1. Summary Information

		Country	India
Company Name	DESAI ELECTRONICS PRIVATE LIMITED	Principal Name 1	Mr. Dhananjay Shripad Kamlapurkar
Status	Satisfactory	Principal Name 2	Mr. Vikram Manubhai Desai
		Registration #	11-24206
Street Address	Gate No. 553, Kondhanapur Road, Khed Shivapur, Tal Haveli, District Pune-412205, Maharashtra
Established Date	07.04.1981	SIC Code	--
Telephone#	91-20-24384254	Business Style 1	Manufacturers
Fax #	91-20-25654273	Business Style 2	--
Homepage	http://www.deccapacitors.com	Product Name 1	Plastics Film Capacitors
# of employees	199 [Approximately]	Product Name 2	--
Paid up capital	Rs.10,730,000/-	Product Name 3	--
Shareholders	Bodies corporate 12.30%, Directors or relatives of directors 87.70%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	31 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	86,475,000	Current Liabilities	45,580,000
Inventories	68,436,000	Long-term Liabilities	94,482,000
Fixed Assets	122,560,000	Other Liabilities	28,222,000
Deferred Assets	000	Total Liabilities	168,284,000
Invest& other Assets	13,097,000	Retained Earnings	111,554,000
		Net Worth	122,284,000
Total Assets	290,568,000	Total Liab. & Equity	290,568,000
Total Assets (Previous Year)	242,848,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales/ Total Income	368,413,000	Net Profit	41,387,000
Sales(Previous yr)/ Total Income	274,124,000	Net Profit(Prev.yr)	21,745,000

MIRA INFORM REPORT

Report Date :

23.06.2012

IDENTIFICATION DETAILS

Name :	DESAI ELECTRONICS PRIVATE LIMITED
Registered Office :	Gate No. 553, Kondhanapur Road, Khed Shivapur, Tal Haveli, District Pune-412205, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.1981
Com. Reg. No.:	11-24206
Capital Investment / Paid-up Capital :	Rs.10.730 Millions
CIN No.: [Company Identification No.]	U32109PN1981PTC024206
TAN No.: [Tax Deduction & Collection Account No.]	PNED03642C
PAN No.: [Permanent Account No.]	AAACD6448G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Plastics Film Capacitors.
No. of Employees :	199 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 480000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing well. 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

LOCATIONS

Registered Office/ Factory 1 :	Gate No. 553, Kondhanapur Road, Khed Shivapur, Tal Haveli, District Pune-412205, Maharashtra, India
Tel. No.:	91-20-24384254 / 257 / 25654553
Fax No.:	91-20-25654273 / 24384523
E-Mail :	mktg@deccapacitors.com accounts@deccapacitors.com factory@deccapacitors.net
Website :	http://www.deccapacitors.com
Head Office :	870/5, Bhandarkar Institute Road, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25654553 / 4
Fax No.:	91-20-25654273
E-Mail :	mktg@deccapacitors.net purchase@deccpacitors.net admin@deccapacitors.net accounts@deccapacitors.com
Corporate Office :	12/3, Boatclub Road, River Estate, Pune-411001, Maharashtra, India
Tel. No.:	91-20-26123873
E-Mail :	mktg@deccapacitors.com
Website :	http://www.deccapacitors.com
Factory 2:	51, Jay Chambers, Ghorpade Peth, Shivaji Road, Swargate, Pune-411042, Maharashtra, India
Tel. No.:	91-20-24472148
Fax No.:	91-20-24474791

DIRECTORS

As on 29.09.2011

Name :

Mr. Dhananjay Shripad Kamlapurkar

Designation :

Director

Address :

Plot No. 427, Mahatma Hosusing Society, Kothrud, Pune – 411 038, Maharashtra, India

Date of Birth/Age :

10.04.1946

Date of Appointment :

15.04.1982

Din No.:

