MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	API INDUSTRIES PRIVATE LIMITED
Registered Office :	A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar – 364002, Gujarat, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.08.2010
Com. Reg. No.:	04-061975
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24139GJ2010PTC061975
TAN No.: [Tax Deduction & Collection Account No.]	AHMA10115A
PAN No.: [Permanent Account No.]	AAICA7479A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, supply, agent, distributor, import, export, traders, general merchant, commission agent and dealers of all types, kinds and nature and description of plastics, chemicals and solvents and its goods and materials.
No. of Employees :	Not Available

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 50000
Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was started as a partnership concern with name ‘API INDUSTRIES’ on 10^th June, 2010 and later it was converted into Private Limited Company with name of ‘API INDUSTRIES PRIVATE LIMITED’. It is a relatively new company establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions. Profit and Loss Account of the company is not available

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 :	A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar – 364002, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vimalagrwl@gmail.com hpbosmia@gmail.com agarwalvimal_2005@yahoo.co.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Pankajbhai Harilal Valia
Designation :	Director
Address :	55, Vrindavan, 2^nd Floor, 9^th Road, Nutan Laxmi Society, Juhu Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Appointment :	12.08.2010
DIN No.:	02047350

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	U01110MH1995PTC084746	SILVER TOP AGRO (INDIA) PRIVATE LIMITED	Director	19-01-95	19-01-95	-	Active	NO
2	U72900MH2000PTC126638	HARDIK COM PRIVATE LIMITED	Director	19-05-00	19-05-00	-	Strike off	NO
3	L26954MH1978PLC194917	VHCL INDUSTRIES LIMITED	Managing director	09-02-08	09-02-08	-	Active	NO
4	L99999MH1994PLC082810	UNITECH INTERNATIONAL LIMITED	Director	01-04-09	01-04-09	-	Active	NO
5	U24130GJ2010PTC061775	HARDIK INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	29-07-10	29-07-10	01-01-11	Active	NO
6	U24139GJ2010PTC061975	API INDUSTRIES PRIVATE LIMITED	Director	12-08-10	12-08-10	-	Active	NO
7	U24110GJ2010PTC061974	UIC CORPORATION PRIVATE LIMITED	Director	12-08-10	12-08-10	-	Active	NO
8	L27200MH1991PLC062568	JHAVERI WELDFLUX LIMITED	Director	17-11-11	17-11-11	-	Active	NO

Name :	Mr. Hardik Bharat Valia
Designation :	Additional director
Address :	Vakharia House, 1^st Floor, 9^th Road, J.V.P.D., Vile Parle (West), Juhu Ps. Mumbai – 400049, Maharashtra, India
Date of Appointment :	17.08.2010
DIN No.:	03068026

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	U24139GJ2010PTC061975	API INDUSTRIES PRIVATE LIMITED	Director	30-09-11	17-08-10	-	Active	NO
2	U24110GJ2010PTC061974	UIC CORPORATION PRIVATE LIMITED	Director	30-09-11	17-08-10	-	Active	NO
3	U51900MH2000PTC128903	PMS EXPORTS PRIVATE LIMITED	Additional director	20-10-10	20-10-10	-	Active	NO
4	U25203MH2010PTC210442	PLAST LINK POLYMERS INDIA PRIVATE LIMITED	Director	30-11-10	30-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bharat Valia	300000
Pankaj Valia	300000
Hardik Bharat Valia	100000
Rachna Valia	20000
Ila Bharat Valia	80000
Bhushan Valia	100000
Daksha Pankaj Valia	100000
Total	1000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, supply, agent, distributor, import, export, traders, general merchant, commission agent and dealers of all types, kinds and nature and description of plastics, chemicals and solvents and its goods and materials.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Sir P.M. Road Branch, Gresham House, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. In Millions)
Term Loans
From Banks – In Rupees Accounts	21.841
From Banks – In Foreign Currency Accounts	0.000
Working Capital Finance from Banks
Cash Credit, Over Draft and Packing Credit Finance	0.000
Working Capital Finance in Foreign Currency	15.951
Total	37.792
Unsecured Loan	As on 31.03.2011 (Rs. In Millions)
Unsecured Loans	61.640
Total	61.640

Banking Relations :	--
Auditors :
Name :	S S M and Company Chartered Accountants
Address :	211-212, Centre Point, 2^nd Floor, Rupani Road, Ghogha Circle, Bhavnagar – 364002, Gujarat, India
PAN.:	ABNFS5972M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		2.453
4] (Accumulated Losses)		0.000
NETWORTH		12.453
LOAN FUNDS
1] Secured Loans		37.792
2] Unsecured Loans		61.640
TOTAL BORROWING		99.432
DEFERRED TAX LIABILITIES		0.000
TOTAL		111.885
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.070
Capital work-in-progress		0.000
INVESTMENT		26.440
DEFERREX TAX ASSETS		0.023
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.947
	Sundry Debtors	270.821
	Cash & Bank Balances	64.562
	Other Current Assets	0.000
	Loans & Advances	52.281
Total Current Assets		389.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	301.326
	Other Current Liabilities	1.227
	Provisions	4.900
Total Current Liabilities		307.453
Net Current Assets		82.158
MISCELLANEOUS EXPENSES		0.194
TOTAL		111.885

KEY RATIOS

PARTICULARS	31.03.2011
Debt Equity Ratio (Total Liability/Networth)	32.67
Current Ratio (Current Asset/Current Liability)	1.27

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 two years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
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	--
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

Bankers Charges Report as per Registry

Corporate identity number of the company

U24139GJ2010PTC061975

Name of the company

API INDUSTRIES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar – 364002, Gujarat, India

E-mail : vimalagrwl@gmail.com

This form is for

Creation of charge

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

State Bank of India, Sir P.M. Road Branch, Gresham House, Fort, Mumbai - 400001, Maharashtra, India

E-mail : kamalax_saraf@hotmail.com

Nature of instrument creating charge

Agreement of hypothecation of goods and assets

Letter regarding the grant of individual limits within the overall limit

Both the agreements constitute a single charge

Date of instrument Creating the charge

29.12.2010

Amount secured by the charge

Rs.380.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

FBWC - Limit Rs.20.000 Millions - Rate of Interest @ 2.50% above SBAR

Terms of Repayment

Not Applicable

Margin

Particulars of the item	Margin
Raw Materials	25%
Stocks-In-Process	25%
Finished Goods	25%
Letter of Credit/ Bank Guarantee	10%
Book Debts/Receivables	25%

Extent and Operation of the charge

(Rs. In Millions)

Nature of facility	Limit
FBWC	20.000
NFBWC	360.000
Total	380.00

Others

Not Applicable

Short particulars of the property or asset(s) charged (including complete address and location of the property)

The borrower hereby agrees and declares that the said goods and assets hypothecated and charged in favour of the bank by way of first charge for the due repayment on demand on the bank of all monies including the principal sums, interest, cost, charges, expenses and other monies payable by the borrower from time to time and for the time being to the bank. The aforesaid credit facilities hypothecated in favour of the bank all present and future goods book-debts and other movable assets of the borrower.

Fixed Assets:

· Building

· Furniture and Fixtures

· Vehicles

· Plant and Machinery

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 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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.70.37

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	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.