MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	ECARTES TECHNOLOGY PRIVATE LIMITED (w.e.f. 12.06.2008)
Formerly Known As :	BENGANI ELECTROTECH PRIVATE LIMITED
Registered Office :	4805/24, Bharat Ram Road, Darya Ganj, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.06.1995
Com. Reg. No.:	55-070314
Capital Investment / Paid-up Capital :	Rs.1.092 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC070314
TAN No.: [Tax Deduction & Collection Account No.]	DELE05011G
PAN No.: [Permanent Account No.]	AAACB2737Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PVC Films to Supplying PVC, Cellophane, BOPP, different varieties of Packaging as well as being Dealers of Hi-ti for Dye Sublimation Card Printers.
No. of Employees :	100 (Approximately)

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 4400
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. During the previous year, the company started new trading business activity which has enable the company in wiping off its accumulated losses during the current year. Trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – 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. Devendra
Designation :	Accountant
Contact No.:	91-11-30123775
Date :	15.06.2012

LOCATIONS

Registered Office/ Factory :	4805/24, Bharat Ram Road, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-30123775/ 23269393/ 23273775
Fax No.:	91-11-23289806
E-Mail :	rajendra.bengani@gmail.com gattani_jain@airtelmail.in
	www.ecartes.in
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Manoj Kumar Bengani

Designation :

Director

Address :

26, Sukhdev Vihar, 1^st Floor, New Delhi – 110025, India

Date of Appointment :

29.06.1995

DIN No.:

00412908

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	U74899DL1995PTC066257	BENGANI INVESTMENTS PRIVATE LIMITED	Director	10-03-95	10-03-95	Active	NO
2	U74899DL1995PTC066402	BENGANI SECURITIES PRIVATE LIMITED	Director	01-06-95	01-06-95	Active	NO
3	U74899DL1995PTC070314	ECARTES TECHNOLOGY PRIVATE LIMITED	Director	29-06-95	29-06-95	Active	NO
4	U74899DL1995PTC072291	SMB POLYMERS PRIVATE LIMITED	Director	17-08-98	17-08-98	Active	NO
5	U51216DL1996PTC076973	VIBGYOR TECHNOGRAPHY PRIVATE LIMITED	Director	20-09-00	20-09-00	Active	NO

Name :

Mr. Vinod Kumar Bengani

Designation :

Director

Address :

3, Portuguese Church Street, Kolkata – 700001, West Bengal, India

Date of Appointment :

29.06.1995

DIN No.:

00449636

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	U74899DL1995PTC070314	ECARTES TECHNOLOGY PRIVATE LIMITED	Director	29-06-95	29-06-95	Active	NO
2	U51216DL1996PTC076973	VIBGYOR TECHNOGRAPHY PRIVATE LIMITED	Director	08-03-96	08-03-96	Active	NO
3	U74899DL1995PTC066257	BENGANI INVESTMENTS PRIVATE LIMITED	Director	01-02-97	01-02-97	Active	NO

KEY EXECUTIVES

Name :	Mr. Devendra
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Held by Individuals
Vinod Kumar Bengani	100
Manoj Bengani	100
Mangi Devi Bengani	51000
Total (A)	51200
Held by Body Corporates
Bengani Securities Private Limited, India	20000
Bengani Investment Private Limited, India	33000
Bengani Capital Services Private Limited, India	5000
Total (B)	58000
Total (A+B)	109200

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	53.00
Directors or relatives of directors	47.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PVC Films to Supplying PVC, Cellophane, BOPP, different varieties of Packaging as well as being Dealers of Hi-ti for Dye Sublimation Card Printers.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

· Axis Bank

Darya Ganj, New Delhi, India

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bengani Capital Services Limited (A Company under same Management)	6.982	4.612
Total	6.982	4.612

Banking Relations :	--
Auditors :
Name :	Gupta Gattani and Company Chartered Accountant
Address :	107, Pratap Bhawan, 1^st Floor, 5 BSZ Marg, New Delhi – 110002, India
PAN No.:	AAEFG1742M

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
109200	Equity Shares	Rs.10/- each	Rs.1.092 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
109200	Equity Shares	Rs.10/- each	Rs.1.092 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		1.092	1.092	1.092
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.009	0.000	0.000
4] (Accumulated Losses)		0.000	(0.216)	(0.294)
NETWORTH		1.101	0.876	0.798
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6.982	4.612	0.020
TOTAL BORROWING		6.982	4.612	0.020
DEFERRED TAX LIABILITIES		0.002	0.000	0.000
TOTAL		8.085	5.488	0.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.021	0.003	0.003
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.650	0.650	0.650
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.060	5.123	0.000
	Sundry Debtors	1.375	2.121	0.774
	Cash & Bank Balances	0.283	0.287	0.021
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.045	0.183	0.150
Total Current Assets		7.763	7.714	0.945
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	2.808	0.750
	Other Current Liabilities	0.250	0.036	0.015
	Provisions	0.099	0.035	0.015
Total Current Liabilities		0.349	2.879	0.780
Net Current Assets		7.414	4.835	0.165
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.085	5.488	0.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	11.835	9.351	0.845
		Other Income	0.014	0.040	0.006
		Closing Stock	6.060	5.123	0.000
		TOTAL	17.909	14.514	0.851
Less	EXPENSES
		Opening Stock	5.123	0.000	0.000
		Purchases	10.412	13.278	0.725
		Salary	0.215	0.151	0.000
		Director Remuneration	0.240	0.000	0.000
		Rent	0.117	0.108	0.018
		Advertisement and Publicity	0.171	0.392	0.013
		Printing and Stationery	0.023	0.011	0.000
		Other Expenses	1.266	0.462	0.032
		TOTAL	17.567	14.402	0.788
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.342	0.112	0.063
Less/ Add	DEPRECIATION/ AMORTISATION		0.012	0.000	0.001
	PROFIT BEFORE TAX		0.330	0.112	0.062
Less	TAX		0.105	0.034	0.077
	PROFIT AFTER TAX		0.225	0.078	(0.015)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.216)	(0.294)	(0.279)
	BALANCE CARRIED TO THE B/S		0.009	(0.216)	(0.294)
	Earnings Per Share (Rs.)		2.06	0.71	(0.14)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.26	0.54	(1.76)
Net Profit Margin (PBT/Sales)	(%)	2.79	1.20	7.34
Return on Total Assets (PBT/Total Assets}	(%)	4.24	1.45	6.54
Return on Investment (ROI) (PBT/Networth)		0.30	0.13	0.08
Debt Equity Ratio (Total Liability/Networth)		6.66	8.55	1.00
Current Ratio (Current Asset/Current Liability)		22.24	2.68	1.21

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

BUSINESS OPERATION

The company has started new trading business activity during the previous year and achieved turnover of Rs.11.835 Millions and increased of 26.56% from previous year and hoping substantial increase in next year.

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		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
-	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.