MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	ELF ELECTROLUMECH INDIA PRIVATE LIMITED (w.e.f. 27.07.2011)

Formerly Known As :	E. L. F. FILAMENT INDUSTRIES PRIVATE LIMITED

Registered Office :	Plot No.12 and 18, Electronic Co-Operative Estate Limited, Pune-Satara Road, Pune – 411 009, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	29.03.1988

Com. Reg. No.:	11-046787

Capital Investment / Paid-up Capital :	Rs.2.139 millions

CIN No.: [Company Identification No.]	U31501MH1988PTC046787

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Tungsten Metallizing Coils.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 35000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. It is progressing slowly but steadily. Financial position of the company appears to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Plot No.12 and 18, Electronic Co-Operative Estate Limited, Pune-Satara Road, Pune – 411 009, Maharashtra, India
Tel. No.:	91-20-24227182/ 24221094
Fax No.:	91-20-24227794
E-Mail :	info@elfindia.com g_sathe@hotmail.com
Website :	http://www.elfelectrolumech.com

Overseas Office :	Located at: v USA

DIRECTORS

As on 27.05.2011

Name :

Mr. Gajanan Atmaram Sathe

Designation :

Managing Director

Address :

11, Jeevhala, Plot No.11, Tulshibagwale Colony, Pune - 411 009, Maharashtra, India

Date of Birth/Age :

10.06.1943

Date of Appointment :

29.03.1988

DIN No.:

00371281

Other Directorship :

Name :

Ms. Lata Gajanan Sathe

Designation :

Director

Address :

11, Jeevhala, Plot No.11, Tulshibagwale Colony, Pune - 411 009, Maharashtra, India

Date of Birth/Age :

17.03.1948

Date of Appointment :

29.03.1988

DIN No.:

00371463

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31501PN1988PTC046787	ELF ELECTROLUMECH INDIA PRIVATE LIMITED	Director	29/03/1988	29/03/1988	Active	NO
2	U32109MH1991PTC062728	AAMSEL IMPEX PRIVATE LIMITED	Director	10/08/1991	10/08/1991	Active	NO

Name :

Mr. Ashok Madhav Patwardhan

Designation :

Director

Address :

"Upendra", 2, 9/4, Erandawana, Pune - 411 004, Maharashtra, India

Date of Appointment :

29.03.1988

DIN No.:

00471639

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31501PN1988PTC046787	ELF ELECTROLUMECH INDIA PRIVATE LIMITED	Director	29/03/1988	29/03/1988	Active	NO
2	U29299MH1980PTC022218	FERROCARE MACHINES PRIVATE LIMITED	Director	01/01/1997	01/01/1997	Active	NO

Name :

Ashwini Abhijit Ambike

Designation :

Director

Address :

Shashirian Apartment, Off Law College Road, Deccan Gymkhana, Pune - 411 004, Maharashtra, India

Date of Birth/Age :

10.04.1976

Date of Appointment :

02.09.2009

DIN No.:

01602551

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32109MH1991PTC062728	AAMSEL IMPEX PRIVATE LIMITED	Director	01/09/2008	07/07/2007	Active	NO
2	U31501PN1988PTC046787	ELF ELECTROLUMECH INDIA PRIVATE LIMITED	Director	02/09/2009	01/10/2008	Active	NO

Name :

Rujuta Rajendra Patwardhan

Designation :

Director

Address :

Shreedutta Tulshibaugwale Colony, Paravati, Pune - 411 009, Maharashtra, India

Date of Birth/Age :

25.12.1969

Date of Appointment :

02.09.2009

DIN No.:

02667731

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31501PN1988PTC046787	ELF ELECTROLUMECH INDIA PRIVATE LIMITED	Director	02/09/2009	08/06/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.05.2011

Names of Shareholders		No. of Shares
Gajanan Atmaram Sathe		6275
Lata Gajanan Sathe		4800
Prakash Gopal Paranjape		600
Ashok Madhav Patwardhan		450
Madhuvanti Ashok Patwardhan		435
A.V. Sathe, HUF		900
Kamal Atmaram Sathe		900
Chandrakant Madhav Shirole		900
Vijaya Chandrakant Shirole		450
M.R. Patwardhan HUF		450
Alok Kumar Jain		300
Usha Balkrishna Khadilkar		300
Rajendra Raghunath Sahasrabudhe		150
Rujuta Rajendra Patwardhan		1060
Shantaram Moreshwar Shahane		112
Suman Vishwas Marathe		300
Aishwarya Swanand Bhave		450
Savita Vinayak Gokhale		150
Ashwini Abhijit Ambike		910
Kanchan Ashok Wakade		900
Hemant Prabhakar Godbole		200
Sukhada Yogesh Limaye		200
Balkrishna B. Karkare		200
Total		21392

As on 27.05.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		68.86
Other top fifty shareholders		31.14
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Tungsten Metallizing Coils.

Products :

Item Code No. (ITC Code)	85.39
Product Description	Tungsten Filaments
Item Code No. (ITC Code)	81.01
Product Description	Tungsten Heater Coils

v Metallizing Coils

v Drawn Wires

v Tungsten Lamp Filaments

v Evaporants

v Capacitors

GENERAL INFORMATION

Suppliers :

v Arihant Electricals

v Arihant Electrotech Private Limited

v Retco Cable Corporation

v Suyog Enterprises

v Wolfram Moly Products

v Chandrakant Shah and Company

v Deval Electroplaters

v Ideal Instruments

v Ishita Business Combines

v KANJ and Associates

v Monex Enterprises

v Narayan Trading Company

v Parag Gases and Chemicals Private Limited

v Poona Chemical Laboratory

v Profile Equipments

v R.C. Enterprises

v Red Air Engineers

v Sangita Sales Corporation

v Spark Distributors

v S and T Engineers

v Sterling Enterprises

v Sun Capacitors

v Techno Serve Engineers

v TNT India Private Limited

v Vijay Chemicals

Customers :

v Alpex Pte. Limited

v Binwa Auto. and Eng. Private Limited

v DATC India Private Limited

v GE Lighting Canada

v Hotline CPT Limited

v India Japan Lighting Private Limited

v Insta Control

v Magnaflux Systems Private Limited

v North American

v Osram Sylvania Inc.

