MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	UTKAL INTRADE PRIVATE LIMITED
Registered Office :	312/B, ACME Plaza, Andheri Kurla Road, Andheri ( EAST), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.07.1988
Com. Reg. No.:	11-048023
Capital Investment / Paid-up Capital :	Rs.1.670 millions
CIN No.: [Company Identification No.]	U51900MH1988PTC048023
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03953F / MUMU03483E
PAN No.: [Permanent Account No.]	AAACM3066B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Galvanised Steel Sheets and Coils
No. of Employees :	60 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 103040
Status :	Moderate
Payment Behaviour :	Slow
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. 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

INFORMATION DECLINED BY

Name :	Ms. Neha
Designation :	Accountant

LOCATIONS

Registered Office :	312/B, ACME Plaza, Andheri Kurla Road, Andheri ( EAST), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28251357 / 358
Fax No.:	91-22-61445252
E-Mail :	utkall@airtelmail.in jainambavat@sify.com sraconsultants@gmail.com
Location :	Owned
Factory :	Plot No. 1629, Colomboli Industrial Estate Market, Colomboli, Navi Mumbai – 410218, Maharashtra, India
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Manish Agrawal
Designation :	Director
Date of Birth/Age :	09.12.1971
Date of Appointment :	16.02.2010
DIN No.:	00570320

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	U84699OR1997PLC009757	Utkal Comtrade Limited	Director	29/07/2006	29/07/2006	-	Active	NO
2	U27104OR1996PLC004490	Orissa Steel Limited	Director	29/09/2007	29/09/2007	-	Active	NO
3	U51900MH1988PTC048023	Utkal Intrade Private Limited	Director	16/02/2010	16/02/2010	-	Active	NO

Name :	Mr. Vivek Sharma
Designation :	Director
Date of Birth/Age :	17.08.1980
Date of Appointment :	16.02.2010
DIN No.:	02958737

KEY EXECUTIVES

Name :	Ms. Neha
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Chopra Baboolal	900
Chopra Ramesh	900
Chopra Jagdish	900
Chopra Rakesh	900
Bhagyawanti Chopra	900
Chopra Kusum	100
Chopra Tara	100
Chopra Fancybhai	100
Chopra Manjula	100
Chopra Prakash	100
Agarwal Rajesh	500
Agarwal Surendra	500
Gobindram Shreeram HUF	1000
Narayan Prasad Agarwal HUF	1000
Pawankumar Agarwal HUF	1000
Agarwal Devkidevi	1000
Agarwal Rukmanidevi	250
Agarwal Manjuladevi	250
Agarwal Manisha	500
Agarwal Rinku	500
Agarwal Parkhit	500
Agarwal Arpit	500
Bulicon Textiles Private Limited,West Bengal, India	1280
Guruji Dealers Private Limited, West Bengal, India	400
Stalk Tracons P Limited, West Bengal, India	400
River Grove Distributors P Limited, West Bengal, India	880
Cygnet Advertising Techniques P Limited, West Bengal, India	400
Verma Commercial P Limited, West Bengal, India	840
Total	16700

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		25.15
Directors or relatives of directors		44.91
Other top fifty shareholders		29.94
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Galvanised Steel Sheets and Coils
Imports :
Products :	Raw Materials
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit and L/C

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

60 Approximately

Bankers :

• HDFC Bank, Branch Fort, Mumbai
• UCO Bank
• Axis Bank Limited
• Citi Bank
• Indusind Bank

Facilities :

UNSECURED LOAN	AS ON 31.03.2011 (Rs. In millions)	AS ON 31.03.2010 (Rs. In millions)
From Others	5.339	1.949
TOTAL	5.339	1.949

Banking Relations :	--
Auditors :
Name :	Jain Ambavat and Associates Chartered Accountant
Address :	10, Chemox House, 3^rd Floor, 7 Barrack Lane, Opp Bombay Hospital, Mumbai 400020, Maharashtra, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 100 each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16700	Equity Shares	Rs. 100 each	Rs.1.670 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		1.670	1.670	1.670
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.090	23.998	24.019
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.760	25.668	25.689
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5.339	1.949	1.950
TOTAL BORROWING		5.339	1.949	1.950
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.099	27.617	27.639
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.062	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.939	8.939	8.939
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.676	0.000	0.000
	Sundry Debtors	25.596	17.221	17.221
	Cash & Bank Balances	4.744	0.716	0.708
	Other Current Assets	17.802	8.638	0.000
	Loans & Advances	0.000	0.000	8.649
Total Current Assets		54.818	26.575	26.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.685	7.897	7.877
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.035	0.000	0.000
Total Current Liabilities		32.720	7.897	7.877
Net Current Assets		22.098	18.678	18.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.099	27.617	27.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	44.258	0.000	0.000
		TOTAL	44.258	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	44.132	0.021	0.027
		Advertising Expenses
		TOTAL	44.132	0.021	0.027
	PROFIT BEFORE TAX		0.126	(0.021)	(0.027)
Less	TAX		0.035	0.000	0.000
	PROFIT AFTER TAX		0.091	(0.021)	(0.027)
	Earnings Per Share (Rs.)		5.47	(1.27)	(1.66)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.20	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.28	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.22	(0.07)	(0.10)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.00)	(0.00)
Debt Equity Ratio (Total Liability/Networth)		1.47	0.38	0.38
Current Ratio (Current Asset/Current Liability)		1.67	3.36	3.37

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

During the year the company has gained Profit of Rs. 0.126 million as against Loss of Rs.0.021 million in the previous year.

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.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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

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.