MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	PASOLITE ELECTRICALS PRIVATE LIMITED
Registered Office :	No.7, 14^th Cross, Kilari Road, Bangalore – 560053, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2008
Com. Reg. No.:	08 - 045849
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U31409KA2008PTC045849
TAN No.: [Tax Deduction & Collection Account No.]	BLRP08791G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Lights Lighting Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 75000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitments. The company can be considered for normal 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. Shrinivas
Designation :	Accounts Manager
Contact No.:	91-80-22352834
Date :	22.06.2012

LOCATIONS

Registered Office/ Factory :	No.7, 14^th Cross, Kilari Road, Bangalore – 560053, Karnataka, India
Tel. No.:	91-80-22871845/ 22870185/ 22255526/ 22255589
Fax No.:	91-80-22255526
E-Mail :	pasolite@gmail.com pasolite@bgl.vsnl.net.in
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Dilkush Devi
Designation :	Director
Address :	No.7, 14^th Cross, Kilari Road, Bangalore – 560053, Karnataka, India
Date of Birth/Age :	16.08.1970
Date of Appointment :	31.03.2008
DIN No.:	01004562
Name :	Mr. Ganpat Raj Jain
Designation :	Managing Director
Address :	No.19/2, 2^nd Floor, Shankarpuram, 3^rd Cross Ranga Rao Road, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	06.08.1970
Date of Appointment :	31.03.2008
DIN No.:	01935670

KEY EXECUTIVES

Name :	Mr. Shrinivas
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Ganpat Raj Jain	344900
Dilkush Devi	155000
Manju Devi	10
Madhuri Ganpat Raj Jain	10
Parasmal (HUF)	50
Khamma Devi	10
Dinesh M Jain	10
Madhu D Jain	10
Total	500000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Lights Lighting Products.
Products :	· LEDs · Land Scrape Lights · Retail Lights · Architectural Lights · Commercial Lights · Industrial Lights · Decorative Poles · Street and Road Lightings · Highmast Lights · Solar Lights · Mirror Optics/Down Lights · Spot Lights · Flood Lights · Façade Lights · Battons
Exports :
Products :	Lights Lighting Products.
Countries :	Dubai
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Jenson and Jenson Lubricant

· Aditya Lamps – Chickpet

· A R Brothers – Chickpet

· B M Woods, J P Nagar

· Ess Kay Traders – Karuru

· G M Lights – Mysore

· Hindutan Enterprises – Mysore

· Junior Engineers (Electrical) CPWD, Tirupathi

· Rahul Electric Company, Hubli

· S B Electrical – Udaynagar

· S K Trading Company – Kannur

· SSE Enterprise – Hopet

· Victory Builders and Developers – S. Puram

· V M Constriction – Old Airport

· Abba Lighting Solutions – Chennai

· Dev Enterprises – Ulhasnagar

· NKS Printers, Bangalore

· Om Electricals S. P Road Bangalore

· Paras Appliances

Customers :

Wholesalers and Retailers

· Prestige Group

· Aakruthi Interiors, Bommanahalli

· 4 Creation, J P Nagar

· Abhigna Electricals – Tiptur

· Abhishek Electrical – Anjanagar

· Ashok Enterprises – Chickpet

· Atlants Wilson Garden

· Bafna Electric Company – Chickpet

· Balaji Electricals

· Barath Corporation – Erode

· Cauvary Enterprises – Chickpet

· Chandra Lamps and Shades – Bangalore

· Chitra Electricals Stores, Chitradurga

· Chopra Lightings – Chickpet

· Dwellin Hospitality India Private Limited – Indiranagar

· Edison Electricals – Erode

· Finder Enterprises – Hubli

· Filrite Retail India Private Limited – Kamaraj Road

· Ganpati Electrical Company- Peenya

· G M Electricals - Yeshwanthpur

· Hamin Impex – Kannur

· Hanuman Electricals – Doddapallapur

· Indian Electrical – Tirpur

· Jai Electricals – Hosur

· Teamglobal Logistics Private Limited

· Transport Corporation of India

· V J Media Work Private Limited

No. of Employees :

50 (Approximately)

Bankers :

