MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	NIXX-ON ELECTRONICS (INDIA) PRIVATE LIMITED
Registered Office :	No. 1, Ashok Nagar, Main Road, Kodambakkam, Chennai 600024, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.10.1997
Com. Reg. No.:	039342
Capital Investment / Paid-up Capital :	Rs. 2.222 millions
CIN No.: [Company Identification No.]	U36999TN1997PTC039342
TAN No.: [Tax Deduction & Collection Account No.]	CHEN02118E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Electronic Goods
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions. Profit and Loss Account of the company is not available

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 :	No. 1, Ashok Nagar, Main Road, Kodambakkam, Chennai 600024, Tamil Nadu, India
Tel. No.:	91-253-3041114
E-Mail :	sm_nsk@yahoo.com stambe@aelgroup.com
Factory :	D-11, Road No 28 Wagle Industril Estate, Thane 400604, Maharashtra, India

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Dineshchandra Nyalchand Bharwada
Designation :	Director
Date of Birth/Age :	05.09.1944
Date of Appointment :	27.06.2010
DIN No.:	00022451

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	U65990MH1992PTC065806	Shrutika Finlease And Investment Pvt Ltd	Director	10/03/1993	10/03/1993	05/09/2011	Active	YES
2	U31909MH1995PTC093485	Asian Ele-Tech Services Private Limited	Director	10/10/1995	10/10/1995	-	Active	NO
3	U31250MH1999PTC120494	Aets Electrical Services (Gujarat) Private Limited	Director	24/06/1999	24/06/1999	-	Active	NO
4	U31200MH1999PTC120493	Aets Electrical Services (South) Private Limited	Director	07/12/2000	07/12/2000	-	Active	NO
5	U99999MH1994PTC082619	Asian Energy Management Private Limited	Director	30/09/2010	07/04/2010	-	Active	NO
6	U36999TN1997PTC039342	Nixx-On Electronics (India) Private Limited	Director	30/09/2010	27/06/2010	-	Active	NO

Name :	Mr. Ganapati Shridhar Jambekar
Designation :	Director
Date of Birth/Age :	09.06.1940
Date of Appointment :	17.06.2010
DIN No.:	01746982

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	U74140MH2007PLC175609	ARSH Advisors And Owners Limited	Director	01/11/2007	01/11/2007	07/07/2010	Active	NO
2	U72200MH2006PTC160812	Brainmatics Solutions Private Limited	Director	19/03/2008	19/03/2008	-	Active	NO
3	U72100MH1988PTC049849	Power Synthesis Private Limited	Director	30/09/2010	01/04/2010	-	Active	NO
4	U32107MH1999PTC119827	Aets Electrical Services (A P ) Private Limited	Director	30/09/2010	01/04/2010	-	Active	NO
5	U32100MH2000PTC126242	E Plus Energy Management (India) Private Limited	Additional director	01/04/2010	01/04/2010	-	Active	NO
6	U29220MH2007PTC170965	Kevalin Technologies Private Limited	Director	30/09/2010	07/04/2010	24/11/2010	Active	NO
7	U99999MH1994PTC082619	Asian Energy Management Private Limited	Director	30/09/2010	07/04/2010	-	Active	NO
8	U31250MH1999PTC120494	Aets Electrical Services (Gujarat) Private Limited	Director	30/09/2010	07/04/2010	-	Active	NO
9	U31909MH1995PTC093485	Asian Ele-Tech Services Private Limited	Director	30/09/2010	07/04/2010	-	Active	NO
10	U74999MH2002PTC138232	Unique Waste Plastic Management And Research Company Private Ltd	Additional director	07/04/2010	07/04/2010	-	Active	YES
11	U52190MH2005PTC158192	Divyadarshan Multitrade Private Limited	Director	30/09/2010	17/06/2010	-	Active	YES
12	U99999MH1992PTC070050	Advanced Electronic Manufacturing Services Private Limited	Director	30/09/2010	17/06/2010	-	Active	NO
13	U31200MH1999PTC120491	Aets Electrical Services (North) Private Limited	Director	30/09/2010	17/06/2010	-	Active	NO
14	U36999TN1997PTC039342	Nixx-On Electronics (India) Private Limited	Director	30/09/2010	17/06/2010	-	Active	NO
15	U31100MH2005PTC154956	Midcom Magnetics Management Private Limited	Director	30/09/2010	17/06/2010	-	Active	NO
16	U31401MH2010PTC205762	Ael Esco Private Limited	Director	21/07/2010	21/07/2010	-	Active	NO
17	U31908MH2010PTC205827	Ael Projects Private Limited	Director	22/07/2010	22/07/2010	-	Active	NO

