MIRA INFORM REPORT

Report Date :

05.02.2013

IDENTIFICATION DETAILS

Name :	SHIVDHARA EXIM PRIVATE LIMITED
Registered Office :	FT-11, Krishna Complex, Hira Bag Circle, Varachha Road, Surat – 395006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.04.2008
Com. Reg. No.:	04-053564
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U17122GJ2008PTC053564
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Importer of Embroidery Machines, Nine Needle Embroidery and Spare Parts.
No. of Employees :	100 (Approximately) (In Office + In Factory)

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 21000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be insufficient. Profitability of the company also appears to be low. However, trade relations are reported to be slow. 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Ashok Labhubhai Jodhani
Designation :	Director
Contact No.:	91-9925516161
Date :	31.01.2013

LOCATIONS

Registered Office :	FT-11, Krishna Complex, Hira Bag Circle, Varachha Road, Surat – 395006, Gujarat, India
Tel. No.:	91-261-2571231
Mobile No.:	91-9925516161 (Mr. Ashok Labhubhai Jodhani)
Fax No.:	91-261-2571231
E-Mail :	jodhani.ashok@yahoo.com mcafiling@yahoo.co.in
Location :	Owned
Factory :	Located at Surat

DIRECTORS

As on 29.09.2012

Name :	Mr. Ketankumar Lavajibhai Sorathiya
Designation :	Director
Address :	A-203, AVR Complex, Opposite Efil Tower, L H Road, Surat – 395006, Gujarat, India
Date of Birth/Age :	08.07.1975
Date of Appointment :	13.03.2009
DIN No.:	01195015
Name :	Mr. Bhaveshbhai Somjibhai Dholariya
Designation :	Director
Address :	9, Krishna Raw House, Opposite Octroi Check Post, Parvati Nagar Society, Nana Varachha, Surat – 395006, Gujarat, India
Date of Birth/Age :	16.05.1979
Date of Appointment :	11.04.2008
DIN No.:	02099414
Name :	Mr. Ashok Labhubhai Jodhani
Designation :	Director
Address :	A/201, AVR Complex, Shantivan Society, L H Road, Surat – 395006, Gujarat, India
Date of Birth/Age :	02.06.1978
Date of Appointment :	11.04.2008
DIN No.:	02099428
Name :	Mr. Vipulkumar Mansukhbhai Desai
Designation :	Director
Address :	63/64, Bajrang Nagar, Khodiyar Nagar Road, Varachha Road, Surat – 395006, Gujarat, India
Date of Birth/Age :	15.07.1979
Date of Appointment :	31.01.2009
DIN No.:	02191358

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Bhavesh Dholariya	35000
Ashok Jodhani	65000
Ketan Sorathiya	35000
Vipul Desai	30000
Dayaben Dholaria	15000
Ilaben Jodhani	10000
Kiranben Desai	10000
Ashwinbhai Jodhani	5000
Rekhaben Jodhani	15000
Harshaben Desai	15000
Bhavnaben Desai	5000
Mansukhbhai Desai	5000
Mansukhbhai Desai Re: Mansukhbhai Desai -HUF	5000
Shardaben Desai	5000
Rajeshbhai Dholaria	5000
Sangitaben Dholaria	5000
Manjulaben Jodhani	15000
Nitinbhai Jodhani	5000
Nitinbhai Jodhani Re: Nitinbhai Jodhani – HUF	5000
Rajeshbhai Dholaria	5000
Alpeshbhai Keshavbhai Vekariya Re: Alpeshbhai Vekariya – HUF	5000
Amitbhai Sorathiya	10000
Arvindbhai Kothiya	10000
Bhaveshbhai Dholariya Re:Bhaveshbhai S. Dholariya – HUF	10000
Kailashben Kothiya	10000
Kishorbhai Somjibhai Dholariya Re: Kishorbhai Dholariya – HUF	5000
Mukeshbhai Gangdasbhai Savaliya Re: Mukeshbhai Savaliya – HUF	5000
Prakashbhai Mansukhbhai Desai Re: Prakashbhai M. Desai – HUF	10000
Rameshbhai Savaliya Re: Rameshbhai Savaliya – HUF	5000
Vilasben Vekariya	20000
Vipulbhai Desai Re: Vipulbhai M. Desai – HUF	10000
Vipulbhai Keshavbhai Vekariya Re: Vipulbhai Vekariya – HUF	5000
Total	400000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Importer of Embroidery Machines, Nine Needle Embroidery and Spare Parts.
Imports :
Products :	Embroidery Machines
Countries :	China Taiwan Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

• Bhaskar Logistic Services Private Limited
• Frequent Flyers
• Mercantile Logistic Private Limited
• Navakar Impex
• Sureshbhai B. Patel
• Zhuji Meera Import and Export Company Limited

Customers :

Others (Manufacturing Companies)

• Balaji Creation
• Gayatri Textiles
• Jay Creation
• Jitendra Enterprise
• Kishorebhai Hirapara
• Krinovet System and Communication
• Neha Creation
• OM Thread and Creation
• Pearl Fashion
• Reena Fashion

No. of Employees :

100 (Approximately) (In Office + In Factory)

Bankers :

• Yes Bank, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
From Banks
ICICI Bank Car Loan (Mercedeze)	2.697	0.000
ICICI Bank	96.412	0.000
ICICI Bank Car Loan Innova	0.030	0.000
ICICI Bank Car Loan	0.000	0.375
Total	99.139	0.375

