MIRA INFORM REPORT

Report Date :

22.11.2008

IDENTIFICATION DETAILS

Name :	KAMRAN POWER CONTROLS PRIVATE LIMITED
Registered Office :	201-202 ERIC House Commercial Complex, 16^th Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	17.10.1980
Com. Reg. No.:	23301
CIN No.: [Company Identification No.]	U31200MH1980PTC023301
IEC No.:	03/04/130/05951/AM89/768 Dated A7/08/93
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12340G
PAN No.: [Permanent Account No.]	AAACK2891A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Control Panels

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is an old and well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means. Trade relations are fair. Business is active. No complaints have been heard from market sources. If would be advisable to take adequate securities while dealing with the subject.

INFORMATION PARTED BY

Name :	Mr. Manohar K Kamath
Designation :	Chairman and Managing Director
Contact No.:	91-9892333392
Date :	19.11.2008

LOCATIONS

Registered Office :	201-202 ERIC House Commercial Complex, 16^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25213904 / 25213318
Mobile No.:	91-9892333392
Fax No.:	91-22-25211616
E-Mail :	kamranpower@gmail.com
Area :	1000 sq.ft. [Owned]
Factory :	W-122A, MIDC TTC Area, Thane Belapur Road, Navi Mumbai, Maharashtra, India
Tel. No.:	91-22-32992263
E-Mail :	kamranpower@gmail.com
Area :	78400 sq.ft. [Leased]

DIRECTORS

Name :	Mr. Manohar Kamath
Designation :	Director
Address :	3 Mount View, Sion-Trombay Road, Mankhurd, Mumbai – 400088
Date of Birth/Age :	27.10.1942
Qualification :	DME, DPE, MIHE
Experience :	45 Years
Name :	Mrs. Kamal M Kamath
Designation :	Director
Address :	3 Mount View, Sion-Trombay Road, Mankhurd, Mumbai – 400088
Date of Birth/Age :	15.10.1948
Qualification :	Bsc. [HON]; D. COMP, Science
Experience :	60 Years
Name :	Mr. Nikhil M Kamathi
Designation :	Director
Address :	3 Mount View, Sion-Trombay Road, Mankhurd, Mumbai – 400088
Date of Birth/Age :	M. Com. MBA From Asian Institute of Management, Manila Philippines
Experience :	38 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.208

Names of Shareholders	No. of Shares
Manohar K Kamath	1410
Kamal M Kamath	590
Nikhil M Kamath	320
Kamath [HUF]	160
Meenakshi Bhandarkar	20
Total	2500

BUSINESS DETAILS

Line of Business :	Manufacturer of Electrical Control Panels
Products :	Power Control Centres Motor Conrol Centres Control and Relay Panels Bus-ducts Lt Switchboards
Imports :
Products :	Switchgear Components
Countries :	China Taiwan

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Bus Ducts, PCC, MCC, Apfic Panels, MIMIC Panels, DG Set Panels, Synchronizing Panels, feeder Pillars, Crane Control Panels etc.	Worth approximately Rs. 60.000 Millions	Around Rs. 30 Millions

GENERAL INFORMATION

Suppliers :

• Contactors
• Relays
• Timers

• Adcon Industries
• Binata Hardware Stores
• Central Electricals and Electronics
• Damani Vidyut Kendra
• Industrial Consumables and Equipments
• Jayashree Enterprises
• Kosmos Electric Corporation
• Parag Worldwide Private Limited
• Shah Commercial Corporation
• Sudhir Switchgears Private Limited
• Teknic Controls
• Vashi Electricals Private Limited
• Welfinish Metal Processors Private Limited
• Rishabh Autocontrols
• Novatek Engineers
• Siemens Limited

Customers :

• Ethypharma
• Jindal Stainless Steel Way Limited
• Asian Paints Limited
• Mukund Limited
• Kansai Nerolac Paints Limited

No. of Employees :

25

Bankers :

Corporation Bank

Plot No. 95C, RS Tolaram Shopping Center, CTS No. 819, NG Acharya Marg, Chembur, Mumbai – 400071

Facilities :

Secured Loans	Rs in Millions
Corporation Bank Bill Discounting	3.529
Bank Overdraft A/C With Corporation Bank	1.553
Total	5.082

