MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	ECONIX HI-TECH COMPONENTS PRIVATE LIMITED
Registered Office :	12, GIDC Estate, Makarpura Road, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.1992
Com. Reg. No.:	04-018091
Capital Investment / Paid-up Capital :	Rs.9.500 Millions
CIN No.: [Company Identification No.]	U31100GJ1992PTC018091
TAN No.: [Tax Deduction & Collection Account No.]	BRDE00122D
PAN No.: [Permanent Account No.]	AAACE4966E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Switchgear Components.
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 360000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Payments are reported to be usually correct and as per commitments. Business is active. The company can be considered 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.

INFORMATION PARTED BY

Name :	Ms. Sumedha
Designation :	Assistant Manager
Contact No.:	91-265-2642021
Date :	22.03.2012

LOCATIONS

Registered Office :	12, G.I.D.C. Estate, Makarpura Road, Vadodara – 390 010, Gujarat, India
Tel. No.:	91-265-2642021/ 2830818/ 2831453/ 2642023/ 2638646/ 3048806/ 3048810/ 2646194/ 2642022/ 2632650/ 2632659
Tele Fax No.:	91-265-2638646
E-Mail :	sumedha@elemex.net sjjoshi@elmex.net enci@rediffmail.com marketing@elmex.net india_sales@elmex.net
Website :	http://www.econix.net http://elmex.net
Area :	3000 sq. ft. (Approximately)
Location :	Owned
Factory :	134-135, G.I.D.C. Estate, Por, Ramangamdi, Vadodara – 391 243, Gujarat, India
Tel. No.:	91-265-2830818

DIRECTORS

As on 07.07.2011

Name :	Mr. Shashikant Janardan Joshi
Designation :	Director
Address :	E – 203, Kunj-resi-cum Plaza, Palace Road, Vadodara – 390 001, Gujarat, India
Date of Birth/Age :	20.12.1959
Date of Appointment :	10.06.2009
DIN No.:	00183177
Name :	Mr. Jayantilal Dhanjibhai Ray
Designation :	Director
Address :	3, Shantivan Society, Makarpura Road, Vadodara – 390 010, Gujarat, India
Date of Birth/Age :	30.06.1934
Date of Appointment :	30.04.2005
DIN No.:	00183255
Name :	Mrs. Manjulaben Jayantilal Ray
Designation :	Director
Address :	3, Shantivan Society, Makarpura Road, Vadodara – 390 010, Gujarat, India
Date of Birth/Age :	09.01.1941
Date of Appointment :	10.06.2008
DIN No.:	00183384
Name :	Mr. Amarnath Laxminath Shastri
Designation :	Director
Address :	4, Shrijinagar Society, Vasna Road Naka, Old Padra Road, Vadodara – 390 015, Gujarat, India
Date of Birth/Age :	20.08.1934
Date of Appointment :	30.09.2005
DIN No.:	00183552
Name :	Mr. Vipul Jayantilal Ray
Designation :	Managing director
Address :	3, Shantivan Society, Makarpura Road, Vadodara – 390 010, Gujarat, India
Date of Birth/Age :	23.12.1974
Date of Appointment :	01.04.1993
DIN No.:	00183835
Name :	Mrs. Jignesha Vipul Ray
Designation :	Director
Address :	3, Shantivan Society, Makarpura Road, Vadodara – 390 010, Gujarat, India
Date of Birth/Age :	27.08.1977
Date of Appointment :	14.04.2004
DIN No.:	00183905

KEY EXECUTIVES

Name :	Ms. Sumedha
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.07.2011

Names of Shareholders	No. of Shares
Jayantilal Dhanjibhai Ray and Manjulaben J Ray	112327
Jayantilal Dhanjibhai Ray	58040
Jayantilal Dhanjibhai Ray (HUF) and M J Ray	160145
M J Ray and J D Ray	172786
Jyoti J Ray and M J Ray	115594
Swati J Ray and M J Ray	98194
Trupti J Ray and J D Ray	115594
Vipul J Ray and J D Ray	85490
Jignesha V Ray and Vipul J Ray	14430
Swati J Ray and J D Ray	17400
Total	950000

Equity Share Break up (Percentage of Total Equity)

As on 07.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Switchgear Components.

Products :

Item Code No. (ITC Code)	8538.80
Product Description	Electrical Terminals and Switches

· Terminals

· Connectors

· Relay modules

· Din rail mounted terminals

· PCB connectors

· Application specific terminals

· Eco nix din rail mounted interface

Exports :

Products :

Switchgear Components

Countries :

Europe

Imports :

Products :

Raw Materials

Countries :

Germany

Terms :

Selling :

Advance

Purchasing :

Advance

GENERAL INFORMATION

Customers :

