MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED
Registered Office :	903/904, Embassy Tower, Opposite Jubilee Garden, Jawahar Road, Rajkot-360001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.2005
Com. Reg. No.:	04-046782
Capital Investment / Paid-up Capital :	Rs.12.009 Millions
CIN No.: [Company Identification No.]	U51100GJ2005PTC046782
TAN No.: [Tax Deduction & Collection Account No.]	RKTD01201E
PAN No.: [Permanent Account No.]	AACCD2313G
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Agricultural Products and also engaged in Wind Power Generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 370000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has been successful in wiping off the accumulated losses of previous year. 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 :	903/904, Embassy Tower, Opposite Jubilee Garden, Jawahar Road, Rajkot-360001, Gujarat, India
Tel. No.:	91-281-2223731/2222991/992/993
Fax No.:	91-281-2220409/2222994
E-Mail :	kaka@dmlakhani.com info@dmlakhani.com
Branch Office :	B-604, Sagar Tech Plaza, Sakinaka Junction, Andheri (East), Mumbai-400075, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Harishkumar Jayantilal Lakhani

Designation :

Director

Address :

Vrundava, Tapovan Society, Near Aminmarg, Rajkot-360002, Gujarat, India

Date of Birth/Age :

13.05.1959

Date of Appointment :

16.09.2005

Din No.:

01658810

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	12-05-03	12-05-03	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	14-07-05	14-07-05	Active	NO
3	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	16-09-05	16-09-05	Active	NO

Name :

Dolly Harishbhai Lakhani

Designation :

Director

Address :

Vrundava, Tapovan Society, Near Aminmarg, Rajkot-360002, Gujarat, India

Date of Birth/Age :

14.03.1984

Date of Appointment :

22.11.2006

Din No.:

00719329

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	09-09-06	09-09-06	01-03-08	Active	NO
2	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	22-11-06	22-11-06	-	Active	NO

Name :

Mrs. Sejal Darshanbhai Lakhani

Designation :

Director

Address :

Vrundava, Tapovan Society, Near Aminmarg, Rajkot-360002, Gujarat, India

Date of Birth/Age :

25.09.1979

Date of Appointment :

22.02.2011

Din No.:

03437694

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harishkumar Jayantilal Lakhani	108100
Meenaben Harishkumar Lakhani	101300
Darshan Harishkumar Lakhani	95000
Chirag Harishkumar Lakhani	88000
Dolly Harishbhai Lakhani	88000
Pravinaben Narendra Davda	10000
Narendra Nanjibhai Davda	8000
Sejal Darshanbhai Lakhani	70000
DML Exim Private Limited, India	632500
Total	1200900

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	52.66
Directors or relatives of directors	45.83
Other top fifty shareholders	1.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Agricultural Products and also engaged in Wind Power Generation.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Aum Planet, Ground Floor, Opposite Nirmala Convent School, Rajkot-360001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan taken for vehicles	3.050	0.000
Total	3.050	0.000

Banking Relations :	--
Auditors :
Name :	N.M. Unadkat and Company Chartered Accountants
Address :	306-307, Everest Complex, Opposite Shastri Maidan, Subhash Road, Rajkot-360001, Gujarat, India
Pan No.:	AAFPU7460F
Holding Company:	DML Exim Private Limited
Related Parties:	· D.M Enterprise · D.M.L. World Trade Private Limited · Devhari Enterprise

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200900	Equity Shares	Rs.10/- each	Rs.12.009 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		12.009	12.009	12.009
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.048	0.000	0.000
4] (Accumulated Losses)		0.000	(4.501)	(5.249)
NETWORTH		93.057	7.508	6.760
LOAN FUNDS
1] Secured Loans		3.050	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3.050	0.000	0.000
DEFERRED TAX LIABILITIES		6.890	0.000	0.000
TOTAL		102.997	7.508	6.760
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.011	0.950	1.186
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.008	1.051	1.075
	Cash & Bank Balances	216.117	2.940	1.482
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	43.360	4.940	5.641
Total Current Assets		259.485	8.931	8.198
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	56.534	1.595	2.333
	Other Current Liabilities	118.538	0.635	0.637
	Provisions	37.437	0.153	0.000
Total Current Liabilities		212.509	2.383	2.970
Net Current Assets		46.976	6.548	5.228
MISCELLANEOUS EXPENSES		0.000	0.000	0.336
TOTAL		102.997	7.508	6.760

