MIRA INFORM REPORT

Report Date :

22.06.2011

IDENTIFICATION DETAILS

Name :	DHANHAR EXIM PRIVATE LIMITED
Registered Office :	5/354, Bhajiwali Pole, Bhagal, Surat-395003, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.10.2009
Com. Reg. No.:	04-058315
Paid-up Capital :	Rs. 0.408 Million
CIN No.: [Company Identification No.]	U51220GJ2009PTC058315
TAN No.: [Tax Deduction & Collection Account No.]	SRTD02822B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Spices.
No. of Employees :	45 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and establishing itself gradually. Business is active. Payments are unknown. The company can be considered for business dealings on a secured 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. Hitesh
Designation :	Director
Date :	18.06.2011

LOCATIONS

Registered Office :	5/354, Bhajiwali Pole, Bhagal, Surat-395003, Gujarat, India.
Tel. No.:	91-261-2424120
Mobile No.:	91-9825059424 (Mr. Hitesh Wankawala)
E-Mail :	dhanhar@gmail.com amish_sanghavi@yahoo.com
Website :	http://www.dhanharmasalas.com
Area :	3000 sq. ft.
Location :	Owned
Factory :	Survey No. 167, Hing Masala Compound Near Samshan Bhoomi Road, Phool Pada, Surat, Gujarat, India.
Area :	5000 war (owned)

DIRECTORS

As On 30.09.2010

Name :	Mr. Hitesh Kumar Dhansukhlal Wankawala
Designation :	Director
Address :	Bunglow No. A/23, AAGAM Row House, City Light Road, Surat-395007, Gujarat, India.
Date of Birth/Age :	07.03.1971
Qualification :	LLB
Date of Appointment :	13.10.2009
DIN No.:	00716582
Name :	Mr. Jignesh Dhansukhlal Wankawala
Designation :	Director
Address :	22, Mahatma Gandhi Co Operative Society, City Light Road, Surat-395007, Gujarat, India.
Date of Birth/Age :	19.06.1973
Qualification :	B.Com
Date of Appointment :	13.10.2009
DIN No.:	00726223

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Hitesh Kumar Dhansukhlal Wankawala	5400
Jignesh Dhansukhlal Wankawala	5400
Lona Mercantile Private Limited – India	10000
Mili Commodities Private Limited – India	10000
Frank Mercantile Private Limited – India	10000
Total	40800

As On 30.09.2010

Category	Percentage
Bodies corporate	73.53
Directors or relatives of Directors	26.47
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Spices.
Exports :
Products :	Spices
Countries :	Dubai South Africa New Zealand
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :	Wholesalers
No. of Employees :	45 (approximately)
Bankers :	Bank of Baroda, Parsi Serry, Surat
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Ashwin Sanghvai Chartered Accountant
Address :	504, Jolly Plaza, Besides Government Polytechnic Athwagate, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2461168/2462640
Mobile No.:	91-9879516442
Pan No.:	ADRPS1517L
Associates/Subsidiaries :	Dhanhar Product-(Year of Establishment 1966) Line of Business: Manufacturer of Spices Dhanhar Masala Bhandar-(Year of Establishment 1988) Line of Business: Retailers of Masalas

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40800	Equity Shares	Rs.10/- each	Rs.0.408 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40800	Equity Shares	Rs.10/- each	Rs.0.408 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.408
2] Share Application Money		0.000
3] Reserves & Surplus		2.700
4] (Accumulated Losses)		(0.021)
NETWORTH		3.087
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.087
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.062
	Other Current Assets	0.000
	Loans & Advances	2.000
Total Current Assets		3.062
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		3.062
MISCELLANEOUS EXPENSES		0.025
TOTAL		3.087

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL (A)	0.000
Less	EXPENSES
		Cost of goods sold	0.000
		Indirect Expenses	0.021
		TOTAL (B)	0.021
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.021)
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.021)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT BEFORE TAX (E-F) (G)		(0.021)
Less	TAX (I)		0.000
	PROFIT AFTER TAX (G-I) (J)		(0.021)

Particulars	31.03.2011
Sales Turnover (approximately)	30.000

The above information has been parted by Mr. Hitesh

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	0.000
Net Profit Margin (PBT/Sales)	(%)	0.000
Return on Total Assets (PBT/Total Assets}	(%)	(0.69)
Return on Investment (ROI) (PBT/Networth)		0.01
Debt Equity Ratio (Total Liability/Networth)		0.99
Current Ratio (Current Asset/Current Liability)		0.00

LOCAL AGENCY FURTHER INFORMATION

Note: The Company incorporated in October 2009, but it has started its business from May 2010.

RESULT OF OPERATIONS:

During the first year, company has not starting is operational activities. The directors are expected to commence its business activities as soon as possible.

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.44.91
UK Pound	1	Rs.72.89
Euro	1	Rs.64.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		12

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.