MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	DELTA INDIA ELECTRONICS PRIVATE LIMITED
Registered Office :	Plot No.43, Sector No-35, Industrial Estate, Gurgaon – 122 001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.2008
Com. Reg. No.:	05-038068
Capital Investment / Paid-up Capital :	Rs. 1604.447 Millions
CIN No.: [Company Identification No.]	U32109HR2008FTC038068
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Service Provider of Indoor as well as Outdoor SMPS Power Systems.
No. of Employees :	1000 Approximately

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 6000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. 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

INFORMATION PARTED BY

Name :	Mr. Pawan
Designation :	Assistant Accountant
Contact No.:	91-124-4874900
Date :	28.06.2012

LOCATIONS

Registered Office/Factory :	Plot No.43, Sector No.35, Industrial Estate, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-4874900 / 4169040 / 6783333
Mobile No.:	91-9890576713 (Mr. Atul) 91-9818817771 (Ms. Gazala Massod)
Fax No.:	91-124-4036045 / 4169040 / 4874945
E-Mail :	pandey@delta.co.in gazala1999@yahoo.com sanjay.gupta@delta.co.in dhiroj.barad@delta.co.th
Website :	http://www.deltaelectronicsindia.com
Regional Office / Branch Office :	Located at · Mumbai · Pune · Bangalore · Hyderabad · Chennai · Coimbatore

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Henry Shieh
Designation :	Director
Address :	1095/146 (26, Y2) East, Tower Bangna Trade Road, Bangna, Bangkok – 10260, Thailand
Date of Birth/Age :	28.06.1964
Date of Appointment :	20.06.2008
DIN No.:	00681800

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	U32308HR1996PTC034410	DELTA ENERGY SYSTEMS (INDIA) PRIVATE LIMITED	Director	11-03-04	11-03-04	-	Active	NO
2	U32201UR2007FTC032864	DELTA POWER SOLUTIONS INDIA PRIVATE LIMITED	Director	09-04-07	09-04-07	11-08-08	Active	NO
3	U32109HR2008FTC038068	DELTA INDIA ELECTRONICS PRIVATE LIMITED	Director	20-06-08	20-06-08	-	Active	NO

Name :	Mr. Beau Yu
Designation :	Director
Address :	714, Bangpoo Industrial Estate, EPZ 502 Sukhumvit Road, KM 37 Tambol Phraksa, Amphurmuang – 10280, Samutprakarn, Thailand
Date of Birth/Age :	21.10.1961
Date of Appointment :	20.06.2008
DIN No.:	00684114

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	U32308HR1996PTC034410	DELTA ENERGY SYSTEMS (INDIA) PRIVATE LIMITED	Director	03-02-05	03-02-05	Active	NO
2	U32109HR2008FTC038068	DELTA INDIA ELECTRONICS PRIVATE LIMITED	Director	20-06-08	20-06-08	Active	NO

Name :	Mr. Dalip Kumar Sharma
Designation :	Managing Director
Address :	2^nd Floor, 2923A, Block C1, Sushant Lok 1, Gurgaon -122002, Haryana, India
Date of Birth/Age :	05.06.1966
Date of Appointment :	20.04.2009
DIN No.:	00037218

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	U32308HR1996PTC034410	DELTA ENERGY SYSTEMS (INDIA) PRIVATE LIMITED	Managing director	28-03-06	03-02-05	-	Active	NO
2	U32201UR2007FTC032864	DELTA POWER SOLUTIONS INDIA PRIVATE LIMITED	Director	09-04-07	09-04-07	11-08-08	Active	NO
3	U32109HR2008FTC038068	DELTA INDIA ELECTRONICS PRIVATE LIMITED	Managing director	20-04-09	20-06-08	-	Active	NO
4	U74140HR2011PTC041830	DELSOLAR INDIA EPC COMPANY PRIVATE LIMITED	Director	06-01-11	06-01-11	24-05-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Gupta
Designation :	Secretary
Address :	House No.13, Sector 7A, Faridabad - 121006, Haryana, India
Date of Birth/Age :	06.01.1976
Date of Appointment :	01.01.2009
PAN No. :	AGVPG8093L
Name :	Mr. Pawan
Designation :	Assistant Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
DET SGP PTE Limited, Singapore	160444677
DET International Holding Limited, Cayman Island	1
TOTAL	160444678

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Service Provider of Indoor as well as Outdoor SMPS Power Systems.
Products :	Telecom Power Supplies Uninterrupted Power Supply Systems Industrial Automation Components Video Walls, Digital Signage, and LED Walls DC Fans and Components Renewable Energy Products Visual Display Products Power Management and Renewable Energy Solutions
Imports :
Products :	Raw Material
Countries :	· China · Taiwan · Spain · Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

1000 (Approximately)

Bankers :

