MIRA INFORM REPORT

Report Date :

14.07.2011

IDENTIFICATION DETAILS

Name :	ACTIS TECHNOLOGIES PRIVATE LIMITED (w.e.f. 24.10.2000)
Formerly Known As :	GE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Plot No. A – 5, Cross Road – B, MIDC, Marol, Andheri (Eats), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.04.2000
Com. Reg. No.:	11-125706
Capital Investment / Paid-up Capital :	Rs.29.120 Millions
CIN No.: [Company Identification No.]	U99999MH2000PTC125706
TAN No.: [Tax Deduction & Collection Account No.]	MUMA14240C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Services Provider of Audio Visual Industry.
No. of Employees :	250 (Approximately)

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

Maximum Credit Limit :	USD 540000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Ms. Yogesh
Designation :	Finance Executive
Contact No.:	91-22-30808225
Date :	14.07.2011

LOCATIONS

Registered/ Head Office/ Factory :	Plot No. A – 5, Cross Road – B, MIDC, Marol, Andheri (Eats), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22- 30808000/ 28340004
Fax No.:	91-22-28379609/ 30808111
E-Mail :	contact@actis.co.in ramesh_mishra@actic.co.in yogesh_devrukhakar@actis.co.in mufaddal_ahmedabadwala@actis.co.in mumbai@actis.co.in
Website:	www.actis.co.in
Area :	1000 sq. ft.
Locations :	Owned
Branch Office :	Located at: · Ahmedabad · Bangalore · Chennai · New Delhi · Kolkata · Hyderabad · Pune

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Manmohan Harcharan Gupta
Designation :	Chairman and Managing Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	12.12.1942
Qualification :	Engineer
Date of Appointment :	10.04.2000
Email:	Manmohan_gupta@actis.co.in
Name :	Mrs. Bina Manmohan Gupta
Designation :	Whole Time Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	02.12.1945
Qualification :	B. Com
Date of Appointment :	10.04.2000
Email:	Bina_gupta@actis.co.in
Name :	Mr. Abhimanyu Manmohan Gupta
Designation :	Whole Time Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	29.04.1975
Qualification :	B. Sc.
Date of Appointment :	10.04.2000
Email :	Abhimanyu_gupta@actis.co.in
Name :	Mrs. Mansi Abhimanyu Gupta
Designation :	Whole Time Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	16.07.1979
Date of Appointment :	01.10.2003
Email :	Mansi_gupta@actis.co.in

KEY EXECUTIVES

Name :	Ms. Yogesh
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Manmohan Harcharan Gupta	117000
Abhimanyu Manmohan Gupta	57200
Bina Manmohan Gupta	57200
Ashish Manmohan Gupta	31200
Anuradha Sunil Khandelwal	13000
Malika Shunak Dalal	2600
Mansi Abhimanyu Gupta	13000
Total	291200

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	83.92
Other top fifty shareholders	16.08
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Services Provider of Audio Visual Industry.
Products :	v Multimedia Projectors v Plasma and LCD Displays v Front Projection Screens v Optical Projection Screens v Data and Video Walls v Visualizers v Motorised Projector Lifts and Drapes v Audio Viduo Conferencing v Conferencing Systems v Audio Processors v Power Amplifiers v Microphones v Lighting Controls v Cinema Equipment v CNC Machining v Accessories
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Film Editing Equipment	(Nos.)	2,000	394
Splicers	(Nos.)	--	394
Motorized Curtain	(Nos.)	NA	--
Motorized Lift	(Nos.)	NA	--
Sprockets	(Nos.)	2,000	--
Ceiling Mount Bracket	(Nos.)	NA	253

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

v Axis Bank Limited

Credit Management Center, Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

HDFC Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Working Capital limit from Axis Bank Limited	76.574	49.423
Buyers Credit Facility	10.370	7.495
(Both of the above limit is secured by hypothecation of entire current assets. The company has given its plant and machinery and Equitable Mortgage of Factory Building and Office Buildings as Collateral Security)
Total	86.944	56.918
Unsecured Loans		31.03.2009
	(Rs. In Millions)
From Directors	20.660	20.590
From Others	6.778	5.928
Total	27.438	26.518

Banking Relations :	--
Auditors :
Name :	Dalal Doctor and Associates Chartered Accountant
Address :	305, T. V. Industrial Estate, 24-A, S. K. Ahire Marg, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66625050
Fax No.:	91-22-66627890
Mobile No.:	91-9867555050
Email :	sp@dalaldoctor.com
Website :	http://www.dalaldoctor.com
Associates Company :	GE Visual private Limited

CAPITAL STRUCTURE

(AFTER- AS ON 30.09.2010)

Authorised Capital : Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.29.120 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
291200	Equity Shares	Rs.100/- each	Rs.29.120 Millions

NOTE:

(Of the above Shares 1,79,200 Shares are allotted as fully paid up by way of Bonus Shares by capitalising Capital Reserve, Securities Premium Account, General Reserve and Balance in Profit and Loss Account)

