MIRA INFORM REPORT

Report Date :

21.06.2012

IDENTIFICATION DETAILS

Name :	VISHAL HOLO SOLUTIONS PRIVATE LIMITED
Formerly Known As :	PILOT COMPUTER SERVICES PRIVATE LIMITED
Registered Office :	229, Anarkali Bazar, DDA Shopping, Complex, Jhandewalan Extension, New Delhi - 110055
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.1993
Com. Reg. No.:	55-053336
Capital Investment/ Paid-up Capital:	Rs.2.187 Millions
CIN No.: [Company Identification No.]	U74899DL1993PTC053336
TAN No.: [Tax Deduction & Collection Account No.]	PTLV10754C
PAN No.: [Permanent Account No.]	AAACP7446G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hologram, Note Book and Copier Paper
No. of Employees:	20 (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 34000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate tracks. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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. Ankit
Designation :	Account Department
Contact No.:	91-9356674741
Date :	21.05.2012

LOCATIONS

Registered Office :	229, Anarkali Bazar, DDA Shopping, Complex, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	91-11-23547625
Mobile No.:	91-9356674741 (Mr. Rajiv Goyal)
Fax No.:	91-11-23627412
E-Mail :	ankit@vishalholoindia.com sushilgoyalfca@yahoo.com
Website :	www.vishallholosolutions.com
Factory :	A-4, Focal Point, Patiala - 147003, Punjab, India
Tel. No.:	91-175-5061495/ 3250256/ 2232846
Fax No.:	91-175-2232846
E-Mail :	vishalholo@gmail.com info@vishalholosolutions.com
Area :	6000 sq yards
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mrs. Suman Gupta

Designation :

Director

Address :

32, Green View Colony, Rajbaha Road, Patiala -1 47001, Punjab, India

Date of Birth/Age :

14.08.1951

Qualification :

D.H.P

Date of Appointment :

01.07.2004

DIN No.:

01132083

Other Directorships :

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	U22219PB1995PTC015749	HI GLO HOLO IMAGES PRIVATE LIMITED	Director	07-02-95	07-02-95	-	Active	NO
2	U74899DL1993PTC053336	VISHAL HOLO SOLUTIONS PRIVATE LIMITED	Director	01-07-04	01-07-04	-	Active	NO

Name :

Mrs. Neelam Goyal

Designation :

Whole-time Director

Address :

E-37, 2^nd Floor, Phase I, Ashok Vihar, Delhi - 110052, India

Date of Birth/Age :

21.02.1961

Qualification :

B.A

Date of Appointment :

29.04.1993

DIN No.:

00874259

Other Directorships :

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	U74899DL1993PTC053336	VISHAL HOLO SOLUTIONS PRIVATE LIMITED	Whole-time director	29-04-93	29-04-93	-	Active	NO
2	AAA-2007	GLOBAL PAPER SALES LLP	-	10-08-10	10-08-10	-	Active	NO
3	AAA-2007	GLOBAL PAPER SALES LLP	-	10-08-10	10-08-10	-	Active	NO

Name :

Mr. Rajiv Goyal

Designation :

Director

Address :

113, Dhillon Marg, Modal Town, Patiala - 147003, Punjab, India

Date of Birth/Age :

06.11.1975

Qualification :

Engineers

Date of Appointment :

16.03.2004

DIN No.:

00938772

Other Directorships :

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	U74899DL1993PTC053336	VISHAL HOLO SOLUTIONS PRIVATE LIMITED	Director	16-03-04	16-03-04	-	Active	NO
2	U27100PB2008PLC032114	VISHAL CASTINGS LIMITED	Director	14-07-08	14-07-08	-	Active	NO

Name :

Mr. Avijit Kumar Goyal

Designation :

Director

Address :

E-37, 2^nd Floor, Phase I, Ashok Vihar, Delhi -110052, India

Date of Birth/Age :

11.02.1983

Qualification :

MBA

Date of Appointment :

07.11.2005

DIN No.:

00999614

Other Directorships :

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	U74899DL1993PTC053336	VISHAL HOLO SOLUTIONS PRIVATE LIMITED	Director	07-11-05	07-11-05	-	Active	NO
2	U21020PB2005PTC028133	DSG PAPERS PRIVATE LIMITED	Director	31-08-07	02-02-07	12-08-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Neelam Goyal	9020
Avijit Kumar	16400
Priya Goyal	8000
Sushil Goyal	8000
Sanjeev Goyal	9500
Har Bhagwan Dass	9500
Ambrish Kumar Gupta	8300
Kala Wati	8300
Mohan Prakash Gupta	8300
Krishan Mohan Gupta	8300
Suraj Bhan Gupta	8300
Amit Bansal	8300
Deepika Goyal	9500
Mamta Goyal	9500
Rajiv Goyal	9500
Lata Goyal	10500
Mahesh Gupta	8200
Sangeeta Jain	8300
Apka Investment Private Limited, India	39000
Rukmani Wires Private Limited, India	14000
Total	218720

