MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	AMTECH ELECTRONICS (INDIA) LIMITED
Registered Office :	6, GIDC, Electronic-Zone, Gandhinagar – 382044, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.07.1987
Com. Reg. No.:	04-009792
Capital Investment / Paid-up Capital :	Rs.12.000 Millions
CIN No.: [Company Identification No.]	U29308GJ1987PLC009792
PAN No.: [Permanent Account No.]	AABCA2793A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Deals in Motion Control System Solutions, Industrial Motion Control and Automation Solutions.
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 700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as 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 – 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 :	E-6, GIDC, Electronic-Zone, Gandhinagar – 382044, Gujarat, India
Tel. No.:	91-79-23289101/ 23289102/ 23289103
Fax No.:	91-79-23289111
E-Mail :	info@amtechelectronics.com
Website :	http://www.amtechelectronics.com
Branch Office :	Located at Mumbai Delhi Chennai
Overseas Office :	3852 Oakcliff Industries Court, Doraville, GA, 30340, USA
Tel. No.:	770-469-5240
Fax No.:	770-469-5241

DIRECTORS

As on: 29.09.2012

Name :	Mr. Ishvarbhai Madhavlal Patel
Designation :	Director
Address :	152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India
Date of Birth/Age :	04.01.1930
Date of Appointment :	27.07.1991
DIN No.:	00256517
Name :	Mr. Piyushbhai Ishwarbhai Patel
Designation :	Whole-time director
Address :	152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India
Date of Birth/Age :	13.06.1970
Pan No.:	AHCPP3644E
Date of Appointment :	12.12.1994
DIN No.:	00256637
Name :	Mrs. Mrunalini Dhirenbhai Patel
Designation :	Director
Address :	152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India
Date of Birth/Age :	21.08.1963
Date of Appointment :	12.12.1997
DIN No.:	01634205
Name :	Mr. Dhiren Laxmichand Patel
Designation :	Director
Address :	152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India
Date of Birth/Age :	29.10.1957
Date of Appointment :	02.07.1998
DIN No.:	01821500

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Dhiren Laxmichand Patel	1109950
Mrunalini Dhirenbhai Patel	30000
Piyushbhai Ishwarbhai Patel	30010
Ishvarbhai Madhavlal Patel	30010
Ashwin Bhai Ishwarbhai Patel	10
Shardaben Ishwarbhai Patel	10
Hetal Piyush Patel	10
Total	1200000

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 :

Deals in Motion Control System Solutions, Industrial Motion Control and Automation Solutions.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank Of India, GIDC Elec. Estate Branch, Sector -25, Gandhinagar - 382044, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Other loans and advances	0.305	8.096
SHORT TERM BORROWING
Working capital loans from banks	47.655	37.751
Loans repayable on demand	3.301	4.643
Total	51.261	50.49

Banking Relations :	--
Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountants
Address :	51, Madhuban, 5th Floor, Near Madalpur Under Ground, Ply . Crossing, Ellis Bridge, Ahmedabad- 380006, Gujarat, India
PAN No.:	AAFFD0959G

CAPITAL STRUCTURE

As on: 31.03.2012

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
1200000	Equity Shares	Rs.10/- each	Rs.12.000 Millions

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		12.000	12.000	12.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		163.234	106.724	55.082
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		175.234	118.724	67.082
LOAN FUNDS
1] Secured Loans		51.261	50.490	94.458
2] Unsecured Loans		2.771	2.771	2.771
TOTAL BORROWING		54.032	53.261	97.229
DEFERRED TAX LIABILITIES		10.371	8.760	7.876
TOTAL		239.637	180.745	172.187
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.434	69.740	66.650
Capital work-in-progress		0.335	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.061	105.595	114.378
	Sundry Debtors	254.712	191.038	75.753
	Cash & Bank Balances	21.237	18.176	17.284
	Other Current Assets	5.676	11.179	0.000
	Loans & Advances	30.945	26.011	20.965
Total Current Assets		414.631	351.999	228.380
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	197.303	177.043	122.843
	Other Current Liabilities	17.249	15.595
	Provisions	44.211	48.356
Total Current Liabilities		258.763	240.994	122.843
Net Current Assets		155.868	111.005	105.537
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		239.637	180.745	172.187

