MIRA INFORM REPORT

Report Date :

02.04.2012

IDENTIFICATION DETAILS

Name :	EPITOME COMPONENTS LIMITED
Registered Office :	B-206, Leela Garden, Lane No.10, Opp. Kalpataru Regency, Kalyani Nagar, Pune – 411006, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.09.1994
Com. Reg. No.:	11 – 80977
Capital Investment / Paid-up Capital :	Rs. 30.905 Millions
CIN No.: [Company Identification No.]	U32106PN1994PLC080977
TAN No.: [Tax Deduction & Collection Account No.]	PNEE01379A / PNEE01484A
PAN No.: [Permanent Account No.]	AAACE5491L
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of PCB and Printed Circuit Board
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 831024
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active. General financial position is good. The company can be considered good for normal business dealings.

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. Girish Vaikar
Designation :	Senior Manager
Contact No.:	91-9970053305
Date :	31.03.2012

LOCATIONS

Registered Office :	B-206, Leela Garden, Lane No.10, Opp. Kalpataru Regency, Kalyani Nagar, Pune – 411006, Maharashtra, India
Tel. No.:	91-241-2777684
Fax No.:	91-241-2778241
E-Mail :	girish@epitomeindia.com epitome@epitomeindia.com finance@epitomeindia.com aristo@bom7.vsnl.net.in
Website :	www.epitomeindia.com
Area :	13000 sq.ft
Location :	Owned
Factory 1 / Head Office :	G – 17, MIDC Industrial Area, Ahmed Nagar – 414 111, Maharashtra, India
Tel. No.:	91-241-2777684/ 2777681/ 2779081
Fax No.:	91-241-2778241
E-Mail :	purchase@epitomeindia.com
Area :	13000 Sq. ft.
Location :	Owned
Factory 2 :	Plot No. C-40, MIDc Area, Ahmednagar – 414 111, Maharashtra, India
Factory 3 :	Plot No. 20/1, Supa MIDC Village, Hanga, Tlauka Parner, District, Ahmednagar – 414 111, Maharashtra
Branches:	They have Branch Office and Depo at Noida

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Shrigopal Ramnath Dhoot
Designation :	Whole Time Director
Address :	Gangapur GIN Compound, Station Road, Ahmed Nagar– 414001, Maharashtra, India
Date of Birth/Age :	09.02.1942
Qualification :	B.Com
Date of Appointment :	20.08.1994
DIN No. :	00265804
Name :	Mr. Ramesh Chandra Ramnath Dhoot
Designation :	Director
Address :	Madhuram Govind Nagar, Aurangabad – 431005, Maharashtra, India
Date of Birth/Age :	29.05.1945
Date of Appointment :	20.08.1994
DIN No. :	00351314
Name :	Mr. Anurag Shrigopal Dhoot
Designation :	Whole Time Director
Address :	Gangapur GIN Compound, Station Road, Ahmed Nagar– 414001, Maharashtra, India
Date of Birth/Age :	14.08.1970
Qualification :	B.E. Tech
Date of Appointment :	20.08.1994
DIN No. :	00265878

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

EQUITY SHARES AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dhoot R Shrigopal	341300
Dhoot S Pratibha	149465
Dhoot S Anuraag	70500
Dhoot A Vaishali	69135
Dhoot R Shrigopal HUF	375600
Dhoot A Paritosh	79000
Rameshchandra R Dhoot HUF	95000
Platinum Appliances Private Limited – India	354000
Greenfield Appliances Private Limited – India	354000
Total	1888000

PREFERENCE SHARES AS ON 30.09.2011

Shri Dhoot Trading and Agency Private Limited – India	120250
Total	120250

AS ON 30.09.2011

Category	Percentage
Bodies corporate	37.50
Directors or relatives of Directors	42.61
Other Top Fifty	19.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PCB and Printed Circuit Board

Products :

ITC Code	Product Description
853490	Printed Circuit Board (Single Sided, Double Sided)

