MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	STARLINE TRADELINK PRIVATE LIMITED (w.e.f. 24.12.2010)
Formerly Known As :	STARLINE CHEMTRADE PRIVATE LIMITED
Registered Office :	F-22, Satyam Status, Opposite Chandan Party Plot, Ramdevnagar, Char Rasta, Cross Road, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.05.2009
Com. Reg. No.:	04-057099
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24230GJ2009PTC057099
TAN No.: [Tax Deduction & Collection Account No.]	AHMS17866C
PAN No.: [Permanent Account No.]	AANCS0988B
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in Computer Peripherals and Laptops.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 :	F22, Satyam Status Opposite Chandan Party Plot, Ramdevnagar, Cross Road, Ahmedabad, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9727735737 (Mr. Pranav Shah)
Fax No.:	Not Available
E-Mail :	vyas4you@gmail.com vmasso@yahoo.co.in krshah68@gmail.com starlinechemtrade@gmail.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Pranav Gautambhai Shah

Designation :

Director

Address :

2/10, Shyamal Raw House, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

24.07.1974

Date of Appointment :

29.05.2009

DIN No.:

02577845

Other Directorships :

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	U52100GJ2009PTC056832	MAHAVIR TRADELINE PRIVATE LIMITED	Director	05/05/2009	05/05/2009	25/06/2009	Active	NO
2	U24230GJ2009PTC057099	STARLINE TRADLINK PRIVATE LIMITED	Director	29/05/2009	29/05/2009	-	Active	NO
3	U74140GJ2010PTC061008	SATVA MERCHANDIZE PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO

Name :

Mr. Jayesh Naranbhai Patel

Designation :

Director

Address :

2, Suivernpuri Society, Nava Bazar, Karjan, Vadodara - 3912

Date of Birth/Age :

01.01.1979

Date of Appointment :

29.05.2009

Date of Ceasing :

25.06.2009

DIN No.:

00594232

Other Directorships :

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	L51100GJ1995PLC025715	GENUS COMMU-TRADE LIMITED	Additional director	31/03/2009	31/03/2009	17/09/2009	Active	NO
2	U24230GJ2009PTC057099	STARLINE TRADLINK PRIVATE LIMITED	Director	29/05/2009	29/05/2009	25/06/2009	Active	NO
3	U24100GJ2009PTC057190	KARNAVATI MERCHANDIZE PRIVATE LIMITED	Director	09/06/2009	09/06/2009	-	Active	NO
4	U17110GJ1996PTC031367	TRIPADA INFRASTRUCTURE PRIVATE LIMITED	Additional director	23/08/2010	23/08/2010	07/12/2011	Active	NO

Name :

Mr. Lalitkumar Ambalalji Agrawal

Designation :

Additional Director

Address :

B-16, Harikrishna Society, Opposite Shreyas Society, Vasana Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

29.02.1960

Date of Appointment :

23.06.2011

Date of Ceasing :

10.04.2012

DIN No.:

03310006

Other Directorships :

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	U51496GJ2011PTC063475	ORANGE TRADEX PRIVATE LIMITED	Additional director	24/01/2011	24/01/2011	10/04/2012	Active	NO
2	U24230GJ2009PTC057099	STARLINE TRADLINK PRIVATE LIMITED	Additional director	23/06/2011	23/06/2011	10/04/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Pranav Gautambhai Shah	9000
Lalitkumar Ambalalji Agrawal	1000
Total	10000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in Computer Peripherals and Laptops.

GENERAL INFORMATION

Suppliers :	· Ardor International Private Limited · Ardor Chemical · Chem Egde International Private Limited · Chem Egde Global Private Limited · Kollogris Flooring India private Limited · C. M. Smith and Sons Limited · Safal Business Solution (Private) Limited
Customers :	· S. N. Enterprises · S. N. Organic Private Limited · Nischay Enterprises · Ravi Enterprises · Farritl Merchandize India Private Limited · Jayco Synthetics Private Limited
No. of Employees :	Not Available
Bankers :	· Axis Bank Limited · Bank of India · Central Bank of India

Banking Relations :	--
Auditors :
Name :	Maheshwari Mansuri and Associates Chartered Accountant
Address :	204, Tilakraj Complex, Opposite White House, Off C G Road, B/H Suryarath Building, Ahmedabad – 380001, Gujarat, India
PAN No.:	AATFM7639L

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.706	0.216
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.806	0.316
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.160
TOTAL BORROWING		0.000	0.160
DEFERRED TAX LIABILITIES		0.003	0.000
TOTAL		0.809	0.476
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.020	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	357.703	100.340
	Cash & Bank Balances	1.406	0.208
	Other Current Assets	0.000	0.000
	Loans & Advances	0.015	0.222
Total Current Assets		359.124	100.770
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	358.369	87.140
	Other Current Liabilities	0.000	13.191
	Provisions	0.000	0.000
Total Current Liabilities		358.369	100.331
Net Current Assets		0.755	0.439
MISCELLANEOUS EXPENSES		0.009	0.012
TOTAL		0.809	0.476

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	921.306	293.674
		Other Income	0.051	0.219
		TOTAL (A)	921.357	293.893
Less	EXPENSES
		Purchases	918.329	293.177
		Administrative, Operative and Other Expenses	2.011	0.231
		Director Remuneration	0.300	0.157
		TOTAL (B)	920.640	293.565
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.717	0.328
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.717	0.328
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.003	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.714	0.328
Less	TAX (H)		0.224	0.112
	PROFIT AFTER TAX (G-H) (I)		0.490	0.216
	Earnings Per Share (Rs.)		49.02	21.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.05	0.07
Net Profit Margin (PBT/Sales)	(%)	0.08	0.11
Return on Total Assets (PBT/Total Assets}	(%)	0.20	0.33
Return on Investment (ROI) (PBT/Networth)		0.89	1.04
Debt Equity Ratio (Total Liability/Networth)		444.63	318.01
Current Ratio (Current Asset/Current Liability)		1.00	1.00

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	Yes
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

NOTE:

A confirmed by Mr. Pranav (Director) subject has shifted its Registered Office address from 308, 3^rd Floor, Akar Complex, Darpan Six Roads, Near Ratilal Park, Naranpura, Ahmedabad – 380013, Gujarat, India to F-22, Satyam Status, Opposite Chandan Party Plot, Ramdevnagar, Char Rasta, Cross Road, Ahmedabad - 380015, Gujarat, India w.e.f. August 2012 but the same has not been updated in the Registrar of Companies.

He has also claimed that the company is now dealing in computer peripherals and laptops. As per registry records the company is dealing in Chemicals. But the management claims that they are no more into chemical business.

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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		31

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.