MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	BAG ELECTRONICS (INDIA) PRIVATE LIMITED (w.e.f. 27.01.2011)
Formerly Known As :	HUECO LIGHTRONIC (INDIA) PRIVATE LIMITED
Registered Office :	S. No. 19 Yewlewadi, Kondhwa Road, Pune – 411048, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.02.2006
Com. Reg. No.:	11-021987
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U32109PN2006PTC021987
TAN No.: [Tax Deduction & Collection Account No.]	PNEH05488A
PAN No.: [Permanent Account No.]	AABCH6565P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electronics Blast.
No. of Employees :	150 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 83000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some accumulated losses recorded by the company in previous year. However, with some improvement in the financial position the company has successful in wiping off those accumulated losses. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Nanaware
Designation :	General Manger
Contact No.:	91-20-30450700
Date :	07.12.2011

LOCATIONS

Registered Office / Factory :	S. No. 19 Yewlewadi, Kondhwa Road, Pune – 411048, Maharashtra, India
Tel. No.:	91-20-30450700 / 20450900
Fax No.:	91-20-26707102 / 20450600
E-Mail :	b.praveen@bagelectronics.com y.gramopadhye@bagelectronics.com
Website :	http://www.bagelectronics.com
Area :	26000 Sq. Ft.
Location :	Owned
Branches :	Located at German Philip China

DIRECTORS

As on 30.09.2011

Name :	Mr. Otto Julius Heinrich Ludwig Meyer
Designation :	Director
Address :	Zur Barlage, 28, Stemwede – 32351, Germany
Date of Birth/Age :	12.04.1953
Date of Appointment :	10.02.2006
DIN No.:	01720275
Name :	Mr. Thomas Josef Gerhard Patzelt
Designation :	Director
Address :	Moencherderweg, 9, Langenfeld – 40764, Germany
Date of Birth/Age :	01.01.1962
Date of Appointment :	01.12.2009
DIN No.:	02837861
Name :	Mr. Wilfried Blome Schakel
Designation :	Director
Address :	Quetzer Heide, 32, Petershagen – 32469, Germany
Date of Birth/Age :	31.12.1959
Date of Appointment :	10.03.2010
DIN No.:	02899920
Name :	Mr. Bindingnavile Seshadri Praveen
Designation :	Director
Address :	Flat No.804, A Building, Tain Square Fatima Nagar, Pune – 411013, Maharashtra, India
Date of Birth/Age :	13.01.1957
Date of Appointment :	30.03.2010
DIN No.:	03017823

KEY EXECUTIVES

Name :	Mr. Nanaware
Designation :	General Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Trilx Finance B. V, Netherlands	756
Trilux International Holdings B. V, Netherlands	2244
Total	3000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electronics Blast.
Exports :
Products :	Electronics Blast.
Countries :	China Germany
Terms :
Selling :	L/C, Cash and Credit (30 Days and 60 Days)
Purchasing :	L/C, Cash and Credit (30 Days and 60 Days)

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Electronic Ballast and Mini – Power	Nos.	2,000,000	2,000,000	1,245,325

Notes:

• Installed capacities being a technical matter, are accepted by the auditors as certified by the management.
• Production quantity includes goods manufactured out of material received on free of cost basis.
• Above details are as certified by the management and relied upon by the auditors.

GENERAL INFORMATION

Suppliers :

• Philips India Private Limited

Customers :

Wholesalers, Retailers and Manufacturer

• Balaji Electronics
• Triplen, Germany

No. of Employees :

150 (Approximately) (In Office + In Factory)

Bankers :

HDFC Bank, HDFC bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks
Vehicle Loans (Repayable within one year, Nil, Previous year Rs.0.749 Million) (Secured by way of exclusive first charge by hypothecation of vehicles purchase there against)	0.000	1.097
Total	0.000	1.097
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Others
Loan from Hueci Ligtronic N I Limited, the Holding Company (Repaybel within one year Rs.9.197, Previous year Nil)	28.563	31.850
Interest accrued and due	5.567	4.202
Total	34.130	36.052

