MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	MUREN IMPEX PRIVATE LIMITED
Registered Office :	162-B, Western Avenue, Sainik Farms, New Delhi – 110062
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.1999
Com. Reg. No.:	55-100998
Capital Investment / Paid-up Capital :	Rs. 6.900 Millions
CIN No.: [Company Identification No.]	U51909DL1999PTC100998
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, importer, exporter, supplier, agent, stockists, distributor in all household, commercial, industrial and merchandise products and Consumer electronic products.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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

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. Aditya Lala
Designation :	General Manager Commercial
Contact No.:	91-9230077277
Date :	25.05.2013

LOCATIONS

Registered Office :	162-B, Western Avenue, Sainik Farms, New Delhi – 110062, India
Tel. No.:	91-11-26521047
Mobile No.:	91-9230077277 (Mr. Aditya)
Fax No.:	Not Available
E-Mail :	sumitjain@airtelmail.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Mukesh Jain

Designation :

Director

Address :

162-B, Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

18.05.1969

Date of Appointment :

04.08.1999

DIN No.:

00059649

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	U74899DL1990PTC040993	NAVKAR ENTERPRISES PRIVATE LIMITED	Director	26/07/1990	26/07/1990	-	Active	NO
2	U15312WB1994PTC063394	AVANTIKA GANNA PRIVATE LIMITED	Director	20/11/1995	20/11/1995	30/04/2009	Amalgamated	NO
3	U51909DL1999PTC100998	MUREN IMPEX PRIVATE LIMITED	Director	04/08/1999	04/08/1999	-	Active	NO
4	L74899DL1994PLC061447	FE (INDIA) LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
5	U51909DL1991PTC045131	MUKESH MERCHANTS PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO
6	U74899DL1991PTC045339	CHOUBARA TRADERS PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO
7	U63010MH2007PTC174809	PROMISING LOGISTICS PRIVATE LIMITED	Director	08/10/2007	08/10/2007	28/08/2010	Active	NO
8	U25202GJ2002PTC040957	RANASARIA POLY PACK PRIVATE LIMITED	Director	10/10/2007	10/10/2007	15/09/2008	Active	NO
9	U72900WB2000PLC091569	E-COMMODITIES LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO

Name :

Mr. Renuka Jain

Designation :

Director

Address :

162-B, Western Avenue, Sainik Farms, New Delhi – 110062, India

Date of Birth/Age :

29.08.1969

Date of Appointment :

04.08.1999

DIN No.:

00059752

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	U51909DL1999PTC100998	MUREN IMPEX PRIVATE LIMITED	Director	04/08/1999	04/08/1999	-	Active	NO
2	U72900WB2000PLC091569	E-COMMODITIES LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mukesh Jain	351900
Renuka Jain	338100
Total	690000

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 :	Trader, importer, exporter, supplier, agent, stockists, distributor in all household, commercial, industrial and merchandise products and Consumer electronic products.
Exports :
Products :	· Household Products · Commercial Products · Merchandise Products · Consumer electronic Products
Countries :	Iran Dubai
Imports :
Products :	· Household Products · Commercial Products · Merchandise Products · Consumer electronic Products
Countries :	· China · Thailand · Hong Kong · Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	FE India Limited
Customers :	69 Degree Technologies Private Limited
No. of Employees :	35 (Approximately)
Bankers :	· Punjab National Bank, Sainik Pharm · HDFC Bank Limited, Saket, New Delhi, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Adeesh Mehra and Company Chartered Accountants
Address :	7/3, IInd Floor, Jangpura Extension, New Delhi – 110014, India
PAN No.:	AAIPM0372K

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
690000	Equity Shares	Rs.10/- each	Rs.6.900 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		6.900	6.900	6.900
2] Share Application Money		59.495	59.495	59.495
3] Reserves & Surplus		21.947	20.175	20.709
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.342	86.570	87.104
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.00
2] Unsecured Loans		1.735	1.259	0.243
TOTAL BORROWING		1.735	1.259	0.243
DEFERRED TAX LIABILITIES		0.129	0.122	0.109
TOTAL		90.206	87.951	87.456
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.750	0.984	0.758
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		74.492	69.620	55.432
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.918	1.900	19.043
	Sundry Debtors	93.602	60.768	11.349
	Cash & Bank Balances	1.850	1.519	16.417
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.146	3.634	4.302
Total Current Assets		100.516	67.821	51.111
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.202	50.287	18.997
	Other Current Liabilities	0.044	0.187	0.578
	Provisions	0.306	0.000	0.270
Total Current Liabilities		85.552	50.474	19.845
Net Current Assets		14.964	17.347	31.266
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.206	87.951	87.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			NA
		Other Income			NA
		TOTAL	142.546	178.167	NA
Less	EXPENSES				NA
		Office Expenses			NA
		Administrative Expenses			NA
		Advertising Expenses			NA
		TOTAL	140.080 (Including Depreciation)	176.829 (Including Depreciation)	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				3.968
Less/ Add	DEPRECIATION/ AMORTISATION				0.243
	PROFIT/(LOSS) BEFORE TAX		2.466	1.338	3.725
Less	TAX		0.695	1.872	0.109
	PROFIT/(LOSS) AFTER TAX		1.771	(0.534)	3.616
	Earnings/(Loss) Per Share (Rs.)		2.57	(0.77)	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	Rs.170.000 Millions

Expected Sales (2013-2014): Rs.200.000 Millions

The above information has been parted by Mr. Aditya Lal – General Manager Commercial

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.24	(0.30)	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.45	1.97	7.29
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.04
Debt Equity Ratio (Total Debt /Networth)		0.02	0.01	0.00
Current Ratio (Current Asset/Current Liability)		1.17	1.34	2.58

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	Yes
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	No
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

REVIEW OF OPERATIONS

During the year, the Company has incurred a Profit of Rs. 1.771 Millions

CORPORATE INFORMATION

The company is engaged in business as an importer, exporter, trader, supplier, agent, stockists, distributor in all household, commercial, industrial and merchandise products.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and Advanced from related parties Mukesh Jain	1.735	1.259
Total	1.735	1.259

CONTINGENT LIABILITIES:

Bank Guarantee outstanding as at the year end Rs. 0.200 Million

TRADE REFERECE

· FE India Limited (Supplier - Mr. Aditya)

· 69 Degree Technologies Private Limited (Customer - Mr. Pradeep)

FIXED ASSETS

· Furniture and Fixtures

· Office Equipment

· Computer

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.56.50
UK Pound	1	Rs.86.01
Euro	1	Rs.73.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		45

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.