MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	DELTA STORAGE SYSTEMS PRIVATE LIMITED
Registered Office :	B/41, 103, Boolani Industrial Estate, New Link Road, Near Monginis Factory, Opposite Citi Mall, Andheri West, Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.04.2006
Com. Reg. No.:	11-161281
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U28990MH2006PTC161281
TAN No.: [Tax Deduction & Collection Account No.]	MUMD14723C
PAN No.: [Permanent Account No.]	AACCD3658E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Slotted Angles Storage Systems, Steel Pallets, Heavy Duty Pallet Racks, Perforated Cable Trays, M. S. Stack Bins, Tote Boxes and Other Varied Industrial Storage Requirements.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 60000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has improved its performance in the year 2009-10. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 DECLINED BY

Name :	Mr. Raghuvir
Designation :	Finance Department
Date :	13.10.2011

LOCATIONS

Registered Office :	B/41, 103, Boolani Industrial Estate, New Link Road, Near Monginis Factory, Opposite Citi Mall, Andheri West, Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-40785454/ 26736634/ 26736548
Fax No.:	91-22-26736606
E-Mail :	accounts@deltabombay.com sales@deltabombay.com psj@deltabombay.com
Website :	http://www.deltasystemsindia.com
Factory / Godown/ Branch Office :	Plot No:17, Pancsheel, Industrial Estate, Opposite Jhaveri Weldflex Company, Savreeli Kharpada Road, Kharsundi, Tal: Khalapur, Khapoli, Raigad – 395007, Maharashtra, India

DIRECTORS

(AS ON 29.09.2010)

Name :

Mr. Suresh Kantilal Jasani

Designation :

Chairman Cum Managing Director

Address :

102, Riveria Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

28.09.1938

Date of Appointment :

21.04.2006

Partnership Firm :

Delta Systems

103, Boolani Estate, Near Monginis Factory, B/41, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

DIN No.:

01898175

Other Directorship :

Sr. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110MH2002PTC135417	MEDIPAC TECHNOLOGIES AND HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	11-07-05	11-07-05	Active	NO
2	U28990MH2006PTC161281	DELTA STORAGE SYSTEMS PRIVATE LIMITED	Director	21-04-06	21-04-06	Active	YES

Name :

Mr. Pranav Suresh Jasani

Designation :

Director

Address :

102, Riveria Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

27.05.1969

Date of Appointment :

21.04.2006

DIN No.:

01898059

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110MH2002PTC135417	MEDIPAC TECHNOLOGIES AND HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	11-07-05	11-07-05	Active	NO
2	U28990MH2006PTC161281	DELTA STORAGE SYSTEMS PRIVATE LIMITED	Director	21-04-06	21-04-06	Active	YES

KEY EXECUTIVES

Name :	Mr. Raghuvir
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Suresh Kantilal Jasani	250000
Pranav Suresh Jasani	250000
Total	500000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Slotted Angles Storage Systems, Steel Pallets, Heavy Duty Pallet Racks, Perforated Cable Trays, M. S. Stack Bins, Tote Boxes and Other Varied Industrial Storage Requirements.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India

Vile Parle (West) Branch, 11, Vithal Nagar CHS, 10^th Road, J.V.P.D. Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit A/c B/ Fd (Secured Against Stock and Book Debts)	(0.004)	(0.006)
PC UBI No. 7222	2.488	3.379
UBI CC A/c 501170 (Secured against Stock, Book Debts, Building and Personal Guarantee of Directors)	1.237	9.788
New Car Loan ICICI (Secured against Car)	0.000	0.181
Total	3.721	13.342
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors
Suresh Jasani	8.474	5.214
Pranav Jasani	2.033	0.033
From Others (Relative of Directors)
Alpha Industries	0.917	0.917
K M Jasani (HUF) Loan A/c	0.220	0.220
K M Jasani (Ind) Loan A/c	0.499	0.499
S M Jasani Loan A/c	0.553	0.553
Anuradha Jasani Loan A/c	0.317	0.317
Anmol S. Jasani	0.429	0.429
Pranav Jasani HUF Loan A/c	0.281	0.281
Total	13.723	8.463

Banking Relations :	--
Auditors :
Name :	T. Ramarao and Company Chartered Accountant
Address :	303, Lotus House, 33-A, New Marine Lined, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22002868/ 22033725/ 22084904
Fax No.:	91-22-22054823
Email :	info@tramarao.com turagaravi@gmail.com

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.10/- each	Rs.5.000 Millions

