MIRA INFORM REPORT

Report Date :

03.12.2012

IDENTIFICATION DETAILS

Name :	AJANTA LIMITED
Formerly Known As :	ELLORA TIME LIMITED (w.e.f. 26.04.2006) ELLORA TIME PRIVATE LIMITED
Registered Office :	Orpat Industrial Estate, Moivi Road, Morvi, Rajkot Highway, Post Box No.115, Rajkot – 363641 Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.12.1989
Com. Reg. No.:	04-013081
Capital Investment/ Paid-up Capital:	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U33300GJ1989PLC013081
TAN No.: [Tax Deduction & Collection Account No.]	RKTE00023C
PAN No.: [Permanent Account No.]	AACE6102E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items Etc.
No. of Employees:	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 11190000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The latest financial of the company are not made available. However as per previous year, the financial position of the company appears to be sound and healthy. The company is efficiently carrying out its operations. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Suspended) (Long Term Ratting)
Rating Explanation	Reason for Suspension: Non – Cooperation by subject with crisil’s efforts to undertake a review of the rating outstanding.
Date	21.08.2012

Rating Agency Name	CRISIL
Rating	A1 (Suspended) (Short Term Ratting)
Rating Explanation	Reason for Suspension: Non – Cooperation by subject with crisil’s efforts to undertake a review of the rating outstanding.
Date	21.08.2012

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.

INFORMATION PARTED BY

Name :	Mr. Maniyar
Designation :	Accounts Manager
Contact No.:	91-2822-391111
Date :	28.11.2012

LOCATIONS

Registered Office / Factory :	Orpat Industrial Estate, Moivi Road, Morvi, Rajkot Highway, Post Box No.115, Rajkot – 363641 Gujarat, India
Tel. No.:	91-2822-391111 / 391100
Fax No.:	91-2822-230292
E-Mail :	anil@orpatgroup.com mfinava@yahoo.com trade@orpatgroup.com edp@orpatgroup.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Pravinkumar Odhavjibhai Bhalodia
Designation :	Managing Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	27.12.1953
Date of Appointment :	25.06.1995
Din No.:	00105892
Name :	Mr. Navilkumar Pravinbhai Bhalodia
Designation :	Whole-time Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	21.11.1980
Date of Appointment :	24.07.2004
Din No.:	00614004
Name :	Mrs. Vanitaben Pravinbhai Bhalodia
Designation :	Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	19.08.1957
Date of Appointment :	18.11.2004
Din No.:	00613962
Name :	Mr. Himanshu Pravinbhai Bhalodia
Designation :	Whole-time Director
Address :	“Ajanta”, New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	05.08.1986
Date of Appointment :	30.12.2006
Din No.:	01171029
Name :	Ms. Nikita Nevilkumar Patel
Designation :	Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	30.01.1986
Date of Appointment :	07.04.2007
Din No.:	02077385
Name :	Mr. Panchanbhai Mavjibhai Bhut
Designation :	Director
Address :	Saraswat Apartment, Morbi, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	04.04.1960
Date of Appointment :	20.03.2010
Din No.:	01693608
Name :	Mr. Dharmendra Shivlal Patel
Designation :	Director
Address :	Shakti Krupa Ravaparra, Reliance Nagar, Morbi, Rajkot – 3636411, Gujarat, India
Date of Birth/Age :	29.07.1974
Date of Appointment :	20.03.2010
Din No.:	02811608
Name :	Mr. Ashwinbhai Laljibhai Kansara
Designation :	Director
Address :	Lalitya 21, Somnath Society, Ravapar Road Somnath Society, Morbi, Rajkot – 3636411, Gujarat, India
Date of Birth/Age :	06.01.1952
Date of Appointment :	20.03.2010
Din No.:	03087670

KEY EXECUTIVES

Name :	Mr. Maniyar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Bhalodia Pravinkumar Odhavjibhai	20375
Bhalodia Pravinkumar (Huf)	5875
Bhalodia Odhavjibhai Ravjibhai	500
Bhalodia Vanitaben Pravinbhai	5750
Patel Nikita Nevilkumar	1
Bhalodia Nevilkumar Pravinbhai	8749
Bhalodia Himansu Pravinbhai	8750
Total	50000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items Etc.
Exports :
Products :	· Clocks · Time Piece · Telephone Calculator · Other Electronics Items
Countries :	· Egypt · Dubai
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and credit
Purchasing :	Cash and credit

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Clock	Nos.	NA	--	9367333
Alarm Clock	Nos.	NA	--	2482318
Calculator	Nos.	NA	--	2180340
Telephone	Nos.	NA	--	118167
ETKG	Nos.	NA	--	97094
Polyethylene Bubble Roll	Nos.	NA	--	14216
Hand Blender	Nos.	NA	--	133264
Hand Mixer	Nos.	NA	--	19550
Mixer Grinder	Nos.	NA	--	22836
Hair Dryer	Nos.	NA	--	8907
Iron	Nos.	NA	--	335369
Ice Shaver	Nos.	NA	--	4237
San. Toaster	Nos.	NA	--	22219
Air Cooler	Nos.	NA	--	4375
Multi Utility Stand	Nos.	NA	--	2814
Emergency Light	Nos.	NA	--	97099
Health Scale	Nos.	NA	--	171
Halogen Heater	Nos.	NA	--	95492
Wall Mounting Fan	Nos.	NA	--	23781
Pedestal Fan	Nos.	NA	--	45962
Table Fan	Nos.	NA	--	34180
Ceiling Fan	Nos.	NA	--	731607
Ventilation Fan	Nos.	NA	--	26926
Acessories of Ceiling Fan Regulator	Nos.	NA	--	137280
Blank Plate	Nos.	NA	--	863000
Module Case & Cover	Nos.	NA	--	5035440
Switches	Nos.	NA	--	4678442
Sockets	Nos.	NA	--	1955807
Regulators	Nos.	NA	--	367400
Indicator Panel	Nos.	NA	--	205701
Lamp Holder	Nos.	NA	--	1212954
Fuses	Nos.	NA	--	89200
Electronics Door Bell	Nos.	NA	--	57792
Extension Cord	Nos.	NA	--	302303
Plug Top	Nos.	NA	--	421622

