MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	EVERGREEN ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	35-B, Mahal Industrial Estate Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.07.1972
Com. Reg. No.:	015875
Capital Investment / Paid-up Capital :	Rs.45.000 Millions
CIN No.: [Company Identification No.]	U31300MH1972PTC015875
TAN No.: [Tax Deduction & Collection Account No.]	MUME04613A
PAN No.: [Permanent Account No.]	AAACE2499L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Lighting Components and Devices.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company has recorded growth in the sales during 2011. There appears some dip in the profitability. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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	CRISIL
Rating	BBB + [Long Term]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	15.06.2012

Rating Agency Name	CRISIL
Rating	A2 [Short Term]
Rating Explanation	Strong degree of safety and low credit risk.
Date	15.06.2012

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.

LOCATIONS

Registered Office / Factory 1 :	35-B, Mahal Industrial Estate Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India.
Tel. No.:	91-22-26878877/28362450
Fax No.:	91-22-26874032/283374500
E-Mail :	accounts@evggroup.com
Area :	20000 sq. ft
Location :	Owned
Factory 2 :	Plot No. 9/10, 16/17, Chinchpada, Village Gokhivare, Taluka Vasai, District Thane-401201, Maharashtra, India

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Arvind Gurpur Rao

Designation :

Director

Address :

602, Sankalp Buiding, Plot -77, Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

06.06.1933

Qualification :

Bachelor of Engineer

Date of Appointment :

01.07.1972

Din No.:

01395853

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	Company/ LLP Status	Defaulting status
1	U31300MH1972PTC015875	EVERGREEN ENGINEERING COMPANY PRIVATE LIMITED	Managing director	01/07/1972	01/07/1972	Active	NO
2	U32105MH1992PTC068731	ENSAVE DEVICES PRIVATE LIMITED	Director	06/07/2001	06/07/2001	Active	NO
3	U72900MH2000PTC128145	CYBERDEX (INDIA) PRIVATE LIMITED	Director	30/04/2007	30/04/2007	Strike off	NO
4	U31401MH2008PTC179677	EVERGREEN ELECTRICALS PRIVATE LIMITED	Director	04/03/2008	04/03/2008	Active	NO

Name :

Mr. Damodar Gurpur Rao

Designation :

Director

Address :

B – 203,Gazdar Appartment, Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

14.09.1944

Qualification :

ME

Date of Appointment :

03.09.1978

Din No.:

01304179

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	U31300MH1972PTC015875	EVERGREEN ENGINEERING COMPANY PRIVATE LIMITED	Director	03/09/1978	03/09/1978	-	Active	NO
2	U32105MH1992PTC068731	ENSAVE DEVICES PRIVATE LIMITED	Director	06/07/2001	06/07/2001	31/03/2010	Active	NO
3	U31401MH2008PTC179677	EVERGREEN ELECTRICALS PRIVATE LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO

Name :

Mr. Deepak Arvind Rao

Designation :

Director

Address :

601-602, C Wing, Skupan New Link Raod, Oshiwara, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

16.04.1958

Qualification :

Bachelor of Enginner

Date of Appointment :

01.04.1996

Din No.:

01304296

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	Company/ LLP Status	Defaulting status
1	U31300MH1972PTC015875	EVERGREEN ENGINEERING COMPANY PRIVATE LIMITED	Director	01/04/1996	01/04/1996	Active	NO
2	U32105MH1992PTC068731	ENSAVE DEVICES PRIVATE LIMITED	Director	06/07/2001	06/07/2001	Active	NO

Name :

Mr. Vinay Aravind Rao

Designation :

Director

Address :

601, Sankalp Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

19.06.1962

Qualification :

M Tech

Date of Appointment :

12.03.2010

Din No.:

03103429

Name :

Mr. Giridhar Damodar Rao

Designation :

Director

Address :

203/B, Gazdar Apartment, Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

07.04.1980

Qualification :

Master of Business Administration

Date of Appointment :

12.03.2010

Din No.:

03103411

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	Company/ LLP Status	Defaulting status
1	U31300MH1972PTC015875	EVERGREEN ENGINEERING COMPANY PRIVATE LIMITED	Director	12/03/2010	12/03/2010	Active	NO
2	U31401MH2008PTC179677	EVERGREEN ELECTRICALS PRIVATE LIMITED	Director	06/05/2011	06/05/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	No. of Shares
Arvind Gurpur Rao	102600
Sudha Arvind Rao	48000
Deepak Arvind Rao	36000
Jyoti D. Rao	22500
Avinash D. RAo	10500
Vinay Aravind Rao	43800
Leena V. Rao	25200
Sunil A. Rao	3900
Damodar Gurpur Rao	52800
Nirmala D. Rao	47700
Giridhar Damodar Rao	36000
Mithila G. Rao	18000
Prabhakar G. Rao	3000
TOTAL	450000

