MIRA INFORM REPORT

Report No. :	299068
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	KARYTRON ELECTRICALS PRIVATE LIMITED
Registered Office :	206, Pankaj Tower-I, G-5, Commercial Complex, Vikaspuri, New Delhi – 110018
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.2008
Com. Reg. No.:	55-174713
Capital Investment / Paid-up Capital :	Rs.5.998 Millions
CIN No.: [Company Identification No.]	U31401DL2008PTC174713
TAN No.: [Tax Deduction & Collection Account No.]	DELK09930E
PAN No.: [Permanent Account No.]	AADCK2915J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Control Panel.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 23AC for the year 2014 could not be made available from any source. Sales turnover and profit of the company appears to be sound. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ajay Kholi
Designation :	Director
Contact No.:	91-9811147688
Date :	09.01.2015

LOCATIONS

Registered Office/ Factory :	206, Pankaj Tower-I, G-5, Commercial Complex, Vikaspuri, New Delhi – 110018, India
Tel. No.:	91-11-45620856/45620857/65454780
Mobile No.:	91-9811147688 [Mr. Ajay Kohli]
Fax No.:	91-11-45620858
E-Mail :	karytron@yahoo.com info@gskassociates.com
Location :	Owned
Factory :	D-18, Old Industrial Area, Delhi-Rohtak Road, Bahadurgarh – 124507, Haryana, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ajay Kohli

Designation :

Director

Address :

House No. D-63, Ajay Enclave, Tilak Nagar, New Delhi-110018, India

Date of Birth/Age :

15.11.1973

Date of Appointment :

28.02.2008

Din No.:

02064200

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	U31401DL2008PTC174713	KARYTRON ELECTRICALS PRIVATE LIMITED	Director	28-02-08	28-02-08	Active	NO
2	U70101DL1991PTC042709	BIJLEE CONSTRUCTIONS PRIVATE LIMITED	Director	01-09-09	01-09-09	Active	NO

Name :

Mrs. Sanjana Ajay Kohli

Designation :

Director

Address :

House No. D-63, Ajay Enclave, Tilak Nagar, New Delhi-110018, India

Date of Birth/Age :

12.02.1975

Date of Appointment :

28.02.2008

Din No.:

02064224

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ajay Kohli	177800
Sanjana Ajay Kohli	79500
Ramesh Chand Kohli	90000
Anil Kohli	20000
Manish Kumar	12000
Yogender Singh	8000
Kapil Lamba	60000
Sudesh Lamba	10000
Ram Murti Malhotra	62500
Anuj Chawla	112500
Alok Gupta	10000
Vikram Malhotra	20000
Maheshwari Financial Services Private Limited, India	25000
Ambey Suppliers Private Limited, India	10000
TOTAL	697300

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	5.02
Directors or relatives of directors	94.98
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electrical Control Panel.
Products :	L.T Panels For Mains and Distributions Relay Control and RTC Panel MCC (Motor Control Centre) Panels APFC Panels Changeover Cum Power Control Center AMF Cum Synchronizing Panels PLC and Drives Panels Feeder Piller
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 [Approximately]

Bankers :

Punjab National Bank, Railway Road, Bahadurgarh – 124507, Haryana, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loan
From Bank	2.137	4.167
Short Term Borrowings
Loans Repayable on Demand
From Bank
Working Capital Loan From Bank	17.267	7.570
From Others
NSIC Limited	9.631	3.357
TOTAL	29.035	15.094
NOTES: Working capital loan to the extent of Rs.17.267 Millions (P.Y.Rs.7.570 Millions) from Punjab National Bank are secured by the hypothecation of present and future stocks, raw materials, packing materials, work in progress, finished goods, stores and spares relating to plant and machinery, consumable stores and spares and present and future book debts, trust receipts, decrees, moneys, receivables, Government Securities, claims, bills, contracts, investments and personal guarantee of all the directors. Working capital loan to the extent of Rs.9.630 Millions (P.Y.3.357 Millions) are secured by the Bank Guarantee equivalent to the value of limit sanctioned from Punjab National Bank and the rate of interest is 13.40%.

