MIRA INFORM REPORT

Report Date :

10.01.2013

IDENTIFICATION DETAILS

Name :	GHOSH ELECTRICAL WORKS
Registered Office :	4/83, Chanditola Lane, Kolkata – 700040, West Bengal, India
Country :	India
Financials (as on) :	31.03.2012
Year of Establishment :	2001
Capital Investment / Paid-up Capital :	Rs.26.004 Millions
Legal Form :	Sole Proprietory Concern
Line of Business :	Trading in Electrical Goods and Fitting of them
No. of Employees :	76 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietory concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade term 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.

LOCATIONS

Registered Office :	4/83, Chanditola Lane, Kolkata – 700040, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9831664704 (Mr. Raju Ghosh)
Fax No.:	Not Available
Location :	Owned
Branch Office :	3/60, Regent Colony, Near Malancha Cinema, Regent Park, Kolkata – 700040, West Bengal, India
Tel. No.:	91-33-66246650
Godown :	110-A, Regent Colony, Kolkata, West Bengal, India

SOLE PROPRIETOR

Name :	Mr. Raju Ghosh
Designation :	Proprietor
PAN No.:	AFKPG4780N

BUSINESS DETAILS

Line of Business :

Trading in Electrical Goods and Fitting of them

GENERAL INFORMATION

Suppliers :

Name of the Suppliers	Relationship (No. of Years)	Credit Period Allowed
S. K. Electro Power	8-10 years	30-45 days
Beetel	3 years	30-45 days

Customers :

Name of the Customers	Location	Relationship (No. of Years)	Credit Period Allowed
Airtel	West Bengal	11-12 years	45-60 days
Reliance (Communication and Trends)	Pan India	11-12 years	45-60 days
Eastern Railway	Pan India	--	--

No. of Employees :

76 (Approximately)

Bankers :

· Bank of India

· HDFC Bank

· ICICI Bank

Facilities :

--

Banking Relations :	--
Auditors :
Name :	M. Jhawar and Company Chartered Accountant
Address :	203, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22683360
Mobile No.:	91-9331015694
Email :	mjhawar@rediffmail.com

CAPITAL STRUCTURE

CAPITAL ACCOUNTS AS ON 31.03.2012

Particulars	(Rs. In Millions)
Opening Balance	23.841
Add: Net Profit	1.953
	25.794
Less: Drawings	0.616
Total	25.178

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL DATA

[all figures are in Rupees Millions]

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.178	23.841	23.255
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.178	23.841	23.255
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25.178	23.841	23.255
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.748	5.668	5.959
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	7.043	5.113	4.018
	Sundry Debtors	12.481	12.037	11.632
	Cash & Bank Balances	0.656	0.771	0.880
	Other Current Assets	2.148	0.852	1.073
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		22.328	18.773	17.603
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.681	0.466	0.212
	Other Current Liabilities	0.217	0.134	0.095
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.898	0.600	0.307
Net Current Assets		19.430	18.173	17.296
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.178	23.841	23.255

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	99.877	66.875	50.166
		Other Income	0.000	0.000	0.000
		TOTAL	99.877	66.875	50.166
Less	EXPENSES
		Cost of Goods Sold	90.215	60.031	44.627
		Labour Charges	2.893	2.253	2.005
		Carriage Inward	0.667	0.544	0.502
		Travelling and conveyance expenses	0.390	0.173	0.220
		Tea and Tiffin	0.068	0.050	0.046
		Printing and Stationery	0.067	0.056	0.041
		Postage and Telegraph	0.015	0.014	0.012
		Site Expenses	0.372	0.301	0.149
		Telephone Expenses	0.116	0.099	0.088
		Donation and Subscription	0.022	0.016	0.013
		Electrical Expenses	0.296	0.179	0.141
		General Expenses	0.085	0.060	0.052
		Accounting Fees	0.090	0.075	0.060
		Business Promotion Expenses	0.112	0.085	0.053
		Audit Fees	0.025	0.020	0.015
		Bank Charges	0.008	0.006	0.005
		Provided Fund	0.081	0.077	0.065
		Employee State Insurance	0.038	0.036	0.027
		TOTAL	95.560	64.075	48.121
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.317	2.800	2.045
Less/ Add	DEPRECIATION/ AMORTISATION		1.365	1.301	1.366
	PROFIT BEFORE TAX		2.952	1.499	0.679
Less	TAX		1.000	0.500	0.050
	PROFIT AFTER TAX		1.952	0.999	0.629

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.95	1.49	1.25
Net Profit Margin (PBT/Sales)	(%)	2.96	2.24	1.35
Return on Total Assets (PBT/Total Assets}	(%)	10.51	6.13	2.88
Return on Investment (ROI) (PBT/Networth)		0.12	0.06	0.03
Debt Equity Ratio (Total Liability/Networth)		0.12	0.03	0.01
Current Ratio (Current Asset/Current Liability)		7.70	31.29	57.34

