MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	CHAKRAPANI VYAPAR PRIVATE LIMITED
Registered Office :	156A, M G Road, 2^nd Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.1995
Com. Reg. No.:	08-073676
Capital Investment / Paid-up Capital :	Rs. 10.500 Millions
CIN No.: [Company Identification No.]	U51109WB1995PTC073676
TAN No.: [Tax Deduction & Collection Account No.]	CALC03727D
PAN No.: [Permanent Account No.]	AABCC2825P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Plastic Granules.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 197000
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 seems to be low. The external borrowing appears to be huge. 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 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities : “BB-”
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	August, 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.

INFORMATION PARTED BY

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-22955252)

LOCATIONS

Registered Office :	156A, M G Road, 2^nd Floor, Kolkata – 700007, West Bengal, India
Tel. No. :	91-33-22690908
Fax No. :	Not Divulged
E-Mail :	shyamtex3488@dataone.in shyamtex@vsnl.net
Administrative Office :	#37/12-11, Archana Complex, 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Alok Sethia

Designation :

Director

Address :

37/12-1, 4th Cross, Archana Complex, Lal Baugh Road, Bangalore - 560027, Karnataka, India

Date of Birth/Age :

18.06.1971

Date of Appointment :

01.09.2009

PAN No.:

ALRPS6288A

DIN No. :

01501035

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	U67120KA1977PTC003260	DEESONS PRIVATE LIMITED	Director	18/06/2007	18/06/2007	-	Active	NO
2	U51109WB1995PTC073676	CHAKRAPANI VYAPAR PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	28/09/2010	01/11/2009	-	Active	NO
4	U51102KA2005PTC035897	SHYAM AGENCY PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
5	U51109WB2006PTC110902	ADHUNIK COMMODITIES PRIVATE LIMITED	Director	17/06/2010	17/06/2010	-	Active	NO
6	U51495KA2006PTC038198	KAMDHENU POLYTECH PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
7	U51101WB2010PTC146306	ADVANCE TRADECOMM PRIVATE LIMITED	Additional director	05/03/2012	05/03/2012	-	Active	NO

Name :

Mr. Virendra Vikram Saraf

Designation :

Director

Address :

1246-1, 25th Main Road, Jayanagar, 9th Block, Jayanagar, Bangalore – 560069, Karnataka, India

Date of Birth/Age :

24.10.1967

Date of Appointment :

01.04.2013

DIN No. :

05190202

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	U51909WB1994PLC064184	YASHMAN VYAPAAR LTD	Additional director	06/03/2012	06/03/2012	-	Active	NO
2	U25199KA2012PTC063970	ABHIJEET POLYMERS PRIVATE LIMITED	Director	04/03/2013	04/03/2013	18/04/2013	Active	NO
3	U51109WB1995PTC073676	CHAKRAPANI VYAPAR PRIVATE LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ramsisaria Builders Limited	45000
Vandana Griha Nirmart Limited	45000
Ramawtar Ramsisaria (HUF)	40000
Shiv Kumar Ramsisaria (HUF)	80000
Suresh Ramsisaria	40000
Ramawtar Ramsisaria	40000
Piyush Fiscal Limited	440000
Sunita Ramsisaria	40000
Rajni Agarwal	40000
Nupur Ramsisaria	40000
Kamdhenu Labels Private Limited	30000
Shyam Synthetics Private Limited	70000
Total Energy Group Limited	30000
Rajeev Singh	20000
Ambika Petrochem Private Limited	50000
Krishan Kumar Tibrewala	200
Total	1050200

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	67.61
Directors or relatives of Directors	0.02
Other top fifty shareholders	32.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Plastic Granules.

