MIRA INFORM REPORT

Report Date :

30.06.2011

IDENTIFICATION DETAILS

Name :	MAGPPIE EXPORTS PRIVATE LIMITED (w.e.f. 23.01.2008)
Formerly Known As :	MAGPIE EXPORTS PRIVATE LIMITED
Registered Office :	805, “D” Mall, A-1 Netaji Subhash Place, Pitampura, New Delhi-110034
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.08.1994
Com. Reg. No.:	55-060845
Capital Investment/ Paid-up Capital:	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC060845
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Stainless Steel Products.
No. of Employees:	Approximately 25

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1300
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear some accumulated losses being recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : 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. Suresh Jain
Designation :	Director
Contact No.:	91-9899469001
Date :	29.06.2011

LOCATIONS

Registered Office :	805, “D” Mall, A-1 Netaji Subhash Place, Pitampura, New Delhi-110034, India
Tel. No.:	91-11-47047901/ 47252222/ 28
Mobile No.:	91-9899469001 (Mr. Suresh Jain)
Fax No.:	91-11-47047904/ 47252229
E-Mail :	francis@magppie.in dhan@magppie.in
Website :	http://www.magppie.com
Area :	1392 sq.ft. (Rented)

DIRECTORS

As on 30.09.2010

Name :	Mr. Sulekh Chand Jain
Designation :	Director
Address :	MD-25, Pitam Pura, Delhi-110034, India
Date of Birth/Age :	17.06.1955
Date of Appointment :	11.08.1994
Name :	Mr. Vikas Jain
Designation :	Director
Address :	MD-25, Pitam Pura, Delhi-110034, India
Date of Birth/Age :	02.09.1980
Date of Appointment :	23.11.2007
Name :	Mr. Kailash Chand Jain
Designation :	Director
Address :	MD-25, Pitam Pura, Delhi-110034, India
Date of Birth/Age :	01.04.1959
Date of Appointment :	01.07.2010
DIN No.:	00759719
Name :	Mr. Suresh Jain
Designation :	Director
Address :	MD-25, Pitam Pura, Delhi-110034, India
Date of Birth/Age :	07.07.1966
Date of Appointment :	30.09.2010
DIN No.:	00293999
Name :	Mr. Sanjay Kumar Khandelwal
Designation :	Director
Address :	C-15, South Extension-1, South Delhi, Delhi-110020, India
Date of Birth/Age :	27.07.1968
Date of Appointment :	23.11.2007
Date of Ceasing:	31.12.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sulkh Jain	187910
K.C. Jain	189800
Suresh Jain	187000
Vinod Jain	32000
Vikas Jain	188500
Kunal Jain	171980
Vivek Jain	193500
Shobha Jain	181000
Rashi Jain	189500
Rani Jain	50000
Megha Jain	10000
Anuradha Jain	10000
Bhagirathi Devi Jain	22500
Ram Chand Jain	20000
Resham Devi Jain	100
Anil Kumar Gupta	100
Kanta Gupta	100
Meenakshi Singhal	100
Shiv Shankar Singhal	100
Sunil Kumar Gupta	100
Renu Jain	100
Sunita Jain	100
Naresh Kumar Jain	100
Bimla Jain	100
Prem Chand Jain	100
Rajeev Kejirwal	100
Sanjay Kejirwal	100
Govind Ram Shama	1000
Shyam Narain	3510
O.P.L Shrivastava	2500
Vijnender Jain	1500
Pushpa Srivastava	9000
Dharam Raj	12000
Shiv Devi	11000
Raghbeer	12000
Roshan Lal Jain	7000
Raj Kumar	5500
Sanjay Kumar Khandelwal	300000
Total	2000000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	81.69
Other top fifty shareholders	18.31
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Stainless Steel Products.
Products :	· Stainless Steel Coils · Stainless Steel Circles · Stainless Steel Blanks · Designer Stainless Steel Sheets · Titanium Coated Sheets
Exports :	Will start Export
Imports :
Products :	Stainless Steel Products
Countries :	China Taiwan Brazil
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

Approximately 25

Bankers :

• Bank of Maharashtra, Connaught Place, New Delhi-110001, India
• Punjab National Bank
• HDFC Bank Limited
• Oriental Bank of Commerce

