MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	USHA INTERNATIONAL LIMITED (w.e.f. 20.06.2008)
Formerly Known As :	THE JAY ENGINEERING WORKS LIMITED
Registered Office :	19, Kasturba Gandhi Marg, New Delhi – 110001, Delhi
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	08.11.1935
Com. Reg. No.:	55-007123
Capital Investment / Paid-up Capital :	Rs.485.837 Millions
CIN No.: [Company Identification No.]	U74210DL1935PLC007123
TAN No.: [Tax Deduction & Collection Account No.]	DELU02431C
PAN No.: [Permanent Account No.]	AAACU0032B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Quality Ceiling Fans, Ventilating, Exhaust Fan, Pedestal and Electric Wall Fans.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “Siddharth Shriram Group”. It is a well established and reputed company having a good track record. There appears slight dip in the profitability during the year 2011-2012. However, general financial position of the company appears to be strong. Performance capability is high. The company get’s general support from its group companies. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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	ICRA
Rating	A (Fund Based Limit)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligations. It carry low credit risk.
Date	September 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 :	19, Kasturba Gandhi Marg, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-23318114
Fax No.:	91-11-23318118 / 23318119
E-Mail :	manoj_agrawal@ushainternational.com shankar_jee@ushainternational.com exports@ushainternational.com
Website :	www.ushainternational.com
Head Quarters	Plot No.15, Institutional Area, Sector-32, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4583100
Fax No.:	91-124-4583200 / 2883300
Email :	corporate@ushainternational.com
Regional Office :	Balanagar Township, Hyderabad-500037, Andhra Pradesh, India
Tel No.:	91-40-23078900

DIRECTORS

AS ON 26.09.2012

Name :	Mr. Siddharth Shriram
Designation :	Director
Address :	No. 3A, Chitrakoot The Green, Opp. Air Force Station, Rajokari, New Delhi – 110038, Delhi, India
Date of Birth/Age :	18.01.1945
Date of Appointment :	30.08.1996
DIN No. :	00027750

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	L40103DL2004PLC203950	HONDA SIEL POWER PRODUCTS LIMITED	Director	19/09/1985	19/09/1985	-	Active	NO
2	U27109DL1901PLC022060	HONDA SIEL POWER PRODUCTS LTD	Director	19/09/1985	19/09/1985	-	Not Available for eFiling	NO
3	U74999DL1996PTC075652	CERATIZIT INDIA PRIVATE LIMITED	Director	22/01/1996	22/01/1996	-	Active	NO
4	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	28/05/1996	28/05/1996	-	Amalgamated	NO
5	U51909DL1980PTC010166	MADAN SHREE ENTERPRISES PRIVATE LIMITED	Director	21/08/1996	21/08/1996	-	Dormant	NO
6	U74899DL1958PTC002892	M.S.R. ENTERPRISES PRIVATE LIMITED	Director	21/08/1996	21/08/1996	-	Amalgamated	NO
7	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
8	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	29/12/1997	29/12/1997	09/08/2012	Active	NO
9	L15421DL2002PLC118184	MAWANA SUGARS LIMITED	Managing director	01/10/2006	26/12/2002	-	Amalgamated	NO
10	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	28/01/2003	28/01/2003	24/04/2007	Amalgamated	NO
11	L74100DL1961PLC003413	MAWANA SUGARS LIMITED	Managing director	15/10/2012	30/09/2003	-	Active	NO
12	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22/10/2003	22/10/2003	-	Amalgamated	NO
13	U65993DL1989PTC035857	PERENNIAL INVESTMENTS PRIVATE LIMITED	Director	09/01/2004	09/01/2004	-	Amalgamated	NO
14	U67120DL2005PTC139480	ZAFIRA HOLDINGS PRIVATE LIMITED	Director	09/08/2005	09/08/2005	-	Dormant	NO
15	U74899DL2006PLC144412	MAWANA FOODS LIMITED	Director	03/01/2006	03/01/2006	-	Active	NO
16	U51109DL1984PTC195049	GREENFIELDS COMMERCIAL PRIVATE LIMITED	Director	24/08/2007	23/08/2006	-	Amalgamated	NO
17	U40105DL1998PTC094903	VV SERVOTECH PRIVATE LIMITED	Director	20/08/2007	04/09/2006	-	Active	NO
18	U45209DL1994PLC057359	SIEL INDUSTRIAL ESTATE LIMITED	Director	28/09/2011	25/10/2010	-	Active	NO
19	U74899DL1985PTC021191	SIEL INFRASTRUCTURE AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	20/06/2012	19/06/2012	-	Active	NO

Name :	Mr. Krishna Shriram
Designation :	Whole Time Director
Address :	D 46, Malcha Marg, New Dlehi-110021, India
Date of Birth/Age :	03.06.1970
Date of Appointment :	09.05.2011
DIN No. :	00031783

