MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	ION ELECTRICALS PRIVATE LIMITED
Registered Office :	Gala No. 17/18, Plot No. 15A/ 15B, Pooja Co-operative Housing Society Limited, Sector 17, New Panvel (East), Mumbai – 410206, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.11.1988
Com. Reg. No.:	11-49734
Capital Investment / Paid-up Capital :	Rs. 0.800 Million
CIN No.: [Company Identification No.]	U99999MH1988PTC049734
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04315D
PAN No.: [Permanent Account No.]	AAACI0953K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electronic Products.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 20000
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 normal for 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. Ramesh Batkhine
Designation :	Chief Executive Officer
Contact No.:	91-9987509630
Date :	09.06.2012

LOCATIONS

Registered Office :	Gala No. 17/18, Plot No. 15A/ 15B, Pooja Co-operative Housing Society Limited, Sector 17, New Panvel (East), Mumbai – 410206, Maharashtra, India
Tel. No.:	91-22-27469118/ 27469117
Mobile No.:	91-9987509630 (Mr. Ramesh)
Fax No.:	91-22-27469118
E-Mail :	accounts@ionelectricals.com sales@ionelectricals.com
Website :	http://www.ionelectricals.com
Area :	500 Sq. ft.
Location :	Owned
Factory :	Gala No. 28, National Complex, Sector 6, New Panvel, District Raigad – 410206, Maharashtra, India
Area :	550 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ravindra K Karmalkar
Designation :	Director
Address :	11, Bharat Sadan, S.V. Road, Naupada, Thane-400602, Maharashtra, India
Date of Birth/Age :	24.02.1958
Qualification :	Graduate
Date of Appointment :	01.07.1993
DIN No.:	00343690
Name :	Mr. Vivek H Raut
Designation :	Director
Address :	A-20-79l, Sunder Nagar, Kalina Santacruz, Mumbai-400098, Maharashtra, India
Date of Birth/Age :	03.09.1963
Qualification :	Graduate
Date of Appointment :	16.09.1994
DIN No.:	00343151
Name :	Mr. Rajaram Vishwanath Bhave
Designation :	Director
Address :	A-202, Sangamitra Co Operative Housing Society, Near Welcome Inn Hotel, Panvel, Raigad-410206, Maharashtra, India
Date of Birth/Age :	14.04.1950
Date of Appointment :	07.09.1992
DIN No.:	00343548

KEY EXECUTIVES

Name :	Mr. Hemant Bhagat
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Equity Shares
Rupa Raut	8000
Vivek Raut	8000
Ravindra Karmalkar	26666
Vaishali V Bhave	8000
Vivek Raut (HUF)	10666
Vaishali V Bhave	600
Vishwanath Bhave	3400
V R Bhave (HUF)	14668
Total	80000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electronic Products.
Products :	v Lift Controller v Baby Incubator Controller v Watchman Timer v Electronic Timer v Multipro Temperature Indicator v Omin Xtra Temperature Indicator v PID-PRO Temperature Indicator v Multi PID Controller v Temperature Controller v Digital Clock v Street Light System v Wathman Timer v Timer Universal v Cooling Tower v Temperature Indicator v Electronic Piezo Buzzer v Musical Buzzer v Open PCB Timer v Sunrise Timer v Feather Touch Timer v Temperature Card v RPM Indicator v Crystal Buzzer v Ringer v Tumbweheel Timer v Baby Sensor v Counter Timer v RPM Meter v PID Controller Temperature Indicator v Oil Leverl Alarm for Oil Reservoir
Exports :
Products :	Electronic Products
Countries :	v Thailand v UK
Imports :
Products :	Raw Material
Countries :	v Thai van v Japan
Terms :
Selling :	Credit (30 Days/ 60 Days/ 90 Days)
Purchasing :	Credit (30 Days/ 60 Days/ 90 Days)

GENERAL INFORMATION

Suppliers :

Sinorline Component Private limited

Customers :

Wholesalers, OEM’s and Dealers

v Remy Group of Company

No. of Employees :

18 (Approximately)

Bankers :

The Saraswat Co-Operative Bank Limited, Rasec Branch, Laxman Zula Building, Rande Road, Dadar (West), Mumbai-400028, Maharashtra, India

Facilities :

Cash credit 0.300 Millions

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Saraswat Co Operative Bank Limited – CC A/C	2.438	2.499
Vehicles Loans A/c	0.045	0.000
Total	2.483	2.499
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans From Shareholders	0.300	0.200
Loans from Relatives	0.587	0.387
From Others	0.125	0.000
Total	1.012	0.587

Banking Relations :	--
Auditors :
Name :	Atul A Shetye Chartered Accountant
Address :	M-1 and 2, Vasant Vaibhav, Shivaji Road, Panvel District Raigad-410206, Maharashtra, India
Financial Institute	Keshav Smruti Nagrik Sahakari Pathpedi

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
149950	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions
50	10% Non Cumulative Preference Shares	Rs. 10/- each	Rs. 0.000 Million
	Total		Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs. 10/- each	Rs. 0.800 Million
50	Preference Shares	Rs. 10/- each	Rs. 0.000 Million
	Total		Rs. 0.800 Million

