MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	SATHE LIGHTING PRIVATE LIMITED (w.e.f. 26.05.2004)
Formerly Known As :	SURYA KIRAN LIGHTING PRIVATE LIMITED
Registered Office :	306, Dwarkashish – 158, Vikas Marg, Shakarpur, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.03.1998
Com. Reg. No.:	55-93004
Capital Investment / Paid-up Capital :	Rs.9.313 Millions
CIN No.: [Company Identification No.]	U31909DL1998PTC093004
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of comprehensive range of products such as CFL Capsule, CFL Burner, CFL Sprial, CFL Glass Shell, CFL Tubes, Energy Saving Lamp etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 81000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealing 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. Himanshu Garg
Designation :	Director
Contact No.:	91-9810048056
Date :	08.10.2012

LOCATIONS

Registered Office :	306, Dwarkashish – 158, Vikas Marg, Shakarpur, Delhi – 110092, India
Tel. No.:	Not Available
Mobile No.:	91-9810048056 (Mr. Himanshu Garg) 91-9810123393 (Mr. Yash Gupta)
Fax No.:	Not Available
E-Mail :	pramodmanojca@yahoo.co.in sklgzb@hotmail.com info@sathegroup.com sathe@del3.vsnl.net.in sklgzb@vsnl.net sathelighting@gmail.com
Area :	1000 sq. ft.
Location :	Owned
Factory :	D-29, Kavi Nagar Industrial Area, Ghaziabad – 201001, Uttar Pradesh, India
Tel. No.:	91-120-2705410
Fax No.:	91-120-2705411
Area :	30,000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Yash Nidhi Gupta
Designation :	Director
Address :	R- 11/4, Raj Nagar, Ghaziabad – 201001, Uttar Pradesh, India
Date of Birth/Age :	27.07.1967
Date of Appointment :	30.03.1998
DIN No.:	00105819

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	U31909DL1998PTC093004	Sathe Lighting Private Limited	Director	30-03-98	30-03-98	Active	NO
2	U31501DL1999PTC099075	Sathe Lamp Components Private Limited	Director	31-03-99	31-03-99	Active	NO
3	U29214UP1984PTC006860	Sathe Engineering Company Private Limited	Director	20-06-07	20-06-07	Active	NO
4	U31500DL2008PTC183904	Laxman Lumeir India Private Limited	Director	01-10-08	01-10-08	Active	NO
5	U51505DL2008PTC183911	Laxman Lumeir Lighting Private Limited	Director	03-10-08	03-10-08	Active	NO

Name :	Mr. Himanshu Garg
Designation :	Director
Address :	II –A – 182, Nehru Nagar, Ghaziabad – 201001, Uttar Pradesh, India
Date of Birth/Age :	26.05.1979
Date of Appointment :	01.05.2001
DIN No.:	01060627

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	U31909DL1998PTC093004	Sathe Lighting Private Limited	Director	01-05-01	01-05-01	Active	NO
2	U31500DL2008PTC183904	Laxman Lumeir India Private Limited	Director	01-10-08	01-10-08	Active	NO
3	U51505DL2008PTC183911	Laxman Lumeir Lighting Private Limited	Director	03-10-08	03-10-08	Active	NO

Name :	Mrs. Ruchi N. Mohan
Designation :	Director
Address :	II –A – 182, Nehru Nagar, Ghaziabad – 201001, Uttar Pradesh, India
Date of Appointment :	30.11.2006
DIN No.:	00086365

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	U31501DL1999PTC099075	Sathe Lamp Components Private Limited	Director	01-04-99	01-04-99	Active	NO
2	U29214UP1984PTC006860	Sathe Engineering Company Private Limited	Director	29-09-06	29-09-06	Active	NO
3	U31909DL1998PTC093004	Sathe Lighting Private Limited	Director	30-11-06	30-11-06	Active	NO
4	U31906DL2008PTC185644	Atlas Electricals Private Limited	Director	10-12-08	10-12-08	Active	NO

Name :	Mr. Ravi Mohan
Designation :	Director
Address :	II –A – 182, Nehru Nagar, Ghaziabad – 201001, Uttar Pradesh, India
Date of Birth/Age :	20.01.1957
Date of Appointment :	01.08.2000
DIN No.:	00090272

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	U74899DL1953PTC002302	Swatantra Bharat Paper Mills Private Limited	Director	11-03-94	11-03-94	Active	NO
2	U14219DL1991PTC046280	Rakesh Fuel Private Limited	Director	15-08-94	15-08-94	Active	NO
3	U31501DL1999PTC099075	Sathe Lamp Components Private Limited	Director	01-04-00	01-04-00	Active	NO
4	U31909DL1998PTC093004	Sathe Lighting Private Limited	Director	01-08-00	01-08-00	Active	NO
5	U31909DL2000PTC104307	Sharun Wires Private Limited	Director	12-12-09	12-12-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Yash N. Gupta	111230
Ravi Mohan	260000
Ruchi N. Mohan	110010
Himanshu Garg	70010
Rakesh Mohan	60000
Sangeeta Gupta	70000
Surabhi Gupta	50000
Kanta Goel	10
Harvilas Gupta	20000
Pramod Jain - HUF	10
Sunita Aggarwal	180000
Total	931270

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of comprehensive range of products such as CFL Capsule, CFL Burner, CFL Sprial, CFL Glass Shell, CFL Tubes, Energy Saving Lamp etc.
Products :	· CFL Capsule · CFL Burner · CFL Spiral · CFL Glass Shell · CFL Tubes · Energy Saving Lamp · Fluorescent Lamp · Compact Lamp · T4 Lamp · T3 Lamp · GLS Lamp.
Imports :
Products :	Raw Materials
Countries :	· China · Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Tiger Lab

Customers :

Wholesalers and Retailers

· H Q Labs

No. of Employees :

50 (Approximately)

Bankers :

· Oriental Bank of Commerce

Razapur Branch, Shashtri Nagar, Ghaziabad – 201002, Uttar Pradesh, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loans :	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan from oriental Bank of Commerce (Against Hypothecation of Entire Fixed Assets of the company)	7.833	3.533
Cash Credit Limit from Oriental Bank of Commerce (Against Hypothecation of Stocks and Book Debts and Net Block of Assets.)	5.695	6.546
Oriental Bank of Commerce(Against Car)	0.359	0.127
ICICI Bank (Against Car)	0.000	0.191
HDFC Bank (Against Car)	0.546	1.025
Total	14.433	11.422
Unsecured Loans :	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Unsecured Loan	2.631	1.935
Total	2.631	1.935

Banking Relations :	--
Auditors :
Name :	Pramod Manoj and Company Chartered Accountants
Address :	2^nd Floor, 37, Navyug Market, Ghaziabad – 2012001, Uttar Pradesh, India
PAN No.:	AAOPB2029E
Memberships :	· BIS · ISO 9001
Associates/Subsidiaries :	· Sathe Engineering 306, Dwarkashish – 158, Vikas Marg, Shakarpur, Delhi – 110092, India Activity: Manufacturer of comprehensive range of products such as CFL Capsule · Sathe Synthetics 306, Dwarkashish – 158, Vikas Marg, Shakarpur, Delhi – 110092, India Activity: Manufacturer of comprehensive range of products such as CFL Capsule

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- Each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
931270	Equity Shares	Rs.10/- Each	Rs.9.313 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		9.313	9.313	9.313
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.855	9.493	9.095
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.168	18.806	18.408
LOAN FUNDS
1] Secured Loans		14.433	11.422	7.326
2] Unsecured Loans		2.631	1.935	1.479
TOTAL BORROWING		17.064	13.357	8.805
DEFERRED TAX LIABILITIES		0.891	0.414	0.295
TOTAL		38.123	32.577	27.508
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.023	21.671	15.758
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	9.882	12.754	4.766
	Sundry Debtors	7.158	10.405	9.109
	Cash & Bank Balances	0.093	0.689	0.696
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.608	2.902	1.694
Total Current Assets		21.741	26.750	16.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.835	14.737	3.651
	Other Current Liabilities	1.806	1.107	0.864
	Provisions	0.000	0.000	0.000
Total Current Liabilities		11.641	15.844	4.515
Net Current Assets		10.100	10.906	11.750
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		38.123	32.577	27.508

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and other Income	77.764	51.428	27.256
		TOTAL (A)	77.764	51.428	27.256
Less	EXPENSES
		TOTAL (B)	70.345	46.744	23.627
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.419	4.684	3.619
Less	FINANCIAL EXPENSES (D)		1.113	0.904	0.883
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.306	3.780	2.736
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.049	3.036	2.519
	PROFIT BEFORE TAX (E-F) (G)		2.257	0.744	0.217
Less	TAX (H)		0.895	0.347	0.034
	PROFIT AFTER TAX (G-H) (I)		1.362	0.397	0.183
	Earnings Per Share (Rs.)		1.46	0.43	0.20

Particulars	31.03.2012
Sales Turnover (Approximately)	90.000

Expected Sales (2012-13): Rs.100.000 Millions

The above information has been parted by Mr. Hemanshu Garg.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.75	0.77	0.67
Return on Total Assets (PBT/Total Assets}	(%)	4.54	1.54	0.68
Return on Investment (ROI) (PBT/Networth)		0.11	0.04	0.01
Debt Equity Ratio (Total Liability/Networth)		1.42	1.55	0.72
Current Ratio (Current Asset/Current Liability)		1.87	1.69	3.60

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCE:

· Tiger Lab

· H Q Lab

CONTINGENT LIABILITY:

Bank Guarantee is for Rs.0.064 Million

FORM 8:

Corporate identity number of the company	U31909DL1998PTC093004
Name of the company	SATHE LIGHTING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306 Dwarkashish -158 Vikas Marg, Shakarpur, Delhi – 110092, India E-Mail : pramodmanojca@yahoo.co.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others (Hypothecation of entire Fixed Assets of Company)
Particular of charge holder	Oriental Bank Commerce, Razapur Branch, Shashtri Nagar, Ghaziabad – 201002, Uttar Pradesh, India E-Mail : sahnibansalca@yahoo.co.in
Nature of instrument creating charge	Agreement of Term Loan
Date of instrument Creating the charge	01.12.2009
Amount secured by the charge	Rs.3.500 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest INTT.@ PLR-1% p.a.[present PLR of bank-12% p.a.],charged on monthly rests and subject to change in PLR/spread announced by bank. Penal interest @ 2% over and above normal rate on overdrawn portion Terms of repayment Repayable in 20 quarterly installments of rs.0.175 Million each, commencing from June 2010. Interest to be serviced as and when due Margin 25% Extent and operation of the charge Term Loan : Rs.3.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Collaterally secured by hypothecation of entire existing and future fixed assets of the company Hypothecation of new exhaust machine connecting machine etc. costing Rs.4.800 Millions

FIXED ASSETS:

· Motor Vehicles

· Computer

· Furniture and Fixtures

· Generator

· Plant and Machinery

· Office Equipment

· Mobile Phone

· Electricity Equipment

· Fire Extinguisher

· Capital Work in Progress

· Air Conditioner

· UPS

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 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.52.21
UK Pound	1	Rs.84.00
Euro	1	Rs.67.67

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.