MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	ITP INFOTECH PRIVATE LIMITED
Registered Office :	15, DSIDC Shed, Okhla Industrial Area, Phase II, Scheme I, New Delhi-110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.04.1995
Com. Reg. No.:	55-067131
Capital Investment / Paid-up Capital :	Rs.14.195 millions
CIN No.: [Company Identification No.]	U74899DL1995PTC067131
TAN No.: [Tax Deduction & Collection Account No.]	RTKI00379B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Harness for Electronic computer and white goods industry, Harness for Inverter and UPS etc.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 148000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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

INFORMATION PARTED BY

Name :	Mr. Vikas
Designation :	Deputy Manager
Contact No.:	91-9971089819
Date :	02.07.2012

LOCATIONS

Registered Office :	15, DSIDC Shed, Okhla Industrial Area, Phase II, Scheme I, New Delhi-110020, India.
Tel. No.:	91-124-2456051/151/152
Mobile No.:	91-9971089819 (Mr. Vikas)
Fax No.:	91-124-2456052
E-Mail :	harness@vsnl.net sales@itpharness.com anilsinghcs@gmail.com
Website :	www.itpinfotech.com
Location :	Owned
Office Factory:	40, 59 and 60, Harton Complex, Electronic City, Sector-18, Gurgaon-122016, Haryana, India.
Tel No.:	91-124-2456051/151/152
Fax No.:	91-124-2456052

DIRECTORS

As on 30.09.2011

Name :	Mr. Brij Mohan Vaish
Designation :	Director
Address :	Flat No. 4223, Block B, Pocket-5 and 6, Vasant Vihar, New Delhi-110070, India.
Date of Birth/Age :	25.08.1939
Date of Appointment :	04.04.1995
DIN No.:	00249306
Name :	Mr. Ila Vaish
Designation :	Director
Address :	J-1/17, DLF Qutab Enclave, Phase II, Gurgaon-122001, Haryana, India.
Date of Birth/Age :	14.03.1973
Date of Appointment :	01.04.2000
DIN No.:	00739422

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Brij Mohan Vaish	237600
Pavan Vaish	156600
Ila Vaish	300
Quadrant Infotech (India) Private Limited, India	1025000
Total	1419500

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	72.20
Directors or relatives of Directors	27.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Harness for Electronic computer and white goods industry, Harness for Inverter and UPS etc.
Products :	Harness for Electronic, Computer and White Goods Industry Harness for Inverter and UPS Harness for Automotive Light Industry Harness for Weighing Scales Harness for LT Panels and Telecom Industry Ferrite based Transformers and Coils for Weighing Scales, CFLs, Chargers, etc. Battery Cables 2 Pin Power Cords 3 Pin Power Cords Computer Cords Line Cords Coil Cords Moulded Cords SMPS Transformers Laminated Drivers Line Filters Choke Coils
Exports :
Products :	Harness for electronic computer and white goods industry, harness for inverter and UPS
Countries :	USA Germany
Imports :
Products :	Raw materials
Countries :	Taiwan China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Gurgaon

Particulars	Unit	Actual Production
Wiring Harness	NOS	5877010
Wiring Harness (sets)	NOS	1840105
Transformer	NOS	1981765

Haridwar

Particulars	Unit	Actual Production
Wiring Harness	NOS	2523921
Wiring Harness (sets)	NOS	114800
Power Cord	NOS	179757
Lantern	NOS	72
Relays	NOS	0
Coil Assemblies	NOS	852000

GENERAL INFORMATION

Suppliers :

Bhagyadeep Cables Private Limited

Customers :

Wholesalers and Retailers

· Gruner India Private Limited

No. of Employees :

150 (Approximately)

Bankers :

• State Bank of Indore, SCO-25, Sector-14, Gurgaon-122001, Haryana, India.
• State Bank of India SME Branch (04402), Vatika First India Place, M.G.Road, Gurgaon – 122002, Haryana, India

Facilities :

Secured Loans	31.03.2011 (Rs. In millions)	31.03.2010 (Rs. In Millions)
State Bank of Indore CC Limits	24.641	25.957
State Bank of Indore Term Loan	2.657	5.737
Total	27.298	31.694
Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Directors	23.202
From Others	0.525
Quadrant Infotech (India)Private Limited	12.125
Total	35.852	35.682

