MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	COGENT INTERNATIONAL PRIVATE LIMITED
Registered Office :	302, Abhishek Apartment, 9, Shankar Nagar, Saket, Indore-452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.06.2010
Com. Reg. No.:	10-023860
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U31503MP2010PTC023860
TAN No.: [Tax Deduction & Collection Account No.]	BPLC02835A
PAN No.: [Permanent Account No.]	AAECC0464H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Batteries.
No. of Employees :	40 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2100
Status :	Moderate
Payment Behaviour :	Sow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track and establishing itself gradually. Profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Girish Prakash Bhalerao
Designation :	Director
Contact No.:	91-9893626898
Date :	20.04.2012

LOCATIONS

Registered Office :	302, Abhishek Apartment, 9, Shankar Nagar, Saket, Indore-452001, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9893626898 [Mr. Girish Prakash Bhalerao]
Fax No.:	91-731-2433721
E-Mail :	g.bhalerao@hotmail.com
Location :	Owned
Factory :	Located at Dev Nagar, Indore, Madhya Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Girish Prakash Bhalerao

Designation :

Managing Director

Address :

302, Abhishek Apartment, 9, Shankar Nagar, Saket, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

11.10.1970

Date of Appointment :

29.06.2010

Din No.:

02807747

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	U31503MP2009PTC022664	PENTALUX LIGHTINGS PRIVATE LIMITED	Director	18-11-09	18-11-09	Active	NO
2	U31503MP2010PTC023860	COGENT INTERNATIONAL PRIVATE LIMITED	Director	29-06-10	29-06-10	Active	NO

Name :

Mrs. Rashmi Girish Bhalerao

Designation :

Director

Address :

302, Abhishek Apartment, 9, Shankar Nagar, Saket, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

21.01.1976

Date of Appointment :

29.06.2010

Din No.:

03082265

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Girish Prakash Bhalerao	5000
Rashmi Girish Bhalerao	5000
Total	10000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Batteries.
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· China HK Group Company Limited

Customers :

Wholesales and Others

· Laxmi Battery

No. of Employees :

40 [Approximately]

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]
CC Limit from Yes Bank [Against hypothecation of stock and book debts and mortgage of directors property]	6.986
Total	6.986
UNSECURED LOAN
Form Directors	1.400
From Others	1.000
Total	2.400

Banking Relations :	--
Auditors :
Name :	Purohit and Joshi Chartered Accountants
Address :	25/3, Snehalataganj, Indore-452003, Madhya Pradesh, India
Mobile No.:	91-9893193954
Pan No.:	AAHFP5178P

CAPITAL STRUCTURE

As on 31.03.2011

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
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
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.430
4] (Accumulated Losses)		0.000
NETWORTH		0.530
LOAN FUNDS
1] Secured Loans		6.986
2] Unsecured Loans		2.400
TOTAL BORROWING		9.386
DEFERRED TAX LIABILITIES		0.015
TOTAL		9.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.278
Capital work-in-progress		0.000
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.997
	Sundry Debtors	3.457
	Cash & Bank Balances	1.637
	Other Current Assets	0.000
	Loans & Advances	0.218
Total Current Assets		13.309
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.459
	Other Current Liabilities	0.000
	Provisions	0.342
Total Current Liabilities		3.801
Net Current Assets		9.508
MISCELLANEOUS EXPENSES		0.140
TOTAL		9.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	10.501
		Other Income	0.000
		TOTAL (A)	10.501
Less	EXPENSES
		Purchase	14.178
		Direct Expenses	0.541
		Administrative Expenses	2.583
		Audit Fees	0.025
		Preliminary Expenses Written Off	0.035
		Increase / Decrease in Stocks	(7.997)
		TOTAL (B)	9.365
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.136
Less	FINANCIAL EXPENSES (D)		0.430
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.706
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.012
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.694
Less	TAX (H)		0.264
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.430
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		0.430
	Earnings / (Loss) Per Share (Rs.)		4.29

Particulars	31.03.2012
Sales Turnover [Approximately]	50.000

The above information has been parted by Mr. Girish Prakash Bhalerao.

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	4.09
Net Profit Margin (PBT/Sales)	(%)	6.61
Return on Total Assets (PBT/Total Assets}	(%)	5.11
Return on Investment (ROI) (PBT/Networth)		1.31
Debt Equity Ratio (Total Liability/Networth)		24.88
Current Ratio (Current Asset/Current Liability)		3.50

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	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	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
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

OPERATION:

This year of company’s operation and the business has earned a profit of Rs.0.694 million before tax. The directors are striving hard to do better in coming years.

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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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		27

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.