MIRA INFORM REPORT

Report Date :

30.07.2011

IDENTIFICATION DETAILS

Name :	SUJAL LOGISTICS PRIVATE LIMITED
Registered Office :	C/o Vaisal Enterprises, 23, Hotel Sabar Compound, N. H. No.8, Narmada Chokadi, P O. Zadeshwar, Bharuch-392011, Gujarat
Country :	India
Financials (as on) :	31.03.2010 (Consolidated)
Date of Incorporation :	15.09.2004
Com. Reg. No.:	55-044737
Capital Investment / Paid-up Capital :	Rs. 1.732 millions
CIN No.: [Company Identification No.]	U63090GJ2004PTC044737
TAN No.: [Tax Deduction & Collection Account No.]	BRDS04265C
PAN No.: [Permanent Account No.]	APPLIEDFOR
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Dealer and Distributor of Salt, Marine Gypsum, Phospho Gypsum, Coal etc.
No. of Employees :	45 (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 20000
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 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

INFORMATION PARTED BY

Name :	Mr. Manoj Maheshwari
Designation :	Director
Contact No.:	91-9825071379
Date :	23.07.2011

LOCATIONS

Registered Office :	C/o Vaisal Enterprises, 23, Hotel Sabar Compound, N. H. No.8, Narmada Chokadi, P O. Zadeshwar, Bharuch-392011, Gujarat, India
Tel. No.:	91-2642-230430 / 226959 / 291430
Mobile No.:	91-9825071379 (Mr. Manoj Maheshwari)
Fax No.:	91-2642-231179
E-Mail :	vatsal@narmada.net.in
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Manoj M Maheshwari
Designation :	Director
Address :	P-40, Atithi Bunglows, Old National Highway No.8, Bharuch-392001, Gujarat, India
Date of Birth/Age :	12.11.1971
Date of Appointment :	15.09.2004
DIN No :	00197627
Name :	Ms. Preeti M Maheshwari
Designation :	Director
Address :	P-40, Atithi Bunglows, Old National Highway No.8, Bharuch-392001, Gujarat, India
Date of Birth/Age :	18.09.1974
Date of Appointment :	15.09.2004
DIN No :	00813353

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Manoj M Maheshwari	89700
Preeti M Maheshwari	33500
Manilal Maheshwari	25000
Shantaben Maheshwari	25000
Total	173200

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Dealer and Distributor of Salt, Marine Gypsum, Phospho Gypsum, Coal etc.
Products :	Trading and Logistics.
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· Others

· Dealers

· Distributors

No. of Employees :

45 (Approximately)

Bankers :

· State Bank of India, Rasmeccc, 3^rd Floor, Shrirang Palace, Zadeshwar Road, Bharuch-392015, Gujarat, India

· Centurion Bank of Punjab, 5^th Floor, National Plaza, R C Dutt Road, Alkapuri, Baroda-390007, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
a. Term Loan:
Barclays Bank	1.371	2.329
India Bulls Financial Services Limited	1.387	1.597
Reliance Capital Limited	1.463	1.855
City Corp Financial India Limited (Secures against personal guarantee of Directors)	2.180	0.000
Oriental Bank of Commerce (Secures against hypothecation of Vehicles)	0.257	0.459
State Bank of India (Secures against hypothecation of Book Debts and Stock and Equitable mortgage of Res. Property )	8.564	5.895
Total	15.222	12.135
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Others	0.408	0.408
Total	0.408	0.408

Banking Relations :	--
Auditors :
Name :	Dhiraj S Agrawal and Company Chartered Accountant
Address :	Office No.8, 2^nd Floor, Shree Rang Palace, Zadeshwar Road, Bharuch-392012, Gujarat, India
Sister Concern :	Vatsal Enterprises Address : C/o Vaisal Enterprises, 23, Hotel Sabar Compound, N. H. No.8, Narmada Chokadi, P O. Zadeshwar, Bharuch-392011, Gujarat, India Line of Business : Trader of Salt, Gypsum, Coal

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
173200	Equity Shares	Rs.10/- each	Rs. 1.732 Millions

Notes: 13200 Equity shares of Rs. 10/- each issued in consideration of acquisition of Vatsal Enterprises a proprietory concern of the Director.

