MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	UL ELECTRODEVICES PRIVATE LIMITED
Registered Office :	Nirman Classic, Sr. No. 36, Building No. A-1, 3^rd Floor, Katraj, Pune – 411 037, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.09.1997
Com. Reg. No.:	11-110879
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U31200MH1997PTC110879
TAN No.: [Tax Deduction & Collection Account No.]	PNEU00428B
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader of Industrial Auto Products And Cable
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 170292
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. However, the Company can be considered normal for business dealing 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. Ashok Deshpande
Designation :	Accountant
Contact No. :	91-9890200482
Date :	19.10.2011

LOCATIONS

Registered Office :	Nirman Classic, Opposite Amit Palace, Sr. No. 36, Building No. A-1, 3^rd Floor, Katraj, Pune – 411 037, Maharashtra
Tel. No.:	91-20-26960040
Fax No.:	91-20-26962079
Mobile No.:	91-9890200482 (Mr. Deshpande)
E-Mail :	ashok.deshpande@ulepl.com
Website :	www.ulepl.com
Area :	3500 sq.ft.
Location :	Owned
Branch 1 :	Survey No. 30/A, Ambegaon Khurd Upani Vasti, Jambhulwadi Road, Pune – 411046, Maharashtra, India
Branch 2 :	14 Palace Cross Road, Bangalore, Karnataka

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Uday Ramchandra Jadhav
Designation :	Director
Address :	573/23, Parshwanath Nagar, Bibwewadi, Pune - 411037, Maharashtra, India
Date of Birth/Age :	01.06.1966
Date of Appointment :	25.09.1997

Other Directorship:

Top of Form

Bottom of Form

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200MH1997PTC110879	UL ELECTRODEVICES PRIVATE LIMITED	Director	25/09/1997	25/09/1997	-	Active	NO
2	U31200PN2003PTC018625	UL-SYSTEMS AND CONTROLS (INDIA) PRIVATE LIMITED	Director	03/12/2003	03/12/2003	-	Active	NO
3	U32109PN2005PTC020353	ULAUTOMATION SYSTEMS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
4	U72100PN2009PTC134312	UL ENGINEERING SERVICES AND SOFTWARE PRIVATE LIMITED	Director	14/07/2009	14/07/2009	-	Active	NO
5	U15421PN2010PLC135442	SADGURU SRI SRI SAKHAR KARKHANA LIMITED	Managing director	29/01/2011	29/01/2011	-	Active	NO

Name :	Mr. Lalit Jankinath Sahani
Designation :	Director
Address :	Hills And Dales, S. No. 13/14, Resi – 3 Phase, Undri Pune - 411028, Maharashtra, India
Date of Birth/Age :	02.11.1967
Date of Appointment :	25.09.1997

Other Directorship:

Top of Form

Bottom of Form

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200MH1997PTC110879	UL ELECTRODEVICES PRIVATE LIMITED	Director	25/09/1997	25/09/1997	-	Active	NO
2	U31200PN2003PTC018625	UL-SYSTEMS AND CONTROLS (INDIA) PRIVATE LIMITED	Director	03/12/2003	03/12/2003	-	Active	NO
3	U32109PN2005PTC020353	ULAUTOMATION SYSTEMS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
4	U72100PN2009PTC134312	UL ENGINEERING SERVICES AND SOFTWARE PRIVATE LIMITED	Director	14/07/2009	14/07/2009	-	Active	NO

Name :	Mrs. Shilpa Uday Jadhav
Designation :	Director
Address :	D-29, Audumbar Society, Marketyard, Pune - 411037, Maharashtra, India
Date of Birth/Age :	13.06.1974
Date of Appointment :	01.06.1999

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200MH1997PTC110879	UL ELECTRODEVICES PRIVATE LIMITED	Director	01/06/1999	01/06/1999	-	Active	NO
2	U32109PN2005PTC020353	ULAUTOMATION SYSTEMS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO

