MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	SERVOMAX INDIA LIMITED
Formerly Known As :	SERVOMAX PRECIOUS ELECTRONICS LIMITED (w.e.f. 06.01.2005) SERVO MAX PRECIOUS ELECTRONICS PRIVATE LIMITED
Registered Office :	Plot No. 16, 17 and 18, IDA, Phase II, Cherlapally, Hyderabad – 500051, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.09.2000
Com. Reg. No.:	01-035239
Capital Investment / Paid-up Capital :	Rs.230.485 Millions
CIN No.: [Company Identification No.]	u29309ap2000plc035239
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDS04559C
PAN No.: [Permanent Account No.]	AAFCS0247R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Power Conditioning and Energy Devices.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s long track record of operation in the power equipment industry support by sound financial base and favorable profitability margins of the company. Trade relations are fair. Business is active. Payments are reported to be usually 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	31.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	31.03.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Kutumbrao
Designation :	Finance Head
Contact No.:	91-40-40149697
Date :	26.11.2014

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 16, 17 and 18, IDA, Phase II, Cherlapally, Hyderabad – 500051, Andhra Pradesh, India
Tel. No.:	91-40-27260620/ 27260621
Fax No.:	91-40-27260580/ 27260581
E-Mail :	admin@servomax.net ceomktg@servomax.net cco@servomax.net ekambareswararao@gmail.com coo@servomax.net mm@servomax.net overseas@servomax.net esd@servomax.net km_servomax@yahoo.com purchase@servomax.net accounts@servomax.net
Website :	http://www.servomax.net
Factory 2/ Project Division:	Plot No. 38, Electronic Complex, Extn. ECIL Post, Hyderabad – 500062, Andhra Pradesh, India
Tel. No.:	91-40-27123927/ 27123279/ 27143064/ 27143096
Fax No.:	91-40-27125386
Email:	ceo@servomax.net mm@servomax.net overseas@servomax.net
Head Office :	#405, Meridian Plaza, Beside Lal Bunglow, Ameerpet, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-40509999
Fax No.:	91-40-40509988
Hyderabad Branch / Centre Marketing Office :	#206, Meridian Plaza, Near Lal Bunglow, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
Tel No.:	91-40-44436635/ 27143064/ 44436666/ 600
Fax No.:	91-40-44436633/ 27125386/ 44436633
Branch Offices :	Located at: Bangalore Kolkata Chennai Mumbai Coimbatore New Delhi Pune Kolhapur Ahemdabad Aurangabad Belgaum Uttar Pradesh Vadodara Vijayawada Uttarakhand

DIRECTORS

As on 28.09.2012

Name :

Venkateswara Rao Avasarala

Designation :

Managing director

Address :

Plot No. 16, Anupuram Colony, ECIL Post, Hyderabad – 500062, Andhra Pradesh, India

Date of Birth/Age :

20.05.1962

Qualification :

Diploma in ITI Electronics

Date of Appointment :

01.04.2009

PAN No.:

AAYPA1586F

DIN No.:

00487242

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	U52334AP1996PLC024290	FUTURON MARKETING LIMITED	Director	07/06/1996	07/06/1996	26/03/2010	Active	NO
2	U29309AP2000PLC035239	SERVOMAX INDIA LIMITED	Managing director	01/04/2009	12/09/2000	-	Active	NO
3	U29308AP2008PTC058350	SERVOMAX TRANSFORMERS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	16/10/2012	Active	NO
4	U74900AP2008PTC061571	FIRST ESCO INDIA PRIVATE LIMITED	Director	24/10/2008	24/10/2008	18/04/2013	Active	NO
5	U31200AP2008PLC060773	ALTAIR ELECTRONICS LIMITED	Director	22/10/2009	22/10/2009	10/02/2010	Active	NO
6	U45209PN2010PTC138055	SERVOMAX INFRASTRUCTURE PRIVATE LIMITED	Director	22/12/2010	22/12/2010	01/04/2013	Active	NO
7	U32100AP1997PLC026971	SERWEL ELECTRONICS LIMITED	Director	30/09/2011	25/01/2011	-	Active	NO
8	U31900AP2011PTC074147	SERVOMAX MARKETING PRIVATE LIMITED	Director	28/04/2011	28/04/2011	16/10/2012	Active	NO
9	U64200DL2011PTC218835	SERVOMAX INFRATEL PRIVATE LIMITED	Director	09/05/2011	09/05/2011	-	Active	NO
10	U31900AP2012PTC084137	BUMBLEBEE ELECTRONICS PRIVATE LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO
11	U72200AP2007PLC052409	CONWEX LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO
12	U40101AP2013PTC090238	VRAHAT ENERGY PRIVATE LIMITED	Director	27/09/2013	27/09/2013	-	Active	NO
13	U29248KA2013PTC071236	SERVOMAX ELECTRONICS PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
14	U33111AP2010PTC067818	STERI CARE PRIVATE LIMITED	Additional director	01/11/2013	01/11/2013	-	Active	NO
15	AAA-5939	MAX TESLA MAGNETIC CORE LLP	Designated Partner	16/08/2011	16/08/2011	-	Active	NO
16	AAA-7095	SLOKA POWER SYSTEMS LLP	Designated Partner	30/11/2011	30/11/2011	-	Active	NO

Name :

Chandra Sekar Reddy Poreddy

Designation :

Whole-time director

Address :

Plot No. 14 Anupuram Colony, ECIL Post, Hyderabad – 500062, Andhra Pradesh, India

Date of Birth/Age :

01.06.1960

Qualification :

Under Graduate

Date of Appointment :

01.04.2011

PAN No.:

AEJPP5651F

DIN No.:

00543734

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	U29309AP2000PLC035239	SERVOMAX INDIA LIMITED	Whole-time director	01/04/2011	01/02/2006	-	Active	NO
2	U32100AP1997PLC026971	SERWEL ELECTRONICS LIMITED	Director	30/04/2007	30/04/2007	01/10/2010	Active	NO
3	U52334AP1996PLC024290	FUTURON MARKETING LIMITED	Director	01/05/2007	01/05/2007	26/03/2010	Active	NO
4	U29308AP2008PTC058350	SERVOMAX TRANSFORMERS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	16/10/2012	Active	NO
5	U45209PN2010PTC138055	SERVOMAX INFRASTRUCTURE PRIVATE LIMITED	Director	22/12/2010	22/12/2010	31/03/2012	Active	NO
6	U31900AP2011PTC074147	SERVOMAX MARKETING PRIVATE LIMITED	Director	28/04/2011	28/04/2011	16/10/2012	Active	NO
7	U29248KA2013PTC071236	SERVOMAX ELECTRONICS PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO

Name :

Venkata Chandra Sekhar Ravulapati

Designation :

Whole-time director

Address :

1-9-635, II-E. Aishwarya Apartments, Street No. 8, Vidya Nagar, Hyderabad – 500044, Andhra Pradesh, India

Date of Birth/Age :

03.12.1964

Qualification :

Graduate in Mechanical Engineering, Post Graduate Diploma in Industrial Relations and Personal Management

Date of Appointment :

01.04.2011

PAN No.:

ADZPR5822R

DIN No.:

01871093

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	U21011AP1999PTC032726	TRILLIUM ENGINEERS PRIVATE LIMITED	Whole-time director	21/10/1999	21/10/1999	-	Active	NO
2	U52334AP1996PLC024290	FUTURON MARKETING LIMITED	Director	01/04/2007	01/04/2007	30/09/2009	Active	NO
3	U29309AP2000PLC035239	SERVOMAX INDIA LIMITED	Whole-time director	01/04/2011	30/12/2009	-	Active	NO

Name :

Mohammed Khaja Hyath Hussain Jeelani

Designation :

Director

Address :

#302, RV36 Apartments, 66 Margosa Road, Malleswaram, Bangalore - 560055, Karnataka, India

Date of Birth/Age :

14.07.1969

Date of Appointment :

23.09.2013

DIN No.:

00141494

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	U55101KA2011PTC060499	NAMASTE ENTERPRISES PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
2	U74999MH2013PTC243815	SEVEN INFOCOMM PRIVATE LIMITED	Director	30/05/2013	30/05/2013	01/11/2013	Active	NO
3	U15531KA2013PLC069422	KING RUDRA SUGARS LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO
4	U29309AP2000PLC035239	SERVOMAX INDIA LIMITED	Director	23/09/2013	21/06/2013	-	Active	NO

Name :

Mr. Ashok Gopalrao Kalmankar

Designation :

Director

Address :

H. No. 3-5-874/13/13A, Flat No. 201, Aasra Apartments, Hyderguda, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

02.02.1946

Qualification :

B.A. (Hons.) LL.B., Senior Diploma in German Language, Certificate Course in Financial Risk, CAI IB (A professional certified course in Banking and Financial Management)

Date of Appointment :

29.09.2010

DIN No.:

01557687

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	L24230AP1993PLC016155	EXENSYS SOFTWARE SOLUTIONS LIMITED	Director	25/09/2007	29/04/2007	31/10/2008	Active	NO
2	U45200AP1997PLC028322	TOTEM INFRASTRUCTURE LIMITED	Director	29/09/2009	15/01/2009	30/11/2011	Active	NO
3	U29309AP2000PLC035239	SERVOMAX INDIA LIMITED	Director	29/09/2010	30/12/2009	-	Active	NO
4	U93000AP2007PTC056377	SPYN FINANCIAL SERVICES PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO

Name :

Mr. Sirish Bommakanti Narasimha

Designation :

Director

Address :

6-3-865/11, Imperial, Mannor, F. No. 107, Green Lands, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

13.09.1963

Qualification :

Chartered Accountant

Date of Appointment :

29.09.2010

DIN No.:

02023568

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	U74999AP2007PLC052227	PCH RETAIL LIMITED	Director	04/01/2007	04/01/2007	10/01/2012	Active	NO
2	U29309AP2000PLC035239	SERVOMAX INDIA LIMITED	Director	29/09/2010	30/12/2009	-	Active	NO
3	U64200DL2011PTC218835	SERVOMAX INFRATEL PRIVATE LIMITED	Additional director	28/04/2013	28/04/2013	30/04/2013	Active	NO

KEY EXECUTIVES

Name :	S Srilakshmi
Designation :	Secretary
Address :	8-1-336, Flat No. 203, 2^nd Floor, Shivasinagar, Secunderabad – 500003, Andhra Pradesh, India
Date of Birth/Age :	14.05.1989
Date of Appointment :	12.06.2012
PAN No.:	DJQPS3525C

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Equity Shareholders	No. of Shares
A. Venkateswara Rao	9727693
R Narayan Rao	3937
P Chandra Sekar Roddy	147035
A L Anuradha	606660
P Akila	12863
P Hymavathi	35700
P Nikitha	18375
A.R. Prasad	7500
V Satyanarayana	2625
V Santosh Kumar	2625
V Srinivasa Rao	2625
Sharada	2625
P. Venkata Reddy	2625
P. Sridhar	2625
V. Kishor Kumar	2625
A. Satyanarayana	2625
A. Kamala	2625
A Mohan Rao	2625
A. Seetha	2625
A Satya Teja	2625
Manikyamma	15750
Ravi Teja	7875
A Snigdha	7875
Avendus Capitals Private Limited, India	68750
Connect Advisory Services Private Limited, India	58750
Pothuri Pavana Kumara	2000
Ekambareswara Rao	2000
T.S. Krishna Mohan	2000
Nagaraju	2000
R. V. Chandra Sekhar	50000
T. Pradeep	100000
D. Sridhar (For Sai Ram Enterprises)	290237
Total	11198500

Names of Preference Shareholders	No. of Shares
Barik Construction Private Limited, India	50000
Evergreen Synfab Private Limited, India	100000
Skyblue Industries Private Limited, India	100000
Glen Infrabuild Private Limited, India	50000
Macro IT Systems Private Limited, India	60000
Century Buildmart Private Limited, India	50000
Ram Rahim Trading Company Private Limited, India	50000
Total	460000

As on 19.01.2013

Names of Allottees (Preference Shares)	No. of Shares
A. Venkateshwara Rao	125000
Total	125000

As on 30.03.2013

Names of Allottees (Preference Shares)	No. of Shares
Pushpanjali Alkalies Private Limited, India	30000
Annex Hotels Private Limited, India	50000
Delware Polymers Private Limited, India	20000
A. Venkateshwara Rao	500000
Total	600000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Bodies corporate	1.14
Directors or relatives of Directors	94.83
Other top fifty shareholders	4.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Power Conditioning and Energy Devices.

Products :

Product Description	Item Code No. (ITC Code)
Electrical wiring and fitting services	99546110
Electric motor, generator, transformer and electricity distribution and control apparatus manufacturing services.	99887510

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by management

Bankers :

· State Bank of Hyderabad, No. 61, NFC Main Road, MSME Moulali Branch, Hyderabad - 500040, Andhra Pradesh, India

· Axis Bank Limited, 6-3-879/B, Ground Floor, G. Pulla Reddy Building, Greenlands, Begumpet Road, Hyderabad - 500016, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks (Secured Loans from banks is on account of Vehicle Loans at an interest ranging from 10% to 13%, repayable in equated monthly instalments within three years from date of loan.)	5.487	4.126
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1659.278	1280.477
Total	1664.765	1284.603

Notes:

Short Term Borrowings

Cash credit loan is secured by hypothecation of all movable assets of the company including raw materials, finished goods, work in progress tools and spares both present and future, book debts, and equitable of Land & building situated at Cherlapally, Bangalore & Kakinada, carrying an interest rate @ 3.5% above base rate. Also covered by personal guarantee of Whole time directors and personal properties held by Managing Director, Whole time director and others.

Banking Relations :	--
Auditors :
Name :	Venugopal and Chenoy Chartered Accountants
Address :	4-1-889/16/2, Tilak Road, Hyderabad - 500001, Andhra Pradesh, India
PAN No.:	AACFV0618M
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· Servomax Marketing Private Limited CIN No.: U31900AP2011PTC074147 · Real Energy and Infrastructure Limited CIN No.: U40102MH2007PLC170592 · Altair Electronics Limited CIN No.: U31200AP2008PLC060773 · Serwel Electronics Limited CIN No.: U32100AP1997PLC026971
Enterprises where KMP have control :	· Sloka Power Systems · First Esco India Private Limited · Real Energy · Servomax Infrastructures Private Limited · Servomax Transformers Private Limited · Servomax Telecom Services Private Limited · Bumble Bee Electronics Private Limited · Pensio Software Technologies Private Limited · Trillium Engineers Private Limited · Max Tesla Magnetic Core LLP · Sloka Power Systems LLP

CAPITAL STRUCTURE

After 23.09.2013

Authorised Capital : Rs.253.485 Millions

Issued, Subscribed & Paid-up Capital : Rs.253.485 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions
1200000	Preference Shares	Rs.100/- each	Rs.120.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11198500	Equity Shares	Rs.10/- each	Rs.111.985 Millions
1185000	Preference Shares	Rs.100/- each	Rs.118.500 Millions
	Total		Rs.230.485 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	230.485	111.985	227.400
(b) Reserves & Surplus	865.379	633.718	222.889
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	46.000	79.501
Total Shareholders’ Funds (1) + (2)	1095.864	791.703	529.790
(3) Non-Current Liabilities
(a) long-term borrowings	108.582	114.899	106.197
(b) Deferred tax liabilities (Net)	10.377	9.219	8.106
(c) Other long term liabilities	31.969	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	150.928	124.118	114.303
(4) Current Liabilities
(a) Short term borrowings	1889.841	1280.477	891.195
(b) Trade payables	872.243	674.643	457.737
(c) Other current liabilities	129.275	168.254	120.067
(d) Short-term provisions	77.031	32.639	9.277
Total Current Liabilities (4)	2968.390	2156.013	1478.276
TOTAL	4215.182	3071.834	2122.369
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	209.921	176.862	131.913
(ii) Intangible Assets	2.751	1.871	2.081
(iii) Capital work-in-progress	3.016	23.854	7.426
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	61.576	24.239	63.651
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	277.264	226.826	205.071
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	876.453	594.191	329.100
(c) Trade receivables	1934.144	1639.274	1308.996
(d) Cash and cash equivalents	201.060	135.434	110.210
(e) Short-term loans and advances	353.778	270.302	80.571
(f) Other current assets	572.483	205.807	88.421
Total Current Assets	3937.918	2845.008	1917.298
TOTAL	4215.182	3071.834	2122.369

