MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	LAWRENCE AND MAYO (INDIA) PRIVATE LIMITED
Registered Office :	274, Dr. Dadabhai Naoroji Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.07.1938
Com. Reg. No.:	11-015090
Capital Investment / Paid-up Capital :	Rs.0.431 Million
CIN No.: [Company Identification No.]	U33203MH1938PTC015090
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Industrial Instrument and Retailer of optical (Sunglasses)
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is old and well established company having good track record. Financially company is performing good. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered normal for business dealing on usual trade terms and condition.

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. Anil Sharma
Designation :	Account Assistant
Contact No.:	91-22-22071827
Date :	18.07.2012

LOCATIONS

Registered Office :	274, Dr. Dadabhai Naoroji Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22077440 / 22078801 / 22070471 / 22071827
Fax No.:	91-22-22070048
E-Mail :	rmendonsa@lawrenceandmayo.co.in aniket.kadam@lawrenceandmayohouse.co.in instmum@lawrenceandmayo.co.in
Website :	www.lawrenceandmayohouse.co.in
Area :
Location :	Owned
Branch Office :	Located At · Ahmedabad  · New Delhi · Mumbai · Pune Camp · Goa · Bangalore · Cochin · Chennai · Secunderabad · Kolkata Subject Have 29 Branches in India

DIRECTORS

As on 28.09.2011

Name :	Mr. Robert Henry George Mendonsa
Designation :	Managing Director
Address :	63A, Maker Towers, A Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	04.09.1932
Date of Appointment :	29.03.1966
DIN No.:	00232577
Name :	Mr. Joseph Leo Oliver Mendonca
Designation :	Whole-Time Director
Address :	R56, Greater Kailash, Part – I, New Delhi-110048, India
Date of Birth/Age :	19.03.1938
Date of Appointment :	30.12.1972
DIN No.:	00232446
Name :	Mr. Michael Mendonca
Designation :	Whole-Time Director
Address :	56-B, Tivoli Court, Ia Bally Gunge Circular Road, Calcutta – 700019, West Bengal, India
Date of Birth/Age :	10.12.1941
Date of Appointment :	31.03.1972
DIN No.:	00232531

KEY EXECUTIVES

Name :	Mr. Aniket Kadam
Designation :	Account Manager
Name :	Mr. Anil Sharma
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Pratap Singh	500
R D Estate of Thomas	1000
H E Sorabjee	200
Dominic D’ Sa Xavier	250
Manuel D’ Gama Xavier	250
Joseph D’ Gama Anthony	250
Robert Henry George Mendonsa	474
Olga Rita Mendonsa	3953
Alda Esmer Mendonsa	193
Michael Mendonsa	1742
Joseph Mendonsa	840
J Mendonsa	1525
V Coutto	1000
J Mendonsa	1400
E Mendonsa	2261
J Mendonsa	500
Mendonsa Envestments Private Limited, India	100

As on 28.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	17.65
Bodies corporate	0.23
Directors or relatives of Directors	67.14
Other top fifty shareholders	14.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Industrial Instrument and Retailer of optical (Sunglasses)
Imports :
Products :	Industrial Instruments
Countries :	· China · Germany
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

450 (Approximately)

Bankers :

Indian Bank, Fort Branch

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Secured by hypothecation of inventories and sundry debtors	0.000	0.040
Total	0.000	0.040
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Director	0.500	0.500
Shareholders	4.405	4.405
Total	4.905	4.905

Banking Relations :	--
Auditors :
Name :	Sanjay Rane and Associates Chartered Accountants
Address :	23, Chanchal Smruti CHS, 25, G D Ambekar Marg, Wadala, Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-43600200 / 43600205
Fax No.:	91-22-43600205
E-Mail :	ssrane@vsnl.com
Website :	www.ssraneandco.com
PAN.:	AAUFS1683H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
65000	Equity Shares	Rs.10/- each	Rs.0.650 Million
35000	9.5% Cumulative Preference Shares	Rs.10/- each	Rs.0.350 Million
	Total		Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43055	Equity Shares	Rs.10/- each	Rs.0.431 Million