Banking Relations :	Satisfactory
Auditors :
Name :	Y. R. Shetty and Company Chartered Accountants
Address :	Hill-N—Dale, 1^st Floor, 160, Hill Road, Bandra [West], Mumbai – 400050
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2500	Equity Shares	Rs. 1000/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500	Equity Shares	Rs. 1000/- each	Rs. 2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.884	1.432
4] (Accumulated Losses)		0.000	0.000
NETWORTH		4.384	3.932
LOAN FUNDS
1] Secured Loans		5.082	0.029
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		5.082	0.029
DEFERRED TAX LIABILITIES		0.085	0.087
TOTAL		9.551	4.048
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.071	0.764
Capital work-in-progress		0.000	0.000
INVESTMENT		1.011	0.941
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.514	3.265
	Sundry Debtors	3.649	3.466
	Cash & Bank Balances	0.109	0.305
	Other Current Assets	0.000	0.000
	Loans & Advances	1.943	0.425
Total Current Assets		9.215	7.461
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1.220	4.874
	Provisions	0.526	0.244
Total Current Liabilities		1.746	5.118
Net Current Assets		7.469	2.343
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		9.551	4.048

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007
Sales Turnover		21.113	17.911
Other Income		0.324	1.621
Total Income		21.437	19.532
Profit/(Loss) Before Tax		0.731	0.440
Provision for Taxation		0.279	0.191
Profit/(Loss) After Tax		0.452	0.249
Expenditures :
	Manufacturing and Other Expenses	17.895	16.607
	Administrative and Other Expenses	2.469	2.161
	Interest paid to Bank and Others	0.202	0.191
	Depreciation	0.141	0.132
Total Expenditure		20.707	19.091

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007
PAT / Total Income	(%)	2.11	1.27
Net Profit Margin (PBT/Sales)	(%)	3.46	2.46
Return on Total Assets (PBT/Total Assets}	(%)	7.11	5.35
Return on Investment (ROI) (PBT/Networth)		0.17	0.11
Debt Equity Ratio (Total Liability/Networth)		1.56	1.31
Current Ratio (Current Asset/Current Liability)		5.28	1.46

LOCAL AGENCY FURTHER INFORMATION

ACCOUNTING RATIOS WITH CALCULATIONS AS FOLLOWS :

Gross profit / Turnover	15.24 %
Net Profit / Turnover	2.14 %
Stock-in-trade / Turnover	16.64 %
Material consumed / Finished goods produced	N.A.

FIXED ASSETS

• Factory Building
• Plant and Machinery
• Air Conditioner
• Office Equipment
• Water Filter
• Neon Sign Board
• Furniture and Fixture
• Computer
• Close Circuit T.V.
• Camera
• Television
• Bending machine
• Electrical Fittings
• EPABX
• Fax Machine
• Land
• Repairs and Renovations
• Refrigerator
• Vehicle

DETAILS OF ALL PAYMENTS MADE TO PERSONS SPECIFIED

Name	Relationship	Nature	Amount [Rs in Millions]
Manohar K Kamath	Chairman and Managing Director	Director’s Remuneration	0.216
Nikhil Manohar Kamath	Director	Director’s Remuneration	0.180
Compusoft [Prop. Mrs. Kamal M Kamath]	Proprietory Concern of Director	Service Charges	0.360
Kamal M. Kamath	Director	Motor Car Rent Office Rent	0.180 0.120

PARTICULARS OF EACH LOAN OR DEPOSIT OF RS 20,000/- OR MORE TAKEN OR ACCEPTED BY THE ASSESSEE

Name and Address of the Person	Received during the year	Repaid during the year	Max Amount Outstanding Rs in Millions
Alfa Beta Chemisalts Private Limited 55, Bajaj Bhavan, Nariman Point, Mumbai – 400021 AABCA2764P	Rs. 0.649 Million	Rs. 0.649 Million	Rs. 0.649 Million
Ashok L. Shah 201, Prime Avenue, S. V. Road, Vileparle [West], Mumabi – 400056	Rs. 2.359 Millions	Rs. 2.359 Millions	Rs. 2.359 Millions
Ashok L. Shah [HUF] 201, Prime Avenue. S. V. Road, Vileparle [West], Mumbai – 400056	Rs. 0.594 Millions	Rs. 0.594 Millions	Rs. 0.594 Millions
Total	Rs. 3.601 Millions	Rs. 3.601 Millions	Rs. 3.601 Millions