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		5742.267	4283.596	3016.537
		Other Income		37.217	19.403	6.597
		TOTAL (A)		5779.484	4302.999	3023.134
Less	EXPENSES
		Cost of materials consumed		4223.352	3078.458	2111.000
		Purchases of stock-in-trade		12.336	61.276	45.475
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		(202.729)	(153.352)	(75.330)
		Employee benefit expense		159.379	165.870	137.582
		Other expenses		991.354	720.610	535.406
		Exceptional items		(6.375)	0.000	0.000
		TOTAL (B)		5177.317	3872.862	2754.133
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			602.167	430.137	269.001
Less	FINANCIAL EXPENSES (D)			244.285	205.932	109.119
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			357.882	224.205	159.882
Less	DEPRECIATION/ AMORTISATION (F)			13.165	12.227	9.221
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			344.717	211.978	150.661
Less	TAX (H)			113.000	70.413	53.792
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			231.717	141.565	96.869
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			363.460	221.895	125.200
Less	APPROPRIATIONS
			Preference Share Dividend	0.048	0.000	0.149
			Provision for Tax on Dividend	0.008	0.000	0.025
	BALANCE CARRIED TO THE B/S			595.121	363.460	221.895
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	14.688	20.177	10.080
	TOTAL EARNINGS			14.688	20.177	10.080
	Earnings / (Loss) Per Share (Rs.)
	Basic			20.69	16.79	12.49
	Diluted			18.71	15.92	10.88

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	4.04	3.30	3.21
Operating Profit Margin (PBIDT/Sales)	(%)	10.49	10.04	8.92
Return on Total Assets (PBT/Total Assets}	(%)	8.18	6.95	7.12
Return on Investment (ROI) (PBT/Networth)		0.31	0.27	0.28
Debt Equity Ratio (Total Debt /Networth)		1.82	1.76	1.88
Current Ratio (Current Asset/Current Liability)		1.33	1.32	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	227.400	111.985	230.485
Reserves & Surplus	222.889	633.718	865.379
Share Application money pending allotment	79.501	46.000	0.000
Net worth	529.790	791.703	1095.864
Long Term borrowings	106.197	114.899	108.582
Short Term borrowings	891.195	1280.477	1889.841
Total borrowings	997.392	1395.376	1998.423
Debt/Equity ratio	1.883	1.762	1.824

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,016.537	4,283.596	5,742.267
		42.004	34.052

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,016.537	4,283.596	5,742.267
Profit	96.869	141.565	231.717
	3.21%	3.30%	4.04%

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	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	Yes
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

LITIGATION DETAILS

CASE STATUS INFORMATION SYSTEM

CP 46 / 2014

CPSR 790 / 2014

CASE IS:PENDING

PETITIONER		RESPONDENT
M/S TECUMSEH PRODUCTS INDIA PRIVATE LIMITED, HYD	VS	M/S SERVOMAX INDIA LIMITED, HYD
PET.ADV. : LAXMINARASIMHAM		RESP.ADV. : RAMACHANDRAN
SUBJECT: COMPANY PETITION		DISTRICT:  HYDERABAD

FILING DATE:  05-02-2014

POSTING STAGE :  FOR FILING PROOF OF PUBLICATION

REG. DATE    :   26-02-2014

LISTING DATE :  02-12-2014

STATUS   :  NOTICES

HON'BLE JUDGE(S):