· Citi Bank, Gurgaon, Haryana, India

· Standard Chartered Bank

· Punjab National Bank

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
RUPEE TERM LOANS UNSECURED
Rupee term loans banks unsecured	207.000	100.000
Total	207.000	100.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building No.8, Tower B, 7^th and 8^th Floor, DLF Cyber City, Gurgaon – 122 001, Haryana, India
Pan No.:	AAEEP3641G
Holding Company :	Det Sgp Pte Limited
Ultimate Holding Company :	Delta Electronics (Thailand) Public Company Limited
Fellow Subsidiaries :	· Delta Products Corporation · Delta Electronics International Limited-Macao · Delta Electronics (Slovakia) S.R.O. · Delta Electronics Inc. Taiwan · Delta Ronics (Netherlands) BV · Delta Greentech China Company Limited · Delta Greentech SGP PTE Limited · Delta Networks International Limited · Delta Video Display System · Delta CAS TV SA · DelSolar Company Limited · Delta Energy Systems , GMBH · Delta Energy Systems (India) Private Limited CIN No.: - U32308HR1996PTC034410 · Delta Power Solutions India Private Limited CIN No.: - U32201UR2007FTC032864

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
165000000	Equity Shares	Rs.10/- each	Rs. 1650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160444678	Equity Shares	Rs.10/- each	Rs. 1604.447 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		1604.447	520.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.033	0.000	0.000
4] (Accumulated Losses)		(109.688)	(1.763)	(12.063)
NETWORTH		1523.792	518.237	87.937
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		207.000	100.000	0.000
TOTAL BORROWING		207.000	100.000	0.000
DEFERRED TAX LIABILITIES		0.0000	0.000	0.000
TOTAL		1730.792	618.237	87.937
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		789.897	98.145	39.191
Capital work-in-progress		11.999	292.493	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	4.011	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	331.292	184.790	0.000
	Sundry Debtors	314.397	220.719	2.207
	Cash & Bank Balances	18.495	24.473	3.417
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	547.191	27.467	51.196
Total Current Assets		1211.375	457.449	56.820
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	261.807	217.605	5.952
	Other Current Liabilities	14.629	11.888	1.370
	Provisions	6.043	4.368	0.752
Total Current Liabilities		282.479	233.861	8.074
Net Current Assets		928.896	223.588	48.746
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1730.792	618.237	87.937

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1148.080	552.427	0.000
		Service Income	22.655	27.494	2.000
		Other Income			1.467
		TOTAL (A)	1170.735	579.921	3.467
Less	EXPENSES
		Personnel Costs	1230.798	561.368	11.112
		Other Administrative Expenses			3.374
		Preliminary Expenses			0.794
		TOTAL (B)	1230.798	561.368	15.280
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(60.063)	18.553	(11.813)
Less	INTEREST (D)		14.382	0.719	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(74.445)	17.834	(11.813)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.468	3.346	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(103.913)	14.488	(11.813)
Less	TAX (H)		4.011	4.189	0.250
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(107.924)	10.299	(12.063)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.764)	(12.063)	0.000
	BALANCE CARRIED TO THE B/S		(109.688)	(1.764)	(12.063)
	Earnings / (Loss) Per Share (Rs.)		(0.67)	0.22	(2.12)

Particulars	31.03.2012
Sales Turnover (Approximately)	1200.000

Expected Sales (2012-2013) : Rs. 1630.000 Millions

The above information has been parted by Mr. Pawan.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(9.22)	1.78	(347.94)
Net Profit Margin (PBT/Sales)	(%)	(9.05)	2.62	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(5.19)	2.61	(12.30)
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.03	(0.13)
Debt Equity Ratio (Total Liability/Networth)		0.32	0.64	0.09
Current Ratio (Current Asset/Current Liability)		4.29	1.96	7.04

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. Constructions 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	Yes
17. Major suppliers	No
18. Major customers	No
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	Yes
30. Major Shareholders, if available	Yes

NOTE

Registered office address of the company has been shifted from Plot No.26-28, Sector No.34, EHTP, Gurgaon – 122001, Haryana, India to present w.e.f. 31.03.2010.

FINANCIAL PERFORMANCE

During the year, the company has earned income of Rs. 1170.735 Millions as against Rs. 579.921 Millions in the previous year. The Company has incurred losses after tax of Rs. (107.924 Millions) during the period as compared to profit after tax of Rs. 10.299 Millions in the previous financial year.

BUSINESS OPERATIONS

The Company has withstood the challenges of the year 2010-2011 and is again confident to have a strong performance in the coming year of 2011-2012. The company offers hi-tech electronic products and components including large size video walls / cubes, video controller, Industrial Automation products and solar products.

The Company just within third year of operation has come out with strong financial performance and the Directors are confident that it will continue with such financial performance in the years to come given the overall economic condition of India.

FIXED ASSETS

· Land

· Leasehold Improvements

· Plant and Machinery

· Office Equipment

· Furniture and Fixtures

· Computers

· 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. 56.91
UK Pound	1	Rs. 88.90
Euro	1	Rs. 71.24

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

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	YES
--AFFILIATION	YES/NO	YES
--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.