MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	DELTA POWER SOLUTIONS INDIA PRIVATE LIMITED
Registered Office :	Plot No.38, Phase - 1, Sector - 5, Integrated Industrial Estate, Pant Nagar, Rudrapur – 263 153, Uttarakhand
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.04.2007
Com. Reg. No.:	20-032864
Capital Investment / Paid-up Capital :	Rs.1220.000 Millions
CIN No.: [Company Identification No.]	U32201UR2007FTC032864
PAN No.: [Permanent Account No.]	AACCD9731G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electronic Instrument and Controls.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4996000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. There appears some losses being incurred by the company in the current year. However, trade relations as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	Plot No.38, Phase - 1, Sector - 5, Integrated Industrial Estate, Pant Nagar, Rudrapur – 263 153, Uttarakhand, India
E-Mail :	nandan.baranwal@deta.co.in
Website :	www.delta.co.in
Location :	Owned
Corporate Office 1 :	Plot No.27, Sector -34, EHTP, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-4874900/ 4169040
Fax No.:	91-124-4036045
Area :	1 Acre
Location :	Rented
Corporate Office 2 :	Plot No.43, Sector-35, Industrial Estate, Gurgaon – 122 001, Haryana, India
Factory :	RS No.15/2, 3, 4, 6, Thirubhavanar Village, Mannadipet Commune, Pondicherry – 605 107, India
Tel. No.:	91-413-2643311
Fax No.:	91-413-2641002
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Anusorn Muttaraid

Designation :

Director

Address :

888/41, M006 Tambol Phraksa, Amphur Muang, Samutprakarn, Thailand 10280

Date of Birth/Age :

28.02.1954

Date of Appointment :

11.08.2008

DIN No.:

02338579

Name :

Mr. Ming Cheng Wang

Designation :

Director

Address :

D S Tower 2, 93/53, Soi, Sukhumvit, 39, Sukhumvti Road, Klongtoey North, District Watana Province, Bangkok-10110

Date of Birth/Age :

13.11.1946

Date of Appointment :

09.04.2007

DIN No.:

00956675

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	U32308HR1996PTC034410	Delta Energy Systems (India) Private Limited	Director	11-03-04	11-03-04	11-08-08	Active	NO
2	U32201UR2007FTC032864	Delta Power Solutions India Private Limited	Director	09-04-07	09-04-07	-	Active	NO

Name :

Mr. Sanjay Taneja

Designation :

Director

Address :

House No.F-80,Vishnu Garden,T ilak Nagar, New Delhi – 110 018, India

Date of Birth/Age :

06.03.1972

Date of Appointment :

11.08.2008

Date of Ceasing :

31.12.2011

DIN No.:

02328127

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	U32201UR2007FTC032864	Delta Power Solutions India Private Limited	Director	11-08-08	11-08-08	31-12-11	Active	NO
2	U74140HR2011PTC041830	DelSolar India EPC Company Private Limited	Director	06-01-11	06-01-11	29-03-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Nandan Kumar
Designation :	Secretary
Address :	Ashiana Angan, L-733, L-09, Near Alwar Bye Pass, Bhiwadi – 301 019, Rajasthan, India
Date of Birth/Age :	04.10.1979
Date of Appointment :	11.09.2008
PAN No. :	ASUPK2066N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Delta Greentech International Singapore Pte. Limited, Singapore	163862651
DET Video Technology Limited, Island	1
Total	163862652

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronic Instrument and Controls.

Products :

ITC Code No.	Product Description
8504	Electrical Transformer/ Rectifier/ Convertors
8528	Monitors and Projectors
8543	Electrical Machines and Appratus

GENERAL INFORMATION

No. of Employees :

650 (Approximately)

Bankers :

v Standard Chartered Bank, Delhi Branch

v ABN Amro Bank, Delhi Branch

Facilities :

Unsecured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks unsecured	270.000	300.000
Rupee term loans others unsecured	330.000	0.000
Total	600.000	300.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building No.8, Tower B, 8^th Floor, DLF, Cyber City, Gurgaon – 122 001, Haryana, India
PAN No.:	AAFFP3698A
Holding Company :	Delta Greentech SGP PTE Limited, Singapore (w.e.f. 7^th April, 2009)
Parent of Holding company (Ultimate Holding company) :	Delta Electronic (Thailand) Public Company Limited
Fellow Subsidiaries (Subsidiaries of Ultimate Holding company) :	v Delta Electronics International Limited, Macao v Delta Electro-optics (Wuijiang-Limited) v Delta Energy Systems (India) Private Limited v Delta Products Corporation v Delta – Cimic Electronics Company Limited v Delta Energy Systems, Switzerland v Delta Greentech China Company Limited v Delta India Electronics Private Limited v Delta Greentech SGP Pte Limited, Singapore (upto 7-Apr-09) v Delta Electronics (Jiang Su) Company Limited v Delta Electronics (Slovakia) S.R.O. v Delta Energy Systems (Finland) O.Y. v Delta Energy Systems (France) S.A. v Deltronics Netherland BV v Delsolar Company Limited v Delsolar (Wujiang) Limited v Delta Energy Systems (Germany) v Delta Video Display Systems v Delta Energy Systems (Spain) v Delta Greentech (Brasil) v Delta Energy Systems, Slovakia

