1. Summary Information

		Country	India
Company Name	FUNDAMENTAL ELECTRONICS PRIVATE LIMITED	Principal Name 1	Mr. Sanjay Taneja
Status	Satisfactory	Principal Name 2	Mr. Ved prakash taneja
		Registration #	21-71572
Street Address	6, Waterloo Street, 4^th Floor, Room No. 402, Kolkata – 700 069, West Bengal, India
Established Date	18.05.1995	SIC Code	-
Telephone#	91-33-22480565	Business Style 1	Dealer
Fax #	Not Available	Business Style 2	-
Homepage	-	Product Name 1	Electronics
# of employees	Not Available	Product Name 2	Electrical Goods
Paid up capital	Rs.5,000,000/-	Product Name 3	-
Shareholders	Directors or Relatives of Directors 100%	Banking	Punjab National Bank
Public Limited Corp.	No	Business Period	17 YEARS
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	14,717,000	Current Liabilities	24,472,000
Inventories	33,365,000	Long-term Liabilities	20,870,000
Fixed Assets	32,523,000	Other Liabilities	7,805,000
Deferred Assets	000	Total Liabilities	53,147,000
Invest& other Assets	000	Retained Earnings	22,458,000
		Net Worth	27,458,000
Total Assets	80,605,000	Total Liab. & Equity	80,605,000
Total Assets (Previous Year)	75,168,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	320,900,000	Net Profit	6,753,000
Sales(Previous yr)	258,900,000	Net Profit(Prev.yr)	5,069,000

MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	FUNDAMENTAL ELECTRONICS PRIVATE LIMITED
Formerly Known As :	FUNDAMENTAL FINVEST PRIVATE LIMITED
Registered Office :	6, Waterloo Street, 4^th Floor, Room No. 402, Kolkata – 700 069, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.1995
Com. Reg. No.:	21-71572
Capital Investment / Paid-up Capital :	Rs. 5.000 millions
CIN No.: [Company Identification No.]	U32109WB1995PTC071572
TAN No.: [Tax Deduction & Collection Account No.]	CALF00789F
PAN No.: [Permanent Account No.]	AAACF3671P
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer of Electronics and Electrical Goods.
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 100000
Status :	Satisfactory
Payment Behaviour :	Usually 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 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	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 :	6, Waterloo Street, 4^th Floor, Room No. 402, Kolkata – 700 069, West Bengal, India
Tel. No.:	91-33-22480565
Fax No.:	Not Available
E-Mail :	funvest@sify.com compare17@rediffmail.com

DIRECTORS

As on 19.07.2011

Name :

Mr. Sanjay Taneja

Designation :

Director

Address :

Loudon Park, (Flat No. 7B), 16/1, Loudon Street, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

24.10.1966

Date of Appointment :

02.09.1998

Din No.:

00529839

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	U67120WB1994PTC065345	FUNDAMENTAL SECURITIES PRIVATE LIMITED	Director	30-09-94	30-09-94	04-03-10	Active	NO
2	U32109WB1995PTC071572	FUNDAMENTAL ELECTRONICS PRIVATE LIMITED	Whole-time director	02-09-98	02-09-98	-	Active	NO

Name :

Mr. Ved Prakash Taneja

Designation :

Director

Address :

Loudon Park, (Flat No. 7B), 16/1, Loudon Street, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

02.09.1934

Date of Appointment :

02.08.1998

Din No.:

00529875

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	U67120WB1994PTC065345	FUNDAMENTAL SECURITIES PRIVATE LIMITED	Director	25-01-95	25-01-95	04-03-10	Active	NO
2	U32109WB1995PTC071572	FUNDAMENTAL ELECTRONICS PRIVATE LIMITED	Whole-time director	02-09-98	02-09-98	-	Active	NO
3	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	30-07-02	30-07-02	12-10-10	Active	NO
4	U74140WB2008PLC130221	S K GLOBAL SERVICES LIMITED	Director	31-10-08	31-10-08	27-02-12	Active	NO
5	U66000WB2009PLC139864	S K INSURANCE BROKING LIMITED	Director	02-12-09	02-12-09	27-02-12	Active	NO

Name :

Mr. Murli Gangaram Lalchandani

Designation :

Director

Address :

E -3, Middleton Apartment, 3 Middleton Road, Kolkata – 700 071, West Bengal, India

Date of Birth/Age :

16.05.1950

Date of Appointment :

25.08.2003

Din No.:

00529797

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.07.2011

Names of Shareholders	No. of Shares
Sanjay Taneja	76400
Ved Prakash Taneja	30100
Murli Gangaram Lalchandani	197500
Savitri Taneja	44000
Shikha Sanjay Taneja	22000
Pulak Sanjay Taneja	100000
Ved Prakash Taneja and Son	10000
Sanjay Taneja and Son	10000
Suraj Lalchandani	10000
Total	500000

