MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Name :	PRATISHNA ENGINEERS
Registered Office :	A1 to A4, Vaibhav Industrial Estate, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.05.1991
PAN No.: [Permanent Account No.]	AAAFP3201E
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Injection Moulding Machines and Finished Components.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed concern having satisfactory track. Proprietor is reported to be experienced, respectable and having satisfactory means. The networth statement appears to be satisfactory. Trade relations are reported as fair. Payments are reported to be usually made as per commitments. It would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Prashant
Designation :	General Manager
Contact No.:	91-9969038542
Date :	31.01.2011

LOCATIONS

Registered Office/ Factory :	A1 to A4, Vaibhav Industrial Estate, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-66970281/ 82
Mobile No.:	91-9320078346 (Mr. Nandkumar R. Kushe) 91-9969038542 (Mr. Prashant)
Fax No.:	91-22-66970284
E-Mail :	info@pratishnaenginears.com
Website :	http://www.pratishnamachiner.com
Area :	2600 sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Nandkumar R. Kushe
Designation :	Partner
Date of Birth/Age :	47 years
Qualification :	B. E. (Mechanical/ Electrical)
Name :	Mrs. Pratibha R. Kushe
Designation :	Partner
Date of Birth/Age :	72 years
Qualification :	Under Graduate

KEY EXECUTIVES

Name :	Mr. Prashant
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Nandkumar Kushe	90.00%
Pratibha Kushe	10.00%
Total	100.00%

BUSINESS DETAILS

Line of Business :	Manufacturer of Injection Moulding Machines and Finished Components.
Products :	Injection Moulding Machines and Parts.
Brand Name :	“PRATISHNA”
Exports :
Products :	Injection Moulding Machines
Countries :	African Countries
Imports :
Products :	Hydro Motors
Countries :	China
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers and OEM’s

· A P Products

· Avanti Industries

· Avlight Automotive Limited

· B and B Industries

· Creative Plastic

· International Industries

· Om Plastic

· Precision Moulds and Mouldings

· Prime Industries

· Raj Plastics

· Sanghvi Polymers

· Standard Plastics

· Tulsi Plastic Industries

· Vishvan Industries

Suppliers :

· Aarti Engineering Works

· Air Technology Systems

· Ambica Enterprises

· Analyte Automation

· Blessy Engineering Works

· Commercial Corporation Company

· D M L Honed Tubes

· Devanshi Automation

· Devanshi Electronics

· Devkishin Holding Company

· Electro Brite Metal Treat Private Limited

· Enco Tools and Equipments

· Falls Industries In-corporation

· FGB Manufacturing Company

· Geeta Industries

· Gulshan enterprises

· H J Corporation

· Haris Sensor Technologies Private Limited

· Heatreaters and Engineers

· Jay Industries

· M R Engineering company

· Met-Treat and company

· Nath International corporation

· Om Electric Corporation

No. of Employees :

50

Bankers :

· Corporation Bank

Chembur Branch, Mumbai, Maharashtra, India

· HDFC Bank

· The United Western Bank

· ICICI Bank Limited

· Bank of Maharashtra

· Indian Overseas Bank

· The Kunbi Co-op. Bank Limited

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Corporation Bank CC A/C	4.891	28.367
Corporation Bank Term Loan	0.000	0.333
HDFC Car Loan	0.000	0.089
HDFC Loan - Mercedez	1.642	0.000
HDFC Car Loan – Zylo	0.542	0.690
Total	7.075	29.479
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Fitwell Storage	0.000	0.030
Parleshwar Finance and Investment Services Private Limited	0.000	0.150
Mrs. N. Kushe	0.000	0.100
Total	0.000	0.280

Banking Relations :	--
Auditors :
Name :	Mr. Dhanesh Kumar Udayavar Chartered Accountant
Address :	52, ABC Telwala, G. D. Ambekar Marg, Naigaum, Dadar (East), Mumbai – 400014, Maharashtra, India
Associates/Subsidiaries :	· Omkar Sales Private Limited Chermbur, Mumbai, Maharashtra, India (Trader of Engineering Parts)

CAPITAL STRUCTURE

PARTNERS FIXED CAPITAL ACCOUNT

(RS. IN MILLIONS)

Name of Partners	Opening Balance	Additions	Withdrawals	Closing Balance
Mr. Nandkumar Kushe	0.010	--	--	0.010
Mrs. Pratibha Kushe	0.010	--	--	0.010
Total	0.020	--	--	0.020