AS ON 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Lighting Components and Devices.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Electrical Fittings, Panel Boards, Switchgear	Nos.	25 Lacs	1198793
Fabrication, MCCB, Ballasts, Switchgear	Nos.	55 Lacs	2779346
Others	Nos.	20 Lacs	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank of India, Andheri (East), Branch, Mayani Manor, M.V. Road, Andheri (East), Mumbai – 400069, Maharashtra, India
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	4.197	10.717
Working capital loans	15.574	12.758
Other debts	189.747	137.229
TOTAL	209.518	160.704
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans directors	12.796	16.496
Other debts	13.568	14.416
TOTAL	26.364	30.912

Banking Relations :	--
Auditors :
Name :	Gandhi and Shroff Chartered Accountant
Address :	2, Ground Floor, Shanti Sadan, 45 Telli Galli, Andheri (East), Mum,bai – 400069, Maharashtra, India
Tel. No.:	91-22-26827001/26827002
Fax No.:	91-22-26827004
PAN No:	AAAFG2842G
Related Parties :	· Damodar Engineers · Ensave Devices Private Limited · HRC Engineers

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 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		45.000	45.000	1.178
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		248.594	231.123	233.721
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		293.594	276.123	234.899
LOAN FUNDS
1] Secured Loans		209.518	160.704	163.069
2] Unsecured Loans		26.364	30.912	33.234
TOTAL BORROWING		235.882	191.616	196.303
DEFERRED TAX LIABILITIES		27.773	25.664	23.169
TOTAL		557.249	493.403	454.371
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		223.403	229.470	198.657
Capital work-in-progress		0.060	0.000	0.218
INVESTMENT		1.181	1.181	0.019
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.252	138.458	101.677
	Sundry Debtors	408.115	347.976	268.712
	Cash & Bank Balances	6.249	6.469	7.002
	Other Current Assets	3.896	4.619	4.541
	Loans & Advances	63.394	40.580	65.927
Total Current Assets		623.906	538.102	447.859
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	246.585	240.487	127.417
	Other Current Liabilities	0.000	0.000	17.163
	Provisions	44.716	34.863	47.802
Total Current Liabilities		291.301	275.350	192.382
Net Current Assets		332.605	262.752	255.477
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		557.249	493.403	454.371

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1283.773	1034.960
		Other Income		18.713	24.221
		TOTAL (A)	1666.487	1302.486	1059.181
Less	EXPENSES
		Material Cost		994.732	757.642
		Manufacturing and other Expenses		131.697	141.023
		Personnel Expenses		45.966	39.082
		Administrative and Other Expenses		22.748	23.242
		TOTAL (B)	1626.671 [Including Financial Expenses and Depreciation]	1195.144	960.989
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			107.342	98.192
Less	FINANCIAL EXPENSES (D)			30.646	24.523
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			76.696	73.669
Less/ Add	DEPRECIATION/ AMORTISATION (F)			15.990	13.305
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		39.816	60.706	60.364
Less	TAX (H)		11.884	18.992	19.580
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		27.932	41.714	40.784
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	92.335	63.183
Less	P and L Appropriation A/c		NA	0.123	0.609
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	13.392	10.335
		Dividend	NA	0.589	0.588
		Tax on Dividend	NA	0.100	0.100
	BALANCE CARRIED TO THE B/S		NA	119.845	92.335
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	0.848
	IMPORTS
		Raw Materials	NA	NA	16.108
		Capital Goods	NA	NA	10.168
	TOTAL IMPORTS		NA	NA	26.276
	Earnings / (Loss) Per Share (Rs.)		62.07	92.69	3462.13

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.67	3.20	3.85
Net Profit Margin (PBT/Sales)	(%)	NA	4.72	5.83
Return on Total Assets (PBT/Total Assets}	(%)	4.70	7.90	9.33
Return on Investment (ROI) (PBT/Networth)		0.14	0.21	0.25
Debt Equity Ratio (Total Liability/Networth)		1.80	1.69	1.65
Current Ratio (Current Asset/Current Liability)		2.14	1.95	2.32

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	Yes
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	Yes
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 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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

FINANCIAL RESULTS:

The Working of the Company for the year after meeting all expenses, but before provision for depreciation and taxation in a profit of Rs.39.816 Millions before providing provision for taxation towards Current Tax for Rs.9.775 Millions. Deferred Tax Asset/ Liability for Rs.2.109 Millions and after making the provision for taxation to the extent of Rs.27.932 Millions The company turnover for the year stood at Rs.1666.487 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Dies, Patterns and Tools

· Factory Equipments

· Electrical Installation

· Computer and Data Processing

· Office Equipments

· Air Conditioner

· Furniture and Fixtures

· Motor Car

· Vehicles

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 errorist 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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

TPT

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	6
--PROFITABILIRY	1~10	5
--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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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	-

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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.