MIRA INFORM REPORT

Report Date :

27.06.2011

IDENTIFICATION DETAILS

Name :	P.B. HOLOTECH INDIA PRIVATE LIMITED
Registered Office :	8 C Maharshi Devendra Road, 6^th Floor, R. N. 40, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Date of Incorporation :	14.06.2000
Com. Reg. No.:	21-91995
Capital Investment / Paid-up Capital :	Rs.1.476 Millions
CIN No.: [Company Identification No.]	U74940WB2000PTC091995
PAN No.: [Permanent Account No.]	AACCP2435P
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacture of all types of Hologram with Dot Matrix, Kinetic Effects, E-Beam Effects, Labels, Stickers, Barcodes, Hot Stamping, Cold Stamping, 2d / 3d Masters, E-Deam, Dotmatrix, Paper Holograms, Tags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject seems to be an established company in its field. Trade relations are reported as fair. No valuation report has been provided by the company. No complaints have been heard from indirect or market sources. 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. Pawan Kumar Gupta
Designation :	Director
Contact No.:	91-9830027910
Date :	24.06.2011

LOCATIONS

Registered Office :	8 C Maharshi Devendra Road, 6^th Floor, R. N. 40, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-23580400/ 0500, 32902654
Mobile No.:	91-9830027910 (Mr. Pawan Kumar Gupta)
Fax No.:	91-33-23580400 /23212547
E-Mail :	hologram@vsnl.net info@labelholograms.com factory@labelhologram.com pbholotech10@gmail.com
Website :	http://www.labelholograms.com
Corporate Office/ Sales Division :	CB-1, Saltlake City, Sector – 1, Kolkata – 700064, West Bengal, India
Tel. No.:	91-33-23212547/ 23580500
Fax No.:	91-33-23580400
E-Mail :	info@labelholograms.com sales@labelholograms.com
Factory :	56, Netaji Subhash Road, Liluah, Howrah – 711204, West Bengal, India
Email :	factory@labelhologram.com

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Pawan Kumar Gupta
Designation :	Director
Address :	20, Maharshi Devendra Road, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	27.06.1961
Experience :	30 years
Date of Appointment :	14.06.2000
Name :	Mr. Brijesh Ranilawala
Designation :	Director
Address :	P-303, C.I.T. Road, Scheme VIM Kankurgachi, Kolkata – 700054, West Bengal, India
Date of Birth/Age :	27.04.1979
Experience :	12 years
Date of Appointment :	14.06.2000
Name :	Mr. Sidharth Gupta
Designation :	Director
Address :	20, Maharshi Devendra Road, 3^rd Floor, Room No.68, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	20.01.1993
Date of Appointment :	22.02.2011
Email.:	rksca99@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Pawan Kumar Gupta	20100
Brijesh Ranilawala	8100
Rameshwar Dayal Gupta	8500
Pushpalata Ranilawala	20000
Anita Gupta	15000
Gita Devi Gupta	2500
Neelam Gupta	2500
Hemant Gupta	900
Sikha Gupta	4250
Ritu Gupta	1400
Suchi Gupta	5700
Shilpi Agarwal	20000
Pawan Kumar Gupta (UF)	1100
Sidharth Gupta	10
Payal Dealers Private Limited	37500
Anchita Properties Private Limited	11250
Sarvajana Properties Private Limited	3500
Akriti Overseas Private Limited	5000
RPS Merchants Private Limited	3750
Sonic Impex Private Limited	3500
Total	174560

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	25.41
Directors or relatives of directors	74.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of all types of Hologram with Dot Matrix, Kinetic Effects, E-Beam Effects, Labels, Stickers, Barcodes, Hot Stamping, Cold Stamping, 2d / 3d Masters, E-Deam, Dotmatrix, Paper Holograms, Tags.