PARTNERS CURRENT ACCOUNTANT

(RS. IN MILLIONS)

Name of Partners	Opening Balance	Additions	Revaluation of Assets	Withdrawals	Remuneration to Partners	Interests on Capital	Share of Profit	Closing Balance
Mr. Nandkumar Kushe	(16.793	1.870	4.500	3.288	1.000	--	0.364	21.239
Mrs. Pratibha kushe	1.221	--	--	0.148	--	0.147	0.364	1.583
Total	18.014	1.870		3.436	1.000	0.147	0.728	22.822

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FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Partners Fixed Capital Accounts		0.020	0.020	0.020
2] Partner Current Account		22.822	18.014	0.858
3] Share Application Money		0.000	0.000	0.000
4] Reserves & Surplus		0.000	0.000	0.000
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.842	18.034	0.878
LOAN FUNDS
1] Secured Loans		7.075	29.479	4.791
2] Unsecured Loans		0.000	0.280	0.280
TOTAL BORROWING		7.075	29.759	5.071
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.917	47.793	5.949
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.610	28.523	8.688
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.054	0.283	0.254
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.142	24.051	12.746
	Sundry Debtors	10.458	5.899	6.756
	Cash & Bank Balances	8.729	8.033	1.639
	Other Current Assets	0.293	0.077	0.022
	Loans & Advances	4.096	4.359	4.410
Total Current Assets		55.718	42.419	25.573
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	16.921	13.983	28.200
	Other Current Liabilities	44.577	8.717	0.366
	Provisions	0.967	0.732
Total Current Liabilities		62.465	23.432	28.566
Net Current Assets		(6.747)	18.987	(2.993)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		29.917	47.793	5.949

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales Turnover	49.868	30.738	32.106
		Excise Duty	1.159	1.617	2.509
		Other Income	0.885	0.230	1.697
		TOTAL (A)	51.912	32.585	36.312
Less	EXPENSES
		Cost of Goods Sold	33.121	22.131	25.320
		Miscellaneous Expenses	0.031	0.091	0.056
		Salaries, Wages, Bonus, etc.	1.856	1.057	1.352
		Insurance Expenses	0.000	0.000	0.063
		Other Expenditure	13.391	6.941	7.930
		TOTAL (B)	48.399	30.220	34.721
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.513	2.365	1.591
Less	FINANCIAL EXPENSES (D)		0.824	0.592	0.619
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.689	1.773	0.972
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.526	0.870	0.694
	PROFIT BEFORE TAX (E-F) (G)		1.163	0.903	0.278
Less	TAX (H)		0.435	0.433	0.000
	PROFIT AFTER TAX (G-H) (I)		0.728	0.470	0.278

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.40	1.44	0.77
Net Profit Margin (PBT/Sales)	(%)	2.33	2.94	0.87
Return on Total Assets (PBT/Total Assets}	(%)	1.26	1.27	0.81
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.32
Debt Equity Ratio (Total Liability/Networth)		3.04	2.95	38.31
Current Ratio (Current Asset/Current Liability)		0.89	1.81	0.90

