MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	DELTA SCIENTIFIC EQIPMENT PRIVATE LIMITED
Registered Office :	18, Hari Ghosh Street, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.02.1991
Com. Reg. No.:	21-50993
Capital Investment / Paid-up Capital :	Rs. 0.100 Million.
CIN No.: [Company Identification No.]	U51103WB1991PTC050993
TAN No.: [Tax Deduction & Collection Account No.]	CALD01485B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Distributor of Scientific equipments, spin coater and dip coater,
No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities is limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow. Company can be considered for business dealings with some caution.

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 :	Mr. P.K Acharya
Designation :	Managing Director
Contact No.:	91-9433898270
Date :	08.09.2011

LOCATIONS

Registered Office/ Factory :	18, Hari Ghosh Street, Kolkata – 700006, West Bengal, India
Tel. No.:	91-33-25550202
Mobile No.:	91-9433898270 (Mr. Pranab Kumar Acharya)
Fax No.:	91-33-25550202
E-Mail :	deltasce@cal2.vsnl.net.in mca_amm@rediffmail.com delta_scientificequipment@vsnl.net
Area :	200 Sq. Ft.
Location :	Rented
Corporate Office :	70, Masjid Bari Street, Kolkata – 700006, West Bengal, India
Tel. No.:	91-33-25436076
Fax No.:	91-33-25550202
Area :	1000 Sq. Ft.
Location :	Owned
Factory :	139, Saitya Parishat Street, Kolkata-700006, West Bengal, India

DIRECTORS

As on 26.09.2008

Name :	Mr. Pranab Kumar Acharya
Designation :	Chairman cum Managing Director
Address :	70, Masjid Bari Street, Kolkata – 700006, West Bengal, India
Date of Appointment :	27.02.1991
Qualification :	B.E
DIN No.:	01867091

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	U51103WB1991PTC050993	Delta Scientific Equipment Private Limited	Director	27-02-91	27-02-91	Active	YES

Name :	Mrs. Nandita Acharya
Designation :	Whole Time Director
Address :	70, Masjid Bari Street, Kolkata – 700006, West Bengal, India
Date of Birth/Age :	28.01.1966
Date of Appointment :	01.11.2006
Qualification :	B.A
DIN No.:	01867050
Name :	Mr. Anandamoyee Acharya
Designation :	Director
Address :	70, Masjid Bari Street, Kolkata – 700006, West Bengal, India
Date of Birth/Age :	28.09.1956
Date of Appointment :	08.05.1995
Qualification :	B.A
Name :	Mr. Debjani Roy
Designation :	Director
Address :	412, Dum Dum Park, Kolkata – 700055, West Bengal, India
Date of Birth/Age :	01.01.1970
Date of Appointment :	01.02.1999
Qualification :	B.com

KEY EXECUTIVES

Name :	Mr. Gopida
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 26.09.2008)

Names of Shareholders	No. of Shares
Pranab Kumar Acharya	575
Nandita Acharya	250
Anandamoyee Acharya	75
Debjani Roy	100
Total	1000

(As on 26.09.2008)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Distributor of Scientific equipments, spin coater and dip coater
Products :	· Precision Spin Coater · Precision Dip Coater · High Temperature Dilatometer · High Temperature Viscometer · Raising Hearth programmable Furnace · Lyophiliser · UV Curator · Hot Plate · Automatic Liquid Dispenser · Oil Free Pump · Noiseless Compressor
Exports :
Products :	Scientific Equipments
Countries :	· Malaysia · Europe Country
Imports :
Products :	Raw Materials
Countries :	USA Europe
Terms :
Selling :	T T
Purchasing :	T T

GENERAL INFORMATION

Suppliers :

JSW Steel Limited

Customers :

End Users

No. of Employees :

17 (Approximately)

Bankers :

· Standard Chartered Bank, Shyam Bazar, Hatibagan Bidhan Sarani, Kolkata – 700005, West Bengal, India

· Kotak Mahindra Bank, Branch Kakkulgachi, West Bengal, India

Facilities :

Unsecured Loans	31.03.2010 (Rs in millions)	31.03.2009 (Rs in millions)
Unsecured Loan		0.000
Loan From MD	0.248	0.078
Total	0.248	0.078

