MIRA INFORM REPORT

Report Date :

18.05.2012

IDENTIFICATION DETAILS

Name :	INTELUX ELECTRONICS PRIVATE LIMITED
Registered Office :	Unit No. 2, Electronic Cooperative Estate, Pune Satara Road, Pune – 411009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.01.1998
Com. Reg. No.:	11-113195
Capital Investment / Paid-up Capital :	Rs. 17.439 Millions
CIN No.: [Company Identification No.]	U31109MH1998PTC113195
TAN No.: [Tax Deduction & Collection Account No.]	PNEI00693A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and service provider of Electrical and Electronic Product and Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a established company having satisfactory track. However, there is some dip in the turnover and profitability of the company. Trade relations are 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 :	Unit No. 2, Electronic Cooperative Estate, Pune Satara Road, Pune – 411009, Maharashtra, India
Tel. No.:	91-20-24223734/82/83
Fax No.:	91-20-24221258
E-Mail :	accounts@inteluxindia.com marketing@inteluxindia.com
Design and Development Centre :	Harshal Industrial Complex, Industrial Unit No. 1 and 2, Survey No. 48/25/5, Narhe Road, Narhe (Near Sanala Factory, Pune – 411041, Maharashtra, India)
Tel. No.:	91-20-20244145
E-Mail :	pmimarketing@inteluxindia.com
Factory :	Shed No. 02/08, S. No. 30/04, Near Dran/Pari Company, Near Dhayari Road, Dhayari, Pune – 411041, Maharashtra, India
Tel. No.:	91-20-20240317/77

DIRECTORS

As on 30.09.2011

Name :

Mr. Seshagiri Narayanrao Narra

Designation :

Managing Director

Address :

S no. 65A, Near Abhiruchi, Sinhgad Road, Pune, 411041, Maharashtra, India

Date of Birth/Age :

30.08.1962

Date of Appointment :

23.01.1998

DIN No.:

00310790

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31109MH1998PTC113195	INTELUX ELECTRONICS PRIVATE LIMITED	Managing director	28/01/2009	23/01/1998	-	Active	NO
2	U15421PN2010PLC135442	SADGURU SRI SRI SAKHAR KARKHANA LIMITED	Managing director	29/01/2011	2/02/2010	-	Active	NO

Name :

Mr. Mahesh Mahadeo Rajwade

Designation :

Director

Address :

264, Pratap Society, Sahakar Nagar NO 2, Pune, 411009, Maharashtra, India

Date of Birth/Age :

04.03.1954

Date of Appointment :

23.10.1998

DIN No.:

00323198

Name :

Mr. Ravindra Narayanrao Narra

Designation :

Director

Address :

Plot No 8, S No 65/5A, Behind Abhiruchi Compound, Pune, 411041, Maharashtra, India

Date of Birth/Age :

12.05.1966

Date of Appointment :

29.09.2007

DIN No.:

00311100

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31109MH1998PTC113195	INTELUX ELECTRONICS PRIVATE LIMITED	Director	29/09/2007	23/01/1998	-	Active	NO

KEY EXECUTIVES

Name :	Mr. C Chandrashekar
Designation :	General Manager of Business Development

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Narra Seshagiri Narayanrao	782322
Mahesh Rajwade	93462
Pramila Narayan Rao	156000
Ganta Vyanketesh Subramanysrao	18000
Narra Sreedavi	16200
Narra Sunita	162930
Smt.Soubhyagati	120000
Vishnu Ranjane	9000
Prasad Khatavkar	15000
Shashikant Khandelwal	6960
Mrs.Manasi Joshi	48000
Ujjawala Rajwade	55110
N.Ratneshekhar	50856
Joseph Manikem	90000
Mr.Sakharam Washiwale	360
Mr.Ganesh Navghane	240
Mr.Sanjay Wamane	600
Ms.Pradnya Lokhande	600
Ms.Savita Warange	120
Mr.Amit Naik	120
Mr. Abhijit Gavali	120
Narra Ravindra Narayanrao	106766
Ujwala Suryawanshi	20
Vijay Wankhade	100
Surekha Khairnar	50
Vaishali Yadav	50
Paramhans Thakur	20
Mrs Swati Bhosle	50
Mr. Prafullkumar Bhosale	20
Mr. Digambar Dagade	20
Mr. Anil Gopilal Gupta	20
Mr. Alka Maruti Jadhav	20
Mr. T V Ravindra	10810
Total	1743946

