MIRA INFORM REPORT

Report Date :

09.01.2012

IDENTIFICATION DETAILS

Name :	CONTINENTAL DEVICE INDIA LIMITED DELTRON (A DIVISION OF CONTINENTAL DEVICE INDIA LIMITED)
Registered Office :	C / 120, Naraina Industrial Area, New Delhi - 110 028
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1964
Com. Reg. No.:	55-4291
Capital Investment / Paid-up Capital :	Rs. 43.000 Millions
CIN No.: [Company Identification No.]	U32109DL1964PLC004291
TAN No.: [Tax Deduction & Collection Account No.]	DELC07659B
PAN No.: [Permanent Account No.]	AAACC1835E
Legal Form :	Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing and exporting of discrete silicon semiconductor components like Transistors, Diodes, Zener Diodes in standard and surface Mount Packages, Photo-Sensitive Semi Conductor Devices including Photo-Voltaic Cells, Mounted Piezo-Electric Crystals, Subcontract Assembly for Discrete Components And Contract PC Board Assembly.

RATING & COMMENTS

MIRA’s Rating :

A (57)

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 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having fine track. Financial position of the company appears to be good. Trade relations are reported as fair. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office / Factory 1 :	C / 120, Naraina Industrial Area, New Delhi – 110 028, India
Tel. No.:	91-11-25796150 / 6151 / 6152 / 6153/51411112
Fax No..:	91-11-25799569/25795290/51411119
E-Mail.:	sales@cdil.cc.gw.wiprobt.ems.vsnl.net.in sales@cdil.com email@cdil.com
Website :	http://www.cdil.com http://www.cdilsemi.com
Area :	10000 sq.fts
Location :	Owned
Factory 2 :	14/5, Mathura Road, Faridabad, Haryana, India
Factory 3:	132, Industrial Area, Chandigarh, India
Factory 4 :	Electronics Complex, Rangreth, Sri Nagar, Jammu & Kashmir, India
Factory 5:	B-97, Phase-VIII Industrial Area, SAS Nagar, Mohali 160059, Punjab, India
Branches :	4801, High Point IV, 45, Palace Road, Bangalore– 560 001, Karnataka, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Gurpreet Singh
Designation :	Chairman and Managing Director
Address :	20-A, Aurangzeb Road, New Delhi – 110011, Delhi
Date of Birth/Age :	22.11.1933
Date of Appointment :	10.12.1964
DIN No.:	00173503

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	U74899DL1947PTC001234	NATIONAL COLD STORAGE AND REFRIGERATION PRIVATE LIMITED	Director	15-12-54	15-12-54	-	Active	NO
2	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Managing director	01-12-09	10-12-64	-	Active	NO
3	U74899DL1970PTC005207	DELTA ELECTRONICS PRIVATE LIMITED	Director	27-10-70	27-10-70	-	Active	NO
4	U74899DL1968PTC004976	SEMTECH PRIVATE LIMITED.	Director	13-09-75	13-09-75	-	Active	NO
5	L32109DL1982PLC013838	DELTRON LIMITED	Director	17-10-83	17-10-83	-	Active	NO
6	U74899DL1970PTC005443	SIMRAN ELECTRONICS PRIVATE LIMITED	Director	12-07-90	12-07-90	-	Active	NO
7	U67120DL2001PTC111221	M D HOLDINGS PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO
8	U45201DL2001PTC111217	RAGHAV PROPERTIES PRIVATE LIMITED	Director	08-03-04	08-03-04	-	Active	NO
9	U72900DL2006PLC153842	NILE TECH LIMITED	Director	29-09-07	15-09-06	04-03-11	Active	NO
10	U72200DL2006PLC154058	CONTINENTAL DEVICE INFOTECH LIMITED	Director	19-09-06	19-09-06	-	Active	NO
11	U45201DL2003PTC123474	MULBERRY PROJECTS PRIVATE LIMITED	Director	29-09-07	10-05-07	-	Active	NO

Name :	Mr. Inderdeep Singh
Designation :	Managing Director
Address :	20-A, Aurangzeb Road, New Delhi – 110011, Delhi
Date of Birth/Age :	18.08.1960
Date of Appointment :	01.09.1988
DIN No.:	00173538