Types of Laminates

• Laminate Thickness
• Cu Foil Thickness
• Minimum Track Width
• Minimum Spacing between the Tracks and Pads
• Maximum PCB Size
• Minimum Hole Size (Punching)
• Minimum Hole Size (CNC Drilling)
• Circuit Finishing
• Surface Finishing
• Hole/Outer Profile
• Specification. Standards

Exports :

Products :

Printed Circuit Board

Countries :

• Israel
• Italy
• Germany

Imports :

Products :

Raw Materials

Countries :

• China
• Thailand
• Singapore
• Korea

Terms :

Selling :

Depends

Purchasing :

L/C

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India, Main Branch, Opposite GPO, Station Road, Ahmed Nagar– 414111, Maharashtra

· City Co-op Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Term Loans
ICICI Bank Limited - Auto Loan	3.736	0.830
State bank of India, Ahmednagar - Term Loan	156.047	179.872
Working Capital Loans
State bank of India, Main Branch Ahmednagar	61.481	63.921
Total	221.264	244.623

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Shri Ramkrishna Ur. Co. Sty – Loan	0.000	1.477
Loans from Director and relatives	38.634	35.607
Deferred Sales Tax Liability (Under Package scheme of Incentives)	46.072	49.446
Total	84.706	86.530

Banking Relations :

---

Auditors :

Name :

B. B. Bharadia and Company

Chartered Accountant

Address :

5417, Ganje Galli, Ahmed Nagar - 414001, Maharashtra, India

Pan No. :

AHEPB3065B

Associates :

• Dhoot Compack Limited
• Plato Fab Trading and Investment Company Private Limited
• Videocon International Limited
• Videocon Communications Limited
• Dhoot Marketing Organisation Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3547500	Equity Shares	Rs. 10/- each	Rs. 35.475 Millions
120250	Preference Shares	Rs. 100/- each	Rs. 12.025 Millions
	Total		Rs.47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1888000	Equity Shares	Rs. 10/- each	Rs. 18.880 Millions
120250	Preference Shares	Rs. 100/- each	Rs. 12.025 Millions
	Total		Rs.30.905 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		30.905	30.905	30.905
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		176.851	140.681	98.672
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		207.756	171.586	129.577
LOAN FUNDS
1] Secured Loans		221.264	244.623	198.459
2] Unsecured Loans		84.707	86.530	70.291
TOTAL BORROWING		305.971	331.153	268.750
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		513.727	502.739	398.327
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		290.669	306.829	137.546
Capital work-in-progress		0.000	0.000	162.696
INVESTMENT		3.360	4.960	4.240
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.829	54.386	42.349
	Sundry Debtors	184.310	141.496	125.048
	Cash & Bank Balances	24.622	22.733	19.920
	Other Current Assets	0.000	47.500	36.113
	Loans & Advances	57.270	7.241	6.941
Total Current Assets		351.031	273.356	230.371
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.648	65.762	126.152
	Other Current Liabilities	10.265	12.843	8.264
	Provisions	6.058	4.599	2.110
Total Current Liabilities		131.971	83.204	136.526
Net Current Assets		219.060	190.151	93.845
MISCELLANEOUS EXPENSES		0.638	0.798	0.000
TOTAL		513.727	502.739	398.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	801.107	668.870	507.279
		Other Income	3.544	4.563	2.690
		TOTAL (A)	804.651	673.433	509.969
Less	EXPENSES
		Materials	421.055	374.528	335.011
		Other Expenses	246.333	182.003	119.885
		TOTAL (B)	667.388	556.531	454.896
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		137.263	116.902	55.073
Less	FINANCIAL EXPENSES (D)		44.807	29.717	24.572
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		92.456	87.185	30.501
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.184	31.781	21.560
	PROFIT BEFORE TAX (E-F) (G)		52.272	55.404	8.941
Less	TAX (I)		13.760	11.046	4.770
	PROFIT AFTER TAX (G-I) (J)		38.512	44.358	4.171
Less	APPROPRIATIONS
		Transfer to General Reserve	36.170	42.009	2.926
		Dividend	2.008	2.008	1.064
		Dividend Tax	0.333	0.341	0.181
	BALANCE CARRIED TO THE B/S		--	--	--
	EARNINGS IN FOREIGN CURRENCY		10.582	23.767	17.466
	IMPORTS
		Raw Materials	439.725	378.667	320.870
		Consumable Stores & others	21.342	25.269	18.091
		Capital Goods	11.840	10.173	75.963
	TOTAL IMPORTS		472.907	414.109	414.924
	Earnings Per Share (Rs.)		10.582	23.50	NA

