MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Name :	L COMPS AND IMPEX PRIVATE LIMITED
Formerly Known As :	L-CON COMPONENTS PRIVATE LIMITED
Registered Office :	182/63, Industrial Area, Phase I, Chandigarh – 160 002, Punjab.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.10.1979
Com. Reg. No.:	05-004067
CIN No.: [Company Identification No.]	U31200CH1979PTC004067
TAN No.: [Tax Deduction & Collection Account No.]	PTLL10326B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Food Items and Electrical Goods like Relays and Thermostats. etc.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Regular
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 regular and as per commitments. The company 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

LOCATIONS

Registered Office / Head Office	182/63, Industrial Area, Phase I, Chandigarh – 160 002, Punjab, India
Tel. No.:	91-172-2650026/2640573
Fax No.:	91-172-2653861
E-Mail :	puneet@glide.net.in prabhabio@gmail.com garg_ca@hotmail.com
Area:	2500 sq. yds.
Location:	Owned
Mumbai Office / Factory:	14, Paper Box House, Industrial Estate, Mahakali Caves Road, Andheri East, Mumbai – 400 069, Maharashtra
Tel. No.:	91-22-24914073
Delhi Office:	809-A, 8th Floor, International Trade Tower, Nehru Place, New Delhi. – 110019
Tel. No.:	91-11-26811108 / 26364632 / 26420044 / 26287003 / 26287004
Bangalore Office:	No. 5, Chamundi Krupa, 2nd. Floor, 4^th Main, 9^th Cross, Malawian, Bangalore -560003, Karnataka (Office In charge: Mr. Vinod Poddar)

DIRECTORS

As On 30.09.2010

Name :	Mr. Puneet Gupta
Designation :	Director
Address :	610, Sector 18 B, Chandigarh – 160 018, India
E-Mail:	puneet@Icomps.com
Date of Birth/Age :	31.08.1971
Date of Appointment :	05.04.1993
DIN No :	00210806
Name :	Mr. Hari Bhushan Gupta
Designation :	Director
Address :	363, Sector 8, Panchkula – 135 008, India
Date of Birth/Age :	15.03.1941
Date of Appointment :	15.03.2002
DIN No :
Name :	Mr. Sanjay Singla
Designation :	Director
Address :	H No. 1229, Sector 18, Chandigarh, India
Date of Birth/Age :	17.12.1971
Date of Appointment :	31.07.2009
DIN No :	02319860

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Sat Prakash Gupta	25
Puneet Gupta	3260
Sameer Gupta	1690
Rattan Prasha	25
Total	5000

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 and Importer of Food Items and Electrical Goods like Relays and Thermostats. etc.
Products :	v fruit juices v jams v pascual-yougurts v conagra foods v keebler cookies v swisher cigars v zara

GENERAL INFORMATION

Customers :

v Wholesalers

v Retailers

v End Users

v Distributors

No. of Employees :

40 (30 in Office and 10 in Branches)

Bankers :

Ø State Bank of India, Industrial Area, Phase – I, Chandigarh – 160002, India

Ø Kotak Mahindra Bank Limited

Ø HDFC Bank

Facilities :

Secured loans	31.03.2010 (Rs in Millions )	31.03.2009 (Rs in Millions )
Term Loan **	0.589	0.000
Cash / Credit Limits *	32.183	23.828
Loan from HDFC Bank Limited	1.018	0.616
Loan from Kotak Mahindra Bank Limited	1.091	0.000
Total	34.881	24.444
Unsecured Loan	31.03.2010 (Rs in Millions )	31.03.2009 (Rs in Millions )
From Corporate Bodies	10.101	0.000
From Directors And Shareholders	0.718	0.923
Total	10.819	0.923

Note :

* Secured by hypothecation of Stock, Book debt and personal Guarantee of Directors

** Secured by hypothecation of machinery and personal Guarantee of Directors

*** Secured against Car finance

Banking Relations :

Satisfactory

Auditors :

Garg Sanjeev and Associates

Chartered Accountants

Address :

Quiet Office No. 15, Sector 35-A, Chandigarh – 160 035, India

Tel No.:

91-172-2607931

Associates/Subsidiaries :

Prabha Electronics

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 100/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100/- each	Rs. 0.500 million

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] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		59.325	59.238	52.519
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.825	59.738	53.019
LOAN FUNDS
1] Secured Loans		34.881	24.444	12.223
2] Unsecured Loans		10.819	0.923	0.656
TOTAL BORROWING		45.700	25.367	12.879
DEFERRED TAX LIABILITIES		3.521	0.331	0.000
TOTAL		109.046	85.436	65.898
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.793	36.683	34.972
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.003	5.850	8.233
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.814	20.896	17.486
	Sundry Debtors	69.181	32.486	21.309
	Cash & Bank Balances	7.418	3.229	2.335
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.533	10.935	4.867
Total Current Assets		130.946	67.546	45.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	NA	18.130	17.585
	Other Current Liabilities	56.016	5.519	5.718
	Provisions	1.680	0.994	0.001
Total Current Liabilities		57.696	24.643	23.304
Net Current Assets		73.250	42.903	22.693
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		109.046	85.436	65.898