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	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Managing director	01-12-09	01-09-88	-	Active	NO
2	U74899DL1987PTC026729	SOFT ELECTRONICS PRIVATE LIMITED	Director	04-09-89	04-09-89	-	Active	NO
3	U74899DL1970PTC005443	SIMRAN ELECTRONICS PRIVATE LIMITED	Director	12-07-90	12-07-90	-	Active	NO
4	L32109DL1982PLC013838	DELTRON LIMITED	Director	26-11-91	26-11-91	-	Active	NO
5	U74899DL1947PTC001234	NATIONAL COLD STORAGE AND REFRIGERATION PRIVATE LIMITED	Director	04-08-99	04-08-99	-	Active	NO
6	U67120DL2001PTC111221	M D HOLDINGS PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO
7	U45201DL2001PTC111217	RAGHAV PROPERTIES PRIVATE LIMITED	Director	08-03-04	08-03-04	-	Active	NO
8	U65999CH1998SGC022010	PUNJAB VENTURE CAPITAL LIMITED	Director	14-12-05	14-12-05	28-06-10	Active	NO
9	U72900DL2006PLC153842	NILE TECH LIMITED	Director	29-09-07	15-09-06	02-03-11	Active	NO
10	U72200DL2006PLC154058	CONTINENTAL DEVICE INFOTECH LIMITED	Director	19-09-06	19-09-06	-	Active	NO
11	U45201DL2003PTC123474	MULBERRY PROJECTS PRIVATE LIMITED	Director	29-09-07	07-05-07	-	Active	NO
12	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director appointed in casual vacancy	25-03-08	25-03-08	-	Active	NO
13	U91900PB2011NPL034564	YOUNG PRESIDENT'S ORGANISATION (PUNJAB CHAPTER)	Director	05-01-11	05-01-11	-	Active	NO
14	U74140DL2011PTC216948	BELLA VISTA MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	04-04-11	04-04-11	-	Active	NO

Name :	Ms. Gita Maharani Devi
Designation :	Director
Address :	B 90-A, Greater Kailash, Part-I, New Delhi-110048, India
Date of Birth/Age :	21.03.1936
Date of Appointment :	11.12.1969
DIN No.:	00215138
Name :	Mr. Kushal G Singh
Designation :	Director
Address :	20-A, Aurangzeb Road, New Delhi – 110011, Delhi
Date of Birth/Age :	19.02.1935
Date of Appointment :	07.03.1966
DIN No.:	00178630

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Director	07-03-66	07-03-66	Active	NO
2	U74899DL1968PTC004976	SEMTECH PRIVATE LIMITED.	Director	23-03-69	23-03-69	Active	NO
3	U74899DL1970PTC005207	DELTA ELECTRONICS PRIVATE LIMITED	Whole-time director	27-10-70	27-10-70	Active	NO
4	U74899DL1970PTC005443	SIMRAN ELECTRONICS PRIVATE LIMITED	Director	06-11-75	06-11-75	Active	NO

Name :	Mr. G V Subramaniam
Designation :	Director
Address :	EB-150, G-8, Area Maya Enclave, New Delhi-110064, India
Date of Birth/Age :	18.02.1940
Date of Appointment :	28.10.2002
DIN No.:	00173861

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	U74899DL1947PTC001234	NATIONAL COLD STORAGE AND REFRIGERATION PRIVATE LIMITED	Director	04-02-87	04-02-87	-	Active	NO
2	U74899DL1947PTC001282	A G TRADERS PRIVATE LIMITED	Director	14-03-87	14-03-87	-	Active	NO
3	U74899DL1970PTC005207	DELTA ELECTRONICS PRIVATE LIMITED	Director	22-06-89	22-06-89	-	Active	NO
4	U72900DL1999PTC102689	QUALITY SOLUTIONS (INDIA) PRIVATE LIMITED	Director	06-12-99	06-12-99	01-12-11	Active	NO
5	U32109DL1964PLC004291	CONTINENTAL DEVICE INDIA LIMITED	Director	28-10-02	28-10-02	-	Active	NO
6	U72200DL2006PLC154058	CONTINENTAL DEVICE INFOTECH LIMITED	Director	19-09-06	19-09-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sumir Pal Singh Sethi	38320
Thermadyne Private Limited, India	75890
Simran Bhargava Kushal G. Singh S. Gurpreet Singh	271000
S. Inderdeep Singh Kushal G. Singh S. Gurpreet Singh	720000
Kushal G. Singh S. Inderdeep Singh S. Gurpreet Singh	493316
S. Gurpreet Singh-Huf S. Inderdeep Singh	36892
S. Gurpreet Singh S. Inderdeep Singh Kushal G.Singh	32006
S. Arjan Singh Huf S. Gurpreet Singh S. Inderdeep Singh	50180
Punita G Singh Kushal G. Singh S. Gurpreet Singh	237600
S. Inderdeep Singh Reena I. Singh Prithvideep Singh	332695
Simran Bhargava Tara Bhargava Amira Bhargava	106890
Prithvideep Singh Reena I. Singh Inderdeep Singh	241335
Gitana Singh Reena I. Singh Inderdeep Singh	123105
Reena I. Singh Prithvideep Singh Inderdeep Singh	125000
S. Gurpreet Singh Kushal G Singh S. Inderdeep Singh	477864

