MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	TRICOLITE ELECTRICAL INDUSTRIES LIMITED (w.e.f. 24.08.2006)
Formerly Known As :	TRICOLITE ELECTRICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	V-325, Rajouri Garden, New Delhi - 110027
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.03.1987
Com. Reg. No.:	55-027351
Capital Investment / Paid-up Capital :	Rs. 29.310 Millions
CIN No.: [Company Identification No.]	U74999DL1987PLC027351
TAN No.: [Tax Deduction & Collection Account No.]	DELT00751C
PAN No.: [Permanent Account No.]	AAACT0401H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electrical Panels.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses an average financial profile marked by acceptable financial profile, moderate capital structure and constrained liquidity due to working capital intensive nature of operations. However, trade relation seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of long standing presence and reputed customer base, the subject 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, 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “B+”
Rating Explanation	Risk prone credit quality and high risk of default.
Date	28.05.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.05.2014

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 BY

Name :	Mr. Vivek
Designation :	Office Executive
Contact No.:	91-124-4695300
Date :	17.06.2014

LOCATIONS

Registered Office :	V-325, Rajouri Garden, New Delhi – 110027, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	narangml@hotmai.com sales@tricolite.com
Website :	www.tricolite.com
Factory 1:	Plot No.5, Sector-6, IMT Manesar, Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4695300
Fax No.:	91-124-4695333
E-Mail :	sales@tricolite.com
Factory 2 :	18/1A, Site IV, Industrial Area, Sahibabad, Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-4550400
Fax No.:	91-120-4550444
E-Mail :	sales@tricolite.coms

DIRECTORS

As on 27.07.2012

Name :

Mr. Gautam Kumar

Designation :

Whole-time director

Address :

V-325, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

04.09.1955

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No.:

AAJPK8071A

DIN No. :

01298705

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	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Whole-time director	01/04/2009	19/03/1987	Active	NO
2	U31909DL2008PTC177969	MITLITE ELECTRIC COMPANY PRIVATE LIMITED	Director	12/05/2008	12/05/2008	Active	NO
3	AAB-1841	TRICOLITE ENERGY SOLUTIONS LLP	Designated Partner	26/10/2012	26/10/2012	Active	NO

Name :

Mr. Amitabh Nangia

Designation :

Whole-time director

Address :

C-15/12, Arjun Marg, DLF City, Gurgaon – 122001, Haryana,India

Date of Birth/Age :

14.05.1954

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No. :

AACPN8671L

DIN No. :

01200266

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	U01403HR1986PTC047520	SANTOSH PROPERTIES PRIVATE LTD	Director	20/05/1986	20/05/1986	Active	NO
2	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Whole-time director	01/04/2009	19/03/1987	Active	NO
3	U40200DL2006PTC156653	TRICOLITE POWER PRODUCTS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO
4	U31909DL2008PTC177969	MITLITE ELECTRIC COMPANY PRIVATE LIMITED	Director	12/05/2008	12/05/2008	Active	NO
5	AAB-1841	TRICOLITE ENERGY SOLUTIONS LLP	Designated Partner	26/10/2012	26/10/2012	Active	NO

Name :

Mr. Abhishek Nangia

Designation :

Managing director

Address :

C-15/12, Arjun Marg, DLF City, Gurgaon – 122001, Haryana,India

Date of Birth/Age :

29.03.1980

Qualification :

Graduate

Date of Appointment :

01.05.2012

PAN No. :

AAFPN5873M

DIN No. :

01298724

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	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Managing director	01/05/2012	06/08/2005	Active	NO

Name :

Mrs. Meera Kumar Chauhan

Designation :

Managing Director

Address :

V-325, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

22.10.1981

Qualification :

Graduate

Date of Appointment :

01.05.2012

PAN No. :

AGDPK2963K

DIN No. :

01298745

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	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Managing director	01/05/2012	06/08/2005	Active	NO
2	U40200DL2006PTC156653	TRICOLITE POWER PRODUCTS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.07.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Gautam Kumar	832001	28.39
Amitabh Nangia	825000	28.15
Meenakshi Kumar	402000	13.72
Amitabh Nagia HUF	9000	0.31
Gayatri Nangia	133999	4.57
Abhishek Nangia	309000	10.54
Meera Kumar Chauhan	200000	6.82
Geetanjali Kumar	200000	6.82
Geeta Bawa	20000	0.68
Total	2931000	100.00

As on 27.07.2012

Equi

ty Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Panels.

