MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	GEETA MERCANTILE PRIVATE LIMITED
Registered Office :	A-1, Shree Bimla Apartments, Tulsi Baug, Dr. Charat Singh Colony, Chakala Andheri (East), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.03.1992
Com. Reg. No.:	11-065940
Capital Investment / Paid-up Capital :	Rs.1.463 Millions
CIN No.: [Company Identification No.]	U51494MH1992PTC065940
TAN No.: [Tax Deduction & Collection Account No.]	MUMG12271A MUMG12116G
PAN No.: [Permanent Account No.]	AAACR2483D AABCT4843L
Legal Form :	Private Limited Liability Company
Line of Business :	Traders of Iron Steel and Petroleum Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 75000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There is some dip in turnover and profitability of the company. However, networth appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

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-1, Shree Bimla Apartments, Tulsi Baug, Dr. Charat Singh Colony, Chakala Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-28253925
Fax No.:	Not Available
E-Mail :	rupeshgupta11@gmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Rupesh Harishchandra Gupta

Designation :

Director

Address :

A-1, Shree Bimla Apartments, Tulsi Baug, Dr. Charat Singh Colony, Chakala Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/Age :

15.11.1973

Date of Appointment :

07.06.2004

Din No.:

01323209

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51494MH1992PTC065940	GEETA MERCANTILE PRIVATE LIMITED	Director	07-06-04	07-06-04	Active	NO
2	U52100MH2007PTC174427	WINSOME RETAILS AND MARKETING PRIVATE LIMITED	Director	24-09-07	24-09-07	Active	NO
3	U51909MH2010PTC199102	AAKAR SALES AGENCY PRIVATE LIMITED	Director	02-04-10	02-04-10	Active	NO

Name :

Mrs. Varsha Rupesh Gupta

Designation :

Director

Address :

A-1, Shree Bimla Apartments, Tulsi Baug, Dr. Charat Singh Colony, Chakala Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/Age :

28.05.1974

Date of Appointment :

07.06.2004

Din No.:

01323275

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51494MH1992PTC065940	GEETA MERCANTILE PRIVATE LIMITED	Director	07-06-04	07-06-04	Active	NO
2	U52100MH2007PTC174427	WINSOME RETAILS AND MARKETING PRIVATE LIMITED	Director	24-09-07	24-09-07	Active	NO
3	U51909MH2010PTC199102	AAKAR SALES AGENCY PRIVATE LIMITED	Director	02-04-10	02-04-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rupesh Harishchandra Gupta	4237
Varsha Rupesh Gupta	3388
Apex Synthetics Private Limited, India	2000
Frank Mercantile Private Limited, India	625
Virgo Mercantile Private Limited, India	625
Pushpanjali Trading Private Limited, India	625
Fairline Compusoft Private Limited, India	625
Alken Management and Finance Services Private Limited, India	1250
Irishman Steel Private Limited, India	625
Panama Overseas Private Limited, India	1125
Caci Mercantile Private Limited, India	1000
Safal Resorts Private Limited, India	500
Safford Mercantile Private Limited, India	1000
Shalimar Bansal Realtors Private Limited, India	500
Tac Technosoft Private Limited, India	500
Terry Towel Industries Limited, India	1000
Warner Multimedia Limited, India	3700
Total	23325

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	67.31
Directors or relatives of directors	32.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Traders of Iron Steel and Petroleum Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· IDBI Bank Limited, IDBI Bank Building, 2^nd Floor, Sector 11, CBD Belapur, Navi Mumbai-400614, Maharashtra, India

· ABN Amro Bank

· Barclays Bank

· Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
IDBI Bank Limited (Bank O/D)	9.596	0.000
Total	9.596	0.000
Unsecured Loan
ABN Amro Bank	0.330	0.885
Barclays Bank	0.279	1.022
Cholamandalam DBS	0.283	0.729
Reliance Capital	0.677	1.552
Rupesh Gupta	0.000	(0.492)
Varsha Gupta	0.000	0.034
India Bull Financial Services	0.000	0.358
Standard Chartered Bank	2.012	2.138
Infocity Infotech Limited	1.357	0.000
Nirmal Bathwal HUF	2.000	0.000
Pravin Kumar Jain	0.600	0.000
Total	7.538	6.226

Banking Relations :	--
Auditors :
Name :	Bansal Abnsal and Company Chartered Accountants
Address :	6/152, Sanjay Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-28507815/16
E-Mail :	mail@bansalbansal.com
Pan N.:	AABFB5224E

