MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	SAHAJ DISTRIBUTORS PRIVATE LIMITED
Registered Office :	9/12, Lal Bazar Street, Block-A, Room No. 9, 1^st Floor, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.10.2007
Com. Reg. No.:	21-119117
Capital Investment/ Paid-up Capital:	Rs. 1.100 Millions
CIN No.: [Company Identification No.]	U51109WB2007PTC119117
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader of Iron and Steel
No. of Employees:	12 Approximately

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 12000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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	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 (General Information)

Name :	Mr. Manoj
Designation :	Accountant
Contact No.:	91-988328/7179
Date :	16.11.2011

LOCATIONS

Registered Office :	9/12, Lal Bazar Street, Block-A, Room No. 9, 1^st Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-65365048
Mobile No.:	91-9883287179 (Mr. Manoj)
E-Mail :	aglmsco@gmail.com sahajdistributors@gmail.com
Location:	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Rajiv Sharma
Designation :	Director
Address :	2 Russa Road (East), 2^nd Lane, Charu Market, Kolkata-700033, West Bengal, India
Date of Birth/Age :	20.02.1976
Date of Appointment :	19.06.2009
DIN No.:	02662959

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB2007PTC119117	SAHAJ DISTRIBUTORS PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO

Name :	Mr. Birendra Kumar Jain
Designation :	Director
Address :	Samiran Roy Road, Asansol-713301, West Bengal, India
Date of Birth/Age :	24.12.1957
Date of Appointment :	13.11.2007
DIN No.:	01828251

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB2007PTC119117	Sahaj Distributors Private Limited	Director	22/10/2010	13/11/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Basant Kumar Bihany	5000
Ashoke Chaudhuri	5000
Sitara Fincom Private Limited, West Bengal, India	20000
Aawagaman Mercantile Private Limited, West Bengal, India	20000
Skyline Tracom Private Limited, West Bengal, India	20000
Suhana Management Private Limited, West Bengal, India	20000
Aditi Trade and Finance Private Limited, West Bengal, India	20000
Total	110000

As on 30.07.2011

List of Allottees	No. of Shares Allotted
Genord Commerce Private Limited, India	25000
Blue Bird Mercantiles Private Limited, India	50000
Konark Mercantiles Private Limited, India	25000
Total	100000

EQUITY SHARE BREAKUP (PERCENTAGE OF TOTAL EQUITY)

As on 30.09.2010

Category	Percentage
Bodies corporate	90.91
Directors or relatives of Directors	9.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :	Manufacturer
No. of Employees :	12 Approximately
Bankers :	Bank of Baroda, C.R. Avenue, Kolkata-700012, West Bengal, India
Facilities:	Bill Discounted RS. 250.000 millions

Banking Relations :	--
Auditors :
Name :	G Goenka and Associates Chartered Accountant
Address :	112, Ashutosh Mukherjee Road, 2^nd Floor, Kolkata-700025, West Bengal, India
Tel. No.:	91-33-24552520/ 2498
Fax No.:	91-33-24191378
E-Mail :	ggoenka2008@gmail.com
PAN No.:	AHQPG0910L
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1010000	Equity Shares	Rs. 10/- each	Rs. 10.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs. 10/- each	Rs. 2.100 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs. 10/- each	Rs. 1.100 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		1.100	0.100	0.100
2] Share Application Money		0.000	4.400	4.400
3] Reserves & Surplus		1.892	0.274	0.019
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.992	4.774	4.519
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		50.000	9.290	0.000
TOTAL BORROWING		50.000	9.290	0.000
DEFERRED TAX LIABILITIES		0.011	0.000	0.000
TOTAL		53.003	14.064	4.519
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.537	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.555	6.556	4.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	393.085	123.087	0.036
	Cash & Bank Balances	1.682	1.080	0.070
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	674.006	97.970	0.045
Total Current Assets		1068.773	222.137	0.151
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	972.421	214.641	0.033
	Other Current Liabilities	49.790	0.038	0.000
	Provisions	0.735	0.056	0.009
Total Current Liabilities		1022.946	214.735	0.042
Net Current Assets		45.827	7.402	0.109
MISCELLANEOUS EXPENSES		0.084	0.106	0.010
TOTAL		53.003	14.064	4.519

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1518.311	337.622	0.035
		Other Income	0.081	0.150	0.045
		TOTAL (A)	1518.392	337.772	0.080
Less	EXPENSES
		Purchase	1491.602	334.654	0.031
		Administrative and other Expenses	0.219	0.172	0.021
		TOTAL (B)	1491.821	334.826	0.052
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.571	2.946	0.028
Less	FINANCIAL EXPENSES (D)		24.256	2.643	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.315	0.303	0.028
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.007	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		2.308	0.303	0.028
Less	TAX (H)		0.690	0.048	0.009
	PROFIT AFTER TAX (G-H) (I)		1.618	0.255	0.019
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.274	0.019	0.000
	BALANCE CARRIED TO THE B/S		1.892	0.274	0.019
	Earnings Per Share (Rs.)		39.23	25.53	1.91

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.11	0.08	23.75
Net Profit Margin (PBT/Sales)	(%)	0.15	0.09	80.00
Return on Total Assets (PBT/Total Assets}	(%)	0.22	0.14	18.54
Return on Investment (ROI) (PBT/Networth)		0.77	0.06	0.01
Debt Equity Ratio (Total Liability/Networth)		358.60	46.93	0.01
Current Ratio (Current Asset/Current Liability)		1.04	1.03	3.60

LOCAL AGENCY FURTHER INFORMATION

Note:

The company changed its Registered office from 33/1, N.S. Road, Kolkata-700001, West Bengal, India to Marshall House, Ground Floor, Room No. -126 and 82, Kolkata-700001, West Bengal, India w.e.f. 13.11.2007. The Registered office has again be shifted from Marshall House, Ground Floor, Room No. -126 and 82, Kolkata-700001, West Bengal, India to the present address w.e.f. 23.06.2008

Contingent Liabilities not provided for in the books of accounts in respect of:

a) Bill Discounting as on 31^st March 2010 Rs. 30.000 Millions (Previous year Rs. Nil)

Bankers Charges Report as per Registry

Corporate identity number of the company	U51109WB2007PTC119117
Name of the company	SAHAJ DISTRIBUTORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	9/12, Lal Bazar Street, Block-A, Room No. 9, 1^st Floor, Kolkata-700001, West Bengal, India
This form is for	Creation of Charge
Type of charge	Others (Usance Bills Accompanied with shipping documents)
Particular of charge holder	Punjab National Bank, C.R. Avenue Branch, 31, Chittaranjan Avenue, Kolkata-700012, West Bengal, India Email: rgassociates@sify.com
Nature of instrument creating charge	Supplemental Agreement dated 23.09.2009 Sanction letter dated 22.09.2009
Date of instrument Creating the charge	23.09.2009
Amount secured by the charge	Rs. 30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Commission: As per Bank’s rule Terms of Repayment Repayment on Demand Margin Nil Extent and Operation of the charge To the extent of the bill discounting backed by ILC limit of Rs. 30.000 Millions excluding commission and other charges. The charge will operate till the limit enjoyed by the borrower company is fully repaid.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Usance bills accompanied with shipping documents in respect of consignment goods sent by the company under LC of approved banks.

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

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	4
--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	NO
--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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.