MIRA INFORM REPORT

Report Date :

31.01.2012

IDENTIFICATION DETAILS

Name :	PCI ANALYTICS PRIVATE LIMITED
Registered Office :	3/14, Bhandup Industrial Estate, Panalal Compound, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.02.2007
Com. Reg. No.:	11-167442
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U93090MH2007PTC167442
IEC No.:	1307036812
TAN No.: [Tax Deduction & Collection Account No.]	MUMP24122A
PAN No.: [Permanent Account No.]	AAECP1826E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Suppliers of wide range of laboratory and scientific research instruments.
No. of Employees :	110 (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 31000
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

INFORMATION PARTED BY

Name :	Mr. Sachin
Designation :	Export Manager
Contact No.:	91-22-40946946
Date :	20.01.2012

LOCATIONS

Registered Office :	3/14, Bhandup Industrial Estate, Panalal Compound, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-40946946/67551300/25963997
Fax No.:	91-22-67550863
E-Mail :	export@pcianalytics.in info@pciss.com info@pcianalytics.in
Location :	Owned
Factory :	3014, Bhandup Industrial Estate, Pannalal Compound, LBS Marg, Bhandup (West), Mumbai-400078, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Chander Prataprai Golani
Designation :	Director
Address :	Flat No. 303, 3^rd Floor, Green Ash, A-Wing, Vasant Garden, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	17.05.1969
Date of Appointment :	26.02.2007
DIN No.:	02674846
Name :	Mr. Prakash Prataprai Golani
Designation :	Director
Address :	Flat No. 202, 2^nd Floor, Green Ash, A-Wing, Vasant Garden, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	22.11.1971
Date of Appointment :	26.02.2007
DIN No.:	01189004
Name :	Mrs. Hema Chander Golani
Designation :	Director
Address :	Flat No. 303, 3^rd Floor, Green Ash, A-Wing, Vasant Garden, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	04.04.1971
Date of Appointment :	26,02.2007
DIN No.:	00620991
Name :	Mrs. Jyoti Prakash Golani
Designation :	Director
Address :	Flat No. 202, 2^nd Floor, Green Ash, A-Wing, Vasant Garden, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	07.04.1974
Date of Appointment :	26.02.2007
DIN No.:	00621031

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Chander Prataprai Golani	1500
Prakash Prataprai Golani	1500
Hema Chander Golani	1000
Jyoti Prakash Golani	1000
Total	5000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Suppliers of wide range of laboratory and scientific research instruments.
Products :	Gas Generator Gas Purification Panel HPLC Column oven Digital Gas Flow Meter Gas Accessories FTIR Accessories HPLC Accessories Laboratory Equipment
Exports :
Products :	Scientific Research Instruments
Countries :	· Middle East Countries · Australia · New Zealand
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

110 (Approximately)

Bankers :

· Indian Overseas Bank, Shop No.90-93, Upper Ground Floor, Dreams, The Mall, L.B. S. Marg, Bhandup (West), Mumbai-400078, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Kotak Mahindra Prime Limited [Secured against hypothecation of Motor Car]	0.000	0.211
Total	0.000	0.211
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	4.370	2.377
From Companies – Consultants and Promoters Private Limited	2.893	1.349
Total	7.263	3.726

Banking Relations :	--
Auditors :
Name :	Ashwin C. Matalia Chartered Accountant
Address :	3108 Bhandup Industrial Estate, A, Pannalal Compound, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, india
Tel. No.:	91-22-6611976
Fax No.:	91-22-6679305
E-Mail :	ac_matalia@rediffmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs. 0.900 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 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		0.500	0.100	0.100
2] Share Application Money		0.000	0.180	0.000
3] Reserves & Surplus		7.395	3.346	1.816
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.895	3.626	1.916
LOAN FUNDS
1] Secured Loans		0.000	0.211	0.442
2] Unsecured Loans		7.263	3.726	3.800
TOTAL BORROWING		7.263	3.937	4.242
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15.158	7.563	6.158
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.502	1.580	0.972
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.200	0.200	0.000
DEFERREX TAX ASSETS		0.158	0.069	0.095
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.088	2.846	3.236
	Sundry Debtors	36.367	28.822	25.783
	Cash & Bank Balances	3.409	1.798	2.973
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.444	7.342	3.520
Total Current Assets		52.308	40.808	35.512
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.652	31.622	28.437
	Other Current Liabilities	1.394	1.075	0.758
	Provisions	2.972	2.412	1.249
Total Current Liabilities		41.018	35.109	30.444
Net Current Assets		11.290	5.699	5.068
MISCELLANEOUS EXPENSES		0.008	0.015	0.023
TOTAL		15.158	7.563	6.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	151.684	112.752
		Other Income	0.420	1.064
		TOTAL (A)	152.104	113.816	92.261
Less	EXPENSES
		Cost of Material	118.088	90.945	90.108
		Operating & Other Expenses	26.047	18.468
		Increase / (Decrease) in Stock	0.000	0.439
		TOTAL (B)	144.135	109.852	90.108
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.969	3.964
Less	FINANCIAL EXPENSES (D)		0.881	0.694
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.088	3.270	2.153
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.000	0.543	0.336
	PROFIT BEFORE TAX (E-F) (G)		6.088	2.727	1.817
Less	TAX (H)		2.039	1.197	0.745
	PROFIT AFTER TAX (G-H) (I)		4.049	1.530	1.072
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.346	1.816	NA
	BALANCE CARRIED TO THE B/S		7.395	3.346	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.815	1.322	2.768
		Sales	5.558	1.314	2.576
	TOTAL EARNINGS		12.373	2.636	5.344
	IMPORTS VALUE		7.762	3.563	1.760
	Earnings Per Share (Rs.)		809.66	1530.00	1072.00

Expected Sales (2011-2012) : Rs. 170.000 Millions.

The above information has been parted by Mr. Sachin.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.66	1.34	1.16
Net Profit Margin (PBT/Sales)	(%)	4.01	2.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.88	6.42	4.97
Return on Investment (ROI) (PBT/Networth)		0.77	0.75	0.95
Debt Equity Ratio (Total Liability/Networth)		6.12	10.77	18.10
Current Ratio (Current Asset/Current Liability)		1.28	10.77	1.17

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	------
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%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
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	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

PERFORMANCE:

Company has improved its top line with an increase of about 35% over last year. Profit before tax has also increased by about 123% over last year. Company has also increased its tax contribution to exchequer by about more than 2.36 times as compared to last year. Over all business is showing growth symptoms and Directors put in more efforts to achieve new mile stones, both domestic and overseas.

FORM 8

Corporate identity number of the company	U93090MH2007PTC167442
Name of the company	PCI ANALYTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3/14, Bhandup Industrial Estate, Panalal Compound, L.B.S. Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank, Shop No.90-93, Upper Ground Floor, Dreams, The Mall, L.B. S. Marg, Bhandup (West), Mumbai-400078, Maharashtra, India
Nature of instrument creating charge	a) Letter of Hypothecation in F-110E b) Hypothecation of Book Debts.
Date of instrument Creating the charge	12.08.2011
Amount secured by the charge	Rs. 5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest @ Base rate + 2.25% p.a. (Presently 12.25% p.a.) Terms of repayment Repayable on Demand. Margin 50% on Paid Stocks; 50% on Book Debts. Extent and operation of the charge The charge is to operate as security, by way of first exclusive charge, for the due repayment of the Cash Credit limit of Rs. 5.000 Millions together with interests, additional interest, costs, charges, expenses and all other moneys payable by the Company to the Bank from time to time in terms of sanction.
Short particulars of the property charged (Including location of the property)	Hypothecation, by way of first charge, of all the Company's : a) Stocks which are stored at the company's premises or elsewhere. b) Book debts, receivables and other claims which are due and owing to the Company from time to time.

FIXED ASSETS:

• Plant and Machinery
• Motor Car
• Furniture and Fixtures
• Computers and Peripherals

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. 49.50
UK Pound	1	Rs. 77.73
Euro	1	Rs. 65.18

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	NO
--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.