MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	SIRA IMPEX PRIVATE LIMITED
Registered Office :	1102, Verona, Cliff Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.05.2007
Com. Reg. No.:	11-170997
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74900MH2007PTC170997
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Yarns.
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financial with the government department since 2011. Mr. Amar, Auditor has provided all information but the financials are not verified. As per the of m2011, there appeared huge external borrowings causing a threat to the company’s liquidity. The profit margin is also low. However, trade relations are fair. Business is active. Payment terms are unknown. 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 – 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

Name :	Mr. Amar
Designation :	Auditor
Contact No.:	91-22-28475754
Date :	27.06.2013

LOCATIONS

Registered Office :	1102, Verona, Cliff Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-28475754/5
Fax No.:	91-22-28475756
E-Mail :	rajesh@siraimpex.com amar.hiro@gmail.com ymd_co@rediffmail.com
Website :	http://www.siraimpex.com
Branch Office :	D 4140/41, Oberoi Garden, Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28475754/55
Fax No.:	91-22-28475756
E-Mail :	Marketing-mkt@siraimpex.com

DIRECTORS

As on 30.09.2011

Name :	Ms. Aggarwal Rekha
Designation :	Director
Address :	1102, Verona, Cliff Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Appointment :	21.05.2007
DIN No.:	01430506
Name :	Mr. Rajesh Kumar Kapoorchand Aggarwal
Designation :	Director
Address :	1102, Verona, Cliff Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Appointment :	21.05.2007
DIN No.:	02099099

KEY EXECUTIVES

Name :	Mr. Amar
Designation :	Auditor

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ms. Aggarwal Rekha	5000
Rajesh Kumar Kapoorchand Aggarwal	5000
Total	10000

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 Yarns.
Exports :
Products :	Yarns
Countries :	Europe UK
Imports :
Products :	Yarns
Countries :	China
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

7 (Approximately)

Bankers :

• Saraswat Co-Operative Bank, SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
• Allahabad Bank, Marol Maroshi, Sevenhills Hospital, Ground Floor, Near Marol – Maroshi Bus Depot, Andheri (East), Mumbai – 400059, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Packing Credit from Saraswat Cooperative Bank Limited	7.040	2.540
Cash Credit from Saraswat Cooperative Bank Limited	15.115	0.000
Vehicle Loan from Saraswat Cooperative Bank Limited	0.423	0.000
Total	22.578	2.540

Banking Relations :	--
Auditors :
Name :	Hiro Amar Singh Chartered Accountant
Address :	C-23, New Dadlani Park Chs Limited, Pipeline Road, Balkum, Thane (West) – 400608, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAVPH0473P

CAPITAL STRUCTURE

As on 31.03.2011

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
10000	Equity Shares	Rs.10/- each	Rs. 0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.929	0.840	0.078
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.029	0.940	0.178
LOAN FUNDS
1] Secured Loans		22.578	2.540	2.320
2] Unsecured Loans		12.890	7.311	4.995
TOTAL BORROWING		35.468	9.851	7.315
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.497	10.791	7.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.533	0.264	0.267
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.033	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.443	4.676	0.158
	Sundry Debtors	33.246	9.151	6.018
	Cash & Bank Balances	2.886	1.464	1.408
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.794	0.245	0.026
Total Current Assets		43.369	15.536	7.610
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.045	4.770	0.409
	Other Current Liabilities	1.393	0.149	0.000
	Provisions	0.000	0.115	0.000
Total Current Liabilities		8.438	5.034	0.409
Net Current Assets		34.931	10.502	7.201
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.497	10.791	7.493

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	222.637	88.818	38.804
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	221.328	87.970	38.042
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.309	0.848	0.762
Less/ Add	DEPRECIATION/ AMORTISATION		0.225	0.086	0.068
	PROFIT BEFORE TAX		1.084	0.762	0.694
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		1.084	0.762	0.694
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.839	0.077	(0.617)
	BALANCE CARRIED TO THE B/S		1.923	0.839	0.077
	Earnings Per Share (Rs.)		108.4	NA	NA

Particulars	3103.2013	31.03.2012
Sales Turnover (Approximately)	160.00	190.000
	(Due to less Export)

Expected Sales (2013-2014): Rs.220.000 Millions

The above information has been parted by Mr. Amar (Auditor)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.49	0.86	1.79
Return on Total Assets (PBT/Total Assets}	(%)	2.50	4.90	9.12
Return on Investment (ROI) (PBT/Networth)		0.53	0.81	3.90
Debt Equity Ratio (Total Debt /Networth)		17.48	10.48	41.10
Current Ratio (Current Asset/Current Liability)		5.14	3.09	18.61

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 five years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

OERATIONS

This being the first year, the turnover achieved by the company is very much overwhelming keeping in view the competitions in the field of operation. The director hopeful of improving the performance of the company in the ensuing year.

UNSECURED LOAN

PARTICULARS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans From Directors	12.890	7.311
Total	12.890	7.311

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74900MH2007PTC170997
Name of the company	SIRA IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1102, Verona, Cliff Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India Email: ymd_co@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10273120
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	(CIN: U74900MH2007PTC170997) Saraswat Co-Operative Bank, SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India Email: s_sukhtankar@saraswatbank.com
Nature of instrument creating charge	Deed of Hypothecation for Additional Advances ( Supplementary Deed)z
Date of instrument Creating the charge	26.12.2012
Amount secured by the charge	Rs.25.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15% p.a. or at such rate as may be determined by the bank from time to time Terms of Repayment On demand Margin 30% Extent and Operation of the charge This is cash credit facility ( with sub limit of Rs 10.000 Millions for Post Shipment- cum Packing credit limit, Rs 6.000 Millions for packing credit and Rs 10.000 Millions for FBN/FBP/FBD) Others 2ONE
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock and debtor tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business at Shree Raj Laxmi Warehouse Gupta Compound Anjur Fata Near Railway Bridge Rehnai Village Bhiwandi or wherever else the same maybe.
Particulars of the present modification	Cash credit limit enhanced from Rs17.000 Millions to Rs.25.000 Millions ( additional Rs 8.000 Millions)

FIXED ASSETS

• Furniture and Fixture
• Computers
• Advance for Office
• Air Conditioner
• Motor Car
• EPABX Systems
• Office Equipments

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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

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