MIRA INFORM REPORT

Report Date :

06.02.2013

IDENTIFICATION DETAILS

Name :	SATEC ENVIR ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. A / 107 – 108, TTC Industrial Area, MIDC, Khairane, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.12.1991
Com. Reg. No.:	11-064661
Capital Investment / Paid-up Capital :	Rs. 76.826 millions
CIN No.: [Company Identification No.]	U29197MH1991PTC064661
PAN No.: [Permanent Account No.]	AACCS0746E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Suppliers and Service Providers of Pre – Engineered Building, Prefabricated Cabin, Portable Cabin, Prefabricated Portable Cabin, Cold Storage, Auto Components, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1086000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	CARE
Rating	BBB- (Long Term bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	4^th April, 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.

INFORMATION PARTED BY

Name :	Mr. S. Venkatesh
Designation :	Marketing Head
Contact No.:	91-9769897256
Date :	01.02.2013

LOCATIONS

Registered Office :	Plot No. A / 107 – 108, TTC Industrial Area, MIDC, Khairane, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9769897256 (Mr. S. Venkatesh)
Fax No.:	Not Available
E-Mail :	satecenvir@hotmail.com s.venkatesh@satic.co.in contact@satec.co.i
Website :	www.satec.co.in
Head Office :	601/2/3 ‘B’ Wing, Fairlink Center, Near Monginis Factory, Off Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-40698999
Fax No.:	91-22-40058626
Factory :	Survey No. 189/2, 190/2, 189/3, Butch – Bachav Road, Village Kaniyape, Taluka Butch – 370 020, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Amar Prakash Mahavir Prasad Agarwal
Designation :	Director
Address :	1505, Staler Tower, Lokhadwala, Andheri, Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	05.12.1957
Date of Appointment :	10.12.2002
DIN No.:	01431926
PAN No.:	ADBPA0382R
Name :	Mr. Tukaram Shivram Gawde
Designation :	Director
Address :	246, Parinita Niwas CHS Com, Appa Pada, Maharashtra Nagar, Malad (East), Mumbai – 400 097, Maharashtra, India
Date of Birth/Age :	01.09.1958
Date of Appointment :	10.12.2002
DIN No.:	01762887
PAN No.:	AJOPG9820F

KEY EXECUTIVES

Name :	Mr. S. Venkatesh
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mr. Amar Prakah Agarwal	534675
Mrs. Sujata Agarwal	125
Mr. Gaurav Agarwal	125
Trans Fleet Limited, India	233333
TOTAL	768258

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	30.37
Directors or relatives of Directors	69.63
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Suppliers and Service Providers of Pre – Engineered Building, Prefabricated Cabin, Portable Cabin, Prefabricated Portable Cabin, Cold Storage, Auto Components, etc.
Products :	v Porta Cabin v Auto Components v Telecom Shelters v Telecom Towers v Cold Storage v Insulated Roof Sheets v Solar Products
	v
Exports :
Products :
Countries :	v Africa v Australia v Kenya v Zimbabwe
Imports :
Products :	Machinery
Countries :	China

GENERAL INFORMATION

Suppliers :

v Tata Steel Limited

Customers :

v ESSAR

v JINDAL

v Idea

v ITI Limited

v POWERGRID

v ETPIL

v QUIPO

v GTL Limited

v BHEL

v TVS

v Motorola

v Reliance

v Ericson

v Thales Portugal

v Simena (INDIA) Limited

v Verdanta Aluminum Limited

v Wireless – TT Info Services Limited

v Zamil New Delhi Infrastructure Private Limited

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Marin Drive Branch, Giri Kunj, 71, Marine Drive, Mumbai – 400 020, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Other Loans and Advances	1.144	2.096
Working Capital Loans from Banks	203.105	106.852
Total	204.249	108.948

