MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	LMI (INDIA) PRIVATE LIMITED
Registered Office :	D-58, Sector - 8, Dwarka, Delhi - 110077
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.12.2006
Com. Reg. No.:	55-157178
Capital Investment / Paid-up Capital :	Rs.0.645 Million
CIN No.: [Company Identification No.]	U29253DL2006PTC157178
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of trading of diameter gauge, industrial PCS, printer and other related products.
No. of Employees :	20 (Approximately)

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 19000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported to be fair. Business is active. Payment terms are 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 – 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 slowly 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. Mohan Pandit
Designation :	Director
Contact No.:	91-11-25365994
Date :	24.09.2014

LOCATIONS

Registered Office/ Factory :	D-58, Sector - 8, Dwarka, Delhi – 110077, India
Tel. No.:	91-11-25365994 / 25365995 / 45667369
Fax No.:	91-11-25365994 / 25365995 / 45667369
E-Mail :	casmsbrs@gmail.com info@lmiindia.com
Website :	www.lmiindia.com
Location :	Rented
Locality :	Commercial
Corporate Office :	612, Eros Corporate Park, K Block, Sector – 2, IMT, Manesar, Gurgaon – 122050, Haryana, India
Location :	Owned

DIRECTORS

As on 28.09.2013

Name :

Mr. Mohan Pandit

Designation :

Director

Address :

D 304, Sadhbavana Appartment, Plot No. # 08,Sector # 22 ,Dwarka, New Delhi - 110075, India

Date of Birth/Age :

02.08.1970

Date of Appointment :

29.12.2006

DIN No.:

00088113

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	U74999DL2004PTC125792	LASER MEASUREMENT INSTRUMENTS PRIVATE LIMITED	Director	13/04/2004	13/04/2004	-	Active	NO
2	U29253DL2006PTC157178	LMI (INDIA) PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO

Name :

Mrs. Sandhya Pandit

Designation :

Director

Address :

D 304, Sadhbavana Appartment, Plot No. # 08,Sector # 22 ,Dwarka, New Delhi - 110075, India

Date of Birth/Age :

15.01.1974

Date of Appointment :

29.12.2006

DIN No.:

00088676

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	U74999DL2004PTC125792	LASER MEASUREMENT INSTRUMENTS PRIVATE LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
2	U29253DL2006PTC157178	LMI (INDIA) PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Mohan Pandit	27000
Sandhya Pandit	2000
Amit Bhan	4180
Meenakshi Singla	100
Vishal Bhan	4020
Mridul Roy	100
Kailash Jain	100
Niti Sharma	100
Sachin Saraf	4100
Shampa Roy	100
Tri Siddhi Enterprises (Proprietor) Manoj Kumar Surana	100
Maruti Enterprises (Proprietor) Deepak Bokaria	100
Ajay Pandita	5000
Laser Measurement Instruments, India	17500
Total	64500

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	27.13
Directors or relatives of Directors	71.78
Other top fifty shareholders	1.09
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of trading of diameter gauge, industrial PCS, printer and other related products.
Exports :
Products :	Machines
Countries :	· US · Europe
Imports :
Products :	Machines Parts
Countries :	· Germany · US · China
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

Corporation Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans	0.203	0.490
SHORT TERM BORROWINGS
Overdraft limit with bank	0.482	0.001
Total	0.685	0.491

Notes:

LONG TERM BORROWINGS

Term loan from corporation bank is secured against vehicle bears rate of interest @ 12%. It is repayable in 36 monthly installment of Rs.0.027 Million each commencing from the November 2011. Balance outstanding as on 31.03.2013 was Rs.0.489 Million of which long term was Rs.0.203 Million and current maturities was Rs.0.285 Million and balance outstanding as on 31.03.2012 was Rs.0.735 Million of which long term was Rs.0.490 Million and current maturities was Rs.0.245 Million.

SHORT TERM BORROWINGS

The overdraft limit is secured against FDR in the name of directors and corporate guarantees given by Laser Measurement Instruments Private Limited.

