MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	SEMCO ELECTRIC PRIVATE LIMITED
Formerly Known As :	SAGE ELECTRICAL MANUFACTURING COMPANY PRIVATE LIMITED
Registered Office :	Gate No.154/1 Mahalunge Village, Post Chakan, Pune-410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1996
Com. Reg. No.:	11-101929
Capital Investment / Paid-up Capital :	Rs.18.434 Millions
CIN No.: [Company Identification No.]	U31909PN1996PTC101929
TAN No.: [Tax Deduction & Collection Account No.]	PNES09380A
PAN No.: [Permanent Account No.]	AADC39493H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter Electrical Components and Equipments.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. 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.

INFORMATION PARTED BY

Name :	Mr. Sarang
Designation :	Accounts Manager
Contact No.:	91-2135-307150
Date :	14.06.2012

LOCATIONS

Registered Office/ Factory 1 :	Gate No.154/1 Mahalunge Village, Post Chakan, Pune-410501, Maharashtra India
Tel. No.:	91-2135-307100
Fax No.:	91-2135-307111
E-Mail :	amittal@semco.co.in semco@semco.co.in semco@vsnl.net business@semco.co.in ravi@semco.co.in rsbala@semco.co.in sgote@sigmaelectric.com
Website :	http://www.semco.co.in
Area :	1000 sq. ft.
Location :	Owned
Factory 2 :	Plant II, Plot No. A-2, MIDC, Chakan, Talegaon Road, Pune-410501, Maharashtra, India
Area :	5000 sq. ft.
Location :	Leased
Branch Office :	JAIPUR Ultratech Metals India Private Limited A-134, Road No.12, V.K. Industrial Area, Jaipur-302013, Rajasthan, India Tel No: 91-141-2332833 Fax No: 91-141-2331408 E-Mail: business@semco.co.in USA Sigma Electric Mfg. Corp. 120 Sigma Drive, Garner, NC 27529, USA Tel No: + 1 919 7730011 Fax No: + 1 919 773038 E-Mail: business@semco.co.in UNITED KINGDOM Liaison Office Worldwide Materials Limited 42 Kittoe Road, Four Oaks, Sutton Coldfield, West Midlands. B74 4SA United Kingdom Tel No: + 44 (0) 121 308 6983 Mobile No: + 44 07940 808412 E-Mail: nh@worldwidematerials.co.uk neil.henderson@talktalk.net

DIRECTORS

AS ON 19.07.2011

Name :	Mr. Shreekant Vinayak Rohankhedkar
Designation :	Director
Address :	D/2, Madhuban Apartments 1223, F C Road, Pune – 411 004, Maharashtra, India.
Date of Birth/Age :	02.03.1948
Qualification:	B.E
Date of Appointment :	12.01.2008
DIN :	02031477
Name :	Mr. Vishal Kamalnain Bakshi
Designation :	Director
Address :	504 B, Bakhtavar Building, Opposite Colaba P. O., Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	12.08.1971
Date of Appointment :	25.06.2008
DIN :	02203108
Name :	Mr. Shantanu Bhalchandra Gote
Designation :	Director
Address :	Flat B-16, SN 362 (Part), Rohan Parthana Kothrud, Pune-411029, Maharashtra, India
Date of Birth/Age :	05.07.1966
Date of Appointment :	28.07.2010
DIN :	02858070

KEY EXECUTIVES

Name :	Mr. Ravi Venkat Bachu
Designation :	Company Secretary
Address :	Plot No. 163, Ring Road 2, Manohar Nagar Talegaon, Pune-410507, Maharashtra, India
Date of Birth/Age :	07.02.1965
Date of Appointment :	15.07.2010
PAN :	AGVPB9341A
Name :	Mr. Sarang
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.07.2011

Names of Shareholders	No. of Shares
GSCP Sigma (LUX) S.A.R.L., Luxembourg Nominee of Sigma Electric Holding Formerly Known as Semco Holding INC. Mauritius	1
Sigma Electric Holding Formerly Known as Semco Holding INC. Mauritius	1843426
Total	1843427

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter Electrical Components and Equipments

Products :

ITC CODE	Product Description
76090000 85389000	Electric Wiring Accessories

Exports :

Products :

Electrical Components and Equipments

Countries :

· US

· Europe

Imports :

Products :

Raw Materials

Countries :

· US

· Taiwan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [As on 31.03.2011]

Particulars	31.03.2011
Installed Capacity*	26100
Actual Production	16011

* As certified by the Management and accepted by the auditors, this being a technical matter.

