MIRA INFORM REPORT

Report Date :

09.07.2012

IDENTIFICATION DETAILS

Name :	EAST WEST ENGINEERING AND ELECTRONICS PRIVATE LIMITED
Registered Office :	44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.03.2006
Com. Reg. No.:	11-160146
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U28900MH2006PTC160146
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Complete range of Industrial Ratio Graphic Accessories etc.
No. of Employees :	45 (Approximately)

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 61000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be 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 :	Ms. Chaya
Designation :	Accountant
Contact No.:	91-22-27686241
Date :	02.06.2012

LOCATIONS

Registered Office :	44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-27686241/ 42/ 43/ 25566096
Fax No.:	91-22-27686245
E-Mail :	estwestndt@vsnl.com info@eastwestndt.com
Location :	Owned
Factory:	D-191, MIDC Shiravane, Opposite Gemini Automobile, Nerul, Navi Mumbai – 400706, Maharashtra, India
Tel. No.:	91-22-27686241/44
Fax No.:	91-22-27686245

DIRECTORS

As on 24.09.2011

Name :

Mr. Kulbhushan Premnath Jetly

Designation :

Managing Director

Address :

44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

15.01.1943

Date of Appointment :

01.03.2006

DIN No.:

00941308

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH1989PTC051709	SUPER REINFORCED PLASTICS PRIVATE LIMITED	Managing director	12/05/1989	12/05/1989	-	Active	NO
2	U29290MH1991PTC059670	WELDWELL SPECIALITY PRIVATE LIMITED	Director	04/01/1991	04/01/1991	-	Active	NO
3	U28900MH2006PTC160146	EAST WEST ENGINEERING AND ELECTRONICS PRIVATE LIMITED	Managing director	01/03/2006	01/03/2006	-	Active	YES

Name :

Mrs. Manju Kulbhushan Jetly

Designation :

Director

Address :

44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

03.10.1949

Date of Appointment :

01.03.2006

DIN No.:

01138881

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29290MH1991PTC059670	WELDWELL SPECIALITY PRIVATE LIMITED	Director	04/01/1991	04/01/1991	-	Active	NO
2	U25209MH1989PTC051709	SUPER REINFORCED PLASTICS PRIVATE LIMITED	Director	15/01/2001	15/01/2001	-	Active	NO
3	U28900MH2006PTC160146	EAST WEST ENGINEERING AND ELECTRONICS PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	YES

KEY EXECUTIVES

Name :	Ms. Chaya
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
Manju K. Jetly	600
Kulbhushan P. Jetly	400
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Complete range of Industrial Ratio Graphic Accessories etc.
Product:	Manufacturer and Sales NDT Apparatus and Electronic
Exports :
Products :	Industrial Ratio Graphic Accessories
Countries :	Brazil
Imports :
Products :	Spares and Components
Countries :	· China · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

45 (Approximately)

Bankers :

· Canara Bank, Chembur Branch, Mumbai, Maharashtra, India

· ICICI Bank

Facilities :

(Rs. in Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Manju K. Jetly	2.882	2.286
Kulbhushan P. Jetly	0.051	0.050
Sameer Jetly	0.450	0.450
Globe Testing and Inspection Services	3.243	3.128
Total	6.626	5.914

Banking Relations :	--
Auditors :
Name :	Vijay S. Jain Chartered Accountant
Address :	402, 4^th Floor, Aniket Tower Co operating Housing Society, Thane (West), Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25478825/25473698
PAN No.:	ABVPJ6733B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.354	10.066	5.576
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.454	10.166	5.676
LOAN FUNDS
1] Secured Loans		0.000	0.904	0.000
2] Unsecured Loans		6.626	5.914	7.766
TOTAL BORROWING		6.626	6.818	7.766
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		22.080	16.984	13.442
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.408	1.487	1.527
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.311	2.564	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.009	1.722	2.396
	Sundry Debtors	26.151	22.612	13.538
	Cash & Bank Balances	2.186	0.262	1.215
	Other Current Assets	2.771	4.314	4.372
	Loans & Advances	0.422	0.331	0.251
Total Current Assets		34.539	29.241	21.772
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.002	9.935	6.710
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.200	6.402	3.180
Total Current Liabilities		16.202	16.337	9.890
Net Current Assets		18.337	12.904	11.882
MISCELLANEOUS EXPENSES		0.024	0.029	0.033
TOTAL		22.080	16.984	13.442

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Turnover and Other Income ales	65.432	59.625	43.041
		TOTAL	65.432	59.625	43.041
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses		52.756	38.551
		Administrative Expenses
		Advertising Expenses
		TOTAL	57.422	52.756	38.551
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.010	6.869	4.490
Less/ Add	DEPRECIATION/ AMORTISATION		0.267	0.255	0.144
	PROFIT BEFORE TAX		7.743	6.613	4.346
Less	TAX		2.456	2.123	1.371
	PROFIT AFTER TAX		5.287	4.490	2.975
	IMPORTS
		Others	18.697	17.190	9.597
	TOTAL IMPORTS		18.697	17.190	9.597
	Earnings Per Share (Rs.)		5287.00	4491.00	2975.00

Particulars	31.03.2012
Sales Turnover (Approximately)	70.000

Expected Sales (2012-2013): Rs.80.000 Millions

The above information has been parted by Ms. Chaya – Accountant

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.08	7.53	6.91
Return on Total Assets (PBT/Total Assets}	(%)	22.42	22.62	19.96
Return on Investment (ROI) (PBT/Networth)		0.50	0.65	0.77
Debt Equity Ratio (Total Liability/Networth)		1.48	2.28	3.11
Current Ratio (Current Asset/Current Liability)		2.13	1.79	2.20

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	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	No
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

OPERATIONS:

Sales for the financial year ended 31^st March 2011 amounted to Rs.65.289 Millions as compared to Rs.59.402 Millions for the year ended 31/03/2010. Companies Products have been well received in the domestic as well as export market. The Company expects substantial growth in domestic and export turnover in the current year.

FIXED ASSETS:

· Genset

· Air Conditioner

· Computer

· Furniture and Fixture

· Machinery

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.55.41
UK Pound	1	Rs.86.04
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.