MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Name :	SHARMASONS SAKOVA INSTRUMENTS PRIVATE LIMITED
Registered Office :	KK-61, Kavi Nagar, Industrial Area, Ghaziabad – 201 002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.05.1972
Com. Reg. No.:	20-003543
Capital Investment / Paid-up Capital :	Rs. 0.381 Million
CIN No.: [Company Identification No.]	u65910up1972ptc003543
TAN No.: [Tax Deduction & Collection Account No.]	mrts01376E
PAN No.: [Permanent Account No.]	AADCS2396H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Insulation Testing Equipments, Earth Tester Equipments, etc
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1900
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company having moderate track record. It’s scale of activities are limited. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

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. Satish Sharma
Designation :	Director
Contact No.:	91-9312247170
Date :	04.03.2013

LOCATIONS

Registered Office :	KK-61, Kavi Nagar, Industrial Area, Ghaziabad – 201 002, Uttar Pradesh, India
Tel. No.:	91-120-2700090
Mobile No.:	91-9312247170 (Mr. Satish Sharma)
Fax No.:	91-120-2702041
E-Mail :	sakovas@yahoo.com
Website :	http://www.sakovainstruments.com
Location :	Owned
Factory :	Plot No. E-175, Sector 17, Kavi Industrial Area, Ghaziabad – 201 002, Uttar Pradesh, India
Tel. No.:	91-120–2700090
Fax No.:	91-120-2702041
Branch Office :	104/5, 1st Floor, Gopala Reddy Building, Thavarakere Main Road, Thavarakere, Bangalore – 560029, Karnataka, India
E-Mail :	kshitijsakova@airtelbroadband.in

DIRECTORS

As on 29.09.2012

Name :	Mr. Satish Sharma
Designation :	Director
Address :	KK-61, Kavi Nagar, Industrial Area, Ghaziabad – 201 002, Uttar Pradesh, India
Date of Birth/Age :	15.04.1941
Qualification :	Graduate
Date of Appointment :	11.05.1972
DIN No.:	00365699
Name :	Mrs. Vineeta Shamrao
Designation :	Director
Address :	KK-61, Kavi Nagar, Industrial Area, Ghaziabad – 201 002, Uttar Pradesh, India
Date of Birth/Age :	15.04.1945
Date of Appointment :	16.01.1989
DIN No.:	00365657
Name :	Mr. manish Sharma
Designation :	Director
Address :	KK-61, Kavi Nagar, Industrial Area, Ghaziabad – 201 002, Uttar Pradesh, India
Date of Birth/Age :	22.07.1967
Date of Appointment :	30.11.1985
DIN No.:	00365739

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Satish Sharma	1910
Vineeta Sharma	910
Ashish Sharma	10
Manish Sharma	960
Anish Sharma	10
Neeru Sharma	10
Total	3810

As on 29.09.2012

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 :

Manufacturer and Exporter of Insulation Testing Equipments, Earth Tester Equipments, etc

Products :

Item Code No. (ITC Code)	Product Description
90.30	Electrical Testing Equipments

Exports :

Products :

Insulation Testing Equipments, Earth Tester Equipments

Countries :

• Saudi Arabia
• Middle East

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Installed Capacity	Pcs.	4000
Actual Production
Oil Test Set	In Nos.	28
Earth Tester	In Nos.	6
Insulation Tester	In Nos.	27
HV Breakdown Tester	In Nos.	11
Relay Test Set	In Nos.	15
Contact Resistance Test Set	In Nos.	5
C.B. Timer	In Nos.	2
Primary Injection Test Kit	In Nos.	3
Test Bench	In Nos.	11
Others	In Nos.	23

GENERAL INFORMATION

Customers :

End Users

• North Delhi Power Limited
• BSES Limited
• BSES Yamuna Power Limited
• BSES Rajdhani Power Limited
• KPTCL
• PSEB
• RSEB
• APSEB
• UPSEB
• TNEB
• Railway Electrification
• Northern Railway
• GAIL
• Indian Oil Corp. Limited
• Airport Authority Of India
• Power Grid Corp. Of India Limited
• Bharat electronics Limited
• NTPC
• Bharat Heavy Electricals Limited
• National Hydroelectric Power Corporation Limited
• Honda Siel Cars India Limited
• Siemens
• UB Engineering Limited
• National Fertilizers Limited
• Crompton Greaves Limited
• Cummins
• Kirloskar Electric Company Limited
• L and T
• Samtel Color Limited
• Asea Brown Boveri Limited
• NDMC

No. of Employees :

15 (Approximately)

Bankers :

• State Bank of India, Rasmeccc Industrial Estate, Bulandshahar Road, Ghaziabad-201001, Uttar Pradesh, India
• Canara Bank, Maliwara Chowk, Ghaziabaad, Uttar Pradesh, India

Facilities :

Cash Credit Rs.0.450 Million and BG Rs.0.100 Million (From Canara Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
From State Bank of India (Overdraft*)	0.489	0.000
Total	0.489	0.000
* against hypothecation of stocks and personal guarantee of Directors of the company

Banking Relations :	--
Auditors :
Name :	P jain and company Chartered Accountants
Address :	6, Navyug Market, Ghaziabad – 201 001, Uttar Pradesh, India
PAN.:	AABFP6159J

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3810	Equity Shares	Rs.100/- each	Rs. 0.381 Million

Rights, Preferences and restrictions attacheed to the Equity Shares The equity shares of the company, having par value of Rs. 100/- per share, rank pari passu in all respects including voting rights and entitlemen to dividend.

The detail of Shareholders holding more than 5% shares:

Name of Shareholder	No. of Shares	% Held
Satish Sharma	1910	50.13
Vineeta Sharma	500	13.12
Manish Sharma	960	25.20
Satish Sharma (HUF)	410	10.76

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.381	0.381	0.381
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.114	0.117	0.098
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.495	0.498	0.479
LOAN FUNDS
1] Secured Loans		0.489	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.489	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.984	0.498	0.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.078	0.078	0.068
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.080	0.070	0.077
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.683	0.677	0.705
	Sundry Debtors	0.613	0.733	0.487
	Cash & Bank Balances	0.407	0.166	0.097
	Other Current Assets	0.004	0.000	0.000
	Loans & Advances	0.022	0.055	0.048
Total Current Assets		1.729	1.631	1.337
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.149	0.877	0.727
	Other Current Liabilities	0.492	0.195	0.034
	Provisions	0.265	0.212	0.245
Total Current Liabilities		0.906	1.284	1.006
Net Current Assets		0.823	0.347	0.331
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.984	0.498	0.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4.280	4.505	3.526
		Other Income	NA	0.017	0.037
		TOTAL	NA	4.522	3.563
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	3.543
		Advertising Expenses
		TOTAL	NA	4.476	3.543
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.033	0.046	0.020
Less/ Add	DEPRECIATION/ AMORTISATION		0.030	0.014	0.014
	PROFIT / (LOSS) BEFORE TAX		0.003	0.032	0.006
Less	TAX		0.005	0.013	0.004
	PROFIT / (LOSS) AFTER TAX		(0.002)	0.019	0.002
Less	Income Tax for Earlier Year		0.000	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.046	0.027	0.025
	BALANCE CARRIED TO THE B/S		0.044	0.046	0.027
	Earnings / (Loss) Per Share (Rs.)		(0.05)	5.00	1.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.42	0.06
Net Profit Margin (PBT/Sales)	(%)	0.07	0.71	0.17
Return on Total Assets (PBT/Total Assets}	(%)	0.00	1.80	0.40
Return on Investment (ROI) (PBT/Networth)		0.01	0.06	0.01
Debt Equity Ratio (Total Debt /Networth)		0.99	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.64	1.27	1.33

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	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	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

SALES AND OTHER CHARGES

In the year under consideration their sales are Rs. 4.280 Millions as compared to Rs. 4.505 Millions of previous year. The income from calibration charges is Rs. 0.137 million as compared Rs. 0.015 Million in previous year.

FIXED ASSETS

· Leasehold Land

· Building

· Plant and Machinery

· Office Equipments

· Computer

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.54.65
UK Pound	1	Rs.82.41
Euro	1	Rs.70.08

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.