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
170000000	Equity Shares	Rs.10/- each	Rs.1700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
163862652	Equity Shares	Rs.10/- each	Rs.1638.627 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122000000	Equity Shares	Rs.10/- each	Rs.1220.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	01.01.2008 to 31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1220.000	1220.000	1220.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.086	142.894	46.690
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1249.086	1362.894	1266.690
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		600.000	300.000	122.691
TOTAL BORROWING		600.000	300.000	122.691
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1849.086	1662.894	1389.381
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		551.294	546.018	541.244
Capital work-in-progress		13.213	6.520	13.674
INVESTMENT		0.090	0.050	0.050
DEFERRED TAX ASSETS		0.000	14.348	12.426
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	713.826	829.902	834.876
	Sundry Debtors	992.533	941.378	799.770
	Cash & Bank Balances	45.403	117.693	232.767
	Other Current Assets	0.079	0.044	0.067
	Loans & Advances	262.445	246.050	169.208
Total Current Assets		2014.286	2135.067	2036.688
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	666.095	942.947	1156.813
	Current Liabilities	35.107	50.650	41.427
	Provisions	28.595	45.512	16.461
Total Current Liabilities		729.797	1039.109	1214.701
Net Current Assets		1284.489	1095.958	821.987
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1849.086	1662.894	1389.381

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	01.01.2008 to 31.03.2009
	SALES
		Net Sales	4208.498	4340.273	3336.055
		Service & Other Income	33.683	12.989	23.713
		TOTAL (A)	4242.181	4353.262	3359.768
Less	EXPENSES
		Office Expenses	4223.260	4159.544	3220.929
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	4223.260	4159.544	3220.929
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.921	193.718	138.839
Less	INTEREST (D)		40.442	12.437	17.052
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(21.521)	181.281	121.787
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.440	54.298	39.056
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(81.961)	126.983	82.731
Less	TAX (H)		31.848	30.779	9.095
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(113.808)	96.204	73.636
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		142.894	46.690	(26.946)
	BALANCE CARRIED TO THE B/S		29.086	142.894	46.690
	Earnings/ (Loss) Per Share (Rs.)		(0.93)	0.79	0.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	01.01.2008 to 31.03.2009
PAT / Total Income	%	(2.68)	2.21	2.19
Net Profit Margin (PBT/Sales)	%	(1.95)	2.93	2.48
Return on Total Assets (PBT/Total Assets}	%	(3.19)	4.74	3.21
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.09	0.07
Debt Equity Ratio (Total Liability/Networth)		1.06	0.98	1.06
Current Ratio (Current Asset/Current Liability)		2.76	2.05	1.68

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Plot No.28, Sector 34, EHTP, Gurgaon – 122 001, Haryana to the present address w.e.f. 24.04.2009.

FINANCIAL HIGHLIGHTS:

The company is primarily engaged in the business of power supplies and electronic components catering to the needs of telecom sector, switching power supplies segment and so on.

FINANCIAL PERFORMANCE:

During the period, the company has earned income Rs.4242.181 millions as against Rs.4353.262 millions in the previous year. The Company has incurred the losses after tax of Rs.(113.808) millions during the period as compared to the profit after tax of Rs.96.204 millions in the previous financial year.

BUSINESS OPERATIONS:

The Company has withstood the challenges of the year 2010-2011 and is again confident to have a strong performance in the coming year of 2011-2012.

Based on the current market scenario and due to advent of new technology like tower sharing concepts, the Company continued to foresee these new challenges ahead in Telecom power systems (TPS) segments. However, in both the products segment i.e. TPS and UPS, the Company still expects double digit growth in the years to come. The Directors are confident that in order to meet these challenges necessary resources would be arranged for and utilized optimally to get maximum benefit.

CHANGES IN SHARE CAPITAL:

There is no change in the share capital during the period.

MATERIAL EVENTS SUBSEQUENT TO FINANCIAL YEAR END:

Increase in Authorised and paid up share capital: The Company has increased its authorized share capital from Rs.1250.000 millions to Rs.1700.000 millions in order to facilitate the infusion of additional capital by way of passing ordinary resolution in the Extraordinary General Meeting held on dated 06^th June 2011. Further, the paid up of the Company has increased from Rs.1220.000 millions to Rs.1638.627 millions vide allotment of shares by passing board resolution dated 25^th July 2011. Shareholding pattern: The shareholders have changed from Delta Greentech SGP PTE LIMITED to Delta Greentech International (Singapore) Pte Limited vide transfer of share approved in the Board meeting dated 09^th May 2011.

FIXED ASSETS:

v Leasehold Land

v Leasehold Improvements

v Building

v Plant and Machinery

v Office Equipment

v Furniture and Fixtures

v Computers

v Vehicle

v Software

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.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.