MIRA INFORM REPORT

Report Date :

20.04.2013

IDENTIFICATION DETAILS

Name :	AADI IMPORTS PRIVATE LIMITED
Registered Office :	406-B, Shapath-IV, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad-380 051, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.04.2006
Com. Reg. No.:	04-048164
Capital Investment / Paid-up Capital :	Rs. 3.001 Millions
CIN No.: [Company Identification No.]	U51101GJ2006PTC048164
TAN No.: [Tax Deduction & Collection Account No.]	AHMA06181A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of various types of chemicals, fibres and scrap such as aluminium scrap, steel scrap etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company is low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.01.2013

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	07.01.2013

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 DECLINED BY

Management non co-operative

LOCATIONS

Registered Office / Corporate Office :	406-B, Shapath-IV, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad-380051, Gujarat, India
Tel. No.:	91-79-40264000
Fax No.:	91-79-40264040
E-Mail :	info@aadigroup.in anish@aadigroup.com yamangajjar@aadigroup.com korea@aadigroup.com singapore@aadigroup.com vietnam@aadigroup.com
Website :	www.aadigroup.in
Area :	3500 sq. ft.
Location :	Owned
Warehouse:	Sarkhej, Ahmedabad – 380 051, Gujarat, India
Overseas Office :	Located at · Korea · Singapore · Vietnam

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Anish Balmukund Mehta
Designation :	Director
Address :	D / 10, Goyal Plaza, Judges Bungalows Road, Satellite, Ahmedabad–380015, Gujarat, India
Date of Birth/Age :	20.10.1975
Date of Appointment :	21.04.2006
DIN No.:	00020918
Name :	Mr. Balmukund Vadilal Mehta
Designation :	Director
Address :	D / 10, Goyal Plaza, Judges Bunglows Road, Satellite, Ahmedabad–380015, Gujarat, India
Date of Birth/Age :	01.08.1945
Date of Appointment :	01.01.2007
DIN No.:	01115649

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Anish Balmukund Mehta	295050
Manali Mahasukhbhai Adani	5000
TOTAL	300050

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader of various types of chemicals, fibres and scrap such as aluminium scrap, steel scrap etc.

GENERAL INFORMATION

No. of Employees :

30 (Approximately)

Bankers :

Axis Bank Limited, ‘Trishul’, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loans
From Financial Institution	0.215	0.827
Short Term Borrowings
Loans from Banks
From Bank – Cash Credit A/C	52.457	29.564
TOTAL	52.672	30.391
NOTES LONG TERM BORROWINGS Loan from financial institution is repayable in 36 monthly installments of Rs. 0.055 Millions each along with interest, from the date of loan, viz., 21^st August, 2010. The loan is secured by hypothecation of assigned vehicle of the company. SHORT TERM BORROWINGS Cash credits are carry interest @ BPLR + 4% i.e. 13.50%. The facilities secured by hypothecation of followings 1) Current assets both present and future of the company by way of first charge 2) Entire fixed asset of the company by way of first charge. 3) Equitable mortgage of commercial property located at 403, 406/A and 406/B, Shapath IV, Opposite Karnavati Club, S G Highway, Ahmedabad

Banking Relations :	--
Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	303 / 304, ‘Milestone’, Near Drive-In Cinema, Opposite T. V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-27474466
Mobile No.:	91-9825037422
Fax No.:	91-79-25555369
E-Mail :	dharmesh@dharmeshparikh.net
PAN No.:	AAGFD1279G
Associates :	Aadi Oil Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300050	Equity Shares	Rs.10/- each	Rs. 3.001 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.001	1.679	1.679
2] Share Application Money		0.000	7.700	0.000
3] Reserves & Surplus		25.572	15.704	13.355
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.573	25.083	15.034
LOAN FUNDS
1] Secured Loans		52.672	30.391	18.417
2] Unsecured Loans		3.000	0.000	7.700
TOTAL BORROWING		55.672	30.391	26.117
DEFERRED TAX LIABILITIES		0.133	0.100	0.125
TOTAL		84.378	55.574	41.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.607	4.607	2.902
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.006	0.006	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.940	38.020	0.000
	Sundry Debtors	34.625	16.965	10.067
	Cash & Bank Balances	21.116	10.687	20.516
	Other Current Assets	0.180	0.070	0.000
	Loans & Advances	28.936	19.397	15.370
Total Current Assets		141.797	85.139	45.953
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.166	24.603	0.001
	Other Current Liabilities	13.298	9.505	5.950
	Provisions	0.568	0.070	1.628
Total Current Liabilities		62.032	34.178	7.579
Net Current Assets		79.765	50.961	38.374
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		84.378	55.574	41.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	610.402	321.419	221.314
		Other Income	2.224	0.556	2.588
		TOTAL (A)	612.626	321.975	223.902
Less	EXPENSES
		Purchases of Stock-In-Trade	607.028	348.370	215.268
		Employees benefits expenses	4.362	2.804	2.146
		Other expenses	9.701	2.702	2.687
		Changes inventories of finished goods, work-in-progress and Stock-in-trade	(18.919)	(38.020)	0.000
		TOTAL (B)	602.172	315.856	220.101
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		10.454	6.119	3.801
Less	FINANCIAL EXPENSES (D)		5.000	2.464	1.569
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.454	3.655	2.232
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.439	0.347	0.175
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.015	3.308	2.057
Less	TAX (H)		1.752	0.958	0.595
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.263	2.350	1.462
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	2.297
	BALANCE CARRIED TO THE B/S		NA	NA	3.759
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.852	0.000	60.490
		Commission Earnings	0.499	0.708	0.000
	TOTAL EARNINGS		56.351	0.708	60.490
	IMPORTS
		Traded Goods	395.374	315.074	131.791
	TOTAL IMPORTS		395.374	315.074	131.791
	Earnings Per Share (Rs.)		14.95	13.99	11.11

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.53	0.73	0.65
Net Profit Margin (PBT/Sales)	(%)	0.82	1.03	0.93
Return on Total Assets (PBT/Total Assets}	(%)	34.25	3.69	4.21
Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.14
Debt Equity Ratio (Total Debt /Networth)		1.95	1.21	1.74
Current Ratio (Current Asset/Current Liability)		2.29	2.49	6.06

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	Yes
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)	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	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

UNSECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans From Related Parties
From Director (Above loan is interest free and repayable on demand)	3.000	0.000
TOTAL	3.000	0.000

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Micro, Small and Medium Enterprises	--	--	--
Others	48.166	24.603	0.001
TOTAL	48.166	24.603	0.001

NOTE

Registered office of the company has been shifted from D-10, Goyal Plaza, Judges Bunglow Road, Satellite, Ahmedabad – 388015, Gujarat, India to the present address w.e.f. 24.04.2006

CORPORATE INFORMATION

Subject is a private limited company based in Ahmedabad and incorporated under the provisions of companies act 1956. Subject is involved in trading of various types of chemicals, fibres and scrap such as aluminium scrap, steel scrap etc.

FIXED ASSETS

· Furniture and Fixture

· Computer

· Printer

· Air Conditioner

· Freeze

· Fax

· Scanner

· Office Equipment

· Vehicle

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 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. 54.02
UK Pound	1	Rs. 70.49
Euro	1	Rs. 82.43

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.