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	U00000DL1990PTC039388	HURRYKRISHNA VENTURE PRIVATE LIMITED	Director	26/02/1998	26/02/1998	Active	NO
2	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	20/08/2007	24/04/2007	Amalgamated	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Whole-time director	27/05/2011	30/07/2008	Active	NO
4	U73200UP1997PTC023702	H-ONE INDIA PRIVATE LIMITED	Director	26/09/2008	26/08/2008	Active	NO
5	U40105DL1998PTC094903	VV SERVOTECH PRIVATE LIMITED	Director	20/10/2010	20/10/2010	Active	NO

Name :	Ms. Chhaya Shriram
Designation :	Director
Address :	D-46, Malcha Marg, New Delhi – 110021, Delhi, India
Date of Birth/Age :	18.02.1969
Date of Appointment :	23.06.2008
DIN No. :	00027813

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	U51109DL1984PTC195049	GREENFIELDS COMMERCIAL PRIVATE LIMITED	Director	20/06/2002	20/06/2002	-	Amalgamated	NO
2	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Whole-time director	21/10/2007	11/08/2003	-	Amalgamated	NO
3	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22/10/2003	22/10/2003	-	Amalgamated	NO
4	U65993DL1989PTC035857	PERENNIAL INVESTMENTS PRIVATE LIMITED	Director	20/01/2006	20/01/2006	-	Amalgamated	NO
5	U74899DL1958PTC002892	M.S.R. ENTERPRISES PRIVATE LIMITED	Director	20/01/2006	20/01/2006	-	Amalgamated	NO
6	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	29/09/2008	17/02/2006	-	Amalgamated	NO
7	U51909DL1980PTC010166	MADAN SHREE ENTERPRISES PRIVATE LIMITED	Director	23/08/2006	23/08/2006	-	Dormant	NO
8	U40105DL1998PTC094903	VV SERVOTECH PRIVATE LIMITED	Director	20/08/2007	04/09/2006	20/10/2010	Active	NO
9	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Whole-time director	01/04/2010	23/06/2008	-	Active	NO

Name :	Mr. Nandan Kumar Goila
Designation :	Director
Address :	A-65/1, SFS Flats Saket, New Delhi – 110017, Delhi, India
Date of Birth/Age :	14.04.1947
Date of Appointment :	30.08.1996
DIN No. :	00025007

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	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
2	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	09/01/2001	09/01/2001	14/04/2008	Active	NO
3	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	11/08/2003	11/08/2003	-	Amalgamated	NO
4	L15421DL2002PLC118184	MAWANA SUGARS LIMITED	Director	27/09/2003	27/09/2003	-	Amalgamated	NO
5	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22/10/2003	22/10/2003	-	Amalgamated	NO
6	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	18/02/2004	18/02/2004	24/04/2007	Amalgamated	NO
7	L74100DL1961PLC003413	MAWANA SUGARS LIMITED	Director	21/07/2006	31/03/2006	-	Active	NO
8	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Director	15/10/2007	18/09/2006	13/04/2008	Active	NO
9	U45209DL1994PLC057359	SIEL INDUSTRIAL ESTATE LIMITED	Director	28/09/2011	25/10/2010	-	Active	NO

Name :	Mr. Anil Kumar Jain
Designation :	Director
Address :	C-2, Sector 20, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	18.03.1951
Date of Appointment :	23.06.2008
DIN No. :	00027911

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	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	29/09/1997	29/09/1997	Amalgamated	NO
2	U72200DL2002PTC115459	TRUSTED INFO SYSTEMS PRIVATE LIMITED	Director	21/05/2002	21/05/2002	Active	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29/09/2008	23/06/2008	Active	NO
4	L92114DL1976PLC008355	COSMO FILMS LIMITED	Whole-time director	24/05/2011	24/05/2011	Active	NO
5	L27106HP1985PLC006378	COSMO FERRITES LIMITED	Director appointed in casual vacancy	12/08/2011	12/08/2011	Active	NO

Name :	Mr. Pramod Kumar Bhalla
Designation :	Director
Address :	H. No. 3509, DLF Phase IV, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	08.07.1952
Date of Appointment :	30.10.2007
DIN No. :	00035955

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	L74100DL1961PLC003413	MAWANA SUGARS LIMITED	Director	01/10/2000	01/10/2000	15/10/2007	Active	NO
2	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	20/08/2007	24/04/2007	-	Amalgamated	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29/09/2008	30/10/2007	-	Active	NO
4	U45209DL1994PLC057359	SIEL INDUSTRIAL ESTATE LIMITED	Director	28/09/2011	25/10/2010	-	Active	NO
5	U74899DL1985PTC021191	SIEL INFRASTRUCTURE AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	20/06/2012	19/06/2012	-	Active	NO

