MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	BRAMHA IMPEX PRIVATE LIMITED
Registered Office :	A/54, New P K Niwas, 167/C S V Road, Ville Parle (West), Mumbai – 400056, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.04.2006
Com. Reg. No.:	11-161445
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U52190MH2006PTC161445
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18368A
PAN No.: [Permanent Account No.]	AACCB480G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Chemical, Textile, Iron and Steel.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial with government department for the year 2012 and 2013. As per indirect source, the ratings reflect BIPL’s modest scale of operations and its below-average financial risk profile marked by modest net worth, vulnerability of its profitability margins and subdued debt protection metrics. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some caution. Note: The partial latest financial for the year 2012 (Profit and Sales) taken from indirect source i.e. Crisil.

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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: B
Rating Explanation	Risk prone credit quality and high risk of default.
Date	29.06.2013

Rating Agency Name	CRISIL
Rating	Short term rating: A4
Rating Explanation	Minimal degree at safety and very high credit risk.
Date	29.06.2013

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 PARTED BY

Name :	Mr. Jayesh Mehta
Designation :	Director
Contact No.:	91-9594085201
Date :	06.12.2013

LOCATIONS

Registered Office :	A/54, New P K Niwas, 167/C S V Road, Ville Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26247369
Mobile No.:	91-9594085201 (Mr. Jayesh Mehta)
Fax No.:	Not Available
E-Mail :	bramhaimpex.mehta@gmail.com bramhaipex@hotmail.com
Location:	Owned

Note: As confirmed by management the registered office mentioned in government registry is incorrect.

DIRECTORS

As on 30.09.2011

Name :

Mr. Manoj Nandlal Mehta

Designation :

Director

Address :

30, Putalibai Kapol Niwas, Ground Floor, S V Road, Ville Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

20.10.1954

Date of Appointment :

27.04.2006

DIN No.:

00238416

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	U52190MH2006PTC161445	BRAMHA IMPEX PRIVATE LIMITED	Director	27/04/2006	27/04/2006	-	Active	NO
2	U51900MH2010PTC208445	JAYASAMA MULTITRADE PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Active	NO
3	U51101MH2010PTC208442	JAY EXIM PRIVATE LIMITED	Additional director	22/07/2013	11/02/2012	-	Active	NO

Name :

Mr. Jayesh Mansukhlal Mehta

Designation :

Director

Address :

703, Crystal Classic, 154 – B, S V Road, Ville Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

17.10.1961

Date of Appointment :

01.04.2008

DIN No.:

02601932

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	U52190MH2006PTC161445	BRAMHA IMPEX PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U51900MH2010PTC208445	JAYASAMA MULTITRADE PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Active	NO
3	U51101MH2010PTC208442	JAY EXIM PRIVATE LIMITED	Additional director	22/07/2013	11/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Sanjay Doshi and Associates
Designation :	Company Secretaries
Address :	Unit No. 217, Pioneer Estate, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel No.:	91-22-28202990/28240471

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Manoj Nandlal Mehta	45000
Jayesh Mansukhlal Mehta	55000
Total	100000

As on 03.04.2012

Names of Allottees	No. of Shares
Manoj Nandlal Mehta	270000
Jayesh Mansukhlal Mehta	330000
Total	600000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Chemical, Textile, Iron and Steel.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

7 (Approximately)

Bankers :

· Indian Bank, Shanmukhananda Hall Building, 292 Jayashankar, Yagnik Marg, Kings Circle, Sion (East), Mumbai – 400022, Maharashtra, India

· State Bank of Patiala, Bhavani Shankar Road Branch, Bhavani Shankar Road, Dadar (West), Mumbai – 400025, Maharashtra, India

Facilities :

Overdraft: Rs. 130.000 Millions and LC Rs. 60.000 Millions (From State Bank of Patiala)

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Indian Bank	43.117	0.000
Citi Bank	0.236	0.476
India Bulls Financial Services	0.000	0.735
Kapol Co-Operative Bank Limited. ODTD – 25B	0.393	0.393
Kotak Mahindra Bank	1.398	0.000
Cholamandal DBS Finance Limited	0.069	0.348
Standard Chartered Bank	0.850	1.507
The Federal Bank Limited	0.000	18.161
ABN Ambro Bank	0.320	0.648
Bajaj Finance Limited	2.469	0.000
Relicare Finvest Limited	1.811	2.496
Barclays Investment and Loans	2.513	2.446
Tata Capital	1.397	0.972
Total	54.573	28.182

Banking Relations :	--
Auditors :
Name :	M. G. Vashi and Company Chartered Accountants
Address :	801-A, Sunflower Gundechas Vally of Flowers, Thakur Village, Kandivali (East), Maharashtra, India
Tel. No.:	91-91-22-65250008
Mobile No.:	91-9819557007
PAN N Income-tax PAN of auditor or auditor's firm :	AGAPV1671J

CAPITAL STRUCTURE

After 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs. 7.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.802	30.137	10.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.802	31.137	11.075
LOAN FUNDS
1] Secured Loans		54.573	28.182	14.942
2] Unsecured Loans		36.501	19.201	18.865
TOTAL BORROWING		91.074	47.383	33.807
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		124.876	78.520	44.882
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.643	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.595	39.932	24.971
	Sundry Debtors	95.407	103.683	164.048
	Cash & Bank Balances	5.646	0.916	0.543
	Other Current Assets	0.101	0.100	0.000
	Loans & Advances	0.949	0.161	12.604
Total Current Assets		142.698	144.792	202.166
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.274	65.302	156.620
	Other Current Liabilities	0.050	0.000	0.000
	Provisions	1.141	0.981	0.677
Total Current Liabilities		20.465	66.283	157.297
Net Current Assets		122.233	78.509	44.869
MISCELLANEOUS EXPENSES		0.000	0.010	0.012
TOTAL		124.876	78.520	44.882

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		3.806	3.144	2.153
	TAX		1.142	0.982	0.676
	PROFIT AFTER TAX		2.664	2.162	1.476
	Earnings Per Share (Rs.)		26.64	NA	NA

Particulars	31.03.2012
Net Sales	605.100
Profit After Tax	2.600

Note: The partial latest financial for the year 2012 (Profit and Sales) taken from indirect source i.e. Crisil.

Particulars	31.03.2013
Sales Turnover (Approximately)	816.100

The above information has been parted by Mr. Jayesh Mehta (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.67	2.17	1.06
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.01
Debt Equity Ratio (Total Debt /Networth)		2.69	1.52	3.05
Current Ratio (Current Asset/Current Liability)		6.97	2.18	1.29

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	Yes
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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Unsecured Loans from Director	0.000	17.726
Bharat Kiran Joshi	0.500	0.000
Hitesh Shah	0.700	0.000
Jayesh Mehta	18.804	0.000
Jayesh Mehta HUF	1.275	0.575
Priti Mitesh Joshi	0.500	0.500
Jital Mehta	3.300	0.400
Madhukant Shah	2.500	0.000
Manoj Mehta	8.922	0.000
Total	36.501	19.201

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10323761	18/01/2013 *	190,000,000.00	STATE BANK OF PATIALA	BHAVANI SHANKAR ROAD BRANCH, BHAVANI SHANKAR ROAD, DADAR WEST, MUMBAI, MAHARASHTRA - 400025, INDIA	B73394835

* Date of charge modification

FIXED ASSETS

· Computer

· Office Furniture and Interior

· Car

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.61.69
UK Pound	1	Rs.101.08
Euro	1	Rs.84.07

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		27

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.