MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	APS POWER SYSTEMS PRIVATE LIMITED (w.e.f. 21.07.2003)
Formerly Known As :	GOMTI KANAYA MARKETING PRIVATE LIMITED
Registered Office :	69, Mistry Industrial Complex, Cross Road A, MIDC Area, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.12.1991
Com. Reg. No.:	11-064273
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51900MH1991PTC064273
TAN No.: [Tax Deduction & Collection Account No.]	MUMA23944E
PAN No.: [Permanent Account No.]	AAACG7350C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Service of Ac Drives, Drives (a/c, d/c, Steel Etc.), Dc Drives
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 92000
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 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 :	69, Mistry Industrial Complex, Cross Road A, MIDC Area, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-66914698 / 66914670 / 26871428 / 30881088
Fax No.:	91-22-30881208
E-Mail :	tushar_kamdar@hotmail.com apsaccounts@apspowers.com apssales@apspowers.com
Godown :	Gala No.121, Real Industrial Estate, Prime Industry Complex, Sativali Road, Vasai (East), Thane – 401208, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Ketan Kantilal Daftari

Designation :

Director

Address :

A/8, Ramjharukha, 71, S. V. Road, Mumbai – 400058, Maharashtra, India

Date of Appointment :

01.01.1996

DIN No.:

00633286

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	U40100MH1992PTC066346	DHARIA SWITCHGEARS AND CONTROLS PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
2	U51900MH1991PTC064273	APS POWER SYSTEMS PRIVATE LIMITED	Director	01/01/1996	01/01/1996	-	Active	NO

Name :

Mr. Nitin Rajnikant Dharia

Designation :

Director

Address :

380/382, Shankar Sheth, Smruti, 7th floor, BL. No. 72, J. S. S. Road, Mumbai- 400072, Maharashtra, India

Date of Appointment :

01.01.1996

DIN No.:

00633337

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	U40100MH1992PTC066346	DHARIA SWITCHGEARS AND CONTROLS PRIVATE LIMITED	Director	13/04/1992	13/04/1992	-	Active	NO
2	U51900MH1991PTC064273	APS POWER SYSTEMS PRIVATE LIMITED	Director	01/01/1996	01/01/1996	-	Active	NO

Name :

Mr. Ketan Jayantilal Doshi

Designation :

Director

Address :

4, Prakash, 196-R. B. Mehta Road, Ghatkopar (E), Mumbai - 400077 Maharashtra, India

Date of Appointment :

01.01.1996

DIN No.:

00980272

Name :

Mr. Nandlal K. Gvalani

Designation :

Director

Address :

1st Floor, Annapurna, Building No. 7, Sector-3, Hiranandani Gardens, A. S. Marg, Powai, Mumbai- 400076, Maharashtra, India

Date of Appointment :

02.12.1991

DIN No.:

01241158

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nitin Rajnikant Dharia	2500
Nandlal K. Gvalani	2500
Ketan Kantilal Daftari	2500
Ketan Jayantilal Doshi	2500
Total	10000

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 :

Manufacture and Service of Ac Drives, Drives (a/c, d/c, Steel Etc.), Dc Drives

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Director	4.711	1.309
Form A Bank	24.548	18.543
Total	29.259	19.852

Banking Relations :	--
Auditors :
Name :	Tushar Kamdar and Associates Chartered Accountants
Address :	C/104, Harmony, off Dumping Road, Tambe Nagar, Mulund (West), Mumbai - -400080, Maharashtra, India
PAN.:	ABHPK5194M

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.133	17.039	12.108
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.233	17.139	12.208
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		29.259	19.852	18.638
TOTAL BORROWING		29.259	19.852	18.638
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		52.492	36.991	30.846
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.784	2.907	2.619
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.215	0.150	0.149
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.418	10.319	9.999
	Sundry Debtors	56.791	42.208	33.312
	Cash & Bank Balances	0.540	1.845	0.497
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.207	4.247	2.708
Total Current Assets		95.956	58.619	46.516
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.373	20.530	15.887
	Other Current Liabilities	1.744	1.277	0.579
	Provisions	4.346	2.878	1.972
Total Current Liabilities		46.463	24.685	18.438
Net Current Assets		49.493	33.934	28.078
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.492	36.991	30.846

