MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	CHHABRA TRADING COMPANY LIMITED
Registered Office :	920, Station Road, Near Mewa Hotel, Chandni Chowk, Delhi- 110 006
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.03.1996
Com. Reg. No.:	55 -077043
Capital Investment / Paid-up Capital :	Rs. 31.180 Millions
CIN No.: [Company Identification No.]	U18101DL1996PLC077043
TAN No.: [Tax Deduction & Collection Account No.]	DELC06379C
PAN No.: [Permanent Account No.]	AAACC5407C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Unique designed garments.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Kabir
Designation :	Project Coordinator
Contact No.:	91-11-23916222
Date :	10.12.2011

LOCATIONS

Registered Office/ Factory :	920, Station Road, Near Mewa Hotel, Chandni Chowk, Delhi- 110 006, India
Tel. No.:	91-11-23916333/ 23941795/ 23941796/ 23916222
Mobile No.:	91-9990589220 (Mr. Anil Chabbra)
Fax No.:	91-11-23916444
E-Mail :	Sachdevakk@hotmail.com ctcindia@bol.net.in
Website:	http://www.ctcindia.com
Branch Office 1 :	95, Partk Street, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-22277559
Fax No.:	91-33-22277561
Area :	1500 sq. ft.
Location :	Owned
Branch Office 2 :	14, Chennarata Swami Temple Street, Nagarthpet Cross, Bangalore-560002, Karnataka, India
Tel. No.:	91-80-22126515
Fax No.:	91-80-22103205
Area :	1500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Anil Chhabra
Designation :	Director
Address :	S- 14 Greater Kailash – I New Delhi- 110048, India
Date of Appointment :	11.03.1996
DIN No.:	00081273

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U18101DL1996PLC077043	CHHABRA TRADING COMPANY LIMITED	Managing director	01-01-08	11-03-96	-	Active	NO
2	U70101DL2000PTC104007	CTC MALL TRADEX PRIVATE LIMITED	Director	18-12-02	18-12-02	01-01-07	Active	NO
3	U45201DL2004PTC125281	CTC N S TOWERS PRIVATE LIMITED	Director	18-03-04	18-03-04	-	Active	NO
4	U51909DL2005PTC137105	SAV TRADEX PRIVATE LIMITED	Director	02-06-05	02-06-05	-	Strike off	NO
5	U28910DL2005PTC139008	SUPERON TECHNIK INDIA PRIVATE LIMITED	Director	25-07-05	25-07-05	28-04-11	Active	NO
6	U45400DL2008PTC178981	PINE FOREST RESORTS AND DEVELOPERS PRIVATE LIMITED.	Director	03-06-08	03-06-08	-	Active	NO
7	U51909DL2005PTC136336	MGV EXPORTS PRIVATE LIMITED	Director	15-04-11	15-04-11	-	Active	NO

Name :	Mr. Gaurav Chhabra
Designation :	Director
Address :	S- 14 Greater Kailash – I New Delhi- 110048, India
Date of Birth/Age :	01.02.1971
Date of Appointment :	25.04.2005
DIN No.:	00081121

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70101DL2000PTC104007	CTC MALL TRADEX PRIVATE LIMITED	Director	12-12-02	12-12-02	01-01-07	Active	NO
2	U18101DL1996PLC077043	CHHABRA TRADING COMPANY LIMITED	Whole-time director	01-01-08	25-04-05	-	Active	NO
3	U51909DL2005PTC137948	MGG EXPORTS PRIVATE LIMITED	Director	23-06-05	23-06-05	-	Strike off	NO
4	U51909DL2005PTC136336	MGV EXPORTS PRIVATE LIMITED	Director	17-05-07	17-05-07	-	Active	NO

Name :	Mr. Gautam Chhabra
Designation :	Director
Address :	S- 14 Greater Kailash – I New Delhi- 110048, India
Date of Appointment :	25.04.2005
DIN No.:	00081183

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U18101DL1996PLC077043	CHHABRA TRADING COMPANY LIMITED	Whole-time director	01-12-07	25-04-05	Active	NO
2	U51909DL2005PTC137948	MGG EXPORTS PRIVATE LIMITED	Director	23-06-05	23-06-05	Strike off	NO
3	U51109HR2008PTC037733	CTC EMPORIO PRIVATE LIMITED	Director	24-03-08	24-03-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Kabir
Designation :	Project Coordinator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sudesh Chhabra	100
Anil Chhabra	1655560
Manish Chhabra	100
Vipin Chhabra	100
Gaurav Chhabra	633985
Gautam Chhabra	725055
Mamta Chhabra	103100
TOTAL	3118000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trader of Unique designed garments.
Products :	Sarees Lahnga Dress Material/ Ladies Suit’s Dupatta Embroidered Fabrics
Exports :
Products :	Designed Garments
Countries :	USA UK
Terms :
Selling :	Cash, Credit (30 / 60 days)
Purchasing :	Cash, Credit (30 / 60 days)

GENERAL INFORMATION

Customers :

· Wholesales

· Retailers

· Manufacturer

No. of Employees :

200 (Approximately)

Bankers :

• Union Bank of India Chandni Chowk Delhi-110006, India
• City Bank N.A.
• ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
City Bank (Aralias DLF)	4.064	7.300
City Bank (124310) OD	22.218	24.847
City Bank Loan	1.756	0.000
Tata Capital Limited (Car Loan)	2.918	0.000
Union Bank of India	5.087	6.668
Total	36.043	38.815

