MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	VARADVINAYAK MULTI-IMPEX PRIVATE LIMITED (w.e.f. 14.04.2011)
Formerly Known As :	DIRECT MANAGEMENT CONSULTANTS PRIVATE LIMITED
Registered Office :	Shirin Manzil, Ground Floor, 68, Nathalal Parekh Marg, Colaba, Mumbai – 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.08.2008
Com. Reg. No.:	11-186154
Capital Investment/ Paid-up Capital:	Rs.1.100 Million
CIN No.: [Company Identification No.]	U51909MH2008PTC186154
Legal Form :	Private Limited Liability Company
Line of Business :	To Carry on the Business as Advisor and Consultants and Related Services.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to commence business activities
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the subject was incorporated on 25.08.2008, it is yet to commence its business activities. It has incurred some pre – operative losses during 2012. 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.

LOCATIONS

Registered Office :	Shirin Manzil, Ground Floor, 68, Nathalal Parekh Marg, Colaba, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22- 22851316
Fax No.:	91-22- 22853752
E-Mail :	gopal@laxmiorganic.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Ravi Vasudeo Goenka

Designation :

Director

Address :

242-C, Grand Paradi Apartment, A. K. Marg, Malabar Hills, Mumbai - 400036 Maharashtra India

Date of Birth/Age :

11.02.1962

Date of Appointment :

30.09.2009

Din No.:

00059267

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120MH1981PLC119313	ANUGRAH INVESTMENTS LIMITED	Director	09/06/1988	09/06/1988	-	Active	NO
2	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Managing director	01/04/2012	15/05/1989	-	Active	NO
3	U21012MH1990PTC055519	UNITY PAPERS PRIVATE LIMITED	Director	20/02/1990	20/02/1990	-	Active	NO
4	U51900MH1991PTC060407	SHERRY EXPORTS PRIVATE LIMITED	Director	21/02/1991	21/02/1991	-	Active	NO
5	U51900MH1991PTC062767	HARSHVARDHAN IMPEX PRIVATE LIMITED	Director	01/08/1991	01/08/1991	-	Active	NO
6	U63023MH1994PTC079518	LAXMI TANK TERMINAL PRIVATE LIMITED	Director	08/07/1994	08/07/1994	-	Active	NO
7	U65920MH1993PTC071303	PEDESTAL FINANCE AND TRADING PRIVATE LIMITED	Director	28/09/1994	28/09/1994	15/12/2011	Active	NO
8	U70100MH1995PTC094490	KRISHNA MEADOWS PRIVATE LIMITED	Director	15/11/1995	15/11/1995	-	Active	NO
9	U45200MH1995PTC094489	AQUA MISCHIEF PRIVATE LIMITED	Director	15/11/1995	15/11/1995	-	Active	NO
10	U01122MH1995PTC084643	GAST FARMS PRIVATE LIMITED	Director	30/03/1996	30/03/1996	-	Active	NO
11	U65990MH1995PTC090945	UNITY PORTFOLIO PRIVATE LIMITED	Director	05/03/1997	05/03/1997	-	Active	NO
12	U92132MH1997PTC112256	POPCORN ENTERTAINMENT PRIVATE LIMITED	Director	04/12/1997	04/12/1997	14/08/2006	Active	NO
13	U15130MH1998PTC115829	LAXMI NATURAL PRODUCTS PRIVATE LIMITED	Director	17/07/1998	17/07/1998	-	Active	NO
14	U15400MH1999PLC118245	LAXMI BIOENERGIE LIMITED.	Director	09/02/1999	09/02/1999	-	Active	NO
15	U40104MH1982PLC027136	MAHARASHTRA ALDEHYDES AND CHEMICALS LTD	Director	09/03/2002	09/03/2002	-	Active	NO
16	U92132MH2002PTC137846	POPCORN MOTION PICTURES PRIVATE LIMITED	Director	13/11/2002	13/11/2002	14/08/2006	Active	NO
17	U45200MH1995PTC093492	AMRUTSAGAR CONSTRUCTIONS PRIVATE LIMITED	Director	23/01/2003	23/01/2003	-	Active	NO
18	U40300MH2000PLC128785	SUVAS HOLDINGS LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
19	U80220MH2003PTC142981	INTERNATIONAL KNOWLEDGE PARK PRIVATE LIMITED	Director	27/10/2004	27/10/2004	-	Active	NO
20	U17120MH2005PTC151280	FASHION BOLLYWOOD ISHTYLE APPARELS PRIVATE LIMITED	Director	01/03/2005	01/03/2005	30/05/2005	Active	NO
21	U51909MH2003PTC141211	STARSILVER MERCANTILE COMPANY PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
22	U15140MH1979PTC021371	CRESCENT OILS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
23	U70101MH2006PTC165324	ARCH SHELTERS PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Active	NO
24	U40106MH2006PTC166601	Enersun Power Tech Private Limited	Director	29/12/2006	29/12/2006	-	Active	NO
25	U24110MH2007PTC168517	BIOCELL TECHNOLOGY PRIVATE LIMITED	Director	09/03/2007	09/03/2007	08/05/2008	Active	NO
26	U24233MH2007PTC170041	CELLBION LIFESCIENCES PRIVATE LIMITED	Director	17/04/2007	17/04/2007	-	Active	NO
27	U92419MH2000PTC127618	DRISHTI ADVENTURE SPORTS PRIVATE LIMITED	Director	02/05/2007	02/05/2007	11/12/2007	Active	NO
28	U51909MH2008PTC186154	VARADVINAYAK MULTI-IMPEX PRIVATE LIMITED	Director	30/09/2009	25/06/2009	-	Active	NO

