MIRA INFORM REPORT

Report Date :

21.01.2012

IDENTIFICATION DETAILS

Name :	AJS IMPEX PRIVATE LIMITED
Registered Office :	108, 1^st Floor, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.05.2006
Com. Reg. No.:	11-161680
Capital Investment / Paid-up Capital :	Rs.57.500 Millions
CIN No.: [Company Identification No.]	U74900MH2006PTC161680
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Industrial Engineering Goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 :	108, 1^st Floor, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23480888/30297636/30297880/32930888
Fax No.:	91-22-23488889
E-Mail :	accounts@ajslgroup.com
Website:	www.ajslgroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Jayesh Amulakh Mehta

Designation :

Managing Director

Address :

A/10, Gautamdham, Bajaj Road, Dadabhai Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

04.09.1968

Date of Appointment :

08.05.2006

Din No.:

01584717

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	U74900MH2006PTC161680	AJS IMPEX PRIVATE LIMITED	Managing director	11-03-10	08-05-06	-	Active	NO
2	U25199MH2006PTC161869	TRUMP IMPEX PRIVATE LIMITED	Director	18-05-06	18-05-06	31-03-09	Active	YES
3	U51909MH2004PTC146415	SHREE VALLABH MARKETING PRIVATE LIMITED	Director	01-03-08	01-03-08	-	Active	NO
4	U45201MH2008PTC182438	JK INFRACON PRIVATE LIMITED	Director	19-05-08	19-05-08	-	Active	YES
5	L65990MH1983PLC029350	SUBWAY FINANCE AND INVESTMENT COMPANY LIMITED	Director	29-09-11	18-04-11	-	Active	NO

Name :

Mr. Amulakh Bhupatary Mehta

Designation :

Director

Address :

A/10, Gautamdham, Bajaj Road, Dadabhai Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

14.09.1938

Date of Appointment :

08.05.2006

Din No.:

01584664

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	U74900MH2006PTC161680	AJS IMPEX PRIVATE LIMITED	Director	08-05-06	08-05-06	-	Active	NO
2	U25199MH2006PTC161869	TRUMP IMPEX PRIVATE LIMITED	Director	18-05-06	18-05-06	01-10-09	Active	YES
3	U51909MH2004PTC146415	SHREE VALLABH MARKETING PRIVATE LIMITED	Director	01-03-08	01-03-08	-	Active	NO
4	L65990MH1983PLC029350	SUBWAY FINANCE AND INVESTMENT COMPANY LIMITED	Director	29-09-11	18-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Amulakh Bhupatary Mehta	5000
Jayesh Amulakh Mehta	3960300
Jayesh Amulakh Mehta HUF	1020000
Piyush Vasant Bhuva	3675
Ram Ganesh Mishrilal Gupta	3675
Vinayak Anna Kanade	3675
Popat Shankar Shete	3675
Mehta Trade, India	750000
Shree Vallabh Marketing Private Limited, India	135000
Shree Vallabh Marketing Private Limited, India	115000
Total	6000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	16.66
Directors or relatives of directors	66.09
Other top fifty shareholders	0.25
Others	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Industrial Engineering Goods.

GENERAL INFORMATION

Bankers :

· Union Bank of India [Lead Bank], Bhat Bazar Branch, Anand Deep Chambers, 273/277, Narsi Natha Street, Mumbai-400009, Maharashtra, India

· UCO Bank, Industry House, 159, Churchgate Reclamation, Mumbai-400020, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans	287.534	388.493
Directors loan	9.189	89.162
Loans taken for vehicles	5.269	0.073
Total	301.992	477.728
Unsecured Loan
Other external commercial borrowing unsecured	82.907	0.000
Total	82.907	0.000

Banking Relations :	--
Auditors :
Name :	Vinod K. Mehta and Company Chartered Accountants
Address :	B-5, 2^nd Floor, Satyam Shopping Center, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Pan No.:	AADFV6947N

