MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	MANJU ENTERPRISES PRIVATE LIMITED
Registered Office :	J 209/3, Lane W-15A, Western Avenue, Sainik Farm, New Delhi – 110062
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.02.1996
Com. Reg. No.:	55-076528
Capital Investment / Paid-up Capital :	Rs.1.378 Millions
CIN No.: [Company Identification No.]	U51311DL1996PTC076528
TAN No.: [Tax Deduction & Collection Account No.]	DELM08811F DELM06750C
PAN No.: [Permanent Account No.]	AAACM4887E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Cardiology Stent
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 46000
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 :	J 209/3, Lane W-15A Western Avenue, Sainik Farm, New Delhi – 110062, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mcjain.com@gmail.com
Corporate Office:	28, 1^st Floor, Jia Sarai, New Delhi, India
Tel No.:	91-11-26521812
Fax No.:	91-11-26521887

DIRECTORS

As on: 30.09.2012

Name :

Mr. Himanshu Maheshwari

Designation :

Director

Address :

J-209/3 Lane W-15A Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

14.12.1970

Date of Appointment :

23.02.1996

DIN No.:

01152934

Other Directorships :

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	U74899DL1995PTC070332	MAHESHWARI SONS PRIVATE LIMITED	Director	26-06-95	26-06-95	-	Active	NO
2	U51311DL1996PTC076528	MANJU ENTERPRISES PRIVATE LIMITED	Director	23-02-96	23-02-96	-	Active	NO

Name :

Mr. Hemant Chand Maheshwari

Designation :

Director

Address :

J-209/3 Lane W-15A Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

20.07.1947

Date of Appointment :

23.02.1996

DIN No.:

01916793

Other Directorships :

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	U51311DL1996PTC076528	MANJU ENTERPRISES PRIVATE LIMITED	Director	23-02-96	23-02-96	-	Active	NO
2	U74899DL1995PTC070332	MAHESHWARI SONS PRIVATE LIMITED	Director	28-01-99	28-01-99	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Himanshu Maheshwari	16000
Hemant C Maheshwari	53781
Manju Maheshwari	34547
Preeti Maheshwari	10000
Dharini Taparia	23440
Total	137768

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Cardiology Stent

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited

· Axis Bank

· J and K Bank Limited

· HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank (against hypothecation of Innova)	0.509	0.000
Axis Bank Auto Finance (against hypothecation of accord)	0.695	0.964
Total	1.204	0.964
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Shareholders	6.350	5.955
From Others	9.314	8.656
Total	15.664	14.611

Banking Relations :
Auditors :
Name :	M C Jain and Company Chartered Accountants
Address :	4701/21AA, Ansari Road, Daryaganj, Delhi – 110002, India
PAN.:	AAFFM3301F

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
137768	Equity Shares	Rs.10/- each	Rs.1.378 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		1.378	1.378	1.378
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.253	8.210	6.137
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.631	9.588	7.515
LOAN FUNDS
1] Secured Loans		1.204	0.964	1.407
2] Unsecured Loans		15.664	14.611	9.011
TOTAL BORROWING		16.868	15.575	10.418
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		28.499	25.163	17.933
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.506	11.197	6.126
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.460	0.040	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.033	24.808	26.773
	Sundry Debtors	24.938	20.861	24.893
	Cash & Bank Balances	2.329	1.190	1.382
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.761	6.559	5.296
Total Current Assets		47.061	53.418	58.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.281	31.211	38.141
	Other Current Liabilities	1.913	4.639	5.364
	Provisions	2.334	3.642	3.032
Total Current Liabilities		31.528	39.492	46.537
Net Current Assets		15.533	13.926	11.807
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.499	25.163	17.933

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	121.388	103.849	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	118.324	100.910	NA
	PROFIT BEFORE TAX		3.064	2.939	2.496
Less	TAX		1.021	0.866	1.416
	PROFIT AFTER TAX		2.043	2.073	1.080
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.210	6.137	5.057
	BALANCE CARRIED TO THE B/S		10.253	8.210	6.137
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		3.615	NA	NA
	Earnings Per Share (Rs.)		14.83	15.05	7.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.68	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.14	4.55	3.87
Return on Investment (ROI) (PBT/Networth)		0.26	0.31	0.33
Debt Equity Ratio (Total Liability/Networth)		4.16	5.74	7.58
Current Ratio (Current Asset/Current Liability)		1.49	1.35	1.25

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last one year	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FINANCIAL RESULTS

The Profit and Loss Account shows a Profit of Rs.3.064 Millions which along with the brought forward Profit of Rs.8.210 Millions Provision for Deferred Tax to be Provided of Rs.0.145 Million, Provision for Income Tax for the year of Rs.0.820 Million and Tax adjustment related to earlier years of Rs.0.056 Million and amount to Profit of Rs.10.253 which the Directors proposes to carry forward.

REVIEW OF OPERATIONS

The working of the Company was satisfactory during the period but the directors hopes further improvements during the Current Year.

Fixed Assets:

· Fax machine

· Office equipments

· Furniture and fixture

· Ice cream machine

· Air conditioner

· Car

· Cellular phone

· Computer

· Software

· Television

· Dental equipments

· Juice dispensner

· Microwave

· Cooler

· DVD

· Sign Board

· Fridge

· Vitamix machine

· Office Temple Edol

· Attendance Machine

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.55.93
UK Pound	1	Rs.88.15
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

VRN

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	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		45

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.