MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	EJEYES COMPONENTS PRIVATE LIMITED
Registered Office :	D. No.3, Plot No. K175, 15th Street, Choudary Nagar, Valasaravakkam – 600087, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.08.1997
Com. Reg. No.:	18-038900
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U28991TN1997PTC038900
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Metal Parts.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 23000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability at the company seems to be low and the external borrowings appears to be huge which act as a threat to the liquidity of the company. However, trade relations are fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealing 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

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. Nityanand Master
Designation :	Director
Contact No.:	91-9820189519
Date :	13.05.2013

LOCATIONS

Registered Office :	D. No.3, Plot No. K175, 15th Street, Choudary Nagar, Valasaravakkam – 600087, Tamilnadu, India
Tel. No.:	91-44-32981307
Mobile No.:	91-9322517659 (Mr. Nityanand)
Fax No.:	91-44-27631914
E-Mail :	ejeyes13@rediffmail.com rajeshparekh21@gmail.com
Website :	http://www.ejeyes.com
Factory :	W-123A, TTC Industrial Area, Kharina MIDC, Near Fire Brigade, Navi Mumbai - 400706, , Thane Maharashtra, India
Tel. No.:	91-22-32981307/27631914/27634948
Fax No.:	91-22-27631914

DIRECTORS

As on: 29.09.2012

Name :	Mr. A.S. Balasubramanian
Designation :	Director
Address :	201 , Building No 7, Millenium Park, Hari Om Nagar , Mulund Mumbai -400081, Maharashtra, India
Date of Birth/Age :	06.01.1955
Date of Appointment :	03.01.2001
Name :	Mr. Nityanand Master
Designation :	Director
Address :	Asha Building, Dixit Road, Vile Parle (East), Mumbai – 400056, Maharahstra, India
Date of Birth/Age :	07.04.1955
Date of Appointment :	11.05.2001
DIN No.:	00805750
Name :	Mrs. Jyoti Nityanand Master
Designation :	Director
Address :	Asha Building, Dixit Road, Vile Parle (East), Mumbai – 400056, Maharahstra, India
Date of Birth/Age :	17.12.1955
Date of Appointment :	11.05.2001
DIN No.:	00805780

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
A.S. Balasubramanian	1250
Nityanand Master	550
Jyoti Nityanand Master	2600
Sujal Nityanand Master	600
Total	5000

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 :	Manufacturer and Exporter of Metal Parts.
Products :	Eyelets, Metal Curtain Eyelets and Grommets Footwear and Shoe Industries Tarpaulin Industries Flexible Packaging Printing and Stationery Danglers Banners Rivets and Buckles Battery Caps and Contact Pins Precision Metal Components
Exports :
Products :	Metal Parts
Countries :	Nepal Kenya Dubai South Africa USA Gulf Country
Terms :
Selling :	Cash and credit
Purchasing :	Cash and credit

GENERAL INFORMATION

Suppliers :

• Anuj Printart Private Limited
• First Flight Couriers Limited
• Sai Services Agency (Bbay) Private Limited
• Vichare Courier Service Private Limited
• Deepa Consultancy Services
• Flight Connection Couriers and Cargo
• Gurukrupa Chem Industries
• Divya Parcel Services
• Mahak Transport Corporation
• Om Sai Logistic
• Unique Global Logistics
• Welcome Logistic Company

Customers :

• Barrier Packaging Private Limited
• Dicitex Decor PRIVATE Limited
• Sri Aurobindo Packagers(private) Limited
• Elin Appliances Private Limited
• Centennial Fabrics Limited
• Hueco Electronic (India) Private Limited
• De Simran Cartons Private Limited
• Uniglobe Packaging Private Limited
• Condor Footwear (India) Limited
• Kris Flexi Pack Private Limited
• White Canvas (India) P Limited
• G.M. Fabrics Private Limited
• Shamko Plastic Private. Limited
• Geep Batteries (India) Limited
• Khosla Profile Private Limited

No. of Employees :

50 (Approximately)

Bankers :

The Saraswat Co-operative Bank Limited, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Tern loans Indian Rupee loans from Banks	0.106	0.288
Cash Credit from Saraswat Co- operative Bank	7.707	11.738
Total	7.813	12.026

Note:

Working Capital Loans From Banks are secured by the Hypothecation of Inventories and book Debts

