MIRA INFORM REPORT

Report No. :	312963
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	DEXCEL ELECTRONICS DESIGNS PRIVATE LIMITED
Registered Office :	# 138, 3rd Floor, Marithi Tower, Airport Road, Kodihalli, Bangalore – 560008, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.07.2000
Com. Reg. No.:	08-027452
Capital Investment / Paid-up Capital :	Rs. 45.902 Millions
CIN No.: [Company Identification No.]	U32109KA2000PTC027452
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCD1888K
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Modem, Router and Networking Devices, Communication Interface, etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 32800
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial record with government department for the year 2014. As per available financial of 2013, the rating constrained on account of company’s moderate financial risk profile and huge accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Anil Kumar
Designation :	Accounts Manager
Contact No.:	91-80-41914921
Date :	18.03.2015

LOCATIONS

Registered/ Corporate Office :	# 138, 3rd Floor, Marithi Tower, Airport Road, Kodihalli, Bangalore – 560008, Karnataka, India
Tel. No.:	91-80-41914921/ 22
Fax No.:	91-80-25216791
E-Mail :	amit.sinha@dexceldesigns.com info@dexceldesigns.com sales@dexceldesigns.com careers@dexceldesigns.com
Website :	http://www.dexceldesigns.com
Branch Office :	#2512, Level-5, Tower-A, A-41, The Corenthum, Sector-62, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-882-6166033
Overseas Office :	Dexcel Electronics Pte. Limited 120 Lower Delta Road, #08-12 Cendex Centre, Singapore –169208
Tel. No.:	+65 8309 6948
Fax No.:	+65 6515 1803

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Amit Kumar Sinha
Designation :	Managing director
Address :	A-104, Akme Ballet, Marathalli Post, Outer Ring Road, Doddanekkundi, Bangalore – 560037, Karnataka, India
Date of Birth/Age :	20.06.1978
Date of Appointment :	24.11.2004
DIN No.:	00932329
Name :	Mr. Ravinder Gujral
Designation :	Director
Address :	A-906, Ittina Akkala, ITPL Road, Whitefield, Bangalore – 560048, Karnataka, India
Date of Birth/Age :	26.03.1977
Date of Appointment :	24.11.2004
DIN No.:	00888793
Name :	Mr. Suresh Kumar S Krishna Pillai
Designation :	Director
Address :	Plot No. 163, Adarsh Vista Basavanagar, Bangalore – 560037, Karnataka, India
Date of Birth/Age :	30.04.1967
Date of Appointment :	12.07.2000
DIN No.:	00388107

KEY EXECUTIVES

Name :	Mr. Anil Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Suresh Kumar S Krishna Pillai	2700
S Sasi Kumar	22500
Technomic Marketing Services Private Limited, India	43915
Christopher N G	2700
Technomic Processors Pte Limited, Singapore	179519
Achieva Investments Pte Limited, Singapore	56250
Ravinder Gujral	76053
Amit Kumar Sinha	75378
Total	459015

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]	51.95
Bodies corporate	9.57
Directors or relatives of directors	33.58
Other top fifty shareholders	4.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Modem, Router and Networking Devices, Communication Interface, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit [30 Days, 60 Days and 90 Days]
Purchasing :	Cash and Credit [30 Days, 60 Days and 90 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name:	Standard Chartered Bank
Branch:	Bangalore Branch, Raheja Towers, Sixth Floor, No. 26-27, M. G. Road, Bangalore - 560001, Karnataka, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash and Credit = Rs. 20.400 Millions
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks Standard Chartered Bank – Overdraft [Secured by way of standby Letter of Credit to the extent of Rs. 20.000 Millions of United Overseas Bank, Singapore and by a general charge over the current assets of the Company]	15.156	16.952
State Bank of Travancore – Overdraft [Secured against the fixed deposits of Rs. 5.000 Millions from Technomic Marketing Services Private Limited]	4.870	4.856
Total	20.026	21.808

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	#565 17th Cross, Indirangar II Stage, Bangalore – 560038, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFV6555E
Associate Enterprise :	Tecnomic Processors Pte. Limited
Company under common control :`	Tecnomic Marketing Service Private Limited
Entity in which directors are interested :	Brothers Electronics

