MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	RATAN PROJECTS AND ENGINEERING COMPANY PRIVATE LIMITED [w.e.f. 05.01.2009]
Formerly Known As :	RATAN ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	26, Prasanna Kumar Tagore Street, Main Building Backside, Kolkata-700006, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.01.2008
Com. Reg. No.:	21-121557
Capital Investment / Paid-up Capital :	Rs.6.900 Millions
CIN No.: [Company Identification No.]	U74210WB2008PTC121557
TAN No.: [Tax Deduction & Collection Account No.]	CALR07321G
PAN No.: [Permanent Account No.]	AADCR8426M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Cable Trays, Cable Lugs, Cable Glands and Structure for Power Plant.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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	A1	A1

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

LOCATIONS

Registered Office :	26, Prasanna Kumar Tagore Street, Main Building Backside, Kolkata-700006, West Bengal, India
Tel. No.:	91-33-25332533/6199/6234/25307676
Fax No.:	91-33-25307676
E-Mail :	info@ratans.com rattans@cal.vsnl.net.in rout@ratans.com
Website :	http://www.ratans.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Gordhan Das Singhee

Designation :

Director

Address :

26, P.K. Tagore Street, Kolkata-700006, West Bengal, India

Date of Birth/Age :

28.08.1959

Date of Appointment :

09.01.2008

Din No.:

01437864

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74210WB2008PTC121557	RATAN PROJECTS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	09-01-08	09-01-08	Active	NO
2	U51109WB1996PTC077367	GAGAN SUPPLIERS PRIVATE LIMITED	Director	11-12-08	11-12-08	Active	NO

Name :

Mrs. Sushma Singhee

Designation :

Director

Address :

6, Chaple Road, Kolkata-700022, West Bengal, India

Date of Birth/Age :

07.02.1957

Date of Appointment :

09.01.2008

Din No.:

01656239

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109WB2006PTC107513	D M P PROJECTS PRIVATE LIMITED	Director	01-04-07	01-04-07	Active	NO
2	U74210WB2008PTC121557	RATAN PROJECTS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	09-01-08	09-01-08	Active	NO

Name :

Ms. Meeta Singhee

Designation :

Director

Address :

6, Chaple Road, Kolkata-700022, West Bengal, India

Date of Birth/Age :

26.10.1978

Date of Appointment :

01.07.2009

Din No.:

02683490

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ratan Makhanlal Singhee	10000
Anandi Singhee	5000
Shanti Singhee	5000
Sushama singhee	10000
Meeta Singhee	5000
Vivek Kumar Soni	5000
Gordhan Das Singhee	50000
Gagan Suppliers Private Limited, India	331000
DMP Projects Private Limited, India	206500
Tamra Dhatu Udyog Private Limited, India	62500
Total	690000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	87.00
Directors or relatives of directors	13.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Cable Trays, Cable Lugs, Cable Glands and Structure for Power Plant.
Products :	Cable Trays and Supports · Perforated Type Cable Trays/ Perforated Sheets · Ladder Type Cable Trays · Cable Trays Accessories Cable Terminal/ Lugs · High Conductivity Copper Crimping Socket (Standard) · Copper Crimping Socket (Din Type) · Long Barrel Copper Crimping Socket · Aluminium Standard Socket · Copper Fork Socket

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan From Shareholders	3.378	3.770
Loan From Corporate	153.879	82.020
Loan From Others	1.886	1.886
Total	159.143	87.676

Banking Relations :	--
Auditors :
Name :	Dilip Kumar Karnani Chartered Accountants
Address :	Karnani and Associates, 125, N.S. Road, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22685668/22700158
Pan No.:	AGFPK0201Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6700000	Equity Shares	Rs.10/- each	Rs.67.000 Millions
350000	Preferences Shares	Rs.10/- each	Rs.3.500 Millions
	Total		Rs.70.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
690000	Equity Shares	Rs.10/- each	Rs.6.900 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		6.900	6.900	60.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		66.756	61.372	3.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.656	68.272	64.000
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		159.143	87.676	70.963
TOTAL BORROWING		159.143	87.676	70.963
DEFERRED TAX LIABILITIES		0.083	0.063	0.064
TOTAL		232.882	156.011	135.027
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.133	12.542	8.505
Capital work-in-progress		3.564	3.354	2.680
INVESTMENT		4.497	1.440	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.402	56.611	12.898
	Sundry Debtors	212.447	242.829	140.017
	Cash & Bank Balances	26.266	12.913	12.962
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.067	17.039	10.325
Total Current Assets		328.182	329.392	176.202
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.572	62.974	46.772
	Other Current Liabilities	83.460	124.013	3.868
	Provisions	2.561	3.928	2.017
Total Current Liabilities		126.593	190.915	52.657
Net Current Assets		201.589	138.477	123.545
MISCELLANEOUS EXPENSES		0.099	0.198	0.297
TOTAL		232.882	156.011	135.027

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	NA	13.504	80.56
Less	FINANCIAL EXPENSES	NA	5.883	3.465
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.631	7.621	4.591
Less/ Add	DEPRECIATION/ AMORTISATION	1.667	1.440	0.547
	PROFIT / (LOSS) BEFORE TAX	7.964	6.181	4.044
Less	TAX	2.580	1.909	1.317
	PROFIT / (LOSS) AFTER TAX	5.384	4.272	2.727
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.339	3.067	0.373
Less	SHORT PROVISION FOR INCOME TAX	0.000	0.000	0.033
	BALANCE CARRIED TO THE B/S	12.723	7.339	3.067
	Earnings / (Loss) Per Share (Rs.)	7.80	6.19	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.27	1.81	2.19
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.06
Debt Equity Ratio (Total Liability/Networth)		3.88	4.08	1.93
Current Ratio (Current Asset/Current Liability)		2.59	1.73	3.35

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Generator

· Motor Car

· Fax Machine

· Furniture and Fittings

· Air Conditioner

· Type Writer

· Electrical Equipments

· Office Equipments

· Xerox Machines

· Toole and Dies

· Computer

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.