MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	NTL ELECTRONICS INDIA LIMITED (w.e.f 22.08.2007)
Formerly Known As :	NORTHEN TELELINKS PRIVATE LIMITED (w.e.f. 06.08.2007) NTL ELECTRONICS INDIA PRIVATE LIMITED
Registered Office :	305, Guru Amar Dass Bhavan, 78, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.04.2002
Com. Reg. No.:	55 -115129
Capital Investment/ Paid-up Capital:	Rs.318.595 Millions
CIN No.: [Company Identification No.]	U32109DL2002PLC115129
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing and Selling of Products For Lighting Industry.
No. of Employees:	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5900700
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A – [Long Term]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	25.10.2013

Rating Agency Name	CRISIL
Rating	A2+ [Short Term]
Rating Explanation	Strong degree of safety and low credit risk.
Date	25.10.2013

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 DECLINED

Management non co-operative [91-120-4281822]

LOCATIONS

Registered Office :	305, Guru Amar Dass Bhavan, 78, Nehru Place, New Delhi – 110019, Delhi India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pawan.agarwal@ntlelectronics.com
Corporate Office / Global Contact :	A-111, Sector 65, B-10, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4008888
Fax No.:	91-120-4281822
E-Mail :	marketing@ntlelectronics.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Arun Gupta

Designation :

Managing Director

Address :

Villa No.2, ATS Village, Sector 93A Noida India

Date of Birth/Age :

21.12.1961

Date of Appointment :

26.04.2002

Din Number:

00265885

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1988PTC031475	KESHIKA EXPORTS PRIVATE LIMITED	Director	5/3/1991	5/3/1991	Active	NO
2	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Managing director	15/07/2010	26/04/2002	Active	NO
3	U45400DL2008PTC180244	OPTRA PROMOTERS PRIVATE LIMITED	Director	28/09/2011	25/10/2010	Active	NO

Name :

Mr. Praveen Gupta

Designation :

Whole Time Director

Address :

C-PH2, Pears Gateway Towers, Plot No. D8-A Sector-44, Noida, India

Date of Birth/Age :

29.02.1968

Date of Appointment :

26.04.2002

Din Number:

00265322

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1988PTC031475	KESHIKA EXPORTS PRIVATE LIMITED	Director	3/3/1993	3/3/1993	-	Active	NO
2	U74899DL1991PTC045868	ANANDSONS TELELINKS PRIVATE LIMITED	Director	30/10/1993	30/10/1993	30/07/2007	Active	NO
3	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Whole-time director	15/07/2010	26/04/2002	-	Active	NO
4	U45400DL2008PTC180244	OPTRA PROMOTERS PRIVATE LIMITED	Director	28/09/2011	25/10/2010	-	Active	NO

Name :

Mr. Ajay Relan

Designation :

Director

Address :

C-121, Defence Colony, New Delhi,- 110057, Delhi, India

Date of Birth/Age :

09.12.1953

Date of Appointment :

07.09.2010

Din Number:

