MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	SIVA SYSTEMS PRIVATE LIMITED
Registered Office :	D2-34,Sahcoale Industrial Estate, Zuarinagar Goa – 403726
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.2001
Com. Reg. No.:	24-002961
Capital Investment / Paid-up Capital :	Rs.0.180 Million
CIN No.: [Company Identification No.]	U72200GA2001PTC002961
TAN No.: [Tax Deduction & Collection Account No.]	BLRS17439C BLRS13358C
PAN No.: [Permanent Account No.]	AAGCS2609Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Metal Detector
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 290000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and condition.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Ms. Ujwala
Designation :	Accounts Manager
Contact No.:	91-22-28715902
Date :	22.11.2011

LOCATIONS

Registered Office / Factory :	D2-34,Sahcoale Industrial Estate, Zuarinagar– 403726, Goa, India
Tel. No.:	91-22-28715902
Fax No.:	91-22-28715904
E-Mail :	sghegde_goa@sancharnet.in mks@mre.net.in
Location :	Owned
Branch Office :	101-102, Sargam, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India
Tel. No.:	91-22-28715902/5903
Fax No.:	91-22-28715904/28389232

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Maharajkrishna Bansilal Birmani
Designation :	Director
Address :	1 Deepak Mahali, Lam Road, Devlali, Nasik – 422401, Maharashtra, India
Date of Appointment :	12.03.2001
DIN No.:	00179871

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31907GA1993PTC001417	SIVA EQUIPMENT PRIVATE LIMITED	Director	25-08-93	25-08-93	-	Active	NO
2	U72200GA2001PTC002961	SIVA SYSTEMS PRIVATE LIMITED	Director	12-03-01	12-03-01	-	Active	NO
3	U33112GA2001PTC002998	YASHTECH MEDISOFT PRIVATE LIMITED	Director	18-07-01	18-07-01	-	Strike off	NO
4	U31909MH2004PTC148945	ALCAP ELECTRONICS PRIVATE LIMITED	Director	01-09-06	01-09-06	-	Active	NO
5	U32109MH1973PTC016792	ALCON ELECTRONICS PRIVATE LIMITED	Director	01-09-06	01-09-06	-	Active	NO

Name :	Mrs. Roma Maharajkrishna Birmani
Designation :	Director
Address :	1 Deepak Mahali, Lam Road, Devlali, Nasik – 422401, Maharashtra, India
Date of Appointment :	12.03.2001
DIN No.:	00179994

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31907GA1993PTC001417	SIVA EQUIPMENT PRIVATE LIMITED	Director	25-08-93	25-08-93	-	Active	NO
2	U72200GA2001PTC002961	SIVA SYSTEMS PRIVATE LIMITED	Director	12-03-01	12-03-01	-	Active	NO

Name :	Mrs. Renu Bansilal Birmani
Designation :	Director
Address :	1 Deepak Mahali, Lam Road, Devlali, Nasik – 422401, Maharashtra, India
Date of Appointment :	12.03.2001
DIN No.:	00180271

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31907GA1993PTC001417	SIVA EQUIPMENT PRIVATE LIMITED	Director	10-09-96	10-09-96	-	Active	NO
2	U72200GA2001PTC002961	SIVA SYSTEMS PRIVATE LIMITED	Director	12-03-01	12-03-01	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Maharajkrishna Bansilal Birmani	1500
Roma Maharaj Birmani	150
Renu Namsilal Birmani	150
Total	1800

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Metal Detector
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Item	Quantity (current year )
Actual Production
TM Detector Assembly	16
Ultra Serach M.D. Assembly	117
GSMD	07
M.D. and Spares	474
Pluse Metal Detector	27
Super Serach M.D. Assembly	20

GENERAL INFORMATION

Customers :	· Wholesalers · Retailers · Britannia · Parle · Manginis
Suppliers :	· R K Engineering Works · SMMS Engineering Systems (Private) (Limited)
No. of Employees :	60 (Approximately)
Bankers :	· Bank of India · ICICI Bank · Canara Bank · DBS Bank
Facilities :	---

Banking Relations :	--
Auditors :
Name :	S.G. Hegde and Company Chartered Accountant
Address :	101, Rohan Arcade, Swatantra Path, Vasco Da Gama, Goa – 403802, India
Pan No.:	AALPH9605D
Sister Concern :	· Shivananda Enterprises · M R Equipments

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800	Equity Shares	Rs.100/- each	Rs.0.180 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.180	0.180	0.180
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.486	57.587	44.653
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		72.666	57.767	44.833
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.004	0.025	0.005
TOTAL		72.670	57.792	44.838
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.917	8.213	8.121
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.636	2.489	20.279
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	22.152	14.833	5.950
	Cash & Bank Balances	5.806	4.267	5.785
	Other Current Assets	6.934	7.472	5.076
	Loans & Advances	28.903	23.467	0.837
Total Current Assets		63.795	50.039	17.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.311	1.273	NA
	Other Current Liabilities	0.694	0.958	0.910
	Provisions	0.685	0.730	0.314
Total Current Liabilities		2.690	2.961	1.224
Net Current Assets		61.105	47.078	16.424
MISCELLANEOUS EXPENSES		0.012	0.012	0.014
TOTAL		72.670	57.792	44.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	INCOME		56.343	42.965	21.391
Less	EXPENSES
		Office Expenses
		Administrative Expenses	36.308	26.794	12.715
		Advertising Expenses
		TOTAL	36.308	26.794	12.715
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.035	16.171	8.676
Less/ Add	DEPRECIATION/ AMORTISATION		0.159	0.146	0.093
	PROFIT BEFORE TAX		19.876	16.025	8.583
Less	TAX		4.947	3.090	1.804
	PROFIT AFTER TAX		14.929	12.935	6.779
	Earnings Per Share (Rs.)		2748.33	7186.11	3766.11

Expected Sales (2011-12) : Rs. 60.000 millions

The above information has been parted by Ms. Ujwala .

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	35.27	37.29	40.12
Return on Total Assets (PBT/Total Assets}	(%)	29.35	27.50	33.30
Return on Investment (ROI) (PBT/Networth)		0.27	0.37	0.19
Debt Equity Ratio (Total Liability/Networth)		0.03	0.05	0.02
Current Ratio (Current Asset/Current Liability)		23.71	16.89	14.41

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	--
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	Yes
15. Capital in the business	--
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	No
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

TRADE REFERENCES :

· R K Engineering Works

· SMMS Engineering Systems (Private) (Limited)

· Britannia

· Parle

· Manginis

FIXED ASSETS :

· Bunglow at Deolali

· Plot At Devlali

· Land at Vithgaon

· Land at Nasik Road

· Factory Shed

· Plant and Machinery

· Furniture and Fixtures

· Maruti Esteem White

· Computer Hardware

· Office Equipments

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. 52.10
UK Pound	1	Rs. 81.30
Euro	1	Rs. 70.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		53

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.