MIRA INFORM REPORT

Report Date :

28.01.2013

IDENTIFICATION DETAILS

Name :	CELL COM TELESERVICES PRIVATE LIMITED
Registered Office :	SD - 442, Tower Apptsvishakha Enclave, Pitampura, New Delhi – 110088
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.11.2002
Com. Reg. No.:	55-117816
Capital Investment / Paid-up Capital :	Rs.10.515 Millions
CIN No.: [Company Identification No.]	U64201DL2002PTC117816
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Steel Structure for Hydro Power Project, Convener Steel Structure, Telecom Tower.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 820000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track record. Financial position of the company appears to be good. The company has incurred some loss from its operations during 2012 and there also appears some dip in the income earned during this period. However, trade relations are reported as decent. Business is active. Payments terms are usually correct and as per commitments. The company can be considered for business dealings at usual 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.

LOCATIONS

Registered Office :	SD - 442, Tower Apptsvishakha Enclave, Pitampura, New Delhi – 110088, India
Tel. No.:	Not Available
Mobile No.:	91-9810310327 (Mr. Vivek Kaushik) 91-9810371138 (Mr. Puneet Gopal) 91-9810409256 (Mr. Vikas Sharma)
Fax No.:	Not Available
E-Mail :	sksharmacs@yahoo.co.in
Website :	http://www.cellcom.in
Head Office :	A-2/11, Sector 17, Kavinagar Industrial Area, Ghaziabad, Uttar Pradesh, India
Factory :	A-52, Upsidc Industrial Area, Sikandarabad, Uttar Pradesh, India
Project Office :	Located At : · Delhi · Uttar Pradesh · Himanchal · Uttarakhand · Rajasthan · Madhya Pradesh · Jammu and Kashmir · Punjab · Haryana

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Vikas Sharma

Designation :

Director

Address :

House No. 45, Sector - 6, Ansal Colony, Chiranjiv Vihar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

27.11.2012

DIN No.:

00202175

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U64201DL2002PTC117816	CELL COM TELESERVICES PRIVATE LIMITED	Director	27/11/2002	27/11/2002	-	Active	NO
2	U64202UP2004PTC029185	CELL COM TELEVENTURE PRIVATE LIMITED	Director	29/09/2007	8/8/2007	-	Active	NO
3	U55101UR2010PTC033353	JANGALHILL RESORTS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Vivek Kaushik

Designation :

Director

Address :

House No. 4, Sector - 6, Ansal Colony, Chiranjiv Vihar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

26.07.2005

DIN No.:

00202197

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U64202UP2004PTC029185	CELL COM TELEVENTURE PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
2	U64201DL2002PTC117816	CELL COM TELESERVICES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
3	U55101UR2010PTC033353	JANGALHILL RESORTS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Puneet Gopal

Designation :

Director

Address :

KM-37, Kavinagar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

26.07.2005

DIN No.:

01217540

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U64202UP2004PTC029185	CELL COM TELEVENTURE PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
2	U64201DL2002PTC117816	CELL COM TELESERVICES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO

Name :

Mr. Madan Gopal Popli

Designation :

Director

Address :

KM-37, Kavinagar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

25.09.2004

DIN No.:

01610086

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Vikas Sharma	244750
Vivek Kaushik	349250
Nirmata Gopal	79200
Puneet Gopal	299200
Delhi Trade Com Private Limited, India	7000
Guru Udyog Private Limited, India	6000
Skand International Private Limited, India	8000
Vasudev Enterprises Private Limited, India	9000
Varun Sharma	4238
Prashant Sharma	4740
Dayanand Agarwal	3080
Dinesh Dutt Pathak	1450
Yogesh Dutt Pathak	22333
Ramkhilari Sharma	2794
AD Fabrication and Erection Private Limited, India	10500
TOTAL	1051535

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	3.85
Directors or relatives of directors	96.15
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Steel Structure for Hydro Power Project, Convener Steel Structure, Telecom Tower.

GENERAL INFORMATION

Customers :

· Vodafone

· Idea

· Bharti

· GTL

· Airtel

· Quippo

· WTTL

· Tata

No. of Employees :

Not Available

Bankers :

· Canara Bank, Maliwara Chowk, Ghaziabad-201001, Uttar Pradesh, India

· Punjab National Bank, Branch Shastri Nagar, Shastri Nagar, Ghaziabad-201001, Uttar Pradesh, India

