MIRA INFORM REPORT

Report Date :

19.07.2013

IDENTIFICATION DETAILS

Name :	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED
Formerly Known As :	TOROID INDIA PRIVATE LIMITED
Registered Office :	VI Floor, Nila, Technopark, Trivandrum – 695581, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.09.1996
Com. Reg. No.:	09-010715
Capital Investment / Paid-up Capital :	Rs. 89.515 Millions
CIN No.: [Company Identification No.]	U31102KL1996PTC010715
TAN No.: [Tax Deduction & Collection Account No.]	TVDT00619D
PAN No.: [Permanent Account No.]	AAACT8702F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Toroidal Transformers, Inductors, Chokes and Current Transformers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 278500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear some accumulated losses recorded by the company. However, the company has performed well and slowly wiping out its losses. The financial position seems to be improving. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 :	VI Floor, Nila, Technopark, Trivandrum – 695581, Kerala, India
Tel. No.:	91-471-3048275
Fax No.:	91-471-3048285
E-Mail :	info@noratel.in
Website :	http://www.noratel.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jomy Joseph

Designation :

Managing director

Address :

TC 9/1550, Vazhathara Chekkalamukku, Srekaryam, Trivandrum – 695017, Kerala, India

Date of Birth/Age :

12.05.1975

Date of Appointment :

07.05.2010

PAN No.:

AGFPJ7686J

DIN No.:

02896748

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	Company/ LLP Status	Defaulting status
1	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Managing director	07/05/2010	01/01/2010	Active	NO

Name :

Christopher Rudolf Gunther Buser

Designation :

Director

Address :

3, Springhill Road, Framingham, MA 01701-7768, United States of America

Date of Birth/Age :

24.06.1961

Date of Appointment :

31.12.2009

DIN No.:

02208508

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	Company/ LLP Status	Defaulting status
1	U51505KL1997PTC011450	TOROID ASIA PRIVATE LIMITED	Director	29/09/2008	01/06/2008	Active	NO
2	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Director	31/12/2009	01/06/2008	Active	NO

Name :

Asle Ellef Braathen Tandberg

Designation :

Director

Address :

OST Modumvein, N 3370, Vikersund, Norway

Date of Birth/Age :

30.12.1961

Date of Appointment :

03.03.2006

DIN No.:

00648789

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	Company/ LLP Status	Defaulting status
1	U51505KL1997PTC011450	TOROID ASIA PRIVATE LIMITED	Director	03/03/2006	03/03/2006	Active	NO
2	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Director	03/03/2006	03/03/2006	Active	NO

Name :

Reidar Kjaer

Designation :

Director

Address :

Skogbrynet 3A, 0283, Oslo, Norway

Date of Birth/Age :

06.02.1956

Date of Appointment :

30.12.2006

DIN No.:

01208516

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	Company/ LLP Status	Defaulting status
1	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Director	30/12/2006	19/12/2006	Active	NO
2	U51505KL1997PTC011450	TOROID ASIA PRIVATE LIMITED	Director	19/12/2006	19/12/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Sreejith N
Designation :	Secretary
Address :	Room 1, Chandrodayan Attinkuzhi Kulathoor, Trivandrum – 695581, Kerala, India
Date of Birth/Age :	23.02.1977
Date of Appointment :	22.06.2006
PAN No.:	BDEPS3341E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Noratel AS	8951479
Noratel Sweden AB	1
Total	8951480

