MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	CRYSTAL PERIPHERALS AND SYSTEMS PRIVATE LIMITED
Registered Office :	S. No.66/5/22, Crystal House, Katraj Kondhwa Road, Kondhwa (Bk.), Pune – 411 048, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.03.1994
Com. Reg. No.:	25-077295
Capital Investment / Paid-up Capital :	Rs.2.156 Millions
CIN No.: [Company Identification No.]	U30006MH1994PTC077295
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Display Systems, Panel Meters, Testers, Indicators, etc.
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. The external borrowing seems to be huge. Liquidity position is weak. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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. Vikas Kantilal Gandhi
Designation :	Director
Contact No.:	91-9822172970
Date :	11.03.2013

LOCATIONS

Registered Office :	S. No.66/5/22, Crystal House, Katraj Kondhwa Road, Kondhwa (Bk.), Pune – 411 048, Maharashtra, India
Tel. No.:	91-22-26932814/ 15
Mobile No.:	91-9822172970 (Mr. Vikas Gandhi)
Fax No.:	Not Available
E-Mail :	vgandhi@crystalperipherals.in
Area :	12000 sq ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Pankaj Hasmukhrai Shah
Designation :	Managing Director
Address :	105, Shamsunder Co-Operative Society, 9-10/434, Salisbury Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	26.03.1956
Date of Appointment :	24.03.1994
DIN No.:	00079999
Name :	Mrs. Jaybala Pankaj Shah
Designation :	Director
Address :	105, Shamsunder Co-Operative Society, 9-10/434, Salisbury Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	15.03.1958
Date of Appointment :	24.03.1994
DIN No.:	00199673
Name :	Mr. Vikas Kantilal Gandhi
Designation :	Director
Address :	201, Malhar Building, Parvati Darshan, Sinhgad Road, Pune – 411 030, Maharashtra, India
Date of Birth/Age :	24.01.1961
Date of Appointment :	27.10.1994
DIN No.:	00203091

KEY EXECUTIVES

Name :	Adwait Walunjkar and Associates
Designation :	Company Secretaries
Address :	V-002, Wonder Futura, Nr. Chandani Chowk, Mumbai-Bangalore Highway, Kothrud, Pune: 411038, Maharashtra, India
Mobile No.:	91-9850982559/ 8600613598
E-Mail:	adwait@adwaitwalunjkar.com
Website:	www.adwaitwalunjkar.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Pankaj Shah	130700
Jaybala Shah	25600
Dalsukh Shah	200
Hasmukhray Shah	10200
Chetan Shah	200
Shantilal Turakhia	200
Vikas Gandhi	200
Ashok Kshirsagar	200
Nawalchand Shah	200
Pankaj Shah (HUF)	5600
Vimalaben Shah	10400
Ila Shah	200
Darshak Shah	21500
Alap Shah	10000
Shyamkant Janardan Wakchaure	200
Total	215600

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.72
Other top fifty shareholders	0.28
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Display Systems, Panel Meters, Testers, Indicators, etc.
Products :	Andon Display Systems Large Figure Displays 65 mm / 90 mm alpha numeric multi-line displays 320 mm Variable message signs with Day Light Visibility Digital Panel Meters and Indicators I.C. Programmers and Testers Custom Instruments and Systems
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Purchasing :	Cash and Credit
Selling :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

22 (Approximately)

Bankers :

• The Cosmos Co-Operative Bank Limited (Kasaba Branch), 269/270, Shaniwar Peth, Pune – 411 030, Maharashtra, India
• State Bank of India, Market Yard Branch, Pune – 411 037, Maharashtra, India
• Axis Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Cash Credit from Cosmos Co-Operative Bank Limited	3.051	3.444
Term Loan from Cosmos Co-Operative Bank Limited - Building	0.000	1.276
Term Loan from Cosmos Co-Operative Bank Limited - Vehicle (The above loans have been further guaranteed by the directors in their personal capacity)	0.000	0.040
Total	3.051	4.760

Banking Relations :	--
Auditors :
Name :	Swapnil K. Bachute and Company Chartered Accountants
Address :	Flat No.3, 1^st Floor, Pratibha Complex, Kasba Peth, Pune – 411 011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AIPPB9125N

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215600	Equity Shares	Rs.10/- each	Rs.2.156 Millions

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		2.156	2.156	2.156
2] Share Application Money Pending Allotment		0.100	0.100	0.100
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(3.394)	(2.912)	(1.035)
NETWORTH		(1.138)	(0.656)	1.221
LOAN FUNDS
1] Secured Loans		3.051	4.760	7.563
2] Unsecured Loans		15.044	12.850	10.139
TOTAL BORROWING		18.095	17.610	17.702
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.957	16.954	18.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.107	12.175	13.330
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.136	3.872	3.732
	Sundry Debtors	4.933	4.931	7.720
	Cash & Bank Balances	0.779	0.419	0.096
	Other Current Assets	0.323	0.305	0.000
	Loans & Advances	0.139	0.197	0.415
Total Current Assets		10.310	9.724	11.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.735	2.749	4.035
	Other Current Liabilities	0.217	0.020	2.435
	Provisions	1.608	2.276
Total Current Liabilities		4.560	5.045	6.470
Net Current Assets		5.750	4.679	5.493
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.957	16.954	18.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Operating Income	24.706	17.702	17.141
		Other Income	0.265	0.154	NA
		TOTAL	24.971	17.856	NA
Less	EXPENSES
		Office Expenses	24.245	18.427	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	24.245	18.427	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.726	(0.571)	(1.271)
Less/ Add	DEPRECIATION/ AMORTISATION		1.208	1.306	0.787
	PROFIT/ (LOSS) BEFORE TAX		(0.482)	(1.877)	(2.058)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.482)	(1.877)	(2.058)
	Earnings/ (Loss) Per Share (Rs.)		(2.24)	(8.71)	(9.54)

Expected Sales (2012-2013): Rs.27.000 millions

The above information has been parted by Mr. Vikas Gandhi (Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.93)	(10.51)	NA
Net Profit Margin (PBT/Sales)	(%)	(1.95)	(10.60)	(12.01)
Return on Total Assets (PBT/Total Assets}	(%)	(2.25)	(8.57)	(8.14)
Return on Investment (ROI) (PBT/Networth)		0.42	2.86	(1.69)
Debt Equity Ratio (Total Debt/Networth)		(15.90)	(26.84))	14.50
Current Ratio (Current Asset/Current Liability)		2.26	1.93	1.85

LOCAL AGENCY FURTHER INFORMATION

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	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	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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans and advances from Related Parties	15.044	12.850
Total	15.044	12.850

Note:

The registered office address of the company has been shifted from 10, Vertex Plaza, E 23/24, Market Yard, Pune – 411 037, Maharashtra, India to present address w.e.f. 31.01.2012

REVIEW OF BUSINESS OPERATIONS:

The operating income of the company was Rs.24.706 millions as against Rs.17.702 millions in the previous year and the loss was Rs.(0.482) million as against Rs.(1.877) millions in the previous year. The Directors of the company are ensuring that the resources of the company are utilized efficiently so as to maximize profits of the company and to increase shareholders value. The Board of Directors are confident that the company, in the coming financial year will be able to reduce the losses and increase its profits by undertaking appropriate cost reduction measures.

FIXED ASSETS:

· Land

· R & D Center

· Plant and Machinery

· Furniture and Fittings

· Computer and Peripherals

· Office Equipment

· Tools

· Vehicles

· Building

· Mobile

· Printer

· Fire Protection System

· Invertor

· Lettering Machine

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.54.88
UK Pound	1	Rs.83.54
Euro	1	Rs.70.90

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.