MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	R. S. PRINT SOLUTIONS PRIVATE LIMITED
Registered Office :	WZ-909/2, Gali Shankar Lal, Ring Road, Naraina, New Delhi - 110028
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.11.2011
Com. Reg. No.:	55-228049
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U21020DL2011PTC228049
TAN No.: [Tax Deduction & Collection Account No.]	DELR20341G
PAN No.: [Permanent Account No.]	AAFCR5657J
Legal Form :	Private Limited Liability Company
Line of Business :	Trading Activity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 a relatively new company having a moderate track record. In its four month of business operation the company has achieved sizeable turnover. It has incurred loss from its operation during 2011-2012. However, trade relations are reported to be fair. 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.

LOCATIONS

Registered Office :	WZ-909/2, Gali Shankar Lal, Ring Road, Naraina, New Delhi – 110028, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rspnaraina@gmail.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Kapil Tanwar
Designation :	Director
Address :	WZ-909/2, Gali Shankar Lal, Ring Road, Naraina, New Delhi – 110028, India
Date of Birth/Age :	01.07.1978
Date of Appointment :	29.11.2011
DIN No.:	05122770
Name :	Mr. Sandeep Tanwar
Designation :	Director
Address :	CB - 56, CB Naraina, New Delhi – 110010, India
Date of Birth/Age :	16.05.1976
Date of Appointment :	29.11.2011
DIN No.:	05122283

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Kapil Tanwar	91000
Sandeep Tanwar	90000
Total	181000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading Activity

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Vijaya Bank, Delhi Cantonment Branch, Gopinath Bazar, New Delhi - 110010, India

Banking Relations :	--
Auditors :
Name :	Naveen K. Verma and Associates Chartered Accountants
Address :	210, Samrat Bhawan, Ranjeet Nagar Commercial Complex, New Delhi – 110008, India
PAN No.:	AAEPV2279C

CAPITAL STRUCTURE

After: 29.09.2012

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
181000	Equity Shares	Rs.10/- each	Rs.1.810 Millions

As on: 31.03.2012

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.0.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		1.610
3] Reserves & Surplus		(1.197)
4] (Accumulated Losses)		0.000
NETWORTH		0.613
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING		10.983
DEFERRED TAX LIABILITIES		0.175
TOTAL		11.771
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.600
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.045
	Sundry Debtors	10.573
	Cash & Bank Balances	0.107
	Other Current Assets	0.037
	Loans & Advances	1.558
Total Current Assets		12.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.545
	Other Current Liabilities	0.462
	Provisions	0.142
Total Current Liabilities		13.149
Net Current Assets		(0.829)
MISCELLANEOUS EXPENSES		0.000
TOTAL		11.771

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income
		Other Income
		TOTAL	11.935
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	12.957
	PROFIT/ (LOSS) BEFORE TAX		(1.022)
Less	TAX		0.000
	PROFIT/ (LOSS) AFTER TAX		(1.022)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
Less	APPROPRIATIONS		0.175
	BALANCE CARRIED TO THE B/S		(1.197)
	Earnings Per Share (Rs.)		NA

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	(8.56)
Return on Total Assets (PBT/Total Assets}	(%)	(4.10)
Return on Investment (ROI) (PBT/Networth)		(1.67)
Debt Equity Ratio (Total Debt/Networth)		17.92
Current Ratio (Current Asset/Current Liability)		0.94

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	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	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	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

OPERATION

This is the first year of operation of the company. The company was incorporated on 29.11.2011. During the period ending 31.03.2012, the company recorded a turnover of Rs. 11.935 Millions.

FUTURE OUTLOOK

The directors are trying their best to strengthen their capacity in all respects and maintain international standard to compete the challenge.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U21020DL2011PTC228049
Name of the company	R. S. PRINT SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	WZ-909/2, Gali Shankar Lal, Ring Road, Naraina, New Delhi – 110028, India E-mail: rspnaraina@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (Stock)
Particular of charge holder	Vijaya Bank, Delhi Cantonment Branch, Gopinath Bazar, New Delhi - 110010, India E-mail: del.cantonment6006@vijayabank.co.in
Nature of instrument creating charge	(i) Hypothecation agreement (DOC-56) (ii) Agreement for Demand Cash Credit against Hypothecation of Stocks and Book Debts (DOC-33) (iii) Articles of Agreement (DOC-50) (iv) Letter of Repayment (DOC-35) (v) Letter (DOC-5) and Sanction Letter
Date of instrument Creating the charge	30.12.2011
Amount secured by the charge	Rs.13.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest Base Rate + 4.85% (floating) at present 15.50% p.a. Terms of Repayment The Term Loan of Rs 7.000 Millions is repayable in 60 monthly installment of Rs.0.168 Million per month commencing from 30.01.2012 Margin Stock -25%, Book Debts 50% Extent and Operation of the charge 100% Others The above is to secure the credit facilities of Rs 13.000 Millions i.e. CCH of Rs 6.000 Millions and SL of Rs 7.000 Millions, granted by the Bank to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security: (i) Hypothecation of stock such as raw material, semi finished and finished goods (present and future) and Hypothecation of Book Debts of the company. (ii) Hypothecation of Plant and Machineries such as fully Automatic High Speed casting Machine Color printer etc total value Rs 12.397 Millions. Collateral Security: Equitable Mortgage of Residential property situated at WZ-909/2, Khasra No. 953/3/2/1, 953/22/1 and 953/29, Ring Road, Naraina, New Delhi in the name of Sh. Guru Saran Tanwar.

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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

VRN

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	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		18

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.