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	24.23
Directors or relatives of directors	68.18
Other top fifty shareholders	7.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Hologram, Note Book and Copier Paper
Products :	· Hologram Labels (in Sheet and Spool Form) · Special Transparent/Semi-Transparent Holograms · Holographic Hot Stamping Foils · Scratch Off Hologram Labels · Dome Labels · Destructible Vinyl With Holograms · Holographic Induction Wads/Lids · Shrink Sleeves With Holography · Holographic Aluminum Foils · Zebra Pattern Labels · Self Adhesive Paper Label With Hologram · Holographic Pouch · Holographic Wide Web Film · Holographic Duplex Boards And Paper · Car Stickers
Exports :
Products :	Finished Good
Countries :	· USA · Africa · Sri Lanka
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· B.S. Engineers

· Changxing Boda Minmerals Laserhight

· Control Print Limited

· Giriraj Foils Private Limited

· Gujrat Print Pack Pub Limited

· Haryana Leather Chemicals Limited

· Laser Tech Die System Private Limited

· Leonard Printers

· Mangla Computers

· Narwal Associates

· Shree Salasaar Paper Impex

· Suman Gupta

· Tnt India Private Limited

· Unity Engineering Services

· Vishal Paper India Private Limited

Customers :

· R.M. Enterprises

· Adhunik Creations

· Amrit Banaspati Company Limited

· Aurel Bio Life

· Brij Plywood Private Limited

· Cona Industries

· CS Enterprises, Srilanka

· Divya Pharmacy

· Eagle Automobiles

· Edison Scientific Industries

· Gita Traders

· Gupta Electricals

· India International

· Kaizen Pharmaceuticals

· Mayur Masala Industry

No. of Employees :

20 (Approximately)

Bankers :

· Bank of Baroda, Karol Bagh, New Delhi - 110005, India

· Patiala Co-operative Bank Limited

· UTI Bank Limited

· Oriental Bank of Commerce

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Patiala Co-operative Bank Limited ( Secured against Hypothecation of Plant and Machinery )	0.000	0.685
Total	0.000	0.685
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors
Suman Gupta	2.208	1.632
Harbhawan Das	3.000	0.000
Rajiv Goyal	0.029	0.029
Neelam Goyal	0.225	0.225
From others
D.P. Bansal	0.173	0.173
Amit Bansal	0.035	0.035
Lata Goyal	0.442	0.242
Pushpa Devi	0.207	0.207
Sangita Jain	0.034	0.034
Total	6.353	2.577

Banking Relations :	--
Auditors :
Name :	Sushil Goyal and Associates Chartered Accountants
Address :	229, Anarkali Bazar, Jhandewsalan Extension, New Delhi - 110055, India
Tel. No.:	91-11 – 23547625/ 23627412
Mobile No.:	91-9811678440/ 9811696599
E-Mail :	sushilgoyalfca@yahoo.com sushilgoyalfca@gmail.com
PAN No.:	AAOFS7091M

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Share	Rs.10/- each	Rs. 2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
218720	Equity Share	Rs.10/- each	Rs. 2.187 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		2.187	2.187	2.187
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.376	5.829	5.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.563	8.016	7.487
LOAN FUNDS
1] Secured Loans		0.000	0.685	1.995
2] Unsecured Loans		6.353	2.577	2.654
TOTAL BORROWING		6.353	3.262	4.649
DEFERRED TAX LIABILITIES		0.021	0.023	0.046
TOTAL		14.937	11.301	12.182
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.317	6.231	4.614
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.821	4.290	4.290
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.412	0.347	0.456
	Sundry Debtors	1.054	1.012	3.068
	Cash & Bank Balances	1.150	0.463	0.405
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.264	0.736	2.122
Total Current Assets		3.880	2.558	6.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.091	1.142	2.497
	Other Current Liabilities	0.990	0.636	0.515
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.081	1.778	3.012
Net Current Assets		1.799	0.780	3.039
MISCELLANEOUS EXPENSES		0.000	0.000	0.239
TOTAL		14.937	11.301	12.182

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9.324	12.273	10.104
		Other Income	0.087	0.088	0.044
		TOTAL	9.411	12.361	10.148
Less	EXPENSES
		Cost of Goods Sold	0.017	0.185	4.177
		Raw Materials, Stores and Spares Consumed	3.171	6.424	1.284
		Direct Manufacturing Expenses	1.563	1.980	1.914
		Administration Expenses	3.677	2.506	1.988
		TOTAL	8.428	11.095	9.363
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.983	1.266	0.785
Less/ Add	DEPRECIATION/ AMORTISATION		0.321	0.387	0.401
	PROFIT BEFORE TAX		0.662	0.879	0.384
Less	TAX		0.115	0.112	0.067
	PROFIT AFTER TAX		0.547	0.767	0.317
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.529	(0.238)	(0.555)
	BALANCE CARRIED TO THE B/S		1.076	0.529	(0.238)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.080	0.592	0.625
	TOTAL EARNINGS		1.080	0.592	0.625
	Earnings Per Share (Rs.)		2.50	3.51	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	8.500