v Philips and Yaming Lighting Company Limited

v Pioneer Decopack

v Rinder India Private Limited

v Samtel color Limited

v Tata Vistion Automotive Private Limited

v Trescho Pack

v UV Metallizing Private Limited

v Vinay Industries

v Weldtech Electronics

No. of Employees :

Not Available

Bankers :

v Bank of Maharashtra, Tilak Road Branch, S.P. College Compound, Sadashiv Peth, Pune – 411 030, Maharashtra, India

v ICICI Bank Limited

v Rupee Co-operative Bank Limited, Pune, Maharashtra, India

v Axis Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
A) LOANS FROM BANKS
I) From Bank of Maharashtra
a) Cash credit secured by hypothecation of stocks and book debts	2.290	7.766
b) Pre-shipment credit (Secured by hypothecation of stock for export)	0.528	0.389
c) Post-shipment credit (Secured by charge on book debts up to 180 days)	0.000	0.528
d) WCTL Term Loan (All above loans are secured by personal guarantees of the directors)	4.125	0.000
d) Car Loan from ICICI	0.754	0.000
Total	7.697	8.683

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Fixed deposits
- from Directors and Shareholders	2.154	2.154
- from Relatives of Directors	1.075	1.075
Total	3.229	3.229


Banking Relations :	--

Auditors :
Name 1 :	Gokhale and Gokhale Chartered Accountants (Sanjiv Moreshwar Gokhale)
Address :	Flat No.1, Heramba Apartment, 501, Shaniwar Peth, Pune – 411 030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABMPG3611Q

Auditors :
Name 2 :	Anil Dharap and Associates Chartered Accountants (Anil Yashwant Dharap)
Address :	Alankar, 770/5, Deccan Gymkhana, Pune – 411 004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABDPD7351H

CAPITAL STRUCTURE

As on 27.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21392	Equity Shares	Rs.100/- each	Rs.2.139 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

21392

Equity Shares

Includes:

- 2499 shares allotted to vendor pursuant to the contract without payment being received in cash.

- 4325 shares issued as bonus shares by capitalisation of General Reserve

- 7117 shares issued at par during the Year

Rs.100/- each

Rs.2.139 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		2.139	2.139	2.139
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.546	6.292	8.482
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.685	8.431	10.621
LOAN FUNDS
1] Secured Loans		7.697	8.683	6.372
2] Unsecured Loans		3.229	3.229	2.091
TOTAL BORROWING		10.926	11.912	8.463
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		19.611	20.343	19.084

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5.629	4.237	4.906
Capital work-in-progress		3.160	2.865	4.096

INVESTMENT		0.733	0.733	0.733
DEFERRED TAX ASSETS		0.060	0.175	0.139

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.923	9.145	7.661
	Sundry Debtors	3.611	5.334	2.843
	Cash & Bank Balances	0.038	0.053	0.038
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.323	2.197	2.238
Total Current Assets		15.895	16.729	12.780
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.741	2.516	1.248
	Other Current Liabilities	0.011	0.060	0.157
	Provisions	2.133	1.867	2.238
Total Current Liabilities		5.885	4.443	3.643
Net Current Assets		10.010	12.286	9.137

MISCELLANEOUS EXPENSES		0.019	0.047	0.073

TOTAL		19.611	20.343	19.084

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	20.120	15.297	18.300
		Other Income	0.556	0.766	NA
		TOTAL	20.676	16.063	NA

Less	EXPENSES
		Office Expenses	20.070	18.289	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	20.070	18.289	NA

	PROFIT/ (LOSS) BEFORE TAX		0.606	(2.226)	0.803

Less	TAX		0.000	0.000	NA

	PROFIT/ (LOSS) AFTER TAX		0.606	(2.226)	NA

	EARNINGS IN FOREIGN CURRENCY		7.423	4.374	4.129

	Earnings/ (Loss) Per Share (Rs.)		28.33	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.93	(13.86)	NA

Net Profit Margin (PBT/Sales)	(%)	3.01	(14.55)	4.39

Return on Total Assets (PBT/Total Assets}	(%)	2.82	(10.62)	4.54

Return on Investment (ROI) (PBT/Networth)		0.07	(0.26)	0.08

Debt Equity Ratio (Total Liability/Networth)		1.94	1.94	1.14

Current Ratio (Current Asset/Current Liability)		2.70	3.77	3.51

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS:

Despite sluggish market conditions and overall downturn in the CRT / CPT Business, the Company achieved turnover of Rs.20.100 millions during the year as against the turnover of Rs.15.300 millions during the previous year. There are some signs of improvement and we are trying to tap other market areas. After charging all expenses the Company has made a profit of Rs.0.606 million.

FIXED ASSETS:

v Building

v Plant and Machinery

v Computer

v Electrical Installation

v Office Equipments

v Solar Water Systems

v Jigs Tools and Dies

v Vehicles

v Furniture and Fixtures

v Capacitor Assets

v Capital Work in Progress

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.55.54
UK Pound	1	Rs.87.39
Euro	1	Rs.68.72

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.

MIRA INFORM REPORT

10.923

3.611

0.038

0.000

1.323

15.895

3.741

0.011

2.133

5.885

10.010

2.93

3.01

2.82

0.07

1.94

2.70

Unit