MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	TIRUPATI BALAJI CORPORATION
Registered Office :	Flat No. 03, Raj Tower, Western Express Highway, Opposite Gujarat Gaurav Hotel, Dahisar (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Year of Establishment :	1994
Capital Investment / Paid-up Capital :	Rs.1.044 Millions
Legal Form :	Sole Proprietory Concern
Line of Business :	Trader and Importer of Rubber Chemicals.
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 4000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietory concern having satisfactory track. It has achieved better growth in its sales turnover during 2012. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitment. The concern 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.

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 DETAILS)

Name :	Ms. Binal
Designation :	Office Executive
Contact No.:	91-22-28284761
Date :	27.11.2012

INFORMATION PARTED BY (FINANCIAL DETAILS)

Name :	Mr. Ketan Shah
Designation :	Account Department
Contact No.:	91-22-28284761
Date :	27.11.2012

LOCATIONS

Registered Office :	Flat No.03, Raj Tower, Western Express Highway, Opposite Gujarat Gaurav Hotel, Dahisar (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-28284761/ 82
Fax No.:	91-22-28283881
E-Mail :	devangeng@hotmail.com sales@tirupatibalajicorp.com
Location :	Owned
Sales Office :	Dahisar, Mumbai, Maharashtra, India
Godown :	Located at Bawandi, Maharashtra, India
Retail Store :	Nagadevi Cross Lane, Mumbai, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Devang Mehta
Designation :	Proprietor

KEY EXECUTIVES

Name :	Ms. Binal
Designation :	Office Executive
Name :	Mr. Ketan Shah
Designation :	Account Department

BUSINESS DETAILS

Line of Business :	Trader and Importer of Rubber Chemicals.
Imports :
Products :	· Raw Material
Countries :	· Germany · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Manufacturing Company

· Weston Rubber

No. of Employees :

30 (Approximately)

Bankers :

· Yes Bank, Kandivali Branch, Mumbai, Maharashtra, India

· Kotak Mahindra Bank, Borivali, Mumbai, Maharashtra, India

· The Kapol Co-operative Bank Limited, Borivali (West) Branch, Mumbai, Maharashtra, India

· HDFC Bank, Dahisar (East) Branch, Mumbai, Maharashtra, India

Facilities :

Overdraft Rs.4.000 Millions (From Yes Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Secured Loan	4.475	1.774
Total	4.475	1.774
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Unsecured Loan	8.922	6.201
Total	8.922	6.201

Banking Relations :	--
Auditors :
Name :	Shirish Shah and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Sister Concern :	Name: Nitai Fluorouracil Corporation Address: Flat No.03, Raj Tower, Western Express Highway, Opposite Gujarat Gaurav Hotel, Dahisar (East), Mumbai – 400069, Maharashtra, India Line on Business: Trader and Importer of Rubber Chemicals.

CAPITAL STRUCTURE

As on: 31.03.2012

Capital Investment :
Owned :	Rs.1.044 Millions
Borrowed :	--
Total :	Rs.1.044 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1.044	0.032
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.044	0.032
LOAN FUNDS
1] Secured Loans		4.475	1.774
2] Unsecured Loans		8.922	6.201
TOTAL BORROWING		13.397	7.975
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		14.441	8.007
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.345	0.354
Capital work-in-progress		0.000	0.000
INVESTMENT		1.014	0.021
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.044	3.278
	Sundry Debtors	17.966	11.810
	Cash & Bank Balances	0.597	0.907
	Other Current Assets	0.177	0.085
	Loans & Advances	0.471	0.000
Total Current Assets		27.255	16.080
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.767	7.096
	Other Current Liabilities	0.406	1.352
	Provisions	0.000	0.000
Total Current Liabilities		14.173	8.448
Net Current Assets		13.082	7.632
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		14.441	8.007

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	44.653	23.116
		Other Income	0.042	0.002
		TOTAL	44.695	23.118
Less	EXPENSES
		Cost of Goods Sold	39.979	20.262
		Agency Charges	0.021	0.000
		Custom Examination Charges	0.000	0.006
		Bank Charges for foreign Remittance	0.024	0.000
		Custom Import Duty	0.648	0.926
		Import Expense	0.000	0.058
		Clearing & Forwarding Charges	0.240	0.000
		Forwarding Charges	0.003	0.000
		Diff. in Exchange Rate of Realisation	0.139	0.000
		Advertisement	0.067	0.032
		Audit Fees	0.021	0.021
		Bank Charges	0.076	0.022
		Bank Interest	0.225	0.072
		Bonus	0.045	0.035
		Business Promotion Expenses	0.023	0.000
		Commission	0.007	0.007
		Central Sales Tax	0.000	0.006
		Computer Maintenance Charges	0.022	0.017
		Conveyance	0.052	0.025
		Donation	0.000	0.002
		Electricity Charges	0.023	0.012
		Finance Charges	0.002	0.000
		Godown Rent	0.110	0.075
		Hamali Expenses	0.044	0.015
		Interest on Loan to Bank	0.213	0.000
		Interest on Vehicle Loan	0.024	0.021
		Insurance	0.018	0.024
		Legal & Document Charges	0.130	0.000
		Loan Processing Charges	0.000	0.036
		M. Vat	0.045	0.215
		Membership Fees	0.008	0.000
		Miscellaneous Expenses	0.022	0.013
		Mobile Phone Charges	0.022	0.020
		Motor Car Expenses	0.022	0.038
		Octroi	0.002	0.002
		Petrol Expenses	0.076	0.055
		Postage	0.007	0.005
		Placement Service Charges	0.008	0.000
		Printing and Stationery	0.031	0.014
		Professional Charges	0.023	0.020
		Professional Tax	0.000	0.003
		Rent	0.119	0.062
		Rate Difference	0.000	0.001
		Repairs and Maintenance	0.041	0.011
		Renovation Labour	0.000	0.020
		Salaries	0.558	0.400
		Staff Welfare Expenses	0.047	0.026
		Sales Promotion Expenses	0.000	0.009
		Tempo Charges	0.000	0.026
		Transportation Charges	0.000	0.079
		Travelling Expenses	0.000	0.026
		Warehousing Charges	0.000	0.027
		TOTAL	43.187	22.746
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.508	0.372
Less/ Add	DEPRECIATION/ AMORTISATION		0.089	0.079
	NET PROFIT		1.419	0.293

Expected Sales (2012-2013): Rs.35.232 Millions (Till Date)

The above information has been parted by Ms. Binal

The above information has been parted by Mr. Ketan Shah

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	3.17	1.27
Net Profit Margin (PBT/Sales)	(%)	3.18	1.27
Return on Total Assets (PBT/Total Assets}	(%)	5.14	1.78
Return on Investment (ROI) (PBT/Networth)		1.36	9.16
Debt Equity Ratio (Total Liability/Networth)		26.41	513.22
Current Ratio (Current Asset/Current Liability)		1.92	1.90

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

TRADE REFERENCE

· Weston Rubber

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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--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.