1. Summary Information

		Country	India
Company Name	V.I. OFFICE EQUIPMENT PRIVATE LIMITED	Principal Name 1	Mr. Vijay Chand Baid
Status	Moderate	Principal Name 2	Mrs. Sunita Vijay Baid
		Registration #	18-017214
Street Address	No. 13, Kamala Arcade, 669, New No. 306, Mount Road, Chennai - 600006, Tamilnadu
Established Date	11.04.1989	SIC Code	--
Telephone#	91-44-28297188	Business Style 1	Manufacturer
Fax #	91-44-28297326	Business Style 2	--
Homepage	--	Product Name 1	Articles of Paper
# of employees	Not Available	Product Name 2	Paperboard
Paid up capital	Rs. 5,495,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors - 100.00%	Banking	Standard Chartered Bank
Public Limited Corp.	No	Business Period	23 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (28)
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	35,583,000	Current Liabilities	41,709,000
Inventories	62,269,000	Long-term Liabilities	45,854,000
Fixed Assets	1,763,000	Other Liabilities	456,000
Deferred Assets	0	Total Liabilities	88,019,000
Invest& other Assets	0	Retained Earnings	6,101,000
		Net Worth	11,596,000
Total Assets	99,615,000	Total Liab. & Equity	99,615,000
Total Assets (Previous Year)	72,265,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	224,073,000	Net Profit	591,000
Sales(Previous yr)	282,007,000	Net Profit(Prev.yr)	780,000

MIRA INFORM REPORT

Report Date :

23.08.2012

IDENTIFICATION DETAILS

Name :	V.I. OFFICE EQUIPMENT PRIVATE LIMITED
Registered Office :	No. 13, Kamala Arcade, 669, New No. 306, Mount Road, Chennai - 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.04.1989
Com. Reg. No.:	18-017214
Capital Investment / Paid-up Capital :	Rs. 5.495 Millions
CIN No.: [Company Identification No.]	U51909TN1989PTC017214
TAN No.: [Tax Deduction & Collection Account No.]	CHEV00516F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Articles of Paper and Paperboard.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 46000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	No. 13, Kamala Arcade, 669, New No. 306, Mount Road, Chennai - 600006, Tamilnadu, India
Tel. No.:	91-44-28297188 / 28523688 / 28553956 / 28528916 / 28297356
Fax No.:	91-44-28297326 / 28521326 / 28297328
E-Mail :	pcschn1@gmail.com vijex_c@airtelbroadband.in vijey@vsnl.com vijex_c@airtelmail.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Vijay Chand Baid

Designation :

Managing director

Address :

B -44, Silver Park Apartments, 24 Thanikachalam Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

25.11.1958

Date of Appointment :

01.06.1996

DIN No.:

00251515

Name :

Ms. Sunita Baid

Designation :

Director

Address :

B-44, Silver Park Apartments, 24 Thanikachalam Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

05.03.1967

Date of Appointment :

01.06.1996

DIN No.:

00251518

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC073410	NAVISHA (INDIA ) PRIVATE LIMITED	Director	25/10/1995	25/10/1995	Active	NO
2	U51909TN1989PTC017214	V.I.OFFICE EQUIPMENT PRIVATE LIMITED	Director	01/06/1996	01/06/1996	Active	NO

KEY EXECUTIVES

Name :	Aashish Kumar Jain and Associates
Designation :	Company Secretaries
Address :	No. 164, Linghi Chetty Street, 2^nd Floor, Singapore Plaza Parrys, Chennai – 600001, Tamilnadu, India
Email ID :	csakjain@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Navratan Baid	13600
Vijay Chand Baid	87700
Priyankar Baid	300
Pragya Baid	100
Preksha Baid	100
Subukaran Baid	500
Indira Devi Baid	300
Ujjuwal Baid	1500
Bhavuk Baid	11300
Muskan Baid	4300
Vaishaly Baid	200
Usha Devi Baid	2300
Prerna Baid	3500
Jinesh Baid	5400
Mamol’s Baid	500
Anandamal Baid	12700
Nilesh Kumar Baid	126300
Meera Devi Baid	50900
Sunita Baid	212400
Bharathi Baid	15500
Ashoka Kumar	10
K C Chhajer	100
Total	549510

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Articles of Paper and Paperboard.

Products :

ITC Code	Product Descriptions
481620	Fax Paper Rolls
852320	Floppy Disk
900910	Plain Paper Copier

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fax Paper Roll		N.A.	1800000	Nil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Standard Chartered Bank, SME Branch, No. 19, 2^nd Floor, Rajaji Salai Road, Parry’s, Chennai - 600001, Tamilnadu, India

v Standard Chartered Bank, No. 58, IInd Floor, Armenian Street, Chennai – 600001, Tamilnadu, India

v Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006, Tamilnadu, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Standard Chartered Bank OCC a/c (Stock, Book Debts, Personal Guarantee)	5.703	2.449
Standard Chartered Bank (Bill finance) (Personal Guarantee)	32.563	3.188
HDFC Bank Limited (Hypothecation of Car)	0.168	0.318
SCB W.C. Term Loan (Stock, Book Debts, Personal Guarantee)	0.000	25.000
Total	38.434	30.955
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.107	0.515
From Others	7.313	7.141
Total	7.420	7.656

