MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	ATMARAM MANEKLAL (EXPORTS) PRIVATE LIMITED
Registered Office :	806, Aakruti Stadium Circle Navrangpura, Ahmeadbad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.05.1987
Com. Reg. No.:	04-009667
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U17217GJ1987PTC009667
TAN No.: [Tax Deduction & Collection Account No.]	AHMA03868E
PAN No.: [Permanent Account No.]	AABCA6026E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Cotton, Cotton Ginning, Pressing, Raw Cotton, etc.
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 36000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge dip in the turnover of the company. 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 – 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 :	806, Aakruti Stadium Circle Navrangpura, Ahmeadbad – 380 009, Gujarat, India
Tel. No.:	91-79-40047800/ 01
Fax No.:	Not Available
E-Mail :	mayank@amil-india.com
Website :	http://www.amil-india.com
Head Office/ Sales Office :	Unit No.800 to 810, at Aditya (Navrangpura), Aukruli Complex, Stadium Circle, Navrang Pura, Ahmedabad, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Arvindbhai Shantilal Shah

Designation :

Director

Address :

Sector-1, Bunglow No.32, Kalhar Bunglows, Near Shilaj Village, Mandoli, Taluka Kalol, Gujarat, India

Date of Birth/Age :

22.08.1940

Date of Appointment :

08.08.1987

DIN No.:

00287248

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	U17217GJ1987PTC009667	Atmaram Maneklal (Exports) Private Limited	Director	08-08-87	08-08-87	-	Active	NO
2	U51109GJ1988PTC010859	AMA Distributors Private Limited	Director	15-06-88	15-06-88	04-01-11	Active	YES
3	U30006GJ1985PTC008187	Gujarat Hi-Rel Controls Private Limited	Director	27-09-90	27-09-90	-	Active	NO
4	U65990GJ1982PTC005522	NRV Investments Private Limited	Director	14-12-95	14-12-95	-	Active	NO
5	U65910GJ1983PTC005836	Radhika Estate and Holdings Private Limited	Director	25-08-05	25-08-05	-	Active	NO

Name :

Mr. Devang Jayantilal Shah

Designation :

Director

Address :

Devashish, Near Jeslok Hospital, Peddar Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

18.04.1958

Date of Appointment :

24.10.1994

DIN No.:

00166020

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	U65910GJ1984PTC006985	Cheminalal Atmaram Investments Private Limited	Director	08-03-85	08-03-85	-	Active	NO
2	U17217GJ1987PTC009667	Atmaram Maneklal (Exports) Private Limited	Director	24-10-94	24-10-94	-	Active	NO
3	U65990GJ1982PTC005521	Rajan Dhaval Investments Private Limited	Director	14-12-95	14-12-95	-	Active	NO
4	U33129KA2001PTC029120	Sobha Applieddsp Private Limited	Director	29-09-09	29-09-09	-	Active	NO
5	U17200MH2007PLC173934	Alok Retail (India) Limited	Additional director	26-03-10	26-03-10	30-03-10	Active	NO
6	U35900DL2009PTC192159	Global Transit Solutions Private Limited	Director	19-05-10	19-05-10	-	Active	NO
7	U35900DL2009PTC192179	Modern Transit Solutions Private Limited	Director	01-10-10	01-10-10	-	Active	NO
8	U35900DL2011PTC220502	Nimbus Transport Infra Private Limited	Director	07-06-11	07-06-11	-	Active	NO

Name :

Mr. Dhaval Kumudchandra Shah

Designation :

Director

Address :

304, Elegance, Opposite C.N. School, Old Excise Choki, S.M. Road, Ambawadi, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

27.06.1972

Date of Appointment :

28.08.2005

DIN No.:

00183374

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	U65990GJ1981PTC004713	Kalashree Investments Private Limited	Director	27-09-90	27-09-90	-	Active	NO
2	U65910GJ1981PTC004119	Radhe Investments Private Limited	Director	14-12-95	14-12-95	-	Active	NO
3	U65910GJ1988PTC010943	C S P Trading and Investment Private Limited	Director	03-10-02	03-10-02	-	Active	NO
4	U24249GJ1988PTC010858	AMA Agencies Private Limited	Director	02-06-05	02-06-05	-	Active	NO
5	U65910GJ1983PTC005836	Radhika Estate and Holdings Private Limited	Director	25-08-05	25-08-05	-	Active	NO
6	U17217GJ1987PTC009667	Atmaram Maneklal (Exports) Private Limited	Director	28-08-05	28-08-05	-	Active	NO
7	U51900MH1985PTC035658	Trilochan Trades and Agencies Private Limited	Additional director	15-11-06	15-11-06	-	Active	NO
8	U52342GJ2011PTC065199	Sudhir Chem Private Limited	Director	28-04-11	28-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Natvarlal Chimanlal Shah	10
Girishchandra Shantilal Shah	10
Amit Pramukhlal Shah	10
Natvarlal Chimanlal Shah C/o Shree Ama and Company, India	29970
Arvindbhai Shantilal Shah C/o B.N.V. Brothers, India	100
Natvarlal Chimanlal Shah C/o Natvarlal C. Shah (HUF)	1600
Mayank Natvarlal Shah C/o Mayank N. Shah (HUF)	800
Manoj Natvarlal Shah C/o Manoj N. Shah	800
Rajan Kumudchandra Shah C/o Kumudchandra C. Shah (HUF)	2190
Piyush Balvantlal Shah C/o Piyush B. Shah (HUF)	885
Gaurang Balvantlal Shah C/o Gaurang B. Shah (HUF)	885
Jayantilal Shantilal Shah C/o Jayantilal S. Shah (HUF)	1600
Anubhai Shantilal Shah C/o Anubhai S. Shah (HUF)	1600
Manish Mahendrabhai Shah C/o Mahendrabhai S. Shah (HUF)	1600
Arvindbhai Shantilal Shah C/o Arvindbhai S. Shah (HUF)	1800
Girishchandra Shantilal Shah C/o Girishchandra S. Shah (HUF)	1200
Amit Pramukhlal Shah C/o Amit P. Shah (HUF)	2470
Rakshaben Virendrabhai Shah	1235
Naman Virendrabhai Shah	1235
Total	50000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader of Cotton, Cotton Ginning, Pressing, Raw Cotton, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan
From Bank:
HDFC Bank Limited	0.000	1.130
ICICI Bank Limited	0.000	0.213
From Others:
Reliance Capital Limited	0.000	0.393
Sundaram Finance Limited	0.151	0.255
Total	0.151	1.991

