MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	EVO TECH PRIVATE LIMITED
Registered Office :	17-18, Commercial Complex, Motilal Nehru Nagar (East), Bhilai, Durg – 490 020, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.06.2003
Com. Reg. No.:	53-015876
Capital Investment / Paid-up Capital :	Rs.3.560 Millions
CIN No.: [Company Identification No.]	U74210CT2003PTC015876
Legal Form :	Private Limited Liability Company
Line of Business :	Fabrication and Assembling work of Machinery Required in Steel Industries Turnkey Projects and Technological Consultancy Services to Steel Industries.
No. of Employees :	200 (Approximately)

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 200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financials of the company appears to be above average. Trade relations are fair. Business is active. Payment terms are regular. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Mrs. Kumar
Designation :	Manager
Contact No.:	91-788-4075999
Date :	07.10.2013

LOCATIONS

Registered Office/ Factory :	17-18, Commercial Complex, Motilal Nehru Nagar (East), Bhilai, Durg – 490 020, Chhattisgarh, India
Tel. No.:	91-788-4075999/ 4075901/ 4075900/ 4040539/ 2326247
Fax No.:	91-788-4075911/ 4040539
E-Mail :	gpsingh@evotechltd.com evcon@evotechltd.com pandeysatish73@rediffmail.com santosh2274@sify.com
Website :	www.evotech.in

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Gurjit Pal Singh
Designation :	Director
Address :	SM-16, Padmanabhpur, Durg – 491 001, Chhattisgarh, India
Date of Birth/Age :	24.01.1950
Date of Appointment :	09.06.2003
DIN No.:	01104248
Name :	Mrs. Baljeet Singh
Designation :	Director
Address :	SM-16, Padmanabhpur, Durg – 491 001, Chhattisgarh, India
Date of Birth/Age :	25.11.1952
Date of Appointment :	09.06.2003
Name :	Mr. Kunaljit Singh
Designation :	Director
Address :	SM-16, Padmanabhpur, Durg – 491 001, Chhattisgarh, India
Date of Birth/Age :	15.11.1979
Date of Appointment :	09.06.2003
DIN No.:	01104261
Name :	Mr. Mohan Singh
Designation :	Director
Address :	C-17-B, D.D.A. Flats, Munirka, New Delhi – 110 067, India
Date of Birth/Age :	25.12.1944
Date of Appointment :	29.01.2004
Name :	Mr. Rohan Singh
Designation :	Director
Address :	SM-16, Padmanabhpur, Durg – 491 001, Chhattisgarh, India
Date of Birth/Age :	08.10.1985
Date of Appointment :	31.03.2012
DIN No.:	05242300

KEY EXECUTIVES

Name :	Mrs. Kumar
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Gurjit Pal Singh	262000
Baljeet Singh	43000
Kunaljit Singh	23000
Rohan Singh	28000
Total	356000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Fabrication and Assembling work of Machinery Required in Steel Industries Turnkey Projects and Technological Consultancy Services to Steel Industries.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Accurate Sensing Technologies Private Limited

· Agrawal Minerals and Chemicals

· Ajay Tube Company

· Associated Bearing Enterprises

· Apex Knives Private Limited

· Atuliya Bellows Engg. Private Limited

· Avu Engineers Private Limited

· Chaney Refractories Private Limited

· Chino Corporation India Private Limited

· Denison Hydraulic India Limited

Customers :

Wholesalers and End Users

· Afco steels Limited

· Beekay Steel Industries Limited

· Danieli India Limited

· Devashree Ispat Private Limited

· Electro Therm India Private Limited

· Essae Steel Limited

· Gulf Steel Industries Company Limited

· Kirloskar Ferrous Industries Limited

· Lanco Industries Limited

· Maa Mahamaya Alloys Private Limited

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India, Industrial Estate Branch Building, Bhilai, Durg – 490 006, Chhattisgarh, India

· HDFC Bank Limited, Chawla Complex, Near Vanpya Bhavan, Sai Nagar, Devendra Nagar Road, Raipur – 492 009, Chhattisgarh, India

· ICICI Bank Limited, 3A, Gurusaday Road, 2^nd Floor, Kolkata – 700 019, West Bengal, India

· Canara Bank Limited

· ING Vysa Bank Limited

· Axis Bank

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From Banks
State bank of India Sec-1 (Against Hypothecation of Car)	0.000	0.570
Term Loan
State bank of India Sec-1 (Against Hypothecation of Plant and Machinery)	0.044	0.720
ICICI Bank Limited Term Loan A/C (Against Hypothecation of Plant and Machinery)	10.051	0.000
Axis Bank Auto Loan (Against Hypothecation of Innova)	0.756	0.000
Tata Motors Finance Limited	0.458	0.000
Axis Bank Auto Loan (Against Hypothecation of Car)	0.123	0.293
Short Term Borrowings
Cash Credit Hypothecation Limit from State Bank of India (Against Hypothecation of Stock in trade and Book Debts)	0.103	24.851
Cash Credit Hypothecation limit from ICICI Bank Limited (Against Hypothecation of Stock in trade and Book Debts)	25.446	0.000
Total	36.981	26.434

