1. Summary Information

		Country	India
Company Name	AVF DISTRIBUTORS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Rajendra Bhagwandas Shah
Status	Satisfactory	Principal Name 2	Mrs. Rekha Rajendra Shah
		Registration #	11-106332
Street Address	Jogani Industrial Estate, Building No. 6, Gala No. 28, Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra
Established Date	05.03.1997	SIC Code	--
Telephone#	91-22-24057187/ 88 /89	Business Style 1	Service Provider for Broad Castings
Fax #	91-22-24054190	Business Style 2	--
Homepage	www.avfindia.com	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.1,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors (99.90%) Other top fifty shareholders (0.10%)	Banking	Andhra Bank
Public Limited Corp.	NO	Business Period	15 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
	--		--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	22,155,000	Current Liabilities	6,623,000
Inventories	4,808,000	Long-term Liabilities	4,250,000
Fixed Assets	6,205,000	Other Liabilities	2,424,000
Deferred Assets	0,000	Total Liabilities	13,297,000
Invest& other Assets	18,767,000	Retained Earnings	37,638,000
		Net Worth	38,638,000
Total Assets	51,935,000	Total Liab. & Equity	51,935,000
Total Assets (Previous Year)	49,599,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	31,327,000	Net Profit	5,302,000
Total Income (Previous yr)	24,383,000	Net Profit(Prev.yr)	1,340,000

MIRA INFORM REPORT

Report Date :

07.04.2012

IDENTIFICATION DETAILS

Name :	AVF DISTRIBUTORS (INDIA) PRIVATE LIMITED
Registered Office :	Jogani Industrial Estate, Building No. 6, Gala No. 28, Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.1997
Com. Reg. No.:	11-106332
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U72200MH1997PTC106332
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20422D
PAN No.: [Permanent Account No.]	AAACA8282F
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider for Broad Castings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 150000
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.

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/ Head Office :	Jogani Industrial Estate, Building No. 6, Gala No. 28, Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24057187/ 88 /89
Fax No.:	91-22-24054190
E-Mail :	info@avfindia.com
Website :	www.avfindia.com
Area :	1500 Sq. ft
Location :	Owned
Branch Office 1 :	E-183, Basement, “Vardhan”, New Rajinder Nagar, Shankar Road, New Delhi – 110060, India
Tel. No.:	91-11-28741121
Fax No.:	91-11-28742114
E-Mail :	ashish@avfindia.com
Branch Office 2 :	Shop No. 9, New Market, Sector-27 Gautam Buddha Nagar, Noida – 201301, Uttar Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajendra Bhagwandas Shah

Designation :

Director

Address :

1602, Solitaire, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

21.10.1960

Qualification :

Engineer

Date of Appointment :

12.05.2007

DIN No.:

01153003

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	L51103MH1985PLC036664	ANUKARAN COMMERCIAL ENTERPRISES LIMITED	Director	1/02/1988	1/02/1988	15/05/2007	Active	NO
2	U51909MH2000PTC130111	C-BIT TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	19/12/2000	19/12/2000	-	Active	NO
3	U32107MH2003PTC138573	AV AUDIO MEDIA EQUIPMENTS PRIVATE LIMITED	Director	7/01/2003	7/01/2003	-	Active	NO
4	U72200MH1997PTC106332	AVF DISTRIBUTORS (INDIA) PRIVATE LIMITED	Director	12/05/2007	12/05/2007	-	Active	NO

Name :

Mrs. Rekha Rajendra Shah

Designation :

Director

Address :

1602, Solitaire, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

28.01.1962

Qualification :

B. Com

Date of Appointment :

05.03.1997

DIN No.:

01157238

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	U72200MH1997PTC106332	AVF DISTRIBUTORS (INDIA) PRIVATE LIMITED	Director	5/03/1997	5/03/1997	-	Active	NO
2	U51909MH2000PTC130111	C-BIT TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	19/12/2000	19/12/2000	-	Active	NO
3	U32107MH2003PTC138573	AV AUDIO MEDIA EQUIPMENTS PRIVATE LIMITED	Director	30/09/2011	4/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajendra Bhagwandas Shah	50000
Rekha Rajendra Shah	49900
Rajendra Bhagwandas Shah (HUF)	100
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	99.90
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider for Broad Castings.

GENERAL INFORMATION

Suppliers :

· Comcon Industries

· Cine Tekk

· Cinetekk Electronics and Engineers Private Limited

· Clearfast Fonuarder

· DTDC Courier

· GUN Nanak Cargo Private Limited

· Hi-tech Audio Systems Private Limited-Delhi

· Hi-tech Audio Systems Private Limited-Noida

· Highway Automobiles

· TNT India Private Limited

· The National Shipping Agency

· Studer Professional Audio GMBH

· Pushkar Shipping Services Private Limited

Customers :

· Essel Shyam Technologies Limited - Noida

· Film & Television Institute of India - Pune

· Ibn 18 Broadcast Limited

· Ibn 18 Broadcast Limited - FC- 7 - Noida

· Lok Sabha Television

· Maa Television Network Limited

· AIR-Mathura

· All India Radio and DD Kolkata

· Broadcast Engineering Consultant India Limited

No. of Employees :

Not Available

Bankers :

· Andhra Bank, Matunga Branch, Woodland Nook Building, Bhaudaji Road, Matunga (C. R.), Mumbai – 400019, Maharashtra, India

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Jyoti N Rupani	1.000	1.000
Naresh Rupani	1.250	1.250
Naresh Rupani HUF	2.000	2.000
Total	4.250	4.250

Banking Relations :	--
Auditors :
Name :	J. H. and Company Chartered Accountants
Address :	C/44, Padamanagar, Andheri Kurla Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-22031185
Mobile No.:	91-9320599232
E-Mail :	hemantvora.ca@gmail.com
PAN.:	AAEFJ6618F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.638	32.336	30.996
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.638	33.336	31.996
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4.250	4.250	4.560
TOTAL BORROWING		4.250	4.250	4.560
DEFERRED TAX LIABILITIES		0.653	0.718	0.000
TOTAL		43.541	38.304	36.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.205	5.938	6.296
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		18.767	10.032	1.565
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.808	4.308	4.187
	Sundry Debtors	5.696	6.767	5.942
	Cash & Bank Balances	0.364	0.310	0.340
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.095	22.244	32.483
Total Current Assets		26.963	33.629	42.952
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.623	5.929	9.633
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.771	5.366	4.624
Total Current Liabilities		8.394	11.295	14.257
Net Current Assets		18.569	22.334	28.695
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		43.541	38.304	36.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	31.327	24.383
		Other Income	3.787	1.537
		TOTAL (A)	35.114	25.920	36.858
Less	EXPENSES
		Purchases	9.409	7.791
		Direct Expenses	3.152	1.868
		Administrative Expenses	15.496	12.602
		TOTAL (B)	28.057	22.261
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.057	3.659	31.5749
Less	FINANCIAL EXPENSES (D)		0.025	0.036
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.032	3.623	(including financial and depreciation)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.766	0.823
	PROFIT BEFORE TAX (E-F) (G)		6.266	2.800	5.284
Less	TAX (H)		0.964	1.460	1.674
	PROFIT AFTER TAX (G-H) (I)		5.302	1.340	3.610
	BALANCE CARRIED TO THE B/S		5.302	1.340	3.610
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.888	3.970	13.326
	TOTAL EARNINGS		6.888	3.970	13.326
	IMPORTS
		CIF Value of Imports	6.936	5.808	6.441
	TOTAL IMPORTS		6.936	5.808	6.441
	Earnings Per Share (Rs.)		53.02	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	15.09	5.17	9.79
Net Profit Margin (PBT/Sales)	(%)	20.00	11.48	NA
Return on Total Assets (PBT/Total Assets}	(%)	18.89	7.08	10.73
Return on Investment (ROI) (PBT/Networth)		0.16	0.08	0.17
Debt Equity Ratio (Total Liability/Networth)		0.33	0.47	0.59
Current Ratio (Current Asset/Current Liability)		3.21	2.98	3.01

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) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
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 variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FINANCIAL PERFORMANCE:

During the year, the Company has earned a Profit of Rs.5.302 Millions

FIXED ASSETS

· Air Conditioner

· Computer

· Fax Machine

· Furniture and Fixtures

· Mobile

· Office Equipment

· Office Premises

· TVS Victor

· Demo Equipment

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
TOTAL		47

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.