MIRA INFORM REPORT

Report Date :

04.08.2011

IDENTIFICATION DETAILS

Name :	DELTA INDIA ELECTRONICS PRIVATE LIMITED
Registered Office :	Plot No.43, Sector No.35, Industrial Estate, Gurgaon – 122 001, Haryana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.06.2008
Com. Reg. No.:	05-38068
Capital Investment / Paid-up Capital :	Rs.520.000 millions
CIN No.: [Company Identification No.]	U32109HR2008FTC038068
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Service Provider of Indoor as well as Outdoor SMPS Power Systems.
No. of Employees :	1000 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appears some accumulated losses recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Atul
Designation :	Senior Engineer
Contact :	91-9890576713
Date :	28.07.2011

LOCATIONS

Registered Office/Factory :	Plot No.43, Sector No.35, Industrial Estate, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-4874900 / 4169040 / 6783333
Mobile No.:	91-9890576713 (Mr. Atul) 91-9818817771 (Ms. Gazala Massod)
Fax No.:	91-124-4036045 / 4169040 / 4874945
E-Mail :	pandey@delta.co.in gazala1999@yahoo.com sanjay.gupta@delta.co.in dhiroj.barad@delta.co.th
Website :	http://www.deltaelectronicsindia.com
Regional Office / Branch Office :	Located at · Mumbai · Pune · Bangalore · Hyderabad · Chennai · Coimbatore

DIRECTORS

As on 22.09.2010

Name :	Mr. Henry Shieh
Designation :	Director
Address :	1095/146 (26, Y2) East, Tower Bangna Trade Road, Bangna, Bangkok – 10260, Thailand
Date of Birth/Age :	28.06.1964
Date of Appointment :	20.06.2008
DIN No. :	00681800
Name :	Mr. Beau Yu
Designation :	Director
Address :	714, Bangpoo Industrial Estate, EPZ 502 Sukhumvit Road, KM 37 Tambol Phraksa, Amphurmuang – 10280, Samutprakarn, Thailand
Date of Birth/Age :	21.10.1961
Date of Appointment :	20.06.2008
DIN No. :	00684114
Name :	Mr. Dalip Kumar Sharma
Designation :	Managing Director
Address :	2^nd Floor, 2923A, Block C1, Sushant Lok 1, Gurgaon -122002, Haryana, India
Date of Birth/Age :	05.06.1966
Date of Appointment :	20.04.2009
DIN No. :	00037218

KEY EXECUTIVES

Name :	Mr. Sanjay Gupta
Designation :	Secretary
Address :	House No.13, Sector 7A, Faridabad - 121006, Haryana, India
Date of Birth/Age :	06.01.1976
Date of Appointment :	01.01.2009
PAN No. :	AGVPG8093L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2010

Names of Shareholders	No. of Shares
DET SGP PTE Limited, Singapore	94555022
DET International Holding Limited, Cayman Island	01
Total	94555023

List of Allottees (As on 22.03.2011)

Names of Allottees	No. of Shares
DET SGP PTE Limited, Singapore	56945813
Total	56945813

As on 22.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Service Provider of Indoor as well as Outdoor SMPS Power Systems.
Products :	Telecom Power Supplies Uninterrupted Power Supply Systems Industrial Automation Components Video Walls, Digital Signage, and LED Walls DC Fans and Components Renewable Energy Products Visual Display Products Power Management and Renewable Energy Solutions
Terms :
Selling :	Cash
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

1000 Approximately

Bankers :

Citi Bank

Gurgaon, Haryana, India

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Short Term Loan
From Banks	100.000	0.000
Total	100.000	0.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building No.8, Tower B, 8^th Floor, DLF Cyber City, Gurgaon – 122 001, Haryana, India
Holding Company :	DET SGP PTE Limited

CAPITAL STRUCTURE

After on 22.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
165000000	Equity Shares	Rs.10/- each	Rs.1650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160444678	Equity Shares	Rs.10/- each	Rs.1604.447 millions

As on 22.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs.1050.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94555023	Equity Shares	Rs.10/- each	Rs.945.550 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52000000	Equity Shares	Rs.10/- each	Rs.520.000 millions

(Out of above, 51999999 shares are held by DET SGP PTE Limited, the holding company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		520.000	100.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(1.763)	(12.063)
NETWORTH		518.237	87.937
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		100.000	0.000
TOTAL BORROWING		100.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		618.237	87.937
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.145	39.191
Capital work-in-progress		292.493	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		4.011	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.790	0.000
	Sundry Debtors	220.719	2.207
	Cash & Bank Balances	24.473	3.417
	Other Current Assets	0.000	0.000
	Loans & Advances	27.467	51.196
Total Current Assets		457.449	56.820
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	217.605	5.952
	Other Current Liabilities	11.888	1.370
	Provisions	4.368	0.752
Total Current Liabilities		233.861	8.074
Net Current Assets		223.588	48.746
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		618.237	87.937

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	552.427	0.000
		Service Income	27.494	2.000
		Other Income		1.467
		TOTAL (A)	579.921	3.467
Less	EXPENSES
		Personnel Costs	561.368	11.112
		Other Administrative Expenses		3.374
		Preliminary Expenses		0.794
		TOTAL (B)	561.368	15.280
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.553	(11.813)
Less	INTEREST (D)		0.719	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.834	(11.813)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.346	0.000
	PROFIT / LOSS BEFORE TAX (E-F) (G)		14.488	(11.813)
Less	TAX (H)		4.189	0.250
	PROFIT / LOSS AFTER TAX (G-H) (I)		10.299	(12.063)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(12.063)	0.000
	BALANCE CARRIED TO THE B/S		(1.764)	(12.063)
	Earnings Per Share (Rs.)		0.20	(2.12)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	1.78	(347.94)
Net Profit Margin (PBT/Sales)	(%)	2.62	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.61	(12.30)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.13)
Debt Equity Ratio (Total Liability/Networth)		0.64	0.09
Current Ratio (Current Asset/Current Liability)		1.96	7.04

LOCAL AGENCY FURTHER INFORMATION

NOTE

Registered office address of the company has been shifted from Plot No.26-28, Sector No.34, EHTP, Gurgaon – 122001, Haryana, India to present w.e.f. 31.03.2010.

FINANCIAL PERFORMANCE

During the year, the company has earned income of Rs.579.921 millions as against Rs.3.467 millions in the previous year. The Company has earned Profit after tax of Rs.10.299 millions compared to loss for Rs.12.063 millions in the previous year.

BUSINESS OPERATIONS

The Company has withstood the turbulent year of 2009 and is again confident to have a strong performance in the coming year of 2010-7 1. The company offers hi-tech electronics products and components including large size video walls / cubes, video controller, industrial Automation products and solar products. The Company started its manufacturing facility at Gurgaon and made good business in terms of revenue generated through Sales of products which stood at Rs.552.427 millions on March 31, 2010. This is in view of the fact that the Indian economy made speedy recovery from economic slowdown which helped increase in demand for manufactured and trading goods.

The Company just within second year of operation has come out with strong financial performance and the Directors are confident that it will continue with such financial performance in the years to come given the overall economic condition of India.

TRADE REFERENCES

· Industrial Automation

· UPS and TPS

FIXED ASSETS

· Land

· Leasehold Improvements

· Plant and Machinery

· Office Equipment

· Furniture and Fixtures

· Computers

· Vehicles

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.44.38
UK Pound	1	Rs.72.21
Euro	1	Rs.62.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.