Banking Relations :	--
Auditors :
Name :	P.R. Sancheti and Company Chartered Accountants
Address :	Pulgaon Naka Chowk, Ganjpara, Durg – 491 001, Chhattisgarh, India
Tel No.:	91-788-2323576
PAN No.:	AAGFP8383F
Sister Concern :	Evcon Technologies

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
356000	Equity Shares	Rs. 10/- each	Rs.3.560 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.560	3.560
(b) Reserves & Surplus	48.386	35.973
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	51.946	39.533
(3) Non-Current Liabilities
(a) long-term borrowings	22.794	3.763
(b) Deferred tax liabilities (Net)	(0.071)	(0.071)
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.723	3.692
(4) Current Liabilities
(a) Short term borrowings	25.549	24.851
(b) Trade payables	88.308	55.277
(c) Other current liabilities	46.488	18.131
(d) Short-term provisions	2.124	2.043
Total Current Liabilities (4)	162.469	100.302
TOTAL	237.138	143.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.286	24.984
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	46.286	24.984
(2) Current assets
(a) Current investments	4.597	8.275
(b) Inventories	31.459	28.605
(c) Trade receivables	107.717	59.596
(d) Cash and cash equivalents	12.500	1.770
(e) Short-term loans and advances	31.115	17.846
(f) Other current assets	3.464	2.451
Total Current Assets	190.852	118.543
TOTAL	237.138	143.527

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		1.240
3] Reserves & Surplus		27.068
4] (Accumulated Losses)		0.000
NETWORTH		28.408
LOAN FUNDS
1] Secured Loans		14.119
2] Unsecured Loans		1.000
TOTAL BORROWING		15.119
DEFERRED TAX LIABILITIES		0.000
TOTAL		43.527
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.011
Capital work-in-progress		0.000
INVESTMENT		9.732
DEFERRED TAX ASSETS		0.071
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.850
	Sundry Debtors	50.222
	Cash & Bank Balances	3.517
	Other Current Assets	2.394
	Loans & Advances	12.660
Total Current Assets		76.643
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	43.268
	Provisions	20.662
Total Current Liabilities		63.930
Net Current Assets		12.713
MISCELLANEOUS EXPENSES		0.000
TOTAL		43.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	431.021	111.994	69.594
		Other Income	0.631	0.683	0.500
		TOTAL (A)	431.652	112.677	70.094
Less	EXPENSES
		Cost of Material Consumed	161.070	34.152
		Purchase of stock-in-trade	55.671	13.322
		Changes in Inventories of finished goods, stock in process and stock-in-trade	(8.940)	0.119
		Employee Benefits Expense	23.415	19.392
		Other Expenses	166.841	32.834
		TOTAL (B)	398.057	99.819	42.952
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.595	12.858	27.142
Less	FINANCIAL EXPENSES (D)		4.370	1.784	2.384
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.225	11.074	24.758
Less	DEPRECIATION/ AMORTISATION (F)		9.106	3.868	3.794
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		20.119	7.206	20.964
Less	TAX (H)		6.606	2.227	7.129
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		13.513	4.979	13.835
	Earnings Per Share (Rs.)		37.96	13.99	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.13	4.42	19.74
Net Profit Margin (PBT/Sales)	(%)	4.67	6.43	30.12
Return on Total Assets (PBT/Total Assets}	(%)	8.48	5.02	21.47
Return on Investment (ROI) (PBT/Networth)		0.39	0.18	0.74
Debt Equity Ratio (Total Debt /Networth)		0.93	0.72	0.53
Current Ratio (Current Asset/Current Liability)		1.17	1.18	1.20

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loan from Evcon Technologies	3.185	0.480
Gurjit Pal Singh (Director)	0.800	0.000
Shri Mohan Singh	2.500	1.000
Tissidy Traders Private Limited	4.877	0.700
Total	11.362	2.180

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10339659	07/04/2012 *	151,400,000.00	ICICI BANK LIMITED	3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA – 700 019, WEST BENGAL, INDIA	B37202660
2	10007097	17/06/2006	4,000,000.00	HDFC BANK LTD.	CHAWLA COMPLEX, NEAR VANPYA BHAWAN, SAI NAGAR, DEVENDRA NAGAR ROAD, RAIPUR – 492 009, CHHATTISGARH, INDIA	A01876432

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Electrical Power

· Saving Pannle

· Furniture and Fixture

· Motor Car

· Motor Bike

· Projector

· Plant and Machinery

· Transformer

· Office Equipment

· Crain and Gurder

· Delivery Van

· Truck

· Computer

· Computer Software

· Website Devel

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.62.14
UK Pound	1	Rs.99.02
Euro	1	Rs.83.87

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	NKT

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		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

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.