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	1.76
Directors or relatives of Directors	97.18
Other top fifty shareholders	1.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of discrete silicon Semiconductor components like Transistors, Diodes, Zener Diodes in standard and surface Mount Packages, Photo-Sensitive Semi Conductor Devices including Photo-Voltaic Cells, Mounted Piezo-Electric Crystals, Subcontract Assembly for Discrete Components and Contract PC Board Assembly

Products :

Product Description	ITC Code No
DIODES	85.41.10
Transistors	85.41.29
Electronic Sub Assemblies	85.17.19
Automotive Parts	85.11.90
Other Electronic Sub Assemblies and Modules	85.48.00

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Devices and Chips	Million	652.500	652.50	339.67
Sub-Assemblies (Electronic)	Million / Nos.	0.05	0.05	886616
Operating Units	Million	0.50	0.10	--
TV Receivers	Million	0.15	0.07	--
EPABX	Mn Lines / K Lines	0.02	15	--

GENERAL INFORMATION

Bankers :

· Standard Chartered Bank, Sansad Marg, New Delhi-110001, India

· ING Vysya Bank Limited, Narain Manzil, 23, Barakhamba Road, New Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks	7.424	0.238
(Against Hypothecation of Stock and Book Debts)
From Financial Institutions	16.024	16.024
(Against Hypothecation of Specific Plant and Machinery)
Total	23.448	16.262
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Fixed Deposits
a) Directors	175.135	95.905
b) Others	126.704	76.519
Other Deposits	4.525	4.525
Total	306.364	176.949

Banking Relations :	--
Auditors :
Name :	Raghu Nath Rai And Co Chartered Accountant
Address :	9 B Mathura Road, Jangpura, New Delhi- 110014, India
Pan No.:	AAAFR6306E
Group Company :	· Deltron Limited · Mulberry Projects Private Limited · NCS and R Private Limited
Subsidiaries :	· CDIL H K Limited · Nile Tech Limited (Sold During the Year) · Continental Device Infotech Limited CIN NO.: U72200DL2006PLC154058

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs. 49.000 Millions
10000	Redeemable Preference Shares	Rs. 100/- each	Rs. 1.000 Million
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4300000	Equity Shares	Rs.10/- each	Rs. 43.000 Millions

Note:

(Out of the above 49,000 shares are allotted as fully paid up pursuant to a contract for consideration other than cash and 80,000 shares allotted as fully paid up by way of bonus shares by Capitalization of Reserves)

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		43.000	43.000	43.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		980.301	701.699	671.009
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1023.301	744.699	714.009
LOAN FUNDS
1] Secured Loans		23.448	16.262	22.529
2] Unsecured Loans		306.364	176.949	145.744
TOTAL BORROWING		329.812	193.211	168.273
DEFERRED TAX LIABILITIES		28.426	32.389	34.674
TOTAL		1381.539	970.299	916.956
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		324.223	339.700	356.848
Capital work-in-progress		19.740	2.827	2.805
INVESTMENT		899.967	508.498	410.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.607	69.103	53.304
	Sundry Debtors	122.759	116.208	116.662
	Cash & Bank Balances	39.216	23.653	72.875
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.986	50.133	61.524
Total Current Assets		295.568	259.097	304.365
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.966	74.114	70.150
	Other Current Liabilities	62.936	49.608	70.673
	Provisions	26.057	16.101	16.247
Total Current Liabilities		157.959	139.823	157.070
Net Current Assets		137.609	119.274	147.295
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1381.539	970.299	916.956

