MIRA INFORM REPORT

Report Date :

14.07.2014

IDENTIFICATION DETAILS

Name :	ELIN ELECTRONICS LIMITED
Registered Office :	143 Cotton Street, Kolkata- 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.03.1982
Com. Reg. No.:	21-034725
Capital Investment / Paid-up Capital :	Rs.62.877 Millions
CIN No.: [Company Identification No.]	U29304WB1982PLC034725
TAN No.: [Tax Deduction & Collection Account No.]	CALE00746E/ CALE00685G
PAN No.:	AAACE6449G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electronic Products and Components.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is good. The company is performing well. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	August, 2013

Rating Agency Name	CARE
Rating	Short term bank facilities = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	August, 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 DENIED

Management Non-Cooperative

Contact No.: 91-120-2701519

LOCATIONS

Registered Office :	143, Cotton Street, Kolkata – 700 007, West Bengal, India
Tel No.:	Not Available
Fax No:	Not Available
E-Mail :	rkc@elinindia.com
Website :	http://www.elinindia.com
Factory 1 :	C-143, C-144, C-144/2, Site No.-1, BSR Road, Ghaziabad – 201 009, Uttar Pradesh, India
Tel. No.:	91-120-2701519-24
Fax No.:	91-120-2702087
E-Mail :	elin-gzb@elinindia.com
Area :	Land:45200 Covered : 26600
Factory 2 :	L-84, Verna Industrial Estate, Verna, Salcatte, Goa – 403 722, India
Tel. No.:	91-832-2783730/ 731/ 736/ 376
Fax No.:	91-832-2783001
E-Mail :	elinelel@sancharnet.in
Factory 3 :	Village Bhelikhol, Tehsil, Nalagarh, District: Solan, Himachal Pradesh, India
Tel. No.:	91-1795-236898
Fax No.:	91-1795-236988
E-Mail :	elin_baddi@sancharnet.in
Branch Office :	Elin House, 4771, Bharatram Road, 23, Daryaganj New Delhi – 110 002, India
Tel. No.:	91-11-43000400
Fax No.:	91-11-23289340
E-Mail :	elintdm@ndf.vsnl.net.in headoffice@elinindia.com

DIRECTORS

AS ON 31.08.2013

Name :

Mr. Kamal Sethia

Designation :

Whole Time Director

Address :

4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India

Date of Birth/Age :

28.10.1957

PAN No.:

ALKPS0456M

Date of Appointment :

01.12.2013

DIN No.:

00081116

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	U32109WB1988PTC095530	ASIAN MAGNETIC DEVICES PRIVATE LIMITED	Director	25/05/1988	25/05/1988	30/09/2007	Active	NO
2	U01122WB1950PTC018549	KANCHAN COMMERCIAL CO PVT LTD	Director	19/12/1988	19/12/1988	-	Active	NO
3	U65923WB1987PTC042096	GAURAV RESOURCES COMPANY PVT LTD	Director	28/08/1995	28/08/1995	-	Active	NO
4	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	06/08/2007	-	Active	NO

Name :

Mr. Mangi Lall Sethia

Designation :

Managing Director

Address :

4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India

Date of Birth/Age :

07.12.1937

Date of Appointment :

01.12.2013

PAN No.:

ALKPS0654D

DIN No.:

00081367

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	U01122WB1950PTC018549	KANCHAN COMMERCIAL CO PVT LTD	Director	28/11/1961	28/11/1961	-	Active	NO
2	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Managing director	01/12/2013	26/03/1982	-	Active	NO
3	U65923WB1987PTC042096	GAURAV RESOURCES COMPANY PVT LTD	Director	24/03/1987	24/03/1987	-	Active	NO
4	U29219HP1983PTC005404	MAGTRONIC DEVICES PVT LTD	Director	29/12/1988	29/12/1988	-	Active	NO
5	U74899DL1984PTC019023	PUNCH PARKASHAN PVT.LTD.	Director	02/04/1989	02/04/1989	03/08/2010	Active	NO

Name :

Mr. Kishor Sethia

Designation :

Whole Time Director

Address :

4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India

Date of Birth/Age :

14.06.1959

Date of Appointment :

01.12.2013

PAN No.:

AKLPS0412M

DIN No.:

00081488

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	U01122WB1950PTC018549	KANCHAN COMMERCIAL CO PVT LTD	Director	30/01/1988	30/01/1988	-	Active	NO
2	U65923WB1987PTC042096	GAURAV RESOURCES COMPANY PVT LTD	Director	28/08/1995	28/08/1995	-	Active	NO
3	U31300HP2002PTC025355	ELIN APPLIANCES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	21/12/2009	Active	NO
4	U34100DL2007PTC164171	ELIN AUTO COMPONENTS Private Limited	Director	30/05/2007	30/05/2007	-	Active	NO
5	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	06/08/2007	-	Active	NO

Name :

Mr. Vinay Kumar Sethia

Designation :

Whole Time Director

Address :

E-21, Sector – 30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

21.05.1951

Date of Appointment :

01.12.2013

PAN No.:

AZWPS8336E

DIN No.:

00082184

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	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	26/03/1982	-	Active	NO
2	U32301WB1997PTC082621	CALCUTTA ELECTRONICS PRIVATE LIMITED	Director	17/07/2000	17/07/2000	28/05/2012	Active	NO

Name :

Mr. Budh Singh Sethia

Designation :

Whole Time Director

Address :

Sethia Sadan, B-23, Sector – 14, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

15.01.1950

Date of Appointment :

01.12.2013

DIN No.:

00082232

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	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	26/03/1982	-	Active	NO
2	U29219HP1983PTC005404	MAGTRONIC DEVICES PVT LTD	Director	29/12/1988	29/12/1988	-	Active	NO
3	U40101DL2004PTC127077	REVLITE ENERGY SOLUTIONS PRIVATE LIMITED	Director	22/06/2004	22/06/2004	-	Active	NO
4	U72300DL2007PTC166713	GEO CALL CONNECT SERVICE SOLUTIONS PRIVATE LIMITED	Additional director	10/09/2007	10/09/2007	-	Active	NO
5	U91990DL2012PTC245118	ELCINA Electronics Manufacturing Cluster Private Limited	Director	21/11/2012	21/11/2012	-	Active	NO

Name :

Mr. Ravi Bhikamchand Sethia

Designation :

Whole Time Director

Address :

5, Janki Shah Road, Kolkata – 700 022, West Bengal, India

Date of Birth/Age :

19.04.1965

PAN No.:

AKLPS0504J

Date of Appointment :

01.12.2013

DIN No.:

00086092

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	U15132WB1951PTC019873	BANSHIHARI RICE MILLS PVT LTD	Director	05/10/1987	05/10/1987	07/07/2009	Active	NO
2	U29309MH1991PTC063707	AISHANI ELECTRONICS PVT LTD	Director	22/10/1991	22/10/1991	12/01/2010	Active	NO
3	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	04/10/2004	-	Active	NO
4	U25190WB2008PTC126120	ZENITH POLYMERS PRIVATE LIMITED	Director	26/05/2008	26/05/2008	15/04/2009	Active	NO
5	U51109WB2008PTC127965	ESTEEM TRADELINK PRIVATE LIMITED	Director	30/08/2008	30/08/2008	-	Active	NO
6	U25190WB2005PTC104281	GLOBUS RUBCHEM PRIVATE LIMITED	Director	04/09/2009	04/09/2009	-	Active	NO

Name :

Mr. Vijay Singh Sethia

Designation :

Director

Address :

B-140-141, Sector – 30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

21.01.1941

Date of Appointment :

26.04.1996

DIN No.:

00354684

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	U24247WB1992PLC053986	SETHIA OIL INDUSTRIES LTD.	Director	21/11/1994	21/11/1994	-	Active	NO
2	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Director	26/04/1996	26/04/1996	-	Active	NO
3	U32301WB1997PTC082621	CALCUTTA ELECTRONICS PRIVATE LIMITED	Director	17/01/1997	17/01/1997	28/05/2012	Active	NO
4	U15143WB2006PLC108159	SETHIA AGROTECH LIMITED	Director	21/02/2006	21/02/2006	17/11/2009	Active	NO
5	U74200DL2010PTC205442	SANPRE DESIGNS PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO

Name :

Mr. Sanjeev Sethia

Designation :

Whole Time Director

Address :

B-140-141, Sector – 30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

24.04.1969

Date of Appointment :

01.12.2013

PAN No.:

ALHPS2715C

DIN No.:

00354700

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	U32301WB1997PTC082621	CALCUTTA ELECTRONICS PRIVATE LIMITED	Director	17/07/2000	17/07/2000	28/05/2012	Active	NO
2	U32109WB1988PTC095530	ASIAN MAGNETIC DEVICES PRIVATE LIMITED	Director	29/08/2000	29/08/2000	29/08/2008	Active	NO
3	U00000DL2000PTC108492	SEBOK INTERNATIONAL (P) LTD.	Director	10/11/2000	10/11/2000	25/12/2009	Active	NO
4	U15143WB2006PLC108159	SETHIA AGROTECH LIMITED	Director	21/02/2006	21/02/2006	10/11/2009	Active	NO
5	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	29/08/2008	-	Active	NO
6	U74200DL2010PTC205442	SANPRE DESIGNS PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
7	U34100DL2007PTC164171	ELIN AUTO COMPONENTS Private Limited	Director	13/02/2012	13/02/2012	-	Active	NO

Name :

Mr. Sumit Sethia

Designation :

Whole Time Director

Address :

9, Sagar Housing Co-Operative Society, Donapaulo, Goa – 403 006, India

Date of Birth/Age :

01.04.1973

Date of Appointment :

01.12.2013

PAN No.:

AKLPS7117H

DIN No.:

00831799

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	U32109WB1988PTC095530	ASIAN MAGNETIC DEVICES PRIVATE LIMITED	Director	25/05/1997	25/05/1997	30/09/2007	Active	NO
2	U64940GA2004PTC003619	AAMRAPALI DIGITAL IMAGING PRIVATE LIMITED	Director	06/10/2004	06/10/2004	-	Active	NO
3	U29304WB1982PLC034725	ELIN ELECTRONICS LTD.	Whole-time director	01/12/2013	06/08/2007	-	Active	NO
4	U70109WB2012PTC185230	SETHIA REALTY PRIVATE LIMITED	Director	29/08/2012	29/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Mitra Kumari Gulgulia
Designation :	Secretary
Address :	Deshnoke, Bikaner, Rajasthan – 334801, Rajasthan, India
Date of Birth/Age :	22.10.1982
Date of Appointment :	16.08.2011
PAN No.:	ATOPM6349M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2013

NOTE: SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 31.08.2013

Category	Percentage
Mutual funds	4.77
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others)	0.92
Bodies corporate	22.21
Directors or relatives of Directors	71.96
Others top fifty shareholders	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronic Products and Components

Products :

Item Code No. (ITC Code)	Product Description
852290.00	Tape Deck Mechanism
850110.01	D.C. Micro/ UV Motor
940590.00	Electric Light Fittings
851310.10	Led Flash Light
85391000	Electric Light Fittings
85011001	Universal Motor
87089900	87089900

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

State Bank of India, Industrial Finance Bank, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi-110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	41.377	68.943
SHORT TERM BORROWINGS
Working capital loans from banks	285.796	212.338
Total	327.173	281.281

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Company Chartered Accountants
Address :	2-1, Park Centre, 24, Park Street, Kolkata – 700 016, West Bengal, India
PAN No.:	AABFC9567F
Associates	· Elin Appliances Private Limited [CIN No.: U31300HP2002PTC025355] · Elin Auto Components Private Limited [CIN No.: U34100DL2007PLC164171]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Aishani Electronics Private Limited [CIN No.: U29309MH1991PTC063707] · Electronic Components Industries [PAN No.: AAAFE7756P] · GEO Call Connect Service Solution Private Limited [CIN No.: U72300DL2007PTC166713] · Kanchan Commercial Private Limited [CIN No. U01122WB1950PTC018549] · Magtronic Devices Private Limited [CIN No.: U29219HP1983PTC005404] · Revlite Energy Solutions Private Limited [CIN No.: U40101DL2004PTC127077] · Sethia Finance and Trading Company

