MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	SHIVSHAKTI TRADELINK PRIVATE LIMITED
Registered Office :	210-A, Oxford Avenue, Opposite C. U. Shah College, Income Tax, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.07.2006
Com. Reg. No.:	04-048741
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51109GJ2006PTC048741
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of Raw Cotton, Yarn and Garments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred some losses during the year. However, trade relations are 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.

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/ Corporate Office :	210-A, Oxford Avenue, Opposite C. U. Shah College, Income Tax, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27540255/ 32525206
Fax No.:	91-79-27540256
E-Mail :	shivam_dil_p@yahoo.co.in info@shivshaktitrade.com shivsht@hotmail.com vishant.patel@shivshaktitrade.com
Website :	http://www.shivshaktitrade.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Jayeshkumar Madhavlal Patel

Designation :

Whole Time Director

Address :

20, Suryodaya Bunglows, Near Raghukul, 100 Feet Road, Sarkhej Highway, Sola Road, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

13.02.1964

Date of Appointment :

01.04.2007

DIN No.:

00473443

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	U51109GJ2006PTC048741	SHIVSHAKTI TRADELINK PRIVATE LIMITED	Whole-time director	1/4/2007	20/07/2006	Active	NO

Name :

Mr. Dilip Kumar Chunilal Patel

Designation :

Whole Time Director

Address :

B-103, Nirmal Shanti Tower Near Premchand Nagar Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

12.04.1964

Date of Appointment :

01.04.2007

DIN No.:

00473816

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	U51109GJ2006PTC048741	SHIVSHAKTI TRADELINK PRIVATE LIMITED	Whole-time director	1/4/2007	20/07/2006	Active	NO

Name :

Mr. Vishant Jayavadan Patel

Designation :

Director

Address :

20, Suryoday Bunglow, Thaltej Taluka Daskroi, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

12.11.1981

Date of Appointment :

22.04.2008

DIN No.:

02166464

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	U51109GJ2006PTC048741	SHIVSHAKTI TRADELINK PRIVATE LIMITED	Director	27/09/2008	22/04/2008	Active	NO
2	U52209GJ2008PTC054193	RUSHI EXIM PRIVATE LIMITED	Director	12/6/2008	12/6/2008	Active	NO
3	U74200GJ2010PTC062971	TRANSLINK INFRASTRUCTURE CONSULTANTS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	Active	NO
4	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	Active	NO

Name :

Mr. Hasmukh Kanubhai Patel

Designation :

Director

Address :

13, Suryoday Bunglows, Opposite Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

17.03.1981

Date of Appointment :

01.04.2009

DIN No.:

02891371

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Jayeshkumar Madhavlal Patel	5000
Dilipkumar Chunilal Patel	5000
Total	10000

(AS ON 07.02.2012)

Names of Allottee	No. of Shares Allotted
Jayeshkumar Madhavlal Patel	20000
Dilipkumar Chunilal Patel	20000
Total	40000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Importer of Raw Cotton, Yarn and Garments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank

M. J. Library Branch, Rangoli Complex, Opposite V. S. Hospital, Ellisbridge, Ahmedabad – 380006, Gujarat, India

· Kalupur Com. Co-Operative Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Kalupur Com. Co-Operative Bank FDOD	0.00	1.714
Total	0.000	1.714
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors
Dilipkumar C Patel	0.571	0.571
Jayeshbhai M Patel	0.064	0.064
Total	0.635	0.635

Banking Relations :	--
Auditors :
Name :	V. V. Patel and Company Chartered Accountant
Address :	101, Shanti Arcade, Near Akash – II, 132 Feet, Ring Road, Naranpura, Ahmedabad – 380013, Gujarat, India
PAN No.:	AAFFV1912P

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.990	0.000
4] (Accumulated Losses)		(0.933)	0.000	(0.734)
NETWORTH		(0.833)	1.090	(0.634)
LOAN FUNDS
1] Secured Loans		0.000	1.714	0.217
2] Unsecured Loans		0.635	0.635	0.000
TOTAL BORROWING		0.635	2.349	0.217
DEFERRED TAX LIABILITIES		0.011	0.000	0.000
TOTAL		(0.187)	3.439	(0.417)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.191	2.539	2.160
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.144	2.680	0.000
DEFERREX TAX ASSETS		0.000	0.003	0.001
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.016	4.648	3.550
	Sundry Debtors	1.990	0.036	18.682
	Cash & Bank Balances	0.132	0.226	1.009
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.463	1.508	3.434
Total Current Assets		2.601	6.418	26.675
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.954	7.528	28.721
	Other Current Liabilities	0.873	0.150	0.150
	Provisions	1.310	0.541	0.403
Total Current Liabilities		9.137	8.219	29.274
Net Current Assets		(6.536)	(1.801)	(2.599)
MISCELLANEOUS EXPENSES		0.014	0.018	0.021
TOTAL		(0.187)	3.439	(0.417)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	84.051	97.282	94.566
		Other Income	NA	2.649	5.745
		TOTAL	NA	99.931	100.311
Less	EXPENSES
		TOTAL	NA	97.768	100.406
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.206)	2.163	(0.095)
Less/ Add	DEPRECIATION/ AMORTISATION		0.348	0.366	0.304
	PROFIT BEFORE TAX		(1.554)	1.797	(0.399)
Less	TAX		0.368	0.073	0.171
	PROFIT AFTER TAX		(1.922)	1.724	(0.570)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.990	0.734	(1.304)
	BALANCE CARRIED TO THE B/S		(0.932)	0.990	0.734
	Earnings Per Share (Rs.)		(192.20)	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.80	(0.57)
Net Profit Margin (PBT/Sales)	(%)	(1.85)	1.85	(0.42)
Return on Total Assets (PBT/Total Assets}	(%)	(32.43)	20.06	(1.38)
Return on Investment (ROI) (PBT/Networth)		1.87	1.65	0.63
Debt Equity Ratio (Total Liability/Networth)		(11.73)	9.69	(46.52)
Current Ratio (Current Asset/Current Liability)		0.28	0.78	0.91

