MIRA INFORM REPORT

Report Date :

13.07.2012

IDENTIFICATION DETAILS

Name :	SULAKSHANA CIRCUITS LIMITED
Registered Office :	Plot 89, Aparna Country, Near Miyapur “X” Roads, Hyderabad-500050, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.05.1987
Com. Reg. No.:	01-007408
Capital Investment / Paid-up Capital :	Rs.60.494 Millions
CIN No.: [Company Identification No.]	U31200AP1987PLC007408
TAN No.: [Tax Deduction & Collection Account No.]	HYDS00111G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Printed Circuit Boards
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some accumulated losers recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 89, Aparna Country, Near Miyapur “X” Roads, Hyderabad-500050, Andhra Pradesh, India
Tel. No.:	91-40-32420340 / 65527082 / 7081
Fax No.:	91-8458-279583
E-Mail :	finance@sclpcb.com marketing@sclpcb.com materials@sclpcb.com scl2001@rediffmail.com
Website :	http://www.sclcircuits.com
Factory :	Plot No. 36 and 37, Anrich Industrial Estate, IDA Bollaram, Hyderabad-500032, Andhra Pradesh, India
Tel. No.:	91-40-32420340 / 65527081 / 65527082
Fax No.:	91-8458-279583
E-Mail :	info@sclcircuits.com

DIRECTORS

As on 30.09.2011

Name :

Mrs. Durga Cherukuri Rao

Designation :

Managing Director

Address :

My Home, Navadeepa Prithvi Block, Flat No. 914, Madhapur, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

25.07.1935

Date of Appointment :

01.10.2004

Din No.:

01247794

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31200AP1987PLC007408	SULAKSHANA CIRCUITS LIMITED	Managing director	01/10/2004	01/10/2004	Active	NO
2	U80903AP2008PTC058834	KRISHNA CAREER TRAINING PRIVATE LIMITED	Director	25/04/2008	25/04/2008	Active	NO

Name :

Mr. Cherukuri Subramanyeshwar Rao

Designation :

Director

Address :

My Home, Navadeepa Prithvi Block, Flat No. 914, Madhapur, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

17.11.1925

Date of Appointment :

01.08.1993

Din No.:

02155964

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31200AP1987PLC007408	SULAKSHANA CIRCUITS LIMITED	Director	01/08/1993	01/08/1993	Active	NO
2	U80903AP2008PTC058834	KRISHNA CAREER TRAINING PRIVATE LIMITED	Director	25/04/2008	25/04/2008	Active	NO

Name :

Mr. Ravipati Raghava Rao

Designation :

Director

Address :

Flat No. 102, S V Mansion Nandi Nagar, Road No. 14, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

15.07.1929

Date of Appointment :

08.09.2000

Din No.:

02443889

Name :

Mr. Raghavachary Vasudevan

Designation :

Director

Address :

H. No. 10-2-241, Plot No. 20, Lakshmi Towers, Road No. 6, West Mareddpally, Secunderabad-500026, Andhra Pradesh, India

Date of Birth/Age :

04.07.1957

Date of Appointment :

17.03.2007

Din No.:

01798811

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31200AP1987PLC007408	SULAKSHANA CIRCUITS LIMITED	Director	17/03/2007	17/03/2007	Active	NO
2	L24230AP1988PLC009102	VENMAX DRUGS AND PHARMACEUTICALS LIMITED	Additional director	12/05/2012	12/05/2012	Active	NO

Name :

Krishna Cherukuri Rao

Designation :

Director

Address :

My Home, Navadeepa Prithvi Block, Flat No. 914, Madhapur, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

03.07.1957

Date of Appointment :

13.12.2007

Din No.:

02197368

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31200AP1987PLC007408	SULAKSHANA CIRCUITS LIMITED	Director	13/12/2007	13/12/2007	Active	NO
2	U80903AP2008PTC058834	KRISHNA CAREER TRAINING PRIVATE LIMITED	Director	28/04/2008	28/04/2008	Active	NO

Name :

Dr. Eshwara Bhagiratha Rao

Designation :

Director

Address :

57, vinayanagar Colony, Saidabad, Hyderabad-5000659, Andhra Pradesh, India

Date of Birth/Age :

27.12.1931

Date of Appointment :

25.09.2009

Din No.:

03145489

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramesh Akkineni	100
Anasuya chalasani	47700
Bhavana C Patel	37500
Bopana Ramakrishna	5000
Bopana Sumant Kumar	5000
Boppana Durgadevi	10000
C. Durga Rao	1669518
Cherukuri Krishna Rao	1645479
C. Aishini Rao	5000
C. Rama Prasad	88300
Subramankeswa Rao Cherukuri	134328
C. Sreya Rao	10000
Chandra Kala Sharma	31270
Charles Varkey Ouseph	2500
Devendra Mohan Sharma	31270

As on 12.06.2012

Names of Allottees	No. of Shares
C. Durga Rao	1000000
Total	1000000

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]	18.45
Bodies corporate	2.10
Directors or relatives of directors	75.07
Other top fifty shareholders	1.24
Nationalized or other banks	3.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Printed Circuit Boards

Products :

ITC Code No	Product Description
8534000030	Printed Circuit Boards

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity [Square Meters (m2)]	Actual Production [Qty. (m2)]
Single Sided	6000	2481.0500
Double Sided	36000	22049.1500
Multilayer	1200	1367.3500

NOTE: The figures for installed capacities are as certified by the Managing Director, and not verified by the Auditors, this being a technical matter

