MIRA INFORM REPORT

Report Date :

30.07.2011

IDENTIFICATION DETAILS

Name :	SAPTARSHI PROCESS PRIVATE LIMITED
Registered Office :	‘Ghonia’ Gondal Road, After Octroi Naka, Before M Rajkamal Petrol Pump, Rajkot-360004, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.04.2004
Com. Reg. No.:	04-43910
Capital Investment / Paid-up Capital :	Rs.0.300 Million
CIN No.: [Company Identification No.]	U31909GJ2004PTC043910
TAN No.: [Tax Deduction & Collection Account No.]	RKTS03944D
PAN No.: [Permanent Account No.]	AAICS0693C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Earth Leakage Circuit Breaker + Miniature Circuit Breaker, Electronic Ballast, Auto Switch, Water Leveler etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2000
Status :	Moderated
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. Nikhil
Designation :	Director
Contact No.:	91-9978928108
Date :	26.07.2011

LOCATIONS

Registered Office :	‘Ghonia’ Gondal Road, After Octroi Naka, Before M Rajkamal Petrol Pump, Rajkot-360004, Gujarat, India
Tel. No.:	91-281-2922121/ 22/ 23/ 24/ 25
Mobile No.:	91-9978928108 (Mr. Nikhil)
Fax No.:	91-281-2382121
E-Mail :	scshingala@gmail.com clientsofscsa@rediffmail.com info@ghonia.com

DIRECTORS

(AS ON 30.09.2010)

Name :	Mrs. Madhumatiben Bhagvanjibhai Ghonia
Designation :	Director
Address :	Matru Krupa, Alapt Avenue-78-79, University Road, Rajkot-360004, Gujarat, India
Date of Appointment :	01.12.2005
Name :	Mrs. Damayantiben Jayantilal Ghonia
Designation :	Director
Address :	B-79, Alap Avenue, University Road, Rajkot-360004, Gujarat, India
Date of Appointment :	07.03.2007
Name :	Nr. Nikhilbhai Bhagvanbhai Ghnonia
Designation :	Director
Address :	80A-78-79, Aalap Avenue, Street No. 2, Nana Mava, Rajkot-360004, Gujarat, India
Date of Birth/ Age :	23.02.1988
Date of Appointment :	13.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Damayantiben Jayantilal Ghonia	23000
Jayantilal Dharmshibhai Ghonia	5000
Madhuben Bhagvanbhai Ghonia	2000
Total	30000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Earth Leakage Circuit Breaker + Miniature Circuit Breaker, Electronic Ballast, Auto Switch, Water Leveler etc.
Products :	· Earth Leakage Circuit Breaker · Miniature Circuit Breaker · Electronic Ballast · Auto Switch · Water Leveler etc.
Exports :
Products :	Auto Switch, Water Leveler etc.
Countries :	· South Africa Middle East
Imports :
Products :	Miniature Circuit Breaker etc.
Countries :	· US Italy
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (As on 31.03.2009)

Particulars	Unit	Actual Production
Electronic Goods	Nos.	1902

GENERAL INFORMATION

Suppliers :

· Airline

· Dipitronix

· Fine Trak Systems

· Gujarat Metal Products

· Honey Sales Corporation

· Kundan Electronics

· Nakum Industries

· Noble Electrade (Rajkote) Private Limited

· P.K. International

· Prince Engineering

· Ravine Hitech Lubricants

· Ruby Sales Corporation

· Sandip Plastic

· Speedmark Product

· Tara Electro Salesa

Customers :

· Adarsh Marketing

· Amar Electric Store

· Amber Electric

· Ambuja Cement

· Arvindbhai Nagjibhai

· Ashok Electricals

· Ashok Motor Rewinding

· Ashok Trading

· Atul Electric

· Awkar Enterprises

· Bahuchar Electricals

· Bhagyalaxmi Electric

· Jamuna Electric

No. of Employees :

50 (Approximately)

Bankers :

· The Co-Operative Bank of Rajkot Limited,

“Sahakar Sarita”, Panchnath Road, Rajkot-360001, Gujarat, India

· HDFC Bank

Rajkot, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	Rs. In Millions
The Co-Operative Bank of Rajkot Limited –	1.533	1.503
Cheques Issued but not Presented	0.033	--
Total	1.566	1.503
Unsecured Loans	31.03.2010	31.03.2009
	Rs. In Millions
Unsecured Loans from directors, shareholders and relative Usha Electro Control Private Limited	1.289	1.380
Total	1.289	1.380

