MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	SAVAIR ENERGY LIMITED
Formerly Known As :	ENERGY LOGISTICS PRIVATE LIMITED
Registered Office :	Plot No. A-564, TTC Industrial Area, MIDC, Mahape, Navi Mumbai - 400709, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.01.2001
Com. Reg. No.:	11-130547
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U63011MH2001PLC130547
TAN No.: [Tax Deduction & Collection Account No.]	MUME05321B
PAN No.: [Permanent Account No.]	AAACE8939M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is an EPC Company engaged in providing turnkey solutions in compresses air systems, chilling plants, fire-fighting systems, oil and gas storage and distribution systems and water-treatment plants.
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 877000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct 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

EXTERNAL AGENCY RATING

Date: January 2012

CRISIL has suspended its rating ‘Cash Credit’ due to lack of information.

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 :	Plot No. A-564, TTC Industrial Area, MIDC, Mahape, Navi Mumbai-400709, Maharashtra
Tel. No.:	91-91-22-27781916/ 17/ 28/ 29/ 30/ 33
Fax No.:	91-22-27781935
E-Mail :	savair@vsnl.net savair@vsnl.net sales@savair.co.in accounts@savair.co.in
Website :	http://www.savair.co.in
Factory :	Plot No. N-3, Additional MIDC, Anand Nagar, Ambarnath – 421501, Maharashtra, India

DIRECTORS

As on 10.09.2012

Name :

Mr. Saji Joseph Antony

Designation :

Director

Address :

Building No.O, Flat No. 1, Everardnager, Scheme II, Eastern Express Highway, Sion, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

21.05.1960

Date of Appointment :

22.01.2001

DIN No.:

01680638

Name :

Mr. Mathai Manapurath Thomas

Designation :

Director

Address :

NL-6, Building No.8, Room No.101, Phase II, Sector -18, Nerul, Navi Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

09.11.1948

Date of Appointment :

01.02.2002

DIN No.:

02480410

Name :

Mr. Arvind Hemraj Nagda

Designation :

Director

Address :

201, Jay Shivshakti CHS., Jawaharlal Neharu Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

27.03.1974

Date of Appointment :

14.01.2008

DIN No.:

00460886

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	U67190MH2007PTC176807	AHN CONSULTANTS PRIVATE LIMITED	Director	15/12/2007	15/12/2007	-	Active	NO
2	U63011MH2001PLC130547	SAVAIR ENERGY LIMITED	Director	14/01/2008	14/01/2008	-	Active	NO

Name :

Mr. Pasupathy Puthuseri Veedu

Designation :

Director

Address :

3, Ashiwini, B – Wing, Apna Ghar Housing Society, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

30.07.1961

Date of Appointment :

14.01.2008

DIN No.:

00309045

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	U63011MH2001PLC130547	SAVAIR ENERGY LIMITED	Director	14/01/2008	14/01/2008	-	Active	NO
2	U24240MH2010PTC207751	BEKANDZE HEALTHCARE PRIVATE LIMITED	Director	16/09/2010	16/09/2010	-	Active	NO
3	U24239MH2000PLC127301	BRAVO HEALTHCARE LIMITED	Additional director	30/08/2011	30/08/2011	-	Active	NO
4	U70102TZ2009PTC015294	NAMO REALTORS INDIA PRIVATE LIMITED	Additional director	01/11/2011	01/11/2011	26/06/2012	Active	NO

MAJOR SHAREHOLDERS

As on 10.09.2012

Names of Shareholders	No. of Shares
Saji Joseph Antony	9560747
Jenny Saji Antony	400781
Saji Joseph Antony as a Guardian of Master Kelvin Saji Antony	17812
Saji Joseph Antony as a Guardian of Mastress Ishita Saji Anotony	17812
Mathai Manapurath Thomas	712
Arvind Hemraj Nagda	712
Pasupathy Puthuseri Veedu	712
Harsh Manoj Katira	712
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is an EPC Company engaged in providing turnkey solutions in compresses air systems, chilling plants, fire-fighting systems, oil and gas storage and distribution systems and water-treatment plants.

GENERAL INFORMATION

Customers :

• Reliance Industries
• Indial Oil Tanking Limited
• Oil and Natual Gas Corporation Limited
• Pipavav Shipyard Limited
• Tata Steel
• Bhabha Atomic Research Center
• National Chemical Laboratories
• Central Drug Research Institute
• Bharat Forge Ltd, Pune
• Hindustan Unilever Limited
• Raymond Limited
• Apollo Tyres
• Aditya Cements
• Hindalco Limited
• Mukund Limited
• ACC Limited
• Rajashree Cement
• TVS Motor Company Limited
• Gujarat Industries Power Company Limited
• Engineering Project (India) Limited
• ITC Limited

No. of Employees :

Not Available

Bankers :

• Indian Overseas Bank, Arjun Towers, 1^st Floorl, Gokhale Road, Naupada, Thane-400602, Maharashtra, India
• Bank of India, Mid Corporation Branch, Bank of India Building, Shivaji Path, Thane – 400601, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loan taken for Fixed assets	2.851	3.135
Working Capital Loan from Bank	149.648	71.113
Loan taken for Vehicle	1.115	79.098
Total	153.614	153.346