Name :	Mr. Anand Kumar Chowdhury
Designation :	Director
Address :	R-749, Ground Floor, New Rajendra Nagar, New Delhi – 110060, Delhi, India
Date of Birth/Age :	04.04.1944
Date of Appointment :	23.06.2008
DIN No. :	00044601

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	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29/09/2008	04/04/2002	Active	NO
2	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22/10/2003	22/10/2003	Amalgamated	NO

Name :	Mr. Vinod Kumar Wazir
Designation :	Director
Address :	C-515, Defence Colony, New Delhi – 110024, Delhi, India
Date of Birth/Age :	07.07.1939
Date of Appointment :	23.06.2008
DIN No. :	01503448

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	U74899DL1991PTC045216	FUSION TRADING COMPANY PRIVATE LIMITED	Director	01/08/1991	01/08/1991	Active	NO
2	U74899DL1994PTC058477	FUSION AURO AGENCIES PRIVAQTE LIMITED	Director	19/04/1994	19/04/1994	Active	NO
3	U74899DL1995PTC074432	WBW CONSULTANTS PRIVATE LIMITED	Director	07/12/1995	07/12/1995	Strike off	NO
4	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Additional director	21/08/2006	21/08/2006	Amalgamated	NO
5	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29/09/2008	23/06/2008	Active	NO

Name :	Mr. Raj Pandit
Designation :	Director
Address :	No.26, Cebars Close London, United Kingdom
Date of Birth/Age :	13.07.1951
Date of Appointment :	28.04.2012
DIN No.:	05310387

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	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	26/09/2012	28/04/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Archana Maini
Designation :	Secretary
Address :	House No.32A, Street No.10, New Mahavir Nagar, Near Janakpuri, Metro Street, New Delhi-110018, India
Date of Birth/Age :	25.12.1974
Date of Appointment :	02.07.2012
PAN No.:	ANWPM1214F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Krishna Shriram	18366610
Enterprise Trust, India	15032728
Zafira Trust, India	203
Zafira Trust, India	14575897
Chhaya Shriram	607864
Siddharth Shriram	117
Terrestrial Market Private Limited, India	295
Pramod Kumar Bhalla	1
TOTAL	48583715

AS ON 26.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	39.05
Other top fifty shareholders	60.95
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Quality Ceiling Fans, Ventilating, Exhaust Fan, Pedestal and Electric Wall Fans.

Products :

Product Description	Item Code No.(ITC Code)
Electrical Fan	8414
Sewing Machine	8452
Engines and Pumps	8408,8413,8516,8509,8504,8421,8418

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· IDBI Bank Limited, Videocon Tower, 1^st Floor, E-1, Jhandewalan Extension, New Delhi-110055, India

· Bank of Baroda, Corporate Financial Services Branch, Bank of Baroda Building, Ground Floor, 16, Parliament Street, New Delhi – 110001, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	1535.251	0.000
Working capital loans secured
Working capital loans financial institutions secured	422.468	77.545
Other debt secured	400.000	0.000
TOTAL	2357.719	77.545

Banking Relations :	--
Auditors :
Name :	Thakur Vaidyanath Aiyar and Company Chartered Accountant
Address :	221, 223, Deen Dayal Marg, Delhi – 110002, India
PAN No.:	AAAFT3096M
Subsidiaries (As On 31.03.2011) :	· Avro Sales Private Limited · Mawana Sugars Limited · Siel Financial Services Limited · Transiel India Limited · Siel Edible Oils Limited · SFSL Investments Limited · Siel Industries Estate Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48583715	Equity Shares	Rs.10/- each	Rs. 485.837 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		485.837	485.837
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1750.302	1462.186
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2236.139	1948.023
LOAN FUNDS
1] Secured Loans		2357.719	77.547
2] Unsecured Loans		95.024	90.351
TOTAL BORROWING		2452.743	167.898
DEFERRED TAX LIABILITIES		14.967	0.000
TOTAL		4703.849	2115.921
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1495.071	566.799
Capital work-in-progress		755.519	9.379
INVESTMENT		1448.687	1457.615
DEFERREX TAX ASSETS		0.000	3.765
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2251.825	1127.780
	Sundry Debtors	1090.008	847.602
	Cash & Bank Balances	500.155	380.763
	Other Current Assets	1.084	0.848
	Loans & Advances	297.267	145.818
Total Current Assets		4140.339	2502.811
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2342.089	2116.304
	Other Current Liabilities	671.565	236.210
	Provisions	122.113	71.934
Total Current Liabilities		3135.767	2424.448
Net Current Assets		1004.572	78.363
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		4703.849	2115.921

