MIRA INFORM REPORT

Report Date :

07.01.2011

IDENTIFICATION DETAILS

Name :	ASHOK VIDYUT
Registered Office :	Opposite Pune Janta Sahakari Bank, Chainsukh Road, Latur-413512, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Year of Establishment :	2000
PAN No.: [Permanent Account No.]	ADUPD6358F
Legal Form :	Sole Proprietory Concern.
Line of Business :	Trader of Electrical Goods.

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

Status :	Clear
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietory concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern can be considered normal for 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 – 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. Kailash
Designation :	Key Executive
Date :	24.12.2010

LOCATIONS

Registered Office :	Opposite Pune Janta Sahakari Bank, Chainsukh Road, Latur-413512, Maharashtra, India
Tel. No.:	91-2382-243356
Fax No.:	91-2382-243356
E-Mail :	ashoklatur@rediffmail.com
Area :	Owned

SOLE PROPRIETOR

Name :	Mr. Ashok R Dargad
Designation :	Proprietor
Date of Birth/Age :	32 Years

KEY EXECUTIVES

Name :	Mr. Kailash
Designation :	Key Executive

BUSINESS DETAILS

Line of Business :	Trader of Electrical Goods.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :	End Users and OEM’s
No. of Employees :	15
Bankers :	Standard Chartered Bank, Latur Branch HDFC Bank, Latur Branch

Banking Relations :	--
Auditors :
Name 1 :	Mr. Rajgopal Sada Chartered Accountant
Address :	Latur, Maharashtra, India
Name 2 :	Digambar Omprakash Sake Chartered Accountant
Address :	Latur, Maharashtra, India

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs. 7.374 Millions
Borrowed :	Rs. 17.068 Millions
Total :	Rs. 24.442 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.374	4.964
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		7.374	4.964
LOAN FUNDS
1] Secured Loans		15.788	15.250
2] Unsecured Loans		1.280	1.155
TOTAL BORROWING		17.068	16.405
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		24.442	21.369
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.215	0.260
Capital work-in-progress		0.000	0.000
INVESTMENT		4.060	3.545
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances	40.541	28.455
	Other Current Assets
	Loans & Advances
Total Current Assets		40.541	28.455
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	20.374	10.891
	Provisions
Total Current Liabilities		20.374	10.891
Net Current Assets		20.167	17.564
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		24.442	21.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	154.478	90.737
		Other Income	2.544	1.394
		TOTAL	157.022	92.131
Less	EXPENSES
		Cost of Goods Sold	149.328	86.417
		Sale, Administrative and General Expenses	4.210	3.531
		TOTAL	153.538	89.948
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.394	2.183
Less/ Add	DEPRECIATION/ AMORTISATION		0.045	0.054
	NET PROFIT		3.439	2.129

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	2.19	2.31
Net Profit Margin (PBT/Sales)	(%)	2.23	2.35
Return on Total Assets (PBT/Total Assets}	(%)	8.44	7.41
Return on Investment (ROI) (PBT/Networth)		0.46	0.43
Debt Equity Ratio (Total Liability/Networth)		5.08	5.50
Current Ratio (Current Asset/Current Liability)		1.99	2.61

LOCAL AGENCY FURTHER INFORMATION

Trade References:

· Ajay Engineering, Latur (Tel No. : 91-2382-244159) (Prop: Mr. Ajay Shah)

· Hans Electrical Udgir, (Mobile No.: 91-9423351289) (Prop: Mr. Hansraj Jadhav)

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.45.31
UK Pound	1	Rs.70.26
Euro	1	Rs.59.56

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	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		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.