MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	SHIMERA PROJECT LIGHTING PRIVATE LIMITED
Registered Office :	Unit No 5, Ground Floor, Raghuvanshi Mill Compound S. B. Marg, Lower Parel (West), Mumbai -400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.09.2007
Com. Reg. No.:	11-174293
Capital Investment/ Paid-up Capital:	Rs.0.100 Million
CIN No.: [Company Identification No.]	U31500MH2007PTC174293
TAN No.: [Tax Deduction & Collection Account No.]	MUMS57524F
Legal Form :	Private Limited Liability Company.
Line of Business :	Wholesaler and trader of Outdoor Lighting Fixtures and Fittings
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 13000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Unit No 5, Ground Floor, Raghuvanshi Mill Compound S. B. Marg, Lower Parel (West), Mumbai -400013, Maharashtra, India
Tel. No.:	91-22-22819040
Fax No.:	91-22-22819039
E-Mail :	accounts@shimera-lightcraft.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Vinod Teckchandani

Designation :

Director

Address :

Flat No.4 2/F Jewel Apartments, Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

03.12.1968

Date of Appointment :

15.05.2009

Din No.:

02621081

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31500MH2007PTC174293	SHIMERA PROJECT LIGHTING PRIVATE LIMITED	Director	15/05/2009	15/05/2009	-	Active	NO
2	U74120MH2010PTC201935	VECTRA PROJECT LIGHTING PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
3	U36101MH2011PTC214676	ASUN LIGHTING INDIA PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
4	U51909MH2010PTC207229	ENDO LIGHTING ACCESSORIES (INDIA) PRIVATE LIMITED	Director	30/09/2011	02/08/2011	20/09/2012	Active	NO
5	U31500MH2008PTC207902	LIGMAN LIGHTING INDIA PRIVATE LIMTED	Director	30/09/2011	02/08/2011	-	Active	NO
6	U51909MH2010PTC209179	ARTEMIDE LIGHTING INDIA PRIVATE LIMITED	Nominee director	21/09/2011	21/09/2011	-	Active	NO
7	U36912MH2011PTC221451	PROLEDS TECHNOLOGIES PRIVATE LIMITED	Additional director	30/09/2011	30/09/2011	-	Active	NO

Name :

Ms. Sonia Prakash Chhabria

Designation :

Director

Address :

51, Kshitij 566 Hill Road, Opposite St Andrew Church Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

25.07.1971

Date of Appointment :

15.11.2007

Din No.:

01769723

Name :

Mr. Murlidhar Manvi

Designation :

Additional Director

Address :

Flat No 6 , G1, Shrine Garden, OPP ITI, Aundh, Pune Maharashtra

India 411007

Date of Birth/Age :

26.07.1965

Din No.:

14.04.2012

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36101MH2011PTC214676	ASUN LIGHTING INDIA PRIVATE LIMITED	Additional director	21/11/2011	21/11/2011	-	Active	NO
2	U36912MH2011PTC221451	PROLEDS TECHNOLOGIES PRIVATE LIMITED	Additional director	21/11/2011	21/11/2011	-	Active	NO
3	U31500MH2007PTC174293	SHIMERA PROJECT LIGHTING PRIVATE LIMITED	Additional director	14/04/2012	14/04/2012	-	Active	NO
4	U51909MH2010PTC207229	ENDO LIGHTING ACCESSORIES (INDIA) PRIVATE LIMITED	Director	20/09/2012	20/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Sonia Prakash Chhabria	8800
Vinod Teckchandani	1000
Lopa Dhruva	100
Indra Dhruva	100
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of directors	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler and trader of Outdoor Lighting Fixtures and Fittings

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Zaveri Bazar Branch, 122, Sheikh Menon Street, Trishla Building, Mumbai - 400002, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Bank of Baroda (against hypothecation of fixed deposit with bank	0.043	8.514
Total	0.043	8.514

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Directors	5.216	5.106
From Others	16.625	17.004
Total	21.841	22.110

Banking Relations :	--
Auditors :
Name :	J. K. Shah and Company Chartered Accountants
Address :	3^rd Floor, Flat No 14, AL-Karim Manzil, 15, Palton Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-2261 5581/2261 0183
Fax No.:	91-22-2261 9937
E-Mail :	info@jkshah.co.in
Pan No.:	AAAFJ1725D
Concern under same management :	· Shimera Project Lighting · Ligman Lighting Private Limited · Rajkamal Lighting Private Limited · Alisha Holding Private Limited · Megacity Construction Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.166	0.000	0.000
4] (Accumulated Losses)		0.000	(0.248)	(0.047)
NETWORTH		3.266	(0.148)	0.053
LOAN FUNDS
1] Secured Loans		0.043	8.514	0.000
2] Unsecured Loans		21.841	22.110	5.596
TOTAL BORROWING		21.884	30.624	5.596
DEFERRED TAX LIABILITIES		0.082	0.000	0.000
TOTAL		25.230	30.476	5.649
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.878	1.036	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.996	8.000	0.000
DEFERREX TAX ASSETS		0.000	0.112	0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.628	14.470	0.000
	Sundry Debtors	22.621	16.799	0.000
	Cash & Bank Balances	5.413	1.603	0.034
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.142	6.215	5.733
Total Current Assets		66.804	39.087	5.767
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.982	12.387	0.097
	Other Current Liabilities	21.115	5.371	0.025
	Provisions	1.451	0.001	0.001
Total Current Liabilities		51.548	17.759	0.123
Net Current Assets		15.256	21.328	5.644
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.230	30.476	5.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	143.159	52.062	2.805
		Other Income	2.437	1.074	0.018
		TOTAL	145.596	53.136	2.823
Less	EXPENSES		139.089	53.337	2.856
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.507	(0.201)	(0.033)
Less/ Add	DEPRECIATION/ AMORTISATION		1.450	0.107	0.000
	PROFIT/ (LOSS) BEFORE TAX		5.057	(0.308)	(0.033)
Less	TAX		1.644	(0.107)	(0.002)
	PROFIT/ (LOSS) AFTER TAX		3.413	(0.201)	(0.035)
	EARNINGS IN FOREIGN CURRENCY		1.006	0.714	0.000
	IMPORTS		42.297	19.280	2.109
	Earnings Per Share (Rs.)		341.40	(20.14)	(3.48)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.34	(0.38)	(1.24)
Net Profit Margin (PBT/Sales)	(%)	3.53	(0.59)	(1.17)
Return on Total Assets (PBT/Total Assets}	(%)	7.36	(0.77)	(0.57)
Return on Investment (ROI) (PBT/Networth)		1.55	(2.08)	0.63
Debt Equity Ratio (Total Liability/Networth)		22.48	(326.91)	107.91
Current Ratio (Current Asset/Current Liability)		1.30	2.20	46.89

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution 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 three years	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	Yes
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
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted from Unit No 5, Ground Floor, Raghuvanshi Mills Compound S.B. Marg, Mahalakshmi, Mumbai – 400013 Maharashtra India to the present address w.e.f 01.01.2008

OPERATIONS:

During the year Company earned a net profit of Rs.3.413 Millions after making provisions of Rs.0.113 Million towards Depreciation, Rs.1.450 Millions towards Income Tax, Rs.0.193 towards Deferred Tax Assets compared to net loss of Rs 0.201 Millions in the previous year. Sales during the year amounted to Rs.143.160 (Local Sales amounted to Rs.143.017 Millions and Export Sales amounted to Rs.0.143 Million compared to Rs.52.062 in the previous year. Other Income amounted to Rs.2.437 Millions

FORM 8

Corporate identity number of the company	U31500MH2007PTC174293
Name of the company	SHIMERA PROJECT LIGHTING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No 5, Ground Floor, Raghuvanshi Mill Compound S. B. Marg, Lower Parel (West), Mumbai -400013, Maharashtra, India Email: accounts@shimera-lightcraft.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Zavri Bazar Branch, 122, Sheikh Menon Street, Trishla Building, Mumbai - 400002, Maharashtra, India Email: zaveri@bankofbaroda.com
Nature of instrument creating charge	Composite hypothecation agreement
Date of instrument Creating the charge	24.03.2012
Amount secured by the charge	Rs.5.000 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 5% over Base Rate Min. 15.75% Term of Payment: Repayable on demand Margin 25% On Stocks 40% On Book Debts Extent and operation of the charge The Charge of the Bank extended to cover Book-Debts as well as other movable assets.
Short particulars of the property charged (Including location of the property)	All of its Stock of Raw material, semi-finished and finished goods both present and future. All the present and future book debts, outstanding moneys, receivable, claims , bills chosen in action, contract, engagement. All the tangible movable machinary and plant and cranes, boats and crafts, vehicles and other movables both present and future and furniture, fixtures and fittings and office equipment either lying loose or installed in borrowers premises or godown.

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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.