Banking Relations :	--
Auditors :
Name :	Samarth M Surana and Company Chartered Accountants
Address :	307, Sai Chambers 783/16, DB Gupta Road, Karol Bagh, Delhi – 110005, India
Tel. No.:	91-11-23550150
PAN No.:	AAQFS4882C
Related Parties :	Laser Measurement Instruments Private Limited, Dwarka, Delhi, India

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64500	Equity Shares	Rs.10/- each	Rs.0.645 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

77

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.645	0.495	0.470
(b) Reserves & Surplus	4.126	3.019	2.041
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4.771	3.514	2.511
(3) Non-Current Liabilities
(a) long-term borrowings	0.203	0.490	0.000
(b) Deferred tax liabilities (Net)	0.007	0.037	0.031
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.210	0.527	0.031
(4) Current Liabilities
(a) Short term borrowings	3.417	3.116	2.115
(b) Trade payables	1.360	1.525	0.083
(c) Other current liabilities	1.762	1.985	0.950
(d) Short-term provisions	0.000	0.109	0.000
Total Current Liabilities (4)	6.539	6.735	3.148
TOTAL	11.520	10.776	5.690
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.184	2.194	1.260
(ii) Intangible Assets	0.036	0.000	0.000
(iii) Capital work-in-progress	0.000	0.104	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.069	0.246	0.026
(e) Other Non-current assets	0.000	0.031	0.028
Total Non-Current Assets	2.289	2.575	1.314
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.467	3.445	2.429
(c) Trade receivables	2.308	3.390	0.559
(d) Cash and cash equivalents	1.202	1.292	1.323
(e) Short-term loans and advances	0.254	0.074	0.065
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9.231	8.201	4.376
TOTAL	11.520	10.776	5.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	17.392	15.494	11.111
		Other Income	0.041	0.128	0.021
		TOTAL (A)	17.433	15.622	11.132
Less	EXPENSES
		TOTAL (B)	16.137	14.233	9.799
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.296	1.389	1.333
Less	FINANCIAL EXPENSES (D)		0.424	0.302	0.255
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.872	1.087	1.078
Less	DEPRECIATION/ AMORTISATION (F)		0.547	0.356	0.217
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.325	0.731	0.861
Less	TAX (H)		0.118	0.228	0.273
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.207	0.503	0.588
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.514	1.011	0.423
	BALANCE CARRIED TO THE B/S		1.721	1.514	1.011
	IMPORTS C.I.F. BASIS		6.931	6.186	3.962
	Earnings / (Loss) Per Share (Rs.)		4.00	10.61	12.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.19	3.22	5.28
Net Profit Margin (PBT/Sales)	(%)	1.87	4.72	7.75
Return on Total Assets (PBT/Total Assets}	(%)	2.82	6.85	15.13
Return on Investment (ROI) (PBT/Networth)		0.07	0.21	0.34
Debt Equity Ratio (Total Debt /Networth)		0.76	1.03	0.84
Current Ratio (Current Asset/Current Liability)		1.41	1.22	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.470	0.495	0.645
Reserves & Surplus	2.041	3.019	4.126
Net worth	2.511	3.514	4.771
long-term borrowings	0.000	0.490	0.203
Short term borrowings	2.115	3.116	3.417
Total borrowings	2.115	3.606	3.620
Debt/Equity ratio	0.842	1.026	0.759

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	11.111	15.494	17.392
		39.447	12.250

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	11.111	15.494	17.392
Profit	0.588	0.503	0.207
	5.29%	3.25%	1.19%

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 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	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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans from related parties	0.120	0.000
Loans from others	2.815	3.115
Total	2.935	3.115

Notes:

· The aforesaid loans are repayable on demand and carrying nil rate of interest.

· The aforesaid loans are repayable on demand and carrying rate of interest @ 12%.

BUSINESS ACTIVITY OF THE COMPANY:

The company is engaged in the business of trading of diameter gauge, industrial PCS, printer and other related products.

FINANCIAL RESULTS AND OPERATIONS

During the year, the sales and other incomes achieved were Rs.17.433 Millions as against previous year Rs.15.623 Millions and profit after tax was Rs.0.207 Million as against profit of previous year of Rs.0.503 Million. Due to market conditions and high volatility in exchange rates and increase in administration expenses there is decline in profit before tax from Rs.0.732 Millions to Rs.0.325 Million. The directors are committed to continue their best effort to do better in current year.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 records 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 pyments 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 :	DIP
Analysis Done by :	KAR
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	YES
--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.