MIRA INFORM REPORT

Report Date :

09.03.2012

IDENTIFICATION DETAILS

Name :	SORT INDIA ENVIRO SOLUTIONS LIMITED (w.e.f. 25.01.2011)
Formerly Known As :	SORT INDIA ENVIRO SOLUTIONS PRIVATE LIMITED
Registered Office :	203, Berrys Plaza, 11/A, Shrinagar Society, Akota, Vadodara – 390020, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.2010
Com. Reg. No.:	04-059257
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U90000GJ2010PLC059257
TAN No.: [Tax Deduction & Collection Account No.]	BRDS08134A
PAN No.: [Permanent Account No.]	AANCS7713A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Supplier of all type of Waste, Recyclable, Non Usable, Reusable, Scrap Items.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 10000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Profitability of the company appears to be low. However, trade relations are 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.

INFORMATION PARTED BY

Name :	Ms. Dimple
Designation :	Accounts Executive
Contact No.:	91-265-2350042
Date :	06.03.2012

LOCATIONS

Registered Office :	203, Berrys Plaza, 11/A, Shrinagar Society, Akota, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2350042/ 2350317
Fax No.:	Not Available
E-Mail :	chirag.ca@gmail.com dimple.sortindia@gmail.com
Location :	Owned
Warehouse :	Gorwa, Vadodara, Gujarat, India

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Paresh Tulsidas Parekh
Designation :	Director
Address :	B-2, Sumagal Apartment, V C Road, surat – 395006, Gujarat, India
Date of Birth/Age :	14.08.31972
Date of Appointment :	19.01.2010
DIN No.:	02806628
Name :	Mr. Manish Gopalbhai Patel
Designation :	Director
Address :	303/A, Akilesh apartments, High Tension Line Road, Subhanpura, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	15.01.1973
Date of Appointment :	19.01.2010
DIN No.:	02808767
Name :	Mr. Kishorbhai Jayantbhai Patel
Designation :	Additional Director
Address :	Village Tundi, Taluka Palsana, Surat – 394310, Gujarat, India
Date of Birth/Age :	27.05.1971
Date of Appointment :	15.01.2011
DIN No.:	02982549

KEY EXECUTIVES

Name :	Ms. Dimple
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Paresh Tulsidas Parekh	225000
Manish Gopalbhai Patel	25000
Total	250000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Supplier of all type of Waste, Recyclable, Non Usable, Reusable, Scrap items.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Industries

No. of Employees :

20 (Approximately)

Bankers :

· IDBI Bank

Race Course Branch, Vadodara, Gujarat, India

· IDBI Bank Limited

IDBI Tower, WTC Complex, Cuffe parade, Mumbai – 400005, Maharashtra, India

· Bank of India

· Indusind bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
IDBI Cash Credit (Hypothecation of Stock and Book Debts)	4.513	0.000
Cholamandalam GIC (Hypothecation of Plant and Machinery and Vehicles)	1.387	0.000
IDBI Term Loan (Hypothecation of Plant and Machinery and Vehicles)	3.111	1.796
Sunderam Finance (Hypothecation of Plant and Machinery and Vehicles)	0.673	0.000
Tata Finance Limited (Hypothecation of Vehicles)	0.596	0.000
Total	10.280	1.796
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors
Manishbhai G Patel	0.575	(0.227)
Pareshbhai T. Parekh	1.959	1.887
From Others
Hemantbhai M. Patel	0.200	0.000
Ravi R. Patel	0.200	0.000
Total	2.934	1.660

Banking Relations :	--
Auditors :
Name :	Shah and Kadam Chartered Accountant
Address :	301, Sumangal Chamber, Kharivav Road, Dandia Bazar, Vadodara – 390001, Gujarat, India
PAN No.:	AAYFS5501J

