1. Summary Information

		Country	India
Company Name	FILCON ELECTRONICS PRIVATE LIMITED	Principal Name 1	Mr. Satish Chandrashekaraiah
Status	Moderate	Principal Name 2	Ms. Vanitha Bikkodu Isami Gowda
		Registration #	08-3402
Street Address	392, 4^th Phase, 10^th Cross, Peenyha Industrial Area, Bangalore-560058, Karnataka, India
Established Date	06.11.1978	SIC Code	--
Telephone#	91-80-27832805	Business Style 1	Manufactures
Fax #	91-80-2783285	Business Style 2	--
Homepage	http://www.filconelectronics.com	Product Name 1	Polystyrene Capacitors,
# of employees	Not Available	Product Name 2	Poly Propylene Capacitors
Paid up capital	Rs.7,500,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors-100%	Banking	Syndicate Bank
Public Limited Corp.	NO	Business Period	34 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (27)
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	7,632,000	Current Liabilities	3,192,000
Inventories	8,363,000	Long-term Liabilities	11,946,000
Fixed Assets	5,161,000	Other Liabilities	283,000
Deferred Assets	0,000	Total Liabilities	15,421,000
Invest& other Assets	394,000	Retained Earnings	2,316,000
		Net Worth	6,129,000
Total Assets	21,550,000	Total Liab. & Equity	21,550,000
Total Assets (Previous Year)	18,561,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	17,184,000	Net Profit	2,608,000
Sales/ Total Turnover(Previous yr)	9,952,000	Net Profit / (Loss) (Prev. yr)	(2,561,000)

MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	FILCON ELECTRONICS PRIVATE LIMITED
Registered Office :	392, 4^th Phase, 10^th Cross, Peenyha Industrial Area, Bangalore-560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.11.1978
Com. Reg. No.:	08-3402
Capital Investment/ Paid-up Capital:	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U32109KA1978PTC003402
IEC No.:	0788002244
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Polystyrene Capacitors, Poly Propylene Capacitors, Metallised Polyester Capacitor finding application in communication channel filters, RC Circuits, Turning Capacitors in wave trap Circuits, decoupling etc.
No. of Employees:	Not Available

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 24000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	392, 4^th Phase, 10^th Cross, Peenyha Industrial Area, Bangalore-560058, Karnataka, India
Tel. No.:	91-80-28364207
Fax No.:	91-80-28364208
E-Mail :	filconelec@vsnl.net
Website :	www.filconelectronics.com
Corporate Office :	4/1, 1^st Floor, Third Cross, opposite Kaveri Nursing Home, Madivala, Bangalore-560068, Karnataka, India
Tel. No.:	91-80-25530324 / 25521657
Factory 1:	237/A-5, KIADB Industrial Area, Phase-3, Bommasandra, Bangalore-560099, Karnataka, India.
Tel. No.:	91-80-27832805/ 91-8110-395022
Fax No.:	91-80-2783285
Area :	Rented
Location :	10000 Sq. ft

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Satish Chandrashekaraiah
Designation :	Director
Address :	No.318, 13^th Cross, 2^nd Stage, WOC Road, Mahalakshmipuram, Rajajinagar, Bangalore, Karnataka-560010, India.
Date of Birth/Age :	04.04.1965
Date of Appointment :	21.04.2007
DIN No.:	02055765
Name :	Ms. Vanitha Bikkodu Isami Gowda
Designation :	Director
Address :	115, Elephant, Rock Road, WOC Road, Mahalakshmipuram, Rajajinagar, Bangalore, Karnataka,India .
Date of Birth/Age :	10.04.1970
Date of Appointment :	10.05.2007
DIN No.:	02044806
Name :	Mr. Kathikere Ningappa Chandrashekaraiah
Designation :	Additional Director
Address :	No.318, 13^th Cross, 2^nd Stage, WOC Road, Mahalakshmipuram, Rajajinagar, Bangalore, Karnataka-560010, India.
Date of Birth/Age :	18.05.1941
Date of Appointment :	29.09.2008
DIN No.:	01798097

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Prakash Hangarkatta Rao	100
Satish Chandrashekaraiah	19186
C. Prathiba	6000
S.R. Lalithamba	6000
Vanitha Bikkodu Isami Gowda	6000
M. Nagarajan	6000
K.N. Prasanna Kumar	11314
K.N. Chandrashekaraiah	19400
K.C. Shyla	1000
TOTAL	75000

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Polystyrene Capacitors, Poly Propylene Capacitors, Metallised Polyester Capacitor finding application in communication channel filters, RC Circuits, Turning Capacitors in wave trap Circuits, decoupling etc.

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Capacitors	Nos.	2545371

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Syndicate Bank, 703, 3^rd Block, Opposite BDA Complex, Koramangala, Bangalore-560034, Karnataka, India.
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks:
From Syndicate Bank :
Open Cash Credit (against hypothecation of stocks of raw materials, semi finished goods, finished goods and a second Charge on the Fixed Assets of the company and personal guarantee of directors)	(0.000)	(0.007)
Syndicate Bank 0456/125/735 (against hypothecation of stocks of raw materials, semi finished goods, finished goods and a second Charge on the Fixed Assets of the company and personal guarantee of directors)	5.957	4.467
Term Loan (against hypothecation of stocks of raw materials, semi finished goods, finished goods and Charge on the Machineries of the company and	1.540	2.098
TOTAL	7.497	6.558
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Anirudha Electronics	0.535	0.975
Bangalore Electrical and Electronics Company	2.454	2.213
CVK Industries	0.300	0.300
M. Nagaraju	0.200	0.200
HDFC Bank Loan	0.153	0.403
Reliance Capital Loan	0.480	0.689
C Satish – Director	0.127	0.000
S R Lalitamma	0.200	0.000
TOTAL	4.449	4.780