00002632

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200DL1988PLC033218	BLUE CHIP TECHN0LOGIES LIMITED	Director	19/09/1988	19/09/1988	-	Active	NO
2	U65900MH1997FLC109170	CITICORP FINANCE (INDIA) LIMITED	Director	2/7/1997	2/7/1997	31/07/2008	Active	NO
3	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	25/07/2007	19/04/2004	-	Active	NO
4	L02710CT1990PLC009826	MONNET ISPAT AND ENERGY LIMITED	Director	9/8/2010	29/07/2004	-	Active	NO
5	U28939DL1962PTC003780	MICRO ABRASIVES (INDIA) PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
6	L24116UP1978PLC004624	JUBILANT LIFE SCIENCES LIMITED	Director	25/01/2005	25/01/2005	14/10/2008	Active	NO
7	U24300DL2003PLC123687	INTERNATIONAL CARS AND MOTORS LIMITED	Nominee director	11/6/2005	11/6/2005	30/09/2008	Active	NO
8	U74899DL1995PLC073245	INTERNATIONAL TRACTORS LIMITED	Nominee director	14/06/2005	14/06/2005	30/09/2008	Active	NO
9	U15131HP1978PTC003844	BENDOCHY AGRO PRODUCTS PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
10	L99999PB1990PLC010307	TRIDENT LIMITED	Director	27/09/2006	25/01/2006	24/09/2008	Active	NO
11	L45309WB1963PLC025898	TECHNO ELECTRIC AND ENGG COMPANY LIMITED	Nominee director	25/08/2007	22/11/2006	31/07/2008	Amalgamated	NO
12	L27106WB1987PLC042756	HIMADRI CHEMICALS AND INDUSTRIES LIMTED	Nominee director	27/04/2007	27/04/2007	27/08/2008	Active	NO
13	L22121DL2002PLC117874	HT MEDIA LIMITED	Director	2/8/2010	24/05/2007	-	Active	NO
14	U63000MH2005PTC156922	HUMAN VALUE DEVELOPERS PRIVATE LIMITED	Additional director	17/08/2007	17/08/2007	21/10/2008	Active	NO
15	U99999MH1995PLC087498	SHAREKHAN LIMITED	Alternate director	26/09/2007	26/09/2007	21/10/2008	Active	NO
16	L27201HR1983PLC036106	JINDAL DRILLING AND INDUSTRIES LIMITED	Additional director	31/01/2008	31/01/2008	14/08/2008	Active	NO
17	U34300DL2005PTC139495	PADMINI VNA MECHATRONICS PRIVATE LIMITED	Additional director	17/03/2008	17/03/2008	1/8/2008	Active	NO
18	U74140DL2008PTC182274	CX ADVISORS PRIVATE LIMITED	Whole-time director	1/9/2008	21/08/2008	-	Converted to LLP and dissolved	NO
19	L21090BR1918PLC000013	HINDUSTAN MEDIA VENTURES LIMITED	Director	4/6/2010	22/02/2010	-	Active	NO
20	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Director	7/9/2010	7/9/2010	-	Active	NO
21	U85110MH2000PLC123882	THYROCARE TECHNOLOGIES LIMITED	Nominee director	27/12/2010	27/12/2010	-	Active	NO

Name :

Mr. Tarun Khanna

Designation :

Alternate Director to Mr. Ajay Relan

Address :

B-9/21, Vasnt Vihar, Delhi,110057, Delhi, India

Date of Birth/Age :

16.03.1971

Date of Appointment :

16.09.2010

Din Number:

02306480

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28939DL1962PTC003780	MICRO ABRASIVES (INDIA) Private LIMITED	Director	22/09/2008	22/09/2008	-	Active	NO
2	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Alternate director	16/09/2010	16/09/2010	-	Active	NO
3	U85110MH2000PLC123882	THYROCARE TECHNOLOGIES LIMITED	Alternate director	27/12/2010	27/12/2010	-	Active Bottom of Form	NO

Name :

Mr. Yezdi P.Karai

Designation :

Director

Address :

62/2, Ballygunge Circular Road, Kolkata – 700019 – West Bengal, India

Date of Birth/Age :

29.12.1948

Date of Appointment :

09.03.20110

Din Number:

02999304

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109WB1996PTC080822	IMPRESSIVE COMMERCE. PRIVATE LIMITED	Director	4/5/2005	4/5/2005	Active	NO
2	U74300WB1992PTC054099	RAINBOW DISPLAY PRIVATE LIMITED	Director	1/6/2010	1/6/2010	Active	NO
3	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Director	21/09/2011	9/3/2011	Active	NO
4	U93000WB2011NPL171499	KGVK SOCIAL ENTERPRISES LIMITED	Director	29/12/2011	29/12/2011	Active	NO

Name :

Mr. Anand Swroop Gupta

Designation :

Director

Address :

A-243, Surya Nagar, Ghaziabad - 201011

Date of Birth/Age :

07.04.1938

Date of Appointment :

24.07.2007

Din Number:

00692641

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1988PTC031475	KESHIKA EXPORTS PRIVATE LIMITED	Director	5/3/1991	5/3/1991	-	Active	NO
2	U72900DL2002PLC117946	VINTRON CONVERGYS LIMITED	Director	29/09/2007	23/04/2007	16/09/2009	Active	NO
3	U32109DL2002PLC115129	NTL ELECTRONICS INDIA LIMITED	Director	30/08/2007	24/07/2007	-	Active	NO
4	U74899DL1991PTC045868	ANANDSONS TELELINKS PRIVATE LIMITED	Whole-time director	1/11/2007	30/07/2007	-	Active	NO
5	U45201DL2006PTC146865	MALAKPURIA INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Whole-time director	1/4/2008	1/4/2008	-	Active	YES

