MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	SPECTRALAB INSTRUMENTS PRIVATE LIMITED (w.e.f. 31.10.2007)
Formerly Known As :	ENTECH LABS PRIVATE LIMITED
Registered Office :	Plot No. W-446, Tetavali Village, TTC Industrial Area, Rabale MIDC, Navi Mumbai-400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.1988
Com. Reg. No.:	11-046920
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U99999MH1988PTC046920
IEC No.:	0308019865
PAN No.: [Permanent Account No.]	AAACE9965H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Analytical Instruments.
No. of Employees :	50 [Approximately]

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 20000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Sanjay Desai
Designation :	Accounts Manager
Contact No.:	91-9820523041
Date :	16.11.2012

LOCATIONS

Registered Office :	Plot No. W-446, Tetavali Village, TTC Industrial Area, Rabale MIDC, Navi Mumbai-400701, Maharashtra, India
Tel. No.:	91-22-27644030/34
Mobile No.:	91-9820523041 [Mr. Sanjay Desai]
Fax No.:	91-22-27644035
E-Mail :	vishwas@spectralabinst.com sales@spectralbinst.com
Website :	http://www.spectralabinst.com
Area :	2000 sq. ft
Location :	Owned
Factory :	8, 9, 10, 4A, 5A Sachin Industrial Estate, Kolbad Road, Thane, Maharashtra, India
Area :	3000 sq. ft
Location :	Owned
Branch Office 1 :	7, Raj Roshan, Pipe Line Road, Louis Wadi, Thane (West), Thane-400604, Maharashtra, India
Tel. No.:	91-22-25800191/25813635/25822772
Fax No.:	91-22-25821033
Branch Office :	Also Located At: · Delhi · Dehradun

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vishwas Udhaorao Kulkarni
Designation :	Director
Address :	301, Hira Mahal, Near Vandana Talkies, Thane (West), Thane-400602, Maharashtra, India
Date of Birth/Age :	05.07.1946
Qualification :	B.E
Date of Appointment :	07.04.1988
DIN No.:	01361089
Name :	Mrs. Vrinda Vishwas Kulkarni
Designation :	Director
Address :	301, Hira Mahal, Near Vandana Talkies, Thane (West), Thane-400602, Maharashtra, India
Date of Birth/Age :	03.11.1953
Qualification :	B.Com
Date of Appointment :	07.04.1988
DIN No.:	01381174

KEY EXECUTIVES

Name :	Mr. Sanjay Desai
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vishwas Udhaorao Kulkarni	470
Vrinda Vishwas Kulkarni	400
Gopinath Kolhapure	130
TOTAL	1000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Analytical Instruments.
Exports :
Products :	Analytical Instruments
Countries :	· Nepal · US
Imports :
Products :	Raw Materials
Countries :	· USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

50 [Approximately]

Bankers :

The Saraswat Co-operative Bank Limited, K-8, Ansa Industrial Estate, Ground Floor, Sakinaka, Mumbai-400072, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank of Maharashtra CC [Secured against stock and debtors]	1.970	3.373
Bank of Maharashtra TL [Secured against premises]	11.401	0.000
TOTAL	13.371	3.373
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors
Vishwas Udhaorao Kulkarni	2.554	0.532
Vrinda Vishwas Kulkarni	0.330	0.322
TOTAL	2.884	0.854

Banking Relations :	--
Auditors :
Name :	Bhise and Associates Chartered Accountants
Address :	C-156, Amar Gian, Opposite S. T. Workshop, Thane-400601, Maharashtra, India
Tel. No.:	91-22-25470418
Fax No.:	91-22-25477276
PAN No:	AARPB0648Q

