MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	DANISH PRIVATE LIMITED

Registered Office :	F-680, Sitapura Industrial Area, Jaipur – 302011, Rajasthan

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	10.07.1985

Com. Reg. No.:	17-3346

Capital Investment / Paid-up Capital :	Rs.16.093 Millions

CIN No.: [Company Identification No.]	U31200RJ1985PTC003346

TAN No.: [Tax Deduction & Collection Account No.]	JPRD02345A

PAN No.: [Permanent Account No.]	AABCD0834B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Importer of Electrical Equipments.

No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 307000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office/ Corporate Office/ Factory :	F-680, Sitapura Industrial Area, Jaipur – 302011, Rajasthan, India
Tel. No.:	91-141-2770150/ 5122308
Mobile No.:	91-9929255563 (Mr. Devanand Maheshwari 91-9799107300 (Mr. Ashok Bunela) 91-9929255561(Mr. Surendra Yadav)
Fax No.:	91-141-2770182
E-Mail :	info@danish.co.in pcmcompany@gmail.com devanand@danish.co.in ashok@danish.co.in surendra@danish.co.in
Website :	http://www.danish.co.in

Factory :	G-1-133, Malviya Industrial Area, Jaipur - 302017, Rajasthan, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Dinesh Talwar

Designation :

Managing Director

Address :

30- Vidyut Abhiyanta Colony, Malviya Nagar, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

04.11.1951

Date of Appointment :

10.07.1986

DIN No.:

00183525

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200RJ1985PTC003346	DANISH PRIVATE LIMITED	Managing director	10-07-86	10-07-86	-	Active	NO
2	U45207DL2008PTC181847	TASHE POWER INDIA PRIVATE LIMITED	Director	08-08-08	08-08-08	-	Active	NO

Name :

Mrs. Shashi Talwar

Designation :

Director

Address :

30- Vidyut Abhiyanta Colony, Malviya Nagar, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

10.11.19563

Date of Appointment :

13.04.1994

DIN No.:

01379851

Name :

Mr. Shivam Talwar

Designation :

Director

Address :

30- Vidyut Abhiyanta Colony, Malviya Nagar, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

09.06.1985

Date of Appointment :

01.08.2007

DIN No.:

01730625

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Manish Bassi		7100
Suryalal Mishra		40676
Arundra Prasad		7000
Rubicon Inspection		11000
Sahil Enterprise		11000
Sanshul Industries		11000
Shivam Talwar		121384
Dinesh Talwar		318410
Shashi Talwar		1011150
Veera Electronics		11000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	90.00
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Electrical Equipments.

Products :

Product Description	ITC Code
Transformers	850433.00
Transformer Coils	850490.01
Transformer Parts	850490.01
Panel and Battery Charger	--

GENERAL INFORMATION

No. of Employees :

40 (Approximately)

Bankers :

Indian Overseas Bank, Jaipur

J 54C, Sunrise, Prithvi Raj Marg, C-Scheme, Jaipur- 302001, Rajasthan, India

Bharat Overseas Bank

Sunrise, J-54 C, Prithvi Raj Road, C-Scheme, Jaipur – 302001, Rajasthan, India

Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Finance from Indian Overseas Bank Limited	66.515	51.159
Cash Credit	0	0
Term Loan From Indian Overseas Bank –I	0.000	0.088
Term Loan From Indian Overseas Bank –II	1.990	3.264
Term Loan From Indian Overseas Bank –III	6.463	10.016
Total	74.968	64.527
Notes: Working Capital finance term loan from Indian Overseas Bank is secured as under: a) Primary Security – hypothecation of present and future goods, book debts, movable and other current assets b) Collateral Security – Present and future machinery, equitable mortgage over all immovable and other current assets of the company at F-679-680 Sitapura Industrials Area, Jaipur c) The entire term loan and cash credit are guaranteed by the personal guarantee of Mr. Dinesh Talwewar, Mr. Shashi Talwar and Mr. Shivam Talwar
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholder	11.213	19.973
From Banks and Financial institutions	1.204	1.761
Total	12.417	21.734

Banking Relations :	--

Auditors :
Name :	P. C. zModi and Company Chartered Accountants
Address :	R-20, Shree Dham, Yudhister Marg, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2222735/ 2228503
Fax No.:	91-141-2222697
E-Mail :	pemcompany@gmail.com
PAN.:	AAEFP9494P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs.18.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1609290	Equity Shares	Rs.10/- each	Rs.16.093 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		16.093	16.093	16.093
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		60.781	51.513	42.076
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.874	67.606	58.169
LOAN FUNDS
1] Secured Loans		74.967	64.527	55.516
2] Unsecured Loans		12.417	21.734	28.023
TOTAL BORROWING		87.384	86.261	83.539
DEFERRED TAX LIABILITIES		3.211	1.854	1.492