LOCAL AGENCY FURTHER INFORMATION

PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

Particular	31-03-2011	31-03-2012	31-03-2013	31-03-2014	31-03-2015
	(PROJECTIONS)
Capacity Utilization	0.000	0.000	0.000	0.000	0.000
Gross Sales – Domestic	120.000	180.000	200.000	200.000	200.000
Gross Sales – Export	0.000	0.000	0.000	0.000	0.000
Gross Sales – Total	120.000	180.000	200.000	200.000	200.000
Less Excise Duty	3.600	5.400	6.000	6.000	6.000
Net Sales	116.400	174.600	194.000	194.000	194.000
% age rise / fall in net sales as compared to the previous year	--	--	--	--	--
Other Operating Income
Export Incentives	0.000	0.000	0.000	0.000	0.000
Others	1.200	1.500	0.000	0.000	0.000
Other Operating Income - Total	1.200	1.500	0.000	0.000	0.000
Total Operating Income	117.600	176.100	194.000	194.000	194.000
Cost of Sales
Raw Materials Consumed:
- Imported	0.000	0.000	0.000	0.000	0.000
-Indigenous	87.600	110.000	120.000	120.000	120.000
Stores Consumed	0.000	0.000	0.000	0.000	0.000
Power and Fuel	1.000	2.000	2.500	2.500	2.500
Direct Labour and Wages	14.500	38.000	50.000	50.000	50.000
Other Mfg Expenses	1.000	1.800	2.500	2.500	2.500
Depreciation	2.000	2.500	2.500	2.500	2.500
Sub Total	106.100	154.300	177.500	177.500	177.500
(Inc)/ Dec in WIP	0.000	0.000	0.000	0.000	0.000
(Inc)/Dec in FG	0.000	0.000	0.000	0.000	0.000
Total Cost of Sales	106.100	154.300	177.500	177.500	177.500
Selling, General and Administration Exp	5.000	10.000	0.000	0.000	0.000
Operating Profit before Interest	6.500	11.800	16.500	16.500	16.500
Interest:
- on working capital	1.500	2.400	2.400	2.400	2.400
- on Term Loans	2.500	3.800	2.700	1.600	0.800
Sub - Total	4.000	6.200	5.100	4.000	3.200
Operating Profit After Interest	2.500	5.600	11.400	12.500	13.300
Non-Operating Income	0.000	0.000	0.000	0.000	0.000
Non-Operating Expenses	0.000	0.000	0.000	0.000	0.000
Net of Non-Operating Income and Expenses	0.000	0.000	0.000	0.000	0.000
Profit Before Tax	2.500	5.600	11.400	12.500	13.300
Provision for taxation:
Tax provision Current	1.000	2.000	4.000	4.000	4.000
Tax provision Deferred	0.000	0.000	0.000	0.000	0.000
Sub Total	1.000	2.000	4.000	4.000	4.000
Profit After Tax	1.500	3.600	7.400	8.500	9.300
Dividend	0.000	0.000	0.000	0.000	0.000
Cash Profit	3.500	6.100	9.900	11.000	11.800
Cash Profit plus Interest on Term Loan (A)	--	--	--	--	--
Installments due under Term Loans:
- Existing Term Loans	0.000	0.000	0.000	0.000	0.000
- Proposed Term Loans	12.800	17.300	9.600	3.200	0.000
Interest on Term Loans	2.500	3.800	2.700	1.600	0.800
Sub – Total (B)	15.300	21.100	12.300	4.800	0.800
DSCR A / B	--	--	--	--	--

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PROJECTED BALANCE SHEET

RS IN MILLIONS

Particular	31-03-2011	31-03-2012	31-03-2013	31-03-2014	31-03-2015
	(PROJECTIONS)
CURRENT LIABILITIES
Bank Borrowings
Installments of Term Loans/ Deferred Payment Credits/ Debentures/ Debentures/ Deposits/ redeemable preference Shares (Due within one year)	12.800	11.700	9.400	7.200	0.000
Credit for Purchases	28.000	35.000	35.000	25.000	25.000
Provision for Taxation	2.000	4.000	8.000	12.000	16.000
Other Current Liabilities	0.000	0.000	0.000	0.000	0.000
Sub Total (A)	58.400	70.700	72.400	64.200	61.000
TERM LIABILITIES
Debentures [not maturing within one year]	0.000	0.000	0.000	0.000	0.000
Preference Shares [Redeemable after 1 year]	0.000	0.000	0.000	0.000	0.000
Term loans [excluding installments  payable within one year]	26.400	17.300	9.600	3.200	0.000
Loans (Unsecured from Promoters)	0.000	0.000	0.000	0.000	0.000
Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000	0.000	0.000	0.000	0.000
Term deposit [repayable after one year]	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	55.000	100.000	100.000	100.000	100.000
Sub Total (B)	81.400	117.300	109.600	103.200	100.000
NET WORTH
Equity Share Capital	0.000	0.000	0.000	0.000	0.000
Partners Capital/ Capital Brought in by proprietor	24.300	26.800	36.300	42.400	46.300
Share Application Money	0.000	0.000	0.000	0.000	0.000
General Reserve	0.000	0.000	0.000	0.000	0.000
Shares Premium	0.000	0.000	0.000	0.000	0.000
Other reserve	0.000	0.000	0.000	0.000	0.000
Surplus [+] or deficit [-] in Profit and Loss Account	0.000	0.000	0.000	0.000	0.000
Other (Specify)	0.000	0.000	0.000	0.000	0.000
TOTAL NET WORTH (C)	24.300	26.800	36.300	42.400	46.300
TOTAL CAPITAL + LIABILITIES (A + B + C)	164.100	214.800	218.300	209.800	207.300
CURRENT ASSETS
Cash and Bank Balance	14.000	23.200	28.200	28.200	28.200
Investments	0.000	0.000	0.000	0.000	0.000
Receivable	20.000	30.000	50.000	40.000	40.000
INVENTORY
Raw Material Consumed, WIP and Consumable Spares	41.000	73.000	50.000	50.000	50.000
Advances Suppliers of Stores and Spares	0.000	0.000	0.000	0.000	0.000
Advances Payment of Taxes	2.700	4.700	8.700	12.700	12.700
Other Current Assets	1.000	1.000	1.000	1.000	1.000
Sub Total (A)	78.700	131.900	137.900	131.900	131.900
FIXED ASSETS
Gross Block (Land and Building, Machinery, Work-In-Progress)	87.400	35.400	82.900	80.400	77.900
Depreciation to date	2.000	2.500	2.500	2.500	2.5000
NET BLOCK	85.400	82.900	80.400	77.900	75.400
Capital WIP	0.000	0.000	0.000	0.000	0.000
Sub Total (B)	85.400	82.900	80.400	77.900	75.400
OTHER NON – CURRENT ASSETS
Investments/ book/ debts/ advances/ deposits which are not Current Assts
[a] Investments in Subsidiary companies/ affiliates	0.000	0.000	0.000	0.000	0.000
[b] Others	0.000	0.000	0.000	0.000	0.000
ii] Advances to suppliers of capital goods and contractors	0.000	0.000	0.000	0.000	0.000
iii] Deferred receivables [maturity exceeding one year]	0.000	0.000	0.000	0.000	0.000
iv] Others	0.000	0.000	0.000	0.000	0.000
Miscellaneous Deposits	0.000	0.000	0.000	0.000	0.000
Non consumables Stores and Spares	0.000	0.000	0.000	0.000	0.000
Other non – current assets including dues from directors (Deferred Tax Assets)	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS (C)	0.000	0.000	0.000	0.000	0.000
Intangible assets [Patents, goodwill, prelim, expenses, bad/ doubtful expenses Not provided for etc.] (D)	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	164.100	214.800	218.300	209.300	207.300