Products :

Item Code No. (ITC Code)	Product Description
85371000	Electrical Panel

Brand Name :

TRICOLITE

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	31.03.2011
Installed Capacity	9000
Actual Production (No. of Bays)	5579

GENERAL INFORMATION

Customers :

· TATA

· Hero Honda

· WIPRO

· LT

· Maruti

· Citibank

· Fujitsu

· Kajaria

· Ambience

· NDPL

· Adobe

· Convergys

· Ambience

· Cadence

No. of Employees :

Not Divulged

Bankers :

· Small Industries Development Bank of India, SCO 145 &146, 1st And 2nd Floor, Sector 17C, Chandigarh - 160017, Chandigarh, India

· Canara Bank, Parliament Street,\, New Delhi - 110001, Delhi, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	76.590	95.660
Rupee term loans from others	0.733	2.021
SHORT TERM BORROWINGS
Loans repayable on demand from banks	190.462	180.565
Total	267.785	278.246

NOTE:

LONG TERM BORROWINGS

Loan From SIDBI- (Secured by hypothecation of all the immovable and movable assets at Manesar plant, personal guarantee of all the directors and hypothecation of movable, immovable assets and corporate guarantee of Tricolite Power Products Private Limited),Terms of Repayment-Monthly

Secured by hypothecation of respective Car

SHORT TERM BORROWINGS

a)Cash Credit From Canara Bank: Rs 136.005 Millions (Secured by hypothecation of Stocks and debtors and collaterally secured by mortgage of Factory Land and Building at Sahibabad Pari Passu Ist charge with HDFC and personal guarantee of Directors).

b) Cash Credit From HDFC Bank: Rs 54.456 Millions (Secured by hypothecation of Stocks and debtors and collaterally secured by mortgage of Factory Land and Building at Sahibabad Pari Passu Ist charge with HDFC and personal guarantee of Directors)

Banking Relations :	--
Auditors :
Name :	Arun Malhotra and Associates Chartered Accountants
Address :	G-2829, Nizamussin West, Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAOFA2813R
Subsidiary:	Tricolite Power Products Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Tricolite Electrical Industries · Mitlite Eectric Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,931,000	Equity Shares	Rs.10/- each	Rs. 29.310 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	29.310	29.310	29.310
(b) Reserves & Surplus	183.156	170.445	161.719
(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)	212.466	199.755	191.029
(3) Non-Current Liabilities
(a) long-term Borrowings	77.323	97.681	72.444
(b) Deferred Tax Liabilities (Net)	16.137	15.026	13.952
(c) Other Long Term Liabilities	24.328	22.408	0.000
(d) long-term Provisions	2.783	3.497	4.362
Total Non-current Liabilities (3)	120.571	138.612	90.758
(4) Current Liabilities
(a) Short Term Borrowings	209.971	180.565	288.637
(b) Trade Payables	272.948	269.893	168.450
(c) Other Current Liabilities	54.320	61.286	26.756
(d) Short-term Provisions	7.992	5.559	14.567
Total Current Liabilities (4)	545.231	517.303	498.410
TOTAL	878.268	855.670	780.197
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	149.333	137.516	110.315
(ii) Intangible Assets	3.106	1.877	2.525
(iii) Capital Work-in-Progress	2.408	5.798	0.964
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	12.871	11.500	11.268
(c) Deferred Tax Assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.816	7.688	3.901
(e) Other Non-current Assets	0.000	0.000	0.000
Total Non-Current Assets	175.534	164.379	128.973
(2) Current assets
(a) Current Investments	0.000	0.173	0.173
(b) Inventories	191.382	215.630	237.318
(c) Trade Receivables	428.550	403.570	331.773
(d) Cash and Cash Equivalents	40.278	30.992	1.597
(e) Short-term Loans and Advances	42.524	40.926	58.758
(f) Other Current Assets	0.000	0.000	21.605
Total Current Assets	702.734	691.291	651.224
TOTAL	878.268	855.670	780.197