Note:

(Out of the above 39900 Equity Shares of Rs. 10/- each have been issued as fully paid up bonus shares)

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		0.800	0.800	0.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.138	3.940	3.774
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.938	4.740	4.574
LOAN FUNDS
1] Secured Loans		2.483	2.499	2.306
2] Unsecured Loans		1.012	0.587	0.587
TOTAL BORROWING		3.495	3.086	2.893
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.433	7.826	7.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.755	0.696	0.808
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.017	0.017	0.017
DEFERREX TAX ASSETS		0.091	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.176	3.164	3.000
	Sundry Debtors	6.784	1.500	1.333
	Cash & Bank Balances	0.088	4.653	5.471
	Other Current Assets	0.068	0.000	0.000
	Loans & Advances	1.002	0.883	0.764
Total Current Assets		11.118	10.200	10.568
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4.995	2.839	3.926
	Provisions	0.553	0.248	0.000
Total Current Liabilities		5.548	3.087	3.926
Net Current Assets		5.570	7.113	6.642
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.433	7.826	7.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	24.492	20.042	21.366
		Other Income	0.087	0.141	0.112
		TOTAL	24.579	20.183	21.478
Less	EXPENSES
		Manufacturing Expenses		4.978	5.742
		Trading Expenses	23.303	9.907	10.130
		Administrative Expenses		4.153	4.326
		TOTAL	23.303	19.038	20.198
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1.276	1.145	1.280
Less	FINANCIAL EXPENSES		0.497	0.458	0.390
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.779	0.687	0.890
Less/ Add	DEPRECIATION/ AMORTISATION		0.400	0.195	0.196
	PROFIT BEFORE TAX		0.379	0.492	0.694
Less	TAX		0.167	0.155	0.000
	PROFIT AFTER TAX		0.212	0.337	0.694
Less	Prior Period Items		0.012	0.000	0.000
Less/ Add	Tax of Earlier Years		0.002	0.031	0.030
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.940	3.774	3.144
Less	APPROPRIATIONS
		Dividend	0.000	0.120	0.080
		Tax on Dividend	0.000	0.020	0.013
	BALANCE CARRIED TO THE B/S		4.138	3.940	3.774
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.048	0.013
	TOTAL EARNINGS		0.000	0.048	0.013
	Earnings Per Share (Rs.)		2.68	4.21	N.A.

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	26.000	25.000

Expected Sales (2012-2013) : Rs. 30.000 Millions

The above information has been parted by Mr. Ramesh (CEO)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.86	1.67	3.23
Net Profit Margin (PBT/Sales)	(%)	1.55	2.45	3.25
Return on Total Assets (PBT/Total Assets}	(%)	2.73	4.52	6.10
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.15
Debt Equity Ratio (Total Liability/Networth)		1.83	1.30	1.49
Current Ratio (Current Asset/Current Liability)		2.00	3.30	2.69

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. Constitution of the firm	Yes
4. Premises details	Yes
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	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
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	No
30. Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1988PTC049734
Name of the company	ION ELECTRICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shop No 17 and 18, Maruti Corner Pooja Chs, Sec-17, Plot 15a/15b, Near Railway Stn, New Panvel (E) – 410206, Maharashtra INDIA
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	The Saraswat Co-operative Bank Limited, Mahim Branch, GSB Temple Building, Sitaladevi Temple Road, Mahim, Mumbai – 400016, Maharashtra, INDIA
Nature of instrument creating charge	Supplemental Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	21/06/2010
Amount secured by the charge	Rs. 0.912 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate of Interest: At such rate and rates as may be fixed by the Bank from time to time. Terms of repayment As per sanctioned terms and conditions. Margin Margin as determined by the bank from time to time. Extent and operation of the charge Bank has provided additional Term Loan facilities of Rs. 0.912 millions Company confirms,declare and admit that the security of the EM by deposit of title deeds as stated in schedule II shall also apply for and stand extended to and cover the additional Term Loan Rs. 0.912 millions Other Equitable mortgage by deposit of title deeds of the said property already created by the Company shall continue for the existing advance and shall also continue to apply for and stand extended to and cover the said additional Term Loan facility of Rs.0.912 millions together with all interest, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	Company has provided security by way of Equitable mortgage by deposit of title deeds, documents and writings created by the Company in favour of the bank. relating to immovable properties lying being and situated at Shop No. 17 and 18, in the Ground Floor, Maruti Corner, Pooja C.H.S. Ltd, Plot no. 15A and 15B, Sector-17, New Panvel-410206 and more particularly described in the schedule No. II of Supplemental Recording letter evidencing deposit of title deeds.

TRADE REFERENCES

v Sinorline Component Private limited

v Remy Group of Company

FIXED ASSETS:

v Plant and Machinery

v Computer System

v Furniture and Fixture

v Tools and Equipments

v Test Equipments

v Vehicles

v 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 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. 56.05
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.98

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.