MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	AARVI MARKETING PRIVATE LIMITED
Registered Office :	100” – Drive In – 2^nd Floor, Next to Rajvi Tower, Opposite Swaminarayan Gurukul, Drive In Road, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1995
Com. Reg. No.:	04-025809
Capital Investment / Paid-up Capital :	Rs.0.900 Million
CIN No.: [Company Identification No.]	U51909GJ1995PTC025809
TAN No.: [Tax Deduction & Collection Account No.]	AHM00449B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Wood Products, Non-Ferrous metal Products, Fiber-Glass Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 37000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vinod Patel
Designation :	Manager
Contact No.:	91-9925186987
Date :	04.05.2012

LOCATIONS

Registered Office :	100” – Drive In – 2^nd Floor, Next to Rajvi Tower, Opposite Swaminarayan Gurukul, Drive In Road, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-29098969
Mobile No.:	91-9925186987 (Mr. Vinod Patel)
Fax No.:	91-79-29098969
E-Mail :	info@aarvigroup.net sales@aarvigroup.net aarvimkt@yahoo.com
Area :	3400 Sq. ft
Location :	Owned

DIRECTORS

As on 26.09.2011

Name :	Mr. Kaushik Ramanlal Shah
Designation :	Director
Address :	Lane 18, Plot No.- 371, Satyagrah Chavani Society, Satellite, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	12.03.1946
Date of Appointment :	11.05.1995
DIN No.:	00095077
Name :	Mr. Anil Ramanlal Shah
Designation :	Director
Address :	20,Gurukul Society, Near Circuit House, Shahibaugh, Ahmedabad-380004, Gujarat, India
Date of Birth/Age :	10.10.1957
Date of Appointment :	30.12.2002
DIN No.:	00095197
Name :	Mr. Shalin Anil Shah
Designation :	Director
Address :	24, Haveli Bunglows, Drive in Road,Thaltej, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	25.04.1984
Date of Appointment :	15.02.2005
DIN No.:	00095226

KEY EXECUTIVES

Name :	Mr. Vinod Patel
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Lalitaben Ramanlal Shah	6300
Kaushikbhai Ramanlal Shah	8100
Bharatiben Kaushikbhai Shah	4500
Krishna Kaushikbhai Shah	11700
Bharatbhai Ramanlal Shah	6300
Gitaben Bharatbhai Shah	4500
Anilkurnar Ramanlal Shah	10800
Diptiben Anilbhai Shah	4500
Kaushikbhai Ramanlal Shah (HUF)	900
Bharatbhai R. Shah (HUF)	9000
Anilbhai R. Shah (HUF)	4500
R. V. Shah Family Trust	4500
Mansi Bharatbhai Shah	3600
Darshi Bharatbhai Shah	3600
Shalin Anilbhai Shah	3600
Riddhi Anilbhai Shah (Minor) (Thr. F and N. G. Anilbhai R. Shah)	3600
Total	90000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Wood Products, Non-Ferrous metal Products, Fiber-Glass Products.
Products :	Dealers in Fiber Glass
Imports :
Products :	Wood Products
Countries :	Mexico
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

Information declined by the management

Bankers :

· Standard Chartered Bank, Ground Floor, Abhijeet-II, Mithakali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India

· Bank of Baroda

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Baroda (Secured against hypothecation of book debt and personal guarantee of Directors)	0.000	12.851
Standard Chartered Bank (Secured against hypothecation of book debt and personal guarantee of Directors)	18.047	0.000
ICICI Bank Limited (Secured against hypothecation of Motor Car and personal guarantee of Directors)	0.430	0.634
Total	18.477	13.485
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Members	9.070	10.526
Inter Corporate Deposit	10.500	5.500
Total	19.570	16.026

Banking Relations :	--
Auditors :
Name :	Chandulal M Shah and Company Chartered Accountants
Address :	601, Samruddhi, Near Sattar Taluka Society, Opposite Old High Court, Ahmedabad – 380014, Gujarat, India
PAN.:	AAAFC6603M
Associates :	· Alok Buildcon Private Limited · Anant Projects Private Limited · Krishna Traders · R A Metal Industries · Shreeji Textiles · United Fiber Composites Private Limited · Arti Exim