Banking Relations :
Auditors :
Name :	Arora and Bansal Chartered Accountant
Address :	1401 and 1407, Vikram Tower, Rajendra Place, New Delhi-110008, India.
Tel. No.:	91-11-66402000 (4 Lines)
Fax No.:	91-11-25880460
E-mail :	kintrust@vsnl.com hrd@arorandbansal.com
Pan No.:	AAGFA7586B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1419500	Equity Shares	Rs.10/- each	Rs.14.195 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		14.195	14.195	14.195
2] Share Application Money		0.000	0.000	4.000
3] Reserves & Surplus		22.907	16.129	4.385
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.102	30.324	22.580
LOAN FUNDS
1] Secured Loans		27.298	31.694	19.754
2] Unsecured Loans		35.852	35.682	29.160
TOTAL BORROWING		63.150	67.376	48.914
DEFERRED TAX LIABILITIES		0.105	0.338	0.662
TOTAL		100.357	98.038	72.156
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.077	55.223	52.811
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.225	26.900	14.853
	Sundry Debtors	22.276	18.370	9.188
	Cash & Bank Balances	7.758	11.733	1.604
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.795	3.476	2.623
Total Current Assets		66.054	60.479	28.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.145	16.399	6.318
	Other Current Liabilities	1.629	1.053	2.966
	Provisions	2.543	0.832	0.337
Total Current Liabilities		25.317	18.284	9.621
Net Current Assets		40.737	42.195	18.647
MISCELLANEOUS EXPENSES		0.543	0.620	0.698
TOTAL		100.357	98.038	72.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	111.483	90.747	48.581
		Other Income	0.086	1.124	0.005
		TOTAL (A)	111.569	91.871	48.586
Less	EXPENSES
		Manufacturing expenses	77.508	58.167	36.383
		Excise Duty and Cess Paid	3.699	2.063	4.166
		Administrative Expenses	4.658	3.726	2.287
		Employees remuneration and benefits	9.492	7.870	2.959
		Selling and distribution expenses	0.077	0.211	0.080
		TOTAL (B)	95.434	72.037	45.875
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.135	19.834	2.711
Less	FINANCIAL EXPENSES (D)		3.809	2.969	2.727
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.326	16.865	(0.016)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.782	5.445	4.255
	PROFIT BEFORE TAX (E-F) (G)		6.544	11.420	(4.271)
Less	TAX (H)		(0.234)	(0.324)	0.254
	PROFIT AFTER TAX (G-H) (I)		6.778	11.744	(4.525)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.833)	(0.248)	1.751
	BALANCE CARRIED TO THE B/S		5.945	11.496	(2.774)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	13.767	6.510
	TOTAL EARNINGS		0.000	13.767	6.510
	Earnings Per Share (Rs.)		4.77	NA	(1.40)

Particulars	31.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-2013): Rs.300.000 millions

The above information has been parted by Mr. Vikas.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.08	12.78	(9.31)
Net Profit Margin (PBT/Sales)	(%)	5.87	12.58	(8.79)
Return on Total Assets (PBT/Total Assets}	(%)	5.22	9.87	(5.27)
Return on Investment (ROI) (PBT/Networth)		0.18	0.38	0.19
Debt Equity Ratio (Total Liability/Networth)		2.38	2.82	2.59
Current Ratio (Current Asset/Current Liability)		2.61	3.31	2.94

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1995PTC067131
Name of the company	ITP INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	15, DSIDC Shed, Okhla Industrial Area, Phase II, Scheme I, New Delhi-110020, India. pks@itpharness.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10020082
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Others
Particular of charge holder	State Bank of India SME Branch (04402), Vatika First India Place, M.G.ROAD, Gurgaon – 122002, Haryana, India pks@itpharness.com
Nature of instrument creating charge	Sanction of credit facilities dated 24.09.2011 SME-1 Letter of arrangement dated 26.09.2011 SME-4 Supplemental agreement of loan-cum-hypothecation dated 26.09.2011 SME-3 Guarantee agreement dated 26.09.2011 SME-8 Letter of confirmation for extension of mortgage dated 26.09.2011 Board Resolution Dated 26.09.2011
Date of instrument Creating the charge	26.09.2011
Amount secured by the charge	Rs.66.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest FOR CC- 6% ABOVE BASE RATE Term Loan-AS PER EXISTING RATE Terms of Repayment Cash credit: repayable on demand Term loan: as per existing terms Margin CASH CREDIT EXISTING PROPOSED RM: DOMESTIC / IMPORTED 25% 25% SIP 25% 25% FG 25% 25% RECEIVABLES (COVER 90 DAYS) 50% 50% LETTER OF CREDIT 25% 25% BG 25% 25% Extent and Operation of the charge 100%
Short particulars of the property charged	Primary CC/LC/BG Hypothecation and exclusive first charge on company's stock of raw materials/ stores, spares, stocks in transit, finished goods, present and future book debts, receivables (sales or others). Term loan Exclusive first charge over the company's entire fixed assets, present and future movable and immovable, land and building, plant and machinery and other misc. Fixed assets. Collateral 1. Equitable mortgage of factory land and Building at plot no. 59 and 60, Hartron Complex, sector - 18p, Electronic city, Gurgaon, measuring 479.32 sq. Mts., in the name of company 2. Equitable mortgage of factory land and building at plot no. 8, sector-3, IIE Sidcul, Haridwar (U.A.) in the name of company measuring 4700 sq. Mtrs. Guarantee Personal guarantee of all the directors of company : - 1. Brij mohan vaish, 2. Smt. Ila vaish
Date of latest modification prior to the present modification	12.04.2011
Particulars of the present modification	Extension of Credit Facility From 50.000 millions To Rs.66.500 millions

FIXED ASSETS:

• Buildings
• Software
• Furniture and Fixtures
• Electric Installation
• Vehicles
• Office Equipments
• Plant and machinery

TRADE REFERENCE

· Gruner India Private Limited

· Bhagyadeep cables Private Limited

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.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.58.83

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--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		45

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.