CAPITAL STRUCTURE

As on 30.09.2010

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
23325	Equity Shares	Rs.100/- each	Rs.2.333 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14625	Equity Shares	Rs.100/- each	Rs.1.463 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.463	1.463	0.962
2] Share Application Money		8.700	1.000	4.000
3] Reserves & Surplus		8.664	8.110	3.900
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.827	10.573	8.862
LOAN FUNDS
1] Secured Loans		9.596	0.000	0.000
2] Unsecured Loans		7.538	6.226	10.773
TOTAL BORROWING		17.134	6.226	10.773
DEFERRED TAX LIABILITIES		0.002	0.003	0.005
TOTAL		35.963	16.802	19.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.019	0.028	0.026
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.011	13.370	2.207
	Sundry Debtors	233.582	120.395	88.627
	Cash & Bank Balances	1.827	0.226	4.528
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.091	11.195	13.907
Total Current Assets		268.511	145.186	109.269
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	231.357	127.510	89.081
	Other Current Liabilities	0.026	0.003	0.003
	Provisions	1.198	0.916	0.592
Total Current Liabilities		232.581	128.429	89.676
Net Current Assets		35.930	16.757	19.593
MISCELLANEOUS EXPENSES		0.013	0.016	0.020
TOTAL		35.963	16.802	19.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	301.639	378.717	225.994
		Other Income	0.931	0.138	0.312
		TOTAL	302.570	378.855	226.306
Less	EXPENSES
		Cost of Goods Sold	298.878	374.697	222.546
		Employees Remuneration and Benefits	0.886	0.997	0.930
		Administrative and Other Expenses	1.963	2.109	1.839
		TOTAL	301.727	377.803	225.315
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.843	1.052	0.991
Less/ Add	DEPRECIATION/ AMORTISATION		0.008	0.012	0.014
	PROFIT / (LOSS) BEFORE TAX		0.835	1.040	0.977
Less	TAX		0.281	0.330	0.347
	PROFIT / (LOSS) AFTER TAX		0.554	0.710	0.630
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.822	1.112	0.482
	BALANCE CARRIED TO THE B/S		2.376	1.822	1.112
	Earnings / (Loss) Per Share (Rs.)		37.88	73.77	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.18	0.19	0.28
Net Profit Margin (PBT/Sales)	(%)	0.28	0.27	0.43
Return on Total Assets (PBT/Total Assets}	(%)	0.31	0.72	0.89
Return on Investment (ROI) (PBT/Networth)		0.04	0.10	0.11
Debt Equity Ratio (Total Liability/Networth)		13.26	12.74	11.33
Current Ratio (Current Asset/Current Liability)		1.15	1.13	1.22

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 three years	Yes
12) Profitability for last three years	Yes
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 involved in	--
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	No
30) Major Shareholders, if available	Yes

OPERATIONS:

The company had very good growth both in overall sales and profit before tax. The directors are hopeful of maintaining the growth in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51494MH1992PTC065940
Name of the company	GEETA MERCANTILE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1, Shree Bimla Apartments, Tulsi Baug, Dr. Charat Singh Colony, Chakala Andheri (East), Mumbai-400059, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	IDBI Bank Limited, IDBI Bank Building, 2^nd Floor, Sector 11, CBD Belapur, Navi Mumbai-400614, Maharashtra, India
Email	jr.nair@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Loan - cum - Hypothecation Agreement Dated. 11th March, 2010
Date of instrument Creating the charge	11.03.2010
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest At BPLR viz. 12.75% P.A. plus / minus spread of NIL % p.a. with monthly rests and as per guidelines of RBI issued from time to time. Terms of Repayment On Demand Margin 1. 25 % on Stock and 2. 40 % on Book Debts up to 90 Days
Short particulars of the property charged	PRIME SECURITY: All present and future stocks, raw materials, goods, book debts, and all other movable assets of the Borrower (s) including... (Contd...(ii) below) Prime Security (Contd. from (i) above).... the Receivables, documents of title to goods,outstanding monies, bills, invoice documents, contracts, insurance policies, guarantees etc. Collateral Security: I) First Charge: EMT of Flat No. A/1 Shree Bimla Apt., Tulsi Baug, Dr. Charat Singh Colony, Chakala, Andheri (E), Mumbai - 400 059. Collateral Security: II) Second Charge: EMT of Flat No. 701 and Flat No. 702 "Silver Krest", 7th Floor, Sahar Road, Andheri (E), Mumbai - 400 099 Collateral Security: III) Assignment of FD of Rs. 1.000 million

FIXED ASSETS:

· Computer

· Panasonic Fax Machine

· Weight Scale

· Furniture and Fixtures

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.