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
459,015	Equity Shares	Rs. 100/- each	Rs. 45.902 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	45.902	45.902	45.902
(b) Reserves & Surplus	(34.414)	(40.866)	(39.027)
(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)	11.488	5.036	6.875
(3) Non-Current Liabilities
(a) Long-term borrowings	0.198	0.700	1.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.246	2.181	2.116
Total Non-current Liabilities (3)	3.444	2.881	3.216
(4) Current Liabilities
(a) Short term borrowings	20.026	21.808	17.419
(b) Trade payables	4.472	2.278	2.693
(c) Other current liabilities	42.407	22.797	29.018
(d) Short-term provisions	0.277	0.204	0.183
Total Current Liabilities (4)	67.182	47.087	49.313
TOTAL	82.114	55.004	59.404
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.012	3.724	3.972
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.961	0.000	0.000
(d) Long-term Loan and Advances	8.967	7.487	2.589
(e) Other Non-current assets	0.125	0.125	0.125
Total Non-Current Assets	14.065	11.336	6.686
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.283	24.153	24.611
(c) Trade receivables	44.055	16.752	18.770
(d) Cash and cash equivalents	0.220	0.112	1.956
(e) Short-term loans and advances	1.491	2.651	7.381
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	68.049	43.668	52.718
TOTAL	82.114	55.004	59.404

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	101.210	61.769	50.674
Less	EXPENSES
		TOTAL	95.305	63.078	48.598
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.905	(1.309)	2.076
Less/ Add	DEPRECIATION/ AMORTISATION		0.588	0.530	0.374
	PROFIT/ (LOSS) BEFORE TAX		5.317	(1.839)	1.702
Less	TAX		(1.135)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		6.452	(1.839)	1.702
	EARNINGS IN FOREIGN CURRENCY
		Software Exports and Consultancy Services	23.429	25.423	18.791
	IMPORTS
		Hardware Components and Consumables	10.883	3.462	7.399
	Earnings/ (Loss) Per Share (Rs.)		14.06	(4.01)	3.71

PARTICULARS	31.03.2014
Sales Turnover (Approximately)	150.000

Expected Sales (2014-2015): Rs. 200.000 Millions

The above information has been parted by Mr. Anil Kumar [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.55	(3.34)	2.87
Return on Investment (ROI) (PBT/Networth)		0.46	(0.37)	0.25
Debt Equity Ratio (Total Debt/Networth)		1.76	4.47	2.69
Current Ratio (Current Asset/Current Liability)		1.01	0.93	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	45.902	45.902	45.902
Reserves & Surplus	(39.027)	(40.866)	(34.414)
Net worth	6.875	5.036	11.488
Long-term borrowings	1.100	0.700	0.198
Short term borrowings	17.419	21.808	20.026
Total borrowings	18.519	22.508	20.224
Debt/Equity ratio	2.694	4.469	1.760

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)
Total Income	50.674	61.769	101.210
		21.895	63.852

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	50.674	61.769	101.210
Profit/ (Loss)	1.702	(1.839)	6.452
	3.36%	(2.98%)	6.37%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10536153	31/10/2014	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C36704252

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties [Interest free unsecured loans was received from Technomic Marketing Services Private Limited. There is no specific term prescribed for repayment of the same and the management does not intend to repay the same in the near future]	0.198	0.700
Total	0.198	0.700

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Unit No.111-113, Carlton Towers, No.1, Airport Road, Bangalore – 560008, Karnataka, India to the present address w.e.f.01.06.2006.

OPERATIONS

During the year, the total turnover of the company was Rs. 101.210 Millions as against Rs. 61.769 Millions during the previous year showing a increase of 64%. The Net Profit before tax was Rs. 5.317 Millions as against Loss amounting to Rs. 1.839 Millions during the previous year. In view of the accumulated losses amounting to Rs. 34.414 Millions, carried to Balance sheet, no dividend is recommended.

OUTLOOK FOR THE CURRENT YEAR

The Directors are hoping that the current year will be better in terms of turnover and profit.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantee	0.125	0.125
Customs Duty foregone on imports	0.923	0.923
Total	1.048	1.048

FIXED ASSETS:

· Furniture and Fixture

· Plant and machinery

· Office equipment

· Computers

· 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 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. 62.67
UK Pound	1	Rs. 92.46
Euro	1	Rs. 66.34

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		27

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.