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75,00,000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6287700	Equity Shares	Rs.10/- each	Rs.62.877 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	62.877	62.877	62.877
(b) Reserves & Surplus	585.371	494.214	440.469
(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)	648.248	557.091	503.346
(3) Non-Current Liabilities
(a) long-term borrowings	41.377	68.943	67.743
(b) Deferred tax liabilities (Net)	10.205	12.648	13.518
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	51.582	81.591	81.261
(4) Current Liabilities
(a) Short term borrowings	285.796	212.338	230.796
(b) Trade payables	344.862	310.662	236.909
(c) Other current liabilities	86.476	88.670	91.601
(d) Short-term provisions	28.679	22.684	19.081
Total Current Liabilities (4)	745.813	634.354	578.387
TOTAL	1,445.643	1,273.036	1,162.994
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	389.493	415.283	375.064
(ii) Intangible Assets	2.434	0.996	0.440
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.745	7.745	7.745
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.825	55.466	73.998
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	453.497	479.490	457.247
(2) Current assets
(a) Current investments	4.718	4.423	4.267
(b) Inventories	346.387	344.589	345.222
(c) Trade receivables	546.955	356.384	272.853
(d) Cash and cash equivalents	32.254	23.202	23.203
(e) Short-term loans and advances	61.590	63.283	60.202
(f) Other current assets	0.242	1.665	0.000
Total Current Assets	992.146	793.546	705.747
TOTAL	1,445.643	1,273.036	1,162.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	3355.784	2914.271	2269.813
		Other Income	6.824	2.321	3.796
		TOTAL (A)	3362.608	2916.592	2273.609
Less	EXPENSES
		Consumption materials changes inventories	2330.063	2074.968	1601.362
		Purchases of stock-in-trade	52.677	5.950	5.815
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	3.533	(6.705)	(31.140)
		Employee related expenses	319.487	278.440	235.088
		Other Expenses	394.630	348.896	277.184
		TOTAL (B)	3100.390	2701.549	2088.309
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		262.219	215.043	185.300
Less	FINANCIAL EXPENSES (D)		85.641	82.452	57.346
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		176.577	132.591	127.954
Less/ Add	DEPRECIATION/ AMORTISATION (F)		68.602	66.216	57.869
	PROFIT BEFORE TAX (E-F) (G)		107.975	66.375	70.085
Less	TAX (I)		16.819	12.630	14.426
	PROFIT AFTER TAX (G-I) (J)		91.156	53.745	55.659
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		194.544	175.799	160.140
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	35.000	40.000
	BALANCE CARRIED TO THE B/S		245.700	194.544	175.799
	EARNINGS IN FOREIGN CURRENCY
	Export of goods calculated on F.O.B basis		3.402	0.390	1.480
	TOTAL EARNINGS		3.402	0.390	1.480
	IMPORTS
	Raw material & Components		362.991	202.201	190.280
	Capital Goods		10.989	36.630	25.783
	Machine Spares		4.870	5.904	2.459
	Total		378.850	244.735	218.522
	Earnings Per Share (Rs.)		14.50	8.55	8.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.71	1.84	2.45
Net Profit Margin (PBT/Sales)	(%)	3.22	2.28	3.09
Return on Total Assets (PBT/Total Assets}	(%)	7.51	5.25	6.07
Return on Investment (ROI) (PBT/Networth)		0.16	0.12	0.14
Debt Equity Ratio (Total Debt /Networth)		0.51	0.51	0.59
Current Ratio (Current Asset/Current Liability)		1.33	1.25	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	62.877	62.877	62.877
Reserves & Surplus	440.469	494.214	585.371
Net worth	503.346	557.091	648.248
long-term borrowings	67.743	68.943	41.377
Short term borrowings	230.796	212.338	285.796
Total borrowings	298.539	281.281	327.173
Debt/Equity ratio	0.593	0.505	0.505

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	2269.813	2914.271	3355.784
		28.393	15.150

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	2269.813	2914.271	3355.784
Profit/(Loss) After Tax	55.659	53.745	91.156
	2.45%	1.84%	2.72%

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	Yes

OPERATIONS

During the year, the revenue from operations inclusive of excise duty increased by 16.75% to Rs. 3646.502 Millions as against Rs. 3123.394 Millions in the previous year. The net profit after tax increased by 69.61% to Rs. 91.156 Millions as against Rs. 53.745 Millions in the previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90251517	10/10/2005	50,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN  MARG, NEW DELHI, DELHI - 110001, INDIA	-
2	90251465	03/02/2014 *	764,700,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BANK, JAWAHAR VYAPAR BHAWAN,TO  LSTOY MARG, DELHI, DELHI - 110001, INDIA	B97660997

* Date of charge modification

FIXED ASSETS:

· Leasehold Land

· Building (Factory and Non Factory)

· Plant and Machinery (Including Pollution Control Equipment and R and D Machinery, Tools etc.)

· Dies, Moulds and Tools

· Electric Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Goodwill

· Technical Know How

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 records 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.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.