GENERAL INFORMATION

Suppliers :

· Millenium Plastipack Private Limited

· Cantronics Office Equipment Company Private Limited

· India Trade Centre

· Avery Dennison (India) Private Limited

· Repro Plate Service

· Bajaj Polymers

· Purv Flexipack Private Limited

· G. J. Industries

· Tesa Tapes (India) Private Limited

· Chandpur Enterprises Limited

· Mimani Udyog

· Giriraj Foil Private Limited

· Shandilya Sons

· Nilesh Enterprises

· Sudarshan Paper and Board Private Limited

· Zenith Die Makers (Private) Limited

· Kamal Enterprises

· Creative Graphics

· Hankel CAC Private Limited

· Henkal Corporation

· Universal Trade Linc

Customers :

End Users

· Anuj Textiles

· Antony Health Products

· Arpita Agro Products Private Limited

· Bajran Bali Garments

· Bhaskar Textiles

· Hindmark Food and Beverage Company

· Greenply Industries Limited

· Fair Print Enterprises

· Holoflex Limited

· Kamala Gudakhu Factory

· Rally Engine Limited

· Elkos Pen Limited

· Leo International

· Neha Impex Private Limited

· N. Sadayappa Trading Company

· Ostern (Private) Limited

· Engine Beedi and Company

· R G Trading Company

· Uma Plastics Limited

· The Waxpol In dustries Limited

· Takfly Communications Limited

· Sai Beverages

· West Bengal Board of Secondary Education

· Zen Pollen Paints Private Limited

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Salt Lake City, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From ICICI Bank Limited	0.216	0.385
From Kotak Mahindra Prime Limited	1.942	0.000
Total	2.158	0.385
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Director	0.521	0.455
From Shareholders	0.330	0.330
Total	0.851	0.785

Banking Relations :	--
Financial Institute :	· Kotak Mahindra Prime Limited
Auditors :
Name :	R. Tulsian and Company Chartered Accountant
Address :	7/1C, Jatindra Mohan Avenue, 1^st Floor, Kolkata – 700006, West Bengal, India
Tel No.:	91-33-25431785/ 2270/ 2271
Fax No.:	91-33-25432270
Email :	tulsian_tax@hotmail.com
Website :	http://www.itaxplanner.com

CAPITAL STRUCTURE

(AS ON 31.03.2011 – PROVISIONAL)

Authorised Capital : - Not Available

Issued, Subscribed & Paid-up Capital : Rs.10.464 Millions

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
174560	Equity Share	Rs.10/- each	Rs.1.746 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147550	Equity Share	Rs.10/- each	Rs.1.476 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.464	1.476	1.476	1.476
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.468	2.776	2.319	2.229
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		10.932	4.252	3.795	3.705
LOAN FUNDS
1] Secured Loans		1.448	2.158	0.385	0.542
2] Unsecured Loans		0.366	0.851	0.785	0.824
TOTAL BORROWING		1.814	3.009	1.170	1.366
DEFERRED TAX LIABILITIES		0.000	0.000	0.069	0.080
TOTAL		12.746	7.261	5.034	5.151
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.814	5.608	3.762	3.060
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.079	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.910	2.638	2.767	1.067
	Sundry Debtors	7.696	5.158	3.210	3.327
	Cash & Bank Balances	0.790	0.349	0.453	0.577
	Other Current Assets	0.728	0.000	0.000	0.000
	Loans & Advances	0.176	0.500	0.656	0.491
Total Current Assets		14.300	8.645	7.086	5.462
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.961	4.769	3.449	1.097
	Other Current Liabilities	0.407	2.163	2.080	2.102
	Provisions	0.000	0.139	0.286	0.175
Total Current Liabilities		7.368	7.071	5.815	3.374
Net Current Assets		6.932	1.574	1.271	2.088
MISCELLANEOUS EXPENSES		0.000	0.000	0.001	0.003
TOTAL		12.746	7.261	5.034	5.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	38.761	20.190	16.114	14.168
		Other Income	0.464	0.000	0.001	0.011
		TOTAL (A)	39.225	20.190	16.115	14.179
Less	EXPENSES
		Variations in Stock	0.000	0.164	(0.297)	0.101
		Cost of Goods Sold	32.490	0.000	0.000	0.000
		Raw Materials Consumed	0.000	9.861	8.832	7.726
		Cost of Stores and Spares Consumed	0.000	4.703	3.006	0.000
		Direct Expenses	1.951	1.721	0.959	2.696
		Personal Expenses	0.117	0.199	0.279	0.255
		Administrative and Operating Expenses	0.000	2.115	2.288	2.425
		Direct Remuneration	0.240	0.240	0.240	0.240
		Other Expenses	2.548	0.000	0.000	0.000
		TOTAL (B)	37.346	19.003	15.307	13.443
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.879	1.187	0.808	0.736
Less	FINANCIAL EXPENSES (D)		0.197	0.037	0.036	0.047
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.682	1.150	0.772	0.689
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.214	0.657	0.583	0.618
	PROFIT BEFORE TAX (E-F) (G)		0.468	0.493	0.189	0.071
Less	TAX (H)		0.000	0.035	0.099	0.057
	PROFIT AFTER TAX (G-H) (I)		0.468	0.458	0.090	0.014
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	0.318	0.228	0.214
Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	--	--
		Dividend	--	--	--	--
		Tax on Dividend	--	--	--	--
	BALANCE CARRIED TO THE B/S		--	0.776	0.318	0.228
	Earnings Per Share (Rs.)		--	3.10	0.61	0.12

