MIRA INFORM REPORT

Report Date :

13.03.2013

IDENTIFICATION DETAILS

Name :	EXCEL PRODUCTIONS AUDIOVISUALS PRIVATE LIMITED EXCEL INTERACTIVE UNIT OF EXCEL PRODUCTIONS AUDIOVISUALS PRIVATE LIMITED
Registered Office :	4^th Floor, Powai Plaza, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.10.1999
Com. Reg. No.:	11-122039
Capital Investment / Paid-up Capital :	Rs. 60.000 millions
CIN No.: [Company Identification No.]	U92100MH1999PTC122039
PAN No.: [Permanent Account No.]	AAACE7194G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Home Entertainment Products.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the company. Reserves of the company appears to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

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 DECLINED BY

Name :	Mr. Lalit Bagde
Designation :	Accountant
Contact No.:	91-22-40500700
Date :	13.03.2013

LOCATIONS

Registered Office :	4^th Floor, Powai Plaza, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Tel. No.:	91-22-40500700
Fax No.:	Not Available
E-Mail :	huzaifa.pittalwala@excelgroup.in lalit.bagde@excelgroup.in

DIRECTORS

As on 29.09.2012

Name :	Mr. Muslim Najmuddin Kapasi
Designation :	Director
Address :	2402,24th floor, Verona, Hiranandani Garden, Powai, Mumbai -400076, Maharashtra, India
Date of Appointment :	01.10.1999
PAN No.:	AAEPK6521G
DIN No.:	00796171
Name :	Mr. Shabbir Najmuddin Kapasi
Designation :	Director
Address :	Heritage Building, Cliff Avenue, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India
Date of Appointment :	01.10.1999
PAN No.:	AANPK7518E
DIN No.:	00796242
Name :	Mr. Esmail Fakhruddin Kapasi
Designation :	Director
Address :	65/66, Shamikh Building, Saifee Park,, Church Road, Marol, Andheri (East), Mumbai-400059, Maharashtra, India
Date of Appointment :	01.10.1999
PAN No.:	AAFPS4835E
DIN No.:	00796306

KEY EXECUTIVES

Name :	Mr. Lalit Bagde
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Muslim Najmuddin Kapasi	2000000
Shabbir Najmuddin Kapasi	2000000
Esmail Fakhruddin Kapasi	1394012
Mustafa Kapasi	605988
Total	6000000

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 :

Trader and Importer of Home Entertainment Products.

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

Standard Chartered Bank SME Credit, 23-25, M G Road, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	(0.031)	58.215
Total	(0.031)	58.215

Banking Relations :	--
Auditors :
Name :	Shabbir and Rita Associates Chartered Accountants
Address :	Narayan Niwas, 63, Aarey Road, Off S. V. Road, Goregaon West Mumbai-400062, Maharashtra, India
PAN No.:	AAFDR1172F

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 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		60.000	60.000	60.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.561	48.230	42.563
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		113.561	108.230	102.563
LOAN FUNDS
1] Secured Loans		(0.031)	58.215	66.015
2] Unsecured Loans		89.153	37.776	40.050
TOTAL BORROWING		89.122	95.991	106.065
DEFERRED TAX LIABILITIES		0.527	0.607	0.770
TOTAL		203.210	204.828	209.398
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.386	16.474	17.139
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.638	1.507	1.392
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.445	84.429	121.211
	Sundry Debtors	89.281	120.111	123.923
	Cash & Bank Balances	4.939	6.809	4.846
	Other Current Assets	0.000	0.362	0.000
	Loans & Advances	32.920	24.998	60.107
Total Current Assets		224.585	236.709	310.087
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.352	41.360	114.972
	Other Current Liabilities	4.047	8.502	0.822
	Provisions	0.000	0.000	3.840
Total Current Liabilities		38.399	49.862	119.634
Net Current Assets		186.186	186.847	190.453
MISCELLANEOUS EXPENSES		0.000	0.000	0.414
TOTAL		203.210	204.828	209.398

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	240.225	311.508	285.375
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	10.574	8.222
Less/ Add	DEPRECIATION/ AMORTISATION		NA	2.280	2.130
	PROFIT BEFORE TAX		NA	8.293	6.092
Less	TAX		NA	2.626	1.962
	PROFIT AFTER TAX		5.332	5.667	4.130
	Earnings Per Share (Rs.)		0.89	0.94	0.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	NA	2.66	2.13
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.28	1.86
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.06
Debt Equity Ratio (Total Debt/Networth)		0.78	0.89	1.03
Current Ratio (Current Asset/Current Liability)		5.85	4.75	2.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable	34.352	41.360	114.972
Total	34.352	41.360	114.972

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	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	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	Yes
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 24/25, ‘C’ Wing 1^st Floor, Rajindustrial Complex, Marol, Millitary Road, Andheri (East), Mumbai-400059, Maharashtra, India to the present address w.e.f. 25.08.2007

PERFORMANCE

During the year, the Company has achieved turnover of Rs. 240.225 millions as compared to Rs 311.508 millions in previous year and Net Profit after tax is Rs.5.332 millions as compared to Rs.5.667 millions profit during the previous year.

BUSINESS SCENARIO

The economic conditions in the country in 2011-12 have turned towards upward swing. However, the company is having a very reserved approach during the year and consolidating its internal strength. The future augurs well for the company. In the coming year the company proposes to diversify in all spheres of home entertainment industry to capitalise on the new openings in the market.

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and advances from related parties	89.153	37.776
Total	89.153	37.776

FIXED ASSETS

· Plant and equipment

· Furniture and fixture

· Vehicles

· Computer

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.54.34
UK Pound	1	Rs.80.90
Euro	1	Rs.70.73

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.