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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.698	0.335	0.452
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.698	5.335	5.452
LOAN FUNDS
1] Secured Loans		3.721	13.342	9.088
2] Unsecured Loans		13.723	8.463	8.058
TOTAL BORROWING		17.444	21.805	17.146
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.142	27.140	22.598
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.656	12.545	13.044
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.064	0.117	0.030
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.349	13.699	14.881
	Sundry Debtors	15.481	7.010	10.397
	Cash & Bank Balances	1.436	1.569	0.530
	Other Current Assets	0.000	0.000	0.991
	Loans & Advances	6.719	7.026	2.661
Total Current Assets		33.985	29.304	29.460
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.209	12.655	16.034
	Other Current Liabilities	1.439	1.219	3.466
	Provisions	2.915	0.952	0.436
Total Current Liabilities		19.563	14.826	19.936
Net Current Assets		14.422	14.478	9.524
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.142	27.140	22.598

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	69.514	82.018	78.507
		Other Income	3.067	3.395	4.197
		Profit on Sale of Land and Building	13.334	0.000	0.000
		TOTAL	85.915	85.413	82.704
Less	EXPENSES
		Increase/ (Decrease) in Stock	4.635	1.781	(10.691)
		Material Consumed	38.239	57.532	68.379
		Manufacturing Expenses	7.366	10.315	13.927
		Administrative Expenses	6.098	8.207	5.471
		Selling and Distribution Expenses	1.681	3.242	1.973
		Trade Purchases	11.507	0.000	0.000
		TOTAL	69.526	81.077	79.059
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.389	4.336	3.645
Less	FINANCIAL EXPENSES		2.150	2.668	1.941
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.239	1.668	1.704
Less/ Add	DEPRECIATION/ AMORTISATION		1.281	1.512	1.356
	PROFIT BEFORE TAX		12.958	0.156	0.348
Add	Prior period Adjustment		0.000	0.155	0.000
Less	Short Provision A.Y. 2007-08		0.087	0.000	0.000
Less	Short provision A.Y. 2008-09		0.057	0.000	0.000
Less	TAX		2.451	0.429	0.373
	PROFIT AFTER TAX		10.363	(0.118)	(0.025)
	Earnings Per Share (Rs.)		25.92	0.31	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.06	(0.14)	(0.03)
Net Profit Margin (PBT/Sales)	(%)	18.50	(0.19)	(0.44)
Return on Total Assets (PBT/Total Assets}	(%)	24.62	0.37	0.82
Return on Investment (ROI) (PBT/Networth)		0.83	0.03	0.06
Debt Equity Ratio (Total Liability/Networth)		2.36	6.87	6.80
Current Ratio (Current Asset/Current Liability)		1.74	1.98	1.48

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditor for Goods	11.145	9.245	13.422
Sundry Creditor for Expenses	4.064	3.410	2.612
Total	15.209	12.655	16.034

FORM 8:

Corporate identity number of the company	U28990MH2006PTC161281
Name of the company	DELTA STORAGE SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	103, Boolani Estate, B/41, New Link Road, Andheri West, Mumbai-400 053, Maharashtra, India accounts@deltabombay.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10086921
Type of charge	Movable Property (Not being Pledge)
Particular of charge holder	· Union Bank of India Vile Parle (West) Branch, 11, Vithal Nagar CHS, 10^th Road, J.V.P.D. Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India cbsvileparlew@unionbankofindia.com
Nature of instrument creating charge	Packing Credit Agreement
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs.4.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interests: Interest as determined by the bank from time to time. Terms of Repayment: On Demand Margin: Margin : 25% Extent and Operation of the charge: To secure the packing credit (under L/C / Contract) Limit of Rs.4.000 Millions granted by the bank to the company.
Particulars of the property charged	The borrower hypothecates by way of first charge in favour of the bank all movable properties meant or intended for export of goods, such as storage systems, material handling solutions and equipments, and/or any other goods meant, intended or being manufactured for export both present and future Lying / Stored at the borrower's Factory Shed or Godowns at Plot No.17, Panchsheel Industrial Estate, Savroli, Taluka Khalapur, Khopoli or at Shed / Godowns Hired by the Borrower for Storage Wherever Situate and/or in Transit.
Particulars of the present modification	The packing credit (Under L/C / Contract) limit has enhanced from Rs.3.500 Millions to Rs.4.000 Millions.

FIXED ASSETS:

· Land

· Air Conditioner

· Computer

· Building

· Furniture and Fixture

· Mobile Phone

· Motor Cycle

· Office Premises

· Office Equipment

· Plant and Machinery

· Software

· Tools and Dies

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--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		43

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.