Banking Relations :	--
Auditors :
Name :	S.C. Bichhawat and Company Chartered Accountants
Address :	160, Govindappa Naicken Street, 3^rd Floor, Near Flower Bazar, Police Station, Parry’s, Chennai - 600001, Tamilnadu, India
Tel. No.:	91-44-25380012 / 42012012
Income-tax PAN of auditor or auditor's firm :	AAMFS3577N

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs. 10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
549,510	Equity Share	Rs.10/- each	Rs. 5.495 Millions

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		5.495	5.495	5.495
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.101	5.510	4.730
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.596	11.005	10.225
LOAN FUNDS
1] Secured Loans		38.434	30.955	17.432
2] Unsecured Loans		7.420	7.656	8.350
TOTAL BORROWING		45.854	38.611	25.782
DEFERRED TAX LIABILITIES		0.148	0.184	0.190
TOTAL		57.598	49.800	36.197
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.763	2.001	2.123
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	62.269	37.124	44.030
	Sundry Debtors	25.637	28.820	15.665
	Cash & Bank Balances	3.317	2.489	3.277
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.629	1.831	2.060
Total Current Assets		97.852	70.264	65.032
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.284	22.105	30.629
	Other Current Liabilities	1.425	0.000	0.000
	Provisions	0.308	0.360	0.329
Total Current Liabilities		42.017	22.465	30.958
Net Current Assets		55.835	47.799	34.074
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		57.598	49.800	36.197

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	224.073	282.007	209.542
		Other Income	3.937	6.580	4.147
		TOTAL (A)	228.010	288.587	213.689
Less	EXPENSES
		Cost of goods sold	212.443	272.343	201.466
		Direct expenses	0.500	1.385	0.615
		Administrative expenses	4.786	5.060	4.331
		Selling and distribution expenses	3.553	5.030	3.594
		Preliminary expenses written off	0.099	0.000	0.002
		TOTAL (B)	221.381	283.818	210.008
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.629	4.769	3.681
Less	FINANCIAL EXPENSES (D)		5.594	3.439	2.646
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.035	1.330	1.035
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.163	0.176	0.133
	PROFIT BEFORE TAX (E-F) (G)		0.872	1.154	0.902
Less	TAX (H)		0.281	0.374	0.326
	PROFIT AFTER TAX (G-H) (I)		0.591	0.780	0.576
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.710	2.030	1.554
Less	APPROPRIATIONS
		Transfer to General Reserve	0.050	0.100	0.100
	BALANCE CARRIED TO THE B/S		3.251	2.710	2.030
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.521	3.863	0.140
	CIF VALUE OF IMPORTS		86.543	63.604	47.414
	Earnings Per Share (Rs.)		1.08	1.42	1.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.26	0.27	0.27
Net Profit Margin (PBT/Sales)	(%)	0.39	0.41	0.43
Return on Total Assets (PBT/Total Assets}	(%)	0.88	1.60	1.34
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.09
Debt Equity Ratio (Total Liability/Networth)		7.58	5.55	5.55
Current Ratio (Current Asset/Current Liability)		2.33	3.13	2.10

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909TN1989PTC017214
Name of the company	V.I.OFFICE EQUIPMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 13, Kamala Arcade, 669, New No. 306, Mount Road, Chennai-600006, Tamilnadu, India
This form is for	Modification of charge
Charge identification number of the modified	10081737
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, SME Branch, No. 19, 2^nd Floor, Rajaji Salai Road, Parry’s, Chennai-600001, Tamilnadu, India Email ID: leena.gangadharan@sc.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	11.01.2011
Amount secured by the charge	Rs. 64.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit Facility. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first and exclusive charge on security given by the Company.
Short particulars of the property charged	I) Hypothecation by way of first and exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of II) Manufacturing and other merchandise. b) all the present and future book debts, outstanding moneys receivable, claims and bills.
Date of latest modification prior to the present modification	26.03.2010
Particulars of the present modification	By present modification, the existing charge amount of Rs. 42.400 Millions enhanced to Rs. 64.000 Millions against the security of hypothecation by way of first and exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise. b) All the present and future book debts, outstanding moneys receivable, claims and bills.

CONTINGENT LIABILITIES:

Contingent liability towards cross guarantees for loans taken by group concern from Standard Chartered Bank Rs. 30.000 Millions

FIXED ASSETS:

· Air Conditioners

· Cellular

· Computer

· Cycle

· Electrical Fittings

· Factory Buildings

· Fax Machine

· Furniture and Fixtures

· Land

· Machinery

· Manual Tools

· Printer (Laser)

· Telephone Accessories

· Two Wheeler

· Weighing Scale

· Delivery Van

· Vehicle Honda

· Vehicle Maruti

· Computer Laptop

· Toner Bottle Filling

· Colour Cylinder

· Vehicle Honda Activa

· Toner Packing Mat

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. 55.51
UK Pound	1	Rs. 87.60
Euro	1	Rs. 69.15

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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

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.