GENERAL INFORMATION

Suppliers :

· S.S. Enterprise

Customers :

Wholesalers and End Users

· Crompton Greaves

No. of Employees :

1200 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda-390015, Gujarat, India

· State Bank of India, Tara Chambers, Wakdewadi, Pune-411003, Maharashtra, India

· Corporation Bank, Aditi Commerce Center H 2406, Gen Thimmayya Road, East Street, Camp Pune-411001, Maharashtra, India

· Axis Bank Limited, Stealing Plaza, Plot No.126/B Jangali Maharaj Road, Near Deccan Gymkhana Pune-411004, Maharashtra, India

· IDBI Bank, IDBI House, Dnyneshwar Paduka Chowk, Fergusson Collage Road, Pune-411004, Maharashtra, India

· ICICI Bank, Landmark, Race Course Circle, Vodadara-390007, Gujarat, India

Facilities :

SECURED LOANS	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Other debt Secured	185.776	195.391
Total	185.776	195.391
NOTE: Includes Export Bills Discounting and Export Packing Credit (Payable on Demand) (Export credit is secured by hypothecation of stock, book debts, bills and pari-passu first charge over fixed assets of the company)

Banking Relations :	Good
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	‘Muttha Towers’, 5^th Floor, Suite No.8, Airport Road, Yerwada, Pune – 411 006, Maharashtra, India.
Pan No :	AADFP9359C
Holding Company :	Sigma Electric Holdings (Formerly Semco Holding Inc.) Mauritius
Fellow Subsidiaries:	Sigma Electric Corporation, USA
Associates/Subsidiaries :	· Sigma Electric Manufacturing Corporation 120 Sigma Drive, Garner, NC 27529, United States Website : http://www.sigmaelectric.com · Ultratech Metals India Private Limited (Formerly Ultrateh Metals (India) Limited) A-134, Road No. 12, VKI Area, Jaipur - 302013 (Rajasthan), India Tel No.: 91-141-2332833 Fax No.:91-141-2331408 Email: business@semco.co.in CIN No: U27320RJ1989PTC004961

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1843427	Equity Shares	Rs.10/- each	Rs.18.434 Millions

Notes:

1843427 Equity Shares of Rs.10/- each fully paid up. All the above shares are held by Sigma Electric Holdings, Mauritius and It’s nominee.

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		18.434	18.434	18.434
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2889.581	2239.906	1857.056
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2908.015	2258.340	1875.490
LOAN FUNDS
1] Secured Loans		185.776	195.391	578.707
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		185.776	195.391	578.707
DEFERRED TAX LIABILITIES		0.000	0.000	7.430
TOTAL		3093.791	2453.731	2461.627
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		805.668	762.070	771.230
Capital work-in-progress		190.628	95.704	134.396
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		59.739	52.271	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	515.620	456.567	411.862
	Sundry Debtors	1447.605	984.057	1041.598
	Cash & Bank Balances	291.779	177.001	279.859
	Other Current Assets	0.572	1.656	2.360
	Loans & Advances	258.671	241.062	266.080
Total Current Assets		2514.247	1860.343	2001.759
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	300.097	195.914	64.373
	Current Liabilities	141.933	93.537	348.862
	Provisions	34.461	27.206	32.523
Total Current Liabilities		476.491	316.657	445.758
Net Current Assets		2037.756	1543.686	1556.001
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3093.791	2453.731	2461.627

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4187.200	2751.227	3549.709
		Other Income	421.558	19.960	1.289
		TOTAL (A)	4608.758	2771.187	3550.998
Less	EXPENSES
		Cost of Material Consumed		1663.709	2102.651
		Operating and other Expenses		771.317	959.741
		Prior Period Expenses		0.000	18.561
		TOTAL (B)	3772.231 (Including Depreciation and Financial Expenses)	2435.026	3080.953
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			336.161	470.045
Less	FINANCIAL EXPENSES (D)			6.071	26.130
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			330.090	443.915
Less/ Add	DEPRECIATION/ AMORTISATION (F)			180.872	146.243
	PROFIT BEFORE TAX (E-F) (G)		836.527	149.218	297.672
Less	TAX (H)		170.269	23.628	73.486
	PROFIT AFTER TAX (G-H) (I)		666.258	125.590	224.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2214.593	2089.003	2079.817
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	215.000
	BALANCE CARRIED TO THE B/S		2880.851	2214.593	2089.003
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2641.251	3448.518
	TOTAL EARNINGS		NA	2641.251	3448.518
	IMPORTS
		Raw Materials and Components	1888.492	1181.675	1278.034
		Capital Goods	71.251	15.593	84.243
	TOTAL IMPORTS		1959.743	1197.268	1362.277
	Basic and Diluted Earnings Per Share (Rs.)		361.43	68.13	121.62

