MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	MGA CORPORATION PRIVATE LIMITED (w.e.f. 31.03.2010)
Formerly Known As :	SHIPRA OCEAN TRADE PRIVATE LIMITED
Registered Office :	Plot No. 244/1 Near National Highway-8A, Gandhidham, Kutch – 370201, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.11.1996
Com. Reg. No.:	04-031109
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U51901GJ1996PTC031109
TAN No.: [Tax Deduction & Collection Account No.]	RKTS00346D
PAN No.: [Permanent Account No.]	AACCS9888H
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of logistic services, transportation services, freight forwarding services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 830000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears sharp dip in the sales turnover. 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 :	Plot No. 244/1 Near National Highway-8A, Gandhidham, Kutch – 370201, Gujarat, India
Tel. No.:	91-2836-230480
Fax No.:	Not Available
E-Mail :	shethkiranca@yahoo.co.in vikas@mga.com.sg

DIRECTORS

AS ON 30.09.2011

Name :

Ms. Anju Mukesh Gupta

Designation :

Whole-time director

Address :

Plot No. 69, Sector – 02, Gandhidham, Kutch – 370490, Gujarat, India

Date of Birth/Age :

16.02.1968

Date of Appointment :

08.11.1996

DIN No.:

00277451

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	U20211GJ1996PTC028552	SHIPRA VENEERS PRIVATE LIMITED	Whole-time director	01/01/1996	01/01/1996	22/02/2010	Active	NO
2	U35115GJ1996PTC030228	SHIPRA WOOD PRODUCTS PRIVATE LIMITED	Whole-time director	17/07/1996	17/07/1996	22/02/2010	Active	NO
3	U50101GJ1996PTC030261	GUPTA GLOBAL EXIM PRIVATE LIMITED	Whole-time director	23/07/1996	23/07/1996	22/02/2010	Active	NO
4	U51901GJ1996PTC031109	MGA CORPORATION PRIVATE LIMITED	Whole-time director	08/11/1996	08/11/1996	-	Active	NO
5	U70101DL2010PTC200830	MGA CONSTRUCTIONS PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO

Name :

Mr. Mukesh Jhamanlal Gupta

Designation :

Whole-time director

Address :

Plot No. 69, Sector – 02, Gandhidham, Kutch – 370490, Gujarat, India

Date of Birth/Age :

16.07.1960

Date of Appointment :

08.11.1996

DIN No.:

00278226

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	U20211GJ1996PTC028552	SHIPRA VENEERS PRIVATE LIMITED	Whole-time director	01/01/1996	01/01/1996	22/02/2010	Active	NO
2	U35115GJ1996PTC030228	SHIPRA WOOD PRODUCTS PRIVATE LIMITED	Whole-time director	17/07/1996	17/07/1996	22/02/2010	Active	NO
3	U50101GJ1996PTC030261	GUPTA GLOBAL EXIM PRIVATE LIMITED	Whole-time director	23/07/1996	23/07/1996	22/02/2010	Active	NO
4	U51901GJ1996PTC031109	MGA CORPORATION PRIVATE LIMITED	Whole-time director	08/11/1996	08/11/1996	-	Active	NO
5	U70101DL2010PTC200830	MGA CONSTRUCTIONS PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mukesh Jhamanlal Gupta	7000000
Anju Mukesh Gupta	3000000
Total	10000000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of logistic services, transportation services, freight forwarding services.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Woods (Logs) Cmt		N.A.	N.A.	6038.5878

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Hire purchase installment payable secured	0.305	0.000
Total	0.305	0.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	0.000	0.050
Total	0.000	0.050

Banking Relations :	--
Auditors :
Name :	Anil T Gupta and Associates Chartered Accountants
Address :	389, Vadhman Charve Plaza-V, Plot No. 20, Commercial Complex, KP Block, Pitapura, Delhi – 110088, India
Tel. No.:	91-11-27317035/ 27317036
E-Mail :	atgca@rediffmail.com sadhna75@hotmail.com
Income-tax PAN of auditor or auditor's firm :	ASSPS3081R
Subsidiaries :	· MGA International PTE. Limited · MGA Constructions Private Limited [U70101DL2010PTC200830]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Share	Rs.10/- each	Rs. 100.000 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		100.000	100.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		109.011	107.494	39.741
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		209.011	207.494	89.741
LOAN FUNDS
1] Secured Loans		0.305	0.000	0.000
2] Unsecured Loans		0.000	0.050	0.050
TOTAL BORROWING		0.305	0.050	0.050
DEFERRED TAX LIABILITIES		0.044	0.116	0.000
TOTAL		209.360	207.660	89.791
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.180	5.528	0.039
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		133.627	133.627	0.014
DEFERREX TAX ASSETS		0.000	0.000	0.120
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	37.382	42.403	10.188
	Cash & Bank Balances	4.283	2.245	2.650
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	42.703	69.184	106.082
Total Current Assets		84.368	113.832	118.920
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.841	32.594
	Other Current Liabilities	0.638	12.389	30.302
	Provisions	0.336	0.344	0.144
Total Current Liabilities		27.815	45.327	30.446
Net Current Assets		56.553	68.505	88.474
MISCELLANEOUS EXPENSES		0.000	0.000	1.144
TOTAL		209.360	207.660	89.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	18.553	53.427	2.319
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	16.739	53.086	0.880
	PROFIT BEFORE TAX		1.814	0.341	1.439
Less	TAX		0.297	0.088	0.144
	PROFIT AFTER TAX		1.517	0.253	1.295
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	Nil	1.689	Nil
	Earnings Per Share (Rs.)		0.15	0.03	0.26

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.18	0.47	55.84
Return on Total Assets (PBT/Total Assets}	(%)	1.75	0.29	1.21
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.02
Debt Equity Ratio (Total Liability/Networth)		0.13	0.22	0.34
Current Ratio (Current Asset/Current Liability)		3.03	2.51	3.91

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	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51901GJ1996PTC031109
Name of the company	MGA CORPORATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 244/1 Near National Highway-8A, Gandhidham, Kutch – 370201, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India Email ID: cpu-retailassetoperations.rocefiling@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Agreement for Loan and Guarantee. (Contracts No.: 3432051 / 59 / 66 / 71 / 85) (Rs.0.325 Million X 5 Conts.) = Rs.1.625 Millions
Date of instrument Creating the charge	04.07.2012
Amount secured by the charge	Rs. 1.625 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 13.01 % p.a. Terms of Repayment The Loan is repayable in 45 EMIs of Rs. 0.046 Million (Rs. 0.009 million X 5 conts.) starting from 5th September, 2012 ending on 5th May, 2016. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property charged	Hypothecation of 5 Nos. Vehicles namely : TATA 3518 BODY (Year of Manufacture: 2012)

FIXED ASSETS:

· Electric Installation

· Furniture and Fixtures

· Tailor

· Hydra Crane

· Loaders

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. 54.73
UK Pound	1	Rs. 88.61
Euro	1	Rs. 71.34

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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

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.