00234964

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109PN1981PTC024206	DESAI ELECTRONICS PRIVATE LIMITED	Director	15-04-82	15-04-82	-	Active	NO
2	U91112PN1999PTC013261	DEMA MANUFACTURERS ASSOCIATION	Director	27-01-99	27-01-99	-	Active	NO
3	U67120PN2005PTC020508	URJA SECURITIES PRIVATE LIMITED	Director	05-04-05	05-04-05	-	Active	NO
4	U32109PN2005PTC020594	G-FAST SYSTEMS PRIVATE LIMITED	Director	20-04-05	20-04-05	12-02-11	Active	NO
5	U99999PN2006PTC022351	ANGELANTONI KASCO INDUSTRIES PRIVATE LIMITED	Director	03-01-11	17-04-06	-	Active	NO
6	U29299PN2008PTC131779	DEMA MECHATRONICS TECHNOLOGIES PRIVATE LIMITED	Director	08-04-08	08-04-08	-	Active	NO

Name :

Mr. Vikram Manubhai Desai

Designation :

Director

Address :

12/3, Boat Club Road, Pune, - 411 038, Maharashtra, India

Date of Birth/Age :

11.08.1947

Date of Appointment :

07.04.1981

Din No.:

00370992

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	U32109PN1981PTC024206	DESAI ELECTRONICS PRIVATE LIMITED	Director	07-04-81	07-04-81	Active	NO
2	U67120MH1983PTC030416	DESAI FINANCE PRIVATE LIMITED	Director	15-07-83	15-07-83	Active	NO
3	L24119AP1984PLC004685	VYBRA AUTOMET LIMITED	Director	24-03-11	25-10-10	Active	NO
4	U29290MH1989PTC053471	DINSHAW FILTRATION SYSTEMS PRIVATE LIMITED	Additional director	18-04-11	18-04-11	Active	NO
5	U13100MH1993PTC071956	VIRAL FOUNDERS PRIVATE LIMITED	Additional director	18-04-11	18-04-11	Active	NO
6	U29197MH1993PTC071955	PRESSWELL FILTERS PRIVATE LIMITED	Additional director	18-04-11	18-04-11	Active	NO

Name :

Mrs. Smita Vikram Desai

Designation :

Director

Address :

12/3, Boat Club Road, Pune, - 411 038, Maharashtra, India

Date of Birth/Age :

17.10.1951

Date of Appointment :

20.10.1990

Din No.:

00371024

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	U67120MH1983PTC030416	DESAI FINANCE PRIVATE LIMITED	Director	05-09-88	05-09-88	Active	NO
2	U32109PN1981PTC024206	DESAI ELECTRONICS PRIVATE LIMITED	Director	20-10-90	20-10-90	Active	NO

Name :

Mr. Suchdeo Surendrasing P.

Designation :

Director

Address :

45/35, Karve Road, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

29.09.1943

Date of Appointment :

06.09.1985

Din No.:

00371090

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Manubhai Haribhai Desai (HUF)	1935
Champaben Haribhai Desai	3170
Vikram Manubhai Desai (HUF)	12141
Vikram Manubhai Desai (Ind)	22561
Smita Vikram Desai	28786
Kirit Manubhai Desai (HUF)	17232
Mukesh Manubhai Desai (Ind)	7957
Kunal Vikram Desai	179
Rohan Vikram Desai	139
Virinder Kaur Suchdeo	3
S V Bapat	3
Desai Finance Private Limited, India	13200
Total	107306

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	12.30
Directors or relatives of directors	87.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Plastics Film Capacitors.

PRODUCTION STATUS [AS ON 31.03.2011]

Installed Capacity [No. of Capacitors]	120000000
Actual Production [No. of Capacitors]	87931433

GENERAL INFORMATION

No. of Employees :

199 [Approximately]

Bankers :

· State Bank of India, 1548A, Commercial Branch, Tilak Road, Pune-411030, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
C.C A/C No. 10299663111 State Bank of India [Secured against hypothecation of stock in trade, book debts and personal guarantee of directors]	9.998	0.000
Term Loan State Bank of India III [Secured against hypothecation factory building]	2.734	6.372
Term Loan State Bank of India IV [Secured against personal guarantee of directors]	46.010	51.159
Term Loan State Bank of India V Toyoto Car [Secured against vehicles]	0.566	0.962
Term Loan State Bank of India – FCNB DL	29.510	0.000
Term Loan State Bank of India II [Secured against hypothecation of stocks, book debts]	0.000	2.786
Total	88.818	61.279
Unsecured Loan
Directors	0.771	0.695
Shareholders	0.766	0.692
Employees	0.930	0.850
Desai Finance Private Limited	0.000	27.812
Sales Tax Deferred Payment Scheme	3.197	4.797
Total	5.664	34.846