Banking Relations :	--
Auditors :
Name :	Murarilal Agrawal and associates Chartered Accountants
Address :	116, Chandrika – A Jeevan Vikas Housing Society, Near Tuling Water Tank, Virar Road, Nallasopara (East), District Thane – 401 209, Maharashtra, India
Tel. No.:	91-952502432338
E-Mail :	murariagrawal@yahoo.com
PAN No.:	ABAPA7417J
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relative:	v Satec Solar Energy Private Limited v Transfleet Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100/- each	Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
768258	Equity Shares	Rs. 100/- each	Rs. 76.826 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		76.826	51.492	51.492
2] Share Application Money		92.500	56.620	33.170
3] Reserves & Surplus		102.421	27.952	15.607
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		271.747	136.064	100.269
LOAN FUNDS
1] Secured Loans		204.249	108.948	86.974
2] Unsecured Loans		52.591	0.080	10.600
TOTAL BORROWING		256.840	109.028	97.574
DEFERRED TAX LIABILITIES		8.878	6.605	4.342
TOTAL		537.465	251.697	202.185
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		156.892	82.006	75.145
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		70.016	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	(4.342)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	230.871	97.690	77.041
	Sundry Debtors	152.339	108.356	58.346
	Cash & Bank Balances	26.389	18.623	14.258
	Other Current Assets	0.000	0.000	4.342
	Loans & Advances	23.193	35.859	25.442
Total Current Assets		432.792	260.528	179.429
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.994	77.640	45.187
	Other Current Liabilities	45.099	9.458	0.329
	Provisions	8.142	3.739	2.531
Total Current Liabilities		122.235	90.837	48.047
Net Current Assets		310.557	169.691	131.382
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		537.465	251.697	202.185

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	673.943	372.949	333.253
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	639.359	354.189	321.540
	PROFIT/(LOSS) BEFORE TAX		34.584	18.760	11.713
Less	TAX		10.780	6.142	3.886
	PROFIT/(LOSS) AFTER TAX		23.803	12.345	7.827
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.951	15.607	7.780
	BALANCE CARRIED TO THE B/S		51.754	27.952	15.607
	EARNINGS IN FOREIGN CURRENCY		0.000	29.917	116.547
	IMPORTS		3.111	2.128	0.000
	Earnings/(Loss) Per Share (Rs.)		30.98	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.53	3.31	2.35
Return on Total Assets (PBT/Total Assets}	(%)	5.86	5.48	4.60
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.12
Debt Equity Ratio (Total Debt/Networth)		0.95	0.80	0.97
Current Ratio (Current Asset/Current Liability)		3.54	2.86	3.73

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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
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

Note:

The registered office of the company has been shifted from 124, Kuber Complex, Opposite Laxmi Industrial Estate, Off Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India to Plot No A/107-108, TTC Industrial Area, MIDC, Khairane, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra, India w.e.f. 01.03.2011

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Intercorporate Deposits	52.591	0.000
Working Capital Loans from Banks	0.000	0.080
Total	52.591	0.080

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

(Rs. in millions)

PARTICULARS	31.03.2012
Bank Guarantee	11.510

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29197MH1991PTC064661
Name of the company	SATEC ENVIR ENGINEERING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No A/107-108, TTC Industrial Area, MIDC, Khairane, Thane – Belapur Road, Navi Mumbai – 400 705, Maharashtra, India e-mail: satecenvir@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	10317071
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Marine Drive Branch, Giri Kunj, 71, Marine Drive, Mumbai – 400020, Maharashtra, India e-mail: shirishshetye@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery and Vehicles.
Date of instrument Creating the charge	13.12.2012
Amount secured by the charge	Rs. 238.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on the cash credit limit at the rate of 4.25% p.a. over base rate of the Bank per annum with monthly rests. Terms of Repayment On Demand. Margin 30% Extent and Operation of the charge The charge is modified to secure Bank Guarantee facility Rs. 33.700 millions, Letter of Credit facility of Rs.40.000 millions and Cash Credit Hypothecation of Stock and Book Debts facility of Rs. 165.000 millions, aggregating to Rs. 238.700 millions together with interest, further interest, additional interest, penal interest, commission fees, cost, charges and expenses incurred or to be incurred by the Bank till date of payment.
Short particulars of the property charged	Stocks, both present and future and all stocks of raw materials, work-in-process, semi-finished goods, finished goods such as Pre fabricated Polyurethene (PUF) sandwiched insulation panels, Auto Components and Fabrication Components etc., packing materials and stores etc. All the present and future book-debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities, etc. All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles together with spares, tools and accessories and other movables, both present and future, and the furniture fixtures and fitting and office equipment whether installed or not and whether lying loose or in cases at Plot No.147 - Village - Kaniyabe - Bhuj Bhachau Road - T. Bhuj - (Kutch) and 2nd Floor, Fairlink Centre - Andheri (W), Mumbai
Date of latest modification prior to the present modification	28.09.2012
Particulars of the present modification	The charge is increased upto Rs. 238.700 millions to cover Bank Guarantee facility Rs. 33.700 millions, Letter of Credit facility of Rs. 40.000 millions and Cash Credit Hypothecation of Stock and Book Debts facility of Rs. 165.000 millions

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.53.29
UK Pound	1	Rs.83.97
Euro	1	Rs.71.88

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.