MIRA INFORM REPORT

Report Date :

24.08.2011

IDENTIFICATION DETAILS

Name :	ASHAPURA EXPORTS PRIVATE LIMITED
Registered Office :	Lawrence and Mayo House, 2^nd Floor, 276, D. N. Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.05.2001
Com. Reg. No.:	11-132060
Capital Investment / Paid-up Capital :	Rs 16.150 Millions
CIN No.: [Company Identification No.]	U51909MH2001PTC132060
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21420A
PAN No.: [Permanent Account No.]	AADCA9756B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cat Litter (Minerals)
No. of Employees :	175 (Approximately) (in Office)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 134712
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the profitability of the company. However, trade relation are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for 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.

INFORMATION PARTED BY

Name :	Mr. Nitin Jani
Designation :	Assistant to Executive Director
Contact No.:	91-9819587226
Date :	23.08.2011

LOCATIONS

Registered Office :	Lawrence and Mayo House, 2^nd Floor, 276, D. N. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66651700 / 66221700 / 66651853 / 66651876
Mobile No.:	91-9819587226 (Mr. Nitin Jani)
Fax No.:	91-22-22017621 / 22079395
E-Mail :	suryakant@ashapura.com nitin@ashapura.com
Website :	www.ashapura.com
Area :	1800 Sq. ft.
Location :	Owned
Factory:	Village Ler, Off Bhuj Anjar Hihway, Kutch - 307020, Gujarat, India
Tel. No.:	91-2832-242410
Mobile:	91-2832-337405
Fax No.:	91-2832-242410
Location :	Owned by Promoter

DIRECTORS

As on 30.09.2010

Name :	Mr. Navnital. R. Shah
Designation :	Director
Address :	12, Anupam, 11 Manav Mandir Road, Walkeshwar, Mimbai – 400006, Mahatashtra, India
Date of Birth/Age :	17.08.1926
Date of Appointment :	22.05.2001
DIN No.:	00018945
Name :	Mr. Chetan Shah
Designation :	Director
Address :	12, Anupam, 11 Manav Mandir Road, Walkeshwar, Mimbai – 400006, Mahatashtra, India
Date of Birth/Age :	28.01.1955
Date of Appointment :	22.05.2001
Name :	Mr. Suryakant Shah
Designation :	Director
Address :	C/204, Ganesh Prasad Society, Navagaon, Dahisar (W), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	31.10.1933
Date of Appointment :	22.05.2001
DIN No.:	00065341
Name :	Mrs. Fiza Shah
Designation :	Director
Address :	131, New Summer Ville, Bhulabhai Desai Road, Opposite National Garage, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	28.04.1953
Date of Appointment :	14.07.2004

KEY EXECUTIVES

Name :	Mr. Nitin Jani
Designation :	Assistant to Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Navnital. R. Shah	1494500
Chetan Shah	4500
Dwarkadas J. Kapadia	500
Suryakant Shah	500
Mohideen Mohd. Shaikh	115000
Total	1615000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	92.85
Other top fifty shareholders	7.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cat Litter (Minerals)
Exports :
Products :	Cat Litter
Countries :	UK And Some Other European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Bentonite Granules	MTs		35000	10000
Bentonite Granules and Silicious	MTs		9381.80	11153

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

175 (Approximately) (in Office)

Bankers :

Bank of India, Mumbai Overseas Branch, BOI Buildiang 70/80, M G Road, Mezzanine Floor, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Total Facility: Rs 55.000 Millions

Rs in Millions

Secured Loan	As on 31.03.2010	As on 31.03.2009
Working Capital Loans Bank	53.067	46.711
Car Loan	1.686	0.000
Total	54.753	46.711

Banking Relations :	--
Auditors :
Name :	S. H. Bathiya and Association Chartered Accountant
Address :	2, Tardeo AC Market, 4^th Floor, Tardeo Road. Mumbai – 400034, Maharashtra, India
PAN.:	ALFPS2266Q
Parent Company:	Ashapura Mine Chemical Limited Address: Jeevan Udyog Building, 3^rd Floor, 278, Dr. D N Road, Fort, Mumbai - 400001 , Maharashtra, India Tel No.: 91-22-66651700 / 56651853 Fax No.: 91-22-22079395 / 22079395

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1615000	Equity Shares	Rs.10/- each	Rs 16.150 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	140.000

Expected Sales (2011 - 12): Rs. 180.000 Millions

The above information has been parted by Mr. Nitin Jani

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		16.150	16.150	16.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.528	27.275	25.172
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.678	43.425	41.322
LOAN FUNDS
1] Secured Loans		54.753	46.711	43.660
2] Unsecured Loans		16.575	33.474	36.026
TOTAL BORROWING		71.328	80.185	79.686
DEFERRED TAX LIABILITIES		3.327	2.858	0.066
TOTAL		108.333	126.468	121.074
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.338	28.067	10.835
Capital work-in-progress		0.000	0.000	15.270
INVESTMENT		5.062	5.062	5.062
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.122	44.418	47.934
	Sundry Debtors	52.457	40.338	29.348
	Cash & Bank Balances	4.145	3.107	4.175
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.021	25.941	22.160
Total Current Assets		106.745	113.804	103.617
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.610	18.384	16.196
	Other Current Liabilities	7.461	2.486	2.144
	Provisions	5.741	9.458	7.562
Total Current Liabilities		33.812	30.328	25.902
Net Current Assets		72.933	83.476	77.715
MISCELLANEOUS EXPENSES		0.000	9.863	12.192
TOTAL		108.333	126.468	121.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	138.680	129.379
Less	EXPENSES
		Material Cost and Manufacturing Expenses	62.014	47.424
		Personnel Expenses	8.781	9.825
		Administrative	14.643	12.645
		Selling and Distribution Expenses	38.298	40.270
		Advertising Expenses	3.179	0.000
		Written off Expenditure	0.000	2.328
		Prior Period Expenditure	0.113	0.411
		TOTAL (B)	127.028	112.903
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.652	16.476
Less	FINANCIAL EXPENSES (D)		6.889	9.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.763	7.253
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.616	1.075
	PROFIT BEFORE TAX (E-F) (G)		3.147	6.178
Less	TAX (I)		3.030	4.036
	PROFIT AFTER TAX (G-I) (J)		0.117	2.142
	DEFERRED REVENUE EXPENDITURE WRITTEN OFF		(9.864)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.425	3.322
	BALANCE CARRIED TO THE B/S		(4.323)	5.464
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	132.296	106.411
	TOTAL EARNINGS		132.296	238.707
	Earnings Per Share (Rs.)		(6.04)	1.33