Borrower :	KAMRAN POWER CONTROLS PRIVATE LIMITED
Branch :	Mumbai – Chembur
Sanction Reference :	GMZ/ADV/AGM/D/1527/2008-09
Date :	26.06.2008

Facility Name	Sanction Code
Cash Credit	8814N2122909115019000 [File No.4354]

TERM AND CONDITIONS
Facility 1	Cash Credit
Extent of Credit	Rs. 2.500 Millions
Purpose	To meet working capital requirement
Security	Hypothecation of Stock, book debts and all other current assets of the company
Margin	Stock – 25 % Book Debts – 50 %
Age of Book Debts [in Days]	90
Rate of Interest	COBAR – 1.50 i.e. 11.50 % p.a. at present subject to revision from time to time As applicable to Small Enterprises
Repayment	CC – running account repayable on demand subject to Annual renewal
Other Terms and Conditions The applicant shall submit to the Bank monthly stock statement / book debt statement in the prescribed form within 10^th day of each succeeding month. The drawings shall be restricted to Drawing power [within the sanctioned limit] arrived at on the basis of paid stocks and eligible outstanding book debts subject to retaining the stipulated margin. The receivable / book debts due from associate / group concerns shall not be reckoned for the purpose of computation drawing power. Book-debts statement setting age-wise classification of book debts duty certified by Chartered Accountant shall be submitted once in six months.
Facility 2	Supply Bills Discounting [SBD]
Extent of Credit	Rs. 2.000 Millions
Sub Limits
Purpose	Receivable finance. Usance Period not to exceed 90 days
Rate of interest	COBAR-1.50% i.e. 11.50 % p.a. at present subject to revision from time to time
Commission	At the prescribed rates
Other Terms and Conditions The applicant shall execute irrevocable Power of Attorney authorizing the bank to collect monies directly from the applicant’s clients. The Power of Attorney shall be registered with the applicant’s clients concerned and their undertaking shall be furnished by the applicant that any monies due to the borrower shall be paid direct to the bank. Cheques by the applicant’s clients to be drawn favouring Corporation Bank, Chembur Branch A/c Kamran Power Controls Private Limited and marked “A/c Payee”. Even if per chance, the applicant receives directly the proceeds of Supply Bills against which the bank has advanced, the applicant undertakes to deposit the amount with the Bank for appropriation against the advance granted against the relative bill. The applicant should furnish to the Bank monthly statement furnishing full details of bills drawn, date, value of supplies, amount of bill, advance availed from the Bank thereagainst, date of payment of the bill etc. The bills / invoices shall be accompanied by the following documents : [i] Copies of relative LRs / RRs evidencing dispatch of goods. [ii] Delivery orders / receipted challans signed by the concerned borrowers client. Bills drawn on associate / group concerns shall not be purchased under the limit
Facility 3	BG
Extent of Credit	Rs. 2.000 Millions
Sub Limits
Purpose	- For issuing Performance Guarantees / guarantee in lieu of EMD/Security/Advance payment fvg. Government / Semi – Government participating in Government tenders.
Security	Continuing charge by way of hypothecation of stocks and receivables.
Cash Margin	25 % by way of tem deposits
Beneficiary	To be specified at the time of issue of BG
Commission	At the prescribed rates
Validity Period	12 months
Counter Guarantee	By the Company
Other Terms and Conditions Guarantees shall be issued in th approved format of the bank. No DPG or guarantee against term loan / interim loans of financial institutions / banks shall be issued. The company shall furnish an irrevocable authority to the bank for debiting their account with the amount of claims received from the beneficiary with incidentals, if any. Guarantees to cover disputed liability of the borrower will invariably be issued with 100 % cash margin. in the case of BGs issued for drawing work / mobilization advance the amount so drawn by the borrower shall not be used for any purpose other than execution of the concerned project / contract. The borrower shall submit to the bank monthly statements regarding utilization of such advance drawn, progress in implementation of the contract / works, etc. undertaken by him. All assets moveable / immovable acquired out of the advance so drawn shall stand charged to the bank. All the assets equipment, stores, materials, etc lying at the various work sites shall stand hypothecated to the bank. All the contract receipts of the borrower in respect of the contract for which the bank has issued guarantees should be routed through the bank. The borrower should execute an irrevocable Power of Attorney in favour of the Bank authorizing it to collect the amount in respect of work / contract executed by him from time to time.

