MIRA INFORM REPORT

Report Date :

23.07.2013

IDENTIFICATION DETAILS

Name :	DYNALOG INDIA LIMITED
Registered Office :	Kailash Vaibhav, G Wing, 3rd Floor, Park Site, Behind Godrej Colony, Vikhroli (West), Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.05.1985
Com. Reg. No.:	11-036338
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U32109MH1985PLC036338
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Electronic Components and Equipments and also engaged in providing Technical Education Solutions.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 510000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ravi
Designation :	Accounts Department
Contact No.:	91-22-42330000
Date :	20.07.2013

LOCATIONS

Registered Office/ Factory/ Headquarter :	Kailash Vaibhav, G Wing, 3rd Floor, Park Site, Behind Godrej Colony, Vikhroli (West), Mumbai – 400079, Maharashtra India
Tel. No.:	91-22-42330000/ 25181900
Fax No.:	91-22-25181930/ 40/ 50/ 42330010/ 0020
E-Mail :	akshay@dynalogindia.com sales@dynalogindi.com
Website :	http://www.dynalogindia.com
Location :	Owned
Branch Office :	Located at: · Ahmedabad · Bangalore · Dehradun · New Delhi · Pune · Secunderabad

DIRECTORS

As on: 28.09.2012

Name :

Ms. Kalpana Shivaji Adhalrao

Designation :

Director

Address :

Flat No.2001, A, B, C, Odyssey Building No.1, 20^th Floor, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

14.05.1958

Date of Appointment :

16.11.2009

DIN No.:

00314861

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	U32109MH1985PLC036338	DYNALOG INDIA LIMITED	Director	16/11/2009	18/06/2004	-	Active	NO
2	U01400PN2010PTC137223	SHIVMUDRA MILK AND AGRO PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO

Name :

Mr. Ajit Dattatray Kavishwar

Designation :

Director

Address :

6/ B-1, Sai Vihar (II), Karve Nagar, Pune – 411052, Maharashtra, India

Date of Birth/Age :

16.12.1960

Date of Appointment :

01.09.1990

DIN No.:

00315122

Name :

Ms. Madhuri Akshay Adhalrao

Designation :

Director

Address :

Flat No.2001, A, B, C, Odyssey Building No.1, 20^th Floor, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

10.03.1981

Date of Appointment :

13.02.2006

DIN No.:

00315018

Name :

Mr. Akshay Shivaji Adhalrao

Designation :

Managing Director

Address :

Flat No.2001, A, B, C, Odyssey Building No.1, 20^th Floor, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

11.01.1981

Date of Appointment :

08.06.2004

DIN No.:

00314926

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	U32109MH1985PLC036338	DYNALOG INDIA LIMITED	Managing director	18/06/2004	18/06/2004	-	Active	NO
2	U74210MH2007PTC175777	DYNALOG ENGINEERING SERVICES PRIVATE LIMITED	Director	07/11/2007	07/11/2007	-	Active	NO
3	U45200PN2008PTC132469	BHIMASHANKAR INFRASTRUCTURE PRIVATE LIMITED	Director	21/07/2008	21/07/2008	-	Active	NO
4	U15421PN2010PTC135744	SHIVNERI SAKHAR KARKHANA PRIVATE LIMITED	Director	11/03/2010	11/03/2010	-	Active	NO
5	U01400PN2010PTC137223	SHIVMUDRA MILK AND AGRO PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Accounts Department
Name :	P.P. Shah and Company
Designation :	Company Secretaries

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Adhalrao D. Shivaji	2039312
Adhalrao S. Kalpana	872488
Adhalrao S. Apurva	10512
Adhalrao S. Akshaya	11424
Adhalrao D. Shivaji (HUF)	1061704
Kavishwar Ajit Dattatreya	912
Mathew Alex	912
Madhuri Akshay Adhalrao	2736
Total	4000000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of Directors	99.89
Other top fifty shareholders	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Electronic Components and Equipments and also engaged in providing Technical Education Solutions.
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

200 (Approximately)

Bankers :

The Cosmos Co-operative Bank Limited, Ghatkopar Branch, Ghatkopar (West), Mumbai - 400086, Maharashtra, India

Tel No.: 91-22-25132117

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans from banks	109.838	101.730
Total	109.838	101.730

