MIRA INFORM REPORT

Report Date :

17.02.2011

IDENTIFICATION DETAILS

Name :	VIDYUT TELETRONICS LIMITED
Registered Office :	H-108-09, RIICO Industrial Area, Hirawala, Kanota, Jaipur- 303 012, Rajasthan
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.01.1993
Com. Reg. No.:	17-07177
CIN No.: [Company Identification No.]	U64201RJ1993PLC007177
TAN No.: [Tax Deduction & Collection Account No.]	JPRV01949D
PAN No.: [Permanent Account No.]	AAABV0013A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electronics Wires

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 21000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 caution.

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. Mahendra
Designation :	Accounts Department
Date :	27.01.2011

LOCATIONS

Registered Office/Factory1:	H-108-09, RIICO Industrial Area, Hirawala, Kanota, Jaipur- 303 012, Rajasthan, India
Tel. No.:	91-141-2576661/4024669/683
Fax No.:	91-141-2570528
E-Mail :	jpsassociates@hotmail.com, jvidut@rediffmail.com
Area :	1400 sq. ft.
Location :	Owned
Factory 2 :	28, Neem Manzil, Haldiyon Ka Rasta, Johari Bazar, Jaipur – 302 003, Rajasthan, India

Note: As Confirmed by Mr. Mahendra Accounts department.

DIRECTORS

As on 06.09.2010

Name :	Mr. Narendra Kumar Jain
Designation :	Managing Director
Address :	D-682, Malviya Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	01.10.1957
Date of Appointment :	01.04.1995
Name :	Mr. Rakesh Kumar Jain
Designation :	Director
Address :	682, Malviya Nagar, D Block, Ward No. 25, Tehsil – Sanganer, Jaipur, Rajasthan, India
Date of Birth/Age :	08.09.1955
Date of Appointment :	28.11.1994
Name :	Mr. Rajendra Singh
Designation :	Director
Address :	2/56, Jawahar Nagar, Jaipur, Rajasthan, India
Date of Appointment :	28.11.1994
Name :	Mrs. Sunita Jain
Designation :	Director
Address :	D-682, Malviya Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	22.11.1963
Date of Appointment :	19.03.1996
Name :	Mr. Saurabh Jain
Designation :	Whole Time Director
Address :	D-682, Malviya Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	16.04.1983
Date of Appointment :	20.06.2001

KEY EXECUTIVES

Name :	Mr. Mahendra
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2010

Names of Shareholders	No. of Shares
Narendra Kumar Jain	120000
Rakesh Jain	4201
Sudha Jain	20000
Sunita Jain	20769
Neena Jain	200
Chandra Kala Jain	15200
Swati Jain	1100
Saurabh Jain	31000
Surbhi Jain	100
Shilpi Jain	100
Ramesh Maheswari	3000
Satyendra Jain	4000
Narendra Kumar Bohra	1000
Shanti Devi Jain	17500
Jyoti Jain	1000
Kiran Jain	1000
Jetendra Kumar Jain	2500
Ratan Chand Jain	5000
Rajeev Jain	1000
Mahendra Kumar Joshi	2800
Ganga Sahal	10000
Ramesh Chandra Sharma	500
Vidhya Prakash Rajoria	1500
Sanjeev Jain	18500
Padam Chand Golecha	1500
Hem Chand Jain	10000
Mahendra Kumar Jain	5000
Vijay Jain	1530
Shankar Lal Murarka	5000
Manoj Bansal	5000
Rajendra Kumar Mathur	5000
Rajendra Kumar Jain	15000
Mahaveer Chhabra	5000
Mohini Devi Manglani	5000
Bhushan Manglani	5000
Total	345000

As on 06.09.2010

Equity Share Breakup	Percentage of Holding
Category	Percentage
Directors or relative of directors	86.23
Other top fifty shareholders	13.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronics Wires

Products :

