MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	SEW ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	104, Hanuman Industrial Estate, 42, G D Ambedkar Road, Wadala, Mumbai-400031, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.03.1998
Com. Reg. No.:	11-113861
Capital Investment / Paid-up Capital :	Rs. 38.045 Millions
CIN No.: [Company Identification No.]	U40100MH1998PTC113861
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is providing Electrical Contracting Services
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 830000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. The financial for the current year is missing from government department. However, from the previous year record. The general financial position appears to strong. Fundamental appears to be healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB + (Fund Based Facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	October 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Akhtar
Designation :	Accountant
Contact No.:	91-22-61359200
Date :	19.11.2012

LOCATIONS

Registered Office :	104, Hanuman Industrial Estate, 42, G D Ambedkar Road, Wadala, Mumbai-400031, Maharashtra, India
Tel. No.:	91-22-66606818
Fax No.:	91-22-66606818
E-Mail :	sanjay.gosalia@sewepl.net
Website :	www.sewepl.net
Location :	Owned
Correspondence Address :	302, Rustomjee Aspiree, Bhanu Shankar Yagnik Marg, Off Easter Express Highway, Sion (East), Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-61359200
Fax No.:	91-22-61359201
E-Mail :	sew@sewepl.net info@sewepl.net

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Bharat Shantilal Sanghavi
Designation :	Director
Address :	B 403, Nilesh Apartments, Haridas Nagar, Shimpoll Road, Borivali (West), Mumbai-400092, Maharashtra, India
Date of Birth/Age :	28.08.1955
Date of Appointment :	25.08.2009
DIN No.:	00046906
Name :	Ms. Farida Firdaus Masani
Designation :	Director
Address :	Vakil Building, 683-A, Khareghat Road, Parsi Colony, Dadar (East), Mumbai-400014, Maharashtra, India
Date of Birth/Age :	29.10.1954
Date of Appointment :	23.03.1998
PAN No.:	AAUPM3811B
DIN No.:	00151648
Name :	Mr. Firdaus Homi Masani
Designation :	Managing Director
Address :	Vakil Building, 683-A, Khareghat Road, Parsi Colony, Dadar (East), Mumbai-400014, Maharashtra, India
Date of Birth/Age :	16.05.1957
Date of Appointment :	06.03.1998
PAN No.:	AADPM5534G
DIN No.:	00151797
Name :	Mr. Kaniaz Firdaus Masani
Designation :	Director
Address :	Vakil Building, 683-A, Khareghat Road, Parsi Colony, Dadar (East), Mumbai-400014, Maharashtra, India
Date of Birth/Age :	26.01.1983
Date of Appointment :	10.09.2001
PAN No.:	AFVPM0099R
DIN No.:	00151882
Name :	Ms. Shahnaz Firdaus Masani
Designation :	Director
Address :	Vakil Building, 683-A, Khareghat Road, Parsi Colony, Dadar (East), Mumbai-400014, Maharashtra, India
Date of Birth/Age :	24.10.1985
Date of Appointment :	22.01.2004
PAN No.:	AJKPM3098B
DIN No.:	00151999
Name :	Mr. Vinaykumar Navnitrai Pandya
Designation :	Director
Address :	401/402, 0052 Oyal Enclave Society, Gurukul Road, Chala, Vapi-396191, Gujarat, India
Date of Birth/Age :	08.12.1965
Date of Appointment :	25.05.2010
DIN No.:	00171504
Name :	Mr. Amit Nalinkant Dalal
Designation :	Director
Address :	81, Shreman, 22, Narayan Dhabolkar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	31.01.1963
Date of Appointment :	17.04.2008
DIN No.:	00297603

KEY EXECUTIVES

Name :	Mr. Akhtar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Firdaus Homi Masani and Farida Firdaus Masani	1419366
Farida Firdaus Masani and Firdaus Homi Masani	470700
Kaniaz Firdaus Masani and Firdaus Homi Masani	418550
Shahnaz Firdaus Masani and Farida Firdaus Masani	418550
K K Chandran	10008
Basavaraj S Bansode	10002
Mukhtar G Shaikh	10002
Shreekanth H Dhari	9996
Chandrashekhar R Dasappanavar	9996
Peninsula Land Limited, India	989300
Amit Nalin securities Private Limited, India	38050
TOTAL	3804520

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	27.00
Directors or relatives of Directors	71.68
Other top fifty shareholders	1.31
Others	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Subject is providing Electrical Contracting Services
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

· Corporates

No. of Employees :

400 (Approximately)

Bankers :

· Bank of India, Mumbai MID Corporate, 70/80, M G Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai-400001, Maharashtra, India

· Bank of India, 328, Katrak Road, Wadala (West), Mumbai-400031, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans secured
Working capital loans banks secured	64.335	17.671
Loans taken for fixed assets secured
Loans taken for vehicles secured	5.129	3.342
TOTAL	69.464	21.013
NOTES 1. Secured against book debts 2. Bank of India 1.414 Millions 2.401 Millions (secured against hypothecation of motor cars) Kotak Mahindra Prime Limited 3.514 Millions (secured against hypothecation of motor cars) Tata Capital Limited 0.201 Million 0.941 Million (secured against hypothecation of motor cars)
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors unsecured	27.000	10.000
Other debt unsecured	57.870	0.000
TOTAL	84.870	10.000

