MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	ELECTROLAB (INDIA) PRIVATE LIMITED
Registered Office :	401, Tirupati Industrial Estate, I.B. Patel Road, Off, Western Express Highway, Goregaon Mumbai-400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.08.2002
Com. Reg. No.:	11-136735
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U33110MH2002PTC136735
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Testing Equipments.
No. of Employees :	120 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. NOTE: The business of Electrolab has been transferred to its sister concern ‘Electrolab India Private Limited’ w.e.f. 1^st April, 2011.

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 :	Mrs. Usha
Designation :	Chief Admin
Contact No.:	91-22-40413131
Date :	17.11.2011

LOCATIONS

Registered Office / Factory 1 :	401, Tirupati Industrial Estate, I.B. Patel Road, Off, Western Express Highway, Goregaon Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-40413131
Mobile No.:	91-9322403322 (Mrs. Usha) 91-9821040280 (Mr. Amit Marfatiya)
Fax No.:	91-22-26863727
E-Mail :	sales@electrolabindia.com admin@electrolabindia.com
Website :	http://electrolabindia.com
Location :	Owned
Factory 2 :	EL – 23 and 24, Near DNA Press, Mahape, New Mumbai-400701, Maharashtra, India.
Tel. No.:	91-22-65296783/ 41613131
Fax No.:	91-22-41613199
Location :	Owned
USA Branch :	Pharma Alliance Group
Tel. No.:	+ 1(202) 5365489
E-Mail :	usa@electrolabindia.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Amit Trikamlal Marfatia

Designation :

Director

Address :

26/A, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

15.08.1949

Date of Appointment :

06.08.2002

Din No.:

00096827

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33110MH2002PTC136735	ELECTROLAB (INDIA) PRIVATE LIMITED	Whole-time director	01-04-11	06-08-02	Active	NO

Name :

Mr. Bharat Kanubhai Zaveri

Designation :

Director

Address :

B-1, Queen’s View, 28/30, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

12.03.1961

Date of Appointment :

06.08.2002

Din No.:

00096935

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33110MH2002PTC136735	ELECTROLAB (INDIA) PRIVATE LIMITED	Whole-time director	01-04-11	06-08-02	Active	NO

Name :

Mrs. Amita Amit Marfatia

Designation :

Director

Address :

26/A, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

18.06.1952

Date of Appointment :

16.08.2002

Din No.:

00097026

Name :

Mrs. Parul Bharat Zaveri

Designation :

Director

Address :

B-1, Queen’s View, 28/30, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

10-01-1968

Date of Appointment :

16.08.2002

Din No.:

00097046

Name :

Mr. Ankit Amit Marfatia

Designation :

Director

Address :

26/A, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

24.12.1984

Date of Appointment :

06.08.2002

Din No.:

00096989

Name :

Mr. Aditya Amit Marfatia

Designation :

Director

Address :

26/A, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

31.01.1979

Date of Appointment :

20.01.2010

Din No.:

02907832

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33110MH2002PTC136735	ELECTROLAB (INDIA) PRIVATE LIMITED	Whole-time director	01-04-11	20-01-10	Active	NO

KEY EXECUTIVES

Name :	Mrs. Usha
Designation :	Chief Admin

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Amit Trikamlal Marfatia	25000
Bharat Kanubhai Zaveri	992500
Amita Amit Marfatia	470000
Parul Bharat Zaveri	7500
Ankit Amit Marfatia	5000
Aditya Amit Marfatia	500000
TOTAL	2000000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Testing Equipments.
Products :	Dissolution Tester Media Preparator Suppository Disintegration Tester Bottle Rotating Apparatus Disintegration Tester Friability Tester Leak Tester Tap Density Tester Electromagnetic sieve shaker Peristaltic Pumps Tablet Hardness Tester Tablet Testers Bottle Torque Tester Powder Flow Tester Washers Cleaning Agents and Disinfectants Lab Scale Granulating Equipments
Brand Names :	ELECTROLAB
Exports :
Products :	Pharmaceutical Testing Equipments
Countries :	· USA · Japan · Italy · Vietnam · Bangladesh
Imports :
Products :	Raw Material
Countries :	· Korea · China · Taiwan
Terms :
Selling :	L/C / Cash and Credit [30 and 60 days]
Purchasing :	L/C / Cash and Credit [30 and 60 days]

