appointment :

16.11.1998

DIN No.:

00287680

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC058323	MISCAB INDIA PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
2	U29141DL1998PLC096577	NSW INDIA LIMITED	Director	16/11/1998	16/11/1998	-	Active	NO

Name :

Mrs. Pooja Narang

Designation :

Director

Address :

A-1/52, Ground Floor, Safdarljlung Enclave, New Delhi, India

Date of Birth/Age :

01.10.1974

Date of Appointment :

16.11.1998

DIN No.:

00208669

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Krishan Chander Narang	40400
Rajesh Chander Narang	36400
Prem Chander Narang	128400
Pooja Rajesh Narang	400
Hema Vipin Anand	400
Rajni Sudhir Aneja	400
Sudhir Jagdish Aneja	400
Total	206800

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ovens and Machinery.
Products :	Ovens Industrial Ovens Tray Dryers High Temperature Oven Industrial Oil Fired Ovens Roto Curing Oven Inert Gas Oven Zipper Ovens and Machinery Conveyorised Ovens Flat Belt Conveyor Ovens Oil Fired Conveyorised Oven Tripple Deck Conveyorised System Vertical Conveyorised Oven Monorail Overhead Conveyorised Oven Monorail Floor Conveyorised Oven Shrink Wrapping Machine Special Purpose Machines Glass Washing Conveyor Powder Coating and Spray PaintingPlants and Equipment's Powder Coating Booth Spray Painting Booth Tunnel Type Conveyor Ovens Conveyors and Automation Systems Overhead Conveyor Floor Conveyor Assembly Conveyor Roller Conveyor Combination Conveyor Infrared heating systems Rear View Mirror Coating Plant Curtain Coater Geomat and Dacro Coating Plant
Exports :
Products :	Ovens and Machinery
Countries :	· Africa · Europe
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Abhishek Electricals

· Adroit Control Engg. Private Limited

· Advance Control System and Services

· Affros Spa Italy

· Aggarwal Tools Centre

· Ajanta Control Systems

· Akash Deep Enterprises

· Alok International

· Amba Trading Company

· Armour Fire Protection

· Ash and Alian India Private Limited

· Ashoka Machinery Stores

· Auro Tel Communications Private Limited

· Bharat Electricals

· Blue Bird Power Controls Private Limited

· Chhabra Steel Corporation

· Chino Corporation India Private Limited

· City Gears

· Computech Systems

· DBM Marketing India Private Limited

· Dehati Iron and Steel

· Delhi Machinery Store

· Durgesh Industries

· Denovo

· Dustech Engineers Private Limited

· Electrical Control Systems

· Electric and Machinery Traders

Customers :

Wholesalers and Retailers

· Affiina Mat India Braking Private Limited

· G.Industries Private Limited

· Alliance Friction Tech Private Limited

· Allied Nippon Limited (UP)

· Allied Nippon Limited (Parwanoo)

· Amtek Ring Gears Limited

· Anand Nishikawa Company Limited

· Anand NVH Products Private Limited

· Anmol Auto Electricals

· Ansa Brakes Private Limited

· Apache Exports

· Ashoka Winding Works

· Balaji Springs Private Limited

· D.Bajaj and Sons

· BIC Auto Limited

· B and R Brass Collection Private Limited

· Cadilec Panels Limited

· Caentral Institute of Agriculture Engineers

· Continental Engineers Machinery Limited Unit-II

· Continental Engines Limited

· Danblock Brakes India Private Limited

· DCM Shri Ram Industries Limited

· Denso India Limited

· Elofic Industries India

· Elofic Industries Limited (Hosur)

· Engineer Mech India Private Limited

· FIEM Industries Limited (Nahalagarh)

· Grauer and Weil (India) Limited

· Gurgaon Poly Plastics Private Limited

No. of Employees :

125 (Approximately)

Bankers :

• Syndicate Bank, Mayapuri, New Delhi – 110064, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank (Vehicle Loan – Honda City)	0.036	0.198
ICICI Bank (Vehicle Loan – Swift Desire)	0.053	0.196
Syndicate Bank (Term loan)	1.727	2.000
Syndicate Bank (Cash Credit Account)	6.935	4.101
Total	8.751	6.495
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Krishan Chander Narang	0.000	0.050
Rajesh Chander Narang	0.000	0.175
Prem Chander Narang	0.175	0.474
Pooja Rajesh Narang	0.606	0.100
Heme Narang	0.142	0.000
Total	0.923	0.799

Banking Relations :	--
Auditors :
Name :	R Mediratta and Associates Chartered Accountant
Address :	1105, Vikrant Tower, Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-25864849 / 30972247
Mobile No.:	91-11-25851794
PAN.:	AAAPM3114D
Associates/Subsidiaries :	Automatie Instrument Private Limted Narang Syenthitic Words Private Limited
Parent Company :	Narang Synethitic Words

