MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	G3S COMPONENTS PRIVATE LIMITED
Registered Office :	Building A3, Aditya Breez Park, S. No. 1/2-1/3, Balewadi, Baner, Pune – 411045, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.05.2008
Com. Reg. No.:	11-131983
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29299PN2008PTC131983
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Engineering Components and Assemblies.
No. of Employees :	16 (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 1200
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its 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 dealings with great 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. Ashish Ashok Kulkarni
Designation :	Director
Contact No.:	91-9922052100
Date :	02.04.2013

LOCATIONS

Registered Office :	Building A3, Aditya Breez Park, S. No. 1/2-1/3, Balewadi, Baner, Pune – 411045, Maharashtra, India
Tel. No.:	91-20-66003286
Mobile No.:	91-9922052100 [Mr. Ashish]
Fax No.:	91-20-66003286
E-Mail :	csrsk786@gmail.com info@g3s-india.com
Website :	www.g3s-india.com
Area :	1400 Sq. Ft
Location :	Owned
Factory :	S. No. 81/4B, Near Agarwal Godown, Shivane Industrial Area, Taluka Haveli, Pune – 411025, Maharashtra, India
Area :	2500 Sq. Ft
Location :	Owned
Overseas Office :	Located at: Ø Europe

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DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ashish Ashok Kulkarni
Designation :	Director
Address :	Flat No. 8, Building No. 1, Meghavarnam Tirupatinagar, Warje Naka, Pune, 411052, Maharashtra, India
Date of Birth/Age :	18.10.1974
Date of Appointment :	09.05.2008
DIN No.:	02064242
Name :	Mrs. Sonali Ashish Kulkarni
Designation :	Director
Address :	Flat No. 8, Building No. 1, Meghavarnam Tirupatinagar, Warje Naka, Pune, 411052, Maharashtra, India
Date of Birth/Age :	31.07.1977
Date of Appointment :	09.05.2008
DIN No.:	02064272
Name :	Mr. Christian Elie Gauthier
Designation :	Director
Address :	44 Allee Des Nenuphars, Thyez, 74300, France
Date of Birth/Age :	20.06.1952
Date of Appointment :	09.05.2008
DIN No.:	02064329

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ashish Ashok Kulkarni	100
Sonali Ashish Kulkarni	4900
Christian Elie Gauthier	2500
Fabien Gauthier Elie	2500
Total	10000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Engineering Components and Assemblies.
Exports :
Products :	Engineering Components and Assemblies
Countries :	Ø Netherlands Ø Germany Ø France Ø Switzerland Ø US
Imports :
Products :	Machinery
Countries :	Ø France
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Ø Kunal Connectronics Ø Soham PreciMek
Customers :	End Users Ø AGS Transact Technologies Limited
No. of Employees :	16 (Approximately)
Bankers :	State Bank of India, Small Industrial Branch

Banking Relations :	--
Auditors :
Name :	S S Shetye and Associates Chartered Accountants
Address :	6, Shradha Premises, Opposite Dandekar Bridge, Sinhagad Road, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-32911851
Mobile No.:	91-9860007434
E-Mail :	sidharthshetye@gmail.com
Income-tax PAN of auditor or auditor's firm :	AWNPS4965R

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.198	0.124	0.085
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.298	0.224	0.185
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.748	0.129	0.504
TOTAL BORROWING		0.748	0.129	0.504
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.046	0.353	0.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.393	0.071	0.037
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.001	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.227	0.000	0.000
	Sundry Debtors	1.597	0.777	0.099
	Cash & Bank Balances	0.206	0.294	0.128
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.557	0.314	0.609
Total Current Assets		2.587	1.385	0.836
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.775	0.817
	Other Current Liabilities	0.078	0.239	0.139
	Provisions	0.086	0.058	0.060
Total Current Liabilities		1.939	1.114	0.199
Net Current Assets		0.648	0.271	0.637
MISCELLANEOUS EXPENSES		0.005	0.010	0.015
TOTAL		1.046	0.353	0.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5.934	2.844	2.082
		Other Income	0.240	0.165	0.098
		TOTAL	6.174	3.009	2.180
Less	EXPENSES
		Purchase			1.402
		Audit Fees			0.015
		Bank Charges			0.019
		Freight Charges			0.009
		Export Expenses			0.253
		Miscellaneous Expenses Written Off			0.005
		Office Rent			0.036
		Postage and Courier Charges			0.010
		Printing and Stationery Expenses			0.002
		Professional Fees			0.023
		Directors Remuneration			0.300
		Salaries Paid			0.041
		Fees and Subscription Expenses			0.005
		Telephone Expenses			0.003
		Travelling and Conveyance			0.024
		Profession Tax Paid			0.002
		TOTAL	6.064	2.951	2.149
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation)	(Including Depreciation)	0.031
Less/ Add	DEPRECIATION/ AMORTISATION				0.010
	PROFIT BEFORE TAX		0.110	0.058	0.021
Less	TAX		0.035	0.018	0.006
	PROFIT AFTER TAX (G-H)		0.075	0.040	0.015
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.565	1.965	1.859
	Earnings Per Share (Rs.)		7.50	4.00	1.50

Expected Sales (2012-2013): Rs. 8.300 Millions

The above information has been parted by Mr. Ashish Kulkarni (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.21	1.33	0.69
Net Profit Margin (PBT/Sales)	(%)	1.85	2.04	1.01
Return on Total Assets (PBT/Total Assets}	(%)	3.69	3.98	2.41
Return on Investment (ROI) (PBT/Networth)		0.37	0.26	0.11
Debt Equity Ratio (Total Debt/Networth)		2.51	0.58	2.72
Current Ratio (Current Asset/Current Liability)		1.33	1.24	4.20

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	No
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	No
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

Note:

The registered office of the company has been shifted from Flat No. 8, Building No. 1, Meghavarnam, Tirupati Nagar, Warje Naka, Pune – 411052, Maharashtra, India to the present w.e.f.04.04.2012

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advance from Directors
Mrs. Sonali Kulkarni	0.681	0.381
Mr. Ashish Kulkarni	0.067	(0.252)
Total	0.748	0.129

OPERATIONS:

During the year 2011-12, the Company has earned total Income of Rs. 6.174 Millions and made a net profit after tax amounting to Rs. 0.074 Million. The Board foresees further growth in the business in the forthcoming year.

TRADE REFERENCES:

Ø AGS Transact Technologies Limited

Ø Kunal Connectronics

Ø Soham PreciMek

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. 54.53
UK Pound	1	Rs. 83.60
Euro	1	Rs. 71.33

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	NO
--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
DEFAULTERS
--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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.