MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	KASTURI EXIM PRIVATE LIMITED
Registered Office :	215, Anhil Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad-380009, Gujarat
Country :	India
Date of Incorporation :	14.06.2011
Com. Reg. No.:	04-065902
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U52100GJ2011PTC065902
TAN No.: [Tax Deduction & Collection Account No.]	AHMK06379C
PAN No.: [Permanent Account No.]	AAECK3750C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of HD Plastic Granules, HD Milky Plastic Granules
No. of Employees :	2 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new established company. Company has completed its one full year business operations. Management has denied to disclose any financial information. No other information could be made available. Payment terms are unknown. The company can be considered for business dealings on a safe and 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL INFORMATION)

Name :	Mr. Mehul
Designation :	Accounts Manager
Contact No.:	91-79-30025460
Date :	07.11.2012

LOCATIONS

Registered Office :	215, Anhil Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-30025460
Fax No.:	Not Available
E-Mail :	info@kasturiexim.com
Website :	www.kasturiexin.com
Location :	Owned

DIRECTORS

Name :	Mr. Lalit Kumar Golecha
Designation :	Director
Address :	M 5/28, Rupal Park Society, Near Ankur Bus Stop, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	31.05.1970
Date of Appointment :	14.06.2011
DIN No.:	03546719

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U52100GJ2011PTC065902	KASTURI EXIM PRIVATE LIMITED	Director	14/06/2011	14/06/2011	Active	NO
2	U21014GJ2011PTC067622	SHAGUN FLEXIPACK PRIVATE LIMITED	Director	30/12/2011	30/12/2011	Active	NO
3	U25202GJ2012PTC069271	LABDHI MULTIPACK PRIVATE LIMITED	Director	02/03/2012	02/03/2012	Active	NO

Name :	Ms. Naina Hiralal Jirawala
Designation :	Director
Address :	M 5/28, Rupal Park Society, Near Ankur Bus Stop, Vijay Nagar, Naranpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	25.09.1971
Date of Appointment :	14.06.2011
DIN No.:	03542964

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U52100GJ2011PTC065902	KASTURI EXIM PRIVATE LIMITED	Director	14/06/2011	14/06/2011	Active	NO
2	U21014GJ2011PTC067622	SHAGUN FLEXIPACK PRIVATE LIMITED	Director	30/12/2011	30/12/2011	Active	NO
3	U25202GJ2012PTC069271	LABDHI MULTIPACK PRIVATE LIMITED	Director	02/03/2012	02/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Mehul
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.06.2011

Names of Shareholders	No. of Shares
Lalit Kumar Golecha	8000
Naina Hiralal Jirawala	2000
TOTAL	10000

BUSINESS DETAILS

Line of Business :	Trader of HD Plastic Granules, HD Milky Plastic Granules
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :	· Retailers
No. of Employees :	2 (Approximately)
Bankers :	· State Bank of India, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan P O Ahmedabad-380014, Gujarat, India

Banking Relations :	--
Auditors :
Name :	C M Jain and Company Chartered Accountant
Address :	India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

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]

Not Divulged

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	Yes
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	no
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FORM 8

Corporate identity number of the company	U52100GJ2011PTC065902
Name of the company	KASTURI EXIM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	215, Anhil Complex, Near Swastik Cross Road, Navrangpura, Ahmedabad-380009, Gujarat, India
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, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan P O Ahmedabad-380014, Gujarat, India
Nature of instrument creating charge	Hypothecation of all present and future goods book-debts and all other movable assets including documents of title to the goods, outstanding moneys, receivables including receivables by way of cash assistance and/ or cash incentives under the cash incentive scheme or by any other scheme and all present and future stocks of goods and machinery wherever lying, stored and kept hypothecated to the Bank by way of First charge as a security for the payment.
Date of instrument Creating the charge	30.07.2011
Amount secured by the charge	Rs. 112.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest on Fund Base WC (CC) Limit of Rs. 50.000 Millions @ 15.5% p.a. Terms of repayment Repayment of Working capital facility on demand by the Bank Margin [1] On Finished Goods 25% [2] Receivables (cover period of 90 days) 50% Extent and operation of the charge The 1st charge on all current assets of the borrower Other Working Capital facilities as under [A] FBWC Limits - Rs. 50.000 Millions [B] NFBWC Limits - Rs. 60.000 Millions [C] Credit Expouser Limit - Rs. 2.000 Millions
Short particulars of the property charged (Including location of the property)	All present and future goods book-debts and all other movable assets including receivables by way of cash assistance and or cash incentive under the cash incentive scheme or any other schemes. Claims by way of refund of excise / customes duties and duty draw back credit scheme or any other schemes, bills, invoices, documents, contracts, insurance policies, guarantees, engagements etc. Present Machinery and all future machinery belongs to or in the possession or under the control of the borrower wherever lying, stored and kept

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 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. 54.59
UK Pound	1	Rs. 87.30
Euro	1	Rs. 69.86

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

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	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		18

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.