MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	DHARMANANDAN EXPORT PRIVATE LIMITED
Registered Office :	FF-12, Sanidhya Building, Opposite UCO Bhavan, Ashram Road, Ahmedabad -380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.07.2011
Com. Reg. No.:	04-066436
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U51109GJ2011PTC066436
TAN No.: [Tax Deduction & Collection Account No.]	AHMD06403F
PAN No.: [Permanent Account No.]	AADCD9147R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Agro Products and Engineering Products.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having a moderate track record. Even though the company was incorporated during July 2011, it has commenced its commercial activity during November, 2011. It has achieved sizable turnover in its first year of business operations. The profit margin appears to be low. However, trade relations are improving. Business is active. Payment terms are 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.

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. Sachin Patel
Designation :	Director
Contact No.:	91-9825084195
Date :	05.07.2013

LOCATIONS

Registered Office :	FF-12, Sanidhya Building, Opposite UCO Bhavan, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26582800/ 26441067
Mobile No.:	91-9825084195 (Mr. Sachin Patel)
Fax No.:	91-79-26582801
E-Mail :	info@dnexport.com dharmanandanexport@yahoo.com dharmanandanexport@gmail.com file301@gmail.com
Website :	http://www.dnexport.com
Area :	750 sq. ft
Location :	Rented

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Sachinkumar Bhagvandas Patel
Designation :	Director
Address :	9, Dutt Bungalows, Near Kameshwar Bungalows, Sola, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	23.02.1982
Date of Appointment :	20.07.2011
DIN No.:	02284950
Name :	Mr. Bhagabhai Tribhovandas Patel
Designation :	Director
Address :	9, Dutt Bungalows, Near Kameshwar Bungalows, Sola, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	01.06.1956
Date of Appointment :	20.07.2011
DIN No.:	00134172

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Sachinkumar Bhagvandas Patel	100000
Bhagabhai Tribhovandas Patel	150000
Total	250000

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Agro Products and Engineering Products.
Exports :
Products :	Agro Products and Engineering Products
Countries :	· China · Indonesia · Turkey · France · Russia · United Kingdom
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit/ Depend

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

6 (Approximately)

Bankers :

· The Kalupur Commercial Co-Operative Bank Limited

H.O. Kalupur Bhavan, Near Income Tex Circle, Ashram Road, Ahmedabad 380006, Gujarat, India

· State Bank of India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)
Short Term Borrowings
Bank OD A/c
KCC Bank OD A/c (Secured against Fixed Deposit of Rs.5.500 MIllions with The Kalupur Commercial Co-Operative Bank Limited, Ahmedabad)	0.036
KCC Bank (packing Credit Limit)	3.495
KCC Bank (Foreign Bill Purchase Advance) (Secured against hypothecation of whole of stocks, whether raw, in process of manufacture or in finished form, equipments, tools, stores and spares and/or consumable articles and accessories and also include present and future book debts outstanding money, receivables, claims, bids, contracts, engagements, securities, investments, rights and assets)	6.953
Total	10.484

Banking Relations :	--
Auditors :
Name :	Khanik Jatin and Associate Chartered Accountant
Address :	B-208-209,Ganesh Plaza, Near Navarangpura Post Office, Navarangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAGFK5492E

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 Millions

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500
(b) Reserves & Surplus	0.269
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1)+(2)	2.769
(3) Non-Current Liabilities
(a) long-term borrowings	5.737
(b) Deferred tax liabilities (Net)	0.004
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	5.741
(4) Current Liabilities
(a) Short term borrowings	10.483
(b) Trade payables	9.731
(c) Other current liabilities	0.613
(d) Short-term provisions	0.125
Total Current Liabilities (4)	20.952
TOTAL	29.462
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.795
(ii) Intangible Assets	0.011
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.390
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.055
Total Non-Current Assets	1.251
(2) Current assets
(a) Current investments	0.000
(b) Inventories	2.347
(c) Trade receivables	17.751
(d) Cash and cash equivalents	6.680
(e) Short-term loans and advances	0.275
(f) Other current assets	1.158
Total Current Assets	28.211
TOTAL	29.462

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Revenue from Operations	48.757
		Other Income	2.893
		TOTAL (A)	51.650
Less	EXPENSES
		Employee Benefits Expenses	1.092
		Cost of Material	49.335
		Changes in Inventories	(2.347)
		Other Expenses	2.073
		TOTAL (B)	50.153
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.497
Less	FINANCIAL EXPENSES (D)		0.997
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.103
	PROFIT BEFORE TAX (E-F) (G)		0.397
Less	TAX (H)		0.128
	PROFIT AFTER TAX (G-H) (I)		0.269
	EARNINGS IN FOREIGN CURRENCY		48.107
	Earnings Per Share (Rs.)		1.08

Particulars	31.03.2013
Sales Turnover (Approximately)	240.000
Note: Company Started its activity from November. 2011.

The above information has been parted by Mr. Sachin Patel.

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	0.52
Net Profit Margin (PBT/Sales)	(%)	0.81
Return on Total Assets (PBT/Total Assets}	(%)	1.37
Return on Investment (ROI) (PBT/Networth)		0.14
Debt Equity Ratio (Total Debt/Networth)		5.86
Current Ratio (Current Asset/Current Liability)		1.35

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012 (Rs. In Millions)
Trade Payable	9.731
Total	9.731

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	Yes
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 one 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)	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

UNSECURED LOANS

Particulars	31.03.2012 (Rs. In Millions)
Long Term Borrowings
Loans and Advances from Related Parties
Bhagabhai T. Patel – Director	4.411
Sachin B. Patel – Director	1.327
Total	5.738

FORM 8

This form is for	Creation of charge
Charge identification number of the modified	--
Corporate identity number of the company	U51109GJ2011PTC066436
Name of the company	DHARMANANDAN EXPORT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	FF/12, Sanidhya Building, Opposite UCO Bhavan, Ashram Road, Ahmedabad – 380009, Gujarat, India file301@gmail.com
Type of charge	Book debts Movable property (not being pledge) Other: Stock of Goods
Particular of charge holder	The Kalupur Commercial Co-Operative Bank Limited H.O. Kalupur Bhavan, Near Income Tax Circle, Ashram Road, Ahmedabad – 380006, India mauli@kalupurbank.com
Nature of description of the instrument creating or modifying the charge	Agreement for hypothecation of goods and book debts.
Date of instrument Creating the charge	07/02/2012
Amount secured by the charge	Rs.15.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Rate of Interest is at 11% per annum. payable Quarterly. Terms of Repayment On demand and review every year. Margin As per agreement Extent and Operation of the charge The bank has first and exclusive charge on stock and book debts of the company till repayment of credit facility extended by bank to the company.
Short particulars of the property charged	Whole of company’s stocks, whether raw, in process of manufacture or in finished form, equipments, tools, stores and spares and/or consumable articles and accessories which now or hereafter from time to time during this security shall be brought into stored or be in or about the company's factory. All the company's present and future book debts outstanding money, receivables, claims, bills, contracts, engagements, securities, investments, rights and assets are also hypothecated to the bank and assigned by way of security for the payment by the company to the bank.

FIXED ASSETS:

· Computer and Printer

· Furniture

· New Swift VDI S. Silver

· Mobile Phone

· Computer Software

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.60.10
UK Pound	1	Rs.91.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.