Banking Relations :	--
Auditors :
Name :	Dua and Associates Chartered Accountants
Address :	3404, Mandan Market, Hakim Baqa Street, Hauz Quzi, Delhi- 110 006, India
Tel. No.:	91-11-23266606/ 43658770/ 23252307
Fax No.:	91-11-25258029/ 23252307
Sister Concern :	Emporio

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3118000	Equity Shares	Rs.10/- each	Rs. 31.180 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		31.180	31.180	31.180
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		77.342	60.809	53.176
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		108.522	91.989	84.356
LOAN FUNDS
1] Secured Loans		36.043	38.815	35.406
2] Unsecured Loans		0.000	0.000	3.341
TOTAL BORROWING		36.043	38.815	38.747
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		144.565	130.804	123.103
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.624	56.930	31.926
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.004	192.182	167.948
	Sundry Debtors	309.280	282.626	284.441
	Cash & Bank Balances	3.590	2.518	1.746
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	36.104	22.116	47.485
Total Current Assets		499.978	499.442	501.620
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	387.253	397.723	386.162
	Other Current Liabilities	13.418	18.246	12.922
	Provisions	13.366	9.599	11.359
Total Current Liabilities		414.037	425.568	410.443
Net Current Assets		85.941	73.874	91.176
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		144.565	130.804	123.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	888.702	800.532	873.941
		Other Income	17.545	13.835	13.940
		TOTAL (A)	906.247	814.367	887.881
Less	EXPENSES
		Purchases	803.721	724.556	794.347
		Administrative Expenses	34.650	33.088	31.634
		Personnel Expenses	22.541	20.404	17.731
		Selling and Distribution Expenses	14.261	14.222	15.401
		TOTAL (B)	875.173	792.270	859.113
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.074	21.997	28.768
Less	FINANCIAL EXPENSES (D)		0.850	0.972	0.755
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.224	21.125	28.013
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.858	2.997	3.490
	PROFIT BEFORE TAX (E-F) (G)		26.366	18.128	24.523
Less	TAX (H)		9.833	7.377	10.131
	PROFIT AFTER TAX (G-H) (I)		16.533	10.751	14.392
Less	APPROPRIATIONS
		Transfer to General Reserve	0.827	0.538	0.720
	BALANCE CARRIED TO THE B/S		15.706	10.213	13.672
	Earnings Per Share (Rs.)		5.30	3.45	5.12

Expected Sales (2011-2012) : Rs. 1000.000 Millions

The above information has been parted by Mr. Kabir.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.82	1.32	1.80
Net Profit Margin (PBT/Sales)	(%)	2.97	2.26	2.81
Return on Total Assets (PBT/Total Assets}	(%)	4.72	3.26	4.60
Return on Investment (ROI) (PBT/Networth)		0.24	0.20	0.29
Debt Equity Ratio (Total Liability/Networth)		4.15	5.05	5.32
Current Ratio (Current Asset/Current Liability)		1.21	1.17	1.22

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	No
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

FINANCIAL RESULTS:

The Company has earned profit of Rs. 16.533 Millions during the financial year.

FORM 8

Corporate identity number of the company	U18101DL1996PLC077043
Name of the company	CHHABRA TRADING COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	920, Station Road, Chandni Chowk, Delhi- 110006, India
This form is for	Creation of charge
Type of charge	Immovable Property Others (Corporate Guarantee)
Particular of charge holder	Union Bank of India Chandni Chowk Delhi-110006 Email Id- monishuppal@hotmail.com
Nature of description of the instrument creating or modifying the charge	Letter Of Guarantee (SD-01)
Date of instrument Creating the charge	19.08.2009
Amount secured by the charge	Rs. 5.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As applicable for the Loan granted to Mr. Anil Chhabra Terms of Repayment As applicable for the Loan granted to Mr. Anil Chhabra Margin As applicable for the Loan granted to Mr. Anil Chhabra Extent and Operation of the charge The company has given the corporate guarantee to Union Bank of India for Rs.5.000 millions for the Loan facility granted to Mr. Anil Chhabra against the Extension of the EM of immovable property of the company M/S. Chhabra Trading company Limited at 919,920,921,(3/4), 925,926,927,928 ward no II, Kucha Kabil Attar, Chandni Chaowk, Delhi and premises standing thereon, which has already mortgaged with the Union Bank of India for the facilities granted to the M/S Chhabra Trading Company Limited
Short particulars of the property charged	Corporate Guarantee to Union Bank of India for the Loan Facility granted to Mr. Anil Chhabra Ext. of the EM of immovable property of the Company M/S Chabbra Trading Company Limited. At 919,920,921(3/4),

Fixed Assets:

· Air Conditioner

· Auto Rickshaw

· Camera

· Car

· Cease Fire

· Cellular Phone

· Computer

· Electric Fittings

· Electric Equipments

· Emergency Light

· Fax Machine

· Furniture

· Generator

· Machinery

· Office Equipments

· Photocopy Machine

· Printer

· Refrigerator

· Scooter

· Typewriter

· Water Cooler

· Property

· Wireless Set

· Telephone System

· T.V. System

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. 52.22
UK Pound	1	Rs. 81.54
Euro	1	Rs. 69.60

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.