MIRA INFORM REPORT

Report Date :

22.12.2012

IDENTIFICATION DETAILS

Name :	SUMERU TRADELINK PRIVATE LIMITED
Registered Office :	D - 906, Ganesh Meridian, Near New Gujarat High Court, S. G. Highway, Ahmedabad – 380061, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.02.2008
Com. Reg. No.:	04-052862
Capital Investment / Paid-up Capital :	Rs.1.530 Millions
CIN No.: [Company Identification No.]	U52100GJ2008PTC052862
TAN No.: [Tax Deduction & Collection Account No.]	AHMS15226B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Industrial Goods.
No. of Employees :	5 (Approximately)

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 30000
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 caution.

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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Kalpesh Doshi
Designation :	Director
Contact No.:	91-9998110649
Date :	28.11.2012

LOCATIONS

Registered Office :	D - 906, Ganesh Meridian, Near New Gujarat High Court, S. G. Highway, Ahmedabad – 380061, Gujarat, India
Tel. No.:	91-79-31208545/ 40027286
Mobile No.:	91-9998110649 (Mr. Kalpesh Doshi)
Fax No.:	91-79-31208545/ 40035430
E-Mail :	info@sumerutradelink.com regent_tejas@yahoo.com
Area :	1000 Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Tejas Sureshchandra Gandhi
Designation :	Director
Address :	C – 202, Chinmay Tower, Near Subhash Chowk, Memn Nagar, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	04.03.1972
Date of Appointment :	08.02.2008
DIN No.:	00048130
Name :	Mr. Chirag Sureshchandra Gandhi
Designation :	Director
Address :	At – Daljit Nagar, Ta Idar, Idar, Sabarkantha – 383430, Gujarat, India
Date of Birth/Age :	30.10.1974
Date of Appointment :	20.04.2009
DIN No.:	02612963
Name :	Mr. Kalpesh Prakashchandra Doshi
Designation :	Director
Address :	406, Gulab Tower, Near Someshwar Park – III, Thal Tej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	18.01.1973
Date of Appointment :	26.05.2009
DIN No.:	02668169

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Tejas S Gandhi	18000
Sherya T Gandhi	16000
Chirag S Gandhi	8000
Mitesh S Gandhi	8000
Payal M Gandhi	8000
Biren M Sankhesara	2000
Biren M Sankhesara HUF	5000
Jignesh M Sankhesara	2000
Jignesh M Sankhesara HUF	5000
Chetanaben J Doshi	6000
Kalpesh P Doshi HUF	4000
Prerak J Doshi	8000
Hasmukhlal D Doshi	5000
Rajesh H Doshi	5000
TOTAL	106000

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 :	Trader of Industrial Goods.
Products :	Ceramic Parts Ceramics Raw Material Ceramic Products Abrasive Brushes Diamond Roller Diamond Saw Blades Vitrified Tiles Squaring Wheel Ceramic Clay Ball Clay Sanitaryware
Exports :
Products :	Industrial Goods
Countries :	South Africa
Imports :
Products :	Industrial Goods
Countries :	China Russia Korea
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity
Rented Premise*	MT	600

*Note Installed Capacity is taken as certified by the Management

Particulars	Unit	Actual Production
Soda Feldspar	MT	230

GENERAL INFORMATION

Suppliers :

• Top New International
• LG Chem, China

Customers :

End Users

• Amardeep Polymers

No. of Employees :

5 (Approximately)

Bankers :

• State Bank of India

Facilities :

Overdraft : Rs.50.000 Millions

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loan
State Bank of India – Ahmedabad	1.533	0.000
Term Loan
Reliance Consumer	3.673	0.000
TOTAL	5.206	0.000
Working Capital facilities from State Bank of India are secured by hypothecation over the entire current assets at present and future of the Company and also personal gurantee of Mr. Tejas S Gandhi, Mr. Chirag S Gandhi, Mr. Kalpesh P Doshi and Mr. S N Gandhi and Corporate Guarantee given by the Amardeep Polymers The facilities of State Bank of India are further secured by way of E. M. over commercial plot with area 2800 Sq. fts and built up area of 8400 Sq Fts. at plot no. 245/246, of Mr. S. N. Gandhi and also E. M. on industrial land and building area of 744 Sq. mts with constructed area of 292.64 Sq Mts of Amardeep Polymers. Term Loan from Reliance Consumer Finance is secured by a first charge on the company’s office situated at D – 906, Ganesh Meridian, Opposite New Gujarat High Court, S. G. Highway, Ahmedabad – 61, Gujarat, India
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.291	0.166
From Shareholders and Directors relatives	0.801	0.300
From Intercorporate	7.079	0.000
TOTAL	8.171	0.466

Banking Relations :	--
Auditors :
Name :	Ajay Patni and Company Chartered Accountants
Address :	A/ 65, Sugam, Near Agarwal Tower, Near Anand Nagar Cross Road, Satellite, Ahmedabad – 380061, Gujarat, India
PAN.:	AIAPP9167H
Associates Concern :	Regent Granito India Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106000	Equity Shares	Rs.10/- each	Rs. 1.060 Millions
	Forfeited Share		Rs. 0.470 Million
	TOTAL		Rs. 1.530 Millions