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs.57.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs.57.500 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		57.500	55.000	50.000
2] Share Application Money		0.000	47.500	48.000
3] Reserves & Surplus		312.001	181.954	51.857
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		369.501	284.454	149.857
LOAN FUNDS
1] Secured Loans		301.992	477.728	180.126
2] Unsecured Loans		82.907	0.000	96.283
TOTAL BORROWING		384.899	477.728	276.409
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		754.400	762.182	426.266
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.451	48.045	3.497
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		28.031	15.130	0.000
DEFERREX TAX ASSETS		0.098	0.053	0.097
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	617.313	442.483	109.312
	Sundry Debtors	1077.138	647.759	312.338
	Cash & Bank Balances	263.396	205.842	114.844
	Other Current Assets	0.090	0.181	0.000
	Loans & Advances	73.223	69.227	35.964
Total Current Assets		2031.160	1365.492	572.458
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	916.576	353.356	72.983
	Other Current Liabilities	437.986	307.806	75.894
	Provisions	3.778	5.376	1.180
Total Current Liabilities		1358.340	666.538	150.057
Net Current Assets		672.820	698.954	422.401
MISCELLANEOUS EXPENSES		0.000	0.000	0.271
TOTAL		754.400	762.182	426.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	4423.005	4245.313	2668.249
Less	EXPENSES
		Office Expenses
		Administrative Expenses	4296.448	4153.370	2627.308
		Advertising Expenses
		TOTAL (B)	4296.448	4153.370	2627.308
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.557	91.943	40.941
Less	FINANCIAL EXPENSES (D)		62.756	32.156	19.798
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.801	59.787	21.143
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.326	1.324	0.590
	PROFIT BEFORE TAX (E-F) (G)		62.475	58.463	20.553
Less	TAX (H)		19.928	21.366	7.380
	PROFIT AFTER TAX (G-H) (I)		42.547	37.097	13.173
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		42.547	37.097	13.173
	EARNINGS IN FOREIGN CURRENCY		4.887	0.000	0.000
	Earnings Per Share (Rs.)		7.39	6.74	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.96	0.87	0.49
Return on Total Assets (PBT/Total Assets}	(%)	3.00	4.14	3.57
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.14
Debt Equity Ratio (Total Liability/Networth)		4.72	4.02	2.85
Current Ratio (Current Asset/Current Liability)		1.50	2.05	3.81

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCES:

The company has made net profit of Rs.42.547 millions for the year ended 31^st March, 2011. The board is hopeful of a better performance during the ensuing financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10181118
Corporate identity number of the company	U74900MH2006PTC161680
Name of the company	AJS IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	108, 1^st Floor, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai-400009, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Union Bank of India [Lead Bank], Bhat Bazar Branch, Anand Deep Chambers, 273/277, Narsi Natha Street, Mumbai-400009, Maharashtra, India
Email	cbsbhatbazar@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	1.Memorandum of Deposit of Title Deeds 2 Modification of Memorandum of Deposit of Title Deeds ( Both the above documents constitute a single charge)
Date of instrument Creating the charge	21.09.2011
Amount secured by the charge	Rs.1425.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As determined by the Banks from time to time Terms of Repayment On Demand Margin As per sanction terms Extent and Operation of the charge To Additionally Secure Various Credit Facilities Aggregating to Rs.1425.000 Millions granted by the Banks on Pari Passu Basis to the Company as under : 1.UBI Lead Bank FB Rs.12.50 Millions and NFB Rs.375.000 Millions 2.IOB FB Rs.170.000 Millions and NFB Rs.280.000 Millions. 3 Barclays Bank plc FB Rs.100.000 Millions and NFB Rs.150.000 Millions 4.LVB Ltd FB Rs.80.000 Millions and NFB Rs.70.000 Millions and 5. OBC FB 25.000 Millions and NFB Rs.50.000 Millions Total Aggregating Rs.1425.000 Millions UBI has been designated as Lead Bank of the Consortium Others Equitable Mortgage has been created to additionally secure various credit facilities aggregating to Rs.1425.000 Millions granted by the Banks The Total Limits granted by each Bank are as under 1.UBI(Lead Bank) Rs.500.000 MILLIONS 2.IOB Rs.450.000 MILLIONS 3.Barclays Bank plc Rs.250.000 MILLIONS 4.LVB Rs.150.000 MILLIONS 5.OBC Rs.75.000 MILLIONS Total Aggregating Rs.1425.000 MILLIONS
Short particulars of the property charged	Equitable Mortgage by Deposit of Title Deeds to and in favour of the said Banks by way of First Pari Passu Charge in respect of Company's Immovable Properties viz Unit No.A-1,B-1,B-2,B-3,B-4,A-2(Cont) on the 2nd Floor and Unit No.B-4 on the 3rd Floor admeasuring about total 988.99 Sq. Mtrs built up area (including of Balcony, Snitch and Common Passage Area) in the building known as Trade (cont) Square at Andheri Kurla Road, Saki Naka Mumbai 400072 and land bearing CTS No.662/2 Survey No.61,Hissa No.3 part and 4 part Survey No.18, H.No.2 and 7 and Plot No.5 admeasuring about 4754 Sq. (cont) Mtrs in the Village of Mohile, Kurla in the Registration District of Mumbai
Date of latest modification prior to the present modification	26.07.2011
Particulars of the present modification	Vide this modification charge amount of Rs.1425.000 Millions is additionally secured by EM by Deposit of Title Deeds to and in favour of the said Banks by way of First Pari Passu Charge in respect of Company's Immovable Properties viz Unit No.A-1,B-1,B-2,B-3,B-4,A-2 on the 2nd Floor and Unit No.B-4 on the 3rd Floor admeasuring about total 988.99 Sq. Mtrs built up area (including of Balcony, Snitch and Common Passage Area) in the building known as Trade Square at Andheri Kurla Rd, Saki Naka

FIXED ASSETS:

· Air Conditioner

· Fax Machine

· Pager

· Television

· Mobile Phone

· Xerox Machine

· Computers

· Scooter

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.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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		46

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.