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	204.001	143.289	103.137
	Other Income
	TOTAL (A)	204.001	143.289	103.137
EXPENSES
	Office Expenses
	Administrative Expenses		133.314	95.709
	Advertising Expenses
	TOTAL (B)	220.777	133.314	95.709
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial and Depreciation Expenses	9.975	7.428
FINANCIAL EXPENSES (D)			1.985	2.290
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			7.990	5.138
DEPRECIATION/ AMORTISATION (F)			0.607	0.553
PROFIT BEFORE TAX (E-F) (G)		9.804	7.383	4.585
TAX (H)		3.777	2.452	1.603
PROFIT AFTER TAX (G-H) (I)		6.093	4.931	2.982
BALANCE CARRIED TO THE B/S		6.183	4.589	NA
Earnings Per Share (Rs.)		609.30	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.99	3.44	2.89
Return on Total Assets (PBT/Total Assets}	(%)	9.93	12.00	9.33
Return on Investment (ROI) (PBT/Networth)		0.42	0.43	0.38
Debt Equity Ratio (Total Liability/Networth)		3.26	2.60	3.04
Current Ratio (Current Asset/Current Liability)		2.07	2.37	2.52

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U51900MH1991PTC064273
Name of the company	APS POWER SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	69, Mistry Industrial Complex, Cross Road A, MIDC Area, Andheri (East), Mumbai – 400093, Maharashtra, India tushar_kamdar@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10287179
Type of charge	· Book debts · Floating charge
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India dlbbcadmum@yesbank.in
Nature of instrument creating charge	Supplemental Deed of Hypothecation Dated 24.05.2012
Date of instrument Creating the charge	24.05.2012
Amount secured by the charge	Rs.21.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC-YBL BR +3.25%,Current YBL BR 10.50%, ROI 13.75% p.a WCDL(sub limit of CC) - YBL BR +3.25%,Current YBL BR 10.50%, ROI 13.75% p.a BG(sub limit of CC) - Cmmsn 1.5%+ Applicable tax Terms of Repayment CC- Repayable on Demand WCDL(sub limit of CC) - 90 Days BG(sub limit of CC) - 36 Months (including Claim Period) Margin CC - 25% on Book Debts less than 90 Days plus Stocks minus Creditors. WCDL (sub limit of CC) - 25% on Book Debts less than 90 Days plus Stocks minus Creditors. BG(sub limit of CC) - 25% margin in the form of Fixed Deposits to be obtained in the name of the borrower under bank's lien Extent and Operation of the charge Exclusive charge on Current Assets (Both Present & Future) of the borrower CC – Rs.21.000 Millions WCDL(sub limit of CC) – Rs.16.000 Millions BG(sub limit of CC) – Rs.4.000 Millions
Date of instrument modifying the charge	12.05.2011
Particulars of the present modification	Exclusive charge on Current Assets (Both Present & Future) of the borrower to secure enhanced following facilities :- 1. Cash Credit Facility stands enhanced from Rs.16.000 Millions to Rs.21.000 Millions. 2. Working Capital Demand Loan facility of Rs.16.000 Millions. 3. Bank Guarantee(Performance/ Financial) independent facility converted in to sub limit of Cash Credit of Rs.16.000 Millions.

Fixed Assets

· Industrial Shed

· Industrial Unit (Godown)

· Motor Car

· Motor Cycle

· Computer

· Air Conditioner

· Furniture and Fixtures

· Office Equipments

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.55.81
UK Pound	1	Rs.86.53
Euro	1	Rs.68.58

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.