• Braided Copper Wires
• Braided Tinsel Wires
• Tinsel Wires
• Silver Plated Wires
• Electronic Wires
• Electrical Wires
• Electronic Cables
• Electrical Cables
• Auto Cables
• Acoustic Components
• Tinsel Copper Wires
• Test Lab
• Braided Tinsel Wires Strips

Item Code No. (ITC Code)	854400
Product Description	Insulated Wires and Cables
Item Code No. (ITC Code)	852900
Product Description	Bunch Tinsel Conductor Braided Tinsel

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

· OEM’s

No. of Employees :

36 (Office-5, Factory-31) Approximately

Bankers :

• UCO Bank, Johari Bazar, Jaipur – 302 003, Rajasthan, India
• HDFC Bank Limited

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Working Capital (From UCO Bank, Johari Bazar, Jaipur, Rajasthan, India Secured by hypothecation of all stocks of the company inclusive of raw material WIP, Finished Stock and all other movable properties of whatsoever nature situated at H-108/109, RIICO Industrial Area, Hirawala, Kanola, Jaipur)	5.032	4.856
Machine Loan (From UCO Bank secured by way of hypothecation Raw Material, WIP and Finished goods of PVC, Cable Wires, Copper, Threads, Silver, Nylon, Yarn, Tin, Shouldering Metal, Coloring Material and Book Debts	0.202	0.000
Total	5.234	4.856

Banking Relations :
Auditors :
Name :	G. K. Mittal and Associates Chartered Accountants
Address :	G-1, R-20, Shree Dham, Yudhishter Marg, C-Scheme, Jaipur – 302 005, Rajasthan, India
Tel. No.:	91-141-4021472/4021474/75
Fax No.:	91-141-4021476
Pan No.:	AAAFG6892P

CAPITAL STRUCTURE

As on 06.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- Each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
345000	Equity Shares	Rs. 10/- Each	Rs.3.450 Millions

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		3.450	3.450	3.030
2] Share Application Money		0.110	0.300	0.500
3] Reserves & Surplus		1.744	1.681	1.678
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.304	5.431	5.208
LOAN FUNDS
1] Secured Loans		5.234	4.856	4.526
2] Unsecured Loans		0.888	1.281	1.867
TOTAL BORROWING		6.122	6.137	6.393
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.426	11.568	11.601
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.462	1.784	1.991
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.015	0.016	0.023
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.033	6.140	6.023
	Sundry Debtors	3.789	3.503	3.249
	Cash & Bank Balances	0.389	0.332	0.873
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.165	0.840	0.568
Total Current Assets		13.376	10.815	10.713
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.202	0.553	0.693
	Other Current Liabilities	0.154	0.233	0.216
	Provisions	0.071	0.261	0.223
Total Current Liabilities		3.427	1.047	1.132
Net Current Assets		9.949	9.768	9.581
MISCELLANEOUS EXPENSES		0.000	0.000	0.006
TOTAL		11.426	11.568	11.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	16.850	17.857	26.474
		Other Income	0.008	0.000	0.039
		TOTAL (A)	16.858	17.857	26.513
Less	EXPENSES
		Consumption of Raw Material	9.337	11.080	16.883
		Job Work Expenses	0.395	0.530	0.000
		Manufacturing Expenses	2.956	3.753	6.399
		Administrative Expenses	0.532	0.406	0.504
		Personnel Expense	1.283	1.364	1.502
		Selling and Distribution Expenses	0.322	0.227	0.252
		Preliminary / Def. Rev. Exp. Written Off	0.000	0.006	0.006
		Increase/(Decrease) in Finished Goods	0.875	(0.830)	(0.471)
		TOTAL (B)	15.700	16.536	25.075
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.158	1.321	1.438
Less	FINANCIAL EXPENSES (D)		0.788	0.948	0.827
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.370	0.373	0.611
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.257	0.307	0.312
	PROFIT BEFORE TAX (E-F) (G)		0.113	0.066	0.299
Less	TAX (H)		0.051	0.063	0.090
	PROFIT AFTER TAX (G-H) (I)		0.062	0.003	0.209
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.815	0.812	0.603
	BALANCE CARRIED TO THE B/S		0.877	0.815	0.812
	Earnings Per Share (Rs.)		0.18	0.01	0.61