Banking Relations :	--
Auditors :
Name :	Subhashchandra P Kudari and Company Chartered Accountant
Address :	No. 15, 1^st Cross, 1^st Main, Nehru Nagar, Bangalore-560020, Karnataka, India
Tel No.:	91-80-23564975 / 23564976
PAN No.:	AAQPK6897D

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

NOTE

Of the above 20000 shares have been issued as Bonus Shares out of revaluation reserve and 2650 shares have been issued as Bonus shares out of accumulated reserves

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		7.500	7.500	7.500
2] Share Application Money		2.000	2.000	2.000
3] Reserves & Surplus		2.316	2.316	2.316
4] (Accumulated Losses)		(5.687)	(8.297)	(5.736)
NETWORTH		6.129	3.519	6.080
LOAN FUNDS
1] Secured Loans		7.497	6.558	7.102
2] Unsecured Loans		4.449	4.780	3.526
TOTAL BORROWING		11.946	11.338	10.628
DEFERRED TAX LIABILITIES		0.283	0.354	0.625
TOTAL		18.358	15.211	17.333
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.161	6.115	7.239
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.394	0.394	0.394
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.363	6.808	7.570
	Sundry Debtors	5.758	3.217	3.843
	Cash & Bank Balances	0.113	0.182	0.130
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.761	1.845	1.371
Total Current Assets		15.995	12.052	12.914
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.518	2.271	2.194
	Other Current Liabilities	1.674	1.079	0.984
	Provisions	0.000	0.000	0.036
Total Current Liabilities		3.192	3.350	3.214
Net Current Assets		12.803	8.702	9.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.358	15.211	17.333

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17.184	9.952	14.322
		Other Income	0.137	0.132	0.067
		TOTAL	17.321	10.084	14.389
Less	EXPENSES
		Office Expenses	14.784	12.913	17.645
		Administrative Expenses
		Advertising Expenses
		TOTAL	14.784	12.913	17.645
	PROFIT BEFORE TAX		2.537	(2.829)	(3.256)
Less	TAX		(0.071)	(0.268)	0.476
	PROFIT AFTER TAX		2.608	(2.561)	(3.732)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(8.296)	(5.735)	(2.003)
	BALANCE CARRIED TO THE B/S		(5.688)	(8.296)	(5.735)
	IMPORTS
		Raw Materials	1.308	1.436	4.732
	TOTAL IMPORTS		1.308	1.436	4.732
	Earnings Per Share (Rs.)		34.78	(34.15)	(49.77)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	15.06	(25.40)	(25.94)
Net Profit Margin (PBT/Sales)	(%)	14.76	(28.43)	(22.73)
Return on Total Assets (PBT/Total Assets}	(%)	11.99	(15.57)	(16.16)
Return on Investment (ROI) (PBT/Networth)		0.41	(0.80)	(0.54)
Debt Equity Ratio (Total Liability/Networth)		2.52	4.27	2.38
Current Ratio (Current Asset/Current Liability)		5.01	3.60	4.02

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

Registered office has been shifted from No.237/A-5, KIADB Industrial Area, Phase III, Boomasandra, Bangalore-560099, Karnataka, India to the present address w.e.f. 01.03.2010

FORM 8

Corporate identity number of the company	U32109KA1978PTC003402
Name of the company	FILCON ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	392, 4^th Phase, 10^th Cross, Peenyha Industrial Area, Bangalore-560058, Karnataka, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10099026
Type of charge	· Movable property (not being pledge) · Floating charge
Particular of charge holder	Syndicate Bank, 703, 3^rd Block, Opp. BDA Complex, Koramangala, Bangalore-560034, Karnataka, India. Email: ka.0456blrkmormngl@syndicatebank.co.in
Nature of instrument creating charge	Composite Hypothecation Agreement Bank Letter (both the above pertain to the same charge)
Date of instrument Creating the charge	06.01.2012
Amount secured by the charge	Rs. 4.485 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BR+1.5%=12.25% p.a. Terms of repayment Other limits as per existing bank terms Margin 25% Extent and operation of the charge The charge shall operate to the extent of entire loan amount plus interest, commission, cost, expenses and other charges if any. Other The Said amount of Rs.4.485 Millions comprises OSL/TL under SME Rs.1.485 Millions now sanctioned and OSL- of Rs. 3.000 Millions continued at existing level
Short particulars of the property charged (Including location of the property)	First charge by way of hypothecation Plastic moulds, tools, and dyes, Machineries, equipments and other movables both present and future stored/installed at No.392, 10^th cross, 4^th Phase, Peenya Industrial Area, Bangalore-560058 or at any other place
Particulars of the present modification	By the above, the amount secured by charge stands enhanced from Rs.3.000 Millions to Rs.4.485 Millions (all other terms and conditions remain unchanged)

FIXED ASSETS

· Machinery

· Computer

· Electrical Fittings / Installations

· Leasehold Improvement

Furniture and Fitting

Electrical Fittings / Installations

Machinery

· Test / Measuring Equipments

· Tools and Fixtures

· Office Equipment

· Generator

· Furniture and Fitting

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. 55.52
UK Pound	1	Rs. 88.49
Euro	1	Rs. 70.20

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.