Name :

Kirti Madhok Sud

Designation :

Director

Address :

BB 14, Greater Kailash, New Delhi 48 India

Date of Birth/Age :

10.12.1954

Date of Appointment :

21.04.2011

Din Number:

03507997

KEY EXECUTIVES

Name :	Mr. Pawn Kumar Agarwal
Designation :	Secretary
Address :	B -75, Mansarover Park, Shahdara, Delhi,- 110032, India
Date of Birth/Age :	15.06.1974
Date of Appointment :	29.01.2008
Pan Number:	AFOPA9025J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Arun Gupta	13205232
Praveen Gupta	11433126
Poonam Gupta	1200
Priya Gupta	1200
A. S Gupta	1200
Sudhir Kumar Mishra	600
R.K. Sharma	600
Tushar Gupta	2044200
CX Partners Fund 1 Limited, Mauritius	4224834
AAJV Investment Trust, India	85341
TOTAL	30997533

AS ON 30.09.2013

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]	13.70
Directors or relatives of directors	86.00
Other top fifty shareholders	0.30
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Manufacturing and Selling of Products For Lighting Industry.
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

The Karnataka Bank Limited, F27-28, Sector 18, Noida – 201301, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	70.877	166.213
Other Loans and Advances	2.925	2.749
Short Term Borrowings
Working Capital Loans From Banks	457.036	406.484
TOTAL	530.838	575.446

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chattered Accountants
Address :	6^th Floor, HT House, 18-20 Kasturba Gandhi Marg, New Delhi – 110001, India
PAN No:	ABSFS4151K
Associates :	· NTL Lemnis India Private Limited · Optra Promoters Private Limited · Norell · Normag

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30997533	Equity Shares	Rs.10/- each	Rs.309.975 Millions

AS ON 31.03.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31859568	Equity Shares	Rs.10/- each	Rs.318.595 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	318.595	335.836	335.836
(b) Reserves & Surplus	1156.593	1134.289	964.815
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1475.188	1470.125	1300.651
(3) Non-Current Liabilities
(a) long-term borrowings	73.802	168.962	69.713
(b) Deferred tax liabilities (Net)	59.279	48.192	31.639
(c) Other long term liabilities	3.248	0.000	0.000
(d) long-term provisions	9.171	0.000	0.000
Total Non-current Liabilities (3)	145.500	217.154	101.352
(4) Current Liabilities
(a) Short term borrowings	457.036	406.484	70.468
(b) Trade payables	655.369	475.637	475.743
(c) Other current liabilities	135.784	150.551	94.787
(d) Short-term provisions	119.448	85.673	43.519
Total Current Liabilities (4)	1367.637	1118.345	684.517
TOTAL	2988.325	2805.624	2086.520
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	809.899	642.876	493.257
(ii) Intangible Assets	3.028	3.150	2.764
(iii) Capital work-in-progress	0.000	137.852	95.240
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	342.147	158.381	122.373
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	187.180	78.541	66.797
(e) Other Non-current assets	1.870	1.692	1.575
Total Non-Current Assets	1344.124	1022.492	782.006
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	537.127	679.559	529.939
(c) Trade receivables	862.153	746.826	585.922
(d) Cash and cash equivalents	106.694	56.286	32.415
(e) Short-term loans and advances	119.732	299.466	155.015
(f) Other current assets	18.495	0.995	1.223
Total Current Assets	1644.201	1783.132	1304.514
TOTAL	2988.325	2805.624	2086.520

