MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	MACART EQUIPMENTS PRIVATE LIMITED
Registered Office :	5, Krishnakunj Building, 64/31, Erandawana, Karve Road, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.2000
Com. Reg. No.:	11-014641
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U31200PN2000PTC014641
TAN No.: [Tax Deduction & Collection Account No.]	PNEM09656D
PAN No.: [Permanent Account No.]	AADCM7769A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Digital Inkjet Printer.
No. of Employees :	60 (Approximately) (In Office + In Factory)

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 6000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, 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. Atul Gandhi
Designation :	Director
Contact No.:	91-9850742611
Date :	27.02.2012

LOCATIONS

Registered Office / Factory :	5, Krishnakunj Building, 64/31, Erandawana, Karve Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25440973
Mobile No.:	91-9850742611 (Mr. Atul Gandhi)
Fax No.:	91-20-25456723
E-Mail :	atul@macartworld.com csrandad@gmail.com
Website :	http://www.macartworld.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Atul Chainsukh Gandhi
Designation :	Director
Address :	25 Navrajasthan Housing Society, Senapati Bapat Road, Pune - 411016, Maharashtra, India
Date of Appointment :	23.03.2000
DIN No.:	00599752

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	U52602PN1991PTC059754	SWEP EQUIPMENTS PRIVATE LIMITED	Director	10-01-91	10-01-91	-	Active	NO
2	U29299MH1989PTC052724	RIFOX EQUIPMENTS PRIVATE LIMITED	Director	30-06-91	30-06-91	-	Under Process of Striking off	NO
3	U29199MH1994PTC078329	NORTH STAR BROAD EQUIPMENT PRIVATE LIMITED	Director	11-05-94	11-05-94	-	Under Process of Striking off	NO
4	U74210MH1984PTC032967	RESOURCE ENGINEERING PRIVATE LIMITED	Director	30-09-95	30-09-95	-	Active	NO
5	U31200PN2000PTC014641	MACART EQUIPMENTS PRIVATE LIMITED	Director	23-03-00	23-03-00	-	Active	NO
6	U29309MH1994PTC079561	EMISSIONS TECHNOLOGY INDIA PRIVATE LIMITED	Director	09-10-02	09-10-02	-	Active	NO
7	U24247PN1992PLC067065	FLAVEX AROMATS (INDIA) LIMITED	Director	30-10-07	30-10-07	01-11-10	Active	NO

Name :	Mrs. Hetal Atul Gandhi
Designation :	Director
Address :	25 Navrajasthan Housing Society, Senapati Bapat Road, Pune - 411016, Maharashtra, India
Date of Appointment :	23.07.2000
DIN No.:	00599776

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Atul Chainsukh Gandhi	5000
Hetal Atul Gandhi	5000
Total	10000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Digital Inkjet Printer.
Imports :
Products :	Parts
Countries :	· UK · USA
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

60 (Approximately) (In Office + In Factory)

Bankers :

· ICICI Bank, Karve Road Branch, Pune, Maharashtra, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· HDFC Bank

· Kotak Mahindra Bank

· Standard Chartered Bank

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Hetal Gandhi	0.000	0.019
Atul Gandhi	0.000	0.126
Loans and Advances	0.000	0.000
Loans from Others	0.000	0.000
Total	0.000	0.145

Banking Relations :	--
Auditors :
Name :	RMSM and Associates Chartered Accountants
Address :	11, Purva Plaza, 515, Sadashiv Peth, Pune – 411030, Maharashtra, India
PAN.:	AALFR1669R

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.409	0.890	0.934
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.509	0.990	1.034
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.145	0.711
TOTAL BORROWING		0.000	0.145	0.711
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.509	1.135	1.745
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.415	0.866	0.819
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.055	5.555	1.555
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.520	0.311	2.811
	Sundry Debtors	1.764	1.683	1.795
	Cash & Bank Balances	1.983	1.465	1.472
	Other Current Assets	0.634	0.678	0.915
	Loans & Advances	0.000	0.260	0.010
Total Current Assets		4.901	4.397	7.003
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.513	2.665	0.900
	Other Current Liabilities	5.766	5.599	5.626
	Provisions	0.583	1.419	1.106
Total Current Liabilities		9.862	9.683	7.632
Net Current Assets		(4.961)	(5.286)	(0.629)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.509	1.135	1.745

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	29.040	23.697
		Other Income	0.674	0.166
		TOTAL (A)	29.714	23.863
Less	EXPENSES
		Opening Stock	0.311	2.811
		Purchases and Administrative Expenses	28.339	20.235
		Director Remuneration	0.600	0.630
		Auditor Remuneration	0.029	0.020
		Closing Stock W.I.P.	(0.520)	(0.311)
		TOTAL (B)	28.759	23.385
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.955	0.478
Less	FINANCIAL EXPENSES (D)		0.029	0.013
					NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.926	0.465
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.299	0.151
	PROFIT BEFORE TAX (E-F) (G)		0.627	0.314
Less	TAX (H)		0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		0.627	0.314
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.890	0.576
	BALANCE CARRIED TO THE B/S		1.517	0.890
	Earnings Per Share (Rs.)		62.70	NA

Expected Sales (2011-2012) : Rs.45.000 Millions

The above information has been parted by Mr. Atul.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.11	1.32	NA
Net Profit Margin (PBT/Sales)	(%)	2.16	1.33	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.93	5.97	NA
Return on Investment (ROI) (PBT/Networth)		0.42	0.32	NA
Debt Equity Ratio (Total Liability/Networth)		6.54	9.93	8.07
Current Ratio (Current Asset/Current Liability)		0.50	0.45	0.92

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Business Operations:

Company is into business of Manufacturing of Electronic Equipments including Computer Software, Printer and Parts of printer. Company is doing well

The company is hopeful of doing more business with the developing economic growth of the industry.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31200PN2000PTC014641
Name of the company	MACART EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Krishnakunj Building, 64/31, Erandawana, Karve Road, Pune – 411004, Maharashtra, India E-mail : sudaj279@yahoomail.com
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India E-mail : vivek.naladkar@icicibank.com
Nature of instrument creating charge	Memorandum of entry constractive delivery
Date of instrument Creating the charge	08.12.2011
Amount secured by the charge	Rs.11.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Floating Rate of Interest (10% I Base + Margin of 2.75% = 12.75% Terms of Repayment EMI amounting to Rs0.163 Millions Margin NA Extent and Operation of the charge Exclusive first charge on the immovable property situated at Office No. 201, 202, 203, 2nd Floor, Siddh Icon, S.No1/1, Baner, Pune, Maharashtra, India and any other interest in this property. Others Guarantee to be provided by the directors of the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Office No. 201, 202, 203, 2nd Floor, Siddh Icon, S.No1/1, Baner, Pune. Area Admeasuring 2712 Sq. Ft. together with all the buildings and structures thereon, fixtures, fittings attached both present and future

Fixed Assets:

· Computer

· Dies

· Furniture

· Office Equipments

· Machinery

· Vehicles (Car)

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.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	-
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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.