MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	PABITRA ENCLAVE PRIVATE LIMITED
Registered Office :	13A, Dacres Lane, 5^th Floor, Room NO.501, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.04.2007
Com. Reg. No.:	21-115273
Capital Investment / Paid-up Capital :	Rs.2.852 Millions
CIN No.: [Company Identification No.]	U45400WB2007PTC115273
TAN No.: [Tax Deduction & Collection Account No.]	CALP08540A
PAN No.: [Permanent Account No.]	AAECP2300H
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Investment Activities
No. of Employees :	Not Available

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 134000
Status :	Moderate
Payment Behaviour :	Slow but Correct
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 but correct. The company can be considered for business dealings with some cautions.

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	13A, Dacres Lane, 5^th Floor, Room NO.501, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22319286
E-Mail :	Biswas_prasenjit@hotmail.com

DIRECTORS

As on 06.09.2010

Name :

Mr. Ayan Sinha

Designation :

Director

Address :

16, Raj Kumar Bose Lane, Muchipara, Kolkata – 700012, West Bengal, India

Date of Birth/Age :

19.05.1978

Date of Appointment :

21.04.2007

DIN :

00863935

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	U45400WB2007PTC115272	ANUP ENCLAVE PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO
2	U45400WB2007PTC115273	PABITRA ENCLAVE PRIVATE LIMITED	Director	21/04/2007	21/04/2007	-	Active	NO
3	U51909WB1994PLC065917	METALITE FUEL INDUSTRIES LTD	Director	17/05/2007	17/05/2007	-	Active	NO
4	U65993WB1991PTC051196	SHREE VINAY FINVEST PVT LTD	Director	17/05/2007	17/05/2007	-	Active	NO
5	U45204WB2008PLC124166	ARTHUR TURNKEY PROJECTS LIMITED	Director	14/03/2008	14/03/2008	24/08/2010	Active	NO
6	U51109WB2005PTC101520	RAJNATH VYAPAAR PRIVATE LIMITED	Director	8/1/2010	8/1/2010	-	Active	NO
7	U51109WB1991PTC051282	GINNY TRADERS PVT LTD	Director	4/1/2011	4/1/2011	-	Active	NO

Name :

Mr. Arun Kumar Halder

Designation :

Director

Address :

49, Khelat Babu Lane, Kolkata – 700037, West Bengal, India

Date of Birth/Age :

08.08.1981

Date of Appointment :

21.08.2008

DIN :

01522481

Other Directorship :

Top of Form S.No. Bottom of Form	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	U65999WB1990PTC049514	HIGH TIME HOLDINGS PVTLTD	Director	1/10/2007	1/10/2007	Active	NO
2	U45400WB2007PTC115273	PABITRA ENCLAVE PRIVATE LIMITED	Director	21/08/2008	21/08/2008	Active	NO
3	U51909WB2005PTC101408	EMERALD TRADELINK PRIVATE LIMITED	Director	8/1/2010	8/1/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2010

Names of Shareholders	No. of Shares
Pabitra Hazra	5000
Ayan Sinha	5000
Viconic Merchants Private Limited, India	5200
Krishna Financial Consultants Private Limited, India	57000
Raunak Tradelinks Private Limited, India	69750
Everlike Vyapaar Private Limited, India	69750
Panorama Commercial Private Limited, India	73500
Total	285200

As on 27.05.2011

Names of Allottees	No. of Shares Allotted
Panorama Commercial Private Limited, India	1000

As on 06.09.2010

Category	Percentage
Directors or relatives of Directors	98.25
Other top fifty shareholders	1.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading and Investment Activities

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Kotak Mahindra Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	K. Kejriwal and Company Chartered Accountant
Address :	26, Dr's Colony, P.O- Searsole, Rajbari, Raniganj, Burdwan, Kolkata – 713358, West Bengal, India
Mobile No.:	91-9331014884 / 9333333372
E-Mail :	Kk_co@live.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs.10/-each	Rs.3,500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
285,200	Equity Shares	Rs.10/-each	Rs.2.852 millions

As on 27.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs.10/-each	Rs.3,500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
286,200	Equity Shares	Rs.10/-each	Rs.2.862 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.852	2.720	1.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.771	24.162	9.347
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.623	26.882	10.447
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	2.666	0.000
TOTAL BORROWING		0.000	2.666	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.623	29.548	10.447
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		25.293	19.843	9.331
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.103	45.017	0.000
	Cash & Bank Balances	1.638	2.373	0.152
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.766	8.946	1.000
Total Current Assets		10.507	56.336	1.152
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.443	46.460	0.000
	Other Current Liabilities	0.532	0.054	0.024
	Provisions	0.243	0.175	0.046
Total Current Liabilities		2.218	46.689	0.070
Net Current Assets		8.289	9.647	1.082
MISCELLANEOUS EXPENSES		0.041	0.058	0.034
TOTAL		33.623	29.548	10.447

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009
	TOTAL INCOME	62.546	114.147
Less	TOTAL EXPENSES	62.337	113.783
	PROFIT / LOSS BEFORE TAX	0.209	0.364
Less	TAX	0.068	0.129
	PROFIT / LOSS AFTER TAX	0.141	0.235
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.582	0.347
	Balance Carried to the Balance sheet	0.723	0.582
	Earnings Per Share (Rs.)	0.49	0.86

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.22	0.20	NA
Net Profit Margin (PBT/Sales)	(%)	0.33	0.32	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.99	0.65	NA
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	NA
Debt Equity Ratio (Total Liability/Networth)		0.06	1.84	0.01
Current Ratio (Current Asset/Current Liability)		4.74	1.21	16.46

LOCAL AGENCY FURTHER INFORMATION

Nil

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.47.09
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	-

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.