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	846.554	774.769	839.122
		Other Income	2.551	21.152	0.998
		Export Incentives	0.402	2.818	2.860
		Dividends	3.413	4.002	5.235
		Profit / (Loss) on Sale of Assets	2.463	3.435	(1.236)
		Profit / (Loss) on Sale of Investments	376.961	4.263	1.810
		Profit / (Loss) from Partnership Firm	(6.727)	1.353	3.460
		TOTAL (A)	1225.617	811.792	852.249
Less	EXPENSES
		Raw Material, Stores & Spares, Finished Goods and Work in Progress and other Manufacturing Expenses	592.058	526.433	566.724
		Salary, Wages, Bonus & Gratuity	123.562	114.691	120.911
		Contribution to PF, ESI (Including of Managing Director)	10.154	9.617	10.060
		Staff Welfare	8.449	7.676	8.576
		Power, Fuel & Electricity	27.029	23.665	29.842
		Rent, Hire & Leasing Charges	1.382	2.217	2.588
		Rates & Taxes	1.234	1.346	1.101
		Insurance	2.056	1.872	2.108
		Advertisement & Publicity	1.094	0.370	0.803
		Audit & Legal Charges	4.389	3.579	3.993
		Director Remuneration	7.200	7.200	7.200
		Director Fees	0.026	0.016	0.028
		Administrative Expenses	22.029	20.731	24.336
		Research & Development Expenses	5.443	6.054	6.275
		Repairs & Maintenance	7.140	6.465	7.874
		TOTAL (B)	813.245	731.932	792.419
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		412.372	79.860	59.830
Less	FINANCIAL EXPENSES (D)		33.413	13.234	10.333
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		378.959	66.626	49.497
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.324	23.222	24.817
	PROFIT BEFORE TAX (E-F) (G)		356.635	43.404	24.680
Less	TAX (H)		68.038	12.714	6.780
	PROFIT AFTER TAX (G-H) (I)		288.597	30.690	17.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.544	83.854	70.954
Less	APPROPRIATIONS
		Transfer to General Reserve	21.700	4.000	5.000
		Dividend	8.600	0.000	0.000
		Tax on Dividend	1.395	0.000	0.000
	BALANCE CARRIED TO THE B/S		367.446	110.544	83.854
	EXPORT VALUE		369.720	336.620	445.000
	IMPORTS
		Raw Materials	372.010	224.900	293.800
		Trading Material, Stores & Spares	160.780	175.820	162.790
	TOTAL IMPORTS		532.790	400.720	456.590
	Earnings Per Share (Rs.)		67.12	7.14	4.16

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	23.55	3.78	2.10
Net Profit Margin (PBT/Sales)	(%)	42.13	5.60	2.94
Return on Total Assets (PBT/Total Assets}	(%)	57.54	7.25	3.73
Return on Investment (ROI) (PBT/Networth)		0.35	0.06	0.03
Debt Equity Ratio (Total Liability/Networth)		0.50	0.49	0.50
Current Ratio (Current Asset/Current Liability)		1.87	1.85	1.94

LOCAL AGENCY FURTHER INFORMATION

THE YEAR IN RETROSPECT

Steady growth and fiscal consolidation have been the hallmark of the Indian economy in the year 2010-11. India’s GDP registered a modest growth of 8.6% in 2010-11 aided by 5.4% growth in the Agriculture sector and 9.1% growth in the Manufacturing sector besides the gains registered by the Services sectors.

The Economic Survey shows that the Gross Fiscal Deficit is down to 4.8% of GDP in 2010-11 as against 6.3% in the previous year while the Revenue deficit is down to 3.5% of GDP as against 5.1% in the previous year.

However food inflation, higher commodity prices and volatility in global commodity markets have been a cause of concern underscoring the need of fiscal consolidation and stronger reserves.

While inflationary pressures and increased competition have continued to adversely influence the margins, the Company’s performance during the year can be considered reasonable.

FINANCIAL RESULTS

During the year, the Company’s total revenue was Rs.1225.600 millions as compared to Rs. 811.800 millions for the year ended on 31st March 2010. Pre-tax profits for the year were at Rs. 356.600 millions after providing for depreciation of Rs.22.300 millions.

The total funds available for appropriation amount to Rs. 399.100 millions after providing Rs.72.000 millions for current income tax. An amount of Rs. 21.700 millions has been transferred to General Reserves, Rs.10.000 millions provided for Dividend & Dividend Tax and balance sum of Rs. 367.400 millions has been carried over to the Balance Sheet.

