MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	VISHAL PRINT TRADER PRIVATE LIMITED
Registered Office :	33, Mehta Industrial Estate, M V Road, Andheri East, Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.08.1995
Com. Reg. No.:	11-91534
Capital Investment / Paid-up Capital :	Rs.2.195 millions
CIN No.: [Company Identification No.]	U24233MH1995PTC091534
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ink and Trader for all printing Accessories.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 26000
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.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Prasad
Designation :	Account Executive
Contact No.:	91-22-66920762
Date :	14.10.2011

LOCATIONS

Registered Office :	33, Mehta Industrial Estate, M V Road, Andheri East, Mumbai – 400 093, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vishaljtp25@gmail.com vishal_pl@rediffmail.com
Location :	Owned
Factory :	A-31, New Empire Industrial Estate, Kondovita Lane, Andheri (East), Mumbai - 400 059, Maharashtra, India
Tel. No.:	91-22-66920761 / 2 / 3 / 28211110
Fax No.:	91-22-66938456

DIRECTORS

As on 30.09.2010

Name :

Mr. Pradeep Shreenarayan Laddha

Designation :

Whole Time Director

Address :

B-103, Blue Bell, Royal Complex, Eksar Road, Borivali (West), Mumbai – 400 091, Maharashtra, India

Date of Birth/Age :

11.12.1960

Date of Appointment :

08.08.1995

DIN No.:

00532147

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	U24233MH1995PTC091534	Vishal Print Trader Private Limited	Whole-time director	08-08-95	08-08-95	Active	NO
2	U51909MH2010PTC199670	Vishal Multi Graphics Traders Private Limited	Director	04-02-10	04-02-10	Active	NO

Name :

Mr. Rajesh Shreenarayan Laddha

Designation :

Whole Time Director

Address :

B-103, Blue Bell, Royal Complex, Eksar Road, Borivali (West), Mumbai – 400 091, Maharashtra, India

Date of Birth/Age :

22.01.1973

Date of Appointment :

08.08.1995

DIN No.:

00532290

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	U24233MH1995PTC091534	Vishal Print Trader Private Limited	Whole-time director	08-08-95	08-08-95	Active	NO
2	U24220MH2005PTC152072	Riddhi Siddhi Inks Private Limited	Director	18-03-05	18-03-05	Active	NO

Name :

Mr. Vishal Pradeep Laddha

Designation :

Whole Time Director

Address :

B-103, Blue Bell, Royal Complex, Eksar Road, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

14.02.1987

Date of Appointment :

01.02.2010

DIN No.:

02305072

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	U24233MH1995PTC091534	Vishal Print Trader Private Limited	Whole-time director	30-09-10	01-02-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasad
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pradeep Shreenarayan Laddha	1100
Rajesh Shreenarayan Laddha	6650
Hemlata Laddha	5150
Pradeep Laddha	1050
Rajesh Laddha	550
Hemlata Maheshwari	1000
Shreenarayan Laddha	500
Saroj Laddha	1450
Rakhee Laddha	4500
Total	21950

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ink and Trader for all printing Accessories.

Products :

Product Description	ITC Code
Printing Ink	3215.19

Exports :

Products :

Ink

Countries :

Sri Lanka

Imports :

Products :

Material

Countries :

China

Terms :

Selling :

Depend

Purchasing :

Depend

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

15 (Approximately)

Bankers :

State Bank of India

Marol Branch, Marol Maroshi Road, Andheri (East), Mumbai – 400 059, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Scheduled Bank (Secured by hypothecation of book debts, stock and personal guarantee of directors)	1.921	1.350
Total	1.921	1.350

Banking Relations :	--
Financial Institution :	3i Infotech Trusteeship Services Limited 6^th Floor, Akruti Centre Point, MIDC Central, Andheri (East), Mumbai – 400 093, Maharashtra, India
Auditors :
Name :	S M Bajaj and Company Chartered Accountants
Address :	B-10, Arya Satya, Ramchanera Nagar, Off. Manpada Road, Dombivli (East), Mumbai – 421 201, Maharashtra, India
Associates :	· Riddhi Siddhi Inks Private Limited · Vishal Graphic Enterprise
Concerns in which key management personnel or relatives thereof have controlling interest :	· M/s Right Inks · M/s Right Inks – Vasai · M/s Advance Color · M/s Vishal Enterprises · M/s Vishal Graphics Impex