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.19	2.27	0.56	0.10
Net Profit Margin (PBT/Sales)	(%)	1.21	2.44	1.17	0.48
Return on Total Assets (PBT/Total Assets}	(%)	2.33	3.46	1.74	0.83
Return on Investment (ROI) (PBT/Networth)		0.04	0.12	0.05	0.02
Debt Equity Ratio (Total Liability/Networth)		0.84	2.37	1.84	1.28
Current Ratio (Current Asset/Current Liability)		1.94	1.22	1.22	1.62

LOCAL AGENCY FURTHER INFORMATION

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2012	2013
	(Estimated)	(Projected)
Gross Sales
Domestic Sales
- Manufacturing	62.000	69.000
- Trading	1.500	2.000
Export Sales	0.500	0.600
Other Operating/ Revenue Income	64.100	71.700
Total	64.100	71.700
Less : Excise Duty	4.593	5.111
Net Sales	59.507	66.589
% rise [+] or fall [-] in net sales as compared to previous year	53.23%	11.90%
Cost of Sales
Purchases of Traded Goods
- Imported	0.000	0.000
- Indigenous	0.885	1.180
Raw Materials (Including Stores)
- Imported	0.200	0.500
- Indigenous	50.190	53.058
Others Stores and Spares
- Imported	0.000	0.000
- Indigenous	0.000	0.000
Power and Fuel	1.012	1.069
Wages and salaries	2.083	2.202
Other Manufacturing Expenses	1.255	1.355
Depreciation	1.406	1.759
Sub Total	57.030	61.123
Add: Opening Stock-In-Process	0.000	0.000
Sub Total	57.030	61.123
Less: Closing Stock-In-Process	0.000	0.000
Cost of Production	57.030	61.123
Add: Opening Stock of Finished Goods	0.000	2.583
Total	57.030	63.706
Deduct: Closing Stock of Finished Goods	2.583	2.875
SUB TOTAL (Total cost of sales)	54.446	60.831
Selling, General and Administrative Expenses	2.678	2.730
Sub Total	57.124	63.561
Operating Profit before interests	2.383	3.028
Interests	1.074	1.469
Operating Profit After Interests	1.309	1.559
Other Non Operating Income	0.000	0.000
Other Non Operating Expenses	0.000	0.000
Net of Non-operating Income and Expenses	0.000	0.00
Profit before Tax/ Loss [PBT]	1.309	1.559
Provision for taxes	0.353	0.421
Net Profit / Loss [PAT]	0.956	1.138
Net Profit after provision for Deferred Tax	0.956	1.138
Retained Profit	0.956	1.138
Retained profit/ Net Profit % age	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2012	2013
	(Estimated)	(Projected)
Short Term Borrowing from Bank
i. From Application Bank	10.000	10.000
ii. From Other Banks	0.000	0.000
iii. Of which BP and BD	0.000	0.000
SUB TOTAL(A)	10.000	10.000
Short Term Borrowings From Others	0.000	0.000
Sundry Creditors (Trader)	6.384	6.780
Advances Payment from customers	0.000	0.000
Provision For Taxes	0.000	0.000
Creditor for Expenses	0.000	0.000
Dividend Payable	0.000	0.000
