1. Summary Information

		Country	India
Company Name	S N COMMOTRADE PRIVATE LIMITED	Principal Name 1	Mrs. Kusum devi jalan
Status	Satisfactory	Principal Name 2	Mr. Praveen kumar jalan
		Registration #	21-60474
Street Address	9 Pretoria Street, Sundeep Building, Kolkata – 700017, West Bengal, India
Established Date	15.10.1993	SIC Code	--
Telephone#	--	Business Style 1	Trading
Fax #	--	Business Style 2	--
Homepage	--	Product Name 1	Commodities
# of employees	--	Product Name 2	--
Paid up capital	Rs.8,002,000/-	Product Name 3	--
Shareholders	Bodies Corporate – 1.00%, Directors Or Relatives Of Directors – 99.00%	Banking	Vijaya Bank
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	47,561,000	Current Liabilities	10,645,000
Inventories	5,505,000	Long-term Liabilities	21,202,000
Fixed Assets	22,000	Other Liabilities	0
Deferred Assets	0	Total Liabilities	31,847,000
Invest& other Assets	0	Retained Earnings	9,339,000
		Net Worth	21,241,000
Total Assets	53,088,000	Total Liab. & Equity	53,088,000
Total Assets (Previous Year)
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales/Total Income	251,071,000	Net Profit	3,150,000
Sales(Previous yr)	187,123,000	Net Profit(Prev.yr)	2,310,000

MIRA INFORM REPORT

Report Date :

12.04.2011

IDENTIFICATION DETAILS

Name :	S N COMMOTRADE PRIVATE LIMITED
Formerly Known As :	RASHRAJ COMMOTRADE PRIVATE LIMITED
Registered Office :	9 Pretoria Street, Sundeep Building, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.10.1993
Com. Reg. No.:	21-060474
CIN No.: [Company Identification No.]	U51909WB1993PTC060474
TAN No.: [Tax Deduction & Collection Account No.]	CALS14630A
PAN No.: [Permanent Account No.]	AABCR1932N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in General Trading of Commodities.

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 84000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	9 Pretoria Street, Sundeep Building, Kolkata – 700017, West Bengal, India
E-Mail :	sn_comm@rediffmail.com nirajagarw@gmail.com sn_commotrade@rediffmail.com pkkedia_co@rediffmail.com
Factory:	70, Grand Trunk Road, Asansol – 713303, West Bengal, India

DIRECTORS

As On 01.10.2009

Name :	Mrs. Kusum Devi Jalan
Designation :	Director
Address :	75 G T Road, Asansol – 713303, West Bengal, India
Date of Birth/Age :	21.03.1967
Date of Appointment :	07.08.2003
DIN No.:	00547832
Name :	Mr. Praveen Kumar Jalan
Designation :	Director
Address :	70 G T Road, Asansol – 713 303, West Bengal, India
Date of Birth/Age :	02.08.1957
Date of Appointment :	07.08.2003
DIN No.:	00548446
Name :	Mr. Tapas Kumar Das
Designation :	Director
Address :	24/C, Rabindra Sarani, Kolkata – 700 073, West Bengal, India
Date of Appointment :	15.10.1993
Date of Ceasing :	08.07.2003
Name :	Mr. Vishwanath Agarwal
Designation :	Director
Address :	32 Ezra Street, Kolkata – 700 017, West Bengal, India
Date of Appointment :	15.10.1993
Date of Ceasing :	08.07.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2008

Names of Shareholders	No. of Shares
Kusum Devi Jalan	150000
Suresh Jalan	50000
Goberdhan Jalan	50000
Praveen Jalan	150000
G D Jalan and Others (HUF)	50000
S K Jalan and Sons (HUF)	50000
P K Jalan and Sons (HUF)	50000
K K Jalan and sons (HUF)	50000
Kailash Kumar Jalan	46600
Nirumala Devi Jalan	50000
Manju Jalan	50000
Sangeeta Jalan	50000
Others	3600
Total	800200

As On 25.03.2010

List of Allottees	No. of Shares
SJR Auto Financeers Private Limited – India	15000
Prabhu Dhan Finance Private Limited – India	24000
Total	39000

As On 01.10.2009

Category	Percentage
Bodies corporate	1.00
Directors or relatives of Directors	99.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in General Trading of Commodities.
Products :	Distributorship

GENERAL INFORMATION

Bankers :

· Vijaya Bank, Brabourn Road, Branch, Kolkata, West Bengal, India

· HDFC Bank

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loan From Director	0.000	2.550
Loan From Shareholders	21.202	23.662
Total	21.202	26.212

Banking Relations :

--

Auditors :

Name :

P K Kedia and Company

Chartered Accountants

Address :

46, GT Road, Durga Market, 1^st floor, District Burdwan, Asansol – 713301, West Bengal, India

Tel No.:

91-341-2205398/ 2282303

Email :

pkkedia_co@rediffmail.com

Pan No.:

AAEFP6597M

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
801000	Equity Shares	Rs.10/- each	Rs.8.010 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800200	Equity Shares	Rs.10/- each	Rs.8.002 millions

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
841000	Equity Shares	Rs.10/- each	Rs. 8.410 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
839200	Equity Shares	Rs.10/- each	Rs.8.392 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.002	8.002	8.002
2] Share Application Money		3.900	0.000	0.000
3] Reserves & Surplus		9.339	6.159	3.849
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.241	14.161	11.851
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		21.202	26.212	30.750
TOTAL BORROWING		21.202	26.212	30.750
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.443	40.373	42.601
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.022	0.019	0.027
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.505	5.839	16.212
	Sundry Debtors	24.472	20.682	21.566
	Cash & Bank Balances	12.297	9.429	2.825
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.792	7.363	5.580
Total Current Assets		53.066	43.313	46.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.647	0.250	2.011
	Other Current Liabilities	3.452	0.000	0.000
	Provisions	2.546	2.709	1.648
Total Current Liabilities		10.645	2.959	3.659
Net Current Assets		42.421	40.354	42.524
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		42.443	40.373	42.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		187.123	140.281
		Other Income		13.495	19.167
		TOTAL (A)	251.071	200.618	159.448
Less	EXPENSES
		Cost of goods sold		191.425	141.839
		Salary		0.420	0.362
		Rent		0.024	0.030
		Office maintenance		0.024	0.030
		Traveling and conveyance		0.136	0.198
		Delivery charges		0.684	0.817
		Petrol and fuel		0.031	0.041
		Other expenses		1.524	10.199
		TOTAL (B)	246.361	194.268	153.516
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			6.350	5.932
Less	FINANCIAL EXPENSES (D)			2.972	3.614
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3.378	2.318
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.007	0.011
	PROFIT BEFORE TAX (E-F) (G)		4.710	3.371	2.307
Less	TAX (I)		1.560	1.061	0.735
	PROFIT AFTER TAX (G-I) (J)		3.150	2.310	1.572
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3.849	2.277
	BALANCE CARRIED TO THE B/S		NA	6.159	3.849
	Earnings Per Share (Rs.)		3.97	2.89	1.97

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.25	1.15	0.99
Net Profit Margin (PBT/Sales)	(%)	NA	1.80	1.64
Return on Total Assets (PBT/Total Assets}	(%)	8.87	7.78	4.99
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.19
Debt Equity Ratio (Total Liability/Networth)		1.50	2.06	2.90
Current Ratio (Current Asset/Current Liability)		4.99	14.64	12.62

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

• Motorcycle
• Computer
• Fax Machine

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 records 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.44.20
UK Pound	1	Rs.72.26
Euro	1	Rs.63.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		44

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.