Banking Relations :	--
Auditors :
Name :	P D Kudva Chartered Accountant
Address :	4, Kumar Panorama, 45/1 B, Shankarshet Road, Pune – 411 037, Maharashtra, India
Pan No.:	AAJFP3731E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
107306	Equity Shares	Rs.100/- each	Rs.10.730 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		10.730	10.730	10.730
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		111.554	73.921	54.684
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		122.284	84.651	65.414
LOAN FUNDS
1] Secured Loans		88.818	61.279	87.404
2] Unsecured Loans		5.664	34.846	24.971
TOTAL BORROWING		94.482	96.125	112.375
DEFERRED TAX LIABILITIES		4.132	4.806	5.872
TOTAL		220.898	185.582	183.661
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		122.560	125.301	124.002
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.097	5.687	8.301
DEFERREX TAX ASSETS		0.000	0.000	0.00
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.436	51.512	47.165
	Sundry Debtors	55.372	37.578	29.197
	Cash & Bank Balances	1.653	7.477	0.755
	Other Current Assets	4.605	5.991	7.388
	Loans & Advances	24.845	9.302	0.888
Total Current Assets		154.911	111.860	85.393
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.961	35.201	33.105
	Other Current Liabilities	8.619	7.082
	Provisions	24.090	14.983	0.930
Total Current Liabilities		69.670	57.266	34.035
Net Current Assets		85.241	54.594	51.358
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		220.898	185.582	183.661

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	368.413	274.124	173.671
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	304.159	239.972	170.857
		Financial Charges
		Depreciation
		TOTAL	304.159	239.972	170.857
	PROFIT / (LOSS) BEFORE TAX		64.254	34.152	2.814
Less	TAX		22.867	12.407	2.462
	PROFIT / (LOSS) AFTER TAX		41.387	21.745	0.352
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		48.455	31.393	31.201
	APPROPRIATIONS
		Transfer to General Reserve	4.139	2.144	0.035
		Final Dividend on Equity Shares	1.073	1.073	0.107
		Interim Dividend on Equity Shares	2.146	1.073	0.000
		Dividend Distribution Tax	0.537	0.364	0.018
	BALANCE CARRIED TO THE B/S		74.055	43.802	31.393
	Earnings / (Loss) Per Share (Rs.)		385.69	202.64	3.28

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.23	7.93	0.20
Return on Total Assets (PBT/Total Assets}	(%)	23.15	14.40	1.34
Return on Investment (ROI) (PBT/Networth)		0.53	0.40	0.04
Debt Equity Ratio (Total Liability/Networth)		1.34	1.81	2.23
Current Ratio (Current Asset/Current Liability)		2.22	1.95	2.50

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	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

FIXED ASSETS:

· Land

· Building

· Factory

· Residential Flat

· Head Office

· New Factory

· Plant and Machinery

· Tools, Jigs and Fixtures

· Electrical Installation

· Computers

· Office Equipments

· Vehicles

· Other/ Borewell

· Furniture and Fittings

WEB DETAILS:

PROFILE:

Subject is a leading manufacturer of Plastic Film Capacitors in India, since 1981.

Subject has state-of-the-art plant and machinery with an installed capacity of 200 million nos. p.a.

Subject is the first Indian manufacturer to get UL certification for X2 capacitors.

The Quality Management Systems are certified under ISO 9001:2008. All capacitors conform to IEC 384 specifications and are RoHS compliant.

The product range covers Plain Film Foil (Inductive and Non-Inductive) and Metallised Capacitors, in Box, Dip, Round and Flat type, for various applications, like EMI/RFI circuits in Appliances (X2, Y2), Lighting (CFL and Ballast), Fan Regulators and Dimmers, Energy Meters , Automobile, Instrumentation, Power Electronics, Telecom etc.

Subject is the market leader in India, of fan regulator capacitors, with safety features. Subject also exports its fan regulator capacitors.

Subject markets its capacitors directly to OEMs and through a network of dealers all over India.

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.