MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	ANANDO'S TRADE INDIA PRIVATE LIMITED
Registered Office :	A-204, Diamond World, Near Sardar Chowk, Mini Bazar, Varachha, Surat – 395006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.10.2010
Com. Reg. No.:	04-062672
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U51310GJ2010PTC062672
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Embroidery Machinery, Textile Machinery, Embroidery Machinery Parts, Value Added Work Machinery, Aluminium Foil, etc.
No. of Employees :	10 (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 5000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The external borrowing seems to be huge which act as threat to the company. However, trade relations are reported to be fair. Business is active. Payments are slow. The company can be considered for business dealings with great 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

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 (PARTIAL DETAILS)

Name :	Mr. Nitin A Dudhat
Designation :	Director
Contact No.:	91-8866066066
Date :	10.06.2013

LOCATIONS

Registered Office :	A-204, Diamond World, Near Sardar Chowk, Mini Bazar, Varachha, Surat – 395006, Gujarat, India
Tel. No.:	91-261-2560204
Mobile No.:	91-8866066066 (Mr. Nitin A Dudhat)
Fax No.:	91-261-2560204
E-Mail :	roc@gsv.co.in info@anandos.biz service@anandos.biz
Website:	www.anandos.biz
Branch Office:	A-52, Sardar Mall, Nikol Gam, Bapu Nagar, Ahmedabad, Gujarat, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Dalsukhbhai N Mangukiya
Designation :	Director
Address :	183, Kamal Park Society 2, Kapodra, Varachha Road, Surat - 395006, Gujarat, India
Date of Birth/Age :	03.03.1981
Date of Appointment :	18.10.2010
DIN No.:	03264873
Name :	Mr. Nitin Ananbhai Dudhat
Designation :	Director
Address :	4- Gajera Industrial Estate, A K Road, Surat - 395007, Gujarat, India
Date of Birth/Age :	05.07.1982
Date of Appointment :	18.10.2020
DIN No.:	03265477
Name :	Mr. Rakesh B Jogani
Designation :	Director
Address :	58, Yogeshwar Park Society, A.K.Road, Surat - 395008, Gujarat, India
Date of Birth/Age :	29.09.1981
Date of Appointment :	18.10.2010
DIN No.:	03264882
Name :	Sumita N Dudhat
Designation :	Director
Address :	Plot 4, Ground Floor, Gajera Industrial Society, BIH I C Gandhi Mills, A. K. Road, Surat- 395004, Gujarat, India
Date of Birth/Age :	09.04.1983
Date of Appointment :	18.10.2010
DIN No.:	03264916

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Dalsukhbhai N Mangukiya	5000
Nitin Ananbhai Dudhat	52000
Rakesh B Jogani	38000
Sumita N Dudhat	5000
Total	100000

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 :	Manufacturer of Embroidery Machinery, Textile Machinery, Embroidery Machinery Parts, Value Added Work Machinery, Aluminium Foil, etc.
Products :	Embroidery Machinery Textile Machinery Embroidery Machinery Parts Value Added Work Machinery Aluminium Foil

GENERAL INFORMATION

No. of Employees :

10 (Approximately)

Bankers :

ING Vysya Bank Limited, Shop No.1 to 6, Surya Plaza, Near Udhna Darwaja, Ring Road, Surat – 395002, Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
State Bank of Mysore Car Loan-5541 (Company has taken a Loan From State Bank of Mysore against Car @13.00% p.a. and condition to repay Monthly Rs. 166701- up to 03/05/16 relevant to such Liability, arise during the Succeding year 201 2-1 3 Rs. 0.200 Million For 12 months which Shown as Short term liabilities.)	0.469	0.000
State Bank of Mysore Car Loan-554 1	0.200	0.000
ING VYSYA BANK-57795 (Company avail facility of C.C. from ING VYSYA Bank having maximum limit Rs.6.000 Millions @ 13.5% p,a, against hypothecation of Secured debtors and stock for financial interest Income of bank. and filrther secured by imm.prop. Of director relative of directors.)	4.704	0.000
Total	5.373	0.000

Banking Relations :	--
Auditors :
Name :	Kamlesh Pandya and Company Chartered Accountants
Address :	205-6-7, Sunrise Chambers, Sardar Chawk, Varachha Raod, Surat – 390006, Gujarat, India
Tel. No.:	91-261-2503300/3923300/6773300
Mobile No.:	91-9824139299
Fax No.:	91-261-2561800
E-Mail :	Ca.kamleshpandya@gmail.com
PAN No.:	AAKFK0968M

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

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

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		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1.000	0.140
2] Share Application Money		0.000	0.350
3] Reserves & Surplus		0.345	0.156
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.345	0.646
LOAN FUNDS
1] Secured Loans		5.373	0.000
2] Unsecured Loans		1.880	0.000
TOTAL BORROWING		7.253	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		8.598	0.646
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.203	0.007
Capital work-in-progress		0.031	0.036
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.038	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.600	7.566
	Sundry Debtors	16.332	1.595
	Cash & Bank Balances	3.237	4.089
	Other Current Assets	0.000	0.000
	Loans & Advances	0.433	1.456
Total Current Assets		31.602	14.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.454	4.363
	Other Current Liabilities	15.791	9.507
	Provisions	0.031	0.233
Total Current Liabilities		24.276	14.103
Net Current Assets		7.326	0.603
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		8.598	0.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	2.193	1.381
		Other Income	1.292	0.166
		TOTAL (A)	3.485	1.547
Less	EXPENSES
		Import Purchases for local sales (including duty and clearing charges)	0.193	0.608
		Other Direct Expenses	0.520	0.030
		Selling and Administrative Expenses	1.419	0.488
		TOTAL (B)	2.132	1.126
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.353	0.421
Less	FINANCIAL EXPENSES (D)		0.718	0.194
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.635	0.227
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.359	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.276	0.227
Less	TAX (H)		0.088	0.070
	PROFIT AFTER TAX (G-H) (I)		0.188	0.157
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.157	0.000
	BALANCE CARRIED TO THE B/S		0.345	0.157
	IMPORTS		NA	32.919
	Earnings Per Share (Rs.)		1.88	11.19

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	5.39	10.15
Net Profit Margin (PBT/Sales)	(%)	12.59	16.44
Return on Total Assets (PBT/Total Assets}	(%)	0.87	1.54
Return on Investment (ROI) (PBT/Networth)		0.21	0.35
Debt Equity Ratio (Total Debt /Networth)		5.39	0.00
Current Ratio (Current Asset/Current Liability)		1.30	1.04

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 two 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)	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

FINANCIAL PERFORMANCE:

During the year, the company has achieved turnover of Rs. 2.193 Millions and the company has registered profit of Rs.0.188 Million. The management of the company is constantly endeavoring to achieve the targeted turnover. Considering the present market conditions and other factors the company may achieve further milestone of the turnover as well as profit.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Dalsukh Naranbhai Mangukiya	0.470	0.070
Nitin Anandbhai Dudhat	0.940	0.000
Rakesh Babubhai Jogani	0.470	0.000
Total	1.880	0.000

FIXED ASSETS

• Computer
• Ele Instrum
• Motor Car
• Mobile
• Water Purify

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.57.78
UK Pound	1	Rs.89.71
Euro	1	Rs.76.24

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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		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.