Other Statutory Liabilities (due within one years)	0.000	0.000
Installments of term loans and Deferred Payment Credits	0.637	0.192
Other current Liabilities and Provisions (due within one years)	0.500	0.750
SUB TOTAL (B)	7.521	7.722
TOTAL CURRENT LIABILITIES	17.521	17.722
TERM LIABILITIES
Debentures	0.000	0.000
Redeemable Preference Shares	0.000	0.000
Term Loans	0.000	0.000
Deferred Payment Credits	0.192	0.000
Vehicles Loan	0.000	0.000
Term Loan HDFC Limited (Repayable after one year)	0.000	0.000
Unsecured Loans	4.500	4.500
Term Deposit	0.000	0.000
Deferred Tax Liability	0.000	0.000
Other Term Liabilities	0.000	0.000
TOTAL TERM LIABILITIES	4.692	4.500
TOTAL OF OUTSIDE LIABILITIES	22.213	22.222
NET WORTH
Ordinary Shares Capital	1.975	1.975
Deferred Tax Liabilities	0.000	0.000
Share Application Money	0.000	0.000
Other Reserve (Excluding Provision)	0.000	0.000
Revolution Reserve	0.000	0.000
Reserves and Surplus	0.000	0.000
Unsecured Loans	0.000	0.000
Share Premium Account	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account	2.060	3.198
Share Premium	0.000	0.000
Other (Specify) – Securities Premium and Share Application	11.500	11.500
Other (Specify) – Deferred Tax Liabilities	(0.078)	(0.078)
TOTAL NET WORTH	15.457	16.595
TOTAL LIABILITIES	37.671	38.817
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.505	0.719
Investments [Other than long term investments]	0.000	0.000
Receivables other than deferred and exports	11.906	13.313
Export receivables	0.000	0.000
Installments of deferred receivable	0.000	0.000
INVENTORY
Raw Materials
- Imported	0.000	0.000
- Indigenous	7.319	7.738
Stock in Process	0.000	0.000
Finished Goods	2.583	2.875
Other Consumable Spares	0.000	0.000
Advances to suppliers	0.000	0.000
Advance Payment of Taxes	0.200	0.225
Other Current Assets	0.750	0.800
TOTAL CURRENT ASSETS	23.264	25.669
FIXED ASSETS
Gross Block (Land and Building Machinery)	21.040	21.540
Depreciation to date	6.634	8.392
NET BLOCK	14.406	13.148
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.000	0.000
Advances suppliers of Capital goods and contractors	0.000	0.000
Investment in Others	0.000	0.000
Other Non-Current Investment	0.000	0.000
Loans and Advance	0.000	0.000
TOTAL OTHER NON CURRENT ASSETS	0.000	0.000
Intangible Assets	0.000	0.000
TOTAL ASSETS	37.671	38.817
Tangible Networth	15.457	16.595
Net Working Capital	5.743	7.947
Adj. NWC (Without Considering TL/ HP Installments Capital	6.380	8.139
Current Ratio	1.33	1.45
Current Ratio (without Considering TL Installments due W/I 1 Years)	1.38	1.46
TOL/ TNW	1.44	1.34
TTL/ TNW	0.30	0.27

