MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	ACE ACOUSTICS AND AUDIO VIDEO SOLUTIONS PRIVATE LIMITED
Registered Office :	1^stFloor, Dihang Arcade, Opposite Cinemax, G S Road, Guwahati 781005, Assam
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.07.2008
Com. Reg. No.:	02-008753
Capital Investment / Paid-up Capital :	Rs. 14.623 Millions
CIN No.: [Company Identification No.]	U52334AS2008PTC008753
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Retailing of Musical Equipments and Instruments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 111000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It seems that the company has limited scale of operations which affects its profitability However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term bank borrowings : B+
Rating Explanation	High risk of default
Date	30.05.2012

Rating Agency Name	CRISIL
Rating	Short term bank borrowings : A4
Rating Explanation	Minimal degree of safety and high default risk
Date	30.05.2012

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 :	1^stFloor, Dihang Arcade, Opposite Cinemax, G S Road, Guwahati -781005, Assam, India
Tel. No.:	91-361-2466601/04/2566606
Fax No.:	Not Available
E-Mail :	mvco.ca@gmail.com sales@aceacoustics.co.in
Website :	http://www.aceacoustics.co.in
Branch Office :	122B, Dr. Meghnad Saha Sarani (Southern Avenue), 3^rd Floor, Kolkata-700019, West Bengal, India
Tel. No.:	91-33-40684150
Fax No.:	Not Available

DIRECTORS

As on : 29.09.2012

Name :	Mr. Debabrat Duarah
Designation :	Director
Address :	Flat No B5, Pooja Appartment, Nabagraha Mandir, Chenikuthi, Guwahati-781003, Assam, India
Date of Birth/Age :	01.03.1974
Date of Appointment :	25.07.2008
DIN No.:	02189614
Name :	Mr. Ramanuj Sarmah
Designation :	Director
Address :	House No 20, Government Press Road, Bamunimaidan, Guwahati-781021, Assam, India
Date of Birth/Age :	28.11.1975
Date of Appointment :	25.07.2008
DIN No.:	02195150
Name :	Mr. Devasis Barkataki
Designation :	Director
Address :	C/O, R.C Barkataki, House No 15, Circular Path, Rukmini Nagar, District Kamrup, Guwahati-781006, Assam, India
Date of Birth/Age :	29.06.1970
Date of Appointment :	25.07.2008
DIN No.:	02195175

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Devasis Barkataki	334101
Debabrat Duarah	334101
Ramanuj Sarmah	334100
Growth Vanijya Private Limited, India	60000
Ava Sarmah	35000
Deepanjali Duarah	50000
Devajani Duarah	60000
Gayatri Sarmah	65000
Juri Bakataki	80000
Mukul Chrabha	65000
Pranath Barkataki	45000
Total	1462302

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	4.10
Directors or relatives of Directors	95.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading and Retailing of Musical Equipments and Instruments

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, G.S. road Branch, D.D. Tower, Christian Basti, Guwahati-781005, Assam, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
TATA Capital Limited	4.021	0.353
Bank LC A/c	14.889	0.000
Banl C/C A/c	42.983	0.000
Total	61.893	0.353

Banking Relations :	--
Auditors :
Name :	Rakesh Dudheria Chartered Accountant
Address :	1^st Floor, Mahaveer Market, Solopara Road, Manipuri Basti, Guwahati-781008, Assam, India
Tel. No.:	91-361-2603373
Mobile No.:	91-9435148275
Fax No.:	Not Available
E-Mail :	mvco@rediffmail.com
PAN No.:	AFTPD7127H

