MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	ANSHUL IMPEX PRIVATE LIMITED
Registered Office :	15-B, Pushpa Kunj Building, New Ramdas Peth, Nagpur - 440010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.1989
Com. Reg. No.:	11-050964
Capital Investment / Paid-up Capital :	Rs.15.374 Millions
CIN No.: [Company Identification No.]	U15190MH1989PTC050964
TAN No.: [Tax Deduction & Collection Account No.]	NGPA01334E
PAN No.: [Permanent Account No.]	AABCA2325C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Non Coking Coal
No. of Employees :	Not Available

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 523000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. In the years 2010-2011 company has performed well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	(Long Term Basis Facilities) BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	March, 2012

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 :	15-B, Pushpa Kunj Building, New Ramdas Peth, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-2444842
Mobile No.:	91-9422806459 (Mr. Yugpradhan Mehta)
Fax No.:	91-712-2435769
E-Mail :	aipl_ngp@sancharnet.in

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Yugpradhan Pannalal Mehta

Designation :

Director

Address :

204-A, Baji Prabhu Nagar, Behind Sarveshwara Devalaya, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

10.03.1989

DIN No.:

00449800

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	Company/ LLP Status	Defaulting status
1	U15190MH1989PTC050964	ANSHUL IMPEX PRIVATE LIMITED	Director	10/03/1989	10/03/1989	Active	NO
2	U65921MH1994PTC079055	ANUJ MINES MINERALS AND CHEMICALS PRIVATE LIMITED	Director	17/06/1994	17/06/1994	Active	NO
3	U24110MH1994PTC082109	NIFTY CHEMICALS PRIVATE LIMITED	Director	22/02/2005	22/02/2005	Active	NO
4	U99999MH2006PTC159842	HIGH HORIZON STEEL PVT LTD	Director	17/02/2006	17/02/2006	Active	NO
5	U27101MH2009PTC194488	KARTIK SPONGE AND POWER PRIVATE LIMITED	Director	31/07/2009	31/07/2009	Active	NO
6	U24100MH2011PTC212158	NIFTY CHEMICALS PROCESS PRIVATE LIMITED	Director	11/01/2011	11/01/2011	Active	NO
7	U60109MH2011PTC215767	PUNYA COAL ROAD LINES PRIVATE LIMITED	Director	05/04/2011	05/04/2011	Active	NO

Name :

Mrs. Ramila Yugpradhan Mehta

Designation :

Director

Address :

204-A, Yug B/h Sarveshwara Devalaya, Baji Prabhu Nagar, Ram Nagar, Nagpur – 440033 Maharashtra, India

Date of Birth/Age :

18.06.1963

Date of Appointment :

10.03.1989

DIN No.:

01765553

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	Company/ LLP Status	Defaulting status
1	U15190MH1989PTC050964	ANSHUL IMPEX PRIVATE LIMITED	Director	10/03/1989	10/03/1989	Active	NO
2	U65921MH1994PTC079055	ANUJ MINES MINERALS AND CHEMICALS PRIVATE LIMITED	Director	17/06/1994	17/06/1994	Active	NO
3	U24110MH1994PTC082109	NIFTY CHEMICALS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	Active	NO
4	U27101MH2009PTC194488	KARTIK SPONGE AND POWER PRIVATE LIMITED	Director	31/07/2009	31/07/2009	Active	NO
5	U24100MH2011PTC212158	NIFTY CHEMICALS PROCESS PRIVATE LIMITED	Director	11/01/2011	11/01/2011	Active	NO
6	U60109MH2011PTC215767	PUNYA COAL ROAD LINES PRIVATE LIMITED	Director	05/04/2011	05/04/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Yugpradhan Mehta	41680
Ramil Mehta	50135
Ansul Mehta	680
Anuj Mehta	480
Ashok Mehta	550
Anita Mehta	150
Anjali Mehta	250
Arun Mehta	250
Ranjan Mehta	1030
Falguni Mehta	380
Swaraj Mehta	300
Renu Nagori	680
M K Nagori	500
Ranjan Kothari	1050
Hitesh Shah	680
Manish Shah	450
Anit Shah	900
Sapna Jain	870
Mohit Jain	779
Sunita Jain	430
Ashwani Kothari	100
Sarika Jain	200
Deepak Jain	400
S R Sharma	180
Reshma Shah	100
Sanguvi Vijaylal	4150
Subhadra Mehta	50
Khagesh Mehta	50
Dharmista Mehta	50
Manglesh Shah	50
Nirmal Shah	50
Manjula Shah	50
Saroj Ganthia	50
V L Jain	96
Jayeshbhai Patel	50
Maganbhai Patel	50
Anju Mines Minerals and Chemicals Private Limited, India	45830
Ranjana Mehta	1
Lodda Somaji Com	1
Brite Timbers	1
Vinesh Traders Private Limited	1
Arun Enterprises	1
TOTAL	153735

(AS ON 12.03.2012)

Names of Allottees	No. of Shares Allotted
Yugpradhan Mehta	25000
Ramil Mehta	8300
Anuj Mines Mineral and Chemicals Private Limited, India	12965
Total	46265

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	92.00
Other top fifty Shareholders (Other than listed above)	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Non Coking Coal

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India,

Civil Lines Branch, Ravindranath Tagor Road, Green Park, Civil Lines, Nagpur 440001, Maharashtra, India

· HDFC Bank

HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· City Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	425.810	223.021
Rupee term loans financial institutions secured	7.978	1.215
Rupee term loans others secured	12.051	5.185
Loans taken for vehicles secured	29.447	9.914
Total	475.286	239.335
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Other unsecured	4.105	6.122
Total	4.105	6.122

Banking Relations :	--
Auditors :
Name :	Vinay Bakhle and Associates Chartered Accountant
Address :	701, B Wing, Lokmat Bhawan, Wardha Road, Nagpur - 440012, Maharashtra, India
PAN No.:	AAQPB5934L

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
153735	Equity Shares	Rs.100/- each	Rs.15.374 Millions

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		15.374	15.374	2.007
2] Share Application Money		54.123	13.972	47.340
3] Reserves & Surplus		61.201	46.706	11.242
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.698	76.052	60.589
LOAN FUNDS
1] Secured Loans		475.286	239.335	110.549
2] Unsecured Loans		4.105	6.122	3.202
TOTAL BORROWING		479.391	245.457	113.751
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		610.089	321.509	174.340
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.096	27.780	22.940
Capital work-in-progress		0.051	0.000	0.000
INVESTMENT		0.150	0.150	0.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.467	75.218	12.470
	Sundry Debtors	593.679	286.864	184.860
	Cash & Bank Balances	6.515	11.291	1.860
	Other Current Assets	10.971	3.780	0.000
	Loans & Advances	109.102	90.054	17.567
Total Current Assets		792.734	467.207	216.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	219.942	173.628	59.704
	Other Current Liabilities	0.000	0.000	5.659
	Provisions	0.000	0.000	0.000
Total Current Liabilities		219.942	173.628	65.363
Net Current Assets		572.792	293.579	151.394
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		610.089	321.509	174.340

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income
		TOTAL (A)	3333.750	866.379	724.454
Less	EXPENSES
		TOTAL (B)	3230.749	834.526	692.790
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.001	31.853	31.664
Less	FINANCIAL EXPENSES (D)		71.215	12.916	17.080
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.786	18.937	14.584
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.791	6.129	6.007
	PROFIT BEFORE TAX (E-F) (G)		21.995	12.808	8.577
Less	TAX (H)		7.500	4.078	2.595
	PROFIT AFTER TAX (G-H) (I)		14.495	8.730	5.982
	Earnings Per Share (Rs.)		94.29	56.79	298.06

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.43	1.01	0.82
Return on Total Assets (PBT/Total Assets}	(%)	2.65	2.59	3.58
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.14
Debt Equity Ratio (Total Liability/Networth)		5.35	5.51	2.96
Current Ratio (Current Asset/Current Liability)		3.60	2.69	3.32

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 three years	Yes
12]	Profitability for last three 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	No
18]	Major customers	No
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	Yes
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	Yes

FINANCIAL PERFORMANCE

Time and money waits for none and as the time passes the company is moving at a greater speed as compared to the previous year. The company recorded a Net Profit of Rs.14.495 Millions during the year the as against a Net Profit of Rs.8.730 Millions during the previous financial year.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10052892
Corporate identity number of the company	U15190MH1989PTC050964
Name of the company	ANSHUL IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	15-B, Pushpa Kunj Building, New Ramdas Peth, Nagpur, Maharashtra, India aipl_ngp@sancharnet.in
Type of charge	Book Debts Movable Property Others – Stocks
Particular of charge holder	Union Bank of India Civil Lines Branch Ravindranath Tagore Marg, Green Park, Civil Lines, Nagpur – 440001, Maharashtra, India emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1) Composite Hypothecation deed 2) Hypothecation Agreement of Goods and Debts (Both the documents constitute single charge for Rs. 550.000 Millions)
Date of instrument Creating the charge	30/03/2012
Amount secured by the charge	Rs.550.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest rate of basic Rate +3.25 % p.a. with mly rest. Other charges as per Bank guidelines Penal Interest in addition to the agreed rate in case of default Terms of Repayment As agreed by the Borrower Company with the Bank Margin 25 % of Hypothecated Assets Extent and Operation of the charge Bank has enhanced Cash Credit Limits to Rs.150.000 Millions and Inland and Import LC on DA basis of Rs. 400.000 Millions (with sublimit W/W LG 10.000 Millions) Total limits Rs.550.000 Millions against the continuation of hypothecation charge on stocks, book debts, receivables, movable assets of the Company both present and future. Total charge modified to Rs.550.000 Million.
Short particulars of the property charged	Continuation of hypothecation charge on stocks, book debts, receivables, movable assets of the Company both present and future
Particulars of the present modification	Bank has enhanced Cash Credit Limits to Rs.150.000 Millions and Inland and Import LC on DA basis of Rs. 400.000 Millions (with sublimit W/W LG 10.000 Million) Total limits Rs.550.000 Millions against the continuation of hypothecation charge on stocks, book debts, receivables, movable assets of the Company both present and future. Total charge modified to Rs. 550.000 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

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

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--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.