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs.0.900 Million

Note: Out of which 80000 Equity Shares of Rs.10 each have been issue as fully paid up bonus shares

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		0.900	0.900	0.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.282	6.432	4.788
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.182	7.332	5.688
LOAN FUNDS
1] Secured Loans		18.477	13.485	9.948
2] Unsecured Loans		19.570	16.026	12.899
TOTAL BORROWING		38.047	29.511	22.847
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		47.229	36.843	28.535
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.865	1.400	0.493
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.026	0.034	0.051
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.665	6.641	4.174
	Sundry Debtors	64.188	46.642	26.936
	Cash & Bank Balances	3.919	3.087	5.821
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.635	0.424	1.204
Total Current Assets		86.407	56.794	38.135
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.906	20.414	9.566
	Other Current Liabilities	0.655	0.573	0.568
	Provisions	0.508	0.398	0.010
Total Current Liabilities		40.069	21.385	10.144
Net Current Assets		46.338	35.409	27.991
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		47.229	36.843	28.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	196.340	133.628	98.283
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	3.320	2.722	1.488
		Advertising Expenses
		Financial Expenses
		TOTAL	3.320	2.722	1.488
Less/ Add	DEPRECIATION/ AMORTISATION		0.321	0.158	0.135
	PROFIT BEFORE TAX		2.999	2.564	1.353
Less	TAX		1.150	0.920	0.465
	PROFIT AFTER TAX		1.849	1.644	0.888
	Earnings Per Share (Rs.)		20.55	18.27	9.99

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.53	1.92	1.38
Return on Total Assets (PBT/Total Assets}	(%)	3.44	4.41	3.50
Return on Investment (ROI) (PBT/Networth)		0.33	0.35	0.24
Debt Equity Ratio (Total Liability/Networth)		8.51	6.94	5.80
Current Ratio (Current Asset/Current Liability)		2.16	2.66	3.76

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	38.906	20.414	9.566
Total	38.906	20.414	9.566

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	Yes
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	Yes
10) Designation of contact person	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

FINANCIAL RESULTS:

During the year the Company has achieved Sales of Rs.196.340 Millions (Previous yea Rs.133.628 Millions) and has earned Net Profit of Rs.1.849 Millions (Previous year profit of Rs.1.644 Millions) after providing Depreciation of Rs.0.321 Million (Previous year Rs.0.158 Million) and Provision for taxation – current tax amounting to Rs.1.150 Millions (Previous year Rs.0.920 Million).

CHANGE IN REGISTERED OFFICE:

After close of year, registered office of the Company has been shifted from Shahibaug to Drive-in area within local limits of the Ahmedabad city w.e.f. 16.05.2011.

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909GJ1995PTC025809
Name of the company	AARVI MARKETING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	100" - Drive In - 2nd Floor, Next to Rajvi Tower, Opposite Swaminarayan Gurukul, Drive In Road, Ahmedabad-380054, Gujarat, India Email : aarvimkt@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10247318
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, Ground Floor, Abhijeet-II, Mithakali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India Email : sme.form8@sc.com
Nature of instrument creating charge	Supplemental hypothecation agreement of stock and book debts dated 12.08.2011
Date of instrument Creating the charge	12.08.2011
Amount secured by the charge	Rs.84.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Agreed by and with the bank from time to time Terms of Repayment As Agreed by and with the bank from time to time Margin As per bank's sanction Extent and Operation of the charge First Exclusive Charge on Securities for Rs.84.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation on(a) Exclusive first Charge on All the Stock in trade both present and future consisting of Raw Material, Goods in Process and Finished Goods of manufacturing and other merchandize (b) all the present and future book debts, outstanding moneys receivables, claims and bills Supplemental Hypothecation Agreement Dated 12.08.2011
Date of instrument modifying the charge
Particulars of the present modification

FIXED ASSETS

· Godown

· Office Equipments

· Furniture

· Computer

· Motor Car and Vehicle

· Cycle

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	CTI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.