Banking Relations :	--
Auditors :
Name :	GSK and Associates LLP Chartered Accountants
Address :	8, First Floor, Rani Jhansi Road, Motia Khan Industrial Area, New Delhi-110055, India
PAN No:	AADFG5824B

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
697300	Equity Shares	Rs.10/- each	Rs.6.973 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	6.973	6.973	5.998
(b) Reserves & Surplus	8.502	6.317	1.203
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.300	0.000	4.500
Total Shareholders’ Funds (1) + (2)	17.775	13.290	11.701
(3) Non-Current Liabilities
(a) long-term borrowings	2.137	4.167	5.921
(b) Deferred tax liabilities (Net)	0.839	0.988	0.678
(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)	2.976	5.155	6.599
(4) Current Liabilities
(a) Short term borrowings	26.898	10.927	5.920
(b) Trade payables	13.085	18.897	10.843
(c) Other current liabilities	6.268	6.395	5.569
(d) Short-term provisions	0.648	0.508	0.528
Total Current Liabilities (4)	46.899	36.727	22.860
TOTAL	67.650	55.172	41.160
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.596	19.140	16.018
(ii) Intangible Assets	0.026	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	2.346
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.147	0.072	0.038
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.769	19.212	18.402
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.385	21.970	15.433
(c) Trade receivables	12.727	10.162	5.881
(d) Cash and cash equivalents	3.046	2.640	0.673
(e) Short-term loans and advances	1.448	1.070	0.615
(f) Other current assets	0.275	0.118	0.156
Total Current Assets	47.881	35.960	22.758
TOTAL	67.650	55.172	41.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	61.441	50.861	26.420
		Other Income	0.417	0.130	0.003
		TOTAL (A)	61.858	50.991	26.423
Less	EXPENSES
		Raw Material Consumed			21.967
		Manufacturing Expenses			1.098
		Excise Duty on Sales	58.483	48.172	0.840
		Sale Tax on Sales			1.020
		Payments to and for Employees			2.012
		Administrative and Other Expenses			1.785
		Increase / Decrease in Stock			(5.907)
		TOTAL (B)	58.483	48.172	22.815
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial Expenses	Including Financial Expenses	3.608
Less	FINANCIAL EXPENSES (D)				2.159
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.375	2.819	1.449
Less	DEPRECIATION/ AMORTISATION (F)		0.902	0.796	0.522
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.473	2.023	0.927
Less	TAX (H)		0.269	0.428	0.521
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.204	1.595	0.406
	Earnings / (Loss) Per Share (Rs.)		3.16	2.29	0.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.56	3.13	1.54
Net Profit Margin (PBT/Sales)	(%)	4.02	3.97	3.51
Return on Total Assets (PBT/Total Assets}	(%)	3.65	3.67	2.39
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.07
Debt Equity Ratio (Total Debt/Networth)		1.63	1.14	1.01
Current Ratio (Current Asset/Current Liability)		1.02	0.97	1.00

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	5.998	6.973	6.973
Reserves & Surplus	1.203	6.317	8.502
Share Application money pending allotment	4.500	0.000	2.300
Net worth	11.701	13.290	17.775
long-term borrowings	5.921	4.167	2.137
Short term borrowings	5.920	10.927	26.898
Total borrowings	11.841	15.094	29.035
Debt/Equity ratio	1.012	1.136	1.633

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	26.420	50.861	61.441
		92.509	20.802

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	26.420	50.861	61.441
Profit	0.406	1.595	2.204
	1.54%	3.14%	3.59%

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	No
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	No
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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10156248	16/06/2012 *	5,127,000.00	PUNJAB NATIONAL BANK	RAILWAY ROAD, BAHADURGARH - 124507, HARYANA, INDIA	B44408540
2	10155157	16/06/2012 *	32,000,000.00	PUNJAB NATIONAL BANK	RAILWAY ROAD, BAHADURGARH - 124507, HARYANA, INDIA	B44408060
* Date of charge modification

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis done by :	RAS
Report Prepared by :	NKT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.