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	224.123	152.241	104.751
		TOTAL	224.123	152.241	104.751
Less	EXPENSES
		Manufacturing Expenses	213.504	140.525	101.292
		TOTAL	213.504	140.525	101.292
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.619	11.716	3.459
Less	FINANCIAL EXPENSES		4.931	2.442	1.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.688	9.274	2.059
Less/ Add	DEPRECIATION/ AMORTISATION		0.731	0.516	0.259
	PROFIT BEFORE TAX		4.957	8.758	1.800
Add	Profit / Loss From Partnership Firm		0.000	(00.114)	0.582
Less	TAX		1.680	0.994	0.000
	PROFIT AFTER TAX		3.277	7.650	2.382
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.795	19.443	17.714
Less	APPROPRIATIONS
		Income Tax Paid for Earlier Years	0.000	0.000	0.020
		Deferred Tax Provision	3.190	0.297	0.000
	BALANCE CARRIED TO THE B/S		26.882	26.796	20.076
	IMPORT VALUE		NA	100.729	73.592
	Earnings Per Share (Rs.)		655.50	1529.91	476.41

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.46	5.02	2.27
Net Profit Margin (PBT/Sales)	(%)	2.21	5.75	1.72
Return on Total Assets (PBT/Total Assets}	(%)	3.10	8.40	2.22
Return on Investment (ROI) (PBT/Networth)		0.08	0.15	0.03
Debt Equity Ratio (Total Liability/Networth)		1.79	0.84	0.68
Current Ratio (Current Asset/Current Liability)		2.27	2.74	1.97

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

During the year under review the company has achieved the following turnover:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Sale	223.880	145.631
Other Receipts	0.243	6.610

The working of the Company has resulted into a net profit of Rs. 4.956 millions after providing the depreciation of Rs.0.731 millions. The share of Profit/ (Loss) from partnership firm amounted to Rs. 0.000. The Net profit after tax of Rs.3.277 millions has been added to brought forward profits and total profit has been transferred to Balance Sheet.

FORM 8

Corporate identity number of the company	U31200CH1979PTC004067
Name of the company	L COMPS AND IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	182/63 Industrial Areaphase I, Chandigarh, U T, Chandigarh, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	STATE BANK OF INDIA Industrial Area, Phase – I, Chandigarh – 160002, India
Nature of instrument creating charge	Agreement of loan for over all limit
Date of instrument Creating the charge	15/12/2009
Amount secured by the charge	Rs.73.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital : 0.50% above SBAR Term Loan : 0.75% above SBAR (present SBAR is 11.75%) Terms of Repayment Term Loan of Rs. 4.000 millions repayable in 40 monthly installments of Rs. 10000.000 millions each starting from April 2010. Cash credit facility repayable on Demand. Margin Finished Goods- 25% Receivable - 40% Non-Fund Based- 10% Term Loan - 30% Extent and Operation of the charge 100%
Short particulars of the property charged	Primary security: Hypothecation of entire current assets including stocks, spares, parts, receivables both present and future& also assets created out of Bank finance. Collateral Security: Equitable Mortgage of Residential Plot no 183, Sector 6, Panchkula measuring 893 sq. meters and Plot no 45, saraswati Kung, wazirabad, Gurgaon (Haryana) measuring 547 sq yards Collateral security registered in the name of Sh. Puneet Gupta, director of the company
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	YES Puneet Gupta
Date of instrument modifying the charge	27/01/2009
Particulars of the present modification	Limit enhanced from Rs.40.500 Millions to Rs. 73.000 Millions consist of following (Amount in Millions) C/C(Hyp) Rs.35.000 SLC Rs.04.000 Term Loan Rs.04.000 Letter of Credit Rs.0.200 Forward contract Rs.0.100 _________ TOTAL Rs.73.000 Millions

FIXED ASSETS :

• Agricultural Land
• Machinery
• Furniture and Fixtures
• Office Equipments
• Electric Equipment and Installation
• Car
• Scooter
• Computers
• Truck, Tanks and Trailers
• Air Conditioner

WEBSITE DETAILS:

PROFILE

Subject is part of Prabha group of companies a corporate with USD 10 million turnover. They are in business of Hotels, Automobiles, Distribution, and Import.

The L'comps venture is a joint effort of a group of highly qualified, experienced, young and dynamic professionals from the Engineering and Marketing stream, who have worked for leading Indian and multinational companies. They have been present in the Indian market for the last 35 years. A young group, waiting in the wings to take off, L'COMPS represents a highly professional and pragmatic approach to conducting trade with foreign companies and customers. Each area they deal in is individually strong because of its depth and the capabilities of their partners. Yet the group's overall strength comes from the collaboration among these individuals, uniting their energies and capabilities to solve complex problems.

· L-Comps has been in the market since 1971.

· Has a strong financial background.

· Group turnover USD 10 million.

· National presence with 5 offices.

· Retail reach of over 5000 A, B+ class outlets.

· Proven track record.

· They have an experience of over 10 years in importing.

· They have an excellent relation with all major retailers.

· Promoted by engineers and MBA with a over 20 years experience.

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.45.16
UK Pound	1	Rs.70.64
Euro	1	Rs.58.68

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.