MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	INFINITI MODULES PRIVATE LIMITED
Registered Office :	Plot No. 51/A, Pilerne Industrial Estate, Pilerne, Bardez Goa – 403511
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	28.10.1998
Com. Reg. No.:	11-004982
Capital Investment / Paid-up Capital :	Rs.0.200 million
CIN No.: [Company Identification No.]	U36100GA1998PTC004982
TAN No.: [Tax Deduction & Collection Account No.]	BLRI02155G
PAN No.: [Permanent Account No.]	AAACI4696P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing, Marketing, Servicing, Import and Export trading of all kinds of Desks, Partitions, Storage Systems, Ceilings, Seating and other Interior products etc.
No. of Employees :	Approximately 30

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

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

LOCATIONS

Registered Office/ Factory :	Plot No. 51/A, Pilerne Industrial Estate, Pilerne, Bardez Goa – 403511, India
Tel. No.:	91-832-6653340/ 6653333
Fax No.:	91-832-2407061
E-Mail :	compsect@gmail.com ksof54@gmail.com info@impl.biz

DIRECTORS

As on 30.09.2010

Name :

Mrs. Madhavi N. Premchand

Designation :

Director

Address :

Madhu Kunj, 7 Narayan Dabholkar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

27.06.1972

Date of Appointment :

28.10.1998

DIN No.:

01084086

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	U01110MH1981PTC025786	Sonali Plantation And Investment Private Limited	Director	07/07/1990	07/07/1990	-	Active	NO
2	U36100MH1981PTC025204	Jasani Furniture Manufacturers Private Limited	Director	07/07/1990	07/07/1990	-	Active	NO
3	U01110MH1981PTC025787	Madhavi Plantation And Investment Private Limited	Director	07/07/1990	07/07/1990	-	Active	NO
4	U74140MH1989PTC054642	Jasani Consultants Private Limited	Director	07/07/1990	07/07/1990	-	Active	NO
5	U36100GA1998PTC004982	Infiniti Modules Private Limited	Director	28/10/1998	28/10/1998	-	Active	NO

Name :

Mr. Sanjeev Ravindra Trivedi

Designation :

Managing Director

Address :

Casa Nina, 8/ 17, Nigvaddo, Arrarim, Saligao, North Goa, Goa – 403 511, India

Date of Birth/Age :

14.01.1967

Date of Appointment :

01.04.2009

DIN No.:

00315747

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	U36100GA1998PTC004982	Infiniti Modules Private Limited	Managing director	01/04/2009	28/10/1998	-	Active	NO
2	U01122GA2001PTC002941	Omp Components (India) Private Limited	Managing director	01/12/2006	01/12/2006	-	Active	NO
3	U29268GA2008PTC005765	Levigo Machinery Private Limited	Director	14/05/2008	14/05/2008	-	Under Process of Striking off	YES
4	U65910GJ1993PTC027347	Sadafuli Finvest Private Limited (Tr Co From Maharashtra)	Additional director	09/04/2009	09/04/2009	-	Active	NO

Name :

Mrs. Sonali Sanjeev Trivedi

Designation :

Managing Director

Address :

Casa Nina, 8/ 17, Nigvaddo, Arrarim, Saligao, North Goa, Goa – 403 511, India

Date of Birth/Age :

14.01.1964

Date of Appointment :

28.10.1998

DIN No.:

00318610

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	U01110MH1981PTC025786	Sonali Plantation And Investment Private Limited	Director	09/03/1983	09/03/1983	-	Active	NO
2	U01110MH1981PTC025787	Madhavi Plantation And Investment Private Limited	Director	09/03/1983	09/03/1983	-	Active	NO
3	U36100MH1981PTC025204	Jasani Furniture Manufacturers Private Limited	Director	19/10/1989	19/10/1989	-	Active	NO
4	U74140MH1989PTC054642	Jasani Consultants Private Limited	Director	15/12/1989	15/12/1989	-	Active	NO
5	U36100GA1998PTC004982	Infiniti Modules Private Limited	Managing director	01/10/2008	28/10/1998	-	Active	NO
6	U01122GA2001PTC002941	Omp Components (India) Private Limited	Director	23/01/2001	23/01/2001	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sonali S. Trivedi	10010
Madhavi N. Premchand	10
Sanjeev R. Trivedi	10000
Total	20020

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage of Holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing, Marketing, Servicing, Import and Export trading of all kinds of Desks, Partitions, Storage Systems, Ceilings, Seating and other Interior products etc.