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1168.100	1025.122	881.130
		Other Income	2.185	3.584	4.840
		TOTAL (A)	1170.285	1028.706	885.970
Less	EXPENSES
		Cost of Materials Consumed	919.136	788.632	678.760
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(25.521)	0.971	-12.044
		Employees benefits expense	92.402	87.493	76.171
		Other expenses	110.820	81.473	79.460
		TOTAL (B)	1096.837	958.569	822.347
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		73.448	70.137	63.623
Less	FINANCIAL EXPENSES (D)		43.319	46.743	48.342
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.129	23.394	15.281
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.827	10.081	6.504
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		19.302	13.313	8.777
Less	TAX (H)		6.591	4.587	3.686
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		12.711	8.726	5.091
	EARNINGS IN FOREIGN CURRENCY		NA	NA	187.674
	Earnings / (Loss) Per Share (Rs.)		4.34	2.98	1.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.09	0.85	0.57
Net Profit Margin (PBT/Sales)	(%)	1.65	1.30	1.00
Return on Total Assets (PBT/Total Assets}	(%)	2.24	1.59	1.14
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.05
Debt Equity Ratio (Total Debt/Networth)		1.35	1.39	1.89
Current Ratio (Current Asset/Current Liability)		1.29	1.34	1.31

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	29.310	29.310	29.310
Reserves & Surplus	161.719	170.445	183.156
Net worth	191.029	199.755	212.466
long-term borrowings	72.444	97.681	77.323
Short term borrowings	288.637	180.565	209.971
Total borrowings	361.081	278.246	287.294
Debt/Equity ratio	1.890	1.393	1.352

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)
Sales	881.130	1025.122	1168.100
		16.342	13.947

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	881.130	1025.122	1168.100
Profit	5.091	8.726	12.711
	0.58%	0.85%	1.09%

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	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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10502053	23/05/2014	25,000,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	C06158018
2	10486798	25/03/2014	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 &146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH, CHANDIGARH - 160017, INDIA	C01128933
3	10486804	25/03/2014	42,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 &146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH, CHANDIGARH - 160017, INDIA	C01130061
4	10463950	18/12/2013 *	30,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 &146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH, CHANDIGARH - 160017, INDIA	B92325687
5	10343456	06/03/2012	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO-145,146, FIRST AND SECOND FLOOR SECTOR 17C, CHANDIGARH, CHANDIGARH - 160017, INDIA	B35558873
6	10296414	06/03/2012 *	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B37870409
7	10280856	25/02/2011	20,100,000.00	CANARA BANK	PARLIAMENT STREET BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B10722874
8	10269274	14/02/2011	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, FIRST AND SECOND FLOORS, SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA	B06421358
9	10191146	18/12/2009	22,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO-145-146, SECTOR-17C, CHANDIGARH, CHANDIGARH - 160017, INDIA	A75473470
10	10152836	09/03/2009	7,669,466.00	CANARA BANK	PARLIAMENT STREET BRANCH, JEEVAN BHARTI BUILDING, NEW DELHI, DELHI - 110001, INDIA	A60723392
11	10141592	22/12/2008	30,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	SCO 145-146, SECTOR-17C, CHANDIGARH, CHANDIGARH - 160017, INDIA	A56450760
12	10090478	28/01/2008	17,200,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A33622184
13	10089828	08/01/2008	9,820,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A33250176
14	10077900	19/10/2007	15,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15, ASHOKA MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	A27896505
15	10048554	16/04/2007	70,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15, ASHOKA MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	A14228175
16	10036749	13/02/2007 *	45,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15, ASHOKA MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	A10306694
17	90055075	12/09/2006 *	10,000,000.00	CANARA BANK	74, JANPATH, NEW DELHI, DELHI - 110001, INDIA	-
18	90054778	15/01/2003	2,000,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
19	90054555	17/01/2014 *	150,000,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B96350376
20	90053395	30/07/1998 *	2,500,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
21	90053325	09/05/1998	150,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
22	90053086	09/05/1997 *	1,893,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
23	90052950	30/08/1996 *	1,500,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
24	90052491	23/07/2001 *	500,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
25	90052314	20/09/2001 *	500,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
26	90052307	17/01/2014 *	180,000,000.00	CANARA BANK	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B96355649

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from others (Unsecured Loan From L&T Finance)	19.509	0.000
Total	19.509	0.000

GENERAL INFORMATION ABOUT COMPANY

The Company is an Indian Company incorporated on March 19, 1987, and is registered with Registrar of Companies Delhi vide registration no. 27351. The Registered office of the company is situated at V-325, Rajouri Garden, New Delhi. The company is a manufacturer of Electrical Panels. In these financial statements, current year figures are from April 1, 2012 to March 31, 2013. The previous period figures have been regrouped/reclassified, wherever necessary for comparison purposes. The functional and reporting currency of the company is Indian Rupee (INR)

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

Intangible Assets

· 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.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.