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	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Estimated)	(Projected)
Gross Sales
Capacity Utilization	--	--	--
Sale Value of Production	167.957	205.000	265.000
Domestic Sales	150.000	200.000	260.000
Export Sales	--	--	--
Trading Sales	--	--	--
Other Operating / Revenue Income	--	--	--
Total	150.000	200.000	260.000
Less: Excise Duty	--	--	--
Net Sales	150.000	200.000	260.000
%age rise/ fall in net sales as compared to previous year	50.18%	33.33%	30.00%
Cost of Sales
Raw Materials (including stores and Other items used in the process of manufacturer)
Imported	--	--	--
Indigenous	154.157	186.700	240.000
Other Spares
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
Storage and Spares	0.000	0.000	0.000
Direct Labour (Factory, wages and salaries)	3.500	3.700	3.900
Other Variable Costs	0.800	1.000	1.100
Power and Fuel	0.000	0.000	0.000
Rent, Tax and Insurance	0.000	0.000	0.000
Repairs and Maintenance	0.000	0.000	0.000
Misc. Other	0.000	0.000	0.000
Other Manufacturing Expenses	0.000	0.000	0.000
Depreciation	1.214	1.217	1.175
Sub – Total	159.671	192.617	246.175
Add: Opening Stocks in Process	0.000	0.000	0.000
Total	159.671	192.617	246.175
Deduct: Closing Stocks in Process	0.000	0.000	0.000
Cost of Production	159.671	192.617	246.175
Add: Opening Stock of Finished Goods	7.043	25.000	30.000
Sub Total	166.714	217.617	276.175
Deduct: Closing Stock of Finished Goods	25.000	30.000	35.000
Sub Total (Total Cost of Sales)	141.714	187.617	241.175
General, Administrative and selling Expenses	2.586	3.483	4.825
Sub- Total	144.300	191.100	246.000
Operating Profit before interests	5.700	8.900	14.000
Interests on Working Capital	1.200	3.000	4.000
Total Interests	1.200	3.000	4.000
Operating Profit after Interests	4.500	5.900	10.000
Add: Other Non-Operating Income	0.000	0.000	0.000
Deduct: Other Non-Operating Expenses	0.000	0.000	0.000
Net of other non-operating income/ expenses	0.000	0.000	0.000
Profit before tax	4.500	5.900	10.000
Provision for taxes	1.200	1.300	2.500
Net Profit/ loss	3.300	4.600	7.500
Dividend Paid/ Drawings	0.878	1.100	1.500
Retained Profit	2.422	3.500	6.000
Retained Profit/ Net Profit (% age)	73.39%	76.09%	80.00%

------------------------------------------------------------------------------------------------------------------------------

BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Estimated)	(Projected)
LIABILITIES
CURRENT LIABILITIES
Short term borrowings banks (Including bills purchased, discounted and excess borrowing placed on repayment basis)
- From Applicant Bank	20.000	25.000	27.500
- From Other Banks	0.000	0.000	0.000
(Of which BP and BD)
Sub Total (A)	20.000	25.000	27.500
Short Term borrowing- others	0.000	0.000	0.000
Sundry Creditor	2.100	1.900	1.750
Dividend Payable	0.878	1.100	1.500
Provision for taxation	0.000	0.000	0.00
Deposits / Installments of Term Loans DPGs/ Debentures/ ECB/ ADR/ GDR (Due Within One Year)	0.000	0.000	0.000
Other Current Liabilities	0.300	0.100	0.050
SUB TOTAL (B)	3.278	3.100	3.300
TOTAL CURRENT LIABILITIES	23.278	28.100	30.800
TERM LIABILITIES
Debentures	0.000	0.000	0.000
Creditors for Capital Goods	0.000	0.000	0.000
Term Loan	0.000	0.000	0.000
Deferred sales Tax liabilities	0.000	0.000	0.000
Term Deposits	0.000	0.000	0.000
Other Term Liabilities	0.000	0.000	0.000
TOTAL TERM LIABILITIES	0.000	0.000	0.000
TOTAL OUTSIDE LIABILITIES	23.278	28.100	30.800
NET WORTH
Partner’s Capital	22.116	21.894	21.494
Reserve and Surplus	0.000	0.000	0.000
Share Premium	0.000	0.000	0.000
Capital Redemption Reserve	0.000	0.000	0.000
Surplus (+) Deficit (-) in Profit and Loss A/c	4.606	8.106	14.106
Share Application Money	0.000	1.500	0.000
TOTAL NET WORTH	26.722	31.500	35.600
TOTAL LIABILITIES	50.000	59.600	66.400
Net Worth including Revaluation Reserve	26.722	31.500	35.600
Net Worth + Secured Loans + Unsecured Loans	46.722	56.500	63.100
ASSETS
CURRENT ASSETS
Cash and bank balances	0.657	0.737	1.075
Investment
- Receivables	15.000	18.500	19.000
- Export Receivables	0.000	0.000	0.000
INVENTORY
Raw Materials
- Imported	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000
Stock in Process	0.000	0.000	0.000
Finished Goods	25.000	30.000	35.000
Other Consumable Spares	0.000	0.000	0.000
Advances to suppliers	0.000	0.000	0.000
Advance Payment of Taxes	0.000	0.000	0.000
Other Current Assets	3.700	4.700	5.600
TOTAL CURRENT ASSETS	44.357	53.937	60.675
FIXED ASSETS
Gross Block	10.889	12.126	13.363
Depreciation to date	5.246	6.463	7.638
Net Block	5.643	5.663	5.725
OTHER NON CURRENT ASSETS
Long term investments (In Subsidiaries)	0.000	0.000	0.000
Other non Current assets	0.000	0.000	0.000
TOTAL OTHER NON CURRENT ASSETS	0.000	0.000	0.000
Intangible Assets	0.000	0.000	0.000
TOTAL ASSETS	50.000	59.600	66.400
Tangible Net worth	0.000	31.500	35.600
Net Working Capital	21.079	25.837	29.875
Current Ratio	1.91	1.92	1.97
Total Outside Liabilities/ Tangible Net worth	0.87	0.89	0.87

