MIRA INFORM REPORT

Report Date :

18.12.2008

IDENTIFICATION DETAILS

Name :	SHILCHAR PAYTON TECHNOLOGIES LIMITED
Formerly Known As :	AASHNA INVESTMENTS (GUJARAT) PRIVATE LIMITED
Registered Office :	Bil Road, Village, Bil, Vadodara - 391410, Gujarat.
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	25.02.1992
Com. Reg. No.:	4-17172
CIN No.: [Company Identification No.]	U67120GJ1992PLC017172
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Transformers for Electrical Equipment.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 72000
Status :	Small Company
Payment Behaviour :	No Complaints.
Litigation :	Clear
Comments :	Subject is a relatively small company in its field. Trade relations are fair. Scale of activity limited. The company can be considered for small to mediocre business details.

LOCATIONS

Registered Office :	Bil Road, Village, Bil, Vadodara - 391410, Gujarat, India.
Tel. No.:	91-265-2680041
Fax No.:	91-265-2681073
E-Mail :	alay@shilchargroup.com

DIRECTORS

Name :	Mr. Ajay J. Shah
Designation :	Managing Director
Address :	Shlok Bunglow, Gotri Sevasi Road, Vadodara – 391101, Gujarat, India.
Date of Birth/Age :	04.07.1966
Name :	Mr. Ashesh J. Shah
Designation :	Managing Director
Address :	3, Rokadnath Society, Race Course Road, Vadodara – 390015, Gujarat, India.
Date of Birth/Age :	06.06.1964
Date of Appointment :	30.07.2003
Name :	Mr. Bhagirat B. Merchant
Designation :	Director
Address :	Govardhan Bhavan, Jai Hind Co-Op., Hsg. Limited, N.S. Road No. 12-A, J.V.P.D. Scheme, Mumbai – 400049, Maharashtra, India.
Date of Birth/Age :	19.05.1946
Date of Appointment :	01.01.1995
Name :	Mr. Jitendra C.Shah
Designation :	Director
Address :	8, Amrakunj Society, Race Course, Vadodara – 390007, Gujarat, India.
Date of Birth/Age :	16.09.1937
Date of Appointment :	30.07.2003
Name :	Mr. Mukesh D. Patel
Designation :	Director
Address :	93, Urmi Society, Productivity Road, Baroda – 390007, Gujarat, India.
Date of Birth/Age :	12.12.1949
Date of Appointment :	01.01.1995
Name :	Mr. Om P. Khanna
Designation :	Director
Address :	M 45, Diamond District, Airport Road, Bangalore – 560008, Karnataka, India.
Date of Birth/Age :	24.10.1938
Date of Appointment :	01.01.1995
Name :	Mr. David Yativ
Designation :	Director
Date of Appointment :	21.09.1997
Name :	Mr. Michael Peretz
Designation :	Director
Date of Appointment :	21.09.1997
Name :	Ms. Gila Yativ
Designation :	Director
Date of Appointment :	21.09.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Jitendra C. Shah	200
Mr. Chimanla	100
Shilcher Electronics Limited	285390
Payton Technologies (1991) Limited	285390

AS ON 31.03.2006

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Transformers for Electrical Equipment

Products :

Product Description	Item Code Number
Transformers for Electrical Equipment	85043101

GENERAL INFORMATION

Bankers :

Not available

Banking Relations :	-
Auditors :
Name :	Sharp and Tannan Associates Chartered Accountant
Address :	207 Aries Complex, Productivity Road, Off. R.C.Dutt Road, Baroda - 390007, Gujarat, India.
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs. 10/- Each	Rs. 21.000 Millions
1400000	Preference Shares	Rs. 10/- Each	Rs. 14.000 Millions
	Total		Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
571380	Equity Shares	Rs. 10/- Each	Rs. 5.713 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		5.713	7.420
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		8.492	9.103
4] (Accumulated Losses)		0.000	0.000
NETWORTH		14.205	16.523
LOAN FUNDS
1] Secured Loans		0.000	2.256
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	2.256
DEFERRED TAX LIABILITIES		1.353	1.723
TOTAL		15.558	20.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.104	9.989
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.771	9.001
	Sundry Debtors	0.015	3.280
	Cash & Bank Balances	1.026	0.016
	Other Current Assets	0.000	0.000
	Loans & Advances	1.424	2.616
Total Current Assets		8.236	14.913
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.872	2.989
	Provisions	0.910	1.411
Total Current Liabilities		1.782	4.400
Net Current Assets		6.454	10.513
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		15.558	20.502

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		4.498	23.004
Other Income		0.203	4.597
Total Income		4.701	27.601
Profit/(Loss) Before Tax		(0.942)	(0.087)
Expenditures :
	Raw Material Consumed	2.953	16.360
	Increase/(Decrease) in Finished Goods	0.461	0.124
	Salaries, Wages, Bonus, etc.	0.537	2.829
	Payment to Auditors	0.027	0.090
	Interest	0.157	0.642
	Insurance Expenses	0.035	0.085
	Depreciation & Amortization	0.884	0.881
	Other Expenditure	0.589	6.677
Total Expenditure		5.643	27.688

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	-	-
Net Profit Margin (PBT/Sales)	(%)	(20.94)	(0.37)
Return on Total Assets (PBT/Total Assets}	(%)	(5.43)	(0.34)
Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.005)
Debt Equity Ratio (Total Liability/Networth)		0.12	0.40
Current Ratio (Current Asset/Current Liability)		4.62	3.38

LOCAL AGENCY FURTHER INFORMATION

Nil

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 records 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 records 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.47.33
UK Pound	1	Rs.73.92
Euro	1	Rs.66.69

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		31

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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