Products :

Item Code No. (ITC Code)	94039000
Product Description	Furniture and Parts there of

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Production/ Sales Qty.
Partitions	Sq mtrs	760
Chairs	Nos.	13497
Tables	Nos.	3902
Storage	Nos.	485
Mobile/ Fixed Pedestal	Nos.	215
Work Surface	Nos.	491
Cabinet	Nos.	--
Credenza	Nos.	45
Board / Board Side	Nos.	5
Wordrobe	Nos.	9
Book Rack	Nos.	71
Desk	Nos.	801
Bag Hooks/ CPU Stand/ Trolly	Nos.	648
Drawers	Nos.	0
Key Board Tray	Nos.	176

GENERAL INFORMATION

Customers :

Ø Suzlon Energy Limited

Ø Sak Infotech Limited

No. of Employees :

Approximately 30

Bankers :

• State Bank of India, Mandovi Branch, Panji, Goa – 403 601, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loans :	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
State Bank of India Cash Credit (Secured against the hypothecation of Raw Material, Stock in Process, Finished Goods, Book Debts/ Bills receivables) Besides the Term Loan and Cash Credits are guaranteed by the Direcotrs	0.000	0.012
Total	0.000	0.012

Unsecured Loans :	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans from Directors	0.000	3.325
Total	0.000	3.325

Banking Relations :	--
Auditors :
Name :	S. P. Bhandare and Associates Chartered Accountants
Address :	3/ UG-4, Models Residency, ST Inez, Panaji, Goa – 403001, India
Tel. No.:	91-832-221464
PAN No.:	ACFPB1717N
Associate:	OMP Components (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20020	Equity Shares	Rs.10/- each	Rs.0.200 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		0.200	0.200	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		45.041	31.990	22.453
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.241	32.190	22.653
LOAN FUNDS
1] Secured Loans		0.000	0.012	0.600
2] Unsecured Loans		0.000	3.325	3.325
TOTAL BORROWING		0.000	3.337	3.925
DEFERRED TAX LIABILITIES		2.344	2.177	1.990
TOTAL		47.585	37.704	28.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.018	21.066	20.548
Capital work-in-progress		0.000	0.156	0.053
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.034	11.501	9.040
	Sundry Debtors	9.252	3.753	7.934
	Cash & Bank Balances	7.160	11.705	4.903
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.778	3.576	1.441
Total Current Assets		30.224	30.535	23.318
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.880	2.657	7.749
	Other Current Liabilities	3.777	10.344	7.288
	Provisions	0.000	1.052	0.346
Total Current Liabilities		6.657	14.053	15.383
Net Current Assets		23.567	16.482	7.935
MISCELLANEOUS EXPENSES		0.000	0.000	0.032
TOTAL		47.585	37.704	28.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	56.749	66.538	58.716
		Other Income
		TOTAL	56.749	66.538	58.716
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	38.570	50.302	2.868
		Depreciation
		Financial Charges
		TOTAL	38.570	50.302	2.868
	PROFIT BEFORE TAX		18.179	16.236	12.449
Less	TAX		5.128	6.699	4.558
	PROFIT AFTER TAX		13.051	9.537	7.891
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	Nil	0.106	2.868
	TOTAL EARNINGS		Nil	0.106	2.974
	IMPORTS
		C.I.F. Value of Imports	7.539	18.972	12.612
		Travelling	0.424	0.154	0.017
	TOTAL IMPORTS		7.963	19.126	12.629
	Earnings Per Share (Rs.)		652	476	46.267

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	22.99	14.33	13.44
Return on Total Assets (PBT/Total Assets}	(%)	33.51	31.46	28.34
Return on Investment (ROI) (PBT/Networth)		0.40	0.50	0.55
Debt Equity Ratio (Total Liability/Networth)		0.15	0.54	0.85
Current Ratio (Current Asset/Current Liability)		4.54	2.17	1.52

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from Shiv Kutir, N S Road No. 5, JVPD Scheme Vile Parle (West), Mumbai – 400056, Maharashtra to the present address w.e.f. 06.12.2006.

Operations and Accounts:

During the year the company achieved a turnover of Rs. 56.749 Millions (Previous year Rs. 66.538 Millions. The profit, after taxation, of Rs. 13.051 Millions (Previous year Rs. 9.537 Millions) is being carried forward.

