MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	COLOR COPI LIMITED (w.e.f. 29.03.2011)
Formerly Known As :	COLOR COPI PRIVATE LIMITED (w.e.f. 12.03.2011) COLOR COPI SERVICES AND SOLUTIONS PRIVATE LIMITED
Registered Office :	Kamala Tower, Plot No. 256 (B), Opposite Tide Company Limited, kanchwadi, Govandi (East), Mumbai – 400 088, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.03.2009
Com. Reg. No.:	11-190977
Capital Investment / Paid-up Capital :	Rs. 117.050 millions
CIN No.: [Company Identification No.]	U72900MH2009PLC190977
PAN No.: [Permanent Account No.]	AADCC6104B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is mainly engaged in the business of trading and leasing of Printers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1469000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has achieved huge growth in its total income earned from operations during 2011. Profitability appears to be good. There appears huge external borrowings. However, trade relations are reported as decent. Business is active. Payment terms are usually correct. 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB + (Cash Credit – Fund Based Limits)
Rating Explanation	Moderate risk of default
Date	July 2012

Rating Agency Name	ICRA
Rating	BB + (Term Loans – Fund Based Limits)
Rating Explanation	Moderate risk of default
Date	July 2012

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 :	Kamla Towers, Plot No. 256 (B), Opposite Tide Water Company Limited, Kanchiwadi, Govandi (East), Mumbai – 400 088, Maharashtra, India
Tel. No.:	91-22-25504501-02
Fax No.:	91-22-25504504-05
E-Mail :	colorcopi@gmail.com info@colorcopi.com
Website :	www.colorcopi.com
Corporate Office :	408, Kalyandas Udyog Bhavan, Worli, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24383642-43

DIRECTORS

As on 30.09.2011

Name :

Mr. Bhadradatta Indradatta Gupta

Designation :

Additional Director

Address :

D – 4, Amogh CHS, Vittal Narayan (East), Marg (N), Ghatla gaon, Kelkar Wadi Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

18.06.1935

Date of Appointment :

31.12.2011

DIN No.:

02865153

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	U65999MH2010PLC200458	KFIC INVESTMENT MANAGEMENT LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
2	U30000MH2010PTC211697	COLOR EQUIPMENTS AND ACCESSORIES PRIVATE LIMITED	Director	31/12/2010	31/12/2010	-	Active	NO
3	U72900MH2009PLC190977	COLOR COPI LIMITED	Additional director	19/03/2011	19/03/2011	-	Active	NO
4	U65900MH2011PTC223015	KUBER INFIN PRIVATE LIMITED	Director	14/10/2011	14/10/2011	-	Active	NO

Name :

Mr. Sanjiv Bhadra Gupta

Designation :

Director

Address :

Gupta House, D / 4, Amogh Society, Near Amar Talkies, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

07.02.1964

Date of Appointment :

17.03.2009

DIN No.:

02530295

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	U72100MH1999PTC121132	COLOR COPI (INDIA) PRIVATE LIMITED	Director	04/08/1999	04/08/1999	-	Dormant	NO
2	U72900MH2009PLC190977	COLOR COPI LIMITED	Director	17/03/2009	17/03/2009	-	Active	NO
3	U65999MH2010PLC200458	KFIC INVESTMENT MANAGEMENT LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
4	U70109MH2010PTC203613	PRASAN REALTORS PRIVATE LIMITED	Director	02/06/2010	02/06/2010	-	Active	NO
5	U70100MH2010PTC205005	SHREE SAIBABA INFRA AND MARKETING PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
6	U18109MH2010PTC208941	S.K. LINEN SALES PRIVATE LIMITED	Director	13/10/2010	13/10/2010	-	Active	NO
7	U30000MH2010PTC211697	COLOR EQUIPMENTS AND ACCESSORIES PRIVATE LIMITED	Director	31/12/2010	31/12/2010	-	Active	NO
8	U65900MH2011PTC223015	KUBER INFIN PRIVATE LIMITED	Director	14/10/2011	14/10/2011	-	Active	NO
9	U93000MH2012NPL233247	MANAGED PRINT SERVICES ASSOCIATION OF INDIA	Director	11/07/2012	11/07/2012	-	Active	NO

Name :

Ms. Isha Pravinkumar Mittal

Designation :

Additional Director

Address :

402 / 45, FAM CHS, Sector – 11, Kopar Khairane, Navi Mumbai – 400 709, Maharashtra, India

Date of Birth/Age :

22.05.1990

Date of Appointment :

01.07.2011

DIN No.:

03569011

Name :

Mr. Arpit Pravinkumar Mittal

Designation :

Additional Director

Address :

402 / 45, FAM CHS, Sector – 11, Kopar Khairane, Navi Mumbai – 400 709, Maharashtra, India

Date of Birth/Age :

28.09.1988

Date of Appointment :

01.07.2011

DIN No.:

03569022

Name :

Mr. Pravin Bholar Achar

Designation :

Additional Director

Address :

29 – B/11, Indian Air Lines Colony, Santacruz (East), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

03.06.1971

Date of Appointment :

01.07.2011

DIN No.:

03569034

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	U72900MH2009PLC190977	COLOR COPI LIMITED	Additional director	01/07/2011	01/07/2011	-	Active	NO
2	U51101MH2012PTC230673	VIDHI BUSINESS SOLUTIONS PRIVATE LIMITED	Director	07/05/2012	07/05/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Kamla Gupta	4845000
Sanjiv Gupta	6854000
Rajiv Gupta	1000
Amita Gupta	1000
Parul Gupta	1000
Sangeeta Uchil	1000
Deepak Uchil	1000
Bhandra Datta Gupta	1000
TOTAL	11705000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is mainly engaged in the business of trading and leasing of Printers.