STATEMENT OF NET WORTH AS ON 31^ST MARCH 2007

Name of the Managing Director : Mr. Manohar Keshava Kamath

Details of Assets owned [A]

	Book value [Rs. In Millions]
1 ] Immovable Property
a) Garage [approx. 200 sq. ft.] at Vishal Co-op Housing Society, Amarmahal, Chembur	0.010
b) Residential Property [approx 1350 sq. ft.] at Bunglow No. 3, Mount View CHS, Sion Trombay Road, Mankhurd	0.186
2] Investments
a) Savings Bank	0.140
b) Provident Fund	Nil
c) Bonds / Debentures	0.012
d) Shares	1.477
e) Life Insurance Policies	0.374
f) Jewellries	0.057
g) Others	1.599
h) Loans given	0.050
i) Debtors	0.017
j) Cash in hand	0.323
Total [A]	4.244
Details of Loans Outstanding [B]
1) Loans from Banks and Financial Institutions	0.446
2) Personal Loans taken	Nil
Total [B]	0.446
Net Worth [A-B] = [C]	3.798

Name of the Director : Mr. Nikhil Manohar Kamath

Details of Assets owned [A]

	Book value [Rs. In Millions]
1 ] Immovable Property
70 % Share in Raw House [approx. 1650 sq.ft.] at No. 8, C/II, Kille Gaothan, CBD Belapur	0.349
2] Investments
a) Savings Bank	0.038
b) Provident Fund	Nil
c) Bonds / Debentures	Nil
d) Shares	0.320
e) Life Insurance Policies	0.058
f) Others	0.054
g) Debtors	0.025
h) Cash in hand	0.264
Total [A]	1.108
Details of Loans Outstanding [B]
1) Loans from Banks and Financial Institutions	Nil
2) Personal Loans taken	0.051
Total [B]	0.051
Net Worth [A-B] = [C]	1.057

Name of the Director : Mr. Kamal Manohar Kamath

Details of Assets owned [A]

	Book value [Rs. In Millions]
1 ] Immovable Property
30 % Share in Raw House [approx. 1650 sq.ft.] at No. 8, C/II, Kille Gaothan, CBD Belapur	0.149
2] Investments
a) Savings Bank	0.079
b) Provident Fund	0.160
c) Bonds / Debentures	Nil
d) Shares	0.817
e) Life Insurance Policies	0.076
f) Others	0.371
g) Cash in hand	0.109
Total [A]	1.761
Details of Loans Outstanding [B]
1) Loans from Banks and Financial Institutions	Nil
2) Personal Loans taken	Nil
Total [B]	Nil
Net Worth [A-B] = [C]	1.761

ANALYSIS OF BALANCE SHEET

Particulars	31.03.2009 [Projected]
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis] Note : Bills negotiated under LC should be excluded
Bank Borrowings – From the Bank	3.000
Bank Borrowings – From other Bank
Sub Total	3.000
Short term borrowings from Others
Creditors for purchases	1.800
Advances / payments from customers / deposits from dealers	0.200
Provisions
- Tax	0.300
- Others	--
Dividends Payable	--
Statutory liabilities due within one year	--
Installments of term loans / DPGs / debentures, etc [due within one year]
Deposits
Other Current Liabilities due within one year	0.000
Total Current Liabilities	5.300
Term Liabilities
Debentures	--
Preference share capital	--
Dealer’s Deposits
Deferred tax Liability	-
Term Loans	--
Term Deposits	--
Unsecured Loans [Quasi Equity]	--
Other Term Liabilities	--
Total term Liabilities	0.00
TOTAL OUTSIDE LIABILITIES	5.300
NET WORTH
Equity Share Capital
Share Capital [Paid –up]	2.500
Share Application [finalized for allotment]
Sub Total [Share Capital]	2.500
General Reserve	0.700
Revaluation Reserve
Other Reserve and Surplus
Partners capital
Share Premium
Capital subsidy
Others
Balance in P & L Account	2.400
NET WORTH	5.600
TOTAL LIABILITIES	10.900
ASSETS
Current Assets
Cash and bank Balance	0.200
Investments
Government and other trustee securities	--
Fixed deposits with Banks	1.200
Others	--
Receivables	2.000
Receivables other than deferred and exports [Domestic]	--
Export Receivables	--
Inventory
Raw Materials – Imported	3.200
Raw Materials – Indigenous	1.200
Work in process	--
Finished goods [including traded Goods]	--
Other consumable spares – imported	--
Indigenous	--
Sub Total [Inventory]	4.400
Advances to suppliers	--
Advance payment of tax	0.800
Other Current Assets
Total current assets	8.600
Fixed Assets	--
Gross Block	3.800
Less : Accumulated Depreciation	2.800
Net Block	1.00
Capital work in progress	--
Non – current Assets	--
Investments / book / debts / advances / deposits which are not Current Assts
Investments in Group concerns	--
Loans to Group concerns / Advances to subsidiaries	--
Investments in others	1.100
Advances to suppliers of capital goods and contractors	--
Deferred receivables [maturity exceeding one year]	--
Debtors > 6 months	--
Others [Loans and Advances non current in nature, ICD’s etc]	0.200
Deferred Tax Assets	--
Other Non – current Assets	--
TOTAL NON CURRENT ASSETS	1.300
Intangible Assets Goodwill, Patents and trademarks
Accumulated Losses, Preliminary expenses, Miscellaneous expenditure not w/off, Other deferred revenue expenses
TOTAL ASSETS	10.900
TANGIBLE NETWORTH	5.600

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED

Particulars	31.03.2009 [Projected]
Gross Sales
- Domestic	24.000
- Export
Sub Total [Gross Sales]	24.000
Less Excise Duty	1.100
Net Sales	22.900
% wise rise / fall in net sale as compared to previous year	139.300
Other Operating Income
Export Inventive	--
Duty Drawback	--
Others	--
	--
Total Operating Income	22.900
Cost of Sales
Raw Materials consumed
I] Imported	--
II] Indigenous	18.000
Power and fuel
Direct labour and wages	1.300
Other manufacturing expenses	0.300
Depreciation	0.100
Sub Total	19.700
Add : Op. Stock of WIP	0.700
Less : Cl. Stock of WIP	1.200
Total Cost of Production	19.200
Add Opening Stock of Finished Goods	--
Less : Cl. Stock of Finished Goods	--
Total Cost of Sales	19.200
Selling, Gen and Administration Expenses	2.900
Cost of sales + SGA	22.100
Operating profit before interest	0.800
Interest	0.200
Operating Profit after Interest	0.600
Non Operating Items	--
Add Non Operating Income	--
Profit on sale of assets / investments	--
Investments and Dividend	--
Forex gains	--
Non – op income from subsidiaries	--
Tax Refund
Other Non Operating Income	0.300
Total non – operating Income	0.300
Deduct Non Operating Expenses
Loss on sale of assets	--
Prem. Expenses w/off	--
Other Non – operating expenses	--
Total non – operating expenses	0.000
Net of Non operating income / Expenses	0.300
Profit Before Tax	0.900
Provision for Taxation	--
Current	0.000
Deferred	--
Sub total : Provision for taxation	0.000
Net Profit After Tax	0.900
Extraordinary Items	0.000
Adjusted PAT[Excl Extraordinary Items]	0.900
Dividend Paid
On Equity Capital	--
On Preference Sh. Capital	--
Dividend Tax
Partners Withdrawal	--
Dividend [%]	--
Retained Profit	0.900
Cash Accruals	1.000

