i. Elin Electronics is a leading electronics manufacturing services (“EMS”) manufacturer of end-to-end product solutions for major brands of lighting, fans, and small/ kitchen appliances in India, and are one of the largest fractional horsepower motors manufacturers in India.

ii. They manufacture and assemble a wide array of products and provide end-to-end product solutions. They serve under both original equipment manufacturer (“OEM”) and original design manufacturer (“ODM”) business models. Under the OEM model, they manufacture and supply products basis designs developed by their customers, who then further distribute these products under their own brands. Under the ODM model, in addition to manufacturing, they conceptualize and design the products which are then marketed to our customers’ prospective customers under their brands. The company has developed ODM capabilities with respect to lighting products and small appliances.

iii. Company’s key diversified product portfolio in EMS includes (i) LED lighting, fans, and switches including lighting products, ceiling, fresh air, and TPW fans, and modular switches and sockets; (ii) small appliances such as dry and steam irons, toasters, hand blenders, mixer grinders, hair dryer, and hair straightener; (iii) fractional horsepower motors, which is used in mixer grinder, hand blender, wet grinder, chimney, air conditioner, heat convector, TPW fans, etc.; and (iv) other miscellaneous products such as terminal block for air conditioners, stainless steel blade for mixer grinders, die casting, radio sets.

iv. Key customers by business verticals include:
• LED lighting, fans, and switches: Signify Innovations and Eveready;
• Small appliances: Philips, Bosch, Faber, Panasonic, and Usha;
• Fractional horsepower motors: Havells, Bosch, Faber, Panasonic, Preethi (owned by Philips), Groupe SEB(Maharaja brand) and Usha;
• Medical diagnostic cartridges: Molbio Diagnostics Private Limited; and
• Moulded and sheet metal parts and components: Denso and IFB.

Competitive Strengths

i. Established market position in key verticals including leadership in fractional horsepower motors
ii. Diversified products resulting in a de-risked business model
iii. Entrenched relationships with a marquee customer base