Note: Current year Balance Sheet is not available

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	15604.200	12980.816	10063.367
		Agency Commission	0.000	0.000	19.545
		Other Income	166.770	120.987	156.162
		TOTAL (A)	15770.970	13101.803	10239.074
Less	EXPENSES
		Cost of materials consumed	876.580	927.346	9650.081
		Purchases of stock-in-trade	9483.410	8867.666
		Employee benefit expense	1039.013	846.831
		Other expenses	3617.384	2885.886
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(153.587)	(1171.501)
		TOTAL (B)	14862.800	12356.228	9650.081
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		908.170	745.575	588.993
Less	FINANCIAL EXPENSES (D)		406.097	100.758	20.069
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		502.073	644.817	568.924
Less/ Add	DEPRECIATION/ AMORTISATION (F)		257.936	104.538	65.253
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		244.137	540.279	503.671
Less	TAX (H)		74.979	163.042	177.155
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		169.158	377.237	326.516
	Earnings Per Share (Rs.)		3.00	7.76	6.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.07	2.88	3.19
Net Profit Margin (PBT/Sales)	(%)	1.56	4.16	5.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.59	16.38
Return on Investment (ROI) (PBT/Networth)		NA	0.24	0.26
Debt Equity Ratio (Total Debt /Networth)		NA	1.10	0.09
Current Ratio (Current Asset/Current Liability)		NA	1.32	1.03

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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Fixed deposits unsecured	1.122	11.821
Other debt unsecured	93.669	78.262
Interest accrued due unsecured loans		0
Interest accrued due unsecured loans	0.233	0.268
TOTAL	95.024	90.351

FORM 8

Corporate identity number of the company	U74210DL1935PLC007123
Name of the company	USHA INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	19, Kasturba Gandhi Marg, New Delhi-110001, Delhi, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10279378
Type of charge	· Immovable property
Particular of charge holder	IDBI Bank Limited, Videocon Tower, 1^st Floor, E-1, Jhandewalan Extension, New Delhi-110055, India
Nature of instrument creating charge	Line of Credit (LOC) of Rs 1000.000 Millions for Direct Discounting of Invoices to MSE - PSL vendors of M/s Usha International Limited.
Date of instrument Creating the charge	29.11.2012
Amount secured by the charge	Rs. 1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Discount Rate of BBR + 0.25% (Presently BBR is 10.50% p.a.) payable upfront. Terms of repayment As per Sanction Letter. Margin Nil Extent and operation of the charge As Per Sanction Letter.
Short particulars of the property charged (Including location of the property)	Immovable Property measuring 8343.75 sq. mts comprised in the property bearing no. 15, Gurgaon Echelon Institutional Sector 32, Gurgaon, in the state of Haryana.
Date of instrument modifying the charge	01.08.2011
Particulars of the present modification	IInd Modification dated 29/11/12 in respect of property at Plot No. 15, Gurgaon Echelon Institutional Sector 32, Gurgaon, in the state of Haryana.

FIXED ASSETS

· Goodwill

· Land – Free Hold

· Building – Free Hold and Lease Hold

· Plant and Machinery

· EDP Equipment

· Sewing School Appliances

· Furniture, Fixture and Equipment

· Improvement on Leased Premises

· Vehicles

WEBSITE DETAILS

History:

1934

India’s first indigenous sewing machine marketed under the brand name USHA.

1946

The first Indian Sewing Machine is exported.

1948

Fans are added to the product range.

1950

The first Indian Fan exported.

1966

Dr. Charat Ram appointed as Chairman of the board of UIL.

1968

Diesel Engines are added to the Usha product range.

1975

Usha becomes a Public Limited Company.

1979

Fuel Injection Equipment is introduced to the Usha Auto Components range.

1982

Usha Sales is renamed to Usha International.

1984

Launches a range of Home Appliances.

1994

Fourth generation fully automatic Sewing Machines in collaboration with Janome Sewing Machine Company of Japan is added to the product range.

1994

Monoblock pumps followed by a complete range of water lifting equipment are launched.

1996

Introduces a new range of diesel engines for power generation.

2000

Commences marketing of Light Weight Kerosene pumpsets powered by Honda engines.

2001

Tie-up with Hunter Fan Company of USA for marketing of premium Usha Hunter ceiling fans.

2005

Purchase of Water Cooler factory from DAIPL.

2007

Appointed as super distributor for 2 and 3 wheeler spark plugs in India by NGK Spark Plug Company Limited, Japan.

2008

As of June 2, 2008, Usha International Limited and Shriram Fuel Injection Industries Limited have merged into Jay Engineering Works limited, and the merged entity has been re-named Usha International Limited.

2009 

Launches a range of Cooktops, Built-in-Hobs and Cooker Hoods.

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 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. 54.38
UK Pound	1	Rs. 82.04
Euro	1	Rs. 69.58

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.