Banking Relations :	--
Auditors :
Name :	Arvind Bansal and Company Chartered Accountants
Address :	3036/3091, Bhandup Industrial Estate, L.B.S Marg, Bhandup (West), Mumbai-400078, Maharashtra, India
Tel. No.:	91-22-40129638/ 39
Fax No.:	91-22-40129640
E-Mail :	abcbcs@rediffmail.com abconmall@gmail.com
PAN No.:	AACPB9137H

CAPITAL STRUCTURE

After 10.09.2012

Authorised Capital: Rs. 125.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 100.000 Millions

As on 10.09.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

As On 31.03.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs. 80.000 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		80.000	40.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		139.360	39.174	43.146
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		219.360	79.174	53.146
LOAN FUNDS
1] Secured Loans		153.614	153.346	67.829
2] Unsecured Loans		170.469	109.221	42.333
TOTAL BORROWING		324.083	262.567	110.162
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		543.443	341.741	163.308
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		202.156	91.727	73.282
Capital work-in-progress		0.000	0.000	10.022
INVESTMENT		0.013	0.013	0.013
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.045	30.100	30.025
	Sundry Debtors	486.687	397.941	96.777
	Cash & Bank Balances	216.296	47.271	17.179
	Other Current Assets	0.434	0.280	1.834
	Loans & Advances	51.477	47.487	23.575
Total Current Assets		819.939	523.079	169.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	426.302	220.645	50.654
	Other Current Liabilities	24.700	25.802	15.283
	Provisions	27.663	26.631	23.492
Total Current Liabilities		478.665	273.078	89.429
Net Current Assets		341.274	250.001	79.961
MISCELLANEOUS EXPENSES		0.000	0.000	0.030
TOTAL		543.443	341.741	163.308

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	830.642	501.780	283.751
		Other Income	10.041	3.893	14.257
		TOTAL (A)	840.683	505.673	298.008
Less	EXPENSES
		Cost of materials consumed	655.552	378.138
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.000	0.000
		Employee benefit expense	24.001	16.520
		Other expenses	80.350	52.589
		TOTAL (B)	759.903	447.247	261.599
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		80.780	58.426	36.409
Less	FINANCIAL EXPENSES (D)		41.388	26.487	14.833
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.392	31.939	21.576
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.845	6.017	3.516
	PROFIT BEFORE TAX (E-F) (G)		30.547	25.922	18.060
Less	TAX (H)		9.776	9.894	6.472
	PROFIT AFTER TAX (G-H) (I)		20.771	16.028	11.588
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.784	30.756	19.168
	BALANCE CARRIED TO THE B/S		67.555	46.784	30.756
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.000
	TOTAL IMPORTS (C.I.F. Basis)		379.925	0.414	NA
	Earnings Per Share (Rs.)		2.60	4.01	11.59

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.47	3.17	2.89
Net Profit Margin (PBT/Sales)	(%)	3.68	5.17	6.36
Return on Total Assets (PBT/Total Assets}	(%)	2.99	4.22	7.44
Return on Investment (ROI) (PBT/Networth)		0.14	0.33	0.34
Debt Equity Ratio (Total Debt/Networth)		1.48	3.31	2.07
Current Ratio (Current Asset/Current Liability)		1.71	1.92	1.89

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loan from bank	2.822	6.384
Incorporate Borrowings	22.200	14.250
Loans and advances from related parties	137.113	85.256
Term loan from others	8.334	3.331
Total	170.469	109.221

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U63011MH2001PLC130547
Name of the company	SAVAIR ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A-564, TTC Industrial Area, MIDC, Mahape, Navi Mumbai-400709, Maharashtra E-mail Id: acconts@savair.co.in
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	10423882
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank, Arjun Towers, 1^st Floorl, Gokhale Road, Naupada, Thane-400602, Maharashtra, India thanebr@mumnrc01.iobnet.co.in
Nature of instrument creating charge	Letter of Hypothecation (for securing Machineries, Vehicles, Goods, Book Debts); Creation of Supplemental Mortgage; Both documents constitute a Single Charge.
Date of instrument Creating the charge	23.03.2013
Amount secured by the charge	Rs. 25.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - Base Rate + 3.75% + 1% i.e. 15% presently Terms of Repayment As per Sanction Letter Margin Stocks - 25% Debtors - 40% Extent and Operation of the charge Hypothecation of Stocks and Receivables present and future, Plant and Machinery, Furniture and Fixture being lying at premises of Plot No. A 564, Savair House, Industrial Area, Mahape and N-3 Ambernath Industrial Area, Ambernath or any other place and Equitable Mortgage of the properties situated at Plot No. A 564, Savair House, Industrial Area, Mahape and N-3 Ambernath Industrial Area, Ambernath. Others Cash Credit (Adhoc Limit) - Rs.25.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stocks and Receivables present and future Plant and Machinery, Furniture and Fixture being lying at premises of Plot No. A 564, Savair House, Industrial Area, Mahape and N-3 Ambernath Industrial Area, Ambernath or any other place and Equitable Mortgage of the properties situated at Plot No. A 564, Savair House, Industrial Area, Mahape and N-3 Ambernath Industrial Area, Ambernath.

FIXED ASSETS:

• Land
• Building
• Office Building
• Factory Building
• Plant and Equipment
• Factory Equipment
• Furniture and Fixture
• Vehicle
• Motor Vehicle
• Computer Equipment

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. 56.57
UK Pound	1	Rs. 86.15
Euro	1	Rs. 73.64

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.