MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	SAI PRANEET IMPEX PRIVATE LIMITED
Registered Office :	Office No.1, 1^st Floor, Plot No.26, Siddhi Vinayak Commercial Complex, Sector – 10, Airoli, Navi Mumbai – 400 708, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.12.2002
Com. Reg. No.:	11-138130
Capital Investment / Paid-up Capital :	Rs.0.100 Millions
CIN No.: [Company Identification No.]	U51909MH2002PTC138130
Legal Form :	Private Limited Liability Company
Line of Business :	Importer, Exporter and trader of Dental equipments, Medical Equipments and Medicinal Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 8000
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track record. Its scales of activities are limited. There appears huge external borrowing taken by the company during financial year 2012. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Office No.1, 1^st Floor, Plot No.26, Siddhi Vinayak Commercial Complex, Sector – 10, Airoli, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-27642036/ 27641613/ 32554424
Fax No.:	91-22-27642036
E-Mail :	praneetint@yahoo.co.in saipraneetimpex@gmail.com
Website :	www.saipraneetint.com
Branch Office :	No.6, 1^st Floor, 1^st Main, 1^st Block, Jakkasandra, Koramangala – 560 034, Bangalore, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Krishna Shivsevak Dube
Designation :	Director
Address :	H 8/04, Mangal Deep Co-operative Housing Society, Sector-14, Airoli, Navi Mumbai – 400 708, Maharashtra, India , India
Date of Birth/Age :	12.02.1970
Date of Appointment :	01.12.2010
DIN No.:	03188156
Name :	Mr. Bhanukiran Prabhakar Somisetty
Designation :	Director
Date of Appointment :	15.12.2003
DIN No.:	01669030
Name :	Mr. Prabhakar Nagisetty Somisetty
Designation :	Director
Address :	Row House No.10, Dharma Jeevan Co-operative Housing Society, Sector-3, Airoli, Navi Mumbai – 400 708, Maharashtra, India, India
Date of Birth/Age :	01.01.1948
Date of Appointment :	01.12.2010
DIN No.:	03187936

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Prabhakar Nagisetty Somisetty	1675	17%
Seema Arvind Dube	3350	34%
Bhanukiran Prabhakar Somisetty	3300	33%
Prabhakar Nagisetty Somisetty	1675	17%
Total	10000	100%

LIST OF ALLOTTEES:

Names of Shareholders	No. of Shares
Krishna Dube	20000
Prabhakar Nagisetty Somisetty	15025
Seema Arvind Dube	6560
Bhanukiran Prabhakar Somisetty	11585
Total	53170

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 :	Importer and trader of Dental equipments, Medical Equipments and Medicinal Products.
Products :	· Extracting Forceps · Extracting Forceps for Children · Root Elevators · Cross Bar Elevators · Amalgam Carriers · Amalgam Well · Bone Curettes · Bone Files · Bone Rongeurs · Explorers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Abhyudaya Co-Op. Bank Limited, Addministrative Office, K. K. Towers, G. D. Amberkar Marg, Parel Village, Mumbai – 400 012, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Repayable on Demand
Abyudaya Bank (Overdraft Facility from Bank against collateral security of residential property at Mumbai in the name of directors of the company)	1.969	1.979
Total	1.969	1.979

Banking Relations :	--
Auditors :
Name :	SPP Associates Chartered Accountants
Address :	21, Akhurath Co-operative Housing Society Limited, Plot No.11, Sector-14, Sanpada, Navi Mumbai – 400 705, Maharashtra, India
PAN No.:	AAPFS6872D

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs.0.100 Million

Terms/ rights attached to the equity shares

The company has only one class of equity shares having a par value of" Rs. 10 per shares. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends (if any) in Indian rupees. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares.

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63170	Equity Shares	Rs. 10/- each	Rs.0.632 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	0.838	0.634
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	1.063	0.863
Total Shareholders’ Funds (1) + (2)	2.001	1.597
(3) Non-Current Liabilities
(a) long-term borrowings	2.889	2.169
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.889	2.169
(4) Current Liabilities
(a) Short term borrowings	1.969	1.979
(b) Trade payables	5.469	5.635
(c) Other current liabilities	0.452	0.230
(d) Short-term provisions	0.232	0.128
Total Current Liabilities (4)	8.122	7.972
TOTAL	13.012	11.738
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.668	0.721
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.186	0.136
(c) Deferred tax assets (net)	0.065	0.083
(d) Long-term Loan and Advances	1.116	1.365
(e) Other Non-current assets	0.000	0.003
Total Non-Current Assets	2.035	2.308
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.465	7.948
(c) Trade receivables	0.321	1.015
(d) Cash and cash equivalents	0.187	0.301
(e) Short-term loans and advances	0.004	0.166
(f) Other current assets	0.000	0.000
Total Current Assets	10.977	9.430
TOTAL	13.012	11.738

