MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	LAKSHYA ENTERPRISES PRIVATE LIMITED
Registered Office :	2, Capriana Apartments, 27, Rajnagar Society, Akota, Baroda – 390015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.11.1994
Com. Reg. No.:	04-023731
Capital Investment/ Paid-up Capital:	Rs.9.773 Millions
CIN No.: [Company Identification No.]	U45201GJ1994PTC023731
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of D.E.P and oils.
No. of Employees:	Not Available

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 68000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as 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.

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 PARTED BY

Name :	Mr. Tarak Patel
Designation :	Director
Contact No.:	91-9823028908
Date :	24.04.2012

LOCATIONS

Registered Office :	2, Capriana Apartments, 27, Rajnagar Society, Akota, Baroda - 390015 Gujarat, India
Tel. No.:	91-265-3255023/2355472/73
Mobile No.:	91-9823028908 (Mr. Tarak Patel)
Fax No.:	91-265-2355468
E-Mail :	sales@lakshyagroup.com parul@lakshyagroup.com tarak@lakshyagroup.com

DIRECTORS

As on 20.09.2011

Name :

Mr. Tarakbhai Laxmanbhai Patel

Designation :

Whole-time Director

Address :

2, Capriana Apartments, 27, Rajnagar Society, Akota, Baroda - 390015 Gujarat, India

Date of Birth/Age :

04.01.1967

Date of Appointment :

30.11.1994

Din No.:

02259588

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	U45201GJ1994PTC023731	LAKSHYA ENTERPRISES PRIVATE LIMITED	Whole-time director	1/4/2008	30/11/1994	-	Active	NO
2	U45201GJ1994PTC023730	NISHANT ENTERPRISES PRIVATE LIMITED	Whole-time director	15/07/2008	15/07/2008	-	Active	NO
3	U24231GJ1994PTC023896	SAKAR CHEMICALS PRIVATE LIMITED	Additional director	11/5/2010	11/5/2010	-	Active	NO

Name :

Mr. Parulbhai Laxmanbhai Patel

Designation :

Director

Address :

2, Capriana Apartments, 27, Rajnagar Society, Akota, Baroda - 390015 Gujarat, India

Date of Birth/Age :

17.08.1958

Date of Appointment :

30.11.1994

Din No.:

00403746

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	U45201GJ1994PTC023731	LAKSHYA ENTERPRISES PRIVATE LIMITED	Director	30/11/1994	30/11/1994	-	Active	NO
2	U45201GJ1994PTC023730	NISHANT ENTERPRISES PRIVATE LIMITED	Managing director	15/07/2008	30/11/1994	-	Active	NO
3	U17121GJ2007PTC050608	DHRUV COTTON PROCESSING PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO

Name :

Mr. Sanjaykumar Jerambhai Patel

Designation :

Director

Address :

2, Capriana Apartments, 27, Rajnagar Society, Akota, Baroda - 390015 Gujarat, India

Date of Birth/Age :

15.08.1974

Date of Appointment :

01.02.2007

Din No.:

02259600

MAJOR SHAREHOLDERS/SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Parulbhai Laxmanbhai Patel	93520
Tarakbhai Laxmanbhai Patel	124900
Parul Patel HUF	10000
Patel Laxmanbhai	103900
Patel Parulbhai Bhartiben	148000
Chatrola Naranbhai Harshadbhai	14300
Chatrola Harshad Sujataben	216700
Patel Popatbhai Janakbhai	7200
Kakadia Mavjlbhal Trlkambhal	9990
Kakadia Mavjibhai Rameshbhai	9990
Kakadia Mavjlbhal Laljlbhal	5000
Manglikhiya Popat Kanchanben	32500
Mangvkhiva-Valjibhai-Popatbha	26400
Patel Parulbhai Dhruv	12400
Patel Jerambhai Sanjaybhai	135000
Patel Tarakbhai Amiben	5500
Tarak L Patel Huf	20000
Patel B. Jerambhai	1000
Patel Jerambhai Gomtiben	1000
Total	977300

As on 20.09.2011

Equity Shares Break - up

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of D.E.P and oils.