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Basheer Bagh Branch, Hyderabad-500029, Andhra Pradesh, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	5.987	9.011
Working capital loans	16.993	19.233
Loans taken for vehicles	0.000	0.077
Interest accrued due other debts	0.076	0.113
Total	23.056	28.434
UNSECURED LOAN
Working capital loans banks	0.976	2.209
Working capital loans others	0.000	2.096
Loans director	18.931	16.004
Total	19.907	20.309

Banking Relations :	--
Financial Institution :	Industrial Finance Corporation of India, Bank of Braoda, 16, Sansad Marg, New Delhi, India
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	# 403 and 404, Golden Green Apartments, Erramanzil Colony, Hyderabad-500082, Andhra Pradesh, India
Tel. No.:	91-40-23310002
Pan No.:	AADFB8032G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6049400	Equity Shares	Rs.10/- each	Rs.60.494 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7049400	Equity Shares	Rs.10/- each	Rs.70.494 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		60.494	60.494	60.494
2] Share Application Money		0.000	0.000	1.354
3] Reserves & Surplus		1.500	1.500	1.500
4] (Accumulated Losses)		(36.175)	(37.281)	(38.355)
NETWORTH		25.819	24.713	24.993
LOAN FUNDS
1] Secured Loans		23.056	28.434	26.281
2] Unsecured Loans		19.907	20.309	20.119
TOTAL BORROWING		42.963	48.743	46.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		68.782	73.456	71.393
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.425	22.724	20.078
Capital work-in-progress		4.817	4.817	4.817
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.782	21.504	20.434
	Sundry Debtors	40.675	41.620	42.761
	Cash & Bank Balances	3.033	2.392	2.798
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.239	12.418	7.606
Total Current Assets		72.729	77.934	73.599
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.705	30.603	27.055
	Other Current Liabilities	1.494	1.426	0.000
	Provisions	0.000	0.000	0.056
Total Current Liabilities		30.199	32.029	27.111
Net Current Assets		42.530	45.905	46.488
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.782	73.456	71.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	109.917	99.407	90.095
		Other Income	1.859	5.349	0.742
		TOTAL (A)	111.776	104.756	90.837
Less	EXPENSES
		Consumption Materials Changes Inventories	60.705	53.221
		Manufacturing Service Costs	14.884	12.920	84.968
		Employee Related Expenses	15.554	13.760
		Administrative Selling Other Expenses	5.574	10.665
		TOTAL (B)	96.717	90.566	84.968
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.059	14.190	5.869
Less	FINANCIAL EXPENSES (D)		5.510	4.925	4.963
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.549	9.265	0.906
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.156	7.995	14.109
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.393	1.270	(13.203)
Less	TAX (H)		0.288	0.196	0.057
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.105	1.074	(13.260)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(37.281)	(38.355)	(25.095)
	BALANCE CARRIED TO THE B/S		(36.176)	(37.281)	(38.355)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.521	1.965	3.137
	IMPORTS
		Raw Materials	0.000	37.902	38.263
		Components and Spare Parts	45.817	0.214	1.967
		Capital Goods	7.134	11.630	0.000
	TOTAL IMPORTS		52.951	49.746	40.230
	Earnings / (Loss) Per Share (Rs.)		0.18	0.18	(2.19)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.99	1.03	(14.60)
Net Profit Margin (PBT/Sales)	(%)	1.27	1.28	(14.65)
Return on Total Assets (PBT/Total Assets}	(%)	1.48	1.26	(14.09)
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	(0.53)
Debt Equity Ratio (Total Liability/Networth)		2.83	3.27	2.94
Current Ratio (Current Asset/Current Liability)		2.40	2.43	2.71

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

NOTE:

The registered office of the company has been shifted from Plot No. 77, Road No. 71, Filmnagar Colony, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India to the present address w.e.f. 01.04.2010.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80016549
Corporate identity number of the company	U31200AP1987PLC007408
Name of the company	SULAKSHANA CIRCUITS LTD
Address of the registered office or of the principal place of business in India of the company	Plot 89, Aparna Country, Near Miyapur “X” Roads, Hyderabad-500050, Andhra Pradesh, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Canara Bank, Basheer Bagh Branch, Hyderabad-500029, Andhra Pradesh, India
Email	managercb0878@canarabank.com
Nature of description of the instrument creating or modifying the charge	1. Supplemental Common Hypothecation Agreement 2. Letter of Renewal 3. Appendix-16
Date of instrument Creating the charge	18.04.2011
Amount secured by the charge	Rs.67.162 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Fresh Term Loan @13.50% + 0.50%=14% p.a. (Floating) OCC/ODBD @ 13.50% (Floating) CDB @ 13.50% (Floating) Terms of Repayment For working capital on demand. Term Loan (Fresh) Repayable in 57 monthly installments to commencing from 4th month after first disbursement and interest is to be paid as and when due. Margin Working Capital: Stocks=25%, Book Debts=25% Term Loan=38.27% Extent and Operation of the charge Prime for WC and Collateral for TL: WC: Hypothecation of stocks and receivables. TL: Hypothecation of entire plant and machinery equipment and other fixed assets of the company. Collateral Security: WC: Entire fixed assets of the company including plant and machinery equipments. TL: Hypothecation of stocks and receivables.
Short particulars of the property charged	Prime for WC and Collateral for TL: Hypothecation of stocks and Book debts. Hypothecation of entire plant and machinery, equipments and other fixed assets of the unit. Hypothecation of proposed Machinery. Collateral Security: Continued EMT of land and buildings standing in the name of the company. Subordination of unsecured loans. Personal guarantees of Mr. C. Krishna Rao, Mr. C. Durga Rao and Mr. C. S. Rao
Date of latest modification prior to the present modification	10.07.2010
Particulars of the present modification	The overall credit limits have been increased from Rs.62.080 millions to Rs.67.162 millions.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

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 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.55.70
UK Pound	1	Rs.86.28
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.