MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	KORADIA EXPORTS (INDIA) PRIVATE LIMITED
Registered Office :	A-249/250, Second Floor, Sakar VII, Nehru Bridge Corner, Ashram Road Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.05.2004
Com. Reg. No.:	04-044098
Capital Investment / Paid-up Capital :	Rs. 0.498 million
CIN No.: [Company Identification No.]	U27104GJ2004PTC044098
TAN No.: [Tax Deduction & Collection Account No.]	AHMK02523D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Candy, Chocolates, Colour Sheets / Coils, Clustered Powder, Chocolate Powder etc.

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 40000
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

LOCATIONS

Registered Office :	A-249/250, Second Floor, Sakar VII, Nehru Bridge Corner, Ashram Road Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-25434416 / 25433499 / 26577922 / 26577972
Fax No.:	91-79-25431098 / 26577312
E-Mail :	koradiaexports@gmail.com

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Rajeshbhai Shantilal Panjwani
Designation :	Director
Address :	9/1, Ravindra Park Society, Behind Government Godown, Danilimd, Shahalam, Ahmedabad, Gujarat, India
Date of Birth/Age :	14.06.163
Date of Appointment :	06.05.2004
PAN No.:	AETPP7292J
DIN No.:	00231488

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15138GJ2004PTC043673	Pelican Confectioners Private Limited	Director	24-02-04	24-02-04	Active	NO
2	U27104GJ2004PTC044098	Koradia Exports (India) Private Limited	Director	06-05-04	06-05-04	Active	NO
3	U15132MH2007PTC174657	Regal Crest Impex Private Limited	Director	03-10-07	03-10-07	Active	NO

Name :	Mr. Anil Banubhai Kordia
Designation :	Managing Director
Address :	22, Khoja Society, Near Ved Mandir Road, Kankaria, Ahmedabad-380022, Gujarat, India
Date of Birth/Age :	21.05.1964
Date of Appointment :	06.05.2004
PAN No.:	ACKPK8775G
DIN No.:	01188082

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15131GJ1985PTC007725	Gujarat Food-Web Private Limited	Managing director	14-03-85	14-03-85	Active	NO
2	U15138GJ2004PTC043673	Pelican Confectioners Private Limited	Managing director	24-02-04	24-02-04	Active	NO
3	U27104GJ2004PTC044098	Koradia Exports (India) Private Limited	Managing director	06-05-04	06-05-04	Active	NO
4	U15132MH2007PTC174657	Regal Crest Impex Private Limited	Director	03-10-07	03-10-07	Active	NO
5	U51900GJ2009PTC056740	Golden Jubilee Tradex Private Limited	Director	28-04-09	28-04-09	Active	NO
6	U85110MH1986GAP039147	Aga Khan Health Services India	Director	13-12-09	13-12-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares	Percentage of Holding
Anil Banubhai Kordia	24790	49.78
Rajeshbhai Shantilal Panjwani	24890	49.98
Anitben Anilbhai Koradaia	10	0.02
Rashidaben Babubhai Koradia	10	0.02
Ishan Anilbhai Koradia	10	0.02
Ashmit R Bhandari	10	0.02
Gujarat Food Industries, India	10	0.02
Rajesh H Dham	10	0.02
Ushaben Rajesh Dham	10	0.02
G M Hemani	10	0.02
Yashmin G Hemani	10	0.02
Saukat Keshwani	10	0.02
Pravinbhai R solanki	10	0.02
Shahina Rajeshbhai Panjwani	10	0.02
Total	49800	100

AS ON 27.09.2010

Category	Percentage
Bodies corporate	0.02
Directors or relatives of Directors	99.84
Other top fifty shareholders	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Candy, Chocolates, Colour Sheets / Coils, Clustered Powder, Chocolate Powder etc.

GENERAL INFORMATION

Bankers :

· Development Credit Bank Limited, Ground Floor, Prerna Arcade, Opposite Doctor House, Near Primal Garden, Ahmedabad-380006, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit (Secured against Stock and Book Debts)	5.391	0.000
Term Loan (Secured against New Office Building)	3.076	3.296
Total	8.467	3.296
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Shareholders	2.189	2.219
Total	2.189	2.219

Banking Relations :	--
Auditors :
Name :	R. S. Patel and Company Chartered Accountant
Address :	801, Popular House, Near Income Tax Circle, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26588909 / 26583536 / 26585550
Fax No.:	91-79-26585551
E-Mail :	ketul@rspatelca.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49800	Equity Shares	Rs.10/- each	Rs. 0.498 Million