A.RAJASHEKER REDDY

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	30.197	29.714
Loans repayable on demand from others	72.898	81.059
SHORT TERM BORROWINGS
Loans repayable on demand from others	230.563	0.000
Total	333.658	110.773

OPERATIONS:

The Indian economy re surged after the global recession and showed steady growth in all spheres and it was very impressive in the core sector of manufacturing, construction and services. The company is into wide range of power saving products with different product range and excellent distribution network all over India to capitalize the opportunities that emanated from the economic growth and could perform exceptionally well in terms of growth in revenue.

During the period, the company has achieved a revenue of Rs.5779.400 Millions against Rs.4302.900 Millions during the previous year recording a 34% growth. The significant growth is on account of increase in sales volume for all product lines as also increase in revenue from erection contracts. The company was successful in exploiting to its ability in executing projects and thereby bagging large orders. As on today, the company has an order book of more than Rs.10000.000 Millions.

FUTURE OUTLOOK:

The company intends to improve the bandwidth of the product line quality by adding various products in similar lines like Resin Cast Transformers, Foil Wound Transformers, Higher KVA power savers, High quality transformers, Higher KVAR Automatic Power Factor Controllers, Higher KVA Voltage Stabilizers, Static Voltage Stabilizers, Harmonic Filters, Transformer for Solar Applications, Panel Boards and upgrading the manufacturing facilities to enhance the productivity and production capacity.

The company intends to expand its operations to a greater extent in the areas of Energy Saving and Expand its ESCO business to multi-level utilize all types of Incentives given by State and Central Government and save the energy which is equal to Generating ECO friendly energy. This ESCO projects will improve company revenues in many folds, only thing is we need to deploy a substantial amount in capital and semi-capital nature of investment. The company is sure of its success and improvement in profitability in the years to come. Many technologies emerged in energy saving area. Servomax has more technologies which is sufficient to meet present energy saving product demand.

The company has identified enormous potential in Broadband Network and Entertainment Segment and intends to launch a full-fledged set up for manufacturing Set Top Boxes and related products and various broadband products. As per government estimates, the digitization target in Phase III and Phase IV demands 75 Million Set Top Boxes. It is a very huge number. It is a good opportunity to set up STB plant at the earliest.

Servomax is entering into LED market, the estimated LED market by 2018 is about Rs.70000.000 Millions. Servomax wishes to produce LED Streetlights, LED Commercial lights, decided to Set up a manufacturing centre separately for LED products with an investment of Rs.220.000 Millions.

The company proposes to increase its export based revenues in the next financial year. The company has plans to expand the existing capacities to increase the production capabilities. The company is planning to introduce various other consumer goods like Fans, Mixies, Grinders, Water Heaters, Water Chillers through its channel network. Similarly, focus will be given on various solar products to improve top line and bottom line of the company. The company has developed a low voltage high performance ceiling fans with 46 W consumption. This fan is found to be the best fan in the Indian market, Developed solar water heater of 100 Liters, 200 Liters. Also developed Roof Top Solar inverters. Now, R and D is focused on developing of BLDC technology fans and various pumps including solar water pumping systems. All products of Servomax has a great potential. The existing products and with new products, the company is sure of meeting its estimated targeted turnover for the year 2013-14.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10346104	16/02/2012	500,000,000.00	AXIS BANK LIMITED	6-3-879/B, GROUND FLOOR, G. PULLA REDDY BLDG, GREENLANDS, BEGUMPET ROAD, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	B36502961
2	10311859	22/09/2011	19,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B23177520
3	10311862	22/09/2011	19,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B23177892
4	90129893	27/06/2013 *	3,300,000,000.00	STATE BANK OF HYDERABAD	NO. 61, NFC MAIN ROAD, MSME MOULALI BRANCH, HYDERABAD - 500040, ANDHRA PRADESH, INDIA	B81965204

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

· Other equipment’s

· Computer software

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.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		48

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.