MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	DML WORLD TRADE PRIVATE LIMITED
Registered Office :	405, Embassy Tower, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360001, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.07.2005
Com. Reg. No.:	04-046358
Capital Investment/ Paid-up Capital:	Rs. 6.250 Millions
CIN No.: [Company Identification No.]	U51100GJ2005PTC046358
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Cotton, Spices, Cummin Seeds, Fennel Seeds, Fenugreek Seeds, Red Chilly, Turmeric, Clove, Coriander Seeds, Cardamom, etc.
No. of Employees:	Not Available

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

LOCATIONS

Registered Office :	405, Embassy Tower, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2223731/ 2222991/ 992/ 993
Fax No.:	91-281-2220409
E-Mail :	kaka@dmlakhani.com info@dmlakhani.com
Website :	www.dmlgroup.in
Corporate Office :	DML Exim Private Limited, 504, Venus Atlantis Corporate Park, Prahlad Nagar Road, Satellite, Near S. G Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40082011/ 40082012
Fax No.:	91-79-40082014
Branch Office :	B-604, Sagar Tech Plaza, Sakinaka Junction, Andheri (East), Mumbai – 400075, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Harishkumar Jayantilal Lakhani
Designation :	Director
Address :	“Shrinath Krupa” Navyug Society, B/ H Amrapali Talkies, Rajkot, Gujarat, India
Date of Appointment :	14.07.2005
DIN No:	01658810

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	U55100GJ1988PTC011223	DML Exim Private Limited	Director	12-05-03	12-05-03	-	Active	NO
2	U51100GJ2005PTC046358	DML World Trade Private Limited	Director	14-07-05	14-07-05	-	Active	NO
3	U51100GJ2005PTC046782	D.R.B. Commodities (India) private limited	Director	16-09-05	16-09-05	-	Active	NO

Name :	Mr. Darshan Harishkumar Lakhani
Designation :	Director
Address :	“Shrinath Krupa” Navyug Society, B/ H Amrapali Talkies, Rajkot, Gujarat, India
Date of Appointment :	14.07.2005
DIN No:	01658879

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	U55100GJ1988PTC011223	DML Exim Private Limited	Director	11-09-04	11-09-04 Bottom of Form

Name :	Mr. Chirag Harishkumar Lakhani
Designation :	Director
Address :	“Shrinath Krupa” Navyug Society, B/ H Amrapali Talkies, Rajkot, Gujarat, India
Date of Appointment :	25.08.2008
DIN No:	01624243

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	U55100GJ1988PTC011223	DML Exim Private Limited	Director	11-09-04	11-09-04	-	Active	NO
2	U51100GJ2005PTC046358	DML World Trade Private Limited	Director	25-08-08	25-08-08	-	Active	NO
3	U27100GJ2011PTC066552	Aditya Ultra Steel Private Limited	Director	27-07-11	27-07-11	-	Active	N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Harishkumar Jayantilal Lakhani	55500
Meenaben Harishkumar Lakhani	58000
Darshan Harishkumar Lakhani	61500
Chirag Harishkumar Lakhani	60000
Dolly Harishkumar Lakhani	60000
Prabha Jayantilal Lakhani	60000
Pravinaben Narendra Davda	60000
Narendra Naanjibhai Davda	60000
Vanit Bhai Karia	50000
Veenaben Karia	50000
Sejalben Lakhani	50000
Total	625000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	94.67
Other top fifty shareholders	5.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Cotton, Spices, Cummin Seeds, Fennel Seeds, Fenugreek Seeds, Red Chilly, Turmeric, Clove, Coriander Seeds, Cardamom, etc.

GENERAL INFORMATION

Bankers :

Oriental Bank of Commerce

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Oriental Bank of Commerce (P.C Limit)	137.046	35.000
Oriental Bank of Commerce (F.D.B.P) (Secured by hypothecation of inventory and books debts, receivables and duty draw backs)	6.862	91.524
Total	143.908	126.524
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Unsecured Loans	10.000	0.000
Total	10.000	0.000

