1. Summary Information

		Country	INDIA
Company Name	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Shyama Prasad Chatterjee Mr. Piyush Kumar Tater
Status	Satisfactory	Principal Name 2
		Registration #	21-56860
Street Address	3C, Chowrianghee Lane, Kolkata – 700 016, West Bengal
Established Date	27.10.1992	SIC Code	--
Telephone#	91-33-30289494	Business Style 1	Distributor
Fax #	91-33-22520844	Business Style 2	--
Homepage	--	Product Name 1	Electronics Products
# of employees	35 (in office) Approximately	Product Name 2	--
Paid up capital	Rs.7,398,000/-	Product Name 3	--
Shareholders	Bodies Corporate-6.76% Directors Or Relatives Of Directors-0.27% Other Top Fifty Shareholders-92.97%	Banking	Allahabad Bank
Public Limited Corp.	NO	Business Period	19 YEARS
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Holding Company	INDIA	Panorama Electronics Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	252,592,000	Current Liabilities	158,599,000
Inventories	99,979,000	Long-term Liabilities	171,946,000
Fixed Assets	11,928,000	Other Liabilities	1,782,000
Deferred Assets	0	Total Liabilities	332,327,000
Invest& other Assets	500,000	Retained Earnings	15,678,000
		Net Worth	32,672,000
Total Assets	364,999,000	Total Liab. & Equity	364,999,000
Total Assets (Previous Year)	196,777,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	959,198,000	Net Profit	2,357,000
Sales(Previous yr)	586,367,000	Net Profit(Prev.yr)	1,494,000

MIRA INFORM REPORT

Report Date :

11.05.2011

IDENTIFICATION DETAILS

Name :	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED [w.e.f. 19.01.2004]
Formerly Known As :	CHARCHCO MECHANICALS AND ENGINEERING PRIVATE LIMITED
Registered Office :	3C, Chowrianghee Lane, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.10.1992
Com. Reg. No.:	21-56860
Capital Investment / Paid-up Capital :	Rs.7.398 millions
CIN No.: [Company Identification No.]	U31103WB1992PTC056860
TAN No.: [Tax Deduction & Collection Account No.]	CALC04131B
PAN No.: [Permanent Account No.]	AABCC3109J
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Electronics Products.
No. of Employees :	35 (in office) Approximately

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 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account of the company is not available.

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 :	3C, Chowrianghee Lane, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-30289494
Fax No.:	91-33-22520844
E-Mail :	avacafirm@gmail.com charcho@panoramagroup.co.in neosa@panoramagroup.co.in
Area :	1500 sq. ft.
Location :	Rented
Warehouse :	Raghunathpur, Nazrul, Islam Avenue, Kolkata - 700 059, West Bengal, India
Location :	Rented

DIRECTORS

As on 30.09.2010

Name :	Mr. Shyama Prasad Chatterjee
Designation :	Director
Address :	73, Aurobindo Road, Salkia, Howrah – 711 106, West Bengal, India
Date of Birth/Age :	01.11.1948
Date of Appointment :	01.04.2000
DIN :	01314557
Name :	Mr. Debajyoti Mukherjee
Designation :	Director
Address :	83A, Dr. Suresh Sarkar Road, Kolkata – 700 014, West Bengal, India
Date of Appointment :	01.04.1999
Name :	Mr. Piyush Kumar Tater
Designation :	Director
Address :	10/ 4, Vivekananda Road, Kolkata – 700 007, West Bengal, India
Date of Birth/Age :	04.11.1981
Qualification :	BBA
Date of Appointment :	04.02.2009
DIN :	02561285

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Balaram Chowdhury	1000
Arun Kumar Poddar	1000
Bani Chowdhury	8762
Lata Bhattacharjee	1000
Rollatainers Niryat Private Limited, Kolkata, West Bengal	50000
Ramkrishna Saha	2000
Shyama Prasad Chatterjee	2000
Subrata Bhattacharjee	20000
Nishit Kumar Sinha	4000
Jayanta Chowdhury	6500

As on 04.10.2010

Names of Allottees	No. of Shares Allotted
Balaram Chowdhury	4960
Rita Chowdhury	11000
Panorama Electronics Private Limited, Kolkata, West Bengal	50000
Panorama Developers Private Limited, Kolkata, West Bengal	30000
Total	95960

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	6.76
Directors or relatives of directors	0.27
Other top fifty shareholders	92.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Electronics Products.

GENERAL INFORMATION

Customers :

Ø Wholesalers

Ø Retailers

No. of Employees :

35 (in office) Approximately

Bankers :

• Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata - 700 001, West Bengal, India

• Standard Chartered Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit From Allahabad bank- secured against hypothecation of stock of finished goods and hypothecation of book debts and personal guarantee of the directors	136.513	89.217
From standard Chartered bank [channel finance for LG products]	0.000	10.109
Term Loan – secured against hypothecation of motor vehicles.	2.248	1.833
Total	138.761	101.159
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From standard Chartered bank	1.615	2.534
From body Corporates	31.570	13.170
Total	33.185	15.704

Banking Relations :	--
Auditors :
Name :	Agarwal Vishwanath and Associates Chartered Accountants
Address :	7B, Dacres Lane, 1^st Floor, Kolkata - 700 069, West Bengal, India
Holding Company :	Panorama Electronics Private Limited
Associates/ Subsidiaries :	Neuso Electronic Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs.3.000 Millions
7,000	“A” Class Equity	Rs.1000/- each	Rs.7.000 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89,762	Equity Shares	Rs.10/- each	Rs.0.898 Million
6,500	“A” Class Equity	Rs.1000/- each	Rs.6.500 Millions
	Total		Rs.7.398 Millions