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PROJECTED CASH FLOW STATEMENT

(RS. IN MILLIONS)

Projected Cash Flow Statement	31-03-2012	31-03-2013	31-03-2014	31-03-2015
	(PROJECTIONS)
Sources of Cash
Profit before interest and tax less adjustments for non-cash revenues	11.800	16.500	16.500	16.500
Depreciation	2.500	2.500	2.500	2.500
Preliminary expenses written off	0.000	0.000	0.000	0.000
Loss on sale of Fixed Assets	0.000	0.000	0.000	0.000
Issue of Equity Shares	2.500	9.500	6.100	3.900
Issue of Preference Shares	0.000	0.000	0.000	0.000
Issue of Debentures	0.000	0.000	0.000	0.000
Raising of Long term loans	0.000	0.000	0.000	0.000
Raising of other Long term unsecured loans / deposits etc	45.000	0.000	0.000	0.000
Sale of fixed Assets	0.000	0.000	0.000	0.000
Increase in Current Liabilities	(151.800)	0.000	0.000	0.000
Decrease in Current Assets	0.000	0.000	6.000	0.000
Increase in Short term borrowings	0.000	0.000	0.000	0.000
Decrease in non-current assets / investments	0.000	0.000	0.000	0.000
Sub – Total (A)	(90.000)	28.500	31.100	22.900
Increase in Deferred Tax Liability	0.000	0.000	0.000	0.000
Applications of Cash
Redemption of redeemable Preference Shares	0.000	0.000	0.000	0.000
Redemption of Debentures	0.000	0.000	0.000	0.000
Repayment of Long Term Loans	9.100	7.700	6.400	3.200
Repayment of long term unsecured loans / deposits etc	0.000	0.000	0.000	0.000
Purchase of Fixed Assets	0.000	0.000	0.000	0.000
Decrease in Current Liabilities	0.000	2.300	12.200	7.200
Increase in Current Assets	44.000	1.000	0.000	0.000
Increase in non-current assets / investments	0.000	0.000	0.000	0.000
Interest paid	6.200	5.100	4.000	3.200
Tax paid	0.000	0.000	0.000	0.000
Dividend paid	0.000	0.000	0.000	0.000
Sub – Total ( B)	59.300	16.100	22.600	13.600
Net Surplus ( A – B )	(59.300)	12.400	3.500	9.300
Opening Cash balance	14.000	23.200	28.200	28.200
Closing Cash balance	23.200	28.200	28.200	28.200
Decrease in Deferred Tax Liability	0.000	0.000	0.000	0.000

