MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	L AND S EQUIPMENT PRIVATE LIMITED
Registered Office :	25 Chanditala Branch Road, Kolkata 700053, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.10.1966
Com. Reg. No.:	026929
Capital Investment / Paid-up Capital :	Rs.3.100 millions
CIN No.: [Company Identification No.]	U29248WB1966PTC026929
TAN No.: [Tax Deduction & Collection Account No.]	CALL01836C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Transformers
No. of Employees :	30 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 37300
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Nirvan
Designation :	Accountant
Contact No.:	91-33-24032388
Date :	03.12.2011

LOCATIONS

Registered Office /Factory :	25 Chanditala Branch Road, Kolkata 700053, West Bengal, India
Tel. No.:	91-33-24032388
Mobile No.:	91-9433057922 (Mr.Partha Mukharji)
E-Mail :	lsequipment@hotmail.com
Website :	www.lsequipment.com
Area :	10000 sq.ft
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Rabindranath Mukherjhee
Designation :	Director
Date of Appointment :	09.12.1998
DIN No.:	02467016

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74210WB1985PTC038964	R.P.J. Mukherjee Private Limited	Director	20/05/1985	20/05/1985	-	Active	YES
2	U29248WB1966PTC026929	L and S Equipment Private Limited	Director	09/12/1998	09/12/1998	-	Active	NO

Name :	Mr. Joydeep Mukherjhee
Designation :	Director
Date of Appointment :	09.12.1998
Name :	Mr. Partho Mukherjhee
Designation :	Director
Date of Appointment :	09.12.1998
DIN No.:	01449133

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74210WB1985PTC038964	R.P.J. Mukherjee Private Limited	Director	20/05/1985	20/05/1985	-	Active	YES
2	U29248WB1966PTC026929	L and S Equipment Private Limited	Director	09/12/1998	09/12/1998	-	Active	NO

Name :	Mrs. Seema Mukherjhee
Designation :	Director
Date of Appointment :	09.12.1998
DIN No.:	02496214

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74210WB1985PTC038964	R.P.J. Mukherjee Private Limited	Director	20/05/1985	20/05/1985	-	Active	YES
2	U29248WB1966PTC026929	L and S Equipment Private Limited	Director	09/12/1998	09/12/1998	-	Active	NO

Name :	Mrs. Debjani Mukherjhee
Designation :	Director
Date of Appointment :	09.12.1998

KEY EXECUTIVES

Name :	Mr. Nirvan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Rabindranath Mukherjhee	19743
Joydeep Mukherjhee	5830
Partho Mukherjhee	829
Seema Mukherjhee	2786
Debjani Mukherjhee	906
Maitrayee Mukherjhee	906
Total	31000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transformers
Terms :
Selling :	Cash, Credit (45-60 Days)
Purchasing :	L/C, Cash, Credit (45-60 Days)

GENERAL INFORMATION

Customers :

· Distributors

· End Users

· Wholesaler

· Kolkata Electricity Supply Corporation Limited

· A to Z Engineering and Services Limited

No. of Employees :

30 Approximately

Bankers :

· Allahabad Bank, South Kolkata Branch, 111A and B, S P Mukherjee Road, Kolkata 700026, West Bengal, India

· State Bank of India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Overdraft with Allahabad Bank Against FD	2.998	2.953
C/C with Allahabad Bank against hypothecation of stock and book debts	11.914	8.867
TML Financial Service Limited against truck	0.000	0.123
Car loan with Indus Ind Bank Limited	0.000	0.024
Total	14.912	11.967
UNSECURED LOAN
Rabindranath Mukherjhee	2.374	2.372
Joydeep Mukherjhee	0.105	0.083
Partho Mukherjhee	0.020	0.019
Seema Mukherjhee	0.075	0.045
Debjani Mukherjhee	0.217	0.241
Maitrayee Mukherjhee	0.175	0.173
Total	2.966	2.933

Banking Relations :	--
Auditors :
Name :	S S Sen and Company Chartered Accountant8E, Kolkata 700013, West Bengal, India
Address :	2, Ganesh Chandra Avenue, 8^th Floor, Room No. 8D and
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs. 100 each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31000	Equity Shares	Rs. 100 each	Rs.3.100 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	73.000

Expected Sales (2011-2012) : Rs.70.000 millions

The above information has been parted by Mr. Nirvan

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.100	3.100	3.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.225	5.111	3.426
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.325	8.211	6.526
LOAN FUNDS
1] Secured Loans		14.912	11.967	8.401
2] Unsecured Loans		2.966	2.933	3.428
TOTAL BORROWING		17.878	14.900	11.829
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		27.203	23.111	18.355
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.948	2.046	1.959
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.421	8.956	6.338
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.937	3.001	5.350
	Sundry Debtors	12.907	11.391	18.184
	Cash & Bank Balances	6.057	15.091	7.473
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.597	3.511	2.287
Total Current Assets		35.498	32.994	33.294
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.963	17.887	21.985
	Other Current Liabilities	1.911	0.678	0.409
	Provisions	2.790	2.320	0.842
Total Current Liabilities		20.664	20.885	23.236
Net Current Assets		14.834	12.109	10.058
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.203	23.111	18.355

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	57.715	74.405	76.204
		Other Income	0.969	0.638	0.396
		TOTAL (A)	58.684	75.043	76.600
Less	EXPENSES
		Cost of Materials	42.415	50.757	54.801
		Manufacturing Expenses	6.654	7.773	6.046
		Increase/(Decrease) in Finished Goods	(1.304)	0.804	(1.654)
		Excise Duty – Including MODVAT	4.103	7.606	10.126
		Administrative Expenses	3.134	2.944	2.365
		TOTAL (B)	55.002	69.884	71.684
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.682	5.159	4.916
Less	FINANCIAL EXPENSES (D)		1.635	1.463	1.302
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.047	3.696	3.614
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.464	0.533	0.477
	PROFIT BEFORE TAX (E-F) (G)		1.583	3.163	3.137
Less	TAX (H)		0.469	1.478	0.700
	PROFIT AFTER TAX (G-H) (I)		1.114	1.685	2.437
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.111	0.926	0.989
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	2.500	2.500
		Dividend
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		0.225	0.111	0.926
	Earnings Per Share (Rs.)		35.93	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.89	2.24	3.18
Net Profit Margin (PBT/Sales)	(%)	2.74	4.25	4.11
Return on Total Assets (PBT/Total Assets}	(%)	4.22	9.02	8.89
Return on Investment (ROI) (PBT/Networth)		0.16	0.38	0.48
Debt Equity Ratio (Total Liability/Networth)		4.13	4.35	5.37
Current Ratio (Current Asset/Current Liability)		1.71	1.57	1.43

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Plant and Machinery

· Type Writer

· Office Equipments

· Computer

· A C Machine

· Mibile Phone

· Tools

· Tube Well

· Motor Car

· Furniture and Fixture

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
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	No
17) Major suppliers	No
18) Major customers	Yes
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	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10
PAID-UP CAPITAL	1~10
OPERATING SCALE	1~10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10
--PROFITABILIRY	1~10
--LIQUIDITY	1~10
--LEVERAGE	1~10
--RESERVES	1~10
--CREDIT LINES	1~10
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL

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.