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Cash Credit – Bank of Maharashtra (Secured against hypothecation of stocks, receivables and other current assets of the company and project assets of Dwarkadhis Projects Private Limited as collateral security. Further loan is also secured by way of personal and corporate guarantee)	196.495	196.684
Total	196.495	196.684
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Dwarkadhis Projects Private Limited	70.000	81.900
Total	70.000	81.900

Banking Relations :	--
Auditors :
Name :	Serva and Associates Chartered Accountant
Address :	8/28, 3^rd Floor, W.E.A. Abdul Aziz Marg, Karol Bagh, Delhi-110005, India
Associates/Subsidiaries :	Magppie India Private Limited Magppie International Limited

CAPITAL STRUCTURE

As on 31.03.2010

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
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 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		20.000	10.070	10.070
2] Share Application Money		0.070	0.000	0.000
3] Reserves & Surplus		0.000	0.000	1.121
4] (Accumulated Losses)		[19.729]	[27.399]	0.000
NETWORTH		0.341	[17.329]	11.191
LOAN FUNDS
1] Secured Loans		196.495	196.684	0.000
2] Unsecured Loans		70.000	81.900	65.000
TOTAL BORROWING		266.495	278.584	65.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		266.836	261.255	76.191
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.497	0.249	0.125
Capital work-in-progress		0.000	3.305	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		7.749	12.569	0.022
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.296	87.942	28.221
	Sundry Debtors	169.712	143.376	35.963
	Cash & Bank Balances	0.625	0.537	14.159
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.954	31.958	3.008
Total Current Assets		295.587	263.813	81.351
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.016	11.675	1.467
	Other Current Liabilities	17.092	6.934	3.358
	Provisions	2.889	0.072	0.482
Total Current Liabilities		39.997	18.681	5.307
Net Current Assets		255.590	245.132	76.044
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		266.836	261.255	76.191

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operation	526.455	547.539	62.600
		Other Income	5.297	3.101	0.093
		TOTAL	531.752	550.640	62.693
Less	TOTAL EXPENSES		516.372	91.635	61.654
	PROFIT BEFORE TAX		15.380	[40.995]	1.039
Less	TAX		7.689	[12.474]	0.543
	PROFIT AFTER TAX		7.671	[28.521]	0.496
	IMPORTS
		Import Value	301.195	511.267	64.113
	TOTAL IMPORTS		301.195	511.267	64.113
	Earnings Per Share (Rs.)		3.84	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	696.000

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

The above information has been parted by Mr. Suresh Jain (Director)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.44	[5.18]	0.79
Net Profit Margin (PBT/Sales)	(%)	2.92	[7.49]	1.66
Return on Total Assets (PBT/Total Assets}	(%)	5.14	[15.24]	1.28
Return on Investment (ROI) (PBT/Networth)		45.10	[2.37]	0.09
Debt Equity Ratio (Total Liability/Networth)		898.80	[17.15]	6.28
Current Ratio (Current Asset/Current Liability)		7.39	14.12	15.33

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from 3F, BIGJO’s Tower, A-8 Netaji Subhash Place, Pitampura, New Delhi-110034, India w.e.f. 01.11.2010

Financial Highlights:

The performance of the company has not been as per expectation. The company has posted a Profit before tax of Rs. 15.380 Millions this fiscal in comparison to a net loss of Rs. 28.500 Millions last year.

• Contingent Liability in respect of Sales Tax – Rs. 0.688 Million (Against Which Rs. 0.150 Million has been deposited with the Sales Tax Authority, pertaining to the assessment year 1996-1997)

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1994PTC060845
Name of the company	MAGPPIE EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	PD-4B Pitampura, Delhi-110088, India
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Bank of Maharashtra, Connaught Place, New Delhi-110001, India bom343@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	As per Composite deed of hypothecation
Date of instrument Creating the charge	28.03.2008
Amount secured by the charge	Rs. 200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Composite Deed of Hypothecation Terms of Repayment As per Composite Deed of Hypothecation Margin As per Composite Deed of Hypothecation Extent and Operation of the charge As per Composite Deed of Hypothecation
Short particulars of the property charged	As per Composite Deed of Hypothecation

Fixed Assets:

· Computer

· Fax Machine

· Furniture and Fixture

· Office Equipments

· Air Conditioner

· Mobile Phone

· Motor Cycle

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.44.94
UK Pound	1	Rs.71.91
Euro	1	Rs.64.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		28

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.