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- 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		5.148	2.882	1.258
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.248	2.982	1.358
LOAN FUNDS
1] Secured Loans		13.371	3.373	4.267
2] Unsecured Loans		2.884	0.854	0.000
TOTAL BORROWING		16.255	4.227	4.267
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.503	7.209	5.625
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.258	0.144	0.111
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.627	0.415	0.384
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.464	4.398	4.450
	Sundry Debtors	6.461	6.347	6.402
	Cash & Bank Balances	0.199	0.660	0.471
	Other Current Assets	0.164	0.178	0.000
	Loans & Advances	16.686	1.243	0.534
Total Current Assets		27.974	12.826	11.857
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.828	3.432	5.031
	Other Current Liabilities	0.259	0.375	0.000
	Provisions	3.269	2.369	1.696
Total Current Liabilities		7.356	6.176	6.727
Net Current Assets		20.618	6.650	5.130
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.503	7.209	5.625

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38.665	30.104	29.374
		Other Income	0.096	0.036	0.006
		TOTAL	38.761	30.140	29.380
Less	EXPENSES
		Cost of Goods Sold	10.562	8.136	7.923
		Wages and Salaries	8.723	7.135	7.422
		Labour Charges	2.297	1.559	0.592
		Tours and Travels	2.365	1.861	1.554
		Directors Remuneration	2.166	1.808	1.799
		Printing and Stationery	0.934	1.024	0.967
		Advertising Expenses	0.228	0.203	0.042
		Other Expenses	8.054	6.034	7.224
		TOTAL	35.329	27.760	27.523
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.432	2.380	1.857
Less/ Add	DEPRECIATION/ AMORTISATION		0.049	0.017	0.012
	PROFIT / (LOSS) BEFORE TAX		3.383	2.363	1.845
Less	TAX		1.117	0.740	0.580
	PROFIT / (LOSS) AFTER TAX		2.266	1.623	1.256
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.881	1.258	(0.007)
	BALANCE CARRIED TO THE B/S		5.147	2.881	1.258
	Earnings / (Loss) Per Share (Rs.)		2266.00	1623.00	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.85	5.38	4.27
Net Profit Margin (PBT/Sales)	(%)	8.75	7.85	6.28
Return on Total Assets (PBT/Total Assets}	(%)	28.27	18.22	15.42
Return on Investment (ROI) (PBT/Networth)		0.64	0.79	1.35
Debt Equity Ratio (Total Liability/Networth)		4.50	3.49	8.10
Current Ratio (Current Asset/Current Liability)		3.80	2.07	1.76

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from F-1, Om Anand Society, Louis Wadilouis Wadi, Thane-400604, Maharashtra, India to the present address.

PERFORMANCE:

The performance of the Company was satisfactory during the year. The total income for the current year was Rs.38.665 Millions as compared to the total income of Rs.30.104 Millions in the last year. The management tightened the expenditure which resulted into a increased profit of Rs. 3.383 Millions against the last year’s profit of Rs.2.363 Millions in the last the year. The Directors are hopeful that the current year will show still better performance.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U99999MH1988PTC046920
Name of the company	SPECTRALAB INSTRUMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. W-446, Tetavali Village, TTC Industrial Area, Rabale MIDC, Navi Mumbai-400701, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	The Saraswat Co-operative Bank Limited, K-8, Ansa Industrial Estate, Ground Floor, Sakinaka, Mumbai-400072, Maharashtra, India
Email	av_prabhu@saraswatbank.com
Nature of description of the instrument creating or modifying the charge	Equitable Mortgage by deposit of title deeds.
Date of instrument Creating the charge	18.06.2012
Amount secured by the charge	Rs.0.600 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @15.00%p.a Terms of Repayment on demand Extent and Operation of the charge The charge will operate to Rs.0.600 Million on the security offered by the company.
Short particulars of the property charged	The Borrower hereby create Equitable mortgage of all that part and parcel of Land and Building constructed on Plot no. W-446, in the trans thane creek Industrial area within the village limits of Tetavali, Taluka and registration sub-district Thane. District and Registration district thane containing by Admeasurment 420 sq. m or therebouts.

FIXED ASSETS:

· Equipments

· Office Premises

· Electrical Fittings

· Furniture and Fittings

· Typewriting Machines

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 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 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	PJA
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	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.