· Union Bank of India

B V K lyenger Road, Branch, Bangalore – 560053, Karnataka, India

· Kotak Mahindra Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank	0.000	0.047
Kotak Mahindra Prime Loan A/c	0.488	0.730
UBI A/c 395305040050249 (OD A/c)	15.846	14.221
Total	16.334	14.998
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Dinesh M. Jain	0.762	0.000
Ganpat Raj HUF	1.395	0.000
Ganpat Raj Jain	28.894	23.565
Madhu D. Jain	0.965	0.000
Madhuri C	1.038	0.927
Parasmal HUF	1.117	0.000
Parasmal Jain	0.658	0.000
Dilkush Devi	7.233	5.468
Khamma Devi	1.913	0.000
Manjudevi	4.944	4.438
Total	48.919	34.398

Banking Relations :	--
Auditors :
Name :	D. Kothari and Associates Chartered Accountant
Address :	4^th Floor, Pooja Complex, 5, Santhusapet, (Entrance from D.C. Plaza, A.S. Char Street MN Road), Bangalore – 560003, Karnataka, India
PAN No.:	AIKPK7115N
Email :	cadevanauditors@gmail.com

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
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.845	9.213	4.335
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.845	14.213	9.335
LOAN FUNDS
1] Secured Loans		16.334	14.998	4.724
2] Unsecured Loans		48.919	34.398	16.507
TOTAL BORROWING		65.253	49.396	21.231
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		84.098	63.609	30.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.890	3.178	2.123
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.114	0.058	0.036
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.346	20.996	14.817
	Sundry Debtors	103.560	87.205	69.814
	Cash & Bank Balances	0.973	1.904	5.447
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.854	5.333	3.816
Total Current Assets		128.733	115.438	93.894
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	45.237	51.290	62.394
	Other Current Liabilities	0.089	1.426	0.727
	Provisions	2.457	2.475	2.460
Total Current Liabilities		47.783	55.191	65.581
Net Current Assets		80.950	60.247	28.313
MISCELLANEOUS EXPENSES		0.144	0.126	0.094
TOTAL		84.098	63.609	30.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	326.188	252.168	241.242
Less	EXPENSES
		TOTAL	318.610	244.386	233.978
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.578	7.782	7.264
Less/ Add	DEPRECIATION/ AMORTISATION		0.824	0.617	0.639
	PROFIT BEFORE TAX		6.754	7.165	6.625
Less	TAX		2.122	2.287	2.290
	PROFIT AFTER TAX		4.632	4.878	4.335
	IMPORTS
		Materials	2.202	4.012	2.033
	TOTAL IMPORTS		2.202	4.012	2.033
	Earnings Per Share (Rs.)		9.26	9.76	21.32

Particulars	31.03.2012
Sales Turnover (Approximately)	370.000

Expected Sales (2012-13): Rs.400.000 Millions

The above information has been parted by Mr. Shrinivas.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.42	1.93	1.80
Return on Total Assets (PBT/Total Assets}	(%)	5.13	6.04	6.90
Return on Investment (ROI) (PBT/Networth)		0.36	0.50	0.71
Debt Equity Ratio (Total Liability/Networth)		6.00	7.36	9.30
Current Ratio (Current Asset/Current Liability)		2.69	2.09	1.43

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	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
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

TRADE REFERENCE:

· Prestige Group

· Jenson and Jenson Lubricant

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U31409KA2008PTC045849
Name of the company	PASOLITE ELECTRICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.7, 14^th Cross, Kilari Road, Bangalore - 560053, Karnataka, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Union Bank of India, B V K lyenger Road, Branch, Bangalore – 560053, Karnataka, India gandhinagar@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement of Goods and Debts
Date of instrument Creating the charge	16.03.2009
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 12.75% per annum with monthly rests Terms of Repayment Repayable on demand Margin Stocks, Stores, Spare parts and Semi finished goods – a margin between the prevailing market value, invoice or landed cost whichever is lower. Finished Goods – a margin of net wholesale selling price, market price or cost price whichever is lower. Debts – 25% of the debts. Extent and Operation of the charge First Charge on the properties as above, for the amount secured stands outstanding, including interest, penalty, costs or any dues.
Short particulars of the property charged	Electrical Goods like down light, street lights, tube lights, fittings, etc at the borrower’s premises, godowns and other places of storage or in transit and Book Debts.

FIXED ASSETS:

· Air Conditioner

· Borewell Compressor

· CCTV Cable

· Drilling Machine

· Dyes and Tools

· Fax Machine

· Mobile Phones

· Office Equipments

· Plant and Machinery

· Tubular Batteries

· UPS

· Furniture

· HP LaserJet Printer

· LCD TV

· Scanner

· Sony Camera

· Car

· Scooter

· Computer

· Server IBM

· Trade Software

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

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	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	4
--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		42

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.