Banking Relations :	--
Auditors :
Name :	Mr. Pradeep Pal Chartered Accountant
Address :	1-B, Old Post Office Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22436037/ 22307346
Fax No.:	91-33-22307346
Email :	sambhundeco@yahoo.co.in

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.568	0.477	0.391
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.668	0.577	0.491
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.248	0.078	0.018
TOTAL BORROWING		0.248	0.078	0.018
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.916	0.655	0.509
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.106	0.124	0.137
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.427	0.038	0.138
	Sundry Debtors	0.130	0.308	0.182
	Cash & Bank Balances	0.515	0.788	0.026
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.603	0.579	0.361
Total Current Assets		1.675	1.713	0.707
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.468	0.834	0.057
	Provisions	0.397	0.348	0.278
Total Current Liabilities		0.865	1.182	0.335
Net Current Assets		0.810	0.531	0.372
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.916	0.655	0.509

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1.850	3.662
		Maintenance and Servicing	0.209	0.095
		Commission	0.032	0.000
		Drawing, Designing and Circuit Development Fees	0.795	0.275
		Freight, Packing and Forwarding Charges	0.019	0.033	1.829
		Installation, Training and Commissioning	0.317	0.317
		Tour, Travel and Lodging	0.009	0.000
		Interest on Fixed Deposit	0.000	0.004
		Software Maintenance and Development	0.020	0.000
		TOTAL (A)	3.251	4.386	1.829
Less	EXPENSES
		Cost of Goods Sold	1.138	1.076
		Administrative Expenses	1.957	3.132
		TOTAL (B)	3.095	4.208	1.749
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.156	0.178	[Including Financial
					Expenses
Less	FINANCIAL EXPENSES (D)		0.000	0.000	And
					Depreciation]
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.156	0.178
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.018	0.022
	PROFIT BEFORE TAX (E-F) (G)		0.138	0.156	0.080
Less	TAX (I)		0.048	0.070	0.000
	PROFIT AFTER TAX (G-I) (J)		0.090	0.086	0.080
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.477	0.391	NA
	BALANCE CARRIED TO THE B/S		0.567	0.477	NA
	EXPORT VALUE		NA	NA	0.801
	Earnings Per Share (Rs.)		--	15.60	79.86

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	3.000	2.800

Expected Sales (2012-2013) : Rs. 4.000 millions (Due to less imports).

The above information has been parted by Mr. P. K. Acharya.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.77	1.96	4.37
Net Profit Margin (PBT/Sales)	(%)	7.46	4.26	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.75	8.49	9.48
Return on Investment (ROI) (PBT/Networth)		0.21	0.27	0.16
Debt Equity Ratio (Total Liability/Networth)		1.67	2.18	0.72
Current Ratio (Current Asset/Current Liability)		1.94	1.44	2.11

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	Yes
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	Yes
13. Reasons for variation <> 20%	-----
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	Yes
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

FINANCIAL RESULTS (AS ON 31.03.2009):

The Company recorded a good performance given the constraints under which it functioned in this year. The turnover of the company for the year, soared a new height Rs. 4.381 millions as compared to Rs. 1.687 millions and the sales of own built Machinery and Equipments recorded a 329.23% growth i.e. Rs. 2.808 millions compared to the previous year Rs. 0.92 millions

Businesswise, the year, was a very challenging one for the company. Though in this year the company managed a major breakthrough in the High-tech instrument, Development, Installations and Servicing Engineering. After all hard works and the soaring expenditure level, the company could manage to have a profile (PBT) despite, a substantial set back, a major amount of payment has to be taken as bad debts (i.e., Rs. 0.904 millions) which was to come from our export to Iran Delco, Teheran, Iran.

TRADE REFERENCE:

· JSW Steel Limited

FIXED ASSETS:

· Office Equipment

· Motor Car

· Furniture and Fittings

· Computer

· Instruments and Equipment

· Telephone Sets

· Motor Cycle

· Camera

· Bicycle

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 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. 51.54
UK Pound	1	Rs. 81.94
Euro	1	Rs. 67.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
TOTAL		26

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.