TOTAL		167.469	155.721	143.200

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		64.743	61.246	60.544
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	92.561	69.641	47.005
	Sundry Debtors	90.079	121.259	75.728
	Cash & Bank Balances	18.723	17.510	9.935
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.017	21.238	12.370
Total Current Assets		232.380	229.648	145.038
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	119.020	125.294	54.918
	Other Current Liabilities	3.416	3.746	2.508
	Provisions	7.218	6.133	4.956
Total Current Liabilities		129.654	135.173	62.382
Net Current Assets		102.726	94.475	82.656

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		167.469	155.721	143.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	715.952	574.012	618.843
		Other Income	3.783	4.209	3.317
		TOTAL (A)	719.735	578.221	622.160

Less	EXPENSES
		Raw Material Consumed	570.108	451.251	588.076
		Manufacturing Expenses	76.240	53.533
		Administrative and Other Expenses	46.259	30.178
		Increase and Decrees in Stock	(16.376)	4.884
		Prior Period Items 0	0.000	0.081
		TOTAL (B)	676.231	539.927	588.076

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.504	38.294	34.084

Less	FINANCIAL EXPENSES (D)		21.212	17.153	17.829

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.292	21.141	16.255

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.868	5.568	5.517

	PROFIT BEFORE TAX (E-F) (G)		16.424	15.573	10.738

Less	TAX (H)		7.155	6.137	3.835

	PROFIT AFTER TAX (G-H) (I)		9.269	9.436	6.903

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.216	32.780	25.877

	BALANCE CARRIED TO THE B/S		51.485	42.216	32.780

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	57.745	68.838	25.677
		Traveling	0.492	0.522	0.234
	TOTAL EARNINGS		58.237	69.360	25.911

	IMPORTS
		Raw Materials	85.092	69.649	65.617
	TOTAL IMPORTS		85.092	69.649	65.617

	Earnings Per Share (Rs.)		5.76	5.86	4.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.29	1.63	1.11

Net Profit Margin (PBT/Sales)	(%)	2.29	2.71	1.74

Return on Total Assets (PBT/Total Assets}	(%)	5.53	5.35	5.22

Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.18

Debt Equity Ratio (Total Liability/Networth)		2.82	3.28	2.51

Current Ratio (Current Asset/Current Liability)		1.79	1.70	2.32

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U31200RJ1985PTC003346
Name of the company	DANISH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-680, Sitapura Industrial Area, Jaipur- 302001, Rajasthan, India Email : info@danisg.co.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Immovable Property Any interest in Immovable Property
Particular of charge holder	Indian Overseas Bank, Jaipur , J 54C, Sunrise, Prithvi Raj Marg, C-Scheme, Jaipur- 302001, Rajasthan, India Email : c-schemebr@ntserver.iobner.com
Nature of instrument creating charge	Letter of Hypothecation F110 E Dated 20.12.2010 Letter of Hypothecation F110F Dated 20.12.2010 F – 379 C Confirmation letter evidencing creation of supplemental mortgage.
Date of instrument Creating the charge	12.08.2010
Amount secured by the charge	Rs.2.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR + 2.25% presently 10.50% p.a Terms of Repayment 36 monthly installments of Rs.0.070 Millions (Last installments being Rs.0.050 millions) starting from next month of distruments. The interest to be serviced separately as and when debited from account. Margin 25% Extent and Operation of the charge Sole charge in favour of Indian Overseas bank is created to secure credit facilities.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Sole charge by way of hypothecation on entire current assets (existing and future) including stocks, book debts, company’s counter guarantee. Documents to title to goods and accepted hundies etc. Sole charge by way of EM of Co” land and building with existing and future construction thereon situiated at F-679, F-680 and G- 694 Sitapura Industrial Estate Area, Jaipur Sole charge by way of EM of Co” land and building with existing and future construction thereon situiated at G1-133, Malaviya Industrial Area, Jaipur Sole charge by way of hypothecation on plant and machinery acquired and to be acquired out of the term loan

FIXED ASSETS

Land
Building
Plant and Machinery
Furniture and Fixture
Office Equipments
Car
Air-Conditioner
Computer
Water – Cooler
Water Treatment
Water Tank

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.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.

MIRA INFORM REPORT

92.561

47.005

90.079

75.728

18.723

9.935

0.000

0.000

31.017

12.370

232.380

119.020

3.416

7.218

129.654

102.726

82.656

1.29

2.29

5.53

0.21

2.82

1.79

Unit