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3235.770	24.643	16.847
		Other Income	30.783	0.113	0.126
		TOTAL (A)	3266.553	24.756	16.973
Less	EXPENSES
		Purchase		22.645	13.035
		Operative and Administrative Expenses		0.540	0.738
		Ammonization of Miscellaneous Expenses		0.336	0.336
		Decrease in Closing Stock of Finished Goods		0.000	3.480
		TOTAL (B)	3136.606 [Including Financial Expenses]	23.521	17.589
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1.235	(0.616)
Less	FINANCIAL EXPENSES (D)			0.098	0.505
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		129.947	1.137	(1.121)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.224	0.235	0.318
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		129.723	0.902	(1.439)
Less	TAX (H)		44.173	0.154	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		85.550	0.748	(1.439)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.501)	(5.249)	(3.810)
	BALANCE CARRIED TO THE B/S		81.049	(4.501)	(5.249)
	EARNINGS IN FOREIGN CURRENCY		3041.400	0.000	NA
	Earnings / (Loss) Per Share (Rs.)		71.24	0.62	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.62	3.02	(8.48)
Net Profit Margin (PBT/Sales)	(%)	4.00	3.66	(8.54)
Return on Total Assets (PBT/Total Assets}	(%)	41.12	9.13	(15.33)
Return on Investment (ROI) (PBT/Networth)		1.39	0.12	(0.21)
Debt Equity Ratio (Total Liability/Networth)		2.32	0.32	0.44
Current Ratio (Current Asset/Current Liability)		1.22	3.75	2.76

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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

REVIEW OF FINANCIAL PERFORMANCE:

The management feels immense pleasure in presently financial performance of the current year with considerable increase in the aggregate sales of the company to Rs. 3235.770 Millions from Rs. 24.643 Millions as compared to the last year showing. The Company reported a Net Profit (After Tax) of Rs. 85.550 Millions as compared to the Net Loss (After Tax) of Rs. 0.748 Million of the previous year. The loss being forwarded from the previous years is completely recovered and surplus of Rs. 81.049 Millions is carried forward to the balance sheet.

BUSINESS INITIATIVES:

During the year, the company found new business prospects in the field of selling and distribution of power generation. Hence for the accomplishment of the said objective, the Company purchased a wind turbine generator and simultaneously changed the ancillary object clause of MOA and duly complied with the provisions of the Companies Act, 1956. The Company has started the process of generation and distribution of power booking pre-opening income of Rs. 0.008 Million during the financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51100GJ2005PTC046782
Name of the company	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	903/904, Embassy Tower, Opposite Jubilee Garden, Jawahar Road, Rajkot-360001, Gujarat, India
Type of charge	Movable Property [not being pledge] Floating Charge Others
Particular of charge holder	Oriental Bank of Commerce, Aum Planet, Ground Floor, Opposite Nirmala Convent School, Rajkot-360001, Gujarat, India
Email	bm0556@obc.co.in
Nature of description of the instrument creating or modifying the charge	Instrument creating charge: Agreement of Hypothecation of Assets
Date of instrument Creating the charge	28.10.2011
Amount secured by the charge	Rs.2050.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement. Terms of Repayment FDBP/FUDBP/FCBRD: One Year. Packing Credit (Sublimit of FDBP/FUDBP/FDBRD): One Year. Forward Contract Limit: One year. Foreign Bills purchased under LOC: 180 days. Margin FDBP/FUDBP/FCBRD: Nil Packing Credit (Sublimit of FDBP/FUDBP/FDBRD): 20% Forward Contract Limit: Nil Extent and Operation of the charge The charge operates to create security by way of hypothecation of moveable assets of the Company as this form in favour of Oriental Bank of Commerce, Rajkot to secure entire finance of Rs. 2050.000 Millions (granted to the Company in addition to all interests, costs and expenses. Others Description of Finance Facilities of Rs. 2050.000 Millions granted to the Company: FDBP/FUDBP/FCBRD: Rs. 500.000 Millions. Packing Credit (Sub-limit of FDBP/FUBRD/FCBRD): (Rs.375.000 Millions) Forward Contract: Rs.50.000 Millions Foreign Bills purchase under Letter of Credit usance upto 180 days: Rs.1500.000 Millions.
Short particulars of the property charged	Foreign documentary demand/usance bill having maximum usance of 180 days accompanied by Airway Bills/Bill of Lading and drawn under irrecoverable letter of credit/confirmed order only. Hypothecation of stocks in trade not older than six months and advance to suppliers. The forward contract limit will be secured by primary/collateral security.

FIXED ASSETS:

· Air Conditioner

· Camera

· Computer

· Fax Machine

· Furniture and Fixture

· Invertor

· Printer

· Server

· Software

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.55.56
UK Pound	1	Rs.85.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Report Prepared by :

TPT

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	NO
--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.