GENERAL INFORMATION

Customers :	End Uses and OEM’s
No. of Employees :	120 [Approximately]
Bankers :	· CITI Bank, Dr. D N Road Branch, Andheri (East) · Bank of Baroda, Valkeshwar Branch · Kotak Mahindra Bank

Banking Relations :	--
Auditors :
Name :	R.V. Patwa and Company Chartered Accountants
Address :	404, Seta Kutir, C.D. Barfiwala Marg, Andheri (West), Mumbai-400058, Maharashtra, India
Tel. No.:	91-22-26287681
Mobile No.:	91-9869636854
E-Mail :	rajeshpatwa@gmail.com
Pan No.:	AABPP5793N

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.520	8.400	6.348
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.520	12.400	10.348
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		167.250	62.350	35.550
TOTAL BORROWING		167.250	62.350	35.550
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		200.770	74.750	45.898
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.917	43.855	42.843
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.222	0.298	0.263
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.961	18.032	0.000
	Sundry Debtors	92.745	8.839	0.000
	Cash & Bank Balances	25.277	4.572	2.084
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.402	11.902	4.775
Total Current Assets		147.385	43.345	6.859
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.803	8.799	1.012
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	12.954	3.954	3.063
Total Current Liabilities		44.757	12.753	4.075
Net Current Assets		102.628	30.592	2.784
MISCELLANEOUS EXPENSES		0.003	0.005	0.008
TOTAL		200.770	74.750	45.898

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		22.879	0.000
		Other Income		4.750	7.005
		TOTAL (A)	216.294	27.629	7.005
Less	EXPENSES
		Office Expenses
		Administrative Expenses	186.099	19.611	3.151
		Advertising Expenses
		TOTAL (B)	186.099	19.611 [Including Financial Expenses]	3.151
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	8.018	3.854
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	5.100	1.534
	PROFIT BEFORE TAX (E-F) (G)		30.195	2.918	2.320
Less	TAX (H)		9.000	0.864	(0.066)
	PROFIT AFTER TAX (G-H) (I)		21.195	2.054	2.386
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	6.348	3.963
Less	APPROPRIATIONS
		Income tax paid	NA	0.000	0.001
		Excess provision written off	NA	0.002	0.001
	BALANCE CARRIED TO THE B/S		NA	8.400	6.348
	EARNINGS IN FOREIGN CURRENCY
		Sales	46.016	11.740	NA
		Commission Received	0.419	3.761	NA
	TOTAL EARNINGS		46.435	15.501	NA
	Earnings Per Share (Rs.)		52.99	5.14	5.97

Expected Sales (2011-12) : Rs.300.000 Millions.

The above information has been parted by Mrs. Usha.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.80	7.43	34.06
Net Profit Margin (PBT/Sales)	(%)	NA	12.75	0.00
Return on Total Assets (PBT/Total Assets}	(%)	12.31	3.35	4.67
Return on Investment (ROI) (PBT/Networth)		0.90	0.23	0.22
Debt Equity Ratio (Total Liability/Networth)		6.32	6.06	3.83
Current Ratio (Current Asset/Current Liability)		3.29	3.40	1.68

LOCAL AGENCY FURTHER INFORMATION

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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	--

FIXED ASSETS:

· Land

· Factory Building

· Computer Including Software

· Plant and Machinery

· Furniture and Fixtures

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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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	5
--PROFITABILIRY	1~10	5
--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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--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	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.