MIRA INFORM REPORT

Report Date :

09.05.2011

IDENTIFICATION DETAILS

Name :	A. C. ENTERPRISE
Registered Office :	Kansara Bazar, Sihor, District Bhavnagar-364240, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Year of Establishment :	2002
Capital Investment/ Paid-up Capital:	Rs. 4.454 Millions
Legal Form :	Sole Proprietory Concern.
Line of Business :	Trader of ferrous and non ferrous items.
No. of Employees:	Approximately 17

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject seems to satisfactory concern in its field. Trade relations are reported as fair. No valuation report has been provided by the subject. However the networth statement provided seems to be acceptable. No complaints have been heard form indirect or market sources. It would be advisable to take adequate securities while dealing with the subject.

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. Yogesh Goradia
Designation :	Proprietor
Contact No.:	91-9879518071
Date :	29.04.2011
Name :	Mr. Prembhai D Goplani
Designation :	Auditor
Contact No.:	91-9824517650
Date :	29.04.2011

LOCATIONS

Registered Office :	Kansara Bazar, Sihor, District Bhavnagar-364240, Gujarat, India
Tel. No.:	91-2832-225142
Mobile No.:	91-9879518071 (Mr. Yogesh Gokadia)
Area :	Owned
Factory :	Survey No. 40, Part of Plot No. 3, At Vadiya Sishore, Ahmedabad, Gujarat, India
Tel. No.:	91-2832-222142
Area :	Owned

SOLE PROPRIETOR

Name :	Mr. Yogesh Chandulal Goradia
Designation :	Proprietor
Address :	15, Kauntamn Society, Behind Town Hall, Sihor, District Bhavnagar, Gujarat, India
Date of Birth/Age :	01.07.1966
Qualification :	S.Y. B.Com
Experience :	20 Years

KEY EXECUTIVES

Name :	Mr. Prembhai D Goplani
Designation :	Auditor

BUSINESS DETAILS

Line of Business :	Trader of ferrous and non ferrous items.
Imports :
Products :	Copper and Aluminium
Countries :	Dubai
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :	· Aditi Re-Rolling Mills Private Limited · Arihant Metal Corporation · Ganesh Steel Rolling Mill · Rameshwar Steel Re-Rolling Mill · Shree Hari Steel Industries · A.C. Brothers and Company · Kamal Industries · Morakhia and Alloys Private Limited
Customers :	Wholesalers · A.G. Agro Private Limited · Aanal Industries · Baroda Aluminium · Bhavanil Industries · Deep Steel Centre · Indu Metal (India) · Kavach Traders · Light and Glage Extrusion · Mahavir Hardware and Sanitory Mart · Mahesha Steel Suppliers · Patel Brothers · Prakash Traders · Raj Traders
No. of Employees :	Approximately 17 (Office 2 and Factory 15)
Bankers :	Industrial Development Bank of India Corporation Bank, Bhavnagar Branch, “Gopi Arcade”, Block no. -12n, Opposite Takeshwar, Waghawadi Road, Bhavnagar-364002, Gujarat, India

Banking Relations :	--
Auditors :
Name :	B.T. Vora and Company Chartered Accountant
Address :	706, Hemkoot Complex, Opposite Nehru Bridge, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26580814/ 40070814
E-Mail :	btvora@hotmail.com
Associates/Subsidiaries :	A.C. Brothers

CAPITAL STRUCTURE

As on 31.03.2010

Capital Investment :
Owned :	Rs. 3.475 Millions
Borrowed :	Rs.0.979 Millions
Total :	Rs. 4.454 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.475	1.919	1.529
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.475	1.919	1.529
LOAN FUNDS
1] Secured Loans		0.000	0.101	0.263
2] Unsecured Loans		0.979	0.577	1.500
TOTAL BORROWING		0.979	0.678	1.763
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.454	2.597	3.292
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.688	0.688	0.579
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.100	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.976	0.000	0.000
	Sundry Debtors	8.693	6.384	5.041
	Cash & Bank Balances		0.406	0.014
	Other Current Assets	6.018	0.386	0.347
	Loans & Advances		0.000	0.000
Total Current Assets		16.687	7.176	5.402
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.691	5.289	2.623
	Other Current Liabilities	0.230	0.078	0.066
	Provisions	0.000	0.000	0.000
Total Current Liabilities		12.921	5.367	2.689
Net Current Assets		3.766	1.809	2.713
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.454	2.597	3.292

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	41.333	43.757	41.687
		Other Income	0.005	0.138	0.000
		TOTAL	41.338	43.895	41.687
Less	EXPENSES
		Cost of Good Sold	38.500	42.198	39.696
		Audit Fees	0.015	0.016	0.000
		Electric Expenses	0.012	0.007	0.008
		Insurance	0.013	0.013	0.011
		Interest	0.035	0.015	0.000
		Bank Charges	0.046	0.000	0.000
		Salary Expenses	0.306	0.283	0.283
		Brokerage Commission	0.569	0.500	0.600
		Other Expenses	0.799	0.186	0.247
		TOTAL	40.295	43.218	40.845
	NET PROFIT		1.043	0.677	0.842

