MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	FX MULTITECH PRIVATE LIMITED
Registered Office :	302, Sahajanand Arcade, 132 Ft. Ring Road, Helmate Circle, Memnagar, Ahmedabad – 380052, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.03.2008
Com. Reg. No.:	04-053391
Capital Investment / Paid-up Capital :	Rs.2.100 Millions
CIN No.: [Company Identification No.]	U52100GJ2008PTC053391
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00483A
Legal Form :	Private Limited Liability Company
Line of Business :	Distribution and Exporter of high quality Engineering Products.
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 34000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an 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 cautions.

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 :	302, Sahajanand Arcade, 132 Ft. Ring Road, Helmate Circle, Memnagar, Ahmedabad – 380052, Gujarat, India
Tel. No.:	91-79-274910994
Mobile No.:	91-9824033651 (Mr. Subhash Agarwal)
Fax No.:	Not Available
E-Mail :	fxmultitech@rediffmail.com fxmultitech@gmail.com
Corporate Office :	C-907, Titanium Square, Near Thaltej Cross Road, S.G. Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40190411/ 40190412/ 40190413
Fax No.:	91-79-40190415

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Subhashchand Mulchandji Agarwal

Designation :

Director

Address :

D-703, Samrajya, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

15.01.1959

Date of Appointment :

27.03.2008

DIN No.:

01981737

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	U52100GJ2008PTC053391	FX MULTITECH PRIVATE LIMITED	Director	27/03/2008	27/03/2008	Active	NO
2	U51505GJ2012PTC069836	FRASCOLD INDIA PRIVATE LIMITED	Managing director	10/05/2012	12/04/2012	Active	NO

Name :

Mr. Selvaraj Rangaswamy

Designation :

Director

Address :

N-804, Sarjan Tower, Gurukul Road, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

08.05.1965

Date of Appointment :

27.03.2008

DIN No.:

02050980

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	U52100GJ2008PTC053391	FX MULTITECH PRIVATE LIMITED	Director	27/03/2008	27/03/2008	Active	NO
2	U51505GJ2012PTC069836	FRASCOLD INDIA PRIVATE LIMITED	Director	12/04/2012	12/04/2012	Active	NO

Name :

Mrs. Anita Subhah Agarwal

Designation :

Director

Address :

D-703, Samrajya, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

04.11.1961

Date of Appointment :

27.03.2008

DIN No.:

01981751

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Anita Subhah Agarwal	8900
Subhashchand Mulchandji Agarwal	57120
Subhash Moolchand Agrawal	19840
Kamla Moolchand Agrawal	8570
Gunjan Subhash Agrawal	900
Aditya Agrwala	100
Nisha Poonawala	8670
Sharda Agrawal	900
Selvaraj Rangaswamy	85850
R. Kamaglakshmi	8950
Sundarmmal	8950
Santosh Selvaraj	1240
Sameer A. Seth	10
Total	210000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distribution and Exporter of high quality Engineering Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank

Gurukul Road Branch, Raj Plaza, Complex, Gurukul Road, Ahmedabad – 380052, Gujarat, India

· Citi Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Corporation Bank C.C. A/c.	8.475	3.830
Corporation Bank (PCL A/c.)	7.986	3.736
Reliance Capital Loan	1.960	0.903
Total	18.421	8.469
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Anita Agarwal	0.089	0.089
FX engineering enterprise	0.050	3.435
FX Overseas	0.269	0.769
Gunjan Agarwal	0.001	0.021
Hiralal Pitty	0.053	0.000
Kamla Agrawal	0.011	0.199
Mukesh O .Parikh	0.011	0.208
Nisha Poonawala	0.011	0.208
R. Kanaglaxmi Selvaraj	0.011	0.209
R. Selvaraj	0.071	0.000
Samir A. Sheth	0.200	0.000
Sharda Agrawal	0.001	0.021
Subhash Agrawal	3.360	0.000
Sundarammal	0.012	0.209
Total	4.150	5.368

Banking Relations :	--
Financial Institution :	· Reliance Capital Limited “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400710, Maharashtra, India
Auditors :
Name :	Mukesh O. Parikh and Company Chartered Accountant
Address :	406, Panorma Complex, Near Diamond Square Navjivan Press, Income Tax, Ahmedabad – 380014, Gujarat, India
Tel No.:	91-79-27545352
PAN No.:	AASPP2728G
Email :	mukeshoparikh@yahoo.com