PROFIT & LOSS ACCOUNT

Particulars	31.03.2008
Sales	94.531
Income before Depreciation and Tax	4.650
Depreciation	0.831
Provision For Tax	0.492
Income After Depreciation and Tax	1.067

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.08	1.66	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.30	4.35	NA
Return on Investment (ROI) (PBT/Networth)		0.09	0.14	NA
Debt Equity Ratio (Total Liability/Networth)		3.12	2.54	2.56
Current Ratio (Current Asset/Current Liability)		3.20	3.75	4.00

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors:

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
For Expenses	6.722	7.027	6.556
For Goods	13.888	11.357	9.640
Total	20.610	18.384	16.196

Review of Operations:

The Company’s efforts, in taking effective steps to penetrate into the world market for its product CAT LITTER by taking up necessary publicity campaign and participating in exhibitions organized in foreign countries, have started producing results. It is heartening to note that the Company could achieve, during the year under review, an export sales turnover of about Rs. 153.798 Millions. The Directors will endeavor to continue with these efforts and hope to increase this tempo of operations in the current year. The performance of the current year, so far, is in line with this expectation. The Company has achieved total turnover of Rs. 153.798 Millions and Net Profit after tax of Rs. 0.116 Millions.

Contingent Liabilities

Disputed Income Tax Liability of Rs. 0.919 Millions pending before Bombay High Court in respect of A.Y. 2003-04.

Form 8

This form is for	Modification of charge
Charge identification number of the modified	80024743
Corporate identity number of the company	U51909MH2001PTC132060
Name of the company	ASHAPURA EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Jeevan Udyog Building, 3^rd Floor, 278, Dr. D N Road, Fort, Mumbai - 400001 , Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of India, Mumbai Overseas Branch, BOI Buildiang 70/80, M G Road, Mezzanine Floor, Fort, Mumbai – 400001, Maharashtra, India mumbaiovs@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	2nd Supplemental deed of hypothecation
Date of instrument Creating the charge	13.03.2008
Amount secured by the charge	Rs 60.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest EPC/ETR 90 days :Upto 180 days 9.50% p.a. Beyond 180 days upto 270 days 13.50% p.a. 2. FBP/FBN DP/DA 90 days: For Demand bills for transit period (Specified by FEDAI) 9.50% 3. I/F LC: commission as per Bank's guidelines 4. I/F Guarantee: Perf. Gtee. Rs.180+ 0.61% per Qtr. or part thereof with Min. for 2 qtrs. Financial Gtee: Rs.180+ 0.86% per Qtr. or part thereof with Min.of 1.73% The rates are subject to as notified by the Bank from time to time. Terms of Repayment On Demand Margin EPC 15% , FBP/FBN 10% , LC and Guarantee 15% or as required by the Bank from time to time. Extent and Operation of the charge Security in favour of Bank as first charge for due payment as provided in the deed of all monies including the principal sums/installment/interest/commission, costs, charges and expenses and all other moneys, whatsoever due to the bank, under or in respect of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and/or granted by the Bank to the borrower as aforesaid and Also for due repayment of all present and future Others indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs (between Advocate and client) and expenses Revised Facilities and Limits : (1) EPC ETR 90 days Rs.30.0000 Millions (2) FBP/FBN DP/DA 90 days Rs.25.000 Millions Max.1and2 Rs.55.000 Millions (3) LC(I/F) DP/DA 90 days Rs.5.000 Millions (4)BG (I/F) Rs.2.500 Millions, Max 3and4 Rs.5.000 Millions ,Maximum aggregate Limit Rs.60.000 Millions.
Short particulars of the property charged	Hypothecation by way of first charge 1) All stock of raw material such as bentonite , silicious earth etc. finished goods such asBentonite lumps , Bentonite granules etc. stocks in process , various kinds of packaging materials such as bags,boxes,trays etc. bar code labels, shrink films, chemicals etc. wheresoever situate and/or in transit 2) All present and future book debts, outstanding, money receivables, claims,bills due and owing to the Borrower.
Date of latest modification prior to the present modification	05.02.2007
Particulars of the present modification	2^nd Modification. The charge on the hypothecated assets is increased from Rs.45.000 Millions to Rs.60.000 Millions

Trade Reference:

• Asian Packaging – Delhi
• Pioneer Conversion – Delhi

Fixed Assets:

• Land
• Building
• Plant and Machinery
• Air Condition
• Computer
• Electrical Fittings
• Furniture and fixtures
• Laboratory Equipments
• Office Equipments
• Trade Mark
• Vehicle
• Mobile
• Xerox 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.45.69
UK Pound	1	Rs.75.29
Euro	1	Rs.65.77

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
TOTAL		29

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.