CONTINGENT LIABILLITIES

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
i) Towsards estimated amount of contracts remaining to be executed on capital account	Nil	Nil
ii) For Counter Guarantee provided to bank against guarantees provided by them on behalf of company	1.479	1.479

Bankers Charges Report as per Registry

Corporate identity number of the company	U36100GA1998PTC004982
Name of the company	INFINITY MODULES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 51/A, Pilerne Industrial Estate, Pilerne, Bardez Goa – 403511, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10310576
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India Rbbform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by delivery of title deeds
Date of instrument Creating the charge	10.10.2011
Amount secured by the charge	Rs. 16.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as security for the due repayment of Rs. 16.000 Millions by the company including principal amount of the Facility interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No. 51-A admeasuring 4650 m2 along with Industrial shed constructed in the property “Industrial Estate” bearin cadastral Lole/ Survey No. 85 of Marra Pilerne Village.
Particulars of the present modification	Plot No. 51-A admeasuring 4650 m2 along with Industrial shed constructed in the property “Industrial Estate” bearing cadastral Lole/ Survey No. 85 of Marra Pilerne Village as further security for repayment of monies due and payable under credit facilities of Rs. 16.000 Millions sanctioned by the Bank to the company.

Corporate identity number of the company	U36100GA1998PTC004982
Name of the company	INFINITY MODULES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 51/A, Pilerne Industrial Estate, Pilerne, Bardez Goa – 403511, India
This form is for	Modification of Charge
Type of charge	Equitable mortgage or mortgage of property by depositing the title deeds.
Particular of charge holder	State Bank of India, Mandovi Branch, Panji, Goa – 403 601, India E-Mail: sadashiv_shet@sancharnet.in
Amount secured by the charge	Rs.1.000 million
Brief of the principal terms an conditions and extent and operation of the charge	Demand working capital finance – interest - 2.25% minimum 13.75% Margin – 50% against book debts and stocks
Description of the property charged indicating whether it is a charged on	Stock in trade Book debts Others (Raw material, finished goods and bills receivables)
Particulars of the property charged	Hypothecation of raw materials, stocks in process, finished goods book debts and bills receivables.
Charge identification number of the charge to be modified	90236103

Name of the company

INFINITY MODULES PRIVATE LIMITED

Presented By

Mr. Sanjeev Trivedi – Director

1) Date and description of instrument creating the change

01.08.2001

General Agreement for Working Capital Finance together with hypothecation agreement for charge on goods, book debts and movables.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.1.000 million Working Capital Finance

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of raw materials, stocks in process, finished goods, book debts and bills receivable.

4) Gist of the terms and conditions and extent and operation of the charge.

1. Demand Working Capital Finance bearing interest @ 2.25% above State Bank Advance Rate with minimum of 13.75% payable on quarterly basis.

2. Margin requirement of 50% against book debts and stocks of WIP and Finished goods and 255 against stocks of Raw Materials.

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Panji Branch, Near Mandovi Hotel, Panji, Goa – 403 601, India

6) Date and brief description of instrument modifying the charge

1. Supplemental General Agreement for the grant of small Industrial Advances and Hypothecation of goods, book debts and other assets. (for Total Limit of Rs.7.000 millions)

2. Agreement for the grant of small Industrial Advances (Ancillary agreement No.1) (for total limit of Rs.7.000 millions)

3. Agreement for the grant of small Industrial Advances (Ancillary agreement No.3) (for total limit of Rs.7.000 millions)

4. Agreement for the grant of small Industrial Advances, Re: Letters of Credit Guarantees and indemnities (Ancillary agreement No.6) (for limit of cash credit and bank guarantee of Rs.4.600 millions)

All dated 25.04.2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge limit revised as follows:

(Rs. in millions)

	Old	New
1. Demand Cash Credit Limit	1.000	2.400
2. Bank Guarantee Limit	--	3.400
3. Import Letter of Credit Limit	--	1.200
	1.000	7.000

Now the total charge limit stands at Rs.7.000 millions.

Rate of Interest – 12.25% p.a.

Margin:

Bank Guarantee – 40%, Import letter of credit – 25%

Other terms and conditions remains same.

FIXED ASSETS:

· Land

· Factory Building

· Electrical Installation

· Plant and Machinery

· Moulds and Dies

· Tools and Equipments

· Computers

· Office Equipments

· Furniture and Fixture

· Air Conditioner

· Vehicles

· Crates and Bins

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.49.13
UK Pound	1	Rs.77.58
Euro	1	Rs.67.58

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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.