STATEMENT OF INCOME

Mr. Nikhil Manohar Kamath

Rs in million

Particulars	Amount	Amount	Amount
Income from Salaries
Employer 1: Kamran Power Control Private Limited
Salary as per Form 16 (Schedule 1)	0.180
Salary from employer 1	0.180
Employer 2 : Antler Electronics
Salary as per Form 16 (Schedule 2)	0.130
Salary from employer 2	0.130
Total Salary		0.310
Income chargeable under the head “Salaries”			0.310
Income from other sources
Bank Interest		0.001
Income chargeable under the head “other sources”			0.001
Gross Total Income			0.311
Dedications under chapter VI-A
Investment u/s 80C, CCC, CCD
Life Insurance premium	0.028
School Fees	0.026
Birla Sunlife Tax Relief 1996	0.015
HDFC Tax Gain Fund	0.015
S.B.I. Tax Gain Fund	0.015
Total investment subject to ceiling u/s 80CCB			0.099
Total Income			0.212
Total Income rounded off u/s 288A			0.212
Tax on total income			0.016
Add – Education cess			0.000
Tax with cess			0.017
Net Tax			0.017
Interest u/s 234B		0.001
Interest u/s 234C		0.001	0.001
Net tax payable			0.018
Self assessment tax paid			0.018
Balance tax payable			0.000
Schedule 1
Salary as per Form 16
Gross salary as per form 16		0.180
Net Salary		0.180
Schedule 2
Salary as per Form 16		0.130
Gross salary as per form 16		0.130
Net Salary
Schedule 3
Self Assessment tax paid
Name of the Bank Branch and BSR Code	Date of deposit *	Serial no. of * Challan	Amount
Canara Bank, Chembur Branch - 0240038	21-Jun-2008		0.018

Mrs. Kamal Manohar Kamath

Rs in million

Particulars	Amount	Amount	Amount
Profit and gains of Business or Profession
Business 1 : Computer soft Aid
Net Profit before tax as per P & L A/c		0.405
Add – Inadmissible expenses and Income not included
Depreciation debited in P / L A / C		0.065
Adjusted Profit from Business 1		0.470
Total Income from Business and profession		0.470
Less : Depreciation as per IT Act		0.065
Income chargeable under the head “Business and Procession”			0.405
Income from other sources
Bank Interest		0.001
Dividends exempt u/s 10 [34]		0.000
Interest Received on Loans		0.048
Income chargeable under the head “other sources”			0.049
Gross Total Income			0.454
Dedications under chapter VI-A
80D : Mediclaim Policy		0.015
Investment u/s 80C, CCC, CCD
Life Insurance premium	0.037
PPF	0.005
ICICI Prudential L.I.P.	0.050
Total investment subject to ceiling u/s 80CCB		0.092	0.107
Total Income			0.347
Total Income rounded off u/s 288A			0.347
Tax on total income			0.050
Add – Education cess			0.001
Tax with cess			0.051
Net Tax		0.053
TDS
Prepaid taxes			0.053
Refund Due			0.002

M/S COMPUSOFT AID

[Proprietor : Mrs. Kamal Manohar Kamath]

CAPITAL ACCOUNT FOR THE YEAR ENDED 31^ST MARCH 2008

Particulars	Rs. In Millions	Particulars	Rs. In Millions
To Personal Drawing	0.397	By Balance B/D	0.314
To L.I.P. Paid	0.037	By Additional Capital	0.113
To Income Tax Paid	0.015	By Medical Reimbursement	0.090
To Credit Card -SCB	0.017
To ICICI Prudential L.I.P	0.050
To P.P.F	0.005
To Mediclaim	0.016
To T.D.S	0.053
		By Net Profit B/D	0.405
By Balance C/d	0.332
Total	0.922	Total	0.923

BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.332
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.332
LOAN FUNDS
1] Secured Loans		0.044
2] Unsecured Loans		0.050
TOTAL BORROWING		0.094
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.426
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.377
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.052
	Cash & Bank Balances	0.022
	Other Current Assets	0.000
	Deposits for Air Conditioner	0.003
	Loans & Advances	0.000
Total Current Assets		0.077
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.028
	Provisions	0.000
Total Current Liabilities		0.028
Net Current Assets		0.049
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.426

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2008
Services Charges Received		0.360
Other Income		0.408
Total Income		0.768
Profit/(Loss) Before Tax		0.405
Provision for Taxation		0.000
Profit/(Loss) After Tax		0.405
Expenditures :
	Telephone Charges	0.031
	Donation	0.065
	Sundry Expenses	0.010
	Salaries	0.085
	Interest on Motor Car Loan	0.007
	Motor Car Insurance	0.009
	Depreciation & Amortization	0.065
	Other Expenditure	0.091
Total Expenditure		0.363

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.50.03
UK Pound	1	Rs.74.42
Euro	1	Rs.62.71

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	6
--PROFITABILIRY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	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