Note:

Term Loans from Sundaram Finance Limited is secured by mortgage of car.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Inter corporate Loan	0.000	2.624
Total	0.000	2.624

Banking Relations :	--
Auditors :
Name :	Harish S. Patel and Company Chartered Accountants
Address :	801, 8^th Floor, B.D. Patel House, Near Sardar Patel Statue, Naranpura, Ahmedabad – 380 014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ABHPP4379D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million
50000	Unclassified Shares	Rs.10/- each	Rs.0.500 million
	Total		Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

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

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.385	7.774	7.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.885	8.274	7.725
LOAN FUNDS
1] Secured Loans		0.151	1.991	2.502
2] Unsecured Loans		0.000	2.624	0.099
TOTAL BORROWING		0.151	4.615	2.601
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.036	12.889	10.326
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.140	4.299	4.431
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.964	1.143	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	7.726	1.424
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.142	0.166	4.460
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.017	1.481	4.355
Total Current Assets		0.159	9.373	10.239
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.029	1.462	3.671
	Other Current Liabilities	0.034	0.242	0.251
	Provisions	0.164	0.222	0.422
Total Current Liabilities		0.227	1.926	4.344
Net Current Assets		(0.068)	7.447	5.895
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.036	12.889	10.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	22.872	148.530	100.233
		Other Income	3.711	3.668	4.996
		TOTAL	26.583	152.198	105.229
Less	EXPENSES
		Cost of Goods Sold	21.548	139.932	89.612
		Expenses	3.824	11.241	14.218
		Loss from Sale of Shares (Short Term)	0.005	0.000	0.000
		TOTAL	25.377	151.173	103.830
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.206	1.025	1.399
Less/ Add	DEPRECIATION/ AMORTISATION		0.276	0.269	0.251
	PROFIT BEFORE TAX		0.930	0.756	1.148
Less	TAX		0.294	0.223	0.422
	PROFIT AFTER TAX		0.636	0.533	0.726
Less	Income tax/ FBT of earlier year		0.025	(0.016)	0.039
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.774	7.225	6.538
	BALANCE CARRIED TO THE B/S		8.385	7.774	7.225
	Earnings Per Share (Rs.)		12.22	10.98	14.52

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.39	0.35	0.69
Net Profit Margin (PBT/Sales)	(%)	4.07	0.51	1.15
Return on Total Assets (PBT/Total Assets}	(%)	21.63	5.53	7.83
Return on Investment (ROI) (PBT/Networth)		0.10	0.09	0.15
Debt Equity Ratio (Total Liability/Networth)		0.04	0.79	0.90
Current Ratio (Current Asset/Current Liability)		0.70	4.87	2.36

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The net profit for the year, after considering all expenses and provision for income tax to Rs.0.611 million to which profit of Rs.7.774 millions brought forward from last year should be deducted making a balance of Rs.8.385 millions which the director recommend should be carried forward.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U17217GJ1987PTC009667
Name of the company	ATMARAM MANEKLAL (EXPORTS) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	806, Aakruti Stadium Circle Navrangpura, Ahmeadbad – 380 009, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum recording past transaction of creation of mortgage by deposit of title deeds.
Date of instrument Creating the charge	02.02.2008
Amount secured by the charge	Rs.1.448 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: On Demand Margin: Company shall at all times during the continuance of this security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge: The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as security for repayment of principal, interest, liquidated damages, costs, charges and expenses and all other moneys due and payable by the Borrower to the Bank.
Short particulars of the property charged	Immovable properties lying and situate at Unit No.800 to 810, at Aditya (Navrangpura) Owners Asso, known as Aukruli Complex, Stadium Circle, Navrang Pura, Ahmedabad.

FIXED ASSETS:

v Building

v Office Equipments

v Vehicles

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.51.75
UK Pound	1	Rs.80.00
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	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.