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
206800	Equity Shares	Rs.10/- each	Rs.2.068 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		2.068	1.034	1.034
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.424	4.953	4.570
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.492	5.987	5.604
LOAN FUNDS
1] Secured Loans		8.751	6.495	5.186
2] Unsecured Loans		0.923	0.799	0.764
TOTAL BORROWING		9.674	7.294	5.950
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.166	13.281	11.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.829	3.404	3.962
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.192	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.852	5.273	4.156
	Sundry Debtors	17.748	14.626	18.468
	Cash & Bank Balances	0.629	0.697	0.214
	Other Current Assets	0.000	0.000	2.172
	Loans & Advances	1.865	4.595	0.230
Total Current Assets		26.094	25.191	25.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.705	9.342	12.240
	Other Current Liabilities	7.792	4.811	3.233
	Provisions	0.260	1.353	2.175
Total Current Liabilities		16.757	15.506	17.648
Net Current Assets		9.337	9.685	7.592
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.166	13.281	11.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	62.045	60.490	95.972
		Other Income	1.974	1.819	1.551
		TOTAL (A)	64.019	62.309	97.523
Less	EXPENSES
		Cost of goods sold	47.485	46.000	76.691
		Salary	3.329	3.650	4.037
		Printing Stationery	0.070	0.084	0.162
		Postage and Telegram	0.038	0.047	0.061
		Conveyance	0.094	0.081	0.101
		Traveling Expenses	0.529	0.468	1.795
		Other Expenses	9.806	9.770	10.436
		TOTAL (B)	61.351	60.100	93.283
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.668	2.209	4.240
Less	FINANCIAL EXPENSES (D)		1.158	0.661	0.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.510	1.548	3.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.777	0.854	0.672
	PROFIT BEFORE TAX (E-F) (G)		0.733	0.694	2.958
Less	TAX (H)		0.228	0.311	1.348
	PROFIT AFTER TAX (G-H) (I)		0.505	0.383	1.610
	Earnings Per Share (Rs.)		2.44	NA	NA

Particulars	31.12.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-13) : Rs.160.000 Millions

The above information has been parted by Mr. Rajesh Narang

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.79	0.61	1.65
Net Profit Margin (PBT/Sales)	(%)	1.18	1.15	3.08
Return on Total Assets (PBT/Total Assets}	(%)	2.23	2.43	10.13
Return on Investment (ROI) (PBT/Networth)		0.11	0.12	0.53
Debt Equity Ratio (Total Liability/Networth)		4.07	3.81	4.21
Current Ratio (Current Asset/Current Liability)		1.56	1.62	1.43

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE AND FINANCIAL RESULTS

During the year under report the turnover of the company has been recorded at Rs.62.045 Millions as against projected turnover of Rs.100.000 Millions. The Shortfall in turnover was due to industrial recession and non receipts of confirmed orders inspite of enquires. The directors are hopeful that turnover of the company for the F.Y. 2011-12 will be around Rs.100.000 Millions.

The working for the year has resulted in Net Profit of Rs.0.505 Million as against Rs.0.383 Million for the previous year after making provisions of all known Liabilities, Income Tax / Fringe Benefit Tax and Deferred Tax.

TRADE REFERENCES

· Electrical Control Systems

· Elofic Industries India

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29141DL1998PLC096577
Name of the company	NSW INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	C-255, Mayapuri Industrial Area, Phase-II, New Delhi-110063, India nnrm@rediffmail.com
This form is for	Creation of charge
Type of charge	· Book Debts · Movable Property · Floating Charge
Particular of charge holder	Syndicate Bank, Mayapuri Branch, New Delhi, India ca_rcq@yahoo.co.in
Nature of instrument creating charge	Composite Hypothecation Agreement dated 25.02.2010
Date of instrument Creating the charge	25.02.2010
Amount secured by the charge	Rs.2.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 0.25% p.a. over BPLR of the Bank at monthly rests or at such rate(s) as may be specified by the Bank from time to time Terms of Repayment Repayable in equated monthly installments of Rs.0.058 Million each commencing from 25.04.2010 till the entire loan with interest and other charges is repaid in full Margin 25% Extent and Operation of the charge 100% Others To secure all amounts payable under Term Loan of rs.2.600 Millions granted to the company together with all interest, costs, charges, expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all machinery and other movable fixed assets of the company acquired out of the Term loan granted by the Bank installed/stored or to be installed/stored at company’s premises or at any other place(s) including those in transit Collaterally secured by all existing machinery and other movable fixed assets and current assets of the company both present and future.

FIXED ASSETS:

• Furniture and Fixtures
• Office Equipments
• Cycle
• Electric Equipments
• Fax Machine
• Scooter
• Water Cooler
• Computer
• Room Cooler
• Machinery
• Cylinder
• Refrigerator
• Mobile Phone
• Camera
• Air Conditioner
• Vehicle (Ford)
• Vehicle (Wagon R)
• Computer Software
• Generator
• Fire Safety Equipments
• Printer
• Vehicles (Swift Desire)
• Car (Honda City)
• Attendance Machine

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.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

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	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		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.