MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	AADI IMPORTS PRIVATE LIMITED
Registered Office :	406-B, Shapath-IV, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad-380 051, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2006
Com. Reg. No.:	04-048164
Capital Investment / Paid-up Capital :	Rs.1.679 Millions
CIN No.: [Company Identification No.]	U51101GJ2006PTC048164
TAN No.: [Tax Deduction & Collection Account No.]	AHMA06181A
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of Metal, Steel, Coal and Coke
No. of Employees :	30 (Approximately)

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 100000
Status :	Satisfactory
Payment Behaviour :	Usually 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 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.

INFORMATION PARTED BY

Name :	Mr. Yaman Gajjar
Designation :	Manager Accounts and Finance
Contact No:	91-79-40264000
Date :	12.05.2012

LOCATIONS

Registered Office / Corporate Office :	406-B, Shapath-IV, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad-380 051, Gujarat, India
Tel. No.:	91-79-40264000
Fax No.:	91-79-40264040
E-Mail :	info@aadigroup.in anish@aadigroup.com yamangajjar@aadigroup.com korea@aadigroup.com singapore@aadigroup.com vietnam@aadigroup.com
Website :	www.aadigroup.in
Area :	3500 sq. ft.
Location :	Owned
Warehouse:	Sarkhej, Ahmedabad – 380 051, Gujarat, India
Overseas Office :	Located at · Korea · Singapore · Vietnam

DIRECTORS

As on 19.09.2011

Name :	Mr. Anish Balmukund Mehta
Designation :	Director
Address :	D / 10, Goyal Plaza, Judges Bunglows Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	20.10.1975
Date of Appointment :	21.04.2006
DIN No.:	00020918
Name :	Mr. Balmukund Vadilal Mehta
Designation :	Director
Address :	D / 10, Goyal Plaza, Judges Bunglows Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.08.1945
Date of Appointment :	01.01.2007
DIN No.:	01115649

KEY EXECUTIVES

Name :	Mr. Yaman Gajjar
Designation :	Manager Accounts and Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Anish Balmukund Mehta	162950
Manali Mahasukhbhai Adani	5000
TOTAL	167950

List of Allottees

As on 14.11.2011

Names of Allotee	No. of Shares Allotted
Anish Balmukund Mehta	132100

As on 19.09.2011

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 :	Exporter and Importer of Metal, Steel, Coal and Coke
Exports :
Products :	· Metal · Steel · Coal · Coke
Countries :	Singapore Hong Kong Gulf Vietnam Korea
Imports :
Products :	· Metal · Steel · Coal · Coke
Countries :	· Gulf · Romania · South Africa
Terms :
Selling :	Advance
Purchasing :	Advance

GENERAL INFORMATION

No. of Employees :

30 (Approximately)

Bankers :

Axis Bank Limited, ‘Trishul’, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

Facilities :

Cash Credit: Rs,250.000 Millions (From Axis Bank)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
A) From Bank
Cash Credit Account (Secured by hypothecation of current assets, fixed assets of the company and personal commercial property belonging to directors and relatives of directors 9for specific property only) as collateral security and personal guarantee of two director	29.564	18.417
B) Kotak Mahindra Prime Limited (Secured by hypothecation of assigned vehicle)	1.390	0.000
Total	30.954	18.417
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors / Member	0.000	7.700
Total	0.000	7.700

Banking Relations :

--

Auditors :

Name :

Dharmesh Parikh and Company

Chartered Accountants

Address :

303 / 304, ‘Milestone’, Near Drive-In Cinema, Opposite T. V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India

Tel. No.:

91-79-27474466

Mobile No.:

91-9825037422

Fax No.:

91-79-25555369

E-Mail :

dharmesh@dharmeshparikh.net

PAN No.:

AAGFD1279G

Associates :

Aadi Oil Private Limited

Sister Concern :

· Aadi Oil Itel

· Aadi Global Private Limited, Dubai

· Aryan FZE, Dubai

CAPITAL STRUCTURE

After 19.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300050	Equity Share	Rs.10/- each	Rs.3.000 Millions

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
167950	Equity Share	Rs.10/- each	Rs.1.679 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		1.679	1.679	1.255
2] Share Application Money		7.700	0.000	0.000
3] Reserves & Surplus		15.704	13.355	8.072
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.083	15.034	9.327
LOAN FUNDS
1] Secured Loans		30.954	18.417	0.000
2] Unsecured Loans		0.000	7.700	1.225
TOTAL BORROWING		30.954	26.117	1.225
DEFERRED TAX LIABILITIES		0.100	0.125	0.052
TOTAL		56.137	41.276	10.604
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.607	2.902	0.977
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.611
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.020	0.000	0.000
	Sundry Debtors	16.965	10.067	8.149
	Cash & Bank Balances	10.693	20.516	15.546
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.337	15.370	1.848
Total Current Assets		86.015	45.953	25.543
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	24.753	0.001	0.096
	Other Current Liabilities	8.792	5.950	15.276
	Provisions	0.940	1.628	1.155
Total Current Liabilities		34.485	7.579	16.527
Net Current Assets		51.530	38.374	9.016
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.137	41.276	10.604