Name :	Mr. Sandeep Chandrakant Tambe
Designation :	Director
DIN No.:	00038305

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	U72100MH1988PTC049849	Power Synthesis Private Limited	Director	03/05/1990	03/05/1990	01/04/2010	Active	NO
2	U31501MH1995PLC088270	Eurolight Electricals Limited	Director	31/05/2003	31/05/2003	-	Active	NO
3	U32107MH1999PTC119827	Aets Electrical Services (A P ) Private Limited	Director	01/08/2003	01/08/2003	01/04/2010	Active	NO
4	U31909MH1995PTC093485	Asian Ele-Tech Services Private Limited	Director	01/08/2003	01/08/2003	07/04/2010	Active	NO
5	U99999MH1992PTC070050	Advanced Electronic Manufacturing Services Private Limited	Director	01/07/2004	01/07/2004	17/06/2010	Active	NO
6	U36999TN1997PTC039342	Nixx-On Electronics (India) Private Limited	Director	21/07/2004	21/07/2004	27/06/2010	Active	NO
7	U99999MH1994PTC082619	Asian Energy Management Private Limited	Director	29/09/2008	26/05/2008	07/04/2010	Active	NO
8	U74999MH2010PTC198845	Geodesic Gridpoint Energy Private Limited	Managing director	01/05/2010	01/05/2010	-	Active	NO

Name :	Mr. Bipin Manubhai Shah
Designation :	Director
DIN No.:	00016603

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	U28129MH1971PTC015484	Navgujarat Packging Private Limited	Director	14/12/1971	14/12/1971	-	Active	NO
2	L25209GJ1988PLC010846	Kccl Plastic Limited	Director	14/06/1988	14/06/1988	20/02/2008	Active	NO
3	U25202MH1998PTC117184	Trend Plastpouchpack Private Limited	Director	20/11/1998	20/11/1998	-	Active	NO
4	U25209MH1984NPL032701	Organization Of Plastics Processors Of India	Director	04/07/2000	04/07/2000	-	Active	NO
5	U32100MH2000PTC126242	E Plus Energy Management (India) Private Limited	Director	10/04/2001	10/04/2001	01/04/2010	Active	NO
6	U36999TN1997PTC039342	Nixx-On Electronics (India) Private Limited	Director	01/06/2001	01/06/2001	17/06/2010	Active	NO
7	U31200MH1999PTC120493	Aets Electrical Services (South) Private Limited	Director	01/08/2003	01/08/2003	01/04/2010	Active	NO
8	U30007MH1995PTC092884	Asian Compusoft Private Limited	Director	01/08/2003	01/08/2003	05/09/2011	Active	NO
9	U32107MH1999PTC119827	Aets Electrical Services (A P ) Private Limited	Director	01/08/2003	01/08/2003	01/04/2010	Active	NO
10	U67120MH1992PTC067114	Gem Securities Pvt Ltd	Director	01/11/2003	01/11/2003	16/08/2011	Active	NO
11	U32109MH1981PTC024513	U S Instruments Pvt Ltd	Director	01/11/2003	01/11/2003	16/08/2011	Active	NO
12	U99999MH1994PTC082619	Asian Energy Management Private Limited	Director	22/11/2003	22/11/2003	07/04/2010	Active	NO
13	U31200MH1999PTC120491	Aets Electrical Services (North) Private Limited	Director	22/11/2003	22/11/2003	17/06/2010	Active	NO
14	U52190MH2005PTC158192	Divyadarshan Multitrade Private Limited	Director	09/01/2006	09/01/2006	17/06/2010	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Bipin M Shah	131154
Bobby Thomas	64466
Bharat Y Shah	26675
Total	222295

AS ON 29.09.2010

Equity Share Breakup		Percentage of Holding
Category
Other top fifty shareholders		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Electronic Goods

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Bank of India · Canara Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Shashank Manerikar and Company Chartered Accountant
Address :	F – 10, Silver Plaza, Canada Corner, Sharanpur Road, Nashik 422002, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 10 each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
222295	Equity Shares	Rs. 10 each	Rs.2.222 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.222	2.222	2.222
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1.891)	(1.875)	(1.944)
NETWORTH		0.331	0.347	0.278
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.331	0.347	0.278
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.160	0.187	0.217
Capital work-in-progress		0.000	0.000	7.266
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4.209	4.209	4.209
	Cash & Bank Balances	0.111	0.177	0.708
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.298	0.797	0.961
Total Current Assets		5.618	5.183	5.878
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.725	0.568	0.885
	Other Current Liabilities	4.722	4.455	12.198
	Provisions	0.000	0.000	0.000
Total Current Liabilities		5.447	5.023	13.083
Net Current Assets		0.171	0.160	(7.205)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.331	0.347	0.278

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	16.45	14.47	47.06
Current Ratio (Current Asset/Current Liability)	0.17	1.03	0.44

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Furniture

· Computer

· Vehicles

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.49.64
UK Pound	1	Rs.77.79
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		14

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.