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		0.498	0.498	0.498
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.705	4.601	1.170
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.203	5.099	1.668
LOAN FUNDS
1] Secured Loans		8.467	3.296	8.742
2] Unsecured Loans		2.189	2.219	1.819
TOTAL BORROWING		10.656	5.515	10.561
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.859	10.614	12.229
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.998	15.674	16.469
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.836	0.000	0.000
DEFERREX TAX ASSETS		0.110	0.088	0.044
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.728	10.339	74.730
	Sundry Debtors	75.129	85.136	46.608
	Cash & Bank Balances	2.433	7.592	16.694
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.215	30.338	24.287
Total Current Assets		217.505	133.405	162.319
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.931	132.691	163.982
	Other Current Liabilities	1.821	0.249	0.257
	Provisions	7.838	5.613	2.364
Total Current Liabilities		215.590	138.553	166.603
Net Current Assets		1.915	(5.148)	(4.284)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.859	10.614	12.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	549.995	520.256	363.157
		Director Income	0.450	1.323	10.615
		Other Income	2.732	0.090	0.852
		TOTAL (A)	553.177	521.669	374.624
Less	EXPENSES
		Purchases	491.102	358.960	318.531
		Direct Expenses	127.441	79.671	85.603
		Administrative Expenses	13.743	11.368	4.354
		Miscellaneous Expenses	0.000	0.000	0.006
		Increased / (Decreased) in Stock	(88.388)	64.392	(37.240)
		TOTAL (B)	543.898	514.391	371.254
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.279	7.278	3.370
Less	FINANCIAL EXPENSES (D)		1.076	1.098	1.706
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.203	6.180	1.664
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.721	0.867	0.957
	PROFIT BEFORE TAX (E-F) (G)		7.482	5.313	0.707
Less	TAX (H)		2.378	1.882	0.289
	PROFIT AFTER TAX (G-H) (I)		5.104	3.431	0.418
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.601	1.170	0.752
	BALANCE CARRIED TO THE B/S		9.705	4.601	1.170
	EXPORT VALUE		1.141	0.000	NA
	IMPORTS VALUE		486.454	404.818	NA
	Earnings Per Share (Rs.)		102.48	68.89	8.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.92	0.66	0.11
Net Profit Margin (PBT/Sales)	(%)	1.36	1.02	0.19
Return on Total Assets (PBT/Total Assets}	(%)	3.22	3.56	0.40
Return on Investment (ROI) (PBT/Networth)		0.73	1.04	0.42
Debt Equity Ratio (Total Liability/Networth)		22.17	28.25	106.21
Current Ratio (Current Asset/Current Liability)		1.01	0.96	0.97

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from 7, Swagat Complex, Opposite Rollwala Petrol Pump, Near Shelat Bhauvan, Maninagar, Ahmedabad, Gujarat, India to the present address w.e.f. 03.06.2008.

REVIEW OF BUSINESS:

During the year looking to the overall economy, progress of their company was satisfactory but directors are exploring various opportunities to enhance it’s activities.

FORM 8

Corporate identity number of the company	U27104GJ2004PTC044098
Name of the company	KORADIA EXPORTS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-249/250, Second Floor, Sakar VII, Nehru Bridge Corner, Ashram Road Ahmedabad-380009, Gujarat, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Development Credit Bank Limited, Ground Floor, Prerna Arcade, Opposite Doctor House, Near Primal Garden, Ahmedabad-380006, Gujarat, India
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	06.10.2010
Amount secured by the charge	Rs. 8.800 millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment On Demand Margin For overdraft against property - 40% on market value of property, For import LC - 10% in form of RIC and For forward contract - 10% in form of RIC. Extent and operation of the charge The charge is secured by way of Hypothecated property for the facility aggregating to Rs. 8.800 millions together with interest, additional interest, compound interest, commissions, pre-payment charges, costs, charges, expenses and all other monies payable by the Borrower to the Bank.
Short particulars of the property charged (Including location of the property)	The whole of the moveable properties of the borrower including its moveable’s, stock in trade, finished goods, goods in progress, raw material, book debts and other moveable’s.

FIXED ASSETS

· Air Conditioner

· Camera

· Computer

· Fax Machine

· Motor Car

· Office Equipment

· Office Furniture

· Scooter

· Water Cooler

· Television

· New Office Building

· Land Purchase

· Bike

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. 49.24
UK Pound	1	Rs. 76.80
Euro	1	Rs. 67.17

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	NO
--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.