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.073	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.573	2.500
LOAN FUNDS
1] Secured Loans		10.280	1.796
2] Unsecured Loans		2.934	1.660
TOTAL BORROWING		13.214	3.456
DEFERRED TAX LIABILITIES		0.198	0.000
TOTAL		15.985	5.956
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.020	1.732
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.812	3.730
	Sundry Debtors	7.838	0.000
	Cash & Bank Balances	0.069	0.858
	Other Current Assets	0.097	1.464
	Loans & Advances	2.118	0.026
Total Current Assets		14.934	6.078
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.104	3.789
	Other Current Liabilities	0.864	0.050
	Provisions	0.329	0.000
Total Current Liabilities		8.297	3.839
Net Current Assets		6.637	2.239
MISCELLANEOUS EXPENSES		1.328	1.985
TOTAL		15.985	5.956

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	38.538	0.000
		Other Income	0.753	0.000
		TOTAL (A)	39.291	0.000
Less	EXPENSES
		Purchases Cost	33.059	0.005
		Indirect Expenses	3.749	0.075
		Preliminary Expenses Written off	0.027	0.000
		TOTAL (B)	36.835	0.080
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.456	(0.080)
Less	FINANCIAL EXPENSES (D)		1.398	0.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.058	(0.086)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.584	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.474	(0.086)
Less	TAX (H)		0.287	0.000
	PROFIT AFTER TAX (G-H) (I)		0.187	(0.086)
Less	APPROPRIATIONS
		Dividend to Equity Shares	0.025	--
		Dividend Distribution Tax	0.004	--
	BALANCE CARRIED TO THE B/S		0.158	(0.086)
	Earnings Per Share (Rs.)		0.75	--

Expected Sales (2011-12): Rs.100.000 Millions

The above information has been parted by Ms. Dimple

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)		0.48	0.00
Net Profit Margin (PBT/Sales)	(%)		1.23	0.00
Return on Total Assets (PBT/Total Assets}	(%)		2.06	(1.10)
Return on Investment (ROI) (PBT/Networth)			0.18	(0.03)
Debt Equity Ratio (Total Liability/Networth)			8.36	2.92
Current Ratio (Current Asset/Current Liability)			1.80	1.58

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	7.104	3.789
Total	7.104	3.789

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last one years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	-----
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The Registered office of the company has been shifted from, 9/11, Siddharth Patel Square, Old Padra Road, Vadodara – 390020, Gujarat, India to the present address w.e.f. 01.11.2011.

FORM 8:

Corporate identity number of the company	U90000GJ2010PTC059257
Name of the company	SORT INDIA ENVIRO SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	9/11 Siddharth Patel Square, Old Padra Road, Vadodara – 390020, Gujarat, India chirag.ca@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	· IDBI Bank Limited IDBI Tower, WTC Complex, Cuffe parade, Mumbai – 400005, Maharashtra, India yeshpal.singh@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Loan - Cum - Hypothecation Agreement
Date of instrument Creating the charge	12/03/2010
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Term Loan: BPLR 12.75% p.a. + 0.75% Presently at 13.25% p.a. CCL: BPLR 12.75% p.a. + 0.50% Presently at 13.25% p.a. Letter of Credit: As decided by Bank from time to time. Terms of Repayment Cash Credit - Repayable on Demand Term Loan - Installment of Rs.0.065 Million Payable in 54 Months Commencing from 6 Months after 1st Disbursement. Letter of Credit - Repayable on Demand Margin Stock : 25% Book Debts : 40% Extent and Operation of the charge First Charge on all movable assets of the Company.
Short particulars of the property charged	All present and future stocks, raw materials, goods, book debts, vehicles and all other movable assets of the borrower including the receivables, documents of title to goods, outstanding monies, bills.

FIXED ASSETS:

· Bailing Machine

· Cell Phone

· Computers

· Electronic Equipment

· Digital Camera

· Furniture and Fixture

· Laptop[

· Refrigerator

· Vehicles Tempo

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.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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	2
--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		26

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.