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Estimated)	(Projected)
A CURRENT ASSETS
Raw Materials
[a] Imported	0.000	0.000	0.000
Month’s Consumption	0.000	0.000	0.000
[b] Indigenous	0.000	0.000	0.000
Month’s Consumption	0.000	0.000	0.000
Other consumable spares
[a] Imported	0.000	0.000	0.000
Month’s Consumption	0.000	0.000	0.000
[b] Indigenous	0.000	0.000	0.000
Month’s Consumption	0.000	0.000	0.000
Stock in process	0.000	0.000	0.000
Month’s cost of Production	0.000	0.000	0.000
Finished goods	25.000	30.000	35.000
Months cost of sales	(2.12)	(1.92)	(1.74)
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	15.000	18.500	19.000
(Month’s Domestic Sales)	(1.20)	(1.11)	(0.88)
Export receivables [including bills purchased and discounted by bankers months export sales]	0.000	0.000	0.000
(Month’s Exports Sales)	--	--	--
Advances to suppliers of raw materials and stores/ spares consumable	0.000	0.000	0.000
Other current Assets including cash and bank balances and deferred receivable due within one year
A] Fixed Deposit for L/C and B/G Margin	--	--	--
B] Cash and Bank Balance	0.657	0.737	1.075
C] Other Current Assets	3.700	4.700	5.600
TOTAL CURRENT ASSETS	44.357	53.937	60.675
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases of raw materials and stores and consumable spares	2.100	1.900	1.750
(Month’s Purchases)	(0.16)	(0.12)	(0.09)
Advances from customers	0.00	0.00	0.00
Dividend Payable	0.878	1.100	1.500
Other Current Liabilities and Provision	0.300	0.100	0.050
TOTAL	3.278	3.100	3.300