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21950	Equity Shares	Rs.100/- each	Rs.2.195 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		2.195	2.195	0.975
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.219	2.550	1.388
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.414	4.745	2.363
LOAN FUNDS
1] Secured Loans		1.921	1.350	1.608
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.921	1.350	1.608
DEFERRED TAX LIABILITIES		0.034	0.022	0.017
TOTAL		8.369	6.117	3.988
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.445	0.390	0.106
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.967	11.017	9.687
	Sundry Debtors	23.236	17.578	16.174
	Cash & Bank Balances	0.317	0.134	0.105
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.532	1.033	0.963
Total Current Assets		32.052	29.762	26.929
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.647	22.718	21.047
	Other Current Liabilities	0.412	0.365	1.432
	Provisions	0.074	0.957	0.573
Total Current Liabilities		24.133	24.040	23.052
Net Current Assets		7.919	5.722	3.877
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.369	6.117	3.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Service charges	131.634	106.475	99.610
		Other Income	0.024	0.018	0.005
		TOTAL (A)	131.658	106.493	99.615
Less	EXPENSES
		Raw Material Consumed	14.808	9.509	0.000
		Packing Material Consumed	0.544	0.270	0.000
		Cost of Traded Goods Sold	101.791	87.055	92.746
		Administrative	6.871	4.754	4.232
		Selling	5.017	2.984	1.442
		TOTAL (B)	129.031	104.572	98.420
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.627	1.921	1.195
Less	INTEREST (D)		0.070	0.100	0.177
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.557	1.821	1.018
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.080	0.064	0.044
	PROFIT/LOSS BEFORE TAX (E-F) (G)		2.477	1.757	0.974
Less	TAX (I)		0.753	0.578	0.366
	PROFIT/LOSS AFTER TAX (G-I) (J)		1.724	1.179	0.608
Less	ADJUSTMENT FOR DEFERRED TAX LIABILITY PROVIDED / (RESERVED)		0.012	0.005	(0.002)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.550	0.388	0.158
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	0.300
		Adjustment for Taxation of earlier year	0.044	0.012	0.080
	BALANCE CARRIED TO THE B/S		1.218	0.550	0.388
	EARNINGS IN FOREIGN CURRENCY		2.428	1.029	3.041
	Earnings Per Share (Rs.)		78.54	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	170.000

Expected Sales (2011-2012) : Rs.250.000 millions

The above information has been parted by Mr. Prasad

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.31	1.11	0.61
Net Profit Margin (PBT/Sales)	(%)	1.88	1.65	0.98
Return on Total Assets (PBT/Total Assets}	(%)	7.62	5.83	3.60
Return on Investment (ROI) (PBT/Networth)		0.39	0.37	0.41
Debt Equity Ratio (Total Liability/Networth)		4.06	5.35	10.44
Current Ratio (Current Asset/Current Liability)		1.33	1.24	1.17

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions	As on 31.03.2008 Rs. in millions
Due to S.S.I. Undertakings	0.000	0.000	0.000
Due to Others	23.647	22.718	21.047
Total	23.647	22.718	21.047

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions 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	NO
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	NO
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	--
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, is available	--

OPERATIONS

During the year the Company has achieved a turnover of Rs.131.634 millions as against Rs.106.475 millions in the previous year. The Company has earned a Net Profit of Rs.2.477 millions as against Rs.1.757 millions in the previous year.

FORM 8

Corporate identity number of the company	U24233MH1995PTC091534
Name of the company	VISHAL PRINT TRADER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	33, Mehta Industrial Estate, M V Road, Andheri East, Mumbai – 400 093, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Others o Current Assets and Receivables
Particular of charge holder	3i Infotech Trusteeship Services Limited 6^th Floor, Akruti Centre Point, MIDC Central, Andheri (East), Mumbai – 400 093, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	22.09.2009
Amount secured by the charge	Rs.7.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest IBAR (15.75%) + CC Premia 0.50% - 3.0% p.a. (Current pricing 13.25% p.a.). Rate of interest is subject to revision from time to time. Terms of Repayment Validity of facility 12 months Margin Not Applicable Extent and Operation of the charge Exclusive charge of the company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge of the company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, located at A -31, Empire Industrial Estate, Andheri (e), Mumbai - 93 or whereever else the same may be situated.

FIXED ASSETS

· Computer / Printers

· Office Equipments

· Plant and Machinery – Comp

· Cycle

· Furniture and Fixtures

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.49.07
UK Pound	1	Rs.77.42
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.