MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	EVEREST HOLOVISIONS LIMITED [w.e.f. 25.02.1998]
Formerly Known As :	OJASMIT HOLOVISION LIMITED
Registered Office :	201, Vardhaman Market, Sector 17, DBC, Vashi, Navi Mumbai-400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.01.1997
Com. Reg. No.:	11-104866
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U74999MH1997PLC104866
TAN No.: [Tax Deduction & Collection Account No.]	MUME04227G
PAN No.: [Permanent Account No.]	AAACE3622P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Holograms.
No. of Employees :	Information denied by the management.

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 170000
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

INFORMATION PARTED BY

Name :	Mr. Niranjan
Designation :	General Manager
Contact No.:	91-22-61611339
Date :	12.05.2012

LOCATIONS

Registered Office :	201, Vardhaman Market, Sector 17, DBC, Vashi, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-27892714/27656659/27892534
Fax No.:	91-22-27892673
E-Mail :	ranjanamimani@yahoo.com everesth@vsnl.com
Website:	http://www.everestholovisions.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Rajendra Dagdulal Surana

Designation :

Managing Director

Address :

603/604, Vardhaman Palace, Sector-17, Vashi, Navi Mumbai-400705, Maharashtra, India

Date of Birth/Age :

08.07.1960

Date of Appointment :

03.01.1997

Din No.:

00519429

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	U74999MH1997PLC104866	EVEREST HOLOVISIONS LIMITED	Managing director	01-09-11	03-01-97	Active	NO

Name :

Mr. Kailesh Yogendra Shah

Designation :

Whole Time Director

Address :

“Amani”, Plot No. 52, Vanmali Park, CHS, Samarwani, Silvassa-396230, Dadra and Nagar Haveli, India

Date of Birth/Age :

15.04.1959

Date of Appointment :

03.01.1997

Din No.:

00519558

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	U74999MH1997PLC104866	EVEREST HOLOVISIONS LIMITED	Whole-time director	01-04-12	03-01-97	Active	NO

Name :

Mr. Nanda Rajendra Surana

Designation :

Director

Address :

603/604, Vardhaman Palace, Sector-17, Vashi, Navi Mumbai-400705, Maharashtra, India

Date of Birth/Age :

22.03.1964

Date of Appointment :

03.01.1997

Din No.:

00519478

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	U74999MH1997PLC104866	EVEREST HOLOVISIONS LIMITED	Whole-time director	01-04-11	01-01-08	Active	NO

Name :

Mrs. Rita Kailesh Shah

Designation :

Whole Time Director

Address :

“Amani”, Plot No. 52, Vanmali Park, CHS, Samarwani, Silvassa-396230, Dadra and Nagar Haveli, India

Date of Birth/Age :

04.06.1963

Date of Appointment :

29.09.2000

Din No.:

01245612

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	U74999MH1997PLC104866	EVEREST HOLOVISIONS LIMITED	Whole-time director	01-04-11	01-01-08	Active	NO

Name :

Smitahsya K. Shah

Designation :

Director

Address :

“Amani”, Plot No. 52, Vanmali Park, CHS, Samarwani, Silvassa-396230, Dadra and Nagar Haveli, India

Date of Birth/Age :

12.09.1986

Date of Appointment :

30.09.2009

Din No.:

03038090

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	U74999MH1997PLC104866	EVEREST HOLOVISIONS LIMITED	Whole-time director	01-02-12	30-09-09	Active	NO

Name :

Mr. Smitesh Rajendra Surana

Designation :

Whole Time Director

Address :

603/604, Vardhaman Palace, Sector-17, Vashi, Navi Mumbai-400705, Maharashtra, India

Date of Birth/Age :

03.04.1989

Date of Appointment :

30.09.2009

Din No.:

02993670

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	U74999MH1997PLC104866	EVEREST HOLOVISIONS LIMITED	Whole-time director	01-09-10	30-09-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Niranjan
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rajendra Dagdulal Surana	451002
Kailesh Yogendra Shah	170000
Punamchand Uttamchand Singavi	1002
Pushpalata Punamchand Singavi	1002
Nanda Rajendra Surana	16994
Dilipkumar Dagdulal Surana	5000
Rita Kailesh Shah	170000
Smitesh Rajendra Surana	35000
Pooja Rajendra Surana	30000
Ojasvi Kailesh Shah	10000
Smitahsya Kailesh Shah	10000
Total	900000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.78
Other	0.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Holograms.

Product:

PRODUCT DESCRIPTION	ITEM CODE
Holographic Stickers	39199010
Dichromate Glass Plates	90091200
Holographic Embossing Job Work	39219092

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Corporation Bank, 1^st Floor, Banking Complex, Plot No. 179, APMC Market, Unit No. 6, Sector 19, Turbhe-Vashi, Navi Mumbai-400705, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Corporation Bank [Term loan against hypothecation of factory building]	1.787	4.057
Corporation Bank [Cash Credit against hypothecation of stock and book debts]	17.646	7.077
Corporation Bank [L/C against stock and book debts]	0.000	3.984
Total	19.433	15.118
Unsecured Loan
Form Directors
K.Y. Shah	0.325	0.325
Total	0.325	0.325

Banking Relations :	--
Auditors :
Name :	Ravi Mulchandani Chartered Accountants
Address :	Singavi Oturkar and Kelkar, Chartered Accountants, 1^st Floor, Narayan Niwas, Gokhale Road, Naupada, Thane-400602, Maharashtra, India
Pan No.:	AAEFS8002L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 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		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.593	33.392	31.746
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.593	42.392	40.746
LOAN FUNDS
1] Secured Loans		19.433	15.118	13.525
2] Unsecured Loans		0.325	0.325	0.325
TOTAL BORROWING		19.758	15.443	13.850
DEFERRED TAX LIABILITIES		1.480	1.756	1.733
TOTAL		63.831	59.591	56.329
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.477	34.369	36.473
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.062	0.063	0.063
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.260	16.224	12.157
	Sundry Debtors	21.597	11.647	10.313
	Cash & Bank Balances	2.262	1.438	5.131
	Other Current Assets	1.816	1.709	0.317
	Loans & Advances	7.808	6.597	2.000
Total Current Assets		48.743	37.615	29.918
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.387	3.378	3.405
	Other Current Liabilities	0.637	0.334	0.315
	Provisions	9.427	8.744	6.405
Total Current Liabilities		14.451	12.456	10.125
Net Current Assets		34.292	25.159	19.793
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		63.831	59.591	56.329

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	136.392	96.991	79.988
		Other Income	0.490	0.463	0.546
		TOTAL (A)	136.882	97.454	80.534
Less	EXPENSES
		Material Consumed	86.410	53.708	41.639
		Manufacturing Expenses	18.638	18.017	14.012
		Staff and Welfare Expenses	15.386	13.188	11.515
		Selling and Administration Expenses	6.147	4.508	3.888
		Loss on Sale of Assets	0.000	0.000	0.004
		Increase / Decrease in Stock of Finished and Semi Finished Goods	1.260	(3.044)	(0.851)
		TOTAL (B)	127.841	86.377	70.207
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.041	11.077	10.327
Less	FINANCIAL EXPENSES (D)		3.119	2.163	2.553
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.922	8.914	7.774
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.084	4.617	5.161
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.838	4.297	2.613
Less	TAX (H)		0.588	1.598	0.855
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.250	2.699	1.758
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.422	30.846	30.191
Less	APPROPRIATIONS
		Transfer to General Reserve	0.032	0.070	0.050
		Dividend	0.900	0.900	0.900
		Tax on Dividend	0.149	0.153	0.153
	BALANCE CARRIED TO THE B/S		32.591	32.422	30.846
	Earnings / (Loss) Per Share (Rs.)		1.39	3.00	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.91	2.77	2.18
Net Profit Margin (PBT/Sales)	(%)	1.35	4.43	3.27
Return on Total Assets (PBT/Total Assets}	(%)	2.35	5.97	3.94
Return on Investment (ROI) (PBT/Networth)		0.04	0.10	0.06
Debt Equity Ratio (Total Liability/Networth)		0.80	0.66	0.59
Current Ratio (Current Asset/Current Liability)		3.37	3.02	2.95

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 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

FUTURE OUTLOOK:

Despite of increase in the competition in the market, input cost, company has been able to achieve growth in the sales. The company has continued its expansion in operation and continued to achieve success by capturing new market. The product of the company is well received in the market. The company is regular in repayment of loans and other obligations.

All the assets of the company are adequately insured and director hopes to present the better results in the coming year by giving infusion on research and development.

The company continued to have cordial and harmonious relations with its employees. Initiatives on training and development of human resource were undertaken.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10141440
Corporate identity number of the company	U74999MH1997PLC104866
Name of the company	EVEREST HOLOVISIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	201, Vardhaman Market, Sector 17, DBC, Vashi, Navi Mumbai-400705, Maharashtra, India
Type of charge	Book Debts Immovable Property Others
Particular of charge holder	Corporation Bank, 1^st Floor, Banking Complex, Plot No. 179, APMC Market, Unit No. 6, Sector 19, Turbhe-Vashi, Navi Mumbai-400705, Maharashtra, India
Email	info@ca-adlalwani.com
Nature of description of the instrument creating or modifying the charge	1.Supplemental common deed of hypothecation of movables/assets/debts 2.Letter of continuity (all the above agreement constitute a single charge)
Date of instrument Creating the charge	26.05.2011
Amount secured by the charge	Rs.42.522 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First charge(present and future)-total limit Rs.42.522 millions (cash credit=Rs.32.500 millions, Term Loan = Rs.2.022 millions, bank guarantee = Rs.3.000 millions, L.C.(inland/import) = Rs.5.000 millions) And/or as stipulated by bank from time to TIM Others As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged	(1) First charge(present and future) on following assets:-(1)hypothecation of all fixed assets of the company (2) Hypothecation of all current assets and stock in trade of company lying at company place/premises or whereeverelse or in transit (3) Hypothecation of all book debts and receivables (4) Hypothecation of movable assets of the company (5) EMG of Shop/Office No 201 on 2nd Floor ADMG 760.89 sq. built up area in the BLD known as Vardhaman Market Premises CHS Limited situated on the land bearing plot no 75 admg 2795.4 sq.mtrs at Sector No 17 Village Vashi, Navi Mumbai (6) EMG of all that piece and parcel of land and building bearing gala no 1 and 16 ,Ground Floor, in BLD called "a" in the Electronic Industrial Estate, Situated at Village Amli, u t of Dadra and Naga, Haveli, Silvassa
Particulars of the present modification	By this modification limit stands to Rs.42.522 millions (cash credit= Rs.32.500 millions, term loan = Rs.2.022 millions, bank guarantee= Rs.3.000 millions, L.C.(inland/import) = Rs.5.000 millions),securities are continued as given by original charge as well as by modifications, terms and conditions as per agreement attached and as per sanction letter of the bank

FIXED ASSETS:

· Land

· Factory Land

· Office Premises

· Factory Building

· Factory Shed

· Plant and Machinery

· Air Handling Systems

· Air Conditioner

· Borewell

· Cycle

· Motor Cycle

· Computer

· Telephone Instrument

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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Information Gathered by :	SVA
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	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	YES
--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.