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· State Bank of India, Morvi Branach, Gujarat, India

· IDBI Bank

· HDFC Bank

Facilities :

OD – Rs.15.000 Millions (State Bank of India)

OD – Rs.300.000 Millions (IDBI Bank)

OD – Rs.450.000 Millions (HDFC Bank)

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	105.934	12.763
Working capital loans banks secured	63.647	7.668
Total	169.581	20.431

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans directors unsecured	144.264	116.660
Other debt unsecured	37.731	33.581
Total	181.995	150.241

Banking Relations :	--
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34 2^nd Floor, Star Shopping Center, 20, New Jagnath, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India
Pan No.:	AAACPF2967P
Co-ventures/Associate: :	· Ajanta Manufacturing Limited · Ajanta Transistor Clock Manufacturing Company · Angel Manufacturing Company
Enterprise under the control of the company :	· Rewa Projects Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 1000/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 1000/- each	Rs.50.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2749.515	2298.035	1999.235
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2799.515	2348.035	2049.235
LOAN FUNDS
1] Secured Loans		169.581	20.431	161.018
2] Unsecured Loans		181.995	150.241	105.628
TOTAL BORROWING		351.576	170.672	266.646
DEFERRED TAX LIABILITIES		31.727	48.030	0.000
TOTAL		3182.818	2566.737	2315.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		722.448	541.274	481.049
Capital work-in-progress		92.737	11.044	0.000
INVESTMENT		0.074	0.009	513.954
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1424.167	915.638	537.387
	Sundry Debtors	200.972	155.527	155.572
	Cash & Bank Balances	173.321	408.305	2.035
	Other Current Assets	471.373	552.224	0.000
	Loans & Advances	993.224	860.628	1283.408
Total Current Assets		3263.057	2892.322	1978.402
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	134.639	59.153	67.422
	Other Current Liabilities	73.871	59.993	66.791
	Provisions	686.988	758.766	523.311
Total Current Liabilities		895.498	877.912	657.524
Net Current Assets		2367.559	2014.410	1320.878
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3182.818	2566.737	2315.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2536.436	2108.522	1743.272
		Other Income	185.499	204.568	60.856
		Windmill Power Generation Income	0.000	0.000	135.871
		Profit on sale of assets	0.000	0.000	1.000
		Profit on sale of Short Term Investment	0.000	0.000	0.000
		TOTAL (A)	2721.935	2313.090	1940.999
Less	EXPENSES
		Consumption materials changes inventories	1354.547	1149.172
		Manufacturing service costs	196.368	141.855
		Employee related expenses	159.351	145.010
		Administrative selling other expenses	289.820	188.699
		TOTAL (B)	2000.086	1624.736	1399.916
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		721.849	680.354	541.083
Less	FINANCIAL EXPENSES (D)		25.263	23.069	13.315
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		696.586	665.285	527.768
Less/ Add	DEPRECIATION/ AMORTISATION (F)		93.930	86.755	106.452
	PROFIT BEFORE TAX (E-F) (G)		602.656	578.530	521.316
Less	TAX (H)		198.697	204.011	247.480
	PROFIT AFTER TAX (G-H) (I)		403.959	374.519	273.836
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1645.154	1285.951	1027.813
	Adjustment for Depreciation		0.000	0.000	0.002
	APPROPRIATIONS
		Dividend 20% (Previous Year 20%)		10.000	10.000
		Dividend tax	52.056	1.699	1.699
		General Reserve		4.000	4.000
	BALANCE CARRIED TO THE B/S		1997.057	1644.771	1285.951
	TOTAL EARNINGS		119.800	106.600	120.400
	IMPORTS		1032.200	810.400	550.300
	Earnings Per Share (Rs.)		8079.18	7490.38	5476.72

Particulars	31.03.2012
Sales Turnover (Approximately)	3500.000

Expected Sales (2012-2013) : Rs.4000.000 Millions

The above information has been parted by Mr. Maniyar

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.84	16.19	14.11
Net Profit Margin (PBT/Sales)	(%)	23.76	27.44	29.90
Return on Total Assets (PBT/Total Assets}	(%)	14.56	16.84	21.20
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.25
Debt Equity Ratio (Total Liability/Networth)		0.45	0.45	0.45
Current Ratio (Current Asset/Current Liability)		3.64	3.294	3.01

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Due to Micro, Small and Medium Enterprises	0.000	0.000	0.000
Due to Others	134.639	59.153	67.422
Total	134.639	59.153	67.422

FUTURE OUTLOOKS AND PROSPECTS:

The Company is engaged in production of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items, Home Appliances Items, and Mobile Phone. In the financial year 2010-11 Company’s ttal Receipts has been increased by 20.74%. However, Profit Before Tax has decreased by Rs.4.696 Millions in comparison to the financial year 2009-10. The future outlooks and prospects of the company’s business are very bright and positive. Inspired by this vision, driven by values and powered by internal vitality, the directors look forward to the future with Confidence.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Equipment

· Furniture

· Vehicle

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.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.