Name :	Mrs. Beena Lalit Sahani
Designation :	Director
Address :	Hills And Dales, S. No. 13/14, Resi – 3 Phase, Undri Pune - 411028, Maharashtra, India
Date of Birth/Age :	02.10.1968
Date of Appointment :	01.06.1999

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200MH1997PTC110879	UL ELECTRODEVICES PRIVATE LIMITED	Director	01/06/1999	01/06/1999	-	Active	NO
2	U32109PN2005PTC020353	ULAUTOMATION SYSTEMS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No of Shares
Uday Ramchandra Jadhav	12500
Lalit Jankinath Sahani	12500
Shilpa Uday Jadhav	12500
Beena Lalit Sahani	12500
Total	50000

Equity share breakup (percentage of total equity)

AS ON 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Industrial Auto Products And Cable
Agencies Held :	v Concap, Germany v Wield Muler, Germany v Lutze, France
Imports :
Products :	Auto Products
Countries :	v Germany v France
Terms :
Selling :	Cash, Credit (60 days)
Purchasing :	Cash, Credit (60 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

· CITIBANK N. A., 1st Floor, Onyx Tower, Near Westin Hotel, North Main Road, Koregaon Park,, Pune - 411001, Maharashtra, India

· ING Vysys Bank

Facilities :

Secured Loan	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Bank Overdraft IDBI Bank (secured by stock, book-debts, personal guarantee of director)	29.119	2.126
Loan from United Western Bank Limited (Secured by Furniture)	0.000	0.702
Loan from HDFC Bank Limited (Secured by Alto Car )	0.000	0.053
Loan from ICICI Bank Limited (Secured by Honda Accord vehicle)	0.974	1.586
Loan From Sharada Sahakari Bank ( Secured by Honda CVT )	0.528	0.670
Loan From Sharada Sahakari Bank ( Secured by Innova )	0.605	0.780
Loan from Kotak Mahindra ( Secured by Mercedes benz)	6.691	0.000
Total	37.918	25.056

Unsecured Loan	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Vehicle term Loan from Sharadha Sahakari Bank Limited	0.000	0.028
Total	0.000	0.028

Banking Relations :

-

Auditors :

Name :

P. S. Shingte and Company

Chartered Accountants

Address :

224/225 Ashoka Cente, Pune Satara Road, Pune - 411037, Maharashtra, India

Tel. No.:

91-20-24263666 

Associates/Subsidiaries :

· UL Automation and Systems Private Limited

Activity : Manufacturers of Interface Modules

· UL Systems and Controls [India] Private Limited

Activity : Manufacturers of Control Panels

· UL Engineering Services and Software Private Limited

Activity: Trader of Industrial Auto Products And Cable & they are into turnkey projects.

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital : 

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	216.300

The above information has been parted by Mr. Ashok Deshpande (Account)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.073	32.424	29.313
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.573	32.924	29.813
LOAN FUNDS
1] Secured Loans		37.918	25.056	23.825
2] Unsecured Loans		0.000	0.028	0.117
TOTAL BORROWING		37.918	25.084	23.942
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		80.491	58.008	53.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.165	19.892	10.995
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.044	0.044	0.044
DEFERREX TAX ASSETS		0.216	0.673	0.249
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.890	26.292	35.442
	Sundry Debtors	42.230	33.886	45.616
	Cash & Bank Balances	11.611	21.014	15.564
	Other Current Assets	4.312	21.439	21.386
	Loans & Advances	4.651	2.317	0.681
Total Current Assets		88.694	104.948	118.689
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.261	49.646	63.673
	Current Liabilities	0.000	0.000	15.255
	Provisions	5.367	17.903
Total Current Liabilities		38.628	67.549	78.928
Net Current Assets		50.066	37.399	39.761
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Capital Advance		0.000	0.000	2.706
TOTAL		80.491	58.008	53.755

 PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL (A)	204.117	196.094	225.731
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.851	10.855	14.898
Less	FINANCIAL EXPENSES (D)		3.751	2.953	2.834
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.100	7.902	12.064
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.081	2.568	2.400
	PROFIT BEFORE TAX (E-F) (G)		16.019	5.334	9.664
Less	TAX (I)		6.370	2.648	3.538
	PROFIT AFTER TAX (G-I) (J)		9.649	2.686	6.126
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.321	23.634	17.508
	BALANCE CARRIED TO THE B/S		35.970	26.321	23.634
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.949	28.558	NA
	TOTAL EARNINGS		6.949	28.558	NA
	Earnings Per Share (Rs.)		192.98	53.73	--

 KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.73	1.36	2.71
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	13.47	4.24	7.45
Return on Investment (ROI) (PBT/Networth)		0.38	0.16	0.32
Debt Equity Ratio (Total Liability/Networth)		1.80	2.81	3.45
Current Ratio (Current Asset/Current Liability)		2.30	1.55	1.50

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	33.261	49.646	63.673

OPERATIONS AND FUTURE PROSPECTS

During the year turnover of the company has been raised from Rs. 165.300 Millions to Rs.174.000 Millions. Net profit after tax has been increased from Rs. 26.870 Millions to Rs. 9.649 Millions. Directors are exploring various opportunities to increase the business and expects to achieve better results in coming year.

TRADE REFERENCES:

Tata Motors

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 three years	Yes
12) Profitability for last three years	No
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	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
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	--

FORM 8

Name of the company	UL ELECTRODEVICES PRIVATE LIMITED
Presented By	Mr. Uday Jadhav, Director
1) Date and description of instrument creating the change	22.12.2005 and Hypothecation of Tangible Movable Assets.
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan of Rs. 2.000 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	Stock and Debtors of the company
4) Gist of the terms and conditions and extent and operation of the charge.	Bank Interest at 13.5% p.a.
5) Name and Address and description of the person entitled to the charge.	Shree Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037.
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

This Form is for	Modification of charge
Charge identification number of the charge to be modified	80012714
Corporate identity number of the company	U31200MH1997PTC110879
Name of the company	UL ELECTRODEVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Nirman Classic, Sr. No. 36, Building No. A-1, 3^rd Floor, Katraj, Pune – 411 037, Maharashtra, India
Type of charge	· Immovable Property · Book Debts · Movable Property (not being pledge) · Others o Stock of Raw Material and Finished Goods
Particular of charge holder	Industrial Development Bank of India Limited Mitra Mandal Co-op. Housing hall first floor, 484/1-31-32, Parvati Swargate, Pune 411009, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Reconvenyance of Mortgage Property
Date of instrument Creating the charge	02.07.2008
Amount secured by the charge	Rs.28.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	· Rate of Interest At BPLR i.e. 13.75% at present or at the rate that shall be charged by Bank from time to time. · Terms of repayment Cash Credit – On demand or renewal before twelve months · Margin Book Debts 40% Stock 25% · Extent and operation of the charge By this reconveyance deed of mortgage one of the securities, of Bunglow Plot No. D 29, Audumbar Society, Bibwewadi provided by Mr. Ramchandra Saste i.e. Jadhav for Credit Facilities given by IDBH has been released. Remaining properties are continued
Short particulars of the property charged	· Piece and parcel of properties i.e. the office premises owned by company admeasuring about 293.57 Sq. Mtr. i.e. 3160 Sq. ft. situated on 3^rd Floor, Nirman Classic, A-1, Constructed upon land bearing S. No. 36/3D/4/1+2 at Village Haveli, District Pune · All Existing and proposed plant and machinery, raw material, stock in trade, Book Debts · Furniture, Fixtures, Fittings at office, factory premises and mortgaged premises

FIXED ASSETS

· Building

· Plant and Machinery

· Office Equipment

· Motor Car

· Furniture

· Computer

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.49.13
UK Pound	1	Rs.77.58
Euro	1	Rs.67.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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
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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.