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	88.51
Other top fifty shareholders	11.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and service provider of Electrical and Electronic Product and Components.
Product:	Electronic Chokes

GENERAL INFORMATION

Customers :

• GE Lighting (India) Limited
• Bajaj Electricals Limited
• Pierlite Ind Limited
• Reliance Group of Industries.
• Cummins India Limited.
• SKF Bearings Ltd.
• Velankani Information Systems Limited
• Mahindra British Telecom Limited
• Pesistent Systems Private Limited
• Gesco Corporation Limited
• Vasant Dada Sugar Institute
• Raymond Showroom

No. of Employees :

Not Available;

Bankers :

Punjab National Bank

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of India, Sahakar Nagar Branch Cash Credit A/C (Secured against hypothecation of stock and pledge of fixed deposit and mortgage of factory shed)	32.068	42.337
Bank of India – Vehicle Loan A/C (Secured against hypothecation of Vehicle)	0.000	0.332
Bank of India FDR Loan (Secured Loan against For/TDR)	97.258	0.000
Total	129.326	42.669

Banking Relations :	--
Auditors :
Name :	Milind V Joshi and Company Chartered Accountant
Address :	Flat No. 5, Pansare Height, off Laxmi Road, Opp. Vijay Talkies Sadashiv Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24497324
Email:	milindvjoshiandco@gamil.com
PAN.:	ABAPJ9239K

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1743946	Equity Shares	Rs.10/- each	Rs.17.439 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		17.439	17.439	17.439
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		299.518	272.009	86.914
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		316.957	289.448	104.353
LOAN FUNDS
1] Secured Loans		129.326	42.669	31.782
2] Unsecured Loans		0.000	0.000	1.707
TOTAL BORROWING		129.326	42.669	33.489
DEFERRED TAX LIABILITIES		1.561	1.404	0.979
TOTAL		447.844	333.521	138.821
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.121	63.995	39.078
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		36.021	0.021	0.021
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.533	65.981	45.339
	Sundry Debtors	155.491	146.199	191.736
	Cash & Bank Balances	1.692	2.472	1.172
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	314.921	310.179	35.556
Total Current Assets		558.637	524.831	273.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.868	48.975	143.957
	Other Current Liabilities	6.911	33.330	5.586
	Provisions	92.156	173.022	24.541
Total Current Liabilities		213.935	255.327	174.084
Net Current Assets		344.702	269.504	99.719
MISCELLANEOUS EXPENSES		0.000	0.001	0.003
TOTAL		447.844	333.521	138.821

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		353.436	1199.071	431.727
	PROFIT BEFORE DEPRECIATION		42.903	248.010	56.205
	DEPRECIATION		5.386	4.726	3.079
	PROFIT BEFORE TAX		37.517	243.284	53.126
Less	TAX		10.009	58.189	13.139
	PROFIT AFTER TAX		27.508	185.095	39.987
Less	APPROPRIATIONS
		Transfer to General Reserve	2.751	18.510	3.999
	BALANCE CARRIED TO THE B/S		24.757	166.585	35.988
	Earnings Per Share (Rs.)		15.77	106.13	22.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.06	20.28	12.30
Return on Total Assets (PBT/Total Assets}	(%)	6.72	46.35	19.40
Return on Investment (ROI) (PBT/Networth)		0.11	0.84	0.51
Debt Equity Ratio (Total Liability/Networth)		0.67	0.88	1.67
Current Ratio (Current Asset/Current Liability)		2.61	2.05	1.57

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	Yes
5) Type of Business	No
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	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

OPERATIONS:

The company has recorded total turnover of Rs. 353.456 Millions as compared to the total sales of Rs. 1199.071 Millions in previous year. The profit after tax is Rs. 27.508 Millions as compared to Rs. 185.095 Millions achieved in previous year. And profit transferred to reserve abd surplus is of Rs. 24.757 Millions after transfer to general reserve Rs. 2.751 Millions as compared to last year profit transferred reserve of Rs. 166.586 Millions after transfer to general Reserve RS. 18.510 Millions.