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FUND FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Estimated)	(Projected)
SOURCES
Net profit (after deferred tax)	3.300	4.600	7.500
Depreciation	1.214	1.217	1.175
Increase in Share Capital	(0.878)	1.278	(1.900)
Increase in Unsecured Loan	0.000	0.000	0.000
Increase in General reserve	0.000	0.000	0.000
Increase in Depreciation reserve	0.000	0.000	0.000
Increase in term liabilities (incl. public deposits)	0.000	0.000	0.000
Decrease in
(I) Fixed assets	0.000	0.000	0.000
(ii) Other non- current assets	0.000	0.000	0.000
Others	0.000	0.000	0.000
Capital Subsidy	0.000	0.000	0.000
Increase in Share Application Money	0.000	0.000	0.000
Increase in Share Premium	0.000	0.000	0.000
TOTAL	3.636	7.095	6.775
USES
Net loss	0.000	0.000	0.000
Decrease in term liabilities (including public deposits)	0.000	0.000	0.000
Decrease in Capital	0.000	0.000	0.000
Increase in :
(I) Fixed assets	1.108	1.237	1.237
(ii) Others non-current assets	0.000	0.000	0.000
Dividend payments	0.878	1.100	1.500
Others	0.000	0.000	0.000
Decrease in General reserve	0.000	0.000	0.000
Decrease in Convertible Debenture 0%	0.000	0.000	0.000
Decrease in Unsecured Loan	0.000	0.000	0.000
Decrease in Share Application Money	0.000	0.000	0.000
TOTAL	1.986	2.337	2.737
Long Term surplus (+)/ Deficit(-)(1-2)	1.650	4.758	4.038
Increase /decrease in current assets	22.030	9.580	6.738
Increase /decrease in current liabilities other than bank borrowings	0.380	(0.178)	0.200
Increase/ decrease in working capital gap	21.650	9.758	6.538
Net surplus(+)/ deficit (-)	(20.000)	(5.000)	(2.500)
Increase/decrease in bank borrowings	0.000	0.000	0.000
Increase /decrease in net sales	50.123	50.000	60.000
BREAK-UP OF(4)
(i) Increase/Decrease in Raw Material	0.000	0.000	0.000
(ii)Increase/Decrease in Stock-in-Process	0.000	0.000	0.000
(iii)Increase/decrease in Finished Goods	17.957	5.000	5.000
(iv)Increase/Decrease in Receivable
-Domestic	2.519	3.500	0.500
-Export	0.000	0.000	0.000
(v)Increase/Decrease in Stores &Spares	0.000	0.000	0.000
(vi)Increase/Decrease in other Currents Assets	1.554	1.080	1.238
Total	22.030	9.580	6.738
Long Term Sources	3.636	7.095	6.775
Long Term Uses	1.986	2.337	2.737
Long Term Surplus/ Deficit	1.650	4.758	4.038

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Estimated)	(Projected)
FIRST METHOD OF LENDING
1 Total current assets	44.357	53.937	60.675
2 Current Liabilities	3.278	3.100	3.300
[Other than bank borrowings]
3 Working capital gap [WCG]	41.079	50.837	57.375
4 Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	10.270	12.709	14.344
5 Actual / Projected net working capital	21.079	25.837	29.875
6 Item 3 minus item 4	30.809	38.128	43.031
7 item 3 minus item 5	20.000	25.000	27.500
8 Maximum permissible bank finance	20.000	25.000	27.500
9 Excess borrowings, if any representing shortfall in NWC	--	--	--
SECOND METHOD OF LENDING
1 Total current assets	44.357	53.937	60.675
2 Current Liabilities	3.278	3.100	3.300
[Other than bank borrowings]
3 Working capital gap [WCG]	41.079	50.837	57.375
4 Min. stipulated Net Working Capital – 25 % [Export receivable to be excluded under both methods]	11.089	13.484	15.169
5 Actual / Projected net working capital	21.079	25.837	29.875
6 Item 3 minus item 4	29.990	37.353	42.206
7 item 3 minus item 5	20.000	25.000	27.500
8 Maximum permissible bank finance	20.000	25.000	27.500
9 Excess borrowings, if any representing shortfall in NWC	--	--	--

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF INCOME FOR THE YEAR ENDED 31.03.2012

(RS. IN MILLIONS)

Income from Business
From M/s Ghosh Electrical Works	2.311
Total Income	2.311
Less: Deduction Under Chapter VI – A	0.100
Net Income	2.211
Rounded Off	2.211
Tax Payable	0.515
Education and Higher Education Cess	0.015
Interest U/S 234B	0.001
Interest U/S 234C	0.001
Total Tax Payable	0.532
Tax Paid Against TDS	0.370
Net Amount Payable	0.162

------------------------------------------------------------------------------------------------------------------------------

(MR. RAJU GHOSH)

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.385	38.442	37.366
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.385	38.442	37.366
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.500	1.740	1.980
TOTAL BORROWING		1.500	1.740	1.980
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		41.885	40.182	39.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.341	12.702	14.494
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		26.687	25.995	24.375
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.921	0.919	0.089
	Other Current Assets	0.936	0.566	0.390
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		1.857	1.485	0.479
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.000	0.000	0.000
Net Current Assets		1.857	1.485	0.479
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.885	40.182	39.346

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1.953	0.999	0.629
		Other Income	0.750	0.709	0.622
		TOTAL (A)	2.703	1.708	1.251
Less	EXPENSES
		Travelling and Conveyance	0.067	0.048	0.040
		Repairing and Maintenance	0.013	0.011	0.010
		Household Expenses	0.168	0.144	0.132
		Telephone Expenses	0.073	0.061	0.049
		Electric Charges	0.048	0.036	0.034
		Clothing	0.023	0.020	0.018
		TOTAL	0.392	0.320	0.283
	NET PROFIT		2.311	1.388	0.968

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS

· Vehicles

· Computers

· Furniture and Fixture

· Tools and Implementers

· Electric Equipments

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 records 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 records 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.54.96
UK Pound	1	Rs.88.23
Euro	1	Rs.71.92

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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		48

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.