MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	INDUS CARTEL PRIVATE LIMITED
Registered Office :	C/ 6, Anjali Building, Dr. Radhakrishna Road, Andheri (East), Mumbai – 400 069, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	12.07.2006
Com. Reg. No.:	11-163053
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72900MH2006PTC163053
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07268C
PAN No.: [Permanent Account No.]	AABCI5331E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Electronic Security Systems.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financials after 2007 with government department. Mr. Rajit, Director has provided general information and denied to disclose financial information to us. Business is active as per status in registrar of companies. Payment terms are unknown. The company can be considering for business dealing on a safe and secured trade terms and conditions.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ranjit
Designation :	Director
Contact No.:	91-9821108942
Date :	25.09.2014

LOCATIONS

Registered Office :	C/6, Anjali Building, Dr. Radhakrishna Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-65283805 / 28344466
Mobile No.:	91-9821108942 / 9702554444 (Mr. Rajit P. Prabhakar) 91-9821037661 (Mrs. Anuja Rajit Prabhakar) 91-9702558888 (Mr. M. Mathews)
E-Mail :	anujadeshpande@induscartel.com rajit20@rediffmail.com sales@induscartel.com
Website :	www.induscartel.com
Area :	1000 Sq. ft
Location :	Owned
Factory :	207,Bldg.1A Solaris Industrial Estate Opp.L&T Gate No.6 Powai, 400072 Mumbai, Maharashtra, India

NOTE: Factory has been shifted from No.13, New Malinee Co-operative Housing Society Limited, Mahakali Caves Road, Near Cannossa School, Andheri (East), Mumbai – 400 093, Maharashtra, India to the present Address.

DIRECTORS

AS ON 27.09.2007

Name :	Mr. Rajit Prabhakaran Prabhakar
Designation :	Director
Address :	A6, Anjali Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Date of Birth/Age :	27.02.1976
Date of Appointment :	12.07.2006
Voter Id Card No.:	MT/08/041/076322
PAN No.:	ANMPP5443P
DIN No.:	00255974
Name :	Mrs. Anuja Rajit Prabhakar
Designation :	Director
Address :	A6, Anjali Old Nagardas Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Date of Birth/Age :	25.06.1979
Date of Appointment :	12.07.2006
PAN No.:	AGYPD6769M
DIN No.:	00322121
Name :	Mr. M. Mathews
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Sarita
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 27.09.2007

Names of Shareholders	No. of Shares	%age
Rajit P. Prabhakar	5000	50.00
Anuja Rajit Prabhakar	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2007

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Electronic Security Systems.
Products :	· Video Door Phone · Electronic Safes · Metal Detectors · Hi Resolution camera · CCTV · Inspection System · DVR Surveillance System
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Samsung, Delhi, India Hikvision, Mumbai, Maharashtra, India
Customers :	· End Users · Asian Paints Limited · Asian PPG · Loreal India Private Limited · Johnson and Johnson Limited · Hard Rock Cafe · Liberty Cinema Private Limited · Det Norske Veritas · Nimbus Communications · Emirates Airlines · Airworks Private Limited · Bharat Sanchar Nigam Limited (BSNL) · Hygienic Research Institute
No. of Employees :	20 (Approximately)
Bankers :	· HDFC Bank, Branch Vishal Mall, Andheri (East), Mumbai, Maharashtra, India · IDBI Bank, Branch Opposite Infinity, Andheri (West), Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Vasant Shah and Associates Chartered Accountants
Address :	5, Sita Dham, N.P. Thakkar Cross Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel No.:	91-22-26114536 / 26113347
Mobile No.:	91-9322594642 / 9819966674
PAN No.:	AAJPS8649E

CAPITAL STRUCTURE

As on 31.03.2007

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		(0.038)
4] (Accumulated Losses)		0.000
NETWORTH		0.062
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.724
TOTAL BORROWING		0.724
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.786
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.403
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.029
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.481
	Sundry Debtors	0.307
	Cash & Bank Balances	0.042
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.830
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.261
	Other Current Liabilities	0.000
	Provisions	0.238
Total Current Liabilities		0.499
Net Current Assets		0.331
MISCELLANEOUS EXPENSES		0.023
TOTAL		0.786

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2007
	SALES
		Sales Turnover	2.296
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		Office Expenses	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.005
Less/ Add	DEPRECIATION/ AMORTISATION		0.063
	PROFIT BEFORE TAX		(0.058)
Less	TAX		(0.020)
	PROFIT AFTER TAX		(0.038)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		(0.038)
	Earnings Per Share (Rs.)		(3.80)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover (Approximately)	10.000	9.000	6.000

KEY RATIOS

PARTICULARS		31.03.2007
Return on Total Assets (PBT/Total Assets}	(%)	(4.70)
Return on Investment (ROI) (PBT/Networth)		(0.94)
Debt Equity Ratio (Total Liability/Networth)		19.73
Current Ratio (Current Asset/Current Liability)		1.66

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	Yes
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 three years	Yes
12]	Profitability for last one 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	Yes
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	No
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	Yes
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2007 Rs.In Million
From Others
Kotak Mahindra Prime Limited	0.225
From Directors / Managers
Anuja Deshpande - Prabhakar	0.135
Rajit Prabhakar	0.364
Total	0.724

INDEX OF CHARGES

No Charges Exist for Company 

FINANCIAL RESULTS:

The company has achieved a sales turnover during the year of Rs.2.296 Millions but has incurred losses during the year. The Directors hope that the performance shall improve in future years.

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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	NAY
Analysis Done by:	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		13

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.