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	2012	2013
	(Estimated)	(Projected)
A CURRENT ASSETS
Raw Materials
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	7.319	7.738
Months Consumption	1.75	1.75
Other consumable spares
Excluding those included 1 above
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	0.000	0.000
Months Consumption	0.000	0.000
Stock in process	0.000	0.000
Months cost of production	0.000	0.000
Finished goods	2.583	2.875
Months cost of sales	0.50	0.50
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	11.906	13.313
Months domestic sales	2.25	2.25
[excluding deferred payment sales]
Export receivables [including bills purchased and discounted by bankers]	0.000	0.000
(Months Export Sales)	0.000	0.000
Advance to Suppliers (RM and Stores)	0.000	0.000
Other current Assets Including cash and bank Balance and Deffered receivable	1.455	1.744
TOTAL CURRENT ASSETS	23.264	25.669
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases of raw materials and stores and consumable spares
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	6.384	6.780
Months Consumption	1.50	1.50
Advances from customers	0.000	0.000
Statutory liabilities	0.000	0.000
Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc
- S. T. Borrowings others	0.000	0.000
- Dividend Payable	0.000	0.000
- Installments of TL. DPG and public Deposits	0.637	0.192
- Other Current Liabilities	0.500	0.750
TOTAL CRRENT LIABILITIES	7.521	7.722

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	2012	2013
FIRST METHOD OF LENDING	(Estimated)	(Projected)
Total current assets	23.264	25.669
Others Current Liabilities
[Other than bank borrowings)	7.521	7.722
[T L Installment due W/I One years]	0.637	0.192
Working capital gap [WCG]	16.380	18.139
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	4.095	4.535
Actual/ Projected net working capital	6.380	8.139
Item 3 minus item 4	12.285	13.605
Item 3 minus item 5	10.000	10.000
Maximum permissible bank finance	10.000	10.000
Excess borrowings, if any representing shortfall in NWC	--	--
SECOND METHOD OF LENDING
Total current assets	23.264	25.669
Others Current Liabilities
[Other than bank borrowings)	7.521	7.722
[T L Installment due W/I One years]	0.637	0.192
Working capital gap [WCG]	16.380	18.139
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	5.816	6.417
Actual/ Projected net working capital	6.380	8.139
Item 3 minus item 4	10.564	11.722
Item 3 minus item 5	10.000	10.000
Maximum permissible bank finance	10.000	10.000
Excess borrowings, if any representing shortfall in NWC	--	--

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	2012	2013
	(Estimated)	(Projected)
SOURCES
Net profit After Tax	0.956	1.138
Depreciation	1.406	1.759
Increase in Capital and other contribution	3.788	0.000
Increase in Term Liability including Public Deposits	3.497	(0.192)
Decrease in
- Fixed Assets	0.000	0.000
- Other Non Current Assets	0.000	0.000
Others	0.000	0.000
TOTAL SOURCES	9.646	2.705
USES
Net Loss	0.000	0.000
Decrease in Term Liability	0.000	0.000
Increase in
- Fixed Assets	10.000	0.500
- Other Non Current Assets	0.000	0.000
Dividend Payments	0.000	0.000
Other Unsecured Loans	0.000	0.000
TOTAL USES	10.000	0.500
Long Term Surplus (+) Deficit (-)	(0.354)	2.205
Increase/ Decrease in current Assets (as per details Given Below)	9.041	2.405
Increase/ decrease in current Liabilities other Than Bank Borrowing	(0.605)	0.200
Increase/ decrease Working Capital Gap	9.646	2.205
Net surplus (+)/ Deficit (-)	(10.000)	0.000
Increase/ (Decrease) in Bank Borrowings	10.000	0.000
Increase/ (Decrease) in Net Sales	20.672	7.081
Break-Up of (4)
Increase/ Decrease in Raw Material	2.409	0.418
Increase/ Decrease in Stock in Process	0.000	0.000
Increase/ Decrease in Finished Goods	2.583	0.292
Increase/ Decrease in Receivables
Domestic	4.210	1.406
Export	0.000	0.000
Increase/ Decrease in Other Current Assets	(0.162)	0.289
Total	9.041	2.405