Customers:

· Ganesh Fire Wood · Shri laxmi Timber Mart · Vishnu Timber Industries · Ankita Equipment · Chinubhai Kalidass and Bros. · Comfort Insurance Services · Datta Laboratory Furnishers · Diamond Industries and Fabrication · Energy Process Equipments · Flowvtech Instruments Services · Gujilrat Agency (Cokssion) · Gujarat Rewinding Works · Jay Jalaram Hardware Private Limited. · Kan Power Rubber Industries · Kirti Metal Corporation · K.N. Gandhi · Kotak Muldlink Logis tix · K.P. Electricals and Traders · Lovely Chemicals · Mane Roadlines · Mangal Murti Construction · Manoj Provision Stores · Modheshwari Construction · M. Liladhar · M/s. F. Patel and Company · Natvarlal Nathalal and Company · Nidhi R. Shah · Niraj Traders · Nishit Engineering · 'F+n Indla Vibration Technique · 'Pathak and Sons · .Roomy Enterprise · Royal Electricals · Dhmv P. Pate1 A/c · Shree Gayaui Engineers · Shri Natvar Agencies · Urniya Instruments · Umiya Machinery · Rajeshkumar Singh - . -Raje Shailes

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
D.E.P PEA	MT	N.A	6,000	1139.615

Note:

· Installed capacity is stated on per annum basis.

· Installed capacity is as certified by the management, but not verified by the .auditors being a technical matter.

· Figures in the bracket are in respect of the previous year

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce, G -1, G -2, Concorde Building, R.C. Dutt Road, Alakapuri Baroda - 390007 Gujarat, India

· HDFC Bank

· Indusland Bank

· State Bank of India

· RBS

Facilities :

Rs. in Millions

SECURED LOAN	31.03.2011	31.03.2010
Loans and Advances From Banks
Term Loan	13.636	2.553
Working Capital Facility	6.662	3.142
Total	20.298	5.695
Note: Term Loans and Working Capital Loans are secured against hypothecation of Plant and Machinery and Stock of Raw material , WIP, Finished Goods, Packing Material and entire Receivables and Collaterally Secured by equitable mortgage of Factory Land and Building. situated at Dabhasa, Taluka:Padara, District .Vadodara also ~Residential Fl lat No.7 at Caprina Appt.
UNSECURED LOAN	31.03.2011	31.03.2010
Other Loans & Advances
From Directors	0.020	1.681
From Shareholders	4.012	6.593
Total	4.032	8.274

Banking Relations :	--
Auditors :
Name :	Parikh Shah Chotalia and Associates Chartered Accountants,
Address :	A/11, Sahjanand Apartments, Tarang Society, Opp. Akota Stadium, Productivity Road, Baroda – 390020 Gujarat, India
Tel. No.:	91-265-2335917/3052101
Fax No.:	91-265-3082062
Email :	rahul@psca.in
Pan No.:	AADFR8971L
Associates:	· Nishant Enterprises · Tarak Enterprises

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
977300	Equity Share	Rs.10/- each	Rs.9.773 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		9.773	9.773	9.773
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.239	2.388	0.604
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.012	12.161	10.377
LOAN FUNDS
1] Secured Loans		20.298	5.695	5.884
2] Unsecured Loans		4.032	8.274	6.160
TOTAL BORROWING		24.330	13.969	12.044
DEFERRED TAX LIABILITIES		1.521	0.357	0.256
TOTAL		42.863	26.487	22.677
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.293	10.054	11.724
Capital work-in-progress		0.000	15.562	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.450	10.004	7.147
	Sundry Debtors	22.058	12.691	5.063
	Cash & Bank Balances	5.792	0.570	2.727
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.823	2.917	1.367
Total Current Assets		48.123	26.182	16.304
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	29.018	24.061	5.113
	Other Current Liabilities	0.016	0.093	0.009
	Provisions	1.519	1.214	0.344
Total Current Liabilities		30.553	25.368	5.466
Net Current Assets		17.570	0.814	10.838
MISCELLANEOUS EXPENSES		0.000	0.057	0.115
TOTAL		42.863	26.487	22.677