Banking Relations :	--
Auditors :
Name :	A P and Company Chartered Accountant
Address :	512 A, Rewa Chambers, 5^th Floor, 31, Sir Cithaldas Thackercy Marg, Mumbai, Maharashtra, India
PAN No.:	AAAFA6366R
Related Parties :	· Starlite Electrical Works · Packwell Equipments · System Product Enterprises (India) Private Limited · Telematics Integrated Solutions Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3804520	Equity Shares	Rs.10/- each	Rs. 38.045 Millions

NOTES

Out of the above shares 2,665,600 shares are allotted as fully paid up by way of bonus shares and 605,800 shares are issued at premium of Rs. 56/-

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		38.045	38.045	38.045
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		169.492	106.744	79.134
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		207.537	144.789	117.179
LOAN FUNDS
1] Secured Loans		69.464	21.013	32.317
2] Unsecured Loans		84.870	10.000	0.000
TOTAL BORROWING		154.334	31.013	32.317
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		361.871	175.802	149.496
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.297	15.735	16.200
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.061	0.818	1.542
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	130.674	40.621	18.240
	Sundry Debtors	532.476	339.084	232.730
	Cash & Bank Balances	27.572	15.807	14.394
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	143.464	86.144	55.817
Total Current Assets		834.186	481.656	321.181
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	264.273	198.341	103.980
	Other Current Liabilities	120.818	58.488	39.813
	Provisions	107.638	65.690	45.802
Total Current Liabilities		492.729	322.519	189.595
Net Current Assets		341.457	159.137	131.586
MISCELLANEOUS EXPENSES		0.056	0.112	0.168
TOTAL		361.871	175.802	149.496

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Contract Receipts and Sales	1008.240	555.299	398.800
		Other Income	3.961	1.954	1.903
		TOTAL (A)	1012.201	557.253	400.703
Less	EXPENSES
		Office Expenses	883.524	493.406	358.193
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	883.524	493.406	358.193
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	[Including Financial	[Including Financial
			Expenses	Expenses	Expenses
Less	FINANCIAL EXPENSES (D)		And	And	And
			Depreciation]	Depreciation]	Depreciation]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)
Less/ Add	DEPRECIATION/ AMORTISATION (F)
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		128.677	63.847	42.510
Less	TAX (H)		43.820	22.884	15.929
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		84.857	40.963	26.581
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.819	45.209	25.304
Less	APPROPRIATIONS
		Propose Final Dividend	19.023	11.414	5.707
		Tax on Dividend	3.085	1.940	0.970
	BALANCE CARRIED TO THE B/S		135.568	72.818	45.208
	Earnings Per Share (Rs.)		22.30	10.78	7.20

Particulars	31.03.2012
Sales Turnover (Approximately)	770.000
	Due to market condition

Expected Sales (2012-2013) : Rs. 1300.000 Millions

The above information has been parted by Mr. Akhtar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.38	7.35	6.63
Net Profit Margin (PBT/Sales)	(%)	12.76	11.50	10.66
Return on Total Assets (PBT/Total Assets}	(%)	15.06	12.82	2.26
Return on Investment (ROI) (PBT/Networth)		0.62	0.44	0.36
Debt Equity Ratio (Total Liability/Networth)		3.12	2.44	1.89
Current Ratio (Current Asset/Current Liability)		1.69	1.49	1.69

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	102.968
Creditors due others	264.273	198.341	1.012
TOTAL	264.273	198.341	103.980

OPERATING BUSINESS AND RESULTS

The company has achieved significant growth during the last financial year.

The company has achieved Total Income of Rs. 1012.201 Millions during the year as against Rs. 557.253 Millions during the previous year representing an increase of 81%. The net profit after tax stood at Rs. 84.857 Millions compared to Rs. 40.963 Millions.

Over all 2010-11 has been a very satisfying year. The company has started Plumbing and Maintenance Division during the last financial year and also started operations in south zone.

The Company emerged stronger out of global economic downturn as it stayed close to its customers and helped them in the recovery process. The Company was aggressive in its quest for new contracts, executed on its full services strategy and maintained pricing discipline. This helped to deliver 81% revenue growth for the year along with overall performance.

FORM 8

Corporate identity number of the company	U40100MH1998PTC113861
Name of the company	SEW ENGINEERING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	104, Hanuman Industrial Estate, 42, G D Ambedkar Road, Wadala, Mumbai-400031, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10066504
Type of charge	· Immovable property
Particular of charge holder	Bank of India, Mumbai MID Corporate, 70/80, M G Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Oral Assent for Extension of Equitable Mortgage.
Date of instrument Creating the charge	22.06.2011
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate 3.00% above base rate presently 13.00% p.a. Commission on Guarantee/LC: As per extant guidelines. Terms of repayment On Demand. Margin Margin as may be stipulated by the bank from time to time. Extent and operation of the charge The Company accorded & gave oral consent to the bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties, as security for repayment of Rs.300.000 Millions by Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	Immovable properties being Flat No.103, A-wing, Building No.C-3 Mahalaxmi Nagar, Village Warze, Pune.
Date of instrument modifying the charge	20.05.2011
Particulars of the present modification	The mortgage/charge shall stand increased from Rs.162.500 Millions to Rs.300.000 Millions, against the immovable properties of the Company being lying and situate at Flat No.103, A-wing, Building No.C-3 Mahalaxmi Nagar, Village Warze, Pune.

FIXED ASSETS

· Building

· Furniture and Fixtures

· Motor Car

· Air conditioner

· Camera

· Cycle

· Electronic Printer

· Fax Machine

· Inverter

· Generator

· Router Equipments

· Pager and Mobile

· Plant and Machinery

· Refrigerator

· Tools an Equipments

· UPS

· Computer

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 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. 54.99
UK Pound	1	Rs. 87.21
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.