MIRA INFORM REPORT

Report Date :

03.11.2007

IDENTIFICATION DETAILS

Name :	OSCAR ULTRASONICS PRIVATE LIMITED
Registered Office :	G-10, Arihant Industrial Estate, Kranti Nagar, Off Saki Vihar Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2003
Date of Incorporation :	22.01.1999
Com. Reg. No.:	11-117979
CIN No.: [Company Identification No.]	U33110MH1999PTC117979
TAN No.: [Tax Deduction & Collection Account No.]	MUMO02219A
PAN No.: [Permanent Account No.]	AAA02770N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Sell, Export, Import and service and develop medical scientific, industrial, laboratory and domestic equipments.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2172
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject seems to be a relatively small company. Its latest financials are missing from the Government Records. As per last available financials the company seemed to be faring well. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings with slight caution, in view of non-availability of latest financials.

LOCATIONS

Registered Office :	G-10, Arihant Industrial Estate, Off Saki Vihar Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-28477763/ 28470069/ 28472749
Fax No.:	91-22-28472552
E-Mail :	response@oscarultrasonics.com
Website :	http://www.oscarultrasonics.com

DIRECTORS

Name :	Mr. P Velan
Designation :	Chairman
Address :	23, Jayanandan Co-Operative Housing Society Limited, Manpada Road, Dombivli (East), Thane – 421 201, Maharashtra, India
Date of Birth/Age :	08.01.1949
Date of Appointment :	22.01.1999
Name :	Mr. Vishwanath S Paranjape
Designation :	Director
Address :	B-4, Ayasmritu, Ramachandra Nagar, Manpada Road, Dombivli (East), Thane – 421 201, Maharashtra , India
Date of Birth/Age :	27.10.1955
Date of Appointment :	22.01.1999
Name :	Mr. Bengre Y Karkera
Designation :	Director
Address :	B-9, Rameshwar Darshan, Natwar Nagar, Road No. 4, Jogeshwari (East), Mumbai – 400 060, Maharashtra, India
Date of Birth/Age :	23.01.1962
Date of Appointment :	22.01.1999
Name :	Mr. Kishore Sonawane
Designation :	Director
Address :	E/1, Shethwadi Chawl, Dharavi Road, Mumbai – 400 017, Maharashtra, India
Date of Birth/Age :	15.06.1950
Date of Appointment :	17.03.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. P Velan	8000
Mr. Vishwanath S. Paranjape	8000
Mr. Bengre Y Karkera	8000
Mr. Kishor N Sonawane	3200
Mr. M P Faloo	3200
Mr. X F Fosenca	3200
Mr. R B Palyekar	3200
Mr. A S Pandit	3200

As on 31.03.2004

Names of Shareholders	Percentage of Holding
Directors and Relatives Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, Sell, Export, Import and service and develop medical scientific, industrial, laboratory and domestic equipments.

Products :

* Ultrasonic Equipments * Ultrasonic Vapour Degreasing Systems * Ultrasonic Processors * Ultrasonic Plastic Welding Machines * Ultrasonic Flow Detectors * Ultrasonic Flaw Detectors * Ultrasonic Thickness Gauges * Microclean Ultrasonic Bath * Multistage Ultrasonic Vapour Degreasing Systems * Multichamber Ultrasonic Cleaning Systems * SingleStage Ultrasonic Cleaning Systems * Ultrasonic Sonicators * Ultrasonic Bath * Plastic Welding Machines

GENERAL INFORMATION

Bankers :

Canara Bank, Sakinaka Branch, Andheri, Mumbai – 400 072, Maharashtra, India

Auditors :
Name :	K. V. Shankaran and Associates Chartered Accountant
Address :	212, Bharat Industrial Estate, LBS, Marg, Bhandup (W), Mumbai – 400 078