The above information has been parted by Mr. Ankit

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.81	6.20	3.12
Net Profit Margin (PBT/Sales)	(%)	7.10	7.16	3.80
Return on Total Assets (PBT/Total Assets}	(%)	6.49	10.00	3.60
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.05
Debt Equity Ratio (Total Liability/Networth)		0.98	0.63	1.02
Current Ratio (Current Asset/Current Liability)		1.86	1.44	2.01

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
Promoters 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 the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FINANCIAL RESULT:

The company has achieved turnover of Rs 9.324 Millions as compared to Rs 12.273 Millions achieved during the financial year 2010 - 2011. The company has made a net Profit of Rs 0.662 Millions before income tax during financial year 2010-2011. As against this the company made a net profit of Rs 0.879 Millions before taxation during the financial year 2009 - 2010. After providing for the Income Tax liability the company's net profit for the period under consideration was Rs 0.547 Millions. [Previous year net Profit was Rs. 0.767 Millions] The performance of the company was not as good as it was during the immediately preceding financial year.

The company joined as partner in Global Paper Sales LLP. From that partnership firm the company earned a share in profits of Rs 0.031 Millions.

CONTINGENT LIABILITIES:

Contingent Liabilities are not booked in the accounts but are shown by way of notes on the accounts as they existed at the year-end.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74899DL1993PTC053336
Name of the company	VISHAL HOLO SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	229, Anarkali Bazar, DDA Shopping, Complex, Jhandewalan Extension, New Delhi – 110055, India E-mail: sushilgoyalfca@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable property Others (Corporate Guarantee)
Particular of charge holder	Bank of Baroda, Karol Bagh, New Delhi - 110005, India E-mail: akandco@hotmail.com
Nature of instrument creating charge	Corporate Guarantee Agreement and Supplemental Memorandum of Entry dated 15.03.2011
Date of instrument Creating the charge	15.03.2011
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As applicable to various credit facilities granted to Global Paper Sales LLP. Terms of Repayment As applicable to various credit facilities granted to Global Paper Sales LLP. Margin As applicable to various credit facilities granted to Global Paper Sales LLP. Extent and Operation of the charge 100% Others To guarantee all amounts payable under Cash Credit Limit of Rs. 50.000 Millions (with sub limit of LC of Rs. 10.000 Millions) granted to M/s Global Paper Sales LLP together with all interests, costs, charges, expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Corporate Guarantee of the Company Equitable Mortgage of the Industrial Plot No. A-4 admeasuring 6016.66 sq. yards situated at Industrial Area, Focal Point, Patiala (Punjab)

FIXED ASSETS:

· Ups

· Fans

· Fax Machine

· Generator

· Air Conditioner

· Automatic Tea and Coffee Machine

· EPBX Machine

· Electrical A/C

· Computer

· HP Laser Printer

· Land And Building

· Plant and Machinery

· Cease Fire Equipments

· Master Lab WIP

· GSM Machine

· Furniture

· Mono Block Pump

· CCTV Camera

· HP Scanjet G2410

· Mini Water Cooler

AS PER WEBSITE DETAILS:

PROFILE

Hologram labels reduce the risk of forging; it acts as mark of genuine quality product. It is manufactured using complex laser techniques and scientific methods. They, Subject, possess an exceptional expertise in manufacturing various holographic products. There range of products include Special Transparent/Semi-Transparent Holograms, Holographic Hot Stamping Foils, Scratch Off Hologram Labels, Dome Labels, Destructible Vinyl With Holograms, Holographic Induction Wads/Lids, Shrink Sleeves With Holography and many more. In addition to this, they offer wide range of paper products such as Sorted White Ledger, Books/Exercise Notebooks and others. These products find application in various assorted industries.

They have a team of quality experts, under whose surveillance, whole process of manufacturing takes place. They ensure they use high quality raw material and appropriate techniques to manufacture these products. They have been awarded with ISO 9001:2008 certification for superior quality products. Further, they have a team of designers, who are capable of providing customized solutions to there clients and make innovative designs as per their specifications. Besides, they have a capacious warehouse, installed with ultra-modern packaging machines for reliable packaging. Also, there wide network of transporters enable them in timely delivery of these products. All this has garnered them utmost client satisfaction.

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.55.86
UK Pound	1	Rs.87.93
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO