MIRA INFORM REPORT

Report Date :

01.02.2013

IDENTIFICATION DETAILS

Name :	SUPREME DEVICES PRIVATE LIMITED
Registered Office :	24/12, Gali No.6, Master Mohalla, Libaspur, Samaypur Industrial Area, New Delhi-110042
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.01.1997
Com. Reg. No.:	55-84718
Capital Investment / Paid-up Capital :	Rs.2.971 Millions
CIN No.: [Company Identification No.]	U32204DL1997ULT084718
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Cutlery.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 7000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has incurred loss from its operation during 2012. There appears huge external borrowings recorded by the company. However trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings 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. Ashish Bhandari
Designation :	Director
Date :	31.01.2013

LOCATIONS

Registered Office :	24/12, Gali No.6, Master Mohalla, Libaspur, Samaypur Industrial Area, New Delhi-110042, India
Tel. No.:	91-11-27839522
Fax No.:	91-11-27839522
E-Mail :	supremedevices1@yahoo.com sureshaggarwal92@gmail.com
Area :	18000 sq, ft.
Location :	Owned
Factory:	1440, HSIDC Industrial Estate, Raj, Sonipet, Haryana, India
Location :	Owned

DIRECTORS

As on: 22.09.2012

Name :	Mr. Ashish Bhandari
Designation :	Chairman cum Managing Director
Address :	A-249/2, Derawal Nagar, Delhi-110 009, NCT of Delhi, India
Date of Birth :	02.04.1973
Date of Appointment :	28.01.1997
DIN No.:	01614864
Name :	Mr. Santosh Kumar Bhandari
Designation :	Director
Address :	A-249/2, Derawal Nagar, Delhi-110 009, NCT of Delhi, India
Date of Birth :	22.12.1944
Date of Appointment :	28.01.1997
DIN No.:	02848787
Name :	Mr. Adip Bhandari
Designation :	Director
Address :	A-249/2, Derawal Nagar, Delhi-110 009, NCT of Delhi, India
Date of Birth :	16.07.1969
Date of Appointment :	01.05.1999
DIN No.:	02547386

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 22.09.2012

Names of Shareholders	No. of Shares
Santosh Kumar Bhandari	89870
Ashima Bhandari	31510
Ashish Bhandari	28810
Paramjeet Singh	10210
Avatar Singh	12500
Adip Bhandari	25800
Jaswant singh	37000
Shweta Bhandari	28500
Madhu Bhandari	32925
Total	297125

Equity Share Break up (Percentage of Total Equity)

As on: 22.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Cutlery.
Exports :
Products :	Plastic Cutlery
Countries :	USA European Countries
Imports :
Products :	Raw Materials
Countries :	Singapore
Terms :
Selling :	L/C / Cash and Credit (30 days)
Purchasing :	L/C / Cash and Credit (30 days)

GENERAL INFORMATION

No. of Employees :

80 (Approximately)

Bankers :

• Standard Chartered Bank, Delhi Branch, Delhi, India
• Small Industries Development Bank of India, Videocon Tower, E-1, Ground Floor, Rani Jhansi Road, Jhandewalan Extension, New Delhi-110055, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Secured Loan	17.688	19.173
Total	17.688	19.173

Banking Relations :	--
Auditors :
Name :	Aggarwal Vineeta and Company Chartered Accountants
Address :	406-A, Indraprastha Tower, 6 Commercial Complex, Wazirpur, Delhi-110 052, India
PAN.:	AAAFA9155G

CAPITAL STRUCTURE

As on: 22.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
297125	Equity Shares	Rs.10/- each	Rs.2.971 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		2.971	2.971	2.971
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.249	0.234
4] (Accumulated Losses)		(0.987)	0.000	0.000
NETWORTH		1.984	3.220	3.205
LOAN FUNDS
1] Secured Loans		17.688	19.173	11.674
2] Unsecured Loans		4.857	4.917	4.386
TOTAL BORROWING		22.545	24.090	16.060
DEFERRED TAX LIABILITIES		0.274	0.000	0.000
TOTAL		24.803	27.310	19.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.084	7.146	7.060
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	9.778	8.315	6.936
	Sundry Debtors	10.483	13.716	9.820
	Cash & Bank Balances	1.906	0.952	0.446
	Other Current Assets	0.000	0.598	1.679
	Loans & Advances	1.478	1.545	0.000
Total Current Assets		23.645	25.126	18.881
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.542	4.866	6.441
	Other Current Liabilities	0.334	0.055	0.000
	Provisions	0.050	0.041	0.235
Total Current Liabilities		4.926	4.962	6.676
Net Current Assets		18.719	20.164	12.205
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24.803	27.310	19.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	28.370	25.195	39.036
		Other Income
		TOTAL	28.370	25.195	39.036
Less	EXPENSES
		Office Expenses	28.270	24.155	37.687
		Administrative Expenses
		Advertising Expenses
		TOTAL	28.270	24.155	37.687
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.100	1.040	1.007
Less/ Add	DEPRECIATION/ AMORTISATION		1.062	1.015	1.081
	PROFIT/(LOSS) BEFORE TAX		(0.962)	0.025	0.268
Less	TAX		0.000	0.009	0.077
	PROFIT/(LOSS) AFTER TAX		(0.962)	0.016	0.191
	EARNINGS IN FOREIGN CURRENCY		15.603	23.066	NA
	Earnings/ Loss Per Share (Rs.)		(3.24)	0.05	0.64

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.39)	0.06	0.49
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(3.24)	0.08	1.03
Return on Investment (ROI) (PBT/Networth)		(0.48)	0.01	0.08
Debt Equity Ratio (Total Debt/Networth)		11.36	7.48	5.01
Current Ratio (Current Asset/Current Liability)		4.80	5.06	2.83

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	No
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

FINANCIAL RESULTS:

During the year under consideration the company has suffered net loss of Rs.0.962 Million (after allowing: depreciation of Rs. 1.062 Millions as per the provisions of Companies Act, 1956).

The turnover during the current year (Rs. 25.489 Millions) has slightly increased as compared to previous year (Rs. 25.195 Millions). The directors of the company hope for further improvement in the situation during the current financial year.

UNSECURED LOAN:

(Rs. In Millions)

PARTICULARS	As on 31.03.2012	As on 31.03.2011
Unsecured Loan	4.857	4.917
Total	4.857	4.917

FIXED ASSETS:

· Computer

· Air Conditioner

· Scooter

· Generator

· Office Equipments

· Plant and Machinery

· Furniture

· Motor Cycle

· Building

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.53.29
UK Pound	1	Rs.84.22
Euro	1	Rs.72.23

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
TOTAL		26

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.