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.52	1.54	2.02
Net Profit Margin (PBT/Sales)	(%)	2.52	1.55	2.02
Return on Total Assets (PBT/Total Assets}	(%)	6.00	8.61	14.08
Return on Investment (ROI) (PBT/Networth)		0.30	0.35	0.55
Debt Equity Ratio (Total Liability/Networth)		4.00	3.15	2.91
Current Ratio (Current Asset/Current Liability)		1.31	1.34	2.01

LOCAL AGENCY FURTHER INFORMATION

COMPUTATION OF TOTAL INCOME

ASSESSMENT YEAR 2010-11

(Rs. in Millions)

Particulars	Amount	Amount	Amount
PROFIT AND GAINS OF BUSINESS OR PROFESSION
Profit before tax as per P and L account		1.043
Add: Disallowables/ Additions
Disallowable u/s 37	0.003
Disallowable u/s 40	0.000	0.003
Less: Deductions/ Expenses Claimed
Depreciation as per statements		0.062	0.984
INCOME FROM OTHER SOURCES
Income from Dividend
Dividend Income u/s 115-0/ 1150R (Tax Fee)
State Bank of India Tax Saver MF		0.004
Less: Deductions Exempt dividend Income u/s 10 (34/35)		0.004	Nil
Profits and Gains of Business or Profession own business of profession			0.984
Income from other Sources		Nil	Nil
Gross Total Income			0.984
Less: Deductions under chapter VI-A
Deduction u/s 80-C
Life Insurance Premium (LIP)	0.099
Allowance deduction u/s 80-C		0.099
Total Deduction under chapter VI-A			0.099
Net Total Income			0.885
Rounded off			0.885

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STATEMENT OF ASSETS OWNED

MR. YOGESH CHANDULAL GORADIYA

(Proprietor)

DETAILS OF ASSETS OWNED

Cash and Ban Balance	Amount Rs. in Millions
Cash and Bank Balance	1.883

IMMOVABLE PROPERTIES

Name of Owners	Description of Property	Location/ address of property	Type of Property	Details of documents	Present Market Value
Yogeshbhai Goradiya	Godown	GIDC, Ghanghli Road, Village Vadia, District Bhavnagar	Commercial	Title Deed	0.750

GOVERNMENT SECURITIES/ NSC/ SHARES OF LISTED COMPANIES

Particulars	Amount Rs. in Millions
LIC	0.030
UTI	0.000
Investment in MF	0.155
Investment in shares of Limited companies	0.007
Total	0.192

OTHER ASSETS

Particulars	Amount Rs. in Millions
Loans and Advances	2.481
Vehicles	0.038
Other Assets	0.020
Total	2.539

LIABILITIES

BORROWINGS FROM OTHERS

Particulars	Amount Rs in Millions
Unsecured Loans	2.157

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STATEMENT OF ASSETS OWNED

MR. VINODRAI CHANDULAL GORADIYA

DETAILS OF ASSETS OWNED

Cash and Ban Balance	Amount Rs. in Millions
Cash and Bank Balance	0.099

IMMOVABLE PROPERTIES

Name of Owners	Description of Property	Location/ address of property	Type of Property	Details of documents	Present Market Value
Vinubhai Goradiya	Residence	15, Gautam Society, Sihor	Residential	Title Deed	7.500

GOVERNMENT SECURITIES/ NSC/ SHARES OF LISTED COMPANIES

Particulars	Amount Rs. in Millions
LIC	0.025
UTI	0.000
Investment in MF	0.100
Investment in shares of Limited companies	0.722
Total	0.847

OTHER ASSETS

Particulars	Amount Rs. in Millions
Loans and Advances	3.944
Vehicles	0.567
Stock	1.976
Debtors	8.693
Other Assets	0.012
Total	15.192

LIABILITIES

CREDIT FACILITIES WITH BANKS/ FINANCIAL INSTITUTIONS

Particulars	Amount Rs in Millions
Sundry Creditors	12.692

BORROWINGS FROM OTHERS

Particulars	Amount Rs in Millions
Unsecured Loans	0.979

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BALANCE SHEET

As on 31.03.2009

MR. VINODRAI CHANDULAL GORADIYA

(Rs. in Millions)

SOURCES OF FUNDS		31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.734
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.734
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.157
TOTAL BORROWING		2.157
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.891
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.464
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	0.099
	Other Current Assets	3.328
	Loans & Advances	0.000
Total Current Assets		3.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		3.427
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.891

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Trade References:

· Ganga Industries

· Shree Ganesh Steel Industries

Fixed Assets:

· Scooter and Mopad

· Cars

· Mobile Phones

· Plant and Machinery

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.44.78
UK Pound	1	Rs.73.43
Euro	1	Rs.65.27

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.