CAPITAL STRUCTURE

As on :29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1462302	Equity Shares	Rs. 10/- each	Rs. 14.623 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		14.623	0.150	0.150
2] Share Application Money		1.924	4.754	4.754
3] Reserves & Surplus		11.252	3.523	0.839
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.799	8.427	5.743
LOAN FUNDS
1] Secured Loans		61.893	0.353	0.000
2] Unsecured Loans		0.000	1.500	0.000
TOTAL BORROWING		61.893	1.853	0.000
DEFERRED TAX LIABILITIES		0.182	0.006	0.007
TOTAL		89.874	10.286	5.750
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.247	3.716	0.106
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.505	0.295	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.326	35.927	2.186
	Sundry Debtors	32.555	14.077	8.195
	Cash & Bank Balances	2.856	3.808	6.641
	Other Current Assets	0.000	0.012	0.000
	Deposits	2.318	1.467	0.615
	Loans & Advances	0.504	0.413	0.340
Total Current Assets		107.559	55.704	17.977
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.151	45.146	12.062
	Other Current Liabilities	5.630	4.038	0.000
	Provisions	2.656	0.245	0.290
Total Current Liabilities		34.437	49.429	12.352
Net Current Assets		73.122	6.275	5.625
MISCELLANEOUS EXPENSES		0.000	0.000	0.019
TOTAL		89.874	10.286	5.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	256.995	159.566	31.777
		Other Income	4.215	4.545	0.021
		TOTAL	261.210	164.111	31.798
Less	EXPENSES
		Cost of Material Purchase	254.135	178.124
		Changes in Inventories	(33.399)	(33.741)
		Employees Benefits Expenses	9.142	6.817
		Other Expenses	18.373	9.438
		TOTAL	248.252	160.639	30.984
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.958	3.472	0.814
Less	FINANCIAL EXPENSES		6.898	0.076	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.060	3.396	0.814
Less/ Add	DEPRECIATION/ AMORTISATION		1.258	0.470	0.027
	PROFIT BEFORE TAX		4.802	2.926	0.787
Less	TAX		2.473	0.242	0.004
	PROFIT AFTER TAX		2.329	2.684	0.783
	Earnings Per Share (Rs.)		1.59	178.94	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.41	1.64	2.46
Net Profit Margin (PBT/Sales)	(%)	1.87	1.83	2.48
Return on Total Assets (PBT/Total Assets}	(%)	4.11	4.92	4.35
Return on Investment (ROI) (PBT/Networth)		0.17	0.35	0.14
Debt Equity Ratio (Total Debt /Networth)		2.23	0.22	0.00
Current Ratio (Current Asset/Current Liability)		3.12	1.13	1.45

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 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE :

The registered office of the company has been shifted from Lamb Road, Ambari, Guwahati-781001, Assam, India to the present address w.e.f. 27.06.2011

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Sanjay Barkataki	0.000	1.500
Total	0.000	1.500

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U52334AS2008PTC008753
Name of the company	ACE ACOUSTICS AND AUDIO VIDEO SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1^stFloor, Dihang Arcade, Opposite Cinemax, G S Road, Guwahati 781005, Assam, India Email : amitpareek99@yahoo.com
This form is for	Creation of Modification
Type of charge	Book Debts Movable Property Floating Charge Other (Stocks both present and future)
Particular of charge holder	Standard Chartered Bank, G N B Road, Ambari, Guwahati-781001, Assam, India Email : gokani.payal@sc.com
Nature of instrument creating charge	1)Overdraft facility of Rs 45.0000 Millions to takeover limits from State Bank of India and meet working capital needs 2) Unsecured import letter of credit facility for Rs 30.000 Millions 3) Bank guarantee limit of Rs 2.000 Millions
Date of instrument Creating the charge	12.06.2012
Amount secured by the charge	Rs. 77.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As mutually agreed to between the parties Terms of Repayment: As mutually agreed to between the parties Margin : As mutually agreed to between the parties Extent and Operation of the charge : As mutually agreed to between the parties
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All stocks, both present and future, located at 1st Floor, Dihang Arcade, Opposite Dona Planet, G S Road , Guwahati 781005, Assam, India All stocks, both present and future, located at 14/115 Golf Club Road, Ground Floor, Kolkata-700033, West Bengal, India

FIXED ASSETS ;

· Fixed Asssets

· HP Printer

· Computer

· Electric Fittings

· Laptop

· Air Conditioner

· Car

· Office Equipment

· Coffee

· Machine

· Computer

· Electric Fittings etc

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. 54.89
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.58

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	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		30

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.