Particulars	31.03.2012
Sales Turnover [Approximately]	4600.000

Expected Sales (2012-13) : Rs.5000.000 Millions.

The above information has been parted by Mr. Sarang.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.46	4.53	6.31
Net Profit Margin (PBT/Sales)	(%)	19.97	5.42	8.39
Return on Total Assets (PBT/Total Assets}	(%)	25.20	5.69	10.74
Return on Investment (ROI) (PBT/Networth)		0.29	0.07	0.16
Debt Equity Ratio (Total Liability/Networth)		0.23	0.23	0.55
Current Ratio (Current Asset/Current Liability)		5.28	5.87	4.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Creditors due small micro enterprises	34.709	19.771	8.140
Creditors due others	265.388	176.143	56.233
Total	300.097	195.914	64.373

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	Yes
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 involved in	--
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

operation:-

During the year, the sales in terms of volume and revenue have growth over last year due to improvement in the US economy. The top-line during the year stood at Rs.4187.200 Millions, representing a growth of 52% as compares to the previous year. During the year the company has earned 316.200 Millions (Post tax) from sale of its idle land in Pune. The profit after tax stood at Rs.666.300 millions as against Rs.125.600 Millions in previous year, represents an increase of 430% compared to the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Income tax matters in respect of which of the company is in Appeal	18.366	79.442
Excise and Customs matters in respect of which the company is in appeal	5.762	3.914
Other matters in respect of which the company is in appeal	3.964	3.319

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10018049
Corporate identity number of the company	U31909MH1996PTC101929
Name of the company	SEMCO ELECTRIC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gate No.154/1 Mahalunge Village, Post Chakan, Pune - 410501, Maharashtra, India
Type of charge	Immovable property Movable Property
Particular of charge holder	ICICI Bank Limited Landmark, Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India CIN No.:L65190GJ1994PLC021012 Email : shanthi.venkatesan@icicibank.com
Nature of description of the instrument creating or modifying the charge	Joint Mortgage by deposit of title deed in respect of immovable properties dated 12.06.2009 Hypothecation of Movable properties vide first supplemental Joint Deed of Hypothecation dated 12.06.2009
Date of instrument Creating the charge	12.06.2009
Amount secured by the charge	Rs.1010.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per First Supplemental Working Capital Consortium Agreement dated 12.06.2009 Terms of Repayment As per First Supplemental Working Capital Consortium Agreement dated 12.06.2009 Margin As per First Supplemental Working Capital Consortium Agreement dated 12.06.2009 Extent and Operation of the charge First Charge on movable and immovable properties Others ICIC Bank is designated as the lead bank of the ICICI Bank consortium consisting of ICICI Bank, State Bank of India, IDBI Bank and the HSBC Limited
Short particulars of the property charged	All the piece and parcel of the land being, Gate No.154/1, 155/1, Plot No. A2 and B-27 at Chakan Pune and S. No. 276, H. N. 1 at Hinjewadi Pune. The whole of current assets of the borrower namely, Stock of Raw Materials, Stocks in process, semi-finished and finished goods, stores spares not relating to Plant and Machinery (Consumable stores and spares) and BR and Book Debts and all other movable related to current assets. The whole of Fixed Assets of the borrower including, plant and Machinery and all other movable fixed assets.
Date of latest modification prior to the present modification	29.05.2008
Particulars of the present modification	The above mentioned immovable/ movable properties mortgaged / Hypothecated for increase in limit from Rs.845.000 Millions to Rs.1010.000 Millions

FIXED ASSETS:-

· Plant and Machinery

· Freehold Land

· Leasehold Land

· Factory Building

· Other Building

· Dies

· Office Equipment

· Furniture and Fittings

· Vehicles

· Computer Software

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.55.86
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		63

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.