Banking Relations :	--
Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	3rd Floor, Pro-1, Business Center, Senapati Bapat Road, Pune – 411016, Maharashtra-, India
PAN.:	AAASK1142M
Holding Company :	Hueco Lightronic NI Limited
Associates :	Huco Lightronics GmbH BAG Electronics GmbH ICT Zhuhai Company Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000	Equity Shares	Rs.1000/- each	Rs.3.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.1000/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.661	0.000	0.000
4] (Accumulated Losses)		0.000	(2.091)	(10.958)
NETWORTH		20.661	(1.091)	(9.958)
LOAN FUNDS
1] Secured Loans		0.000	1.096	1.032
2] Unsecured Loans		34.130	36.052	45.982
TOTAL BORROWING		34.130	37.148	47.014
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		54.791	36.057	37.056
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.343	34.744	16.218
Capital work-in-progress		0.000	0.000	6.243
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.871	1.169	0.678
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.748	17.051	6.310
	Sundry Debtors	55.737	12.149	7.404
	Cash & Bank Balances	9.460	4.488	3.264
	Other Current Assets	0.252	0.286
	Loans & Advances	21.055	13.929	9.172
Total Current Assets		162.252	47.903	26.150
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.455	8.126	7.113
	Other Current Liabilities	86.004	36.012	4.001
	Provisions	7.216	3.621	1.119
Total Current Liabilities		142.675	47.759	12.233
Net Current Assets		19.577	0.144	13.917
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.791	36.057	37.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	225.390	383.122	147.158
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			13.747	(3.656)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	4.332	1.893
	PROFIT BEFORE TAX			9.415	(5.549)
Less	TAX			0.548	1.032
	PROFIT AFTER TAX		21.752	8.867	(6.581)
	BALANCE CARRIED TO THE B/S		19.661	(2.091)	10.958
	EARNINGS IN FOREIGN CURRENCY
		Manufacturing Income	217.225	85.084	30.665
		Research and Development Fees	8.107	9.445	2.349
	TOTAL EARNINGS		225.332	94.529	33.014
	IMPORTS
		Raw Materials, Spares and Consumables	149.419	0.000	0.000
		Capital Goods	1.338	0.000	0.000
	TOTAL IMPORTS		150.757	0.000	0.000
	Earnings Per Share (Rs.)		21751.76	8867.06	(6581.36)

Particulars	31.03.2011
Sales Turnover (Approximately)	500.000

Expected Sales (2011-12) : Rs.700.000 Millions

The above information has been parted by Mr. Nanaware.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	NA	2.46	(3.77)
Return on Total Assets (PBT/Total Assets}	(%)	NA	11.39	(13.10)
Return on Investment (ROI) (PBT/Networth)		NA	(8.63)	(0.56)
Debt Equity Ratio (Total Liability/Networth)		8.56	(77.82)	(5.95)
Current Ratio (Current Asset/Current Liability)		1.14	1.00	2.14

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- Due to Micro and Small Enterprises	0.000	0.000	0.000
- Due to other than Micro and Small Enterprises	49.455	8.126	7.113
Total	49.455	8.126	7.113

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

NOTE:

The registered address of the company has been sifted from “Plot No.1, S No.297,298,299, Indo German Technology Park, Village Urwade, Taluka Mulshi, District Pune – 412108, Maharashtra, India” to the present address w.e.f 07.02.2007.

BACKGROUND:

Subject was set up as a company under the Companies Act. 1956 on February 10, 2006. Subject is a 100% subsidiary of Huco Lightronic NI Limited UK (hereinafter referred as “holding company”) and is 100% Export Oriented Unit (EOU).

Subject manufactures Electronic Ballasts and Mini Power for lighting systems on behalf of the holding company or its assigned associates or vendor.

The Company also conducts research in lightronic components for which services are billed to the holding company on a cost plus basis.

OPERATIONS:

The company is a wholly owned subsidiary of Huco Lightronics Northern Ireland. Pursuant to the recent changes in the Hueco group worldwide, M/s. Trilux International Holding BV has become the ultimate holding Company.

The company has carried on the activities in the field of manufacture of electronic ballasts and mini power of lighting system on behalf of company.

The Company is in the process of commencing new division for carrying Out trading activity.

There is a commercial understanding with BAG Electronics GMBH for using trade name of BAG for electronic business in India

The Company has also initiated the process for change in name of the Company. The Company has also filed an application for availability of name with the Registrar of Companies, Pune.

The auditor’s remarks are self explanatory. Board is taking steps to regularize the matter

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Guarantee given by the Bank on behalf of the company	1.735	1.735
Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of Advances)	0.000	0.000

FORM8:

Corporate identity number of the company	U32109PN2006PTC021987
Name of the company	BAG ELECTRONICS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 19 Yewlewadi, Kondhwa Road, Pune – 411048, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank, HDFC bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India E- Mail : ruchita.mehta@hdfcbank.com
Nature of instrument creating charge	Agreement for autoloan no. 13714290
Date of instrument Creating the charge	06.09.2008
Amount secured by the charge	Rs.0.679 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12.04% Per Annum Terms of repayment The loan will be repaid in 35 monthly instalment of Rs.0.022 Million p.m. payable on 7th day of each month starting from october 2008 Margin As usually agreed between the parties Extent and operation of the charge To the extent of Rs.0.679 Million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Vehicle being honda city manufactured in year 2008 bearing engine number 158050 and chasis number 422837

FIXED ASSETS:

• Leasehold Improvements
• Plant and Machinery
• Test Equipments
• Vehicles
• Office Equipments
• Furniture
• Computer
• Moulds and Dies

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.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		44

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.