MIRA INFORM REPORT

Report Date :

12.05.2011

IDENTIFICATION DETAILS

Name :	SHANTI MULTILINK PRIVATE LIMITED
Registered Office :	“Shanti House”, Block L No.79/3H Colony, Nehrunagar Circle, Ambawadi, Ahmedabad-380015, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.05.2003
Com. Reg. No.:	04-042364
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51909GJ2003PTC042364
TAN No.: [Tax Deduction & Collection Account No.]	AHMS07068F
PAN No.: [Permanent Account No.]	AAHCS1972M
Legal Form :	Private Limited Liability Company
Line of Business :	Authorised Distributor of Epoxy Resin and Hardener.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 16000
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.

INFORMATION PARTED BY

Name :	Mr. Nilesh B. Khandhedia
Designation :	Director
Contact No.:	91-9824010833
Date :	11.05.2011

LOCATIONS

Registered Office :	“Shanti House”, Block L No.79/3H Colony, Nehrunagar Circle, Ambawadi, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-26301219
Mobile No.:	91-9824010833 (Mr. Nilesh B. Khandhedia)
Fax No.:	91-79-26305988
E-Mail :	shantiad19@dataone.in
Area :	2500 sq. ft. (Owned)

DIRECTORS

As on 30.09.2010

Name :	Mr. Nilesh B. Khandhedia
Designation :	Director
Address :	2, Stavan Apartment, S M Compound, Nehrunagar, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	19.05.1973
Date of Appointment :	08.05.2003
Name :	Milan K Thakkar
Designation :	Director
Address :	A/6, Avani Flats, Near Commerce Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India
Date of Birth/Age :	04.06.1965
Date of Appointment :	08.05.2003
Name :	Ms. Hemali N. Khandhedia
Designation :	Director
Address :	2, Stavan Apartment, S M Compound, Nehrunagar, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	12.11.1976
Date of Appointment :	01.04.2004
Name :	Mrs. Mitaben M Thakkar
Designation :	Director
Address :	A/6, Avani Flats, Near Commerce Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India
Date of Birth/Age :	01.07.1968
Date of Appointment :	01.04.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Nilesh B. Khandhedia	5000
Milan K Thakkar	5000
Total	10000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Authorised Distributor of Epoxy Resin and Hardener.
Terms :
Selling :	Cash / Credit (30 days / 60 days / 90 days)
Purchasing :	Cash / Credit (30 days / 60 days / 90 days)

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

20 (Approximately)

Bankers :

Dena Bank, Ambala Branch

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Kotak Mahindra Primus Limited (Secured against cars and tempos)	0.285	0.014
Total	0.285	0.014
Unsecured Loan
Loan from directors	2.033	2.006
Total	2.033	2.006

Banking Relations :
Auditors :
Name :	Alpesh Shah and Company Chartered Accountant
Address :	19-Cellar, Shubhlaxmi Complex, Near Sanghavi High Scholl, Naranpura, Ahmedabad-380013, Gujarat, India
Tel. No.:	91-79-27492882
Mobile No.:	91-9978532675
E-Mail :	acshah2525@yahoo.com

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.035	3.322	2.567
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.135	3.422	2.667
LOAN FUNDS
1] Secured Loans		0.285	0.014	0.106
2] Unsecured Loans		2.033	2.006	2.339
TOTAL BORROWING		2.318	2.020	2.445
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.453	5.442	5.112
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.773	0.506	0.495
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.059	0.103	0.093
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.589	1.772	1.806
	Sundry Debtors	6.823	3.626	4.608
	Cash & Bank Balances	0.472	0.603	0.218
	Other Current Assets	0.006	0.002	0.010
	Loans & Advances	1.146	2.269	1.823
Total Current Assets		11.036	8.272	8.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.563	1.348	1.348
	Other Current Liabilities	1.167	0.250	1.154
	Provisions	0.685	1.841	1.439
Total Current Liabilities		5.415	3.439	3.941
Net Current Assets		5.621	4.833	4.524
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.453	5.442	5.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	39.444	41.548	53.293
		Other Income	0.478	1.179	1.292
		TOTAL (A)	39.922	42.727	54.585
Less	EXPENSES
		Purchase	33.880	36.574	48.513
		Other direct expenses	0.130	0.069	0.245
		Taxes and duties	0.975	0.987	1.081
		Employees emoluments	0.944	0.901	0.847
		Directors remuneration	1.950	1.420	0.960
		Office and administration	0.307	0.333	0.582
		Selling and distribution	1.234	1.074	0.820
		Other expenses	0.097	0.065	0.062
		Increase/ decrease in stocks	(0.816)	0.034	(0.514)
		TOTAL (B)	38.701	41.457	52.596
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.221	1.270	1.989
Less	FINANCIAL EXPENSES (D)		0.028	0.000	0.068
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.193	1.270	1.921
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.197	0.149	0.272
	PROFIT BEFORE TAX (E-F) (G)		0.996	1.121	1.649
Less	TAX (H)		0.283	0.366	0.480
	PROFIT AFTER TAX (G-H) (I)		0.713	0.755	1.169
Less	APPROPRIATIONS
		Transfer to General Reserve	0.700	0.700	1.000
	BALANCE CARRIED TO THE B/S		0.013	0.055	0.169
	IMPORTS		1.096	NA	NA
	Earnings Per Share (Rs.)		71.26	76.42	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	40.000

Expected Sales (2011-12) : Rs.50.000 Millions

The above information has been parted by Mr. Nilesh B. Khandhedia.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.79	1.77	2.14
Net Profit Margin (PBT/Sales)	(%)	2.53	2.70	3.09
Return on Total Assets (PBT/Total Assets}	(%)	8.43	12.77	18.40
Return on Investment (ROI) (PBT/Networth)		0.24	0.33	0.62
Debt Equity Ratio (Total Liability/Networth)		1.87	1.60	2.39
Current Ratio (Current Asset/Current Liability)		2.04	2.40	2.15

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Creditors for goods	3.444	1.225	1.225
Creditors for expenses	0.119	0.123	0.123
Total	3.563	1.348	1.348

Review of Performances:

During the seventh year of operation the company has grown up rapidly and they promise to perform much better in the years to come.

Results and Profitability:

The company has performed satisfactory during the year and has made substantial profit.

Fixed Assets:

• Computer
• Car
• Air Conditioner
• Furniture and Fixtures
• Motor Pump
• Mobile and Telephone
• Freeze
• Tempo
• T.V
• Fax Machine
• Office Equipments
• Electric Installation
• Weighing Scale Machinery
• Bicycle
• RO Plant
• Water Cooler

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.44.69
UK Pound	1	Rs.73.12
Euro	1	Rs.64.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.