Name :

Praniti Sushilkumar Shinde

Designation :

Director

Address :

Gautam Apts. 6th Floor, 72 Nargis Dutta Road, Pali Hill Bandra-W

Mumbai - 400050,Maharashtra India

Date of Birth/Age :

09.12.1980

Date of Appointment :

30.09.2009

Din No.:

02706336

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH2008PTC186154	VARADVINAYAK MULTI-IMPEX PRIVATE LIMITED	Director	30/09/2009	25/06/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ravi Vasudeo Goenka	1
Praniti Sushilkumar Shinde	109999
Total	110000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To Carry on the Business as Advisor and Consultants and Related Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	As on 31.03.2012 Rs. in millions	As on 31.03.2011 Rs. in millions
Considered goods
Loans from Bodies corporate	67.179	72.752
Loans From Directors
Ravi Goenka	0.000	0.010
Total	67.179	72.762

Banking Relations :	--
Auditors :
Name :	Jhavar Ladha and Associates Chartered Accountant
Address :	501, Samadhan, Chandavarkar Road, Extension, Vazira Naka, Borivali (West), Mumbai – 400091, Maharashtra, India
Mobile No.:	91-9820056084
Pan No.:	AAAFJ1495N
Related Party :	· Ojas Dye –Chem (India) Private Limited · Crescent Oils Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.10/- each	Rs.1.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.10/- each	Rs.1.100 Million

Note: The Company has one class of equity shares having a par value of Rs.10/ per shares. Each holder of equity share is entitled to one vote per share

Reconciliation of number of share outstanding

	31.03.2012	31.03.2011
Equity shares outstanding at the beginning of the year	110000	110000
Add: Number of shares issued during the year	0.000	0.000
Equity shares outstanding at the end of the year	110000	110000

Detail of shareholder holding more than 5% shares of the company

	31.03.2012
Name of Shareholders	No.	% of holding
Praniti Shinde	109999	100

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.100	1.100	1.100
2] Share Application Money		0.000	0.000	0.00
3] Reserves & Surplus		0.000	0.134	0.251
4] (Accumulated Losses)		(2.822)	0.000	0.000
NETWORTH		(1.722)	1.234	1.351
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		67.179	72.762	0.000
TOTAL BORROWING		67.179	72.762	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		65.457	73.996	1.351
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.969	0.000	0.000
Capital work-in-progress		0.000	59.262	35.000
INVESTMENT		0.000	0.311	0.000
DEFERREX TAX ASSETS		0.016	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.418
	Cash & Bank Balances	0.072	0.205	1.042
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.121	15.538	0.047
Total Current Assets		2.193	15.743	1.507
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.027	1.015
	Other Current Liabilities	0.694	0.305	35.026
	Provisions	0.000	0.000	0.130
Total Current Liabilities		0.721	1.320	35.156
Net Current Assets		1.472	14.423	(33.649)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		65.457	73.996	1.351

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	0.011	NA
Less	EXPENSES		NA	0.118	NA
	PROFIT/(LOSS) BEFORE TAX		NA	(0.107)	NA
Less	TAX		NA	0.008	NA
	PROFIT/(LOSS) AFTER TAX		2.956	(0.115)	NA
	Earnings Per Share (Rs.)		26.87	(1.05)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(1045.45)	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	(0.68)	NA
Return on Investment (ROI) (PBT/Networth)		NA	(0.09	NA
Debt Equity Ratio (Total Liability/Networth)		(39.43)	60.03	26.02
Current Ratio (Current Asset/Current Liability)		3.04	11.93	0.04

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
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last one year	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	No
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

WORKING OF THE COMPANY

The profit and loss of the company shows a net loss of Rs.2.956 Million as against of Rs 0.115 Million in the previous year

NOTE: The Registered office of the company has been shifted from A. K. Tower, A Wing 602, 6th Floor, Madina Manzil Compound, S. V. Road, Mumbai – 400062 Maharashtra India to the present address w.e.f. 03.12.2010

FIXED ASSETS

· Flat

· Electric Installations and Fittings

· Air Conditioner

· Office Equipment

· Furniture and Fixture

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.54.97
UK Pound	1	Rs.87.50
Euro	1	Rs.70.16

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--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		11

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.