------------------------------------------------------------------------------------------------------------------------------

DSCR SCENARIOS FOR A COMPANY

(AS DISTINGUISHED FROM A PROJECT)

(RS. IN MILLIONS)

Particulars	31.03.2011	31-03-2012	31-03-2013	31-03-2014	31-03-2015
	(PROJECTIONS)
Scenario for a fall in Total Operating Income
% fall in revenue
Total Operating Income (shocked downwards)	117.600	176.100	194.000	194.000	194.000
Cost of Sales + SGA	111.100	164.300	177.500	177.500	177.500
Operating Profit before Interest	6.500	11.800	16.500	16.500	16.500
Interest	4.000	6.200	5.100	4.000	3.200
Operating Profit after Interest	2.500	5.600	11.400	12.500	13.300
Net of non operating income/ expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax	2.500	5.600	11.400	12.500	13.300
Provision for Tax	1.000	2.000	4.000	4.000	4.000
PAT	1.500	3.600	7.400	8.500	9.300
PAT + Interest+ Dep	--	--	--	--	--
Installments of Term Loans/ Deferred payment credits/ Debentures/ deposits (due within one year)	12.800	17.300	9.600	3.200	0.000
Interest	2.500	3.800	2.700	1.600	0.800
DSCR (for a fall in Op Rev)	--	--	--	--	--
Average DSCR	--
Installments on term loan + Int on T.L	15.300	21.100	12.300	4.800	0.800
Scenario for a rise in operating expenses
% rise in Op Expenses
Total Operating Income	117.600	176.100	194.000	194.000	194.000
Cost of Sales + SGA (shocked upwards)	111.100	164.300	177.500	177.500	177.500
Operating Profit before Interest	6.500	11.800	16.500	16.500	16.500
Interest	4.000	3.200	5.100	4.000	3.200
Operating Profit after Interest	2.500	5.600	11.400	12.500	13.300
Net of non operating income/ expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax	2.500	5.600	11.400	12.500	13.300
Provision for tax	1.000	2.000	4.000	4.000	4.000
PAT	1.500	3.600	7.400	8.500	9.300
PAT +int on T.L +dep	--	--	--	--	--
Installments of Term Loans/ Deferred payment credits/ Debentures/ deposits (due within one year)	12.800	17.300	9.600	3.200	0.000
Interest	2.500	3.800	2.700	1.600	0.800
DSCR (for a rise in Op Expense)	--	--	--	--	--
Average DSCR	--
Installments on T.L + interest on T.L	15.300	21.100	12.300	4.800	0.800

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MR. JANARDHAN N. BHAT

(RS. IN MILLIONS)

ASSETS

Fixed Assets
A] Immovable Assets
Residential Flat at Chembur	2.800
B] Movable Assets
Motor Car	0.350
C] Share Capital
In Omkar Sales Private Limited	0.300
D] Investment
LIC Policy	1.050
NSC	0.200
Fixed Deposits in Banks	1.500
E] Advances	--
TOTAL ASSETS	6.200

LIABILITIES

Housing Loan From Corporation Bank	0.950
Omkar Sales Private Limited	0.750
TOTAL LIABILITIES	1.700

NETWORTH

4.500

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STATEMENT OF ASSETS AND LIABILITIES

MR. NANDKUMAR KUSHE

(RS. IN MILLIONS)

Particulars	31.03.2010
ASSETS
Fixed Assets
Residential Flat		2.800
Investment in Business
Fixed Capital in Pratishna Engineers	0.020
Current Account in Pratishna Engineers	21.239
Current Account in Shri Ganesh Engineering	0.343
Capital Account in Omkar Technologies	0.904
Share Capital in Unique Diecasting Private Limited	0.050
Share Application Money - Unique Diecasting Private Limited	1.300
Share Capital in UniMatch Diecasting Private Limited	0.100
Share Capital in Artich Engineering Private Limited	0.050
Share Captial in Omkar Sales Private Limited	0.300
		24.306
Other Investment
LIC Policies (Sum Assured)		2.042
Cash and Bank Balance		0.155
Total		29.303
Less: LIABILITIES
Housing Loan and Others		0.449
NET OWNED ASSETS AS ON 31.03.2010		28.854

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TRADE REFERENCE:

· A. P. Products

· On Plastics

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FIXED ASSETS:

· Computers

· Office Equipment

· Furniture and Fixtures

· Motor Vehicles

· Plant and Machinery

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.45.45
UK Pound	1	Rs.72.91
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.