FUTURE OUTLOOK

Sovereign debt crisis in the euro-zone nations coupled with high oil prices, continuing high inflation and slowing demand are expected to moderate India's economic growth in the year 2011-12. While the International Monetary Fund has projected the Indian economy to expand by 8.2% in 2011, the World Bank in its recent edition of Global Economic Prospects has pegged the growth rate at 8% during 2011-12. The Reserve Bank of India has also projected a growth rate of 8% for India’s Economy in 2011-12, despite a normal monsoon during the year, which is lower than the 9% growth rate estimated by the Government.

Inflation continues to be a cause for great concern. High international oil prices, likely decontrol of diesel prices, high global food prices and hike in Minimum Support Prices for the upcoming agriculture season are likely to stoke inflation and undermine growth. Despite large scale tightening of the monetary policy by the RBI and other steps initiated by the Government, inflation is likely to remain close to the double digit mark.

The momentum in exports witnessed during the second half of 2010-11 is likely to be tempered in the current year due to rising interest rates, rising raw materials and labour costs and oil prices, withdrawal of incentive schemes like DEPB and likely slowdown in Asian economies. Overall macro conditions will remain vulnerable during the year.

On a brighter note, a high level committee chaired by the Prime Minister has approved the draft “National Manufacturing Policy” aimed at increasing the share of manufacturing in the GDP from the current 16% to 25% by the year 2025. This ambitious policy, when implemented, could give a boost to the manufacturing sector while creating additional 100 million jobs in the process. However, environment and labour concerns still need to be resolved before it is sent for the cabinet’s approval.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Air Conditioning Plant

· Office Equipments

· Furniture and Fixture

· Vehicles

· Electrical Installations

WEB SITE DETAILS

THE PIONEERS

Subject is proud to have pioneered the manufacture of Silicon Semiconductor Devices in India, way back in 1964. The Company was the first Electronic Components Manufacturer in India to have received the ISO certification in 1992 and presently we are certified under the ISO/TS 16949 and ISO 9001 Quality Management Systems, as well as the ISO 14001 Environmental Management System.

MAINTAINING LEADERSHIP PROFILE

Subject maintains Leadership Profile in the Manufacture of a Wide Range of Quality Semiconductor Components. Components that support Manufacturers to create sophisticated and cutting-edge-technology products for global markets. In a small but significant way, Subject is contributing to this technology build-up, at home as well as in the international markets.

RECOGNITION
CDIL has bagged numerous awards and received recognition from the Industry, Trade Associations and Government bodies for excellence in Quality, Production, Research and Development, Valued Partner / Best Vendor, Export Performance, Environment Management, Safety. A short selection of the Awards and Recognition are listed: 

• Certificate of Merit from Bharti Teletech Limited for the years 2004-2005, 2003-2004, 2002-2003, 2001-2002, 1999-2000
• ELCINA award for Outstanding Export Performance for the years 2003-2004, 2000-2001
• IETE Corporat Award 2004 for Excellence in Electronic Components  
• The ESC Special Award for "Development of New Markets-Asean Region (Non-SSI)" , for 2003-04  and 2004-05
• Sony Corporation's Green Partner Certificate issued in 2003
• ELCINA award for Excellence in Environment Management for the year 2001-2002
• ELCINA award for Excellence in Quality for the years 2000-2001, 1999-2000
• Bharti Teletech Value Partner of the Year award for the year 2000-2001
• Sony India Award for "Quality" for the year 1999-2000        
• Bharti Telecom Award for "Vendor Appreciation" for the year 1998-99
• Crompton Greaves Award for "Valued Vendor" for the year 1998-99
• Rajiv Gandhi National Quality Award, 1998 in the field of Electrical and Electronic Industry
• Sony India Award for Quality for the year 1998-99
• The ESC Special Award for "Excellence in Exports" for Electronic Components, for 1997-98
• The Government of National Capital Territory of Delhi State Award for Export Excellence for the year 1996-97
• Bharti Telecom Award for "Best Vendor" for the year 1996-97
• The ESC Special Award for Excellence in Exports Innovation of new product in the field of electronic components in 1996
• The ELCINA Award for "R and D" in 1996
• Institute of Directors award for "Quality" in 1993
• Citation in the Indian Parliament for "Contribution to the Space Programme"
• The ELCINA Award for "Export" in 1992
• The ELCINA Award for "Excellence in Export Efforts" in 1980
• The ELCINA Award for "R and D" in 1979
• The President of India's "Gold Shield for Import Substitution" in 1973

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. 52.78
UK Pound	1	Rs. 81.78
Euro	1	Rs. 67.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		57

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.