AWARDS AND RECOGNITION

The Company has qualified for following awards and recognitions

1. CE Markeing

2. ISO 9001:2001-2008

3. NSIC – CRISIL Rating – SH 2A

4. Inhouse R and D Research by central Govt’s Department of science and industrial Research Techno, New Delhi

SALES AND MARKETING PERFORMANCE

The company made a very modest beginning in the year 1996 with high –end range of 3/4/6 lamp ballast for tissue – culture laboratory and hoardings. Today IEPL is the largest source of supply of professional grade of electronic ballasts in the domestic market. With three technology options of less than 10% APFC, less than 10% PPFC and less than 30% PPFC along with halogen transformers and UV lamp electronic ballast, the company offers a widest range of electronic ballast of nearly 150 models for T8, T5, CFI, and UV lamps to suit specific applications and customer requirements.

The company is vendor to such OEM’s ad bajaj, GE, Thorn, Pierlite, Cromton greaves, Surya and Several regional players, In the process the company has carved out a good share of the professional grade electronic ballast market for industrial and commercial applications in both indoor and outdoor applications in the country. The company is in touch with several other OEM’s with a view to increase its foot print in the domestic market. The sales graph over the years displays the continuous

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31109MH1998PTC113195
Name of the company	INTELUX ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 2, Electronic Cooperative Estate, Pune Satara Road, Pune – 411009, Maharashtra, India Email: accounts@inteluxindia.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Punjab National Bank(Lead- Bank Camp) State Bank Of India (Vadju) Canara Bank (Bibwewadi), Aurora Towers, 9 Moledina Road, Pune – 411001, Maharashtra, India Email: bo0386@pnb.co.in
Nature of instrument creating charge	bo0386@pnb.co.in
Date of instrument Creating the charge	05.03.2012
Amount secured by the charge	Rs. 712.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest PNB- BR+3.25%+TP 0.50% i,e 14.50% p.a with monthly rest SBI-3.75%above BR plus tenor premium of 0.75%i,e 14.50% with monthly rest CB - BR+4.50%+Term premia 1.00% i,e 16.25% p.a floating Terms of Repayment PNB - To be repaid in 26 quarterly installments beginning from June 2013.interest will be paid by party immedtaely on its levy SBI - To be repaid in 23 quarterly installments beginning from January 2014 i,e after a moratorium of 27 months as detailed in agreement. CB - To be repaid in 26 quarterly installments beginning from April 2013. Margin @ 25% Extent and Operation of the charge Loan is borrowed by Sadguru Sri Sri Sakhar Karkhana Limited and property at gat no 9, of Village Kasurdia Kheba, Taluka Bhor is given as security Punjab National Bank (Lead Bank- Camp Branch)- Term Loan – 300.000 Millions State Bank Of India (Vadju(Khatav)Branch) - Term Loan – 250.000 Millions Canara Bank (Bibwewadi Branch)- Term Loan – 162.700 Millions Total 712.700 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of land admeasuring about 00 Hectare 47 Ares out of land admeasuring about 00 Hectare 64 Ares plus potkharaba 00 Hectare 14 Ares totally admeasuring about 00 Hectare 78 Ares bearing gat no 9, assessed at Rs 00.78 paise of Village Kasurdia Kheba, taluka Bhor, Opp. Cleantechy CO and Behind Yogesh Hotel, Off Pune Satara road, DIstrict pune and within the jurisdiction of Sub Registrar, Bhor at Bhor and situated in industrial zone and within the limits of Zilla Parishad.

FIXED ASSETS

· Computer Furniture

· Office Equipments

· Testing Equipments

· Technology Cost

· Motor Car

· Factory Building

· Two Wheeler

· Land

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.54.38
UK Pound	1	Rs.86.55
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		47

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.