Banking Relations :	--
Auditors :
Name :	S.C. Shingala and Associates (Mr. Sumit C. Shingala – Proprietor) Chartered Accountant
Address :	905-906, Dhanrajni, Dr. Yagnik Road, Near Hotel Imperial Palace, Rajkot – 360001, Gujarat, India
Tel No.:	91-281-2466100
Mobile No.:	91-9978387093
Email :	scshingala@gmail.com
Associates/Subsidiaries :	· Usha Electro Central Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 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		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.200	0.200	0.216
4] (Accumulated Losses)		[0.031]	[0.061]	0.000
NETWORTH		0.469	0.439	0.516
LOAN FUNDS
1] Secured Loans		1.566	1.503	1.485
2] Unsecured Loans		1.289	1.380	0.195
TOTAL BORROWING		2.855	2.883	1.680
DEFERRED TAX LIABILITIES		0.000	0.000	0.018
TOTAL		3.324	3.322	2.214
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.369	0.437	0.474
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.004	0.013	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.142	0.399	0.366
	Sundry Debtors	1.006	0.714	1.044
	Cash & Bank Balances	0.208	0.049	0.015
	Other Current Assets	5.051	5.054	5.043
	Loans & Advances	0.000	0.014	0.007
Total Current Assets		6.407	6.230	6.475
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.651	0.491	0.319
	Other Current Liabilities	2.743	2.826	4.346
	Provisions	0.062	0.041	0.073
Total Current Liabilities		3.456	3.358	4.738
Net Current Assets		2.951	2.872	1.737
MISCELLANEOUS EXPENSES		0.000	0.000	0.003
TOTAL		3.324	3.322	2.214

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7.083	5.529	6.623
		Other Income	0.006	0.005	0.023
		TOTAL (A)	7.089	5.534	6.646
Less	EXPENSES
		Cost of Goods Sold	3.302	2.148	3.149
		Direct Expenses	1.616	1.498	1.611
		Indirect Expenses	1.042	1.024	0.968
		Directors remuneration	0.642	0.528	0.514
		Auditors remuneration	0.015	0.015	0.015
		TOTAL (B)	6.617	5.213	6.257
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.472	0.321	0.389
Less	FINANCIAL EXPENSES (D)		0.356	0.331	0.225
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.116	[0.010]	0.164
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.071	0.085	0.086
	PROFIT BEFORE TAX (E-F) (G)		0.045	[0.095]	0.078
Less	TAX (H)		0.076	[0.034]	0.062
	PROFIT AFTER TAX (G-H) (I)		(0.031)	[0.061]	0.016
	Earnings Per Share (Rs.)		--	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	15.000

Expected Sales (2011-12): Rs.16.000 Millions.

The above information has been parted by Mr. Nikhil.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.44)	[1.10]	0.24
Net Profit Margin (PBT/Sales)	(%)	0.64	[1.72]	1.18
Return on Total Assets (PBT/Total Assets}	(%)	0.66	[1.42]	1.12
Return on Investment (ROI) (PBT/Networth)		0.010	[0.22]	0.15
Debt Equity Ratio (Total Liability/Networth)		13.46	14.22	12.44
Current Ratio (Current Asset/Current Liability)		1.85	1.86	1.37

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office the company has been shifted from “Matru Krupa” Behind Ghanshyam School, Vimal Nagar, Behind Pushkar Dham Society, Near University, Rajkot-360005, Gujarat, India to present address w.e.f. 8.12.2005.

TRADE REFERENCE:

· Ambuja Cement Limited

Bankers Charges Report as per Registry

Corporate identity number of the company	U31909GJ2004PTC043910
Name of the company	SAPTARSHI PROCESS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	‘Ghonia’ Gondal Road, After Octroi Naka, Before M Rajkamal Petrol Pump, Rajkot-360004, Gujarat, India scshingala@gmail.com
This form is for	Modification of Charge
Charge identification number of the charge to be modified	90110792
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	The Co-Operative Bank of Rajkot Limited, “Sahakar Sarita”, Panchnath Road, Rajkot-360001, Gujarat, India rajbank@yahoo.com
Nature of instrument creating charge	Instrument creating the charge: [1] Rokad Shakh/ Overdraft Mate Mal Milkat San- Giro Nu Jamin Sahit Nu Karar Patra, i.e. property San Mortgage cum Guarantee deed (Dated 27.01.2010)
Date of instrument Creating the charge	27.01.2010
Amount secured by the charge	Rs. 2.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.5% at present subject to change form time to time as per bank directors Terms of Repayment Repayable on demand as per term No. 3 of Instrument modifying the charge (Free Eng. Transaction of relevant extracts and main/ principal terms of the instrument ) Margin 25% of stock 50% of Book Debts Extent and Operation of the charge First and Floating charge on the stock, book debts and other movable properties offered as security, as per the instrument modifying the charge
Short particulars of the property charged	[1] Raw and Finished goods and all kinds of goods stocks, book debts, and other movable property as per instrument of charge, present and future. At premises/ in possession of the company.
Particulars of the present modification	Existing limit for Cash Credit Facility of Rs.0.500 Million has been increased to Rs.2.000 Millions for working capital Use.

FIXED ASSETS:

· Computer

· Furniture and Fixture

· Dies

· Phone, Mobile and Fax

· Trade Mark

· Electrification

· Office Equipments

· Measuring

· Instrument

· 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.44.16
UK Pound	1	Rs.72.10
Euro	1	Rs.63.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.