MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	SILVERTONES IMPEX PRIVATE LIMITED
Registered Office :	95A, Municipal Market, Opposite C – Block, Nirulas, Connaught Circus, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.02.2005
Com. Reg. No.:	55-133144
Capital Investment / Paid-up Capital :	Rs.3.190 Millions
CIN No.: [Company Identification No.]	U51909DL2005PTC133144
TAN No.: [Tax Deduction & Collection Account No.]	DELS26725G
PAN No.: [Permanent Account No.]	AAICS7602P
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler of Textile and Yarn Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (42)

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

Maximum Credit Limit :	USD 28000
Status :	Satisfactory
Payment Behaviour :	Slow but 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 slow but correct. The company can be considered normal for small 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 :	95A, Municipal Market, Opposite C – Block, Nirulas, Connaught Circus, New Delhi – 110001, India
Tel. No.:	91-11-23547246
Fax No.:	91-11-41598399
E-Mail :	zoiros.consulting@gmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Vinay Chawla

Designation :

Director

Address :

197, Surya, Niketan, New Delhi – 110092, India

Date of Birth/Age :

15.06.1965

Date of Appointment :

10.05.2006

DIN No.:

00062508

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	U74899DL1995PTC073378	NSR CONSULTANCY SERVICES PRIVATE LIMITED	Director	28/01/2003	28/01/2003	-	Active	NO
2	U67120DL2005PTC142034	V 3 SECURITIES PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
3	U51909DL2005PTC133144	SILVERTONES IMPEX PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
4	U51909DL2007PTC159836	SUNTOP ENTERPRISES PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
5	U51909DL2005PTC138125	BIM IMPEX PRIVATE LIMITED	Director	26/05/2009	26/05/2009	5/11/2009	Active	YES
6	U36102DL2004PTC129448	N.R. FABTECH PRIVATE LIMITED	Director	21/02/2011	21/02/2011	5/01/2012	Active	NO

Name :

Mr. Vikas Chawla

Designation :

Director

Address :

197, Surya, Niketan, New Delhi – 110092, India

Date of Birth/Age :

16.10.1970

Date of Appointment :

10.05.2006

DIN No.:

00086267

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	U74899DL1995PTC073378	NSR CONSULTANCY SERVICES PRIVATE LIMITED	Director	28/01/2003	28/01/2003	-	Active	NO
2	U67120DL2005PTC142034	V 3 SECURITIES PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
3	U51909DL2005PTC133144	SILVERTONES IMPEX PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
4	U51909DL2007PTC159836	SUNTOP ENTERPRISES PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO

Name :

Mr. Vijay Chawla

Designation :

Director

Address :

197, Surya, Niketan, New Delhi – 110092, India

Date of Birth/Age :

24.03.1957

Date of Appointment :

10.05.2006

DIN No.:

00086292

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	U74899DL1995PTC073378	NSR CONSULTANCY SERVICES PRIVATE LIMITED	Director	31/07/2005	31/07/2005	-	Active	NO
2	U67120DL2005PTC142034	V 3 SECURITIES PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
3	U51909DL2005PTC133144	SILVERTONES IMPEX PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
4	U51909DL2007PTC159836	SUNTOP ENTERPRISES PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO

Name :

Ms. Anita Chawla

Designation :

Director

Address :

197, Surya, Niketan, New Delhi – 110092, India

Date of Birth/Age :

14.03.1970

Date of Appointment :

04.02.2009

DIN No.:

02471816

Name :

Ms. Manasvi Chawla

Designation :

Director

Address :

197, Surya, Niketan, New Delhi – 110092, India

Date of Birth/Age :

8.12.1988

Date of Appointment :

04.02.2009

DIN No.:

02471817

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	U51909DL2005PTC133144	SILVERTONES IMPEX PRIVATE LIMITED	Director	4/02/2009	4/02/2009	-	Active	NO
2	U51909DL2005PTC138125	BIM IMPEX PRIVATE LIMITED	Director	2/09/2009	2/09/2009	5/11/2009	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vijay Kumar Chawla	135900
Vinay Chawla	924100
Vikas Chawla	337000
Manasvi Chawla	100000
Abhiram Chawla	12000
Asha Chawla	75000
Vijay Chawla HUF	60000
Ravish Chawla	117000
Vikas Chawla HUF	67000
Anita Chawla	163000
Total	1991000

Names of Allottess	No. of Shares
Vijay Kumar Chawla	70000
Vinay Chawla	325000
Vikas Chawla	140000
Anita Chawla	55000
Asha Chawla	5000
Ravish Chawla	5000
Total	600000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler of Textile and Yarn Fabrics.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Cash Credit Loan From Oriental Bank of Commerce against hypothecation of stock and personal guarantee of the directors	6.291	22.749
Term Loan From Oriental Bank of Commerce against hypothecation of Land, Building and Plant and Machinery and guarantee of the directors	0.718	1.461
Car Loan a) From HDFC Bank Limited against hypothecation of car	0.839	0.000
b) From Tata Capital Limited against hypothecation of car	1.493	1.827
Total	9.341	26.037
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	7.375	6.408
From Others	19.296	2.150
Total	26.671	8.558