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.863
3] Reserves & Surplus		0.454
4] (Accumulated Losses)		0.000
NETWORTH		1.417
LOAN FUNDS
1] Secured Loans		3.520
2] Unsecured Loans		3.172
TOTAL BORROWING		6.692
DEFERRED TAX LIABILITIES		0.000
TOTAL		8.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.805
Capital work-in-progress		0.000
INVESTMENT		0.076
DEFERRED TAX ASSETS		0.080
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.301
	Sundry Debtors	1.342
	Cash & Bank Balances	0.463
	Other Current Assets	0.000
	Loans & Advances	0.632
Total Current Assets		8.738
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	3.496
	Provisions	0.097
Total Current Liabilities		3.593
Net Current Assets		5.145
MISCELLANEOUS EXPENSES		0.003
TOTAL		8.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	12.006	10.604	12.629
		Other Income	0.042	0.074	0.010
		TOTAL (A)	12.048	10.678	12.639
Less	EXPENSES
		Cost of Materials Sold	8.401	7.015
		Employee benefits Expenses	1.579	0.804
		Other Expenses	1.232	2.030
		TOTAL (B)	11.212	9.849	11.896
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.836	0.829	0.743
Less	FINANCIAL EXPENSES (D)		0.473	0.501	0.405
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.363	0.328	0.338
Less	DEPRECIATION/ AMORTISATION (F)		0.054	0.065	0.079
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.309	0.263	0.259
Less	TAX (H)		0.104	0.083	0.035
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.205	0.180	0.224
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.634	0.454	0.230
	BALANCE CARRIED TO THE B/S		0.839	0.634	0.454
	TOTAL IMPORTS		NA	1.557	0.972
	Earnings Per Share (Rs.)		20	18	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.70	1.69	1.77
Net Profit Margin (PBT/Sales)	(%)	2.57	2.48	2.05
Return on Total Assets (PBT/Total Assets}	(%)	2.65	2.55	2.24
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.18
Debt Equity Ratio (Total Debt /Networth)		2.43	2.60	4.72
Current Ratio (Current Asset/Current Liability)		1.35	1.18	2.43

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	No

NOTE: Registered office address of the company has been shifted from Flat No.1, Saidarshan Building, Ground Floor, Opposite Rajiv Gandhi Maidan, Sector – 3, Airoli, Navi Mumbai – 400 708, Maharashtra, India to the present address w.e.f.01.04.2006

OPERATIONS:

Subject continued to carry on the Business as Importer and trader of Dental equipments, Medical Equipments and Medicinal Products. It has resulted in the total turnover of Rs.12.006 Millions as against Rs. 10.603 Millions in the previous year; however, the profit has been increase in comparison to the last year.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loan from Directors and Relatives	2.889	2.169
Total	2.889	2.169

Note: The Unsecured Loans were taken from the Directors or their relatives. There no agreement for the loans taken and no term of payment is specified for the loans. On the basis of the declarations received from the loans as on 31^st March 2012, the above loans are in the nature of long term loan and not repayable in the next one year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10220702	30/03/2010	1,475,000.00	ABHYUDAYA CO-OP. BANK LIMITED	ADMINISTRATIVE OFFICE, K.K.TOWER, ABHYUDAYA BANK, LANE, G.D.AMBEKAR MARG, PAREL VILLAGE, MUMBAI – 400 012, MAHARASHTRA, INDIA	A85170876
2	10091478	30/10/2007	500,000.00	ABHYUDAYA CO-OP. BANK LIMITED	ADMINISTRATIVE OFFICE, K.K.TOWER, ABHYUDAYA BANK, LANE, G.D.AMBEKAR MARG, PAREL VILLAGE, MUMBAI – 400 012, MAHARASHTRA, INDIA	A33772856
3	10091480	30/10/2007	1,500,000.00	ABHYUDAYA CO-OP. BANK LIMITED	ADMINISTRATIVE OFFICE, K.K.TOWER, ABHYUDAYA BANK, LANE, G.D.AMBEKAR MARG, PAREL VILLAGE, MUMBAI – 400 012, MAHARASHTRA, INDIA	A33771965
4	10091477	05/09/2007	259,000.00	ABHYUDAYA CO-OP. BANK LIMITED	ADMINISTRATIVE OFFICE, K.K.TOWER, ABHYUDAYA BANK, LANE, G.D.AMBEKAR MARG, PAREL VILLAGE, MUMBAI – 400 012, MAHARASHTRA, INDIA	A33772252
5	90145435	24/05/2013 *	3,000,000.00	ABHYUDAYA CO-OP. BANK LIMITED	ADMINISTRATIVE OFFICE, K.K.TOWER, ABHYUDAYA BANK, LANE, G.D.AMBEKAR MARG, PAREL VILLAGE, MUMBAI – 400 012, MAHARASHTRA, INDIA	B78173192

* Date of charge modification

FIXED ASSETS:

· Computers and Accessories

· Furniture and Fixture

· Honda Vehicle

· Office Equipments

· Bajaj CT-100 Shop

· Splender

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.