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		29.120	29.120	29.120
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		104.748	91.443	76.554
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		133.868	120.563	105.674
LOAN FUNDS
1] Secured Loans		86.944	56.918	108.037
2] Unsecured Loans		27.438	26.518	24.120
TOTAL BORROWING		114.382	83.436	132.157
DEFERRED TAX LIABILITIES		5.115	5.027	4.511
TOTAL		253.365	209.026	242.342
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.321	48.113	46.128
Capital work-in-progress		20.724	8.742	8.743
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.929	41.525	46.131
	Sundry Debtors	147.638	158.410	180.005
	Cash & Bank Balances	32.379	8.154	23.505
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.557	53.864	52.006
Total Current Assets		250.503	261.953	301.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	28.246	34.035	44.344
	Other Current Liabilities	24.386	21.811	19.122
	Provisions	4.551	53.950	50.738
Total Current Liabilities		57.183	109.796	114.204
Net Current Assets		193.320	152.157	187.443
MISCELLANEOUS EXPENSES		0.000	0.014	0.028
TOTAL		253.365	209.026	242.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	GROSS INCOME		532.858	549.403	745.532
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		30.482	34.946	52.473
Less/ Add	DEPRECIATION/ AMORTISATION		4.006	4.428	3.606
	PROFIT BEFORE TAX		26.476	30.518	48.867
Less	TAX		9.775	11.541	17.404
	PROFIT AFTER TAX		16.701	18.977	31.466
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		89.543	76.554	57.691
Less	APPROPRIATIONS
		Transfer to General Reserve	1.700	1.900	0.000
		Final Dividend	2.912	3.494	5.824
		Tax on Dividend	0.484	0.594	0.990
	BALANCE CARRIED TO THE B/S		101.148	89.543	82.343
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.257	11.739	2.052
		Commission Earnings	0.486	5.222	3.929
	TOTAL EARNINGS		2.743	16.961	5.981
	IMPORTS VALUE		222.089	153.803	165.538
	Earnings Per Share (Rs.)		57	65	108

Particulars	31.03.2011
Sales Turnover(Approximately)	800.000

The above information has been parted by Mr. Yogesh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	9.14	9.84	14.05
Return on Investment (ROI) (PBT/Networth)		0.20	0.25	0.46
Debt Equity Ratio (Total Liability/Networth)		1.28	1.60	2.33
Current Ratio (Current Asset/Current Liability)		4.38	2.39	2.64

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS: (RS. IN MILLIONS)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- For Goods and Fixed Assets	17.131	20.435	29.905
- For Expenses	11.115	13.600	14.439
Total	28.246	34.035	44.344

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

A] Bank Guarantee as on 31^st March 2010 is Rs.22.923 Millions (Previous year Rs.9.447 Millions)

B] The Customs department has filed an appeal against the relief granted to the Company of Rs.5.798 Millions

FORM 8:

Corporate identity number of the company	U99999MH2000PTC125706
Name of the company	ACTIS TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No A-5, Cross Road 'B' MIDC Industrial Area, Marol, Andheri (E), Mumbai – 400093, Maharashtra, India mufaddal_ahmedabadwala@actis.co.in
This form is for	Modification of charge
	80004801
Type of charge	Immovable property Book debts Movable property (not being pledge) Others: Stock, P and M, Fixtures etc
Particular of charge holder	Axis Bank Limited Credit Management Center, Unit No.6, Corporate Park, Sion Trombay Road , Chembur, Mumbai – 400071, Maharashtra, India suyashri@vsnl.com
Nature of instrument creating charge	First Supplemental Deed dtd. 18.08.2010
Date of instrument Creating the charge	18.08.2010
Amount secured by the charge	Rs.145.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per Sanction letter or as stipulated by Bank from time to time. Terms of Repayment: As per Sanction letter or as stipulated by Bank from time to time. Margin: As per Sanction letter or as stipulated by Bank from time to time. Extent and Operation of the charge: Within the overall limit of Rs.145.000 Millions, Bank permitted Interchangeability from Cash Credit facility to Bank Gtee. facility to the extent of Rs.20.000 Millions. The revised limits are specified in Agreement. The security of movable assets viz. Present and future Stock of goods, Book debts, Plant, Mach. etc. and immovable properties of Co. situated at Andheri- Mumbai, Srinagar Colony; Hyderabad and Siddhivinayak Aurum- Pune, given earlier shall continue to secure the revised limits of Rs.145.000 Millions.
Particulars of the property charged	Present and future P&M, Fixtures, Fittings, other installations, Computers, other Accessories, Vehicles together with spare tools and accessories etc, lying at Co's premises or godown or elsewhere Present and future Moveable goods and assets including RM, WIP, Semi FG,FG, packing materials, consumable stores and spares lying at Co's premises or godown or elsewhere Present and future book-debts outstanding monies receivables, claims, bills, contracts, engagements and securities etc. due and owing to the Company in course of its Business. Equi. Mortgage by deposit of Title Deeds relating to imm property of the Co. viz. Plot A-5, Cross Road B, MIDC, Andheri (E) Mumbai -93. Equi. Mortgage by deposit of Title Deeds relating to imm property of Co. viz. flat No. 201 adm.1550 sq. ft. with car parking area at Srinagar Colony, Hyderabad and Off. No.102, Siddhivinayak Aurum, Pune
Particulars of the present modification	Vide this modi., Within overall limit of Rs.145.000 Millions, Bank permitted Interchangeability from Cash Credit facility to Bank Gtee facility to the extent of Rs.20.000 Millions. The revised limits are specified in Agreement. Security of movable assets viz. Present & future Stock of goods, Book debts, Plant, Mach. etc. and immovable properties of Company situated at Andheri- Mumbai, Srinagar Colony- Hyderabad and Siddhivinayak Aurum- Pune, given earlier shall continue to secure revised limits of Rs.145.000 Millions.

FIXED ASSETS:

v Land – Freehold/ Leasehold

v Building – Factory

v Building – Office

v Furniture and Fixture

v Plant and Machinery

v Computers

v Motor Cars

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.44.59
UK Pound	1	Rs.71.07
Euro	1	Rs.62.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.