Financial Institution :	Tata Capital Limited
Banking Relations :	--
Auditors :
Name :	Ashok Goyal and Company Chartered Accountants
Address :	19, Hindu School Shopping Complex, Model Town, Rewari – 123401, Haryana, India
PAN.:	ABTPG0721E

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
991000	Equity Shares	Rs.10/- each	Rs.19.910 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
510000	Equity Shares	Rs.10/- each	Rs.5.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
319000	Equity Shares	Rs.10/- each	Rs.3.190 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		3.190	2.340	2.340
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.774	2.432	1.237
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.964	4.772	3.577
LOAN FUNDS
1] Secured Loans		9.341	26.037	14.347
2] Unsecured Loans		26.671	8.558	6.374
TOTAL BORROWING		36.012	34.595	20.721
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.976	39.367	24.298
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.173	15.210	11.511
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.013	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.732	8.419	9.087
	Sundry Debtors	43.881	34.288	21.303
	Cash & Bank Balances	1.261	0.203	0.185
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.291	4.462	1.388
Total Current Assets		70.165	47.372	31.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.804	21.562	17.053
	Other Current Liabilities	3.852	1.053	1.612
	Provisions	0.719	0.600	0.515
Total Current Liabilities		45.375	23.215	19.180
Net Current Assets		24.790	24.157	12.783
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		42.976	39.367	24.298

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	149.768	106.885
		Other Income		0.093	0.000
		TOTAL (A)	NA	149.861	106.885
Less	EXPENSES
		Cost of Goods Sold		17.353	13.523
		Raw Material		105.634	71.662
		Manufacturing Expenses		10.636	8.742
		Import Expenses		0.582	0.884
		Directors Remuneration	NA	2.380	1.685
		Personal		1.253	1.855
		Administrative Expenses		4.320	3.126
		Sales Promotion		0.728	0.670
		Preliminary Expenses written off		0.004	0.000
		TOTAL (B)		142.890	102.147
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	6.971	4.738
Less	FINANCIAL EXPENSES (D)		NA	3.193	1.855
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.951	3.778	2.883
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.593	1.866	1.136
	PROFIT BEFORE TAX (E-F) (G)		2.358	1.912	1.747
Less	TAX (H)		1.015	0.717	0.517
	PROFIT AFTER TAX (G-H) (I)		1.343	1.195	1.230
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.431	1.236	0.006
	BALANCE CARRIED TO THE B/S		3.774	2.431	1.236
	Earnings Per Share (Rs.)		4.21	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	0.79	1.15
Net Profit Margin (PBT/Sales)	(%)	NA	1.28	1.63
Return on Total Assets (PBT/Total Assets}	(%)	2.67	3.06	4.02
Return on Investment (ROI) (PBT/Networth)		0.34	0.40	0.49
Debt Equity Ratio (Total Liability/Networth)		11.69	12.11	11.15
Current Ratio (Current Asset/Current Liability)		1.55	2.04	1.67

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909DL2005PTC133144
Name of the company	SILVERTONES IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	95A, Municipal Market, Opposite C – Block, Nirulas, Connaught Circus, New Delhi – 110001, India Email : zoiros.consulting@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10264940
Type of charge	Immovable property Book Debts Movable Property Floating Charge All stock in trade
Particular of charge holder	Karnataka Bank Limited, Sector-14, Gurgaon-121001, Haryana, India Email : del.gurgaon@ktkbank.com
Nature of instrument creating charge	Two hypothecation agreements dated 08.09.11 for Rs.80.000 Millions and Rs.20.000 Millions
Date of instrument Creating the charge	08.09.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OD: BR+4.00% Import/Inland LC (DP/DA)/BG: charges as per circulars Terms of Repayment OD: On demand as per OD rules Import/Inland LC (DP/DA)/BG: as per terms of establishment Margin OD:25% on stock and book debts considered good outstanding for not more than 90 days Import/Inland LC (DP/DA)/BG:25% cash margin Extent and Operation of the charge 100% Others Renewal with enhancement of existing OD facility of Rs.40.000 Millions to Rs.80.000 Millions and Import/Inland LC (DP/DA)/BG facility of Rs.10.000 Millions to Rs.20.000 Millions
Date of instrument modifying the charge	31.12.2010
Particulars of the present modification	Renewal with enhancement existing OD facility of Rs.40.000 Millions to Rs.80.000 Millions and Import/Inland LC (DP/DA)/BG facility of Rs.10.000 Millions to Rs.20.000 Millions

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Car

· Electrical Equipments

· Mobile

· Computer

· Motor Bike

· Generator

· Fire Extinguishers

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.51.41
UK Pound	1	Rs.81.93
Euro	1	Rs.67.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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		42

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.