MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	CHINMAY IMPEX PRIVATE LIMITED
Registered Office :	502, Aatish Annexie, Near Samarpamn Flat, IDBI Bank Cross Road, Gulbai Tekra, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.05.2009
Com. Reg. No.:	04-56952
Capital Investment / Paid-up Capital :	Rs.0.300 Million
CIN No.: [Company Identification No.]	U51900GJ2009PTC056952
TAN No.: [Tax Deduction & Collection Account No.]	AHMC03258D
PAN No.: [Permanent Account No.]	AADCC6478J
Legal Form :	Private Limited Liability Company.
Line of Business :	Importer of Ferrous and Non-Ferrous Metal Scrap.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1300
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company establishing itself gradually. The company has achieved sizable turnover in its very first year of operation. Trade relations are reported as fair. Business is active. Payments are unknown. 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.

INFORMATION PARTED BY

Name :	Mr. Hiren
Designation :	Director
Contact No.:	91-9824800613
Date :	28.09.2011

LOCATIONS

Registered/ Head Office :	502, Aatish Annexie, Near Samarpamn Flat, IDBI Bank Cross Road, Gulbai Tekra, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40048067
Mobile No.:	91-9824800613 (Mr. Hiren) 91-9825238149 (Mr. Yogesh)
Fax No.:	91-79-40048023
E-Mail :	hirenpujara@yahoo.com yogesh.majithiya@gmail.com info.ahd@chinmayimpex.com
Website :	http://www.chinmayimpex.com
Location :	Owned
Branch Office :	B/204, Miraambika School Road, Sukhotower, Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-40048067
Warehouse :	Plot No 8-9, DC-2, Bharatnagar Industrial Area, Bh Gurukul, Gandhidham, Kutch-370201, India
Tel. No.:	91 2836 257572
Fax No.:	91 2836 257572
E-Mail :	info.gandhidham@chinmayimpex.com
Associate Firm in USA:	Gold Star Metals LLC, 7944, Dockal Road, Houston, Texas-77028, USA
Tel. No.:	713 633 6800
Fax No.:	713 633 6802
E-Mail :	info@goldstarmetals.us

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Yogeshkumar Chunilal Majithiya

Designation :

Director

Address :

A-7, New Nikita Park Society, Near Sun N Step Club Satadhar Cross Road, Thaltej Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

17.12.1979

Date of Appointment :

15.05.2009

PAN No.:

AFXPM7246N

DIN No.:

01317235

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
1	U67120GJ1996PTC031275	CHINMAY FINLEASE PRIVATE LIMITED	Director	02/09/2003	02/09/2003	Active	NO
2	U51900GJ2009PTC056952	CHINMAY IMPEX PRIVATE LIMITED	Director	15/05/2009	15/05/2009	Active	NO

Name :

Mr. Chunilal Manilal Majithiya

Designation :

Director

Address :

Krishna Nagar – 1, Highway Road, Bhabhar, India

Date of Birth/Age :

16.02.1956

Date of Appointment :

15.05.2009

PAN No.:

AAXPT0200E

DIN No.:

01910237

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	U67120GJ1996PTC031275	CHINMAY FINLEASE PRIVATE LIMITED	Managing director	11/12/1996	11/12/1996	Active	NO
2	U51900GJ2009PTC056952	CHINMAY IMPEX PRIVATE LIMITED	Director	15/05/2009	15/05/2009	Active	NO

Name :

Mr. Hiren Natwarlal Pujara

Designation :

Director

Address :

Shivohhm, Prahalad Plot, Street No.30, Near Karanpara Chowk, Rajkot – 360001, India

Date of Birth/Age :

01.10.1983

Date of Appointment :

23.03.2010

PAN No.:

AWCPP6219N

DIN No.:

03226597

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Chunilal Manilal Majithiya	8500
Bhadwatiben C. Majithiya	200
Hasmukhlal M. Thakkar	200
Himanshu C. Majithiya	200
Jayshree B. Raiya	200
Kalpanaben C. Majithiya	200
Perfect Enterprise INC (USA)	12000
Yogesh C. Majithiya - HUF	200
Yogeshkumar Chunilal Majithiya	8500
Total	30200

(AS ON 07.03.2011)

Names of Shareholders	No. of Shares
Jasminaben Nikunbhai Ratani	5000
Nikunjbhai Ratani	5000
Chunilal Manilal Majithiya HUF	200
Total	10200

(AS ON 30.09.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	39.74
Directors or relatives of directors	60.26
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer of Ferrous and Non-Ferrous Metal Scrap.
Imports :
Products :	Ferrous and Non-Ferrous Metal Scrap
Countries :	· USA · Dubai · Middle East
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :	· Gold Star Metal
Customers :	· Aditya International
No. of Employees :	20 (Approximately)
Bankers :	· HDFC Bank Gandhidham, Kutch, India

Banking Relations :	--
Auditors :
Name :	Gaurav Maheshwari Chartered Accountant
Address :	A-6, Aditya Apartment, Ashram Road, Ahmedabad – 380014, Gujarat, India

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30200	Equity Share	Rs.10/- each	Rs.0.302 Million

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Share	Rs.10/- each	Rs.0.300 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.300
2] Share Application Money		0.000
3] Reserves & Surplus		0.030
4] (Accumulated Losses)		0.000
NETWORTH		0.330
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		20.940
TOTAL BORROWING		20.940
DEFERRED TAX LIABILITIES		0.001
TOTAL		21.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.035
Capital work-in-progress		0.000
INVESTMENT		0.620
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.691
	Sundry Debtors	3.654
	Cash & Bank Balances	2.106
	Other Current Assets	0.000
	Loans & Advances	0.979
Total Current Assets		26.430
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.283
	Other Current Liabilities	0.352
	Provisions	0.179
Total Current Liabilities		5.814
Net Current Assets		20.616
MISCELLANEOUS EXPENSES		0.000
TOTAL		21.271

PROFIT & LOSS ACCOUNT

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	90.000	40.000

Expected Sales (2011-12): Rs.100.000 Millions

The above information has been parted by Mr. Hiren.

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	81.07
Current Ratio (Current Asset/Current Liability)	4.55

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010 (Rs. In Millions)
Sundry Creditors for Goods	4.514
Sundry Creditors for the Expenses	0.769
Total	5.283

TRADE REFERENCE:

· Gold Star Metal

· Aditya International

· J B Steel

· S R Steel

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	----------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	No
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	Yes
Market Information	----------
Litigations that the firm/ Promoters Involved in	----------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	----------
Buyer visit details	----------
Financials, if provided	No
Incorporation details is applicable	----------
Last Accounts filed at ROC	----------
Major Shareholders, if available	----------

FIXED ASSETS

· Computers

· Printer

· UPS

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 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.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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		26

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.