MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	SIMIC ELECTRONICS PRIVATE LIMITED
Registered Office :	48, SDF II, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.10.1981
Com. Reg. No.:	11-025396
Capital Investment / Paid-up Capital :	Rs. 0.900 million
CIN No.: [Company Identification No.]	U32109MH1981PYC025396
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Mica Capacitors.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 81700
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The networth of the company is good. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Profit and loss statement for the year 2012 is not made available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

INFORMATION PARTED BY (General Information)

Name :	Mr. Harish
Designation :	Administrative Officer
Contact No.:	91-22-28290830
Date :	02.02.2013

LOCATIONS

Registered Office / Factory :	48, SDF II, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra, India
Tel. No.:	91-22-28290830 / 28290627
Fax No.:	91-22-28290558
E-Mail :	simic@simicelectronics.com info@simicelectronics.com simic@vsnl.com
Website :	www.simicelectronics.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Ashok Mishra
Designation :	Director
Address :	A – 603, Gladioli, Panch Marg, Versova, Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	30.12.1948
Date of Appointment :	19.09.1985
DIN No.:	00338690
Name :	Mr. Jagannath Murlidharan
Designation :	Director
Address :	6, Poornima, Swastic Park, Chembur, Mumbai - 400 071, Maharashtra, India
Date of Birth/Age :	20.08.1949
Date of Appointment :	24.11.1987
DIN No.:	00175864
Name :	Mrs. Sikha Ashok Mishra
Designation :	Director
Address :	A – 603, Gladioli, Panch Marg, Versova, Mumbai – 400 061, Maharashtra, India
Date of Birth/Age :	09.03.1957
Date of Appointment :	02.04.2007
DIN No.:	01949675

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ashok Mishra	45000
Sikha Ashok Mishra	45000
TOTAL	90000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Mica Capacitors.
Products :	Dipped Mica Capacitors Miniature Capacitors Chip Mica Capacitors Metal Clad Capacitors High Voltage Mica Capacitors Tape and Reeled Capacitors
Exports :
Products :	Mica Capacitors
Countries :	US UK Germany Japan Malaysia South East Asia
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

35 (Approximately)

Bankers :

• Saraswat Co-operative Bank, Marol Branch, Mumbai, Maharashtra, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• Punjab National Bank

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term Loan from ICICI Bank (Secured by the hypothecation of Motor Car)		2.946
ICICI Housing Loan (Secured by the hypothecation of the Flat at Oberoi Splendor		6.428
Bank Overdraft
Packing Credit		0.000
Punjab National Bank		0.277
Punjab National Bank (Account Overdrawn)		0.175
Saraswat Co-operative Bank		0.448
Total	9.211	10.274

Banking Relations :	--
Auditors :
Name :	G. P. Sharma and Company Chartered Accountants
Address :	D 216, Crystal Plaza, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

CAPITAL STRUCTURE

As on 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million
10000	Preference Shares	Rs. 10/- each	Rs. 0.100 million
	TOTAL		Rs. 1.100 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs. 10/- each	Rs. 0.900 million

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		0.900	0.900	0.900
2] Share Application Money		0.000	0.200	0.200
3] Reserves & Surplus		19.549	17.341	13.231
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.449	18.441	14.331
LOAN FUNDS
1] Secured Loans		9.211	10.274	8.216
2] Unsecured Loans			0.454	0.454
TOTAL BORROWING		9.211	10.728	8.670
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.660	29.169	23.001
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.850	4.871	1.587
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		21.413	4.650	6.425
DEFERRED TAX ASSETS		0.396	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.518	1.571	1.215
	Sundry Debtors	1.071	0.583	0.909
	Cash & Bank Balances	3.936	5.246	3.707
	Other Current Assets	1.298	0.000	0.000
	Loans & Advances	0.620	18.596	15.097
Total Current Assets		8.443	25.996	20.928
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.829	3.815	4.100
	Other Current Liabilities	0.823	0.000	0.187
	Provisions	0.790	2.533	1.652
Total Current Liabilities		4.442	6.348	5.939
Net Current Assets		4.001	19.648	14.989
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		29.660	29.169	23.001

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	23.405	17.539
		Other Income	3.018	0.951
		Increase / (Decrease) in Stock	0.057	(0.007)
		TOTAL	26.480	18.483
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	21.663	16.427
	PROFIT/(LOSS) BEFORE TAX		4.817	2.056
Less	TAX		0.881	0.655
	PROFIT/(LOSS) AFTER TAX		3.936	1.401
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.993	9.595
Add	Earlier Year Adjustments		0.174	0.003
	BALANCE CARRIED TO THE B/S		15.103	10.999
	EARNINGS IN FOREIGN CURRENCY		22.828	NA
	Earnings/(Loss) Per Share (Rs.)		43.73	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	14.86	7.57
Net Profit Margin (PBT/Sales)	(%)	NA	20.58	11.12
Return on Total Assets (PBT/Total Assets}	(%)	NA	15.69	9.13
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.14
Debt Equity Ratio (Total Debt/Networth)		0.45	0.58	0.60
Current Ratio (Current Asset/Current Liability)		1.90	4.09	3.52

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors (for purchases)		1.962	2.465
Sundry Creditors (for expenses)		1.246	1.119
Sundry Creditors (for others)		0.607	0.516
TOTAL	2.829	3.815	4.100

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last two 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	Yes
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

FIXED ASSETS

• Computer
• Office Equipments
• Plant and Machinery
• Motor Car
• Electrical Installations
• Data Card
• Mobile Phone
• Printer
• Furniture and Fixture
• 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.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NID

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.