1. Summary Information

		Country	INDIA
Company Name	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Principal Name 1	MR. SHYAMA PRASAD CHATTERJEE
Status	MODERATE	Principal Name 2	MR. PIYUSH KUMAR TATER
		Registration #	21-056860
Street Address	8/1B, CHOWRINGHEE LANE, KOLKATA – 700 016, WEST BENGAL
Established Date	27.10.1992	SIC Code	--
Telephone#	91-33-30289494	Business Style 1	DISTRIBUTOR
Fax #	91-33-22520884	Business Style 2	--
Homepage	NOT AVAILABLE	Product Name 1	ELECTRONIC CONSUMER DURABLES
# of employees	APPROXIMATELY 35 (IN OFFICE)	Product Name 2	--
Paid up capital	RS.8,357,000/-	Product Name 3	--
Shareholders	BODIES CORPORATE-15.56% DIRECTORS OR RELATIVES OF DIRECTORS-0.24% OTHER TOP FIFTY SHAREHOLDERS-84.20%	Banking	ALLAHABAD BANK
Public Limited Corp.	NO	Business Period	21 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	237,781,000	Current Liabilities	36,218,000
Inventories	45,707,000	Long-term Liabilities	222,591,000
Fixed Assets	15,419,000	Other Liabilities	3,680,000
Deferred Assets	0,000	Total Liabilities	262,489,000
Invest& other Assets	500,000	Retained Earnings	19,925,000
		Net Worth	36,918,000
Total Assets	299,407,000	Total Liab. & Equity	299,407,000
Total Assets (Previous Year)	336,215,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	NA	Net Profit	1,720,000
Sales(Previous yr)	995,948,000	Net Profit(Prev.yr)	2,527,000

MIRA INFORM REPORT

Report Date :

25.05.2013

IDENTIFICATION DETAILS

Name :	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED (w.e.f. 19.01.2004)
Formerly Known As :	CHARCHCO MECHANICALS AND ENGINEERING PRIVATE LIMITED
Registered Office :	8/1B, Chowringhee Lane, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.10.1992
Com. Reg. No.:	21-056860
Capital Investment / Paid-up Capital :	Rs. 8.357 Millions
CIN No.: [Company Identification No.]	U31103WB1992PTC056860
TAN No.: [Tax Deduction & Collection Account No.]	CALC04131B
PAN No.: [Permanent Account No.]	AABCC3109J
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Electronic Consumer Durables.
No. of Employees :	Approximately 35 (In Office)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 14800
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The profitability of the company seems to be low. The external borrowing appears to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered normal 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	FITCH
Rating	B (Long Term Rating)
Rating Explanation	The rating indicates material default risk is present but a limited margin of safety remains.
Date	February 2013

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 :	8/1B, Chowringhee Lane, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-30289494/ 40159494/ 40159495
Fax No.:	91-33-22520844/ 22520884
E-Mail :	avacafirm@gmail.com charcho@panoramagroup.co.in neosa@panoramagroup.co.in balaram@panoramagroup.co.in
Warehouse :	Raghunathpur, Nazrul, Islam Avenue, Kolkata - 700 059, West Bengal, India
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :

Mr. Shyama Prasad Chatterjee

Designation :

Director

Address :

73, Aurobindo Road, Salkia, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

01.11.1948

Date of Appointment :

01.04.2000

PAN No.:

ABWP5952G

DIN No.:

01314557

Other Directorship:

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	U32109WB1986PTC040867	SYLVAN ELECTRONICS PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
2	U51109WB1995PTC072564	PRUDENTIAL AQUA PRIVATE LIMITED	Director	07/07/1995	07/07/1995	-	Active	NO
3	U31103WB1992PTC056860	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO

Name :

Mr. Piyush Kumar Tater

Designation :

Director

Address :

10/4, Vivekananda Road, Kolkata – 700 007, West Bengal, India

Date of Birth/Age :

04.11.1981

Qualification :

BBA

Date of Appointment :

04.02.2009

DIN No.:

02561285

Other Directorship:

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	U31103WB1992PTC056860	CHARCHCO ELECTRONICS (INDIA) PRIVATE LIMITED	Director	04/02/2009	04/02/2009	-	Active	NO
2	U74999WB2007PTC117075	PANORAMA DISPLAY TECHNOLOGIES PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders (Ordinary Equity Shares)	No. of Shares
Balaram Chowdhury	5960
Arun Kumar Poddar	1000
Bani Chowdhury	8762
Lata Bhattacharjee	1000
Rollatainers Niryat Private Limited, India	50000
Ramkrishna Saha	2000
Shyama Prasad Chatterjee	2000
Subrata Bhattacharjee	20000
Nishit Kumar Sinha	4000
Rita Chowdhury	11000
Panorama Electronics Private Limited, India	50000
Panorama Developers Private Limited, India	30000
Total	185722

Names of Shareholders (“A” Class Equity Shares)	No. of Shares
Jayanta Chowdhury	6500
Total	6500

As on 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	15.56
Directors or relatives of directors	0.24
Other top fifty shareholders	84.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Electronic Consumer Durables.