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

MR. BRIJESH RANILAWALA

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital0		0.953
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.953
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.953
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.057
	Other Current Assets	0.181
	Loans & Advances	0.727
Total Current Assets		0.965
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.012
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.012
Net Current Assets		0.953
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.953

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2009
	SALES
		Income (Salary)	0.240
		Other Income	0.018
		TOTAL	0.258
Less	EXPENSES
		Legal Expenses	0.001
		Mediclaim	0.005
		Loss of P.C. Product (Partnership firm)	0.001
		TOTAL	0.007
	NET PROFIT		0.251

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MR. PAWAN KUMAR GUPTA

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.375
2] Share Application Money		0.000
3] Reserves & Surplus		1.824
4] (Accumulated Losses)		0.000
NETWORTH		12.199
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.004
TOTAL BORROWING		0.004
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.203
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.718
Capital work-in-progress		0.000
INVESTMENT		9.385
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.068
	Other Current Assets	0.032
	Loans & Advances	0.000
Total Current Assets		0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		0.100
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.203

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2009
	SALES
		TOTAL INCOME	1.873
Less	EXPENSES
		Accounting Charges	0.006
		Conveyance	0.009
		Demat Charges	0.001
		General Expenses	0.003
		House Tax	0.008
		Legal Expenses	0.004
		Printing and Stationery	0.001
		Professions Tax	0.017
		TOTAL	0.049
	PROFIT DURING THE PERIOD (P/L)		1.824

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STATEMENT OF ASSETS AND LIABILITIES

MR. PAWAN KUMAR GUPTA

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTIES

Address of the Property with Survey No./ Door No. etc.	House at CB-1, Sector 1, Salt Lake City, Kolkata, West Bengal, India. Cost: Rs.1.187 Millions House At Delhi Wazirpur, India. Cost: Rs.0.696 Million
Description: Land/ Site/ Building	Building Building
Whether Freehold / Leasehold	Leasehold Freehold
Type of Property (Commercial/ Residential/ Agricultural)	Residential Commercial
Area/ Extent of Land	--
Mortgaged for Availing Loan is any, details thereof	--
Present Market Assessed Value	Market Value Rs.60.000 Millions

INVESTMENT IN BUSINESS CAPITAL

Name of the Company / firm/ Concern in which investment is made	P. B. Holotech (India) Private Limited Maharshi Rolling Mills Limited Shiva Utemils India Private Limited P. C. Products
Present Value of Investment	Rs.0.081 Million Rs.4.500 Millions Rs.1.773 Million Rs.0.384 Million ------------------------- Rs.6.738 Millions

GOVERNMENT SECURITIES / NSC/ NSS ETC.

Description	Kisan Vikas Patra PPF
Present Value of Securities	Rs.0.252 Million Rs.0.412 Million ------------------------ Rs.0.664 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

Description	Shares and Debentures Mutual Funds
Present Value	Rs.1.940 Millions

LIFE INSURANCE POLICIES

Annual Premium	Total Yearly Premium
Surrender Value	Rs.0.198 Million

OTHER ASSETS

Cash in Hand and Bank	0.068
Jewellery	2.700
Other Assets if any	0.255
Total Value of other Assets	Rs.3.023 Millions

TOTAL ASSETS

RS.72.563 MILLIONS

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AND OTHER BORROWINGS

Amount Outstanding

Loans from LIC Rs.0.004 Million

NET WORTH

RS.72.559 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

MR. BRIJESH RANILAWALA

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company / firm/ Concern in which investment is made	P. B. Holotech (India) Private Limited P. C. Products
Present Value of Investment	Rs.0.782 Million Rs.0.209 Millions ------------------------- Rs.0.991 Millions

LIFE INSURANCE POLICIES

Annual Premium	Total Yearly Premium
Surrender Value	Rs.0.131 Million

OTHER ASSETS

Cash in Hand and Bank	0.026
Total Value of other Assets	Rs.0.026 Million

TOTAL ASSETS

RS.1.148 MILLIONS

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AND OTHER BORROWINGS

Amount Outstanding

Rs.0.002 Million

NET WORTH

RS.1.146 MILLIONS

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

FIXED ASSETS

· Building (Factory)