Of the above 2500 (2005: 2500) have be alloted as fully paid up pursuant to contract for consideration other than cash

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		0.431	0.431	0.431
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		381.198	333.783	292.608
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		381.629	334.214	293.039
LOAN FUNDS
1] Secured Loans		0.000	0.040	0.819
2] Unsecured Loans		4.905	4.905	4.905
TOTAL BORROWING		4.905	4.945	5.724
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		386.534	339.159	298.763
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.687	84.681	85.990
Capital work-in-progress		0.000	0.000	1.360
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.205	3.304	3.016
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.285	90.157	76.234
	Sundry Debtors	71.846	53.529	32.558
	Cash & Bank Balances	138.029	126.500	111.603
	Other Current Assets	0.981	0.134	1.460
	Loans & Advances	70.253	59.893	40.799
Total Current Assets		380.394	330.213	262.654
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.357	39.235	19.833
	Other Current Liabilities	56.740	35.399	30.698
	Provisions	4.655	4.405	3.726
Total Current Liabilities		85.752	79.039	54.257
Net Current Assets		294.642	251.174	208.397
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		386.534	339.159	298.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	530.558	412.581	346.960
		Other Income	27.690	38.046	29.655
		TOTAL	558.248	450.627	376.615
Less	EXPENSES
		Office Expenses
		Administrative Expenses	475.949	377.207	325.242
		Advertising Expenses
		TOTAL	475.949	377.207	325.242
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		82.299	73.420	51.373
Less/ Add	DEPRECIATION/ AMORTISATION		11.772	11.116	10.505
	PROFIT BEFORE TAX		70.527	62.304	40.868
Less	TAX		22.111	20.126	14.940
	PROFIT AFTER TAX		48.416	42.178	25.928
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.737	1.963	5.642
Less	APPROPRIATIONS
		Transfer to General Reserve	42.500	38.000	26.000
		Dividend	0.861	0.861	0.861
		Tax on Dividend	0.140	0.143	0.146
			4.950	4.400	2.600
	BALANCE CARRIED TO THE B/S		0.702	0.737	1.963
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.206	1.567	2.108
		Agency Commission	13.339	18.810	14.676
	TOTAL EARNINGS		13.545	20.377	16.784
	IMPORTS
		Finished Goods	118.037	127.241	97.502
		Stores & Spares	4.546	4.007	9.532
	TOTAL IMPORTS		122.583	131.248	107.034
	Earnings Per Share (Rs.)		1125	980	602

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000

Expected Sales (2012-13 ) : Rs.700.000 Millions

The above information has been parted by Mr. Anil Sharma

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.67	9.36	6.88
Net Profit Margin (PBT/Sales)	(%)	13.29	15.10	11.78
Return on Total Assets (PBT/Total Assets}	(%)	15.07	15.02	11.72
Return on Investment (ROI) (PBT/Networth)		0.18	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		0.24	0.25	0.20
Current Ratio (Current Asset/Current Liability)		4.44	4.18	4.84

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In millions

Particular	31.03.2011	31.03.2010	31.03.2009
Small scale undertakings	0.000	3.123	0.518
Others	24.357	36.112	19.315
Total	24.357	39.235	19.833

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	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	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

The sales for the year ended 31st March, 2011 increased to Rs.530.558 Millions from Rs. 412.581 Millions for the previous year, registering an increase of 29% over the previous year. Net profit before tax and depreciation is Rs. 82.299 Millions against the Rs. 73.420 Millions.

CONTINGENT LIABILITIES (As on 31.03.2011)

Bank Guarantees Rs.4.450 Millions (2010 - Rs.3.513 Millions)

FIXED ASSETS

· Land

· Buildings

· Plant and machinery

· Equipments

· Furniture and fixtures Vehicles

· Computers

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.55.34
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		57

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.