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Toroidal Transformers, Inductors, Chokes and Current Transformers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Contonment Branch, M G Road, Trivandrum - 695039, Kerala, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	0.355	0.455
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	7.273	3.904
Total	7.628	4.359
Note: SHORT-TERM BORROWINGS Packing Credit Loan from Canara Bank: Secured by way of (a) hypothecation of entire raw materials, stock in trade, and finished goods as prime security; and (b) hypothecation of the entire fixed assets of the company and equitable mortgage of the leasehold rights in respect of Modules 621, 622, 623, 624, 631 and 632 (six modules) at Plot 31, Nila building, Technopark Campus, Trivandrum as collateral security.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Wilmont Park Business Centre, Warriam Road, Kochi - 682016, Kerala, India
Tel. No.:	91-484-2353694
Fax No.:	91-484-2380094
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Ultimate Holding Company :	Trafo Holding AS, Norway
Holding Company :	Noratel AS, Norway
Fellow Subsidiary Company :	ö Noratel SP Zoo ö Noratel Denmark AS ö Noratel Germany AG ö Toroid Asia Private Limited [U51505KL1997PTC011450] ö Noratel Sweden AB ö Noratel UK Limited ö Noratel North America Inc ö Noratel Sweden AB ö Noratel International (Private) Limited ö Noratel Spain SL ö Noratel Lanka (Private) Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8,952,000	Equity Shares	Rs. 10/- each	Rs. 89.520 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,951,480	Equity Shares	Rs. 10/- each	Rs. 89.515 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	89.515	89.515
(b) Reserves & Surplus	(19.886)	(39.308)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	69.629	50.207
(3) Non-Current Liabilities
(a) long-term borrowings	0.355	0.455
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	9.857	7.436
Total Non-current Liabilities (3)	10.212	7.891
(4) Current Liabilities
(a) Short term borrowings	38.790	22.373
(b) Trade payables	37.964	31.093
(c) Other current liabilities	34.939	71.116
(d) Short-term provisions	4.449	1.389
Total Current Liabilities (4)	116.142	125.971
TOTAL	195.983	184.069
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.066	28.393
(ii) Intangible Assets	1.730	2.219
(iii) Capital work-in-progress	0.828	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	1.123	0.000
(d) Long-term Loan and Advances	3.232	5.078
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	35.979	35.690
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	76.752	79.456
(c) Trade receivables	52.536	37.279
(d) Cash and cash equivalents	27.248	27.600
(e) Short-term loans and advances	3.468	4.044
(f) Other current assets	0.000	0.000
Total Current Assets	160.004	148.379
TOTAL	195.983	184.069

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		89.515
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(76.496)
NETWORTH		13.019
LOAN FUNDS
1] Secured Loans		11.235
2] Unsecured Loans		34.168
TOTAL BORROWING		45.403
DEFERRED TAX LIABILITIES		0.000
TOTAL		58.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.393
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.005
	Sundry Debtors	33.739
	Cash & Bank Balances	22.429
	Other Current Assets	0.000
	Loans & Advances	6.424
Total Current Assets		127.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.827
	Other Current Liabilities	69.880
	Provisions	7.861
Total Current Liabilities		102.568
Net Current Assets		25.029
MISCELLANEOUS EXPENSES		0.000
TOTAL		58.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	355.700	339.200	216.400
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	(7.468)
Less	TAX		NA	NA	(0.005)
	PROFIT/ (LOSS) AFTER TAX		19.400	37.200	(7.463)
	Earnings/ (Loss) Per Share (Rs.)		2.17	4.16	(0.83)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(3.45)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(4.64)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.57)
Debt Equity Ratio (Total Debt/Networth)		0.56	0.45	3.49
Current Ratio (Current Asset/Current Liability)		1.38	1.18	1.24

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	Yes
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	31.517	18.469
Total	31.517	18.469

CORPORATE INFORMATION

Subject is 100% subsidiary of Noratel Group based in Norway. The Company is into manufacture and sale of Toroidal Transformers, Inductors, Chokes and Current Transformers. Registered office and manufacturing facility of the Company is located at Technopark, Trivandrum, Kerala. The Company caters to both domestic and international markets. Technical competence and quality of the products make the Company the first choice supplier to most demanding OEM companies.

FIXED ASSETS:

ö Buildings

ö Plant and equipment

ö Furniture and fixtures

ö Vehicles

ö Office equipment

ö Leasehold improvements

ö 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. 59.71
UK Pound	1	Rs. 90.59
Euro	1	Rs. 78.22

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.