MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	SEAWARD EXPORTS PRIVATE LIMITED
Registered Office :	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.12.2001
Com. Reg. No.:	17-017336
Capital Investment/ Paid-up Capital:	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U51102RJ2001PTC017336
PAN No.: [Permanent Account No.]	AAFCS7423M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sandstones, Limestones and allied products for Wall Cladding, Interior Flooring, Exterior Flooring, Stairs, etc.
No. of Employees:	85 (15 In Office and 70 In Factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 140000
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.

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

Name :	Mr. Gopal
Designation :	Director
Contact No.:	91-744-2475901
Date :	22.11.2011

LOCATIONS

Registered Office:	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan, India
Tel. No.:	91-744-2475901
Mobile No.:	91-9829035744 (Mr. B.L. Gupta)
Fax No.:	91-744-2476914
E-Mail :	seaward@kappa.net.in akagodha@yahoo.co.in
Website :	www.seawardkota.com
Area :	10000 Sq. mtr
Location :	Owned
Factory:	E-16, Estate Area, Ranpur, Kota, Rajasthan, India
Area:	2800 Sq. ft
Location:	Owned

DIRECTORS

As on 29.09.2011

Name :	Mr. Banwari Lal Gupta
Designation :	Director
Address:	21, Vallabh Nagar, Extension, Kota – 324007, Rajasthan, India
Date of Appointment :	19.12.2001
DIN No.:	00159893

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	U51102RJ2001PTC017336	Seaward Exports Private Limited	Director	19/12/2001	19/12/2001	-	Active	NO
2	U14106RJ2008PTC027571	Seaward Stones Private Limited	Director	15/10/2008	15/10/2008	-	Active	NO
3	U45201RJ2008PTC027581	Seaward Buildcon Private Limited	Director	16/10/2008	16/10/2008	-	Active	NO

Name :	Mr. Gopal Lal Mittal
Designation :	Director
Address:	JA – 34, Hindaun, Karauli – 322241, Rajasthan, India
Date of Appointment :	19.12.2001
DIN No.:	00176026

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	U51102RJ2001PTC017336	Seaward Exports Private Limited	Director	19/12/2001	19/12/2001	-	Active	NO
2	U14106RJ2008PTC027571	Seaward Stones Private Limited	Director	15/10/2008	15/10/2008	-	Active	NO
3	U45201RJ2008PTC027581	Seaward Buildcon Private Limited	Director	16/10/2008	16/10/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Banwari Lal Gupta	50000
Gopal Lal Mittal	50000
Total	100000

Equity Share Break up (Percentage of Total Equity)

(AS ON 29.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Sandstones, Limestones and allied products for Wall Cladding, Interior Flooring, Exterior Flooring, Stairs, etc.
Products :	Granite Marbles Sandstones Kota Stone Dholpur Stones Limestones
Exports :
Products :	Granite Marbles Sandstones Kota Stone Dholpur Stones Limestones
Countries :	Australia European Countries UK
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Installed Capacity and Licensed Capacity: Processing Capacity is 425000 Mtrs. Per Annum

GENERAL INFORMATION

Customers :

Wholesalers and End Users

No. of Employees :

85 (15 In Office and 70 In Factory) (Approximately)

Bankers :

Punjab National Bank, Branch Industrial Estate, Kota – 324007, Rajasthan, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
B/P A/c Punjab National Bank, IE Kota (A/c 13)	4.871	8.655
B/P A/c Punjab National Bank, IE Kota (A/c 77)	11.283	10.643
Kotak Mahindra Bank Limited (Fork Lift II Loan)	0.447	0.719
Punjab National Bank Honda Civic Loan a/c (NG 55617)	0.332	0.477
Punjab National Bank I.E. Kota (Honda City loan a/c)	0.000	0.150
Punjab National Bank I.E. Kota (TL IB 875)	1.401	1.905
Punjab National Bank I.E. Kota (Packing Limit) UD -82	17.226	9.341
Punjab National Bank I.E. Kota (TL IB 857)	1.441	1.978
Punjab National Bank I.E. Kota (TL IB 954)	6.066	0.000
Punjab National Bank I.E. Kota (TL IB 981)	4.588	0.000
Total	47.655	33.868

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors
G.L. Mittal	0.114	0.114
From Others
Asha Mittal	0.000	0.000
Gopal Enterprises (Loan A/c)	0.341	0.341
H.L. Gupta	1.748	0.515
H.L. Gupta (Interest free loan)	0.000	1.200
Raj Kumari Gupta	0.141	0.142
Ram Pati Devi	0.113	0.113
Total	2.457	2.425