Banking Relations :
Auditors :
Name :	P. C. Dholakia and Company Chartered Accountants
Address :	B-102,Kailas Esplanade, Opposite Shreyas Cinema, L. B. S. Marg, Ghatkopar (West), Mumbai - 400086, Maharashtra, India
PAN No.:	AABPD2229H
Subsidiary Company :	Semiconductors Junction INC

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 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	40.000	30.000
(b) Reserves & Surplus	89.082	87.342
(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)	129.082	117.342
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.306	0.407
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.306	0.407
(4) Current Liabilities
(a) Short term borrowings	119.785	109.626
(b) Trade payables	97.004	75.065
(c) Other current liabilities	4.777	4.803
(d) Short-term provisions	4.600	4.200
Total Current Liabilities (4)	226.166	193.694
TOTAL	355.554	311.443
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.113	42.624
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	52.812	44.932
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	18.736	18.736
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	116.661	106.292
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	108.548	81.111
(c) Trade receivables	78.626	77.272
(d) Cash and cash equivalents	1.509	5.851
(e) Short-term loans and advances	21.782	20.782
(f) Other current assets	28.428	20.135
Total Current Assets	238.893	205.151
TOTAL	355.554	311.443

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		98.890
4] (Accumulated Losses)		0.000
NETWORTH		108.890
LOAN FUNDS
1] Secured Loans		94.954
2] Unsecured Loans		4.362
TOTAL BORROWING		99.316
DEFERRED TAX LIABILITIES		0.000
TOTAL		208.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.060
Capital work-in-progress		0.000
INVESTMENT		18.736
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.069
	Sundry Debtors	77.114
	Cash & Bank Balances	3.460
	Other Current Assets	20.132
	Loans & Advances & Deposits	20.762
Total Current Assets		182.537
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.081
	Other Current Liabilities	9.603
	Provisions	0.443
Total Current Liabilities		78.127
Net Current Assets		104.410
MISCELLANEOUS EXPENSES		0.000
TOTAL		208.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	454.180	374.567	264.329
		Other Income	3.914	3.713	3.883
		TOTAL (A)	458.094	378.280	268.213
Less	EXPENSES
		Cost of material consumed and changes in inventories of Work in progress finished goods and stock in trade	307.263	245.781	254.505
		Employee Benefit expenses	51.084	44.910
		Other Expenses	66.002	58.470
		TOTAL (B)	424.349	349.161	254.505
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.745	29.119	13.708
Less	FINANCIAL EXPENSES (D)		13.092	10.634	11.202
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.653	18.485	2.506
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.456	4.794	4.979
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		15.197	13.691	(2.473)
Less	TAX (H)		4.600	4.201	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		10.597	9.490	(2.473)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.342	98.890	107.005
Less	ADJUSTMENT DURING THE YEAR		NA	21.039	5.642
	BALANCE CARRIED TO THE B/S		NA	87.342	98.890
	Earnings/ (Loss) Per Share (Rs.)		2.65	3.16	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.31	2.51	(0.92)
Net Profit Margin (PBT/Sales)	(%)	3.35	3.66	(0.94)
Return on Total Assets (PBT/Total Assets}	(%)	5.35	5.53	(0.92)
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	(0.02)
Debt Equity Ratio (Total Debt /Networth)		0.93	0.93	0.91
Current Ratio (Current Asset/Current Liability)		1.06	1.06	2.34

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	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 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	Yes
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

UNSECURED LOAN

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
From Shareholders	9.947	7.896
Total	9.947	7.896

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U32109MH1985PLC036338
Name of the company	DYNALOG INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Kailash Vaibhav, G Wing, 3rd Floor, Park Site, Behind Godrej Colony, Vikhroli (West), Mumbai – 400079, Maharashtra, India akshay@dynalogindia.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	The Cosmos Co-operative Bank Limited, Ghatkopar Branch, Mira Sagar 36/A, Dadabhai Nauroji Lane, Ghatkopar (West), Mumbai - 400086, Maharashtra, India sachin.ranbhor@cosmosbank.in
Nature of instrument creating charge	Deed of Hypothecation of stock, bookdebts and machinery
Date of instrument Creating the charge	06.02.2013
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.50% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment 90 days Margin 25% Extent and Operation of the charge This is adhoc cash credit limit
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of current assets at borrowers place of business at Kailash Vaibhav Behind Godrej Colony, Parksite Vikhroli West Mumbai or wherever else the same maybe

FIXED ASSETS:

· Air Conditioner

· Computer

· Electrical Fittings

· Furniture and Fixtures

· Motor Car

· Factory Premises

· Generator

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.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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

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.