MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	PUNE CARBONS PRIVATE LIMITED
Registered Office :	Plot No. 68, Sector 27 A, Pradhikaran, Nigdi, Pune – 411044, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.05.2007
Com. Reg. No.:	11-130140
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24290PN2007PTC130140
TAN No.: [Tax Deduction & Collection Account No.]	PNEP12724F
PAN No.: [Permanent Account No.]	AAAECP2513L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Carbon Brush.
No. of Employees :	86 (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 15000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established as a proprietory concern in the name of “Pune Carbons” and in 2007 it got to converted into Private Limited It 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. Pratik
Designation :	Assistant Accounts
Contact No.:	91-20-27691594
Date :	27.04.2012

LOCATIONS

Registered Office :	Plot No. 68, Sector 27 A, Pradhikaran, Nigdi, Pune – 411044, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	carbon1@vsnl.com
Website :	www.punecarbon.com
Location :	Owned
Head Office / Factory :	Gat. No 53, Talawade Gaon, Dehu Alandi Road, Talawade, Pune – 412114, Maharashtra, India
Tel. No.:	91-20-27690792 / 27691594 / 32946588
Fax No.:	91-20-27690773
E-Mail :	office@punecarbon.com pcpl53@gmail.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Vicky Surendrapalsingh Gulati
Designation :	Director
Address :	Plot No.68, Sector No.27, Pradhikaran Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	11.08.1978
Date of Appointment :	15.05.2007
DIN No.:	00831012
Name :	Mr. Surendrapalsingh Gulati
Designation :	Director
Address :	Plot No.68, Sector No.27, Pradhikaran Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	10.10.1950
Date of Appointment :	15.05.2007
DIN No.:	01332872
Name :	Mr. Gurjeet Surendrapalsingh Gulati
Designation :	Director
Address :	Plot No.68, Sector No.27, Pradhikaran Nigdi, Pune – 411044, Maharashtra, India
Date of Birth/Age :	01.08.1976
Date of Appointment :	15.05.2007
DIN No.:	00838702

KEY EXECUTIVES

Name :	Mr. Pratik
Designation :	Assistant Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Surendrapalsingh Gulati	4000
Gurjeet Surendrapalsingh Gulati	3000
Vicky Surendrapalsingh Gulati	3000
Total	10000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Carbon Brush.
Products :	Alternator Carbon Brushes Brush Card Assembly Starter Carbon Brushes Vaccum Cleaner Brushes Carbon Brushes Cooling Fan Motor Carbon Brush Fuel Pump Carbon Brush Home Appliance Carbon Brush Wiper Motor Carbon Brush Micro Motor Carbon Brushes Power Tool Brushes Special brushes
Exports :
Products :	Carbon Brush
Countries :	Sri Lanka Egypt China
Imports :
Products :	Raw Material
Countries :	Australia
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Micro Metal

Customers :

Wholesalers and Retailers

No. of Employees :

86 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
HDFC Bank Car Loan (Secured against Car)	0.084	0.265
HDFC Bank CC A/c No. 01858970000206 (Secured against hypothecation of Stock and Book Debt)	2.614	0.000
Total	2.698	0.265
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Gurieet Gulati	2.803	1.403
Surinderpal Singh Gulati	7.588	5.831
Vicky Gulati	6.059	3.909
Total	16.450	11.143

Banking Relations :	--
Auditors :
Name :	Patni and Patni Chartered Accountants
Address :	Shaniban, Office No.C-1/5 and 6, Near Chaphekar Chok, Chinchwad, Pune – 411033, Maharashtra, India
Tel. No.:	91-20-27451207 / 30721008
PAN.:	AAEFP917F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.065	2.065	1.050
4] (Accumulated Losses)		1.763	0.000	0.000
NETWORTH		3.928	2.165	1.150
LOAN FUNDS
1] Secured Loans		3.458	2.698	0.265
2] Unsecured Loans		17.940	16.450	11.143
TOTAL BORROWING		21.398	19.148	11.408
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25.326	21.313	12.558
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.487	7.965	7.057
Capital work-in-progress		0.351	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	1.706	6.208	2.879
	Sundry Debtors	10.103	8.848	7.462
	Cash & Bank Balances	2.054	0.668	1.916
	Other Current Assets	2.347	1.618	1.297
	Loans & Advances	5.000	6.646	2.243
Total Current Assets		21.210	23.988	15.797
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.657	7.174	7.605
	Other Current Liabilities	(0.003)	1.189	0.904
	Provisions	1.068	2.277	1.787
Total Current Liabilities		7.722	10.640	10.296
Net Current Assets		13.488	13.348	5.501
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.326	21.313	12.558

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales / Services Rendered	55.612	42.768	36.133
		Other Income	0.087	0.405	0.336
		TOTAL (A)	55.699	43.173	36.469
Less	EXPENSES
		Cost of Good Sold	40.424
		Material Handling Expenses	0.002
		Electricity Bill	2.831
		Freight	0.008
		Fulesur Charges	0.029
		Labour Charges	0.249
		OCTROI	0.122
		Oil & Fuel	0.265
		Transport Charges	0.222
		Wages of Labour	3.506
		Employee Expenses	0.914
		Advertise Expenses	0.002
		Certification Charges	0.097
		Clearing and Forwarding Charges (Export/Import)	0.680
		Consulting & Professional Charges	0.004
		Courier Charge	0.194
		CST Paid	0.022
		Donation	0.012
		Employer ESI A/c	0.031
		Employer Provident Fund A/c	0.047	39.109	33.156
		Excise Duty Paid	0.003
		HOTEL ROOM RENT	0.007
		Insurance	0.014
		Interest on Car Loan	0.003
		Interest On Excise	0.008
		Interest on Unsecured Loan	1.760
		Interest of HDFC Bank Od ( Cc Account)	0.122
		Labour Welfare Tax	0.001
		Miscellaneous Written Off	(0.009)
		Penalty On Excise	0.005
		Prathamesh Enterprises
		Printing & Stationery	0.078
		Professional Charges	0.070
		Professional Tax of Company	0.002
		Property Tax	0.186
		Repair & Maintenance	0.639
		Salary to Directors	0.660
		Service Tax Paid	0.017
		Traveling Expenses for Foreign Tours	0.140
		VAT Paid	0.006
		Vat Refund Not Received	0.003
		Administrative Expenses	0.501
		TOTAL (B)	53.877	39.109	33.156
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.827	4.064	3.313
Less	FINANCIAL EXPENSES (D)		0.064	1.372	1.082
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.763	2.692	2.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	1.169	0.979
	PROFIT BEFORE TAX (E-F) (G)		1.763	1.523	1.252
Less	TAX (H)		0.000	0.508	0.394
	PROFIT AFTER TAX (G-H) (I)		1.763	1.015	0.858
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.065	1.050	0.192
	BALANCE CARRIED TO THE B/S		3.828	2.065	1.050
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	6.899	7.010
	TOTAL EARNINGS		NA	6.899	7.010
	IMPORTS
		Raw Materials	NA	7.955	0.000
		Stores & Spares	NA	0.000	3.613
		Capital Goods	NA	0.566	0.778
	TOTAL IMPORTS		NA	8.521	4.391
	Earnings Per Share (Rs.)		176.30	85.80	NA

Expected Sales (2012-13) : Rs.60.000 Millions

The above information has been parted by Mr. Pratik

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.17	4.78	2.88
Net Profit Margin (PBT/Sales)	(%)	3.17	2.37	3.46
Return on Total Assets (PBT/Total Assets}	(%)	5.39	4.77	5.48
Return on Investment (ROI) (PBT/Networth)		0.45	0.70	1.09
Debt Equity Ratio (Total Liability/Networth)		7.41	13.76	18.87
Current Ratio (Current Asset/Current Liability)		2.75	2.25	1.53

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	No
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	Ye
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 (if applicable)	Yes
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	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	6.657	7.174	7.605
Total	6.657	7.174	7.605

Trade References

• Micro Metal

FIXED ASSETS

• Plant and Machinery
• Air Conditioner
• Factory Building
• Computer
• Electrical Installations
• Mobile Instrument
• Refrigerator
• UPS
• Tools and Equipments
• Optra Car

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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

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	NO
--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.