Banking Relations :	--
Auditors :
Name :	Asodaria Associates Chartered Accountants
Address :	O-17, First Floor, Panchratna Tower, Lambe Hanuman Road, Surat – 395006, Gujarat, India
Tel. No.:	91-261-2544446 / 2548601
E-Mail :	aso_asso@yahoo.co.in
PAN No.:	AAFEA8432G

CAPITAL STRUCTURE

As on 31.03.2012

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
400000	Equity Shares	Rs.10/- each	Rs.4.000 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		4.000	1.200	1.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.281	1.042	0.418
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.281	2.242	1.618
LOAN FUNDS
1] Secured Loans		99.139	0.375	0.681
2] Unsecured Loans		14.369	2.300	0.000
TOTAL BORROWING		113.508	2.675	0.681
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		118.789	4.917	2.298
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.245	0.850	1.016
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		95.862	0.000	0.000
DEFERREX TAX ASSETS		0.093	0.045	0.016
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.437	21.768	1.124
	Sundry Debtors	30.989	52.847	16.626
	Cash & Bank Balances	22.907	10.993	3.911
	Other Current Assets	0.052	0.024	0.000
	Loans & Advances	1.091	1.865	1.164
Total Current Assets		76.476	87.497	22.825
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.289	71.466	14.918
	Other Current Liabilities	19.375	10.328	6.483
	Provisions	0.223	1.681	0.194
Total Current Liabilities		57.887	83.475	21.595
Net Current Assets		18.589	4.022	1.230
MISCELLANEOUS EXPENSES		0.000	0.000	0.036
TOTAL		118.789	4.917	2.298

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	338.751	393.164	206.481
		Other Income	2.696	0.112	0.000
		Import Exchange Difference	0.000	5.883	5.291
		TOTAL	341.447	399.159	211.772
Less	EXPENSES
		HSS Purchase Book	340.126	383.551	185.799
		Purchase Retail		0.000	4.530
		Purchase Import		21.718	0.914
		Trading Expenses		4.771	1.567
		Administrative Expenses		8.366	7.236
		(Increase) / Decrease in Stock		(20.644)	10.699
		TOTAL	340.126 (Including Financial Details)	397.762	210.745
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			1.397	1.027
Less	FINANCIAL EXPENSES			0.177	0.146
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.321	1.220	0.881
Less/ Add	DEPRECIATION/ AMORTISATION		0.954	0.272	0.272
	PROFIT BEFORE TAX		0.367	0.948	0.609
Less	TAX		0.128	0.324	0.206
	PROFIT AFTER TAX		0.239	0.624	0.403
	Earnings Per Share (Rs.)			5.20	3.36

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.07	0.16	0.19
Net Profit Margin (PBT/Sales)	(%)	0.11	0.24	0.29
Return on Total Assets (PBT/Total Assets}	(%)	0.45	1.07	2.55
Return on Investment (ROI) (PBT/Networth)		0.07	0.42	0.38
Debt Equity Ratio (Total Debt/Networth)		21.49	1.19	0.42
Current Ratio (Current Asset/Current Liability)		1.32	1.05	1.06

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	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

PARTICULARS	As on 31.03.2012	As on 31.03.2011
Bhanuben Raghavbhai Hirpara	0.775	0.775
Bhaveshbhai S. Dholariya	0.074	0.000
Kenil Fashion	7.337	0.000
Rameshbhai – Handicraft	6.183	0.000
Raghavhai M. Hirpara	0.000	1.525
Total	14.369	2.300

PERFORMANCE:

During the year, the turnover and profitability of the company has declined as compared to the previous year. The company has achieved turnover of Rs.338.751 Millions and earned net profit after tax of Rs.0.239 Million during the year. The company has been impacted by the devaluation of rupee. Inspite of challenging business environment, Company has posted satisfactory performance. The directors are making their efforts to improve the performance of the company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17122GJ2008PTC053564
Name of the company	SHIVDHARA EXIM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	FT-11, Krishna Complex, Hira Bag Circle, Varachha Road, Surat – 395006, Gujarat, India E-Mail Id : mcafiling@yahoo.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Stocks, Plant and Machinery)
Particular of charge holder	Yes Bank, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India E-Mail Id : dlbbcadahm@yesbank.in
Nature of instrument creating charge	Deed of hypothecation
Date of instrument Creating the charge	20.07.2012
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest LC: 1.5% p.a. Plus applicable taxes. BC: As per Availability of Funds OD: 3.5% above YBL Base Rate Terms of Repayment On demand/Annual review/at the end of tenor Margin OD margin : 25% on book debts less than 90 days plus stock less creditors Extent and Operation of the charge Exclusive charge on current assets and movable fixed assets ( Both present and Future )
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Whole of the current assets of the borrowers stocks of raw material, semi finished and finished goods, stores and spares including relating to plant and machinery 9consumble stores and spares) Bills Receivables, and Book Debts and all other receivables and movables both present and future. Whole of the movable fixed assets of the borrower's including plant and machinery.

FIXED ASSETS:

• Computer
• Motor Car
• Fax Machines
• Gold Coins
• Mobile Instruments
• Mercedeze Car
• Television

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.52.97
UK Pound	1	Rs.83.17
Euro	1	Rs.72.21

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

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