· Furniture

· Plant and Machinery

· Weighing Machine

· Cycle

· Mould

· Vending Machine

· Motor Car

· Fax Machine

· Generator

· Air Conditioner

· Mobile Phone

· Xerox Machine

· Computers

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WEBSITE DETAILS:

PROFILE:

They are one of the most renowned and trustworthy Indian hologram manufacturers and adopt revolutionary holographic technologies. They pioneered the security holograms in India and since their inception in 2000 they have grown in to a major player in this field with an unrivalled range of integrated origination and production facilities. By virtue of their untiring efforts towards quality of service we have been bestowed with a considerable amount of goodwill and reputation. They are one of the active members of Hologram Manufacturers Association of India (HoMAI).

Subject understands that in this business of anti-counterfeit markings each customer has a very individual requirements. These could be type of raw materials, technology, time schedule and budget. They have been spending a very serious part of their turnover on product development, testing various components of design and materials. Along with these they do intensive market research in their endeavor to understand the psyche, mentality and means of the potential counterfeiter.

Subject has mastered in-house techniques such as embossing, coating and finishing touches on holographic films. The manufacturing site meets the strictest security standards as it is extremely important to ensure that all anti-counterfeit security production is carried out in a high security environment by the people with impeccable reputation and ethics.

Company employs not only researchers but also professional designers to satisfy the needs of our clients. During the design process a large number of security features are incorporated in the hologram thus making it possible to create what they really call ‘High Security Holograms’. They make free artwork with multiple options for their clients approval.

The company is expanding its current activities which along with stabilized operations of its current capacity will result in increased turnover. It has placed the order along with advance for procurement of Holographic machine from china and the same is expected to installed by the end of June 2011. For the expansion, the company is not seeking any tern- loan and managing from its own funds.

COMPANY PROFILE:

Subject was incorporated on 14^th June 2000 with the Registrar of Companies West Bengal and is also registered as a SSI unit since 01/10/2001. The Company is having its Registered office in Kolkata and is now one of the most renowned and trustworthy Indian hologram manufacturer adopting revolutionary holographic technologies. They pioneered the security holograms in India and since our inception in 2000 they have grown in to a major player in this field with an unrivalled range of integrated origination and production facilities. By virtue of their untiring efforts towards quality of service they have been bestowed with a considerable amount of goodwill and reputation. They are one of the active members of Hologram Manufacturers Association of India (HoMAI).

PROMOTERS

Mr. Brijesh Ranilawala, S/o of Mr. Brijmohan Ranilawala of 32 years of age, residing at P-303, C.I.T Road, Kolkata- 54 has been working in the Printing and Packaging industry since 1999. He is a strong and dynamic leader and has led his organization towards continued success over the years. He has steered their company from a Hologram manufacturing company to a company with diversified operations of Labels, Tapes, Bar-codes and many other products through his vast experience and technical knowledge this field in the ten years of his tenure as Director.

Mr. Pawan Kumar Gupta, S/C Shree Rameshwar Dayal Gupta of 50 years of age, residing at CB-1, Salt Lake City, Kolkata- 64 has been working as a Steel Manufacturer since 1981. With his 30 years experience of Business and Administration, he has been looking after the Administration and Financial Management of their organization since its inception.

Mr. Pawan Kumar Gupta is a Director in the following companies:

· M/s Mahasati Rolling Mills Limited, having a turnover of approx Rs.450.000 Millions in the mild steel manufacturing industry. This company enjoys a cash credit limit of Rs.53. 000 Millions from Oriental Bank of Commerce

· Shiva Utensils Industries (Private) Limited having a turnover of Rs.700.000 Millions in the stainless steel utensils manufacturing industry. This is a Star rated export house and exports its entire production. This company enjoys export credit of 100.000 Millions from Canara Bank.

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 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.44.94
UK Pound	1	Rs.71.89
Euro	1	Rs.64.09

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.