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs. 10/- each	Rs. 0.400 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital	0.400	0.400	0.400
2] Reserves & Surplus	0.324	0.222	0.143
NETWORTH	0.724	0.622	0.543
LOAN FUNDS
1] Secured Loans	0.132	0.262	0.358
2] Unsecured Loans	0.470	0.470	0.400
TOTAL BORROWING	0.602	0.732	0.758
TOTAL	1.320	1.350	1.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	1.069	1.083	1.160
Capital work-in-progress	0.000	0.000	0.000
INVESTMENT	0.100	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
Inventories	0.415	0.258
Sundry Debtors	1.987	0.661
Cash & Bank Balances	0.000	0.000	1.174
Other Current Assets	0.171	0.245
Loans & Advances	0.000	0.000
Total Current Assets	2.573	1.164	1.174
Less : CURRENT LIABILITIES & PROVISIONS	2.417	1.003	1.046
Total Current Liabilities	2.417	1.003	1.046
Net Current Assets	0.150	0.160	0.128
MISCELLANEOUS EXPENSES	0.008	0.111	0.013
TOTAL	1.320	1.350	1.301

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
Sales Turnover		7.035	4.736	N.A
Other Income		0.000	0.000
Total Income		7.035	4.736	N.A
Profit/(Loss) Before Tax		0.157	0.123
Provision for Taxation		0.050	0.040	N.A
Profit/(Loss) After Tax		0.101	0.079
Expenditures :
	Interest	0.025	0.050
	Depreciation & Amortization	0.092	0.086
	Other Expenditure	6.760	4.470
Total Expenditure		6.877	4.606	N.A

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	1.43	1.66	N.A.
Net Profit Margin (PBT/Sales)	(%)	2.23	2.59	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	4.31	5.49	N.A.
Return on Investment (ROI) (PBT/Networth)		0.21	0.19	N.A.
Debt Equity Ratio (Total Liability/Networth)		4.15	2.77	4.32
Current Ratio (Current Asset/Current Liability)		1.06	1.16	1.12

LOCAL AGENCY FURTHER INFORMATION

Director’s Report :

The Turnover for the year was increased by 48.90 % amounting to Rs.7.024 millions as compared to the previous year of Rs.4.717 millions

The company reached a milestone by satisfactory executing prestigious order of ultrasonic clearing plot of 16 kw capacity for a total value of Rs1.700 millions one month ahead of delivery schedule for nuclear Power Corporation Limited. At their Tarapur atomic power project, Tarapur under their strigent quality surveillance.

Form 8 Particular for creation or modification of charges

Name of the company	OSCAR ULTRASONICS PRIVATE LIMITED
Presented By	Canara Bank, Sakinaka Branch, Andheri, Mumbai – 400 072, Maharashtra, India
1) Date and description of instrument creating the change	No instrument was executed. However, the Equitable Mortgage has been created by way of deposit of title deeds on 11.05.2001.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.000 million
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All that piece and parcel of land and building existing Gala No. 10, Ground Floor, Arihant Industrial Estate, Plot No. 94C and 94D, Kranti Nagar, Saki Vihar Road, Sakinaka, Mumbai – 400 072, Maharashtra, India, together with all structures and machinery items standing installed thereon and other structures and machinery items to be put uo in future, belonging to the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To secure Various Credit facilities together with all interest, costs, charges and expense thereon granted by the Bank of the Borrower.
5) Name and Address and description of the person entitled to the charge.	Canara Bank Sakinaka Branch, Andheri, Mumbai – 400 072, Maharashtra, India
6) Date and brief description of instrument modifying the charge	No instrument was executed. However, the Equitable Mortgage has been extended over the immovable property on 14.11.2002.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By this modification, the immovable property as mentioned in column no. 3, thereinabove, i.e. all that piece and parcel of land being Plot No. 94C and 94D, Kranti Nagar, Saki Vihar Road, Sakinaka, Mumbai – 400 072, Maharashtra, India, admeasuring 565 sq. ft. Survey No. 64, 65, 66 and new Survey No. 11, belonging to the borrower shall also hold good to secure the due repayment of additional credit facilities of Rs. 0.200 millions. Hence, the overall charge has been enhanced from Rs. 1.000 million to Rs. 1.200 million. Therefore, the overall charge now stands at Rs. 1.200 millions.

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 records 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.39.37
UK Pound	1	Rs.81.82
Euro	1	Rs.56.83

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	4
--PROFITABILIRY	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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