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		1.732	0.232	0.232
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.261	2.553	1.772
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.993	2.785	2.004
LOAN FUNDS
1] Secured Loans		15.222	12.135	1.350
2] Unsecured Loans		0.408	0.408	0.408
TOTAL BORROWING		15.630	12.543	1.758
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.623	15.328	3.762
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.264	4.798	3.750
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.481	0.481	0.154
DEFERREX TAX ASSETS		0.088	0.064	0.013
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.838	0.673	0.000
	Sundry Debtors	24.871	10.672	0.829
	Cash & Bank Balances	0.761	0.379	0.831
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.335	4.097	2.866
Total Current Assets		32.805	15.821	4.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.590	5.039	3.830
	Other Current Liabilities	0.584	0.326	0.525
	Provisions	0.841	0.471	0.328
Total Current Liabilities		19.015	5.836	4.683
Net Current Assets		13.790	9.985	(0.157)
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		21.623	15.328	3.762

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TURNOVER		100.794	53.919	47.757
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Financial	98.239	52.722	46.822
		Depreciation
		Advertising Expenses
		TOTAL	98.239	52.722	46.822
	PROFIT BEFORE TAX		2.555	1.197	0.935
Less	TAX		0.816	0.410	0.316
	PROFIT AFTER TAX		1.739	0.787	0.619
	Earnings Per Share (Rs.)		10.04	33.91	26.71

Particulars	31.03.2011
Sales Turnover (Approximately)	100.000

Expected Sales (2011-2012) : Rs. 120.000 millions

The above information has been parted by

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	2.53	2.22	1.96
Return on Total Assets (PBT/Total Assets}	(%)	6.36	5.79	11.28
Return on Investment (ROI) (PBT/Networth)		0.43	0.43	0.47
Debt Equity Ratio (Total Liability/Networth)		5.78	6.60	3.21
Current Ratio (Current Asset/Current Liability)		1.73	2.71	0.97

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U63090GJ2004PTC044737
Name of the company	SUJAL LOGISTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C/o Vaisal Enterprises, 23, Hotel Sabar Compound, N. H. No.8, Narmada Chokadi, P O. Zadeshwar, Bharuch-392011, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Rasmeccc, 3^rd Floor, Shrirang Palace, Zadeshwar Road, Bharuch-392015, Gujarat, India
Nature of instrument creating charge	Supplemental Agreement of Loan cum Hypothecation
Date of instrument Creating the charge	03.01.2011
Amount secured by the charge	Rs. 17.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 6.50% above SBBR Terms of repayment On demand Margin Cash Credit – RM- Indigenous, Semi finished goods – 25%, Domestic receivables – 50%, B G -25% Extent and operation of the charge The credit facilities are secured by way of hypothecation of stocks in trade and book debts and receivables lying / situate at C/o Vaishal Enterprises, Hotel Sabar Compound, N H No.8, Near Narmada Chokdi, Bharuch or anywhere else. Other Credit facilities – cash credit – Rs. 14.000 millions + Bank Guarantee – Rs. 3.000 millions aggregating to Rs. 1.700 millions.
Short particulars of the property charged (Including location of the property)	The credit facilities are secured by way of hypothecation of stocks in trade and book debts and receivables lying / situate at C/o Vaishal Enterprises, Hotel Sabar Compound, N H No.8, Near Narmada Chokdi, Bharuch or anywhere else.
Charge identification number of the charge to be modified	10113039
Date of instrument modifying the charge	28.10.2010
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs. 15.000 millions to Rs. 17.000 millions [cash credit – Rs. 14.000 millions + Bank guarantee – Rs. 3.000 millions aggregating to Rs. 17.000 millions]

FIXED ASSETS

· Air Conditioners

· Air Cooler

· Electrical Installation

· Telephone Instruments

· Fire Fitter

· Sukam Battery and Inverter

· Motor Cycle

· Furniture and Fixture

· Tractor with Lodder

· Hyndai Verna

· Computer

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. 44.15
UK Pound	1	Rs. 72.10
Euro	1	Rs. 63.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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.