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		1.530	1.530	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.144	5.608	0.00
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.674	7.138	0.200
LOAN FUNDS
1] Secured Loans		5.206	0.000	0.000
2] Unsecured Loans		8.171	0.466	0.340
TOTAL BORROWING		13.377	0.466	0.340
DEFERRED TAX LIABILITIES		0.028	0.004	0.000
TOTAL		21.079	7.608	0.540
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.462	0.031	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.476	1.215	0.000
	Sundry Debtors	26.019	4.191	0.000
	Cash & Bank Balances	6.480	0.632	0.133
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.115	1.887	0.175
Total Current Assets		39.090	7.925	0.308
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.900	0.347	0.015
	Other Current Liabilities	0.355	0.065	0.000
	Provisions	0.369	0.138	0.006
Total Current Liabilities		21.624	0.550	0.021
Net Current Assets		17.466	7.375	0.287
MISCELLANEOUS EXPENSES		0.151	0.202	0.253
TOTAL		21.079	7.608	0.540

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	60.404	18.766
		Other Income	1.620
		TOTAL (A)	62.024	18.766
Less	EXPENSES
		Office Expenses	60.240	18.272
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	60.240	18.272
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.784	0.494
Less	FINANCIAL EXPENSES (D)		0.854	0.059
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.930	0.435
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.126	0.012
	PROFIT BEFORE TAX (E-F) (G)		0.804	0.423
Less	TAX (H)		0.268	0.135
	PROFIT AFTER TAX (G-H) (I)		0.536	0.288
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.288	0.000
	BALANCE CARRIED TO THE B/S		0.824	0.288
	IMPORTS
		Value of Imports on CIF Basis	19.190	11.989
	TOTAL IMPORTS		19.190	11.989
	Earnings Per Share (Rs.)		5.05	2.72

Particulars	31.03.2012
Sales Turnover (Approximately)	80.000

Expected Sales (2012-2013) : Rs. 120.000 Millions

The above information has been parted by Mr. Kalpesh Doshi.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.86	1.53	NA
Net Profit Margin (PBT/Sales)	(%)	1.33	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.89	5.32	NA
Return on Investment (ROI) (PBT/Networth)		0.10	0.059	NA
Debt Equity Ratio (Total Liability/Networth)		4.56	0.14	1.80
Current Ratio (Current Asset/Current Liability)		1.81	14.40	14.67

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The registered address of the company has been shifted from D – 906, Ganesh Meridian, Near New Gujarat High Court, S. G. Highway, Ahmedabad – 380061, Gujarat, India to present address with effect from 01.04.2011.

FINANCIAL AND OPERATIONAL REVIEW

During the year, the Company has continued its growth momentum and has crossed a land mark figure of Rs.60.404 Millions in Sales as compared to Rs.18.766 Millions in the previous year. The EBDIT has increased from Rs.0.493 Millions to Rs.1.784 Millions and net profit has increased from Rs.0.288 Million to Rs.0.536 Million. Barring unforeseen circumstances, the Directors hopeful to achieve better financial performance in the coming year.

FORM 8

Corporate identity number of the company	U52100GJ2008PTC052862
Name of the company	SUMERU TRADELINK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C- 202, Chinmay Tower, Mem Nagar, Ahmedabad – 380052, Gujarat, India Email Id : regent_tejas@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai – 400031, Maharashtra, India Email Id : anurag.n.dwivedi@relianceada.com
Nature of instrument creating charge	Mortgage Deed dated 16th July 2010 for creation of charge over immovable property of the company situated at Unit No. D/906, Ganesh Meridian, Opposite Amiraj Farm, Near New Gujarat High Court, S. G. Highway, Ahmedabad
Date of instrument Creating the charge	16.07.2010
Amount secured by the charge	Rs.3.737 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% per annum floating rate of interest on the Mortgage Loan of Rs.3.737 Millions Terms of repayment Mortgage Loan of Rs.3.737 Millions repayable in 180 Monthly Installment of Rs.0.042 Million Margin Nil Extent and operation of the charge Exclusive First charge on immovable property of the company situated at Unit No. D/906, Ganesh Meridian, Opposite Amiraj Farm, Near New Gujarat High Court, S. G. Highway, Ahmedabad Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Charge created on the immovable property bearing Unit No. D/906 admeasuring 1643 Sq. Ft. i.e. 152.69 Sq. Mtrs. Super Buildup as a Member of Modinagar Co-operative Housing Society Limited, Part -1 Known as "GANESH MERIDIAN " Situated at Land bearing survey no. 200/1+2+3, 203/1+2+ 280+ 281/1+2+3, 282/1+2 277/1+2+3, 278/1 279 being final Plot no. 70/3 of TPS 28 of Mouje Sola Taluka Dascroi in the Registration District of Ahmedabad and Sub-District of Ahmedabad-2 (Wadaj)

Contingent Liabilities not provided for :

(Rs. In Millions)

Particulars	31.03.2011
Bank Guarantees	Nil
Letter of Credits for Purchase in Foreign currency (USD $)	0.203
Letter of Credits for Freight in Foreign currency (USD $)	0.207

TRADE REFERENCES

• Top New International
• LG Chem, China
• Amardeep Polymers

FIXED ASSETS

• Office Building
• Furniture/ Fixture
• Air Conditioner
• Computer

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. 55.08
UK Pound	1	Rs. 89.53
Euro	1	Rs. 72.77

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--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.