Banking Relations :	--
Auditors :
Name :	R J Parekh and Associates Chartered Accountants
Address :	145 D, Aruna Niwas, Arvind Colony, IRLA, S. V. Road, Vile Parle, Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26700617
PAN No.:	AAEPP1093L

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.266	3.987	3.050
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.766	4.487	3.550
LOAN FUNDS
1] Secured Loans		7.813	12.026	4.269
2] Unsecured Loans		11.954	4.856	2.599
TOTAL BORROWING		19.767	16.882	6.868
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25.533	21.369	10.418
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.532	4.164	3.831
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.165	0.155	0.025
DEFERREX TAX ASSETS		0.094	0.059	0.055
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.122	10.983	10.163
	Trade receivable	22.518	23.884	16.840
	Cash & Bank Balances	0.750	0.007	0.134
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.563	3.044	3.360
Total Current Assets		39.953	37.918	30.497
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.916	19.701
	Other Current Liabilities	0.215	0.371	23.305
	Provisions	1.080	0.855	0.685
Total Current Liabilities		18.211	20.927	23.990
Net Current Assets		21.742	16.991	6.507
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.533	21.369	10.418

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	81.171	84.601	63.159
		Other Income	0.149	0.153	0.258
		TOTAL (A)	81.320	84.754	63.417
Less	EXPENSES
		Cost of material consumed	60.410	63.289
		Changes in inventories of finished goods, work-in-progress and Stock-in-trade	0.126	2.428
		Employee benefit expenses	7.714	6.795
		Other administrative expenses	8.477	8.183
		Exceptional items	0.000	0.054
		TOTAL (B)	76.727	80.749	61.733
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.593	4.005	Including finance expenses
Less	FINANCIAL EXPENSES (D)		2.010	1.843
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.583	2.162	1.684
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.776	0.750	0.711
	PROFIT BEFORE TAX (E-F) (G)		1.807	1.412	0.973
Less	TAX (H)		0.527	0.475	0.345
	PROFIT AFTER TAX (G-H) (I)		1.280	0.937	0.628
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.385	16.306	NA
	TOTAL EARNINGS		6.385	16.306	NA
	Earnings Per Share (Rs.)		256.00	187.00	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	80.000

Expected Sales (2013-2014): Rs. 90.000 Millions

The above information has been parted by Mr. Nityanand Master (Director )

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.57	1.11	0.99
Net Profit Margin (PBT/Sales)	(%)	2.22	1.67	1.54
Return on Total Assets (PBT/Total Assets}	(%)	4.16	3.36	2.83
Return on Investment (ROI) (PBT/Networth)		0.31	0.31	0.27
Debt Equity Ratio (Total Debt/Networth)		3.42	3.76	1.93
Current Ratio (Current Asset/Current Liability)		2.19	1.81	1.27

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and advance from related parties	1.960	0.933
Other loans and advance	0.487	0.875
Loans from directors	5.487	1.927
Loans from Banks	4.020	1.121
Total	11.954	4.856

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U28991TN1997PTC038900
Name of the company	EJEYES COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D No. 3 Plot No K175, 15th Street, Choudary Nagar, Valasaravakkam – 600087, Tamilnadu, India Email-id:- rajeshparekh21@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10412615
Type of charge	Immovable property
Particular of charge holder	The Saraswat Co-operative Bank Limited, SME Vile Parle Branch, Bholanath Co-operative Housing Sociecty, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India Email-id:- s_sukhtankar@saraswatbank.com
Nature of instrument creating charge	Supplementary Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	04.03.2013
Amount secured by the charge	Rs. 30.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Nil Terms of Repayment On demand Margin Nil Extent and Operation of the charge Term loan : Rs 24.400 Millions collateral: Rs 6.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) Mortgage by deposit of title deed property lying being and situate at Plot No W 123(A) TTC Industrial Area Thane Belapur Rd MIDC, Kharane Near Fire Brigade Navi Mumbai 400706 solely (ii) Belonging to the company and more particularly described in schedule II attached herewith
Particulars of the present modification	Immovable property at Plot No W 123(A) TTC Industrial Area Thane Belapur Road MIDC, Kharane Near Fire Brigade Navi Mumbai 400706 is collateral security for Rs 6.500 millions. Overall limit secured is enhanced to Rs 30.900 millions

FIXED ASSETS

• Plant and Equipment
• Land and Building
• Furniture and Fixtures
• Vehicle
• Office Equipments
• 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. 54.77
UK Pound	1	Rs.83.31
Euro	1	Rs. 70.46

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.