Distributor

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India, Makarpura IE, 1^st Floor, VCCI Complex, Baroda – 390 010, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit facility with State Bank of India, I.E. Brach, Makarpura Branch, Baroda (Secured by hypothecation of stocks and book debts, and mortgage of Land and Building at 134-135, GIDC, POR, Ramangamdi, Baroda)	27.763	18.478
SME Loan facility @8% with State Bank of India, I.E. Brach, Makarpura Branch, Baroda	0.000	4.724
Term Loan with State Bank of India, I.E. Brach, Makarpura Branch, Baroda (Secured against Mortgage of Factory Land and Building, Plant and Machinery, situated at 134-135, Por, Ramagamdi, Taq-Baroda)	16.368	0.000
Total	44.131	23.202
Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Borrowings in Foreign Currency from Prayag Enterprises	7.293	7.509
Deposits from Members	62.040	37.099
Total	69.333	44.608

Banking Relations :	--
Auditors :
Name :	Talati and Talati Chartered Accountants
Address :	501, Race Course Towers, Race Course Circle, South, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-3058025
Fax No.:	91-265-3058027
PAN.:	AAAFT4520A
Sister Concerns :	Elemex Controls Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 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		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.118	70.432	73.464
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		90.618	79.932	82.964
LOAN FUNDS
1] Secured Loans		44.131	23.202	32.534
2] Unsecured Loans		69.333	44.608	22.169
TOTAL BORROWING		113.464	67.810	54.703
DEFERRED TAX LIABILITIES		3.329	3.506	3.919
TOTAL		207.411	151.248	141.586
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.301	55.885	52.944
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.778	1.778	0.087
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.554	56.057	47.587
	Sundry Debtors	71.604	51.052	56.704
	Cash & Bank Balances	10.523	6.445	11.287
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.168	6.892	7.407
Total Current Assets		163.849	120.446	122.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.011	26.861	28.873
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	9.506	0.000	5.557
Total Current Liabilities		44.517	26.861	34.430
Net Current Assets		119.332	93.585	88.555
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		207.411	151.248	141.586

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	299.564	232.278
		Other Income	NA	12.764
		TOTAL	NA	245.042	241.557
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	214.901	195.424
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		39.631	30.141	46.133
Less/ Add	DEPRECIATION/ AMORTISATION		10.591	9.469	9.571
	PROFIT BEFORE TAX		29.040	20.672	36.562
Less	TAX		9.668	7.032	12.739
	PROFIT AFTER TAX		19.372	13.640	23.823
	Earnings Per Share (Rs.)		20.39	14.36	25.08

Expected Sales (2011-12) : Rs.400.000 Millions

The above information has been parted by Ms. Sumedha.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.47	5.57	9.86
Net Profit Margin (PBT/Sales)	(%)	NA	8.89	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.61	11.72	20.78
Return on Investment (ROI) (PBT/Networth)		0.32	0.26	0.44
Debt Equity Ratio (Total Liability/Networth)		1.74	1.18	1.07
Current Ratio (Current Asset/Current Liability)		3.68	4.48	3.57

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Dues of Small Scale Industrial Undertakings	8.128	5.367	4.882
Dues of Others Creditors for Goods	50.507	16.816	19.398
Creditors for Expenses	6.376	4.678	4.593
Total	65.011	26.861	28.873

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

COMPANY’S PERFORMANCE

The sales and service income of the Company has rose from Rs.232.278 Millions to Rs.299.564 Millions in the year showing a growth of 28.97%. The company was able to achieve higher turnover in spite of keen competition from indigenous and overseas players.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31100GJ1992PTC018091
Name of the company	ECONIX HI-TECH COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, G.I.D.C. Estate, Makarpura Road, Vadodara – 390 010, Gujarat, India Email : sjjoshi@elmex.net
This form is for	Modification of charge
Charge identification number of the modified	90100026
Type of charge	Movable Property
Particular of charge holder	State Bank of India, Makarpura IE, 1^st Floor, VCCI Complex, Baroda – 390 010, Gujarat, India E-Mail: arun.karnik@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplement agreement of Loan-cum-Hypothecation.
Date of instrument Creating the charge	17.02.2011
Amount secured by the charge	Rs.84.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit - 4.5% above base rate. Present effective rate 12.75% p.a. Term Loan - 5% above base rate. Present effective rate 13.25% p.a. Terms of Repayment: (i) Working Capital payment repayable on demand. (ii) Term loan to be repaid in 50 monthly installments of Rs. 0.400 million each with first installment commencing on October, 2011. Margin: As per Agreement Extent and Operation of the charge: As per Agreement
Short particulars of the property charged	Hypothecation of over all current assets (stocks and receivables) and other current assets of the Company.
Date of latest modification prior to the present modification	28.10.2009
Particulars of the present modification	The charge stands enhanced for securing facilities from Rs.52.000 Millions to Rs.84.000 Millions.

FIXED ASSETS

• Leasehold Land
• Building
• Residential Quarters
• Plant and Machinery
• Handling Equipment
• Cooling Tower
• Plastic Moulds
• Tools and Dies
• Weighing Scale
• Electrical Installation
• Office Equipments
• Air Conditioner
• Furniture and Fixtures
• Vehicles
• Computers
• Data and Communication Systems
• Energy Saving Devices

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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	YES
--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.