As on 19.07.2011

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

BUSINESS DETAILS

Line of Business :

Dealer of Electronics and Electrical Goods.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Lyous Road Branch, 1 RN Mukherjee Road, Calcutta – 700 001, West Bengal, India

· Oriental Bank of Commerce, Ballygunge Branch, 56, Gariahat Road, Kolkata – 700 019, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Overdraft from OBC [Against mortgage of city centre showroom and personal guarantee of directors]	4.504	16.920
Cash credit from OBC [Against pledge of stocks and personal guarantee of directors]	1.137	1.011
Car loan from Axis Bank [Against hypothecation of motor car]	0.129	0.252
Total	5.770	18.183
Unsecured Loan
From share holders	9.200	4.100
From directors	5.900	8.400
Total	15.100	12.500

Banking Relations :	--
Auditors :
Name :	S.K. Jhunjhunwalla and Associates Chartered Accountants
Address :	Aloka House, 6B, Bentick Street, 1^st Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22486901/ 22315632
Mobile No.:	91-9830172573
Pan No.:	ACUPJ2543D

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
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.458	15.705	10.636
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.458	20.705	15.636
LOAN FUNDS
1] Secured Loans		5.770	18.183	19.743
2] Unsecured Loans		15.100	12.500	15.000
TOTAL BORROWING		20.870	30.683	34.743
DEFERRED TAX LIABILITIES		0.961	0.717	0.422
TOTAL		49.289	52.105	50.801
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.523	32.401	33.271
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	33.365	26.176	19.318
	Sundry Debtors	4.504	6.732	2.674
	Cash & Bank Balances	0.583	1.168	1.388
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.630	8.691	10.026
Total Current Assets		48.082	42.767	33.406
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.590	16.430	11.936
	Other Current Liabilities	0.882	1.653	0.741
	Provisions	6.844	4.980	3.199
Total Current Liabilities		31.316	23.063	15.876
Net Current Assets		16.766	19.704	17.530
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.289	52.105	50.801

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	320.900	258.900	180.600
		Other Income	33.826	22.186	15.013
		TOTAL	354.726	281.086	195.613
Less	EXPENSES
		Office Expenses
		Administrative Expenses	341.947	271.176	193.169
		Advertising Expenses
		Financial Expenses
		TOTAL	341.947	271.176	193.169
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.779	9.910	2.444
Less/ Add	DEPRECIATION/ AMORTISATION		2.745	2.555	1.570
	PROFIT / (LOSS) BEFORE TAX		10.034	7.355	0.874
Less	TAX		3.281	2.286	0.297
	PROFIT / (LOSS) AFTER TAX		6.753	5.069	0.577
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.705	10.636	10.059
	BALANCE CARRIED TO THE B/S		22.458	15.705	10.636
	Earnings / (Loss) Per Share (Rs.)		13.51	10.14	1.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.90	1.80	0.29
Net Profit Margin (PBT/Sales)	(%)	3.13	2.84	0.48
Return on Total Assets (PBT/Total Assets}	(%)	12.45	9.78	1.31
Return on Investment (ROI) (PBT/Networth)		0.37	0.36	0.06
Debt Equity Ratio (Total Liability/Networth)		1.90	2.60	3.24
Current Ratio (Current Asset/Current Liability)		1.54	1.85	2.10

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	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

WORKING RESULT:

The company is the showroom owner of Electronics items of Samsung in Kolkata having two showroom located at the prime location of Gariahat and city centre, Saltlake. The company has also one Multi-Brand showroom at south city mall, where electronic items of brands are being sold. The company has recently added one more Multi-Branded showroom at Netaji Nagar, Tallyganj, Kolkata.

During the year the profit before Tax has increased from Rs. 7.355 millions to Rs. 10.034 millions mainly due to increase in volume sale from Rs. 258.900 millions to Rs. 320.900 millions. Through depreciation has increased from Rs. 2.555 millions to Rs. 2.745 millions. The company managed to increase in its sale volume, through advertisement in Print Media and Extensive Customer relationship. The scheme and incentives received from PRINCIPALS, has also increased from Rs.22.100 millions to Rs.26.600 millions during the year which also added to the profitability of the company. Bearing unforeseen circumstances the directors of the company are hopefull of similar result in coming year also.

FIXED ASSETS:

v Air Conditioner

v Auto Van

v By-Cycle

v Computer and Software

v Fax Machine

v Fire Extinguisher

v Cable Instrument

v Furniture and Fixtures

v Motor Car

v Shop at City Centre

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.54.68
UK Pound	1	Rs.86.52
Euro	1	Rs.69.85

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

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