MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	ARCHI EXIM PRIVATE LIMITED

Registered Office :	807, Akik Complex, Near Parshva Tower, Opposite Rajpath Club, S.G. Highway, Bodakdev, Ahmedabad – 380 015, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	20.09.2007

Com. Reg. No.:	04-051780

Capital Investment / Paid-up Capital :	Rs.2.000 millions

CIN No.: [Company Identification No.]	U51109GJ2007PTC051780

TAN No.: [Tax Deduction & Collection Account No.]	AHMA07503G

PAN No.: [Permanent Account No.]	AAGCA5521R

Legal Form :	Private Limited Liability Company

Line of Business :	Exporter and Wholesaler of Industrial Chemicals, Gymnasium Equipment and Toys and Stationery Items.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 10000

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The Company has recently commenced its commercial operations in the financial year 2010-2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The Company can be considered for small to mediocre 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	807, Akik Complex, Near Parshva Tower, Opposite Rajpath Club, S.G. Highway, Bodakdev, Ahmedabad – 380 015, Gujarat
Tel. No.:	91-79-66316670/ 26870764
Fax No.:	91-79-26870764
E-Mail :	brp@archiimpex.com

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Bhavesh Rameshchandra Pradhan
Designation :	Director
Address :	T-1, Parth Apartments, 73, Brahman Mitra Mandal, Society, Near Old Shardamandir Crossing, Ellisbridge, Ahmedabad - 380 006, Gujarat, India
Date of Birth/Age :	16.05.1968
Date of Appointment :	20.09.2007
DIN No.:	01723059

Name :	Ms. Archita Bhavesh Pradhan
Designation :	Director
Address :	T-1, Parth Apartments, 73, Brahman Mitra Mandal, Society, Near Old Shardamandir Crossing, Ellisbridge, Ahmedabad - 380 006, Gujarat, India
Date of Birth/Age :	04.01.1980
Date of Appointment :	20.09.2007
DIN No.:	01723128

Name :	Mr. Sanjaysinh Dharmendrasinh Jadeja
Designation :	Director
Address :	A-7, Row House, Someshwar, Complex-1, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	15.02.1964
Date of Appointment :	30.09.2010
DIN No.:	03140010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders		No. of Shares
Bhavesh Rameshchandra Pradhan		100000
Archita Bhavesh Pradhan		50000
Sanjaysinh Dharmendrasinh Jadeja		50000

Total		200000

Equity Share Breakup

(AS ON 30.09.2010)

Category		Percentage
Directors or relatives of directors		100.00

Total		100.00

BUSINESS DETAILS

Line of Business :

Exporter and Wholesaler of Industrial Chemicals, Gymnasium Equipment and Toys
and Stationery Items.

Products :

· Industrial Chemicals

Trichloroacetyl Chloride

Trichloroacetic Acid

Tobias Acid

Sodium Sulphide Flakes

Sodium Salt of Trichloroacetic Acid

Sodium Saccharin

Sodium Fluoride

Sodium Carboxy Methyl Cellulose

Saccharin Chemicals

Potassium Humate

Potassium Fulvic Humate

Potassium Chlorate

Phosphoric Acid

Monochloro Acetic Acid

Methane Sulfonyl Chloride

Gluconolactone Chemicals

Humic Acid

Carboxy Methyl Cellulose

Chloro Acetyl Chloride

Dicalcium Phosphate Feed Grade

· Gymnasium Equipment

· Toys and Stationery Items

· Glass Lined Equipment

· Machinery Seals

· Computer Hardware

· Pharmaceuticals

· Dyes

· Industrial Machineries

· Accessories

· Electrical Equipments

· Household Material

· Gift Articles

· Glass and Crystal Wares

· Children and Adults Garment, Toys and other various items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	As On 31.03.2011	As On 31.03.2010
Cash Credit Facility from HDFC Bank (Secured by way of hypothecation of stock and book debts of the company and further secured by way of equitable mortgage of office premises and residential property of the directors of the company also secured by way of pledge of FDR in the name of the company, directors and their relatives.)	1.918	0.000
Buyers credit facility from HDFC Bank Limited (Secured by way of hypothecation of stock and book debts of the company and further secured by way of equitable mortgage of office premises and residential property of the directors of the company also secured by way of pledge of FDR in the name of the company, directors and their relatives.)	13.237	0.000

Total	15.155	0.000

(Rs. In Millions)

Unsecured Loans	As On 31.03.2011	As On 31.03.2010
From Directors	8.557	0.175
From relatives of Directors	4.532	0.000
Security Deposit	0.040	0.000