· ICICI Bank Limited

· IDBI Bank Limited

· Indus-Ind Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long term maturities of finance lease obligations
Canara Bank (Skoda)	0.000	0.075
Canara Bank (UP14AV2709)	0.467	0.664
Canara Bank (Bolero)	0.000	0.034
Canara Bank (Pick Up)	0.070	0.232
Canara Bank (Mobile Crane)	0.156	0.360
ICICI Bank Loan (Car)	0.094	0.207
Punjab National Bank Loan A/C N.G.01070896	0.028	0.205
Punjab National Bank Loan A/C TATA-IC-24	0.225	0.287
TATA Capital Finance Limited	0.152	0.250
ICICI Loan (Optra)	0.000	0.160
Indus-Ind Bank Limited (UP 14AT-1325)	0.000	0.111
TOTAL	1.192	2.585

Banking Relations :	--
Financial Institutions :	3i Infotech Trusteeship Services Limited, 36, Rani Jhansi Road, Ram Kumar Marg (Opposite Jhandewalan Mandir), New Delhi - 110055, India
Auditors :
Name :	Rajeev Sharma Chartered Accountant
Address :	30-A, E-Block Market, Ector-3, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4312558/3053100
Fax No.:	91-120-4312558
PAN No:	AFYPS3460D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1051535	Equity Shares	Rs.10/- each	Rs.10.515 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		10.515	10.324	4.862
2] Share Application Money		0.106	0.106	0.106
3] Reserves & Surplus		194.655	168.227	73.726
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		205.276	178.657	78.694
LOAN FUNDS
1] Secured Loans		1.192	2.585	5.007
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.192	2.585	5.007
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		206.468	181.242	83.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		122.286	98.628	87.908
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.317	1.128	0.831
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.619	42.746	47.824
	Sundry Debtors	61.270	87.786	127.181
	Cash & Bank Balances	1.035	7.739	20.173
	Other Current Assets	0.000	13.141	15.055
	Loans & Advances	17.673	1.056	1.239
Total Current Assets		114.597	152.468	211.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.937	62.972	205.319
	Other Current Liabilities	3.795	5.590	6.647
	Provisions	0.000	2.421	4.546
Total Current Liabilities		33.732	70.983	216.512
Net Current Assets		80.865	81.485	(5.040)
MISCELLANEOUS EXPENSES		0.000	0.001	0.002
TOTAL		206.468	181.242	83.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	204.759
		Other Income	7.217
		TOTAL (A)	211.976
Less	EXPENSES
		Cost of Materials Purchases	13.268
		Purchase of Stock in Trade	143.258
		Employees Benefits Expenses	16.200
		Other Expenses	27.968
		Changes in Inventories of Finished Goods Work in Progress and Stock in Trade	8.127
		TOTAL (B)	208.821
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.155
Less	FINANCIAL EXPENSES (D)		0.248
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.907
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.179
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4.272)
Less	TAX (H)		(2.189)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(2.083)
	Earnings / (Loss) Per Share (Rs.)		(33.00)

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	188.959	438.316
		Erection / Dismantling Charges	15.280	12.294
		G.I. Charges	0.012	0.000
		Interest Recd.	0.016	0.119
		Forwarding and Cartages Received	1.639	16.288
		Fine and Penalty	0.147	0.709
		Rebate and Discount	20.708	0.194
		Recd. Against Form C	0.000	0.216
		Profit on Sales of Fixed Assets	4.401	0.000
		Rent Recd.	0.070	0.000
		TOTAL	231.232	468.136
Less	EXPENSES
		Cost of Goods Sold	153.062	316.753
		Consumable Stores	11.519	16.818
		Wages	6.449	9.126
		Fabrication	6.136	28.266
		Director’s Remuneration	4.800	4.800
		Freight and Cartage Outward	5.468	20.164
		Office Rent	1.584	1.561
		Vehicle Running and Maint.	1.192	1.073
		Other Expenses	22.405	46.516
		TOTAL	212.615	445.077
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.617	23.059
Less/ Add	DEPRECIATION/ AMORTISATION		6.531	6.495
	PROFIT BEFORE TAX		12.086	16.564
Less	TAX		6.985	6.078
	PROFIT AFTER TAX		5.101	10.486
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.726	63.240
	BALANCE CARRIED TO THE B/S		78.827	73.726
	Earnings Per Share (Rs.)		9.65	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.98)	4.31	2.24
Net Profit Margin (PBT/Sales)	(%)	(2.09)	6.40	3.78
Return on Total Assets (PBT/Total Assets}	(%)	(1.80)	4.81	5.53
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.07	0.21
Debt Equity Ratio (Total Liability/Networth)		0.17	0.41	2.81
Current Ratio (Current Asset/Current Liability)		3.40	2.15	0.98

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

FIXED ASSETS

· Land

· Factory Shed

· Machinery

· Office at Jaipur

· Tools

· G.L. Plant

· Polution Treatment Plant

· Generator

· Electric Fitting

· Lab Equipments

· Mobile Crane

· Weighing Bridge

· Air Conditioner

· Camera

· Computer

· Fax Machine

· Mobile Phone

· Vehicles

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.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.