MIRA INFORM REPORT

Report Date :

18.11.2008

IDENTIFICATION DETAILS

Name :	MAHARASHTRA IMPEX LIMITED
Registered Office :	A-7 Dadajee Dhackjee Building, 1st Floor 56/58 Garibdas Street, Vadgadi, Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	01.06.2001
Com. Reg. No.:	132201
CIN No.: [Company Identification No.]	U51221MH2001PLC132201
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20062A
PAN No.: [Permanent Account No.]	AACCM8123H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importers for Chemicals, their principal companies are Lubiola and Clariant Chemicals.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Mr. Atul Shah, Director of the company parted required details. Subject is a well established company having trading of chemicals. Trade relations are fair. Payments are reported as slow but correct. The company can be considered moderate for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Atul Shah
Designation :	Director
Date :	17.11.2008

LOCATIONS

Registered Office :	A-7 Dadajee Dhackjee Building, 1st Floor 56/58 Garibdas Street, Vadgadi, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23427736/ 23412819/ 23421247
Fax No.:	91-22-23413847
E-Mail :	mahimpex@bom8.vsnl.net.in
Area :	1200 sq ft
Location :	Owned (by one of the directors)
Warehouse :	B4, Bhrama Compound, Rehnal Village, Taluka Bhiwandi, District-Thane, Maharashtra, India
Tel. No.:	952522-273598
Corporate Office :	A-6 Dadajee Dhackjee Building, 1st Floor 56/58 Garibdas Street, Vadgadi, Mumbai – 400003, Maharashtra, India

DIRECTORS

Name :	Mr. Atul B. Shah
Designation :	Director
Address :	32, Akash Kiran, Azad Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	23.09.1956
Date of Appointment :	01.06.2001
Name :	Mrs. Nisha A. Shah
Designation :	Director
Address :	32, Akash Kiran, Azad Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	30.03.1959
Date of Appointment :	01.06.2001
Name :	Mrs. Chetna C. Shah
Designation :	Director
Address :	32, Akash Kiran, Azad Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	08.01.1957
Date of Appointment :	01.06.2001
Name :	Mr. Hemang C. Shah
Designation :	Director
Address :	32, Akash Kiran, Azad Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	29.10.1983
Date of Appointment :	10.12.2002
Name :	Mrs. Shardaben B. Shah
Designation :	Director
Address :	32, Akash Kiran, Azad Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Date of Birth/Age :	08.04.1928
Date of Appointment :	14.01.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2007

Names of Shareholders	No. of Shares
Charudutt B. Shah	10000
Atul B. Shah	10000
Chetna C. Shah	10000
Nisha A. Shah	10000
Shardaben B. Shah	9800
Atul J. Parikh	100
Rakesh J. Parikh	100
Total	50000

Names of Allottees	No. of Shares
Charudutt B. Shah	50000
Atul B. Shah	50000
Chetna C. Shah	50000
Nisha A. Shah	50000
Shardaben B. Shah	50200
Hardik A. Shah	9900
A.B. Shah, HUF	60000
S.B. Shah, HUF	60000
B.M. Shah, HUF	60000
Hemang Shah	9900
Total	450000

As on 29.09.2007

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importers for Chemicals, their principal companies are Lubiola and Clariant Chemicals.
Products :	Pigments – Organic and Inorganic White Pigments
Agencies Held :	Lubiola group of Companies Clariant Chemicals
Imports :
Products :	Chemicals
Countries :	Germany
Terms :
Selling :	Credit Depends
Purchasing :	Cash and Credit 90 days

GENERAL INFORMATION

Customers :

Paint Industries

No. of Employees :

14 (In office – 10, In warehouse – 4)

Bankers :

• ING Vysya, Mandi
• Bank of Baroda
• State Bank of India

Facilities :

Secured Loans :

	As on 31.03.2007 Rs. in Millions
From Banks	1.798
Total	1.798

Unsecured Loans :

	As on 31.03.2007 Rs. in Millions
From Directors and family members	17.709
Total	17.709

Banking Relations :	Satisfactory
Auditors :
Name :	Vipul Amodwala and Associates Chartered Accountants
Address :	253/ 2, Ground Floor, Jawahar Nagar, Goregaon (West), Mumbai – 400 062, Maharashtra, India

CAPITAL STRUCTURE

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 Millions]

Particulars	31.03.2008 (Approximately)
Sales Turnover (Estimated)	200.000

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.287	0.005	0.000
4] (Accumulated Losses)		0.000	0.000	(0.313)
NETWORTH		0.787	0.505	0.187
LOAN FUNDS
1] Secured Loans		1.798	0.000	0.000
2] Unsecured Loans		17.709	16.326	15.630
TOTAL BORROWING		19.507	16.326	15.630
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.294	16.831	15.817
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.448	0.420	0.491
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.055
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.374	5.655	6.324
	Sundry Debtors	22.456	22.585	11.974
	Cash & Bank Balances	2.117	5.688	0.863
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.692	0.055	0.000
Total Current Assets		45.639	33.983	19.161
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	26.388	17.487	3.066
	Provisions	0.405	0.085	0.824
Total Current Liabilities		26.793	17.572	3.890
Net Current Assets		18.846	16.411	15.271
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.294	16.831	15.817

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		138.009	106.922	59.008
Other Income		2.544	2.175	0.944
Total Income		140.553	109.097	59.952
Profit/(Loss) Before Tax		0.602	0.403	(0.092)
Provision for Taxation		0.320	0.085	0.000
Profit/(Loss) After Tax		0.282	0.318	(0.092)
Expenditures :
	Cost of Goods Sold	0.000	0.000	52.741
	Direct Expenses	0.000	0.000	2.202
	Administrative Expenses	0.000	0.000	4.959
	Purchases made for re-sale	128.720	100.288	0.000
	Salaries, Wages, Bonus, etc.	1.210	0.922	0.000
	Managerial Remuneration	0.654	0.654	0.000
	Payment to Auditors	0.016	0.008	0.000
	Interest	1.900	1.301	0.000
	Insurance Expenses	0.012	0.011	0.000
	Depreciation & Amortization	0.145	0.082	0.142
	Other Expenditure	7.294	5.428	0.000
Total Expenditure		139.951	108.694	60.044

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	0.26	0.29	(0.15)
Net Profit Margin (PBT/Sales)	(%)	0.44	0.38	(0.16)
Return on Total Assets (PBT/Total Assets}	(%)	1.28	1.17	(0.47)
Return on Investment (ROI) (PBT/Networth)		0.76	0.80	(0.49)
Debt Equity Ratio (Total Liability/Networth)		58.83	67.12	104.39
Current Ratio (Current Asset/Current Liability)		1.70	1.93	4.93

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES:

• Clariant Chemicals, Mumbai

FIXED ASSETS:

• Computer
• Air Conditioner
• Motor Car
• Godown
• Delivery Vehicle

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 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.49.68
UK Pound	1	Rs.74.64
Euro	1	Rs.62.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
TOTAL		38

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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