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1147.887	984.980	582.747
		Other Income	1.069	2.314	2.220
		Increase/ Decrease in Stcok	0.000	0.000	18.408
		TOTAL (A)	1148.956	987.294	603.375
Less	EXPENSES
		Cost of materials consumed	851.814	727.838	569.610
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	12.957	5.658
		Employee benefit expense	69.667	57.140
		Other expenses	133.348	116.462
		TOTAL (B)	1067.786	907.098	569.610
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.170	80.196	33.765
Less	FINANCIAL EXPENSES (D)		2.735	4.849	4.892
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.435	75.347	28.873
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.512	4.820	3.784
	PROFIT BEFORE TAX (E-F) (G)		72.923	70.526	25.089
Less	TAX (H)		16.413	18.884	12.213
	PROFIT AFTER TAX (G-H) (I)		56.510	51.642	12.876
Add	RESERVE		106.724	55.082	42.206
	BALANCE CARRIED TO THE B/S		163.234	106.724	55.082
	EARNINGS IN FOREIGN CURRENCY
		Export Calculated on F.O.B. Basis	8.749	6.211	12.454
	TOTAL EARNINGS		8.749	6.211	12.454
	IMPORTS
		Raw Materials	NA	362.188	264.674
		Capital Goods	NA	3.290	5.165
	TOTAL IMPORTS		NA	365.478	269.839
	Earnings Per Share (Rs.)		46.79	43.03	10.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.92	5.23	2.13
Net Profit Margin (PBT/Sales)	(%)	6.35	7.14	4.31
Return on Total Assets (PBT/Total Assets}	(%)	14.64	16.72	8.50
Return on Investment (ROI) (PBT/Networth)		0.42	0.59	0.37
Debt Equity Ratio (Total Debt /Networth)		0.31	0.45	1.45
Current Ratio (Current Asset/Current Liability)		1.60	1.46	1.86

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE OVERVIEW:

Against the back drop, the company has successfully shown a phenomenal growth year 2011-12 which was a challenge in the current scenario which is obviously an exceptional and extraordinary.

Though the current year has various challenges due to the economic scenario globally affected to Indian economy too. However Company got focussed and worked on strengths, leverage internal competancy and increased the operational efficiency and close to customer made it possible with best in class products another year with growth and profitability in challanging business environment.

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Loans and advances from related parties	2.771	2.771
Total	2.771	2.771

OUTLOOK:

With Government's focus on Industrial sector, the growth momentum in industrial segment is expected to continue. Some of the industry segments like Steel, Cement, Suga and other agro-based industries are likely to see enhanced growth which will benefit Amtecch's business. Some of our focused internatinal markets have also started showing signs of recovery. Retail segment is also expected to continue the growth momentum. It is also expected that the energy consumption for commercial and residential applications will grow that will trigger a positive growth for Amtech's business. Most electrical systems are expected to use automation in industries, buildings and home for greater control, comfort and convenience. Amtech is well-positioned to capture these opportunities.

Global trends in the economy today motivate the people in general to invest in business which have been growing significantly over the years. Engineering Services is one such industry. During the current fiscal year Amtech has been able to achieve the growth. To cater to this growth, Amtech has added more than 300 employees in the year and more than 50 clients including 15 fortune 500 companies. With the initiatives taken in 2011-2012, actions planned in the next year and addition of new geographies, Amtech is confident of achieving impressive growth in the 2012-2013.

FUTURE PLAN OF ACTION:

The company's R and D centre is always commited to provide suitable technology supoort to various business segments. Some projects are going on and some new projects in line with non conventional energy such as solar are aligned to increase substantially the customer value for the company for future with continual focus on R and D activities.

FIXED ASSETS:

• Land and Site Development
• Factory Building
• Plant and Machinery
• Electrical Fittings and Instruments
• Furniture and Fixtures
• Office Equipment
• Computer
• 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 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.82.05
Euro	1	Rs.69.59

INFORMATION DETAILS

Report Prepared by :

RAJ

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	6
--PROFITABILIRY	1~10	6
--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
--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.