MIRA INFORM REPORT

Report No. :	350036
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	PHOTOKOM INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	191, Dr. D. N. Road, Opposite Central Bank of India, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22678264
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.07.1991
Com. Reg. No.:	11-062559
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U74940MH1991PTC062559
IEC No.:	0391163264
TAN No.: [Tax Deduction & Collection Account No.]	MUMP28446F
PAN No.: [Permanent Account No.]	AAACP2499K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of electronic products and photography items.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating takes consideration on company's satisfactory financial risk profile characterized by low leverage, comfortable debt coverage indicators along with comfortable liquidity position. Rating further derives strength on company extensive experienced promoter and established track record of its operations. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Hira Govind Bhatia
Designation :	Director
Contact No.:	91-9867738340
Date :	14.11.2015

LOCATIONS

Registered Office :	191, Dr. D. N. Road, Opposite Central Bank of India, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22619690/22678264/22625560
Mobile No.:	91-9892363007 (Mr. Ashish Bhatia)
Fax No.:	91-22-22619690/22625781
E-Mail :	photokom@hotmail.com
Area :	1000 sq. ft.
Location :	Leased
Branch Office 1 :	92, Huda Market, Gurgaon – 122001, Haryana, India
Branch Office 2 :	Level – 9, Raheja Towers, 26-27, M .G Road, Bangalore – 560001, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Hira Govind Bhatia
Designation :	Director
Address :	73/1, Maker Tower, G.D. Somani Road, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	03.10.1961
Qualification :	Graduate
Date of Appointment :	19.07.1991
DIN No.:	01957110
Name :	Mrs. Natasha Hira Bhatia
Designation :	Director
Address :	73/1, Maker Tower, G.D. Somani Road, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	20.04.1963
Qualification :	Graduate
Date of Appointment :	19.07.1991
DIN No.:	01957144
Name :	Mr. Ashish Hira Bhatia
Designation :	Director
Address :	73/1, Maker Tower, G.D. Somani Road, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	06.02.1987
Qualification :	Graduate
Date of Appointment :	15.09.2009
DIN No.:	02733828

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Hira Govind Bhatia	39990	79.98
Natasha Hira Bhatia	10010	20.02
Total	50000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of electronic products and photography items.
Products :	Electronic products and photography items
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Singapore Dubai Middle East
Imports :
Products :	Raw Material
Countries :	Japan Germany
Terms :
Selling :	Cash, Advance Payment, Credit
Purchasing :	Cash, Advance Payment, Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

15 (Approximately)

Bankers :

Banker Name	Central Bank of India
Branch Address	Boribundar Branch, Kitab Mahal D.N. Road, Mumbai - 400001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Central Bank of India (OD A/c)	0.311	0.000
Total	0.311	0.000

Auditors :
Name :	Vijesh I. Jaisinghani Chartered Accountants
Address :	Shop No.5, Krishna Sagar Apartments, Near Samsung Gallery, New Link Road, Ulhasnagar – 421002, Maharashtra, India
Tel. No.:	91-22-2732223
Mobile No.:	91-9422670007
Email:	Tax.audit007@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AASPJ9355R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Jaikrishan Bros Address: 191, Dr. D. N. Road, Opposite Central Bank of India, Fort, Mumbai – 400001, Maharashtra, India Line of business: Trader, Exporter and Importer of electronic products and photography items.

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	6.040	4.683	3.627
(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)	6.540	5.183	4.127
(3) Non-Current Liabilities
(a) long-term borrowings	0.729	0.392	0.413
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.729	0.392	0.413
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.441
(b) Trade payables	23.126	11.209	0.000
(c) Other current liabilities	0.000	0.000	18.968
(d) Short-term provisions	1.495	0.788	0.000
Total Current Liabilities (4)	24.621	11.997	19.409
TOTAL	31.890	17.572	23.949
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.908	1.991	2.116
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	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	2.398	1.922	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.306	3.913	2.116
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.621	5.900	4.366
(c) Trade receivables	18.134	5.174	16.039
(d) Cash and cash equivalents	0.829	2.585	0.753
(e) Short-term loans and advances	0.000	0.000	0.675
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	27.584	13.659	21.833
TOTAL	31.890	17.572	23.949

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	114.135	83.453	NA
	Other Income	0.077	0.000	NA
	TOTAL (A)	114.212	83.453	NA
Less	EXPENSES
	Cost of Materials Consumed	107.971	77.072
	Other expenses	4.173	4.683
	TOTAL (B)	112.144	81.755	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2.068	1.698
Less	FINANCIAL EXPENSES (D)	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.068	1.698
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.101	0.129
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.967	1.569	NA
Less	TAX (I)	0.000	0.000	NA
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1.967	1.569	0.969
	Earnings / (Loss) Per Share (Rs.)	39.34	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.72	1.88	NA
Operating Profit Margin (PBIDT/Sales)	(%)	1.81	2.03	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.17	8.93	NA
Return on Investment (ROI) (PBT/Networth)		0.30	0.30	NA
Debt Equity Ratio (Total Debt /Networth)		0.11	0.08	0.21
Current Ratio (Current Asset/Current Liability)		1.12	1.14	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	3.627	4.683	6.040
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4.127	5.183	6.540
long-term borrowings	0.413	0.392	0.729
Short term borrowings	0.441	0.000	0.000
Total borrowings	0.854	0.392	0.729
Debt/Equity ratio	0.207	0.076	0.111

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	83.453	114.135
		36.766

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	83.453	114.135
Profit	1.569	1.967
	1.88%	1.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
From directors	0.418	0.392
Total	0.418	0.392

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10225579	29/04/2010	1,900,000.00	CENTRAL BANK OF INDIA	BORIBUNDAR BRANCH, KITAB MAHAL D.N. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	A87979399

FIXED ASSETS

• Flat
• Electrical Fittings
• Furniture and Fixtures
• Office Equipment’s
• Computers
• Air Conditioner
• Motor Car

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.65.98
UK Pound	1	Rs.100.11
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.