MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	SILKEE ELECTRONICS PRIVATE LIMITED
Registered Office :	69-B, Electronic City, hosur Road, Bangalore - 562158, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.12.1988
Com. Reg. No.:	08-009648
Capital Investment / Paid-up Capital :	Rs.4.504 Millions
CIN No.: [Company Identification No.]	U32109KA1988PTC009648
TAN No.: [Tax Deduction & Collection Account No.]	BLRS38930D
PAN No.: [Permanent Account No.]	AACCS5131R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Silicon Rubber Key Pads.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The performance capability and financial strength of the company appear good. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. The concern 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.

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/ Factory :	69-B, Electronic City, hosur Road, Bangalore - 562158, Karnataka, India
Tel. No.:	91-80-28520028/ 29
Fax No.:	91-80-28520702
E-Mail :	charlesprabakar@hotmail.com silkee@vsnl.com
Website :	http://www.silkee.in

DIRECTORS

As on: 29.09.2012

Name :

Mr. Anantapalayam Kanakachalam Sachidanandam

Designation :

Director

Address :

758, 17^th H Main 6^th Block Koraman Gala, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

20.02.1950

Date of Appointment :

01.12.1988

DIN No.:

01054362

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	U32109KA1988PTC009648	SILKEE ELECTRONICS PRIVATE LIMITED	Director	01/12/1988	01/12/1988	-	Active	NO
2	U00368KA1992PTC013544	KEYTEK ELECTRONIC (INDIA) PRIVATE LIMITED	Director	01/01/1993	01/01/1993	-	Active	NO
3	U52322KA1996PTC021349	TROJAN TECHNOLOGIES PRIVATE LIMITED	Managing director	05/11/1996	05/11/1996	-	Strike off	NO

Name :

Mr. Bakthavatchalam Sundaram

Designation :

Director

Address :

856, 17^th H Main 6^th Block Koraman Gala, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

22.07.1963

Date of Appointment :

01.12.1988

DIN No.:

01535018

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	U32109KA1988PTC009648	SILKEE ELECTRONICS PRIVATE LIMITED	Director	01/12/1988	01/12/1988	-	Active	NO
2	U00368KA1992PTC013544	KEYTEK ELECTRONIC (INDIA) PRIVATE LIMITED	Director	01/01/1993	01/01/1993	-	Active	NO
3	U52322KA1996PTC021349	TROJAN TECHNOLOGIES PRIVATE LIMITED	Director	05/11/1996	05/11/1996	-	Strike off	NO
4	U45200KA2011PTC058132	LONGINES DEVELOPERS PRIVATE LIMITED	Director	12/04/2011	12/04/2011	-	Active	NO
5	U45201KA2007PTC043009	LONGITUDE DEVELOPERS INDIA PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Mr .S. Bakthavatchalam	9000
Mr. A. K. Sachidanandam	10040
Mr. C. Anand	4000
Dr. Chinnasamyc	3000
Mrs. Karunambika	2840
Dr. Saraswathy	2000
Mr. Shivakumar	1880
Mrs. Sowmi Sachidanandam	2400
Kum. A. A. Pon bindu	1080
Mr. Charles Prabakar	240
Mrs. B. Kalarani	1960
Mrs. Porul Sachidanandam	5600
Mr. Prithive Kanahachalam	1000
Total	45040

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Silicon Rubber Key Pads.

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Installed Capacity	Actual Production
Silicone Rubber Key Pads	28500000	28148996

GENERAL INFORMATION

Customers :

· Siemens

· GECA

· OAK

· Wireless Edge

· LG

· Samsung India

· Bharti

· HFCL Group

· Tei Technologies

· Xcom Electronic Industry

No. of Employees :

Not Available

Bankers :

· State Bank of India, Electronics City Branch, No.26/A, Hosur Road, Bangalore - 560100, Karnataka, India

· Citi Bank

· IDBI Bank

· ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
TERM LOAN - Stale Bank of India (Secured by hypothcation of Fixed Assets and Personal guarantee by the Director)	10.272	17.217
Short Term Borrowings
From Banks Open Cash Credit Stale Bank of India	0.172	0.247
Total	10.444	17.464