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs.3.000 Millions
7,000	“A” Class Equity	Rs.1000/- each	Rs.7.000 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
835,722	Equity Shares	Rs.10/- each	Rs.8.357 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		7.398	7.398	7.398
2] Share Application Money		9.596	4.596	4.596
3] Reserves & Surplus		15.678	13.321	11.838
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.672	25.315	23.832
LOAN FUNDS
1] Secured Loans		138.761	101.159	76.913
2] Unsecured Loans		33.185	15.704	8.350
TOTAL BORROWING		171.946	116.863	85.263
DEFERRED TAX LIABILITIES		0.266	0.247	0.214
TOTAL		204.884	142.425	109.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.928	11.141	9.419
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.979	42.215	26.921
	Sundry Debtors	229.834	119.526	53.303
	Cash & Bank Balances	5.434	5.130	3.917
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.324	18.265	42.232
Total Current Assets		352.571	185.136	126.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	158.251	53.586	--
	Current Liabilities	0.348	0.331	24.153
	Provisions	1.516	0.435	2.830
Total Current Liabilities		160.115	54.352	26.983
Net Current Assets		192.456	130.784	99.390
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		204.884	142.425	109.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	959.198	586.367
		Other Income	8.985	23.934
		TOTAL (A)	968.183	610.301
Less	EXPENSES
		Cost of Goods Sold	823.158	519.983
		Vat Paid	105.030	58.685
		Administrative Overhead	14.433	8.429
		Selling and Distribution Overhead	7.578	9.020
		TOTAL (B)	950.199	596.117
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.984	14.184
Less	FINANCIAL EXPENSES (D)		13.954	11.823
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.030	2.361
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.572	0.399
	PROFIT BEFORE TAX (E-F) (G)		3.458	1.962
Less	TAX (I)		1.101	0.468
	PROFIT AFTER TAX (G-I) (J)		2.357	1.494
Less	Expense for ealier year		0.000	0.011
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.321	11.838
	BALANCE CARRIED TO THE B/S		15.678	13.321
	Earnings Per Share (Rs.)		0.32	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.24	0.24	NA
Net Profit Margin (PBT/Sales)	(%)	0.36	0.33	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.95	1.00	NA
Return on Investment (ROI) (PBT/Networth)		0.11	0.08	NA
Debt Equity Ratio (Total Liability/Networth)		10.16	6.76	4.71
Current Ratio (Current Asset/Current Liability)		2.20	3.41	4.68

LOCAL AGENCY FURTHER INFORMATION

Corporate identity number of the company	U31103WB1992PTC056860
Name of the company	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3C, Chowringhee Lane, Kolkata – 700 016, West Bengal, India E-Mail: avacafirm@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	90250523
Type of charge	Immovable Property Others
Particular of charge holder	Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata - 700 001, West Bengal, India E-Mail: albcalm@cal.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	Supplemental Recital for Extension
Date of instrument Creating the charge	04.03.2011
Amount secured by the charge	Rs.182.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest and other charges will be paid as per terms and conditions of Sanction Letter of bank, however the same is subject to change from time to time. Terms of Repayment: The working capital shall be repayable on demand whereas the term loan shall be repaid as per sanction terms of the bank. Interest is to be serviced as and when charged to the account. Margin: The borrower shall maintain appropriate margin as stipulated in the sanction terms, however the same is subject to change from time to time. Presently the applicable margin is For CC:- 25% on stocks and book-debts (upto 90 days) Extent and Operation of the charge: The security created under said mortgage shall operate as continuing security and by way of first charge. The Company being Guarantor as well as mortgagor created the aforesaid mortgage by way of Simple Deposit of Title deeds in favor of the Bank to secure the due repayment of the Credit facilities as sanctioned by the said Bank to the tune of Rs.152.500 millions to Company and Rs.30.000 millions to Panorama Electronics Private Limited (The Borrower) and for no other purpose. Others: The Company hereby declares that all the charged property now existing are absolute property of and at the sole disposal of the Company and free from any prior charge or encumbrance and undertakes that all future property shall like wise be the unencumbered and absolute and disposable property of the Company. To keep insured the charged property Other terms and conditions are as per terms and conditions of above referred mortgage paper and Sanction Letter of the banks.
Short particulars of the property charged	The company had created equitable mortgage by deposit of title deeds in respect of All that piece and parcel of two storied brick built building along with land measuring six cottahs seven chittaks and forty four square feet being premises no. 44, Hazra Road, within the jurisdiction of Ballygunge Police Station , Kolkata-700019, Kolkata Municipal Corporation Ward No. 69 comprising Holding No. 176, 179 part of the Holding No. 320/323 Sub- Division -P Grant Division -VI, Dihi- Panchagram, Sub Registry Office- Alipore in the Dist. of 24 Parganas (S) alongwith superstructure thereon. Title Deed being 04884 for the year 2003 and 5973 for the year 2005.
Particulars of the present modification	By present modification the overall limit secured by charge has been enhanced from Rs.146.000 millions to Rs.182.500 millions on extending charge over equitable mortgage of Land and Building Charchco Electronics (India) Private Limited - Rs.152.500 millions by way of Cash Credit Panorama Electronics Private Limited - Rs.30.000 millions by way of CC and LC/BG Other terms and conditions save as modified above remain unchanged.

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.44.73
UK Pound	1	Rs.73.20
Euro	1	Rs.63.90

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	NO
--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.