Expected Sales (2010-2011) : Rs.20.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.37	0.02	0.79
Net Profit Margin (PBT/Sales)	(%)	0.01	0.37	1.13
Return on Total Assets (PBT/Total Assets}	(%)	0.76	0.52	2.35
Return on Investment (ROI) (PBT/Networth)		0.02	1.21	0.06
Debt Equity Ratio (Total Liability/Networth)		1.80	1.32	1.44
Current Ratio (Current Asset/Current Liability)		3.90	10.33	9.46

LOCAL AGENCY FURTHER INFORMATION

Working and Future Prospects:

The company is cautiously moving ahead in a scenario of volatility and uncertainty. Although the Sales Turnover of the company reduced from Rs.17.857 millions during the Financial Year 2008-09 to Rs.16.850 millions during the Financial Year 2009-10. However, with the proper planning and Timely decisions, the trusted directors improved the operational efficiency of the company and profit was reported satisfactorily at Rs.0.113 millions as against Rs.0.066 millions in the previous financial year. The company reported a net profit after tax at the level of Rs.0.062 millions as against Rs.0.003 millions in the last year. The company is evaluating options in mining and dealing in all types of Minerals, Metal and Metal Products, for which amendment in object clause has been proposed for the approval of the members The Directors foresee enough growth prospects far the company in near future and are hopeful to report better performance of the company in the years to come.

Name of the company	VIDYUT TELETRONICS LIMITED
Presented By	Narendra Kuamr Jain, Director
1) Date and description of instrument creating the change	Agreement for subsidy dated 15.03.1995
2) Amount secured by the charge/amount owing on the securities of charge	Rs.0.366 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the fixed assets on which state subsidy is granted a situated up Plot No. H – 108, 109, RIICO Industrial Area, Hirawala, Jaipur, Rajasthan, India
4) Gist of the terms and conditions and extent and operation of the charge.	As per subsidy Agreement dated 15.03.1995
5) Name and Address and description of the person entitled to the charge.	Government of Rajasthan
6) Date and brief description of instrument modifying the charge	----
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	----

This form is for	Creation of charge
Charge identification number of the modified	Not Available
Corporate identity number of the company	U64201RJ1993PLC007177
Name of the company	VIDYUT TELETRONICS LIMITED
Address of the registered office or of the principal place of business in India of the company	28, Neem Manzil, Haldiyon Ka Rasta, Johari Bazar, Jaipur – 302 003, Rajasthan, India
Type of charge	Immovable Property Movable Property
Particular of charge holder	UCO Bank, Johari Bazar, Jaipur – 302 003, Rajasthan, India Email – ucobankibz@sify.com
Nature of description of the instrument creating or modifying the charge	Agreement relating to Term Loan. Deed of Hypothecation of Movable Plant and Machinery to Secure a Term Loan.
Date of instrument Creating the charge	13.08.2009
Amount secured by the charge	Rs. 0.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR-1% = 12.25-1% = 11.25% p. a., which presently is with monthly rests, on floating basis. Terms of Repayment Repayable in 36EMI of Rs.0.016 p.m. commence from 01.10.2009. Margin 33.33% Extent and Operation of the charge First Charge
Short particulars of the property charged	i) Primary Security:- Hypothecation of all current and fixed assets ii) Collateral Security:- Factory land and building at H- 108-109, RIICO Industrial Area, Hirawal Near Kanota, Dist. Jaipur, Rajasthan, India.

Trade Reference:

· Philips

· Onida

· ITP

FIXED ASSTES:

· Leasehold Property

· Factory Building

· Plant and Machinery

· Telling Equipment

· Energy Consumption Equipment

· Electrical Installation

· Computer

· Furniture and Fixture

· Vehicle

· Office Equipment

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.45.45
UK Pound	1	Rs.72.90
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.