Banking Relations :	--
Auditors :
Name :	N.M Unadkat and Company Chartered Accountants
Address :	306 – 307, Everest Complex, Opposite Shastri Maidan, Rajkot – 360001, Gujarat, India
PAN No :	AAFPU7460F
Group Companies:	DML Exim Private Limited DM Enterprise DRB Commodities (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
625000	Equity Shares	Rs. 10/- each	Rs. 6.250 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		6.250	3.750	3.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.580	22.333	18.970
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.830	26.083	22.720
LOAN FUNDS
1] Secured Loans		143.908	126.524	54.133
2] Unsecured Loans		10.000	0.000	2.168
TOTAL BORROWING		153.908	126.524	56.301
DEFERRED TAX LIABILITIES		0.007	0.002	0.012
TOTAL		188.745	152.609	79.033
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.067	0.270	0.346
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	11.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.944	0.169	10.547
	Sundry Debtors	27.308	119.703	52.274
	Cash & Bank Balances	21.624	27.727	3.355
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	119.632	13.691	8.863
Total Current Assets		210.508	161.290	75.039
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.907	6.757	6.467
	Other Current Liabilities	2.084	0.392	0.415
	Provisions	1.839	1.833	0.832
Total Current Liabilities		21.830	8.982	7.714
Net Current Assets		188.678	152.308	67.325
MISCELLANEOUS EXPENSES		0.000	0.031	0.062
TOTAL		188.745	152.609	79.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	860.475	573.943	364.174
		Other Income	11.617	35.922	17.440
		TOTAL (A)	872.092	609.865	381.614
Less	EXPENSES
		Purchase	865.953	542.235	375.250
		Direct Expenses	3.803	2.197
		Salary and Benefit to staff	1.667	1.831
		Remuneration and benefit to Director	0.240	0.480
		Administrative, Selling and General Expenses	28.676	41.908
		Amortization of Preliminary Expenses	0.031	0.031
		Loss of sale of furniture	0.041	0.000
		Prior period adjustments	0.000	0.048
		Increase/ Decrease in closing stocks	(41.791)	10.395
		TOTAL (B)	858.620	599.125	375.250
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.472	10.740	6.364
Less	FINANCIAL EXPENSES (D)		7.852	5.468	3.827
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.620	5.272	2.537
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.032	0.080	0.074
	PROFIT BEFORE TAX (E-F) (G)		5.588	5.192	2.463
Less	TAX (H)		1.842	1.817	0.827
	PROFIT AFTER TAX (G-H) (I)		3.746	3.375	1.636
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.583	3.220	NA
LESS	SHORT PROVISION OF EARLIER YEAR INCOME TAX		0.000	0.012	NA
	BALANCE CARRIED TO THE B/S		10.329	6.583	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	326.830	481.631	321.440
	TOTAL EARNINGS		326.830	481.631	321.440
	Earnings Per Share (Rs.)		0.59	0.54	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.42	0.55	0.42
Net Profit Margin (PBT/Sales)	(%)	0.64	0.90	0.67
Return on Total Assets (PBT/Total Assets}	(%)	2.65	3.21	3.26
Return on Investment (ROI) (PBT/Networth)		0.16	0.19	0.10
Debt Equity Ratio (Total Liability/Networth)		5.04	5.19	2.81
Current Ratio (Current Asset/Current Liability)		9.64	17.95	9.72

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF PERFORMANCE AND BUSINESS PROSPECTS:

During the year, the aggregate sales of the company has been considerably increased to Rs. 860.475 Millions from Rs. 573.943 Millions as compared to the last year showing rise of about 49%. The Company reported a Net Profit (After tax adjustments) of Rs. 3.746 Millions during the year as compared to the Net Profit of Rs. 3.362 Millions of the previous year. The Management considering the results assures the members that level best efforts will be made for improvement increasing the profitability of the Company.

INCREASE IN PAID UP SHARE CAPITAL:

The Board has issued 0.250 Millions Equity Shares of Rs. 10/- (Rupees Ten only) each aggregating Rs. 2.50 Millions at premium of Rs. 10/- (Rupees Ten each) making total allotment size of Rs. 5.000 Millions during the year. The present paid up share capital of the Company is Rs. 6.250 Millions divided into 6,25,000 Equity Shares of Rs. 10/- each.

FIXED ASSETS:

• Computer
• Mobile
• Electrical Installation
• Office Furniture
• Moisture Meter

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. 48.82
UK Pound	1	Rs. 78.56
Euro	1	Rs. 69.28

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	YES
--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.