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered Office of the company has been shifted from 20, Suryodya Bungalows, Near Raghukul, 100 Feet Road, Sarkhej Highway, Sola Road, Ghatlodiya, Ahmedabad – 380061, Gujarat, India to the present address w.e.f 16.08.2007.

FORM 8:

This form is for

Modification of charge

Charge identification number of the modified

10041947

Corporate identity number of the company

U51109GJ2006PTC048741

Name of the company

SHIVSHAKTI TRADELINK PRIVATE LIMITED

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

210-A,Oxford Avenue, Opp. C .U. Shah College, Income Tax , Ashram Road, Ahmedabad – 380009, Gujarat, India

Type of charge

Book Debts

Movable Property

Particular of charge holder

Name :	Corporation Bank
Address :	M. J. Library Branch, Rangoli Complex, Opposite V. S. Hospital, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Email :	c6460@corpbank.co.in

Nature of description of the instrument creating or modifying the charge

1. Supplementary Common Deed of Hypothecation of Movables,/Assets/Debts dt.14.12.2007.

2. Export Credit Agreement dt. 14.12.2007

Date of instrument Creating the charge

14.12.2007

Amount secured by the charge

Rs. 750.000 Millions

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

Rate of Interest - PCL- Interest @10% p .a. being 3.25% below the COBAR i.e. 13.25% p.a. at present or such other rates as may be decided by the bank as per directives of RBI.

FDBN LIMIT - Interest @10% p .a. up to 90 days being 3.25% below the COBAR i.e. 13.25% p.a. at present and interest @12 % beyond 90 days up to 180 days being 1.25 % below the COBAR i.e.13.25% p.a. at present or such other rates as may be decided by the bank as per directives of RBI. Commission- At Bank's prescribe rates. FPC-prescribed rate

Terms of Repayment – PCL- Each packing credit loan opened to be liquidated within a period not exceeding 90 days by negotiation of export bills.

FDBN LIMIT - Sight bills to be paid within the normal transit period. In case of usance bills tenor shall no exceed180 days from the date of bill of lading.

Margin - PCL- 10 %

Extent and Operation of the charge - Hypothecation of all receivables, Raw materials finished goods of cotton, cotton bales, packing materials, stock in trade, etc. to be acquired present/future and all movable fixed assets purchased and possessed by the company / in course of delivery/transit. all, the book debts and receivables of the Company, all goods purchased present/future to be exported are charged by way of extension for the security to the Corporation Bank for increased credit facilities from Rs. 350.000 millions to Rs.750.000 millions.

Others - As per general terms and conditions of sanctions lettrer dt. 10.12.2007 and documents executed on 14.12.2007.

Short particulars of the property charged

All receivables, Raw materials finished goods of cotton, cotton bales, packing materials, stock in trade, etc. to be acquired present/future and all movable fixed assets purchased and possessed by company in course of delivery/transit and all book debts/receivables of the Company, all goods purchased present/future to be exported under FDBN limit now charged by extension as security to the Corporation Bank for repayment of increased total credit facilities from Rs. 350.000 millions to Rs.750.000 millions.

Date of latest modification prior to the present modification

01.03.2007

Particulars of the present modification

Earlier charge of Rs. 350.000 millions now extended for Rs.750.000 millions total facilities (Rs.50.000 million. PCL Limit, 350.000 millions. FDBN Limit and 350.000 millions. Forward Purchase Contract)All receivables, Raw materials finished goods of cotton, cotton bales, packing materials, stock in trade, etc. to be acquired present/ future and all movable fixed assets purchased and possessed by company in course of delivery/ transit and all book debts/receivables of the Company, all goods purchased pre sent/future to be exported under FDBN.

FIXED ASSETS:

· Motor Car (Honda City)

· Furniture

· Weighing Scale

· LCD T.V Purchase

· Office building

· Computer and printer

· Refrigerator

· Fax machine

· Mobile

· Vehicle Eterno

· Motor car (Innova)

· Air CONDITION

AS PER WEBSITE DETAILS

PROFILE:

Mr. Jayesh Patel, understands cotton like few would. Having spent a lifetime among the finest cotton fields of India and a generation of cotton growers, he understands the distinctive and wide gamut of Indian cotton varieties and the intrinsic details of the cream of cotton crops. With over 20 years of textile engineering learning behind him, he brings a wealth of experience and insight to bring you the finest of cotton and cotton products.

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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		13

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.