GENERAL INFORMATION

No. of Employees :

Approximately 35 (In Office)

Bankers :

• Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata - 700 001, West Bengal, India
• Standard Chartered Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Cash Credit From Allahabad Bank (Secured against Hypothecation of stock of Finished Goods and hypothecation of Book Debts and personal guarantee of the Directors)	172.324	154.005
Term Loan (Secured against hypothecation of Motor Vehicles)	2.047	2.294
Total	174.371	156.299

Banking Relations :	-
Auditors :
Name :	Agarwal Vishwanath and Associates Chartered Accountants
Address :	7B, Dacres Lane, 1^st Floor, Kolkata - 700 069, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAHFA4348L
Associates :	Prudential Aqua (Private) Limited Sylvan Electronics (Private) Limited Panorama Display Technologies (Private) Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
300000	Ordinary Equity Shares	Rs.10/- each	Rs.3.000 Millions
7000	“A” Class Equity Shares	Rs.1000/- each	Rs.7.000 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
185722	Ordinary Equity Shares	Rs.10/- each	Rs.1.857 Millions
6500	“A” Class Equity Shares	Rs.1000/- each	Rs.6.500 Millions
	Total		Rs.8.357 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		8.357	8.357	7.398
2] Securities Premium		8.636	8.637	0.000
3] Share Application Money		0.000	0.000	9.596
4] Reserves & Surplus		19.925	18.205	15.678
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.918	35.199	32.672
LOAN FUNDS
1] Secured Loans		174.371	156.299	138.761
2] Unsecured Loans		48.220	54.486	33.185
TOTAL BORROWING		222.591	210.785	171.946
DEFERRED TAX LIABILITIES		0.192	0.223	0.266
TOTAL		259.701	246.207	204.884
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.419	14.346	11.928
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.707	111.322	99.979
	Sundry Debtors	191.645	180.093	229.834
	Cash & Bank Balances	5.453	9.188	5.434
	Other Current Assets	7.594	0.000	0.000
	Loans & Advances	33.089	20.766	17.324
Total Current Assets		283.488	321.369	352.571
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.420	83.712	158.251
	Other Current Liabilities	22.798	3.705	0.348
	Provisions	3.488	2.591	1.516
Total Current Liabilities		39.706	90.008	160.115
Net Current Assets		243.782	231.361	192.456
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		259.701	246.207	204.884

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	995.948	959.198
		Other Income	NA	19.451	8.985
		TOTAL (A)	NA	1015.399	968.183
Less	EXPENSES
		Cost of Goods Sold		854.687	823.158
		Vat Paid		112.435	105.030
		Administrative Overhead		15.233	14.433
		Selling and Distribution Overhead		9.762	7.578
		TOTAL (B)	NA	992.117	950.199
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	23.282	17.984
Less	FINANCIAL EXPENSES (D)		NA	18.887	13.954
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	4.395	4.030
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.837	0.572
	PROFIT BEFORE TAX (E-F) (G)		NA	3.558	3.458
Less	TAX (H)		NA	1.031	1.101
	PROFIT AFTER TAX (G-H) (I)		1.720	2.527	2.357
Less	Expenses for earlier year		NA	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.205	15.678	13.321
	BALANCE CARRIED TO THE B/S		NA	18.205	15.678
	Earnings Per Share (Rs.)		8.95	3.21	3.19

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.25	0.24
Net Profit Margin (PBT/Sales)	(%)	NA	0.35	0.36
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.06	0.95
Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.11
Debt Equity Ratio (Total Debt /Networth)		6.03	5.99	0.11
Current Ratio (Current Asset/Current Liability)		7.14	3.57	2.20

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	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	Yes
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	Yes

UNSECURED LOANS:

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loan from Standard Chartered bank	0.000	0.516
From Body Corporate (Interest Free)	48.220	53.970
Total	48.220	54.486

FIXED ASSETS:

• Furniture
• Motor Car
• Motor Van
• Machinery
• Generator
• Motor Cycle
• Office Equipment
• Computer
• Electrical Equipment
• Air Conditioner

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. 55.61
UK Pound	1	Rs. 84.98
Euro	1	Rs. 71.94

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.