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	320.637	221.314	180.214
		Other Income	0.996	2.588	3.599
		TOTAL (A)	321.633	223.902	183.813
Less	EXPENSES
		Purchases of Traded Goods	310.346	215.268	167.580
		Personnel Expenses	2.804	2.146	1.901
		Administrative and Other Expenses	2.363	2.687	11.759
		TOTAL (B)	315.513	220.101	181.240
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.120	3.801	2.573
Less	FINANCIAL EXPENSES (D)		2.464	1.569	0.884
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.656	2.232	1.689
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.347	0.175	0.079
	PROFIT BEFORE TAX (E-F) (G)		3.309	2.057	1.610
Less	TAX (H)		0.958	0.595	0.551
	PROFIT AFTER TAX (G-H) (I)		2.349	1.462	1.059
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.759	2.297	1.238
	BALANCE CARRIED TO THE B/S		6.108	3.759	2.297
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	60.490	55.726
		Commission Earnings	0.708	0.000	0.000
	TOTAL EARNINGS		0.708	60.490	55.726
	IMPORTS
		Traded Goods	282.970	131.791	103.846
	TOTAL IMPORTS		282.970	131.791	103.846
	Earnings Per Share (Rs.)		13.99	11.11	9.67

Particulars	31.03.2012
Sales Turnover (Approximately)	620.000 (Due to Business Expansion)

Expected Sales (2012-2013) : Rs.1000.000 Millions

The above information has been parted by Mr. Yaman Gajjar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.73	0.65	0.57
Net Profit Margin (PBT/Sales)	(%)	1.03	0.93	0.89
Return on Total Assets (PBT/Total Assets}	(%)	3.65	4.21	6.07
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		2.49	2.24	1.90
Current Ratio (Current Asset/Current Liability)		2.50	6.06	1.55

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- Micro, Small and Medium Enterprise	0.000	0.000	0.000
- Others	24.753	0.001	0.096
Total	24.753	0.001	0.096

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	Yes
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%	Yes
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

Note:

Registered office of the company has been shifted from D-10, Goyal Plaza, Judges Bunglow Road, Satellite, Ahmedabad – 388015, Gujarat, India to the present address w.e.f. 24.04.2006

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10021100
Corporate identity number of the company	U51101GJ2006PTC048164
Name of the company	AADI IMPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	406-B, Shapath-IV, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad-380 051, Gujarat, India E-mail Id : info@aadigroup.in
Type of charge	Book Debts Movable Property Others (Entire Current Assets)
Particular of charge holder	Axis Bank Limited, ‘Trishul’, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India E-mail Id : deepak3.sharma@axisbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental deed of hypothecation (Total limit enhanced from Rs.63.500 Millions to Rs.94.500 Millions)
Date of instrument Creating the charge	26.08.2011
Amount secured by the charge	Rs.94.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : For Cash Credit Limit-Base Rate +4% i.e. 13.5% , Bill Discounting - Base Rate+2.5% i.e. 12% Inland/Import Letter of Credit - 75% of Bank's Standard Charges. Buyer's Credit - 75% of Bank's Std. Charges Terms of Repayment : Sanctioned Letter and Hypothecation Deed Margin : For Cash Credit - Inventory 25% and Book Debts upto 90 days-30% For Letter Of Credit- 15% in form of FDR (lien marked) duly discharged by the holder of the deposit. For others Sanctioned letter and Hypothecation Deed. Extent and Operation of the charge : First Exclusive Charge by way of Hypothecation of current Assets (both present and future) of the Company. First Exclusive Charge on entire Fixed Assets of the Company. Equitable Mortgage of Commercial Properties located at 403, Shapath-IV, S.G. Highway, A'bad-51 and at 406/A and 406/B Shapath-IV, S.G. Highway, A'bad-51. Personal Guarantee of Mr. Anish Mehta and Mrs. Manali Mehta
Short particulars of the property charged	Sanctioned Letter and Hypothecation Deed
Particulars of the present modification	Total Limit enhanced from Rs. Rs.63.500 Millions to Rs.94.500 Millions) -Cash Credit Limit of Rs. 50.000 Millions -Bill Discounting (sub limit of CC limit) of Rs. 50.000 Millions -Import LC (sub limit of CC limit) of Rs. 40.000 Millions -Buyer"s Credit (within LC limit and sub limit of CC limit) of Rs. 40.000 Millions -Import LC (stand alone) of Rs. 40.000 Millions -Buyer's Limit (sub limit of standalone LC limit)of Rs. 40.000 Millions -Bank Guarantee (sub limit of CC limit) of Rs.10.000 Millions -LER of Rs. 4.500 Millions

Fixed Assets:

• Furniture and Fixture
• Computer
• Printer
• Air Conditioner
• Freeze
• Fax
• Scanner
• Office Equipment
• Vehicle

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BSN

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	YES
--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.