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.10/- each	Rs.2.100 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		2.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.330	1.636	0.360
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.430	1.736	0.460
LOAN FUNDS
1] Secured Loans		18.421	8.469	5.616
2] Unsecured Loans		4.150	5.368	1.890
TOTAL BORROWING		22.571	13.837	7.506
DEFERRED TAX LIABILITIES		0.132	0.094	0.051
TOTAL		31.133	15.667	8.017
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.588	1.437	1.448
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.020	0.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.658	6.212	4.955
	Sundry Debtors	19.910	14.682	8.503
	Cash & Bank Balances	3.517	3.568	0.882
	Other Current Assets	1.370	0.373	1.340
	Loans & Advances	7.902	1.786	0.850
Total Current Assets		47.357	26.621	16.530
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	13.424	9.384	9.155
	Other Current Liabilities	3.583	2.228	0.675
	Provisions	0.830	0.799	0.151
Total Current Liabilities		17.837	12.411	9.981
Net Current Assets		29.520	14.210	6.549
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.133	15.667	8.017

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	131.481	95.718	41.000
Less	EXPENSES
		TOTAL	129.449	94.399	40.590
	PROFIT BEFORE TAX		2.032	1.319	0.410
Less	TAX		0.039	0.043	0.050
	PROFIT AFTER TAX		1.993	1.276	0.360
	Earnings Per Share (Rs.)		9.49	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.52	1.33	0.88
Return on Total Assets (PBT/Total Assets}	(%)	4.15	4.70	2.28
Return on Investment (ROI) (PBT/Networth)		0.24	0.76	0.89
Debt Equity Ratio (Total Liability/Networth)		4.79	15.12	38.02
Current Ratio (Current Asset/Current Liability)		2.65	2.14	1.66

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	Yes
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	No

FINANCIAL RESULTS AND PROSPECTS

The company has made a sales of rs.131.481 Millions during the year and profit shown amount of Rs.1.993 Millions earned during the year after providing for differed tax likability, which has been carried to balance sheet.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10286429
Corporate identity number of the company	U52100GJ2008PTC053391
Name of the company	FX MULTITECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	302, Sahajanand Arcade, 132 Ft. Ring Road, Helmate Circle, Memnagar, Ahmedabad – 380052, Gujarat, India fxmultitech@rediffmail.com
Type of charge	Immovable Property Book Debts Movable Property Floating Charge Others: Two Honda City car
Particular of charge holder	Corporation Bank Gurukul Road Branch, Raj Plaza Complex, Gurukul Road, Ahmedabad – 380052, Gujarat, India cb555@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of vehicles loan of Rs.1.691 Millions along with supplemental common deed of hypothecation movable assets/ debts for various credit limits amounting to Rs.64.691 Millions both Dt.30.06.12
Date of instrument Creating the charge	30/06/2012
Amount secured by the charge	Rs.64.691 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest At Present Base Rate : 10.50% P.A Plus 1.50% i.e 12% P.A for Vehicle loan and for remaining other credit facilities as per charge dt.29.12.11 Terms of Repayment As per sanction letter Margin As per sanction letter 15.03% for Vehicle loan and for remaining other credit facilities as per charge dt.29.12.11 Extent and Operation of the charge All the Securities described herein below in Column No. 15 have been charged to the Bank to secure -Vehicle loan of Rs.1.691 Millions and other credit limits of Rs.63.000 Millions total Rs.64.691 Millions.
Short particulars of the property charged	As per agreement of hypo. of vehicles loan of Rs.1.691 Millions along with supplemental common deed of hypothecation movable assets/ debts for various credit limits amounting to Rs.64.691 Millions both dt.30.06.12
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
If yes, in whose name it is registered	Two Honda city cars In the name of Directors of the company
Date of latest modification prior to the present modification	29/12/2011
Particulars of the present modification	Charge extended to secure enhanced total credit limit of Rs.64.691 Millions

FIXED ASSETS:

· Air Conditioner

· Computer

· Digital Camera

· Electronic Digital Scale

· Furniture

· Handy Camera

· Laptop

· Mobile

· Motor Car A/c

· Office Equipment

· Printer

· Projector

· Refrigerator

· Shop

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.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

INFORMATION DETAILS

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	4
--CREDIT LINES	1~10	3
--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	YES
--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	-

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.