Total	13.129	0.175

Banking Relations :	--

Auditors :
Name :	Bhadresh P. Soni and Company Chartered Accountants
Address :	203, Panorama Complex, Near Navjivan Press, Income Tax, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27546256, 27546188
Fax No.:	91-9824314391
E-Mail :	bhadreshpsoni@yahoo.com
Income-tax PAN of auditor or auditor’s firm :	ABIPS3373B

Enterprise over which key management personnel are able to exercise significant influence :	· Arma International Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Share	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

200000	Equity Share	Rs.10/- each	Rs.2.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.000	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.009	0.000	0.000
4] (Accumulated Losses)		0.000	(0.097)	(0.050)
NETWORTH		3.009	0.003	0.050
LOAN FUNDS
1] Secured Loans		15.155	0.000	0.000
2] Unsecured Loans		13.129	0.175	0.085
TOTAL BORROWING		28.284	0.175	0.085
DEFERRED TAX LIABILITIES		0.018	0.001	0.000

TOTAL		31.311	0.179	0.135

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.176	0.003	0.005
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.843	0.000	0.000
	Sundry Debtors	36.715	0.000	0.000
	Cash & Bank Balances	3.585	0.063	0.092
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.169	0.025	0.025
Total Current Assets		47.312	0.088	0.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.851	0.012	0.004
	Other Current Liabilities	1.949	0.000	0.000
	Provisions	0.450	0.000	0.000
Total Current Liabilities		16.250	0.012	0.004
Net Current Assets		31.062	0.076	0.113

MISCELLANEOUS EXPENSES		0.073	0.101	0.017

TOTAL		31.311	0.179	0.135

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	216.432	0.000	0.000
		Other Income	2.720	0.004	0.000
		TOTAL	219.152	0.004	0.000

Less	EXPENSES
		Cost of Material Consumed	200.890	0.000	0.000
		Direct Expenses	9.628	0.000	0.000
		Administrative and Selling Expenses	3.850	0.048	0.026
		TOTAL	214.368	0.048	0.026

Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4.784	(0.044)	(0.026)

Less	FINANCIAL EXPENSES		3.166	0.000	0.000

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		1.618	(0.044)	(0.026)

Less/ Add	DEPRECIATION/ AMORTISATION		0.046	0.002	0.002

	PROFI /LOSS BEFORE TAX		1.572	(0.046)	(0.028)

Less	TAX		0.467	0.001	0.000

	PROFIT/LOSS AFTER TAX		1.105	(0.047)	(0.028)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.097)	(0.048)	(0.020)

	BALANCE CARRIED TO THE B/S		1.008	(0.097)	(0.048)

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	23.297	0.000	0.000
	TOTAL EARNINGS		23.297	0.000	0.000

	IMPORTS
		Imports Value	18.858	0.000	0.000
	TOTAL IMPORTS		18.858	0.000	0.000

	Earnings Per Share (Rs.)		8.59	(4.70)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.50	(1175.00)	0.00

Net Profit Margin (PBT/Sales)	(%)	0.73	(1150.00)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	3.31	(50.55)	(23.77)

Return on Investment (ROI) (PBT/Networth)		0.52	(15.33)	(0.58)

Debt Equity Ratio (Total Liability/Networth)		1.51	62.33	1.78

Current Ratio (Current Asset/Current Liability)		2.91	7.33	29.25

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, the total income increased to Rs.219.152 millions as compared to previous year’s income of Rs.0.004 millions. The net profit after tax for the year amounted to Rs.1.105 millions as compared to net loss of Rs.0.047. The Directors are expecting more positive and encouraging performance in the next year.

FORM 8:

Corporate identity number of the company	U51109GJ2007PTC051780
Name of the company	ARCHI EXIM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	807, Akik Complex, Near Parshva Tower, Opposite Rajpath Club, S.G. Highway, Bodakdev, Ahmedabad – 380 015, Gujarat, India E-Mail: archiimpex@youtele.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10223065
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation
Date of instrument Creating the charge	27.08.2011
Amount secured by the charge	Rs.50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: On Demand Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation by way of First Charge on Company's Stocks, Book Debts etc., to secure as a continuing security as mentioned for the repayment of Rs.50.000 millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short Particulars of the property charged	i) Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties. ii) iii) All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights.
Particulars of the present modification	The Charge shall now stand increased from Rs.32.500 millions to 50.000 millions against the security of Stocks and Book Debts of the Company.

FIXED ASSETS:

Computer Software
Mobile Phones
Tea-Coffee Machine

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.

MIRA INFORM REPORT

5.843

0.000

36.715

0.000

3.585

0.063

0.000

0.000

1.169

0.025

47.312

0.088

13.851

0.012

1.949

0.000

0.450

0.000

16.250

0.012

31.062

0.076

0.50

(1175.00)

0.73

(1150.00)

3.31

(50.55)

0.52

(15.33)

1.51

62.33

2.91

7.33

Unit