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5634.100	5151.753	3720.692
		Other Income	79.155	37.945	46.980
		TOTAL (A)	5713.255	5189.698	3767.672
Less	EXPENSES
		Cost of materials consumed	3365.210	3180.287	2352.026
		Purchases of stock-in-trade	633.491	463.292	395.169
		Employee benefit expense	440.207	442.400	302.528
		Other expenses	784.088	777.985	440.897
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	49.463	(43.042)	(26.243)
		TOTAL (B)	5272.459	4820.922	3464.377
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		440.796	368.776	303.295
Less	FINANCIAL EXPENSES (D)		60.919	65.559	37.265
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		379.877	303.217	266.030
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.933	35.210	0.863
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		335.944	268.007	265.167
Less	TAX (H)		60.141	59.502	58.090
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		275.803	208.505	207.077
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	516.607
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA
		Dividend	NA	NA	49.031
		Tax on Dividend	NA	NA
	BALANCE CARRIED TO THE B/S		NA	NA	674.653
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	35.780	29.850	63.781
	IMPORTS
		Raw Materials	NA	NA	1450.116
		Capital Goods	NA	NA	71.236
	TOTAL IMPORTS		NA	NA	1521.352
	Earnings / (Loss) Per Share (Rs.)		8.70	6.21	6.49

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.83	4.02	5.50
Net Profit Margin (PBT/Sales)	(%)	5.96	5.20	7.13
Return on Total Assets (PBT/Total Assets}	(%)	12.70	10.68	14.19
Return on Investment (ROI) (PBT/Networth)		0.23	0.18	0.20
Debt Equity Ratio (Total Debt/Networth)		0.35	0.39	0.11
Current Ratio (Current Asset/Current Liability)		1.20	1.59	1.91

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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10299446	04/12/2012 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B66929787
2	10196311	27/03/2012 *	235,000,000.00	THE KARNATAKA BANK LIMITED	F 27-28, SECTOR 18, NOIDA, UTTAR PRADESH - 201301, INDIA	B36381291
3	10130068	04/12/2012 *	810,000,000.00	AXIS BANK LIMITED	B2 & B3, SECTOR 16, NOIDA - 201301, UTTAR PRADESH, INDIA	B64725047
* Date of charge modification

BUSINESS:

Their total revenue increased to Rs 5713.250 millions from Rs 5189.690 millions in the previous year, at a growth rate of 10%. Their CFL ballasts and Luminaries business increased to Rs 2347.650 millions from Rs 2286.720 millions in the previous year, a growth rate of 3%. Their business in the product segment of complete CFL increased to Rs 2579.920 millions from Rs 2258.250 millions in the previous year, at a growth rate of 14%. Trading sales were Rs 651.400 millions (previous year Rs 484.820 millions).

Their company continued to enjoy confidence of customers especially with respect to economies, quality and deliverables, and the same is reflected by increase in the sales of complete CFLs by Rs 321.000 millions in the years. Their company is the largest OEM manufacturer of CFL ballasts. Their gross profit amounted to RS 887.190 millions (16% of revenue) as against Rs 834.480 millions (16% of revenue) in the previous year. Their earnings before interest and depreciation amounted to Rs 440.790 millions (8% of revenue) as against Rs 368.770 millions (7% to revenue) in the previous year. The net profit after tax was Rs 275.500 millions (5% of revenue) as against Rs 208.500 millions (4% of revenue) in the previous year.

However, there were several economic factors that affected the profitability of their company. Their company is largely dependent for electronics components from China. Unfortunately, the electronic Industry in India is minuscule and there were no worthwhile efforts in the past to make it grow. It is only recently that the government has realized that the import of Electronic items is straining the Current Account Deficit had have taken measures to promote domestic electronic industry. However, the results of these initiatives will take a long time to be effective. Imports constitute about 67% of their raw material requirement. During the year their economy witnessed fluctuation in exchange rate of US$ ranging between Rs. 45.00 to Rs. 55.00.

The profitability of their company also suffered on account of correction in prices of a crucial rare earth metal Phosphorus that is used in CFL manufacturing. The prices of Phosphor cooled off during the year leaving the company with the carrying large inventories procured at earlier higher prices. Their company had to pass selling price reductions to customers on account of reduced Phosphor prices.

FIXED ASSETS:

· Land

· Building

· Electrical Installation

· Generator

· Testing Equipment

· Material Handling Equipment

· Computers

· Furniture & Fixtures

· Office Equipment

· Car

· Cycle

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.61.52
UK Pound	1	Rs.101.47
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.