Banking Relations :	--
Auditors :
Name :	A.S.A.P. and Associates Chartered Accountants
Address :	5-6-7, III Floor, Deepshree Bhawan, Opposite Multipurpose School, Gumanpura, Kota – 324007, Rajasthan, India
PAN NO :	AAPFA6201Q
Memberships :	Chemicals and Allied Products Export Promotion Council (C.A.P.E.X.I.L.)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 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		10.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.192	28.510	20.868
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.192	29.510	21.868
LOAN FUNDS
1] Secured Loans		47.655	33.868	19.404
2] Unsecured Loans		2.457	2.425	1.505
TOTAL BORROWING		50.112	36.293	20.909
DEFERRED TAX LIABILITIES		0.376	0.000	0.000
TOTAL		84.680	65.803	42.777
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.073	21.334	16.957
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.386	4.804	4.317
DEFERREX TAX ASSETS		0.000	0.036	0.064
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.121	10.050	5.125
	Sundry Debtors	43.528	46.601	32.209
	Cash & Bank Balances	0.381	0.181	0.215
	Other Current Assets	0.000	0.020	0.323
	Loans & Advances	3.640	6.572	2.873
Total Current Assets		66.670	63.424	40.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	24.614	20.891	15.559
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.835	2.904	3.747
Total Current Liabilities		26.449	23.795	19.306
Net Current Assets		40.221	39.629	21.439
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		84.680	65.803	42.777

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	164.566	175.861	92.163
		Other Income		2.122	0.958
		TOTAL (A)	164.566	177.983	93.121
Less	EXPENSES
		Cost of Material Consumed	156.158	100.012	44.434
		Direct Overheads		8.725	3.317
		Administrative Overheads		31.981	19.915
		Selling and Marketing Overheads		20.385	15.997
		TOTAL (B)	156.158	161.103	83.663
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			16.880	9.458
Less	FINANCIAL EXPENSES (D)			3.192	2.596
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			13.688	6.862
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.636	1.905
	PROFIT BEFORE TAX (E-F) (G)		8.408	11.052	4.957
Less	TAX (H)		2.256	3.330	1.631
	PROFIT AFTER TAX (G-H) (I)		6.152	7.722	3.326
Add	DEFERRED TAX		0.000	(0.028)	(0.006)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.000	17.547
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.001
	BALANCE CARRIED TO THE B/S		NA	7.694	20.868
	EARNINGS IN FOREIGN CURRENCY		Australian$ 1045903.46, Euro 25247.28 and GBP 1649473.50	Australian$ 847201.59, Euro 36595.38, GBP 1765582.87	Australian$ 831673, Euro 40216.98, GBP 815113, USD$ 36918.97
	Earnings Per Share (Rs.)		61.54	9422.26	332.61

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.73	4.34	3.57
Net Profit Margin (PBT/Sales)	(%)	NA	6.28	5.38
Return on Total Assets (PBT/Total Assets}	(%)	7.95	12.78	8.59
Return on Investment (ROI) (PBT/Networth)		0.24	0.37	0.23
Debt Equity Ratio (Total Liability/Networth)		2.23	2.09	1.84
Current Ratio (Current Asset/Current Liability)		2.52	2.66	2.11

LOCAL AGENCY FURTHER INFORMATION

Check List:

Check List by info Agents	Available in Report (Yes/ No)
1) Year of Establishment	Yes
2)Locality of the Firm	Yes
3)Constitution 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 two years	Yes
12)Profitability for last three years	No
13)Reason for variation <> 20%	----------------
14)Estimated for coming financial year	No
15)Capital in the Business	No
16)Details of Sister Concern	-----------------
17)Major Suppliers	No
18)Major Customer	Yes
19)Payment Terms	Yes
20)Export/ Import Details (if Applicable)	Yes
21)Market Information	------------------
22)Litigation that the Firm / Promoter	------------------
23)Banking Details	Yes
24)Banking facility details	Yes
25)Conduct of the Banking	-------------------
26)Buyer visit details	-------------------
27)Financials, if provided	Yes
28)Incorporation details, if applicable	-------------------
29)Last account filed at ROC	-------------------
30)Major Shareholders, if applicable	-------------------

Bankers Charges Report as per Registry

Corporate identity number of the company	U51102RJ2001PTC017336
Name of the company	SEAWARD EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan , India E-Mail: akagodha@yahoo.co.in
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Punjab National Bank, Branch Industrial Estate, Kota – 324007, Rajasthan, India E-Mail: pritamgoswami@hotmail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of assets to secure term loan and hypothecation of movable assets forming part of fixed/ block assets.
Date of instrument Creating the charge	17.02.2011
Amount secured by the charge	Rs.4.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 3.50%+0.50% spread over the prevailing base rate (presently being 9.50%) @ 13.50% per annum. Terms of Repayment: 20 quarterly installments of Rs.0.230 Million each plus interest @ rate mentioned above. Margin: 25% Extent and Operation of the charge: As per hypothecation agreement executed charge holder and the company.
Short particulars of the property charged	Hypothecation of all Machineries and Fixed Assets acquired and installed at E-16, F-28, 29, 30 Ranpur Industrial Area, Kota (Rajasthan)

FIXED ASSETS:

· Air Conditioners

· Building (Ranpur)

· Camera (Digital)

· Computers

· Electric Installations

· Electric Motors

· Fans (Exhaust)

· Fax Machine

· Fire Fighting Equipments

· Fork Lift

· Furniture and Fixtures

· Hand Cart

· Honda City Car

· Honda Civic Car

· Honda Scooter

· Hydraulic Mobile Crane

· Jet Pump

· Land

· Telephone and Mobile Set

· Motor Cycles

· Office Equipments

· Packing Machine

· Tata Safari Car

· Tools and Templates

· Truck

· Water Cooler

· Weight Machine

· Zerox Machine

· Wireless Internet Bridge

· Sedimentation Plant

· Stone Processing 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.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.