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	90.900	55.558	58.949
		Other Income	0.986	0.821	0.074
		TOTAL (A)	91.886	56.379	59.023
Less	EXPENSES
		Material Consumed	68.726	48.811	49.669
		Cost of Goods sold	1.413	0.903	1.719
		Manufacturing Expense	2.887	2.190	2.291
		Payment and provision for Employees	2.095	1.552	1.291
		Administrative and Selling Expenses	0.918	0.937	0.950
		Preliminary expense W/off	0.058	0.058	0.058
			0.000	54.451	55.978
		Increase/Decrease Stock	4.374	(2.458)	(0.290)
		TOTAL (B)	80.471	51.993	55.688
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.415	4.386	3.335
Less	FINANCIAL EXPENSES (D)		1.445	0.305	0.374
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.970	4.081	2.961
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.739	1.388	1.452
	PROFIT BEFORE TAX (E-F) (G)		7.231	2.693	1.509
Less	TAX (H)		2.380	0.910	0.585
	PROFIT AFTER TAX (G-H) (I)		4.851	1.783	0.924
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.387	0.604	(0.320)
	BALANCE CARRIED TO THE B/S		7.238	2.387	0.604
	EARNINGS IN FOREIGN CURRENCY
		Total	3.026	0.823	2.002
	Earnings Per Share (Rs.)		4.96	1.82	0.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.28	3.16	3.26
Net Profit Margin (PBT/Sales)	(%)	7.95	4.85	2.56
Return on Total Assets (PBT/Total Assets}	(%)	9.85	7.43	5.38
Return on Investment (ROI) (PBT/Networth)		0.43	0.22	0.15
Debt Equity Ratio (Total Liability/Networth)		3.23	3.23	1.69
Current Ratio (Current Asset/Current Liability)		1.58	1.03	2.98

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

REVIEW OF OPERATIONS AND FUTURE PROSPECTUS:

The turnover of the company increased from Rs.55.557 Millions to Rs.90.900 Millions registering an growth of 63% over previous year. Profit Before Tax was Rs.7.231 Millions Whereas profit After Tax 4.851 Millions, a increase of 168% and 172% respectively over previous year

Bankers Charges Report as per Registry

Corporate identity number of the company	U45201GJ1994PTC023731
Name of the company	LAKSHYA ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2, Capriana Apartments, 27, Rajnagar Society, Akota, Baroda - 390015 Gujarat, India Email: sales@lakshyagroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80058917
Type of charge	· Book Debts · Immovable property · Movable Property (not Being pledge)
Particular of charge holder	Oriental Bank of Commerce, G -1, G -2, Concorde Building, R.C. Dutt Road, Alakapuri Baroda - 390007 Gujarat, India Email: bm1090@obc.co.in
Nature of instrument creating charge	Deed of Hypothecation for Hypothecation of Plant and Machinery and Stock of Raw Material, WIP, Finished Goods, Packing Material and entire Receivables. Equitable Mortgage of Factory Land & Building at Dabhasa and Residential Flat at Vadodara
Date of instrument Creating the charge	23.03.2010
Amount secured by the charge	Rs.40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: For TL- at PLR -0.50 %( Present PLR 12%) subject to reset clause after one year or next renewal whichever is earlier. For CC-at PLR -0.50 %( Present PLR 12%) subject to reset clause in Sanction Letter. Margin: TL of Rs.15.000 Millions -25% CC of Rs.25.000 Millions -25% of Stock and Book Debts Extent and operation of the charge : The Charge is created by Oriental Bank of Commerce for Rs.4.000 Millions (Rs.15.000 Millions of TL and Rs.25.000 Millions of CC) on the Company's Plant and Machinery, Stock and Book Debts and EM of Factory Land and Building and Residential Flat at Vadodara.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the Company's Plant & Machinery, Stock and Book Debts & EM of Factory Land and Building and Residential Flat at Baroda
Particulars of the present modification	The original limit sanctioned by the Bank was Rs.12.500 Millions which has been increased to Rs.40.000 Millions in the present modification with bifurcation of Rs.15.000 Millions as TL and Rs.25.000 Millions as CC. The charge is on the Company's Plant & Machinery, Stock and Book Debts and EM of Factory Land & Building at Dabhasa and Residential Flat at Vadodara.

FIXED ASSETS:

· Land (Freehold)

· Factory Building

· Building (other than Factory)

· Plant and Machinery

· Vehicle

· Office Equipment

· Computers

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 :	PJA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	3
--CREDIT LINES	1~10	3
--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	YES
--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
-	NB	New Business	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.