Expected Sales (2011-2012) : Rs. 950.000 Millions

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.78	6.59	0.82
Net Profit Margin (PBT/Sales)	(%)	6.52	8.28	1.76
Return on Total Assets (PBT/Total Assets}	(%)	8.15	9.55	1.67
Return on Investment (ROI) (PBT/Networth)		0.25	0.32	0.07
Debt Equity Ratio (Total Liability/Networth)		2.11	2.41	3.13
Current Ratio (Current Asset/Current Liability)		2.66	3.28	1.69

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	115.648	65.762	126.152

NOTE: The Registered Office of the company has been shifted from Plot No G-17, M.I.D.C Area Ahemdnagar – 414111, Maharashtra, India to the present address w.e.f 01.04.2010.

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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
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:

Corporate identity number of the company	U32106PN1994PLC080977
Name of the company	EPITOME COMPONENTS LIMITED
Address of the registered office or of the principal place of business in India of the company	B-206,Leela Garden,Lane No 10, Opp. Kalpataru Regency,Kalyani Nagar, Pune – 411006, Maharashtra, India
This form is for	Creation of charge Modification of charge
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	State Bank of India
Nature of instrument creating charge	Letter of Arrangement
Date of instrument Creating the charge	16/07/2010
Amount secured by the charge	Rs.509.400 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest 0.25% Above Sbar Rate With Monthly Rest On Working Capital Terms Of Repayment Working Capital Repayable On Demand Margin Raw Material - 25% Stock-In-Process - 33.33% Finished Goods - 33.33% Letter Of Credit - 15% Book Debts / Receivables - 40% Extent And Operation Of The Charge Hypothication Of Entire Current Assets Of The Company, Land and Building Of Company Situated At G-17, Midc, Ahmednagar, Land Situated On Plot No 40, Midc, Ahmednagar, Agriculural Land Of Director (Shrigopal Dhoot), Term Deposit Receipt And Guarantee Of Directors Namely - Anuraag Dhoot, Shrigopal Dhoot And Rameshchandra Dhoot.
Short particulars of the property charged	Plant And Machinery, Furniture And Fixtures Situated At Plot No. G-17, Midc Area, Ahmednagar Plant And Machinery, Furniture And Fixtures Situated At Plot No. C-40, Midc Area, Ahmednagar Plant And Machinery, Furniture And Fixtures Situated At Plot No. A-20/1, Supa Midc Area, Village Hanga, Tal. Parner, Dist. Ahmednagar
Particulars of the property charged	Hypothication Of Entire Current Assets Of The Company, Land and Building Of Company Situated At G-17, Midc, Ahmednagar, Agriculural Land Of Director (Shrigopal Dhoot), Term Deposit Receipt And Guarantee Of Directors Namely- Anuraag Dhoot, Shrigopal Dhoot And Rameshchandra Dhoot.
Date of instrument modifying the charge	03/10/2008
Particulars of the present modification	Increase Of The Credit Facility Limit From Rs. 447.400 Millions To 509.400 Millions

Fixed Assets

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Tools and Equipment

· Vehicle

· Computers

· Air Conditioner

· Office Equipments

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 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 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 :

The 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.

The 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.51.15
UK Pound	1	Rs.81.79
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.