Products :

Item Code No. (ITC Code)	Product Description
39.01	Plastic Granules

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Tamilnad Mercantile Bank Limited, 19-F, Abhinay Theatre Complex, B. V. K. Iyengar Road, Bangalore - 560009, Karnataka, India

Vijaya Bank, Brabourne Road, Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	0.225	0.567
SHORT TERM BORROWINGS
Loans repayable on demand	64.071	53.164
Total	64.296	53.731

Banking Relations :	--
Auditors :
Name :	Vinita Agrawal and Company Chartered Accountants
Address :	34, Ganesh Chandra Avenue, Unit 18, 5^th Floor, Bagati House, Kolkata, West Bengal, India
PAN No. :	ADCPA9726G

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1050200	Equity Shares	Rs.10/- each	Rs. 10.502 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1050020	Equity Shares	Rs.10/- each	Rs. 10.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.500	10.500
(b) Reserves & Surplus	38.846	33.923
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	49.346	44.423
(3) Non-Current Liabilities
(a) long-term borrowings	0.225	0.567
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.225	0.567
(4) Current Liabilities
(a) Short term borrowings	165.368	145.248
(b) Trade payables	344.190	154.056
(c) Other current liabilities	19.627	36.072
(d) Short-term provisions	2.271	2.048
Total Current Liabilities (4)	531.456	337.424
TOTAL	581.027	382.414
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.684	2.057
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.126	1.000
(e) Other Non-current assets	0.020	0.032
Total Non-Current Assets	3.830	3.089
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	273.384	214.849
(c) Trade receivables	210.774	99.383
(d) Cash and cash equivalents	6.341	15.681
(e) Short-term loans and advances	86.686	49.403
(f) Other current assets	0.012	0.009
Total Current Assets	577.197	379.325
TOTAL	581.027	382.414

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.500
2] Share Application Money		0.000
3] Reserves & Surplus		29.953
4] (Accumulated Losses)		0.000
NETWORTH		40.453
LOAN FUNDS
1] Secured Loans		34.314
2] Unsecured Loans		0.000
TOTAL BORROWING		34.314
DEFERRED TAX LIABILITIES		0.000
TOTAL		74.767
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.272
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.852
	Sundry Debtors	125.649
	Cash & Bank Balances	14.598
	Other Current Assets	20.910
	Loans & Advances	57.517
Total Current Assets		331.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	240.347
	Other Current Liabilities	16.388
	Provisions	2.340
Total Current Liabilities		259.075
Net Current Assets		72.451
MISCELLANEOUS EXPENSES		0.044
TOTAL		74.767

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales			1205.083
		Commission			0.773
‘		Interest and Other Income			0.838
		TOTAL (A)	2236.407	1372.998	1206.694
Less	EXPENSES
		Purchases			1189.022
		Administrative Expenses			7.938
		Selling and Distribution Expenses			6.068
		Share Issue Expenses W/off			0.012
		Decrease/(Increase) in Stock			(6.696)
		TOTAL (B)	2213.273	1357.570	1196.344
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.134	15.428	10.350
Less	FINANCIAL EXPENSES (D)		15.400	8.434	6.872
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.734	6.994	3.478
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.541	0.626	0.456
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.193	6.368	3.022
Less	TAX (H)		2.270	2.398	0.970
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		4.923	3.970	2.052
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.923	5.953	3.901
	BALANCE CARRIED TO THE B/S		14.846	9.923	5.953
	Earnings / (Loss) Per Share (Rs.)		4.69	3.78	2.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.22	0.29	0.17
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.25
Return on Total Assets (PBT/Total Assets}	(%)	1.24	1.67	0.91
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.07
Debt Equity Ratio (Total Debt/Networth)		3.36	0.14	0.07
Current Ratio (Current Asset/Current Liability)		1.09	1.12	1.28

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10192449	25/01/2012 *	100,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	19-F, ABHINAY THEATRE COMPLEX, B. V. K. IYENGAR ROAD, BANGALORE - 560009, KARNATAKA, INDIA	B30788772

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Intercorporate borrowings	101.297	92.084
Total	101.297	92.084

GENERAL INFORMATION

Chakrapani Vyapaar Private Limited (the company) is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are not listed on any stock exchanges in India . The company is mainly engaged in the business of trading of plastic granules. PVC, P P Fabrics, Plastic Rolls, Cement and DEPB. The company carries on its business in domestic markets only.

FIXED ASSETS

· Furniture and Fixtures

Vehicles

Office Equipment

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.67.71
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.