Banking Relations :	--
Auditors :
Name :	Charles Prabakar and Associates Chartered Accountants
Address :	No.48, Lavelle Road, Hitananda - 2, 1st Floor, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22210100
E-Mail :	charlesprabakar@hotmail.com
PAN No.:	ACZPP0878L

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45040	Equity Shares	Rs.100/- each	Rs.4.504 Millions

Reconciliation of shares outstanding at the beginning of the year

(Rs. In Millions)

Particulars	No. of Shares	Amount
Equity Shares
At the beginning of the year	45040	4.504
Issued during the year- Bonus Issue	-	-
Outstanding at the end of the year	45040	4.504

Terms/ Rights attached to Equity Shares

i. The company has only one class of Equity shares a par value of Rs.100/- per Share. Each holder of Equity shares is entitled to one vote per share.

ii. The dividend proposed by the board of directors and approved in the Annual General Meeting is paid in Indian Rupees.

iii. In the event of Liquidation of the company, The holders of the Equity shares will be entitled to receive the Remaining assets of the company after distribution of all preferential amounts

iv. There are no restriction attached to Equity shares

.

Details of Shareholders holding more than 5% Shares in the company

(Rs. In Millions)

Particulars	No. of Shares	Amount
Equity Shares of Rs.100/- each Fully paid
Mr. S. Bakthavatchaalam	9000	0.900
Mr. A. K. Sachidanandam	10040	1.004
Mr. A.C. Anand	4000	0.400
Dr. Chinnasamy	3000	0.300
Mrs. Karunambika	8840	0.284
Mrs. Sowmi Sachidanandam	2400	0.240
Mr. Porul Sachidanandam	5600	0.560

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.504	4.504	4.504
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		93.764	89.285	87.934
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		98.268	93.789	92.438
LOAN FUNDS
1] Secured Loans		10.444	17.464	25.840
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		10.444	17.464	25.840
DEFERRED TAX LIABILITIES		11.825	11.112	10.190
TOTAL		120.537	122.365	128.468
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.246	91.402	95.317
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.495	6.344	3.290
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.311	6.526	5.625
	Sundry Debtors	31.373	21.059	17.731
	Cash & Bank Balances	1.537	0.382	4.310
	Other Current Assets	0.000	0.000	1.353
	Loans & Advances	7.647	11.352	13.235
Total Current Assets		46.868	39.319	42.254
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.824	11.489	11.850
	Other Current Liabilities	3.619	1.940
	Provisions	1.629	1.271	0.543
Total Current Liabilities		17.072	14.700	12.393
Net Current Assets		29.796	24.619	29.861
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		120.537	122.365	128.468

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	115.290	90.509	104.808
		Other Income	0.687	1.154	0.535
		TOTAL	115.977	91.663	105.343
Less	EXPENSES
		Office Expenses	102.740	81.731	91.433
		Administrative Expenses
		Advertising Expenses
		TOTAL	102.740	81.731	91.433
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.237	9.932	13.910
Less/ Add	DEPRECIATION/ AMORTISATION		4.697	4.827	5.065
	PROFIT BEFORE TAX		8.540	5.105	8.845
Less	TAX		2.752	1.578	4.825
	PROFIT AFTER TAX		5.788	3.527	4.020
	EARNINGS IN FOREIGN CURRENCY		39.230	17.573	13.594
	IMPORTS
		Raw Materials	45.350	31.235	44.945
	TOTAL IMPORTS		45.350	31.235	44.945
	Earnings Per Share (Rs.)		128.51	78.31	89.25

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.99	3.85	3.82
Net Profit Margin (PBT/Sales)	(%)	7.41	5.64	8.43
Return on Total Assets (PBT/Total Assets}	(%)	6.23	3.91	6.43
Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.10
Debt Equity Ratio (Total Debt /Networth)		0.11	0.19	0.28
Current Ratio (Current Asset/Current Liability)		2.75	2.67	3.41

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	No
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	Yes
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
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

FIXED ASSETS:

· Land

· Building

· Office Equipments

· Electrical Installation

· Plant and Machinery

· Motor Cars

· Delivery Van

· Motor Cycles

· Computers

· Computer Software

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 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 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.