MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	M.K. PATEL EXIM PRIVATE LIMITED
Registered Office :	67/22, Strand Road, Kolkata – 700006, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.07.2004
Com. Reg. No.:	21-099248
Capital Investment / Paid-up Capital :	Rs.50.327 Millions
CIN No.: [Company Identification No.]	U36999WB2004PTC099248
PAN No.: [Permanent Account No.]	AAECM1471A
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer of Timber.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long-term IND ‘B+’ (Suspended)
Rating Explanation	Material risk is present, but limited margin of safety remains.
Date	04.01.2013

Note: Due to lack of adequate information.

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.

LOCATIONS

Registered Office :	67/22, Strand Road, Kolkata, West Bengal – 700006, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bba_roc@hotmail.com

DIRECTORS

As on: 28.09.2012

Name :	Mr. Om Prakash Pandey
Designation :	Director
Address :	67/21, Strand Road, Kolkata, West Bengal – 700006, India
Date of Birth/Age :	24.03.1965
Date of Appointment :	26.07.2004
DIN No.:	00651181
Name :	Mr. Shree Prakash Pandey
Designation :	Director
Address :	67/21, Strand Road, Kolkata, West Bengal – 700006, India
Date of Birth/Age :	01.07.1971
Date of Appointment :	26.07.2004
DIN No.:	00674482

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Om Prakash Pandey	505900
Shree Prakash Pandey	505900
Murlidhar Pandey	900
Satya Prakash Pandey	250000
Ram Prakash Pandey	250000
Satya Prakash Pandey (HUF)	250000
Ram Prakash Pandey (HUF)	250000
Sonal Tie Up Private Limited	2920000
Vaikundh Vintrade Private Limited	50000
Lotus Dealmarks Private Limited	40000
Trimurty Infra Developers Private Limited	10000
Total	5032700

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	60.00
Directors or relatives of Directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer of Timber.

Products :

Product	ITC Code
Logs & Timbers	4401
Logs & Timbers	44011000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• UCO Bank, MID Corporate Branch (IBB), 4 & 4/1, Red Cross Place,, Kolkata - 700001, West Bengal, India
• Bank of Baroda, Corporate Financial Services Branch, 4, India Exchange Place, 1st Floor, Kolkata - 700001, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term loans from banks	8.471	0.000
Short Term Borrowing
Loans repayable on demand from banks	80.450	79.664
Total	88.921	79.664

Banking Relations :	--
Auditors :
Name :	Dutta Sarkar and Company Chartered Accountants
Address :	C/O, M/S D K Basu and Company, 8/2 Kiron Sankar Roy Road, 3rd Floor [R/No.21 and 22], Kolkata 700001, India
PAN.:	AACFD3349R
Holding company :	Sonal Tie Up Private Limited CIN No.; U51219WB1995PTC067350

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5032700	Equity Shares	Rs.10/- each	Rs.50.327 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		50.327	40.327	19.327
2] Share Application Money		167.350	0.000	75.000
3] Reserves & Surplus		313.621	207.913	114.188
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		531.298	248.240	208.515
LOAN FUNDS
1] Secured Loans		88.921	79.664	78.273
2] Unsecured Loans		75.148	155.458	4.610
TOTAL BORROWING		164.069	235.122	82.883
DEFERRED TAX LIABILITIES		0.235	0.002	0.001
TOTAL		695.602	483.362	291.399
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.783	0.062	0.066
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		319.900	267.736	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	737.755	328.555	100.025
	Sundry Debtors	196.197	314.052	393.078
	Cash & Bank Balances	3.754	7.833	249.009
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.889	18.763	6.702
Total Current Assets		968.595	669.203	748.814
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	580.525	440.668	411.292
	Other Current Liabilities	4.410	1.680	40.240
	Provisions	19.741	11.291	5.949
Total Current Liabilities		604.676	453.639	457.481
Net Current Assets		363.919	215.564	291.333
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		695.602	483.362	291.399

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1847.952	1431.642	1447.320
		Other Income
		TOTAL	1847.952	1431.642	1447.320
Less	EXPENSES
		Office Expenses	1822.349	1416.572	1429.949
		Administrative Expenses
		Advertising Expenses
		TOTAL	1822.349	1416.572	1429.949
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.603	15.070	17.371
Less/ Add	DEPRECIATION/ AMORTISATION		0.213	0.003	0.001
	PROFIT BEFORE TAX		25.391	15.067	17.370
Less	TAX		8.683	5.342	5.904
	PROFIT AFTER TAX		16.708	9.725	11.466
Add	EXCESS PROVISION FOR I. T.		0.000	0.000	0.778
	BALANCE CARRIED TO THE B/S		16.708	9.725	12.244
	Earnings Per Share (Rs.)		3.32	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.90	0.67	0.79
Return on Total Assets (PBT/Total Assets}	(%)	2.59	2.25	2.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.08
Debt Equity Ratio (Total Debt/Networth)		0.31	0.95	0.40
Current Ratio (Current Asset/Current Liability)		1.60	1.48	1.64

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term loans from others	0.000	52.300
Deferred payment liabilities	0.000	84.510
Loans and advances from related parties	65.000	0.000
Short Term Borrowing
Other loans and advances	10.148	18.648
Total	75.148	155.458

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36999WB2004PTC099248
Name of the company	M.K. PATEL EXIM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	67/22 Strand Road, Kolkata - 700006, West Bengal, India bba_roc@yahoo.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10342637
Type of charge	Book debts Movable property (not being pledge) Floating charge Others (Stock and Other Current Assets)
Particular of charge holder	Bank of Baroda, Corporate Financial Services Branch, 4, India Exchange Place, 1st Floor, Kolkata – 700001, West Bengal, India whlkol@bankofbaroda.com
Nature of instrument creating charge	Supplemental Joint Deed of Hypothecation. Boards Resolution dated 18th June 2012.
Date of instrument Creating the charge	22.06.2012
Amount secured by the charge	Rs.690.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest and other charges shall be paid as per sanction terms i.e. for CC - 5.50% above BR i.e 16.00% p.a.w.m.r however subject to change from time to time. Terms of Repayment The working capital limit (Rs. 80.000 Millions by way of Cash Credit and Rs. 380.000 Millions by way of ILC/FLC by BOB , Rs. 130.000 Millions by way of LC (ILFC/FLC/TCBG/Buyer's Credit) by IDBI and Rs. 100.000 Millions by way of LC (ILFC/FLC) by ICICI Bank shall be repayable on demand. Margin The borrower shall maintain appropriate margin as stipulated in the sanction terms , however the same is subject to change from time to time. Presently applicable margin is CC- 25% on Stock and 40% on Book Debts upto 90 days Foreign / Inland Letter of Credit (DP/ DA) -20% Cash Margin Extent and Operation of the charge The security created under said Agreement shall operate as continuing security and by way of pari passu first charge with IDBI Bank Limited and ICICI Bank Limited The charged assets property be kept at the Company risk and expense in good condition and fully insured against loss or damage by fire, lighting or explosion or theft and also against loss or damage by riot and civil commotion etc. as may be required by the Bank in the joint names of the Bank and the Company. Others The Company hereby declares that all the charged property now existing are absolute property of and at the sole disposal of the Company and free from any prior charge or encumbrance and undertakes that all future property shall like wise be the unencumbered and absolute and disposable property of the Company. Other terms and conditions are as per terms and conditions of above referred agreement and Sanction Terms of the banks.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The borrower Company hereby hypo. and charges by way of Pari Passu 1st charge with IDBI Bank and ICICI Bank a) all stocks of RM, WIP and FG such as Woods, Logs and Timber and stores and spares lying and situate at Bighati,Bhadreswar, Hooghly , West Bengal or godowns or elsewhere to the jatha or godowns or other places of storage of the Borrower b) all the present and future book-debts and current assets of the company both present and future.
Particulars of the present modification	By present modification the overall limit secured by charge has been remained unchanged i.e. Rs. 690.000 Millions, however the overall limits have been realigned on induction of ICICI Bank Limited as follows- Bank of Baroda- Rs. 460.000 Millions, IDBI Bank Limited - Rs. 130.000 Millions and ICICI Bank Limited - Rs. 100.000 Millions

FIXED ASSETS:

• Owned and leased assets
• Plant and Equipment
• Office Equipment

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.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.