MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	LUCID IMAGING PRIVATE LIMITED
Registered Office :	315/A, 2^nd Floor, 9^th Main Road, 5^th Block, Jayanager, Bangalore-560041, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.2005
Com. Reg. No.:	08-51399
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U51399KA2005PTC036560
IEC No.:	0705007201
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Distributors of Industrial Cameras, Framegrabbers, Camera Cables and Software Tools.
No. of Employees :	15 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 370000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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	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 :	315/A, 2^nd Floor, 9^th Main Road, 5^th Block, Jayanager, Bangalore-560041, Karnataka, India
Tel. No.:	91-80-22448252/53
Fax No.:	91-80-22448254
E-Mail :	info@lucidimaging.in
Website :	http://www.lucidimaging.com
Area :	3500 sq ft
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mr. Anand Prasad Chinnaswamy

Designation :

Managing Director

Address :

E 406, Bridge Millenium, JP Nagar, 7^th Phase, Bangalore – 560078, Karnataka, India.

Date of Birth/Age :

17.02.1967

Qualification :

B.E.M.S (Elec), M.S. (Plastics)

Date of Appointment :

16.06.2005

Din No.:

00264100

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	U51399KA2005PTC036560	LUCID IMAGING PRIVATE LIMITED	Managing director	16-06-05	16-06-05	Active	NO
2	U17111TZ1956PTC000269	THE SUGUNA MILLS PRIVATE LIMITED	Director	24-09-09	20-05-09	Active	NO

Name :

Mrs. Yamini Priya Anandprasad

Designation :

Director

Address :

67, 5^th Cross, 16^th Main, BTM 2^nd Stage, Bangalore – 560076, Karnataka, India.

Date of Birth/Age :

14.06.1971

Qualification :

BBM

Date of Appointment :

16.06.2005

Din No.:

00316807

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	U51399KA2005PTC036560	LUCID IMAGING PRIVATE LIMITED	Director	29-07-05	29-07-05	Active	NO
2	U17111TZ1956PTC000269	THE SUGUNA MILLS PRIVATE LIMITED	Director	24-09-09	20-05-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anand Prasad Chinnaswamy	97600
Yamini Priya Anandprasad	2400
Total	100000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Importer and Distributors of Industrial Cameras, Framegrabbers, Camera Cables and Software Tools.
Agencies Held :	Allied Vision Technologies E2V SAS IDS Imaging and Development Systems MV Tec Software

GENERAL INFORMATION

No. of Employees :	15 [Approximately]
Bankers :	v HSBC Bank, 84, Gandhi Bazar Main Road, Basavanagudi, Bangalore – 560004, Karnataka, India v Corporation Bank

Banking Relations :	--
Auditors :
Name :	Narayanan Patil and Ramesh Chartered Accountants
Address :	103, First Floor, Bridge Links, 54/1, First Main Road, Seshadripuram, Bangalore-560020, Karnataka, India
Tel. No.:	91-80-23343014/23441114
Fax No.:	91-80-23448660
E-Mail :	npr@nprca.in
Pan No.:	AAAFN6836D

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		91.827	15.403	9.125
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		92.827	16.403	10.125
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.172
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.172
DEFERRED TAX LIABILITIES		0.000	0.000	0.007
TOTAL		92.827	16.403	10.304
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.746	2.576	2.214
Capital work-in-progress		0.029	0.000	0.000
INVESTMENT		24.437	1.968	3.310
DEFERREX TAX ASSETS		0.097	0.034	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.960	3.222	2.176
	Sundry Debtors	27.342	2.855	1.453
	Cash & Bank Balances	17.735	6.508	1.481
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.746	3.670	2.989
Total Current Assets		67.783	16.255	8.099
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.187	1.702	1.410
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.078	2.753	1.909
Total Current Liabilities		2.265	4.455	3.319
Net Current Assets		65.518	11.800	4.780
MISCELLANEOUS EXPENSES		0.000	0.025	0.000
TOTAL		92.827	16.403	10.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	107.389	30.985	23.305
Less	EXPENSES
		Office Expenses
		Administrative Expenses	28.501	22.003	17.126
		Advertising Expenses
		TOTAL	28.501	22.003	17.126
	PROFIT / (LOSS) BEFORE TAX		78.888	8.982	6.179
Less	TAX		2.464	2.704	2.109
	PROFIT / (LOSS) AFTER TAX		76.424	6.278	4.070
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	54.456	0.000	0.000
	IMPORTS
		Raw Materials	13.391	10.858	NA
	Earnings / (Loss) Per Share (Rs.)		764.24	62.78	40.70

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	71.17	20.26	17.46
Return on Total Assets (PBT/Total Assets}	(%)	111.85	47.70	59.91
Return on Investment (ROI) (PBT/Networth)		0.85	0.55	0.61
Debt Equity Ratio (Total Liability/Networth)		0.02	0.27	0.34
Current Ratio (Current Asset/Current Liability)		29.93	3.65	2.44

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	Yes
8) No. of employees	Yes
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	Yes
24) Banking facility details	No
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

NOTE:

The registered office address of the company has been shifted from III B, Municipal No.683, 15^th Cross Road, Sarakki II Phase, JP Nagar, Bangalore – 560078, Karnataka, India to present w.e.f. 12.04.2006

PROSPECTUS:

The directors are optimistic of achieving higher turnover and earning higher profits in the ensuing year.

FIXED ASSETS:

• Computers
• Furniture and Fixtures
• Office Equipments
• Vehicles
• R and D Equipments

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

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		51

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.