MIRA INFORM REPORT

Report Date :

19.03.2013

IDENTIFICATION DETAILS

Name :	EXCEL IMPORT PRIVATE LIMITED
Registered Office :	4/1, Middleton Street, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.12.2004
Com. Reg. No.:	21-100799
Capital Investment / Paid-up Capital :	Rs. 11.575 Millions
CIN No.: [Company Identification No.]	U27102WB2004PTC100799
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Building Materials and Flooring
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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company is low. There appears slight dip in the turnover of the company during 2012. However, trade relations are reported as fair. 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.

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

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 :	4/1, Middleton Street, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-2890697
Mobile No.:	91-9830200269 (Ankit Agarwal- Chief Executive Officer)
Fax No.:	Not Available
E-Mail :	agarwalrajco@gmail.com libal@vsnl.net

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ratan Lal Agarwal
Designation :	Director
Address :	9293, Nalini Ranjan Avenue, Block B, New Alpur, Kolkata-700053, West Bengal, India
Date of Birth/Age :	15.01.1947
Date of Appointment :	22.12.2004
Voter ID No.:	ACYPA5242L
DIN No.:	00023945
Name :	Mr. Rahul Agarwal
Designation :	Director
Address :	9293, Nalini Ranjan Avenue, Block B, New Alpur, Kolkata-700053, West Bengal, India
Date of Birth/Age :	23.04.1980
Date of Appointment :	22.12.2004
Voter ID No.:	AFXPA0394M
DIN No.:	00030049

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ratan Lal Agarwal	156000
Rahul Agarwal	206500
N D Agarwal and Sons HUF	285000
Lalita Devi Agarwal	95000
Ratan Lal Agarwal HUF	255000
Ankit Agarwal	100000
Pengvin Tradecom Private Limited, India	15000
Titanic Eomodeal Private Limited, India	20000
Vasuki Finvest Private Limited, India	10000
Magneta Tieup Private Limited, India	15000
TOTAL	1157500

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	94.82
Other top fifty shareholders	5.18
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Building Materials and Flooring

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, SME Banking, 19 N S road, Kolkata-700001, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
From Bank Against Hypothecation of Stock and Sundry Debtors	26.570	14.015
TOTAL	26.570	14.015

Banking Relations :	--
Auditors :
Name :	Agarwal Raj and Company Chartered Accountant
Address :	26/4A, Armenian Street, Kolkata-700001, West Bengal, India
PAN No.:	ACIPA1803F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1157500	Equity Shares	Rs.10/- each	Rs. 11.575 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		11.575	11.100	10.950
2] Share Application Money		0.000	0.250	0.000
3] Reserves & Surplus		34.541	29.912	28.279
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.116	41.262	39.229
LOAN FUNDS
1] Secured Loans		26.570	14.015	11.660
2] Unsecured Loans		0.000	15.787	13.312
TOTAL BORROWING		26.570	29.802	24.972
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		72.686	71.064	64.201
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.982	1.901	16.314
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.635	3.635	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.956	34.386	36.219
	Sundry Debtors	20.083	23.969	19.792
	Cash & Bank Balances	2.644	2.977	2.404
	Other Current Assets	0.019	0.027	0.000
	Loans & Advances	21.470	19.641	9.796
Total Current Assets		82.172	81.000	68.211
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.008	7.118	11.623
	Other Current Liabilities	6.218	7.477	8.002
	Provisions	0.877	0.877	0.699
Total Current Liabilities		15.103	15.472	20.324
Net Current Assets		67.069	65.528	47.887
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		72.686	71.064	64.201

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	112.617	118.397	81.330
		Other Income	0.465	1.225	1.029
		TOTAL (A)	113.082	119.622	82.359
Less	EXPENSES
		Purchases of Stock in Trade	100.261	100.663	81.650
		Employees Benefits Expenses	3.769	3.421
		Other Expenses	8.834	10.680
		Changes in Inventories of Stock In Trade	(3.570)	1.679
		TOTAL (B)	109.294	116.443	81.650