Products :

ITC Code	Product Descriptions
--	Computer and Printer

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans secured Loans taken for vehicles secured Loans taken for other fixed assets secured	127.180 2.347 681.287	54.801 1.520 267.709
Total	810.814	324.030
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured Rupee term loans others unsecured	0.180 19.315	2.309 27.098
Total	19.495	29.407

Banking Relations :	--
Financial Institution :	Electronica Finance Limited, 128/A, Plot No. 3 , Kailashchandra Apartments, Paud Road, Kothrud, Pune – 411 038, Maharashtra, India
Auditors :
Name :	NGS and Company Chartered Accountants
Address :	B/46, 3^rd Floor, Pravasi Industrial Estate, Vishweshwar Nagar Road, Goregaon (East), Mumbai – 490 063, Maharashtra, India
PAN No.:	AKQPS8323J
Related Parties :	· Color Laser Solution India · Color Equipments and Accessories Private Limited · Shree Saibaba Infra Mktg. Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
11705000	Equity Shares	Rs. 10/- each	Rs. 117.050 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		117.050	5.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		250.389	148.412
4] (Accumulated Losses)		0.000	0.000
NETWORTH		367.439	153.412
LOAN FUNDS
1] Secured Loans		810.814	324.030
2] Unsecured Loans		19.495	29.407
TOTAL BORROWING		830.309	353.437
DEFERRED TAX LIABILITIES		71.909	38.622
TOTAL		1269.657	545.471
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		842.072	353.398
Capital work-in-progress		0.000	0.000
INVESTMENT		20.336	5.778
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.739	32.547
	Sundry Debtors	172.763	142.408
	Cash & Bank Balances	1.273	39.785
	Other Current Assets	0.000	0.000
	Loans & Advances	151.854	23.378
Total Current Assets		466.629	238.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.350	38.160
	Other Current Liabilities	5.257	1.438
	Provisions	40.773	12.225
Total Current Liabilities		59.380	51.823
Net Current Assets		407.249	186.295
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1269.657	545.471

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	920.105	395.835
		Other Income	4.379	1.278
		TOTAL (A)	924.484	397.113
Less	EXPENSES
		Consumption materials changes inventories	483.045	215.363
		Manufacturing service costs	60.537	19.958
		Employee related expenses	11.951	8.233
		Administrative selling other expenses	29.292	9.690
		TOTAL (B)	584.825	253.244
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		339.659	143.869
Less	FINANCIAL EXPENSES (D)		90.877	36.038
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		248.782	107.831
Less/ Add	DEPRECIATION/ AMORTISATION (F)		105.218	34.174
	PROFIT BEFORE TAX (E-F) (G)		143.564	73.657
Less	TAX (I)		61.836	50.846
	PROFIT AFTER TAX (G-I) (J)		81.728	22.811
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.811	0.000
	BALANCE CARRIED TO THE B/S		104.539	22.811
	Earnings Per Share (Rs.)		8.28	75.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	8.84	5.74
Net Profit Margin (PBT/Sales)	(%)	15.60	18.60
Return on Total Assets (PBT/Total Assets}	(%)	10.96	12.45
Return on Investment (ROI) (PBT/Networth)		0.39	0.48
Debt Equity Ratio (Total Liability/Networth)		2.42	2.64
Current Ratio (Current Asset/Current Liability)		1.14	4.59

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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	No
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	Yes

NOTE:

Registered office of the company has been shifted from 408, Kalyan Das Udyog Bhavan, Near Century Bazar, Probhadevi, Worli, Mumbai – 400 025, Maharashtra, India to the present office address w.e.f. 01.06.2011

REVIEW OF OPERATION

During the year, company achieved a total income of Rs.924.484 millions. The company’s net profit before tax stood at Rs.143.564 millions. This being the second year of business, the Directors expressed satisfaction over the performance. The Directors are hopeful to improve the activities and business of the company in the next year.

Company has increased its authorized capital to 200.000 millions to expand its business. During the year company has issued 90,00,000 bonus shares and issued 112,05000 equity share at a premium.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72900MH2009PLC190977
Name of the company	COLOR COPI LIMITED
Address of the registered office or of the principal place of business in India of the company	Kamala Tower, Plot No. 256(B), Opposite Tide Water Company Limited, Kanchwadi, Govandi (East), Mumbai – 400088, Maharashtra, India e-mail: colorcopi@gmail.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Electronica Finance Limited, 128/A, Plot No. 3 , Kailashchandra Apartments, Paud Road, Kothrud, Pune – 411 038, Maharashtra, India e-mail: finance@electronicafinance.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation dated 27^th September, 2012.
Date of instrument Creating the charge	27.09.2012
Amount secured by the charge	Rs. 20.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.5% per annum Terms of Repayment 48 Monthly Installments Margin N. A. Extent and Operation of the charge First Charge
Short particulars of the property charged	Printer Km 1200-6 Nos, printer km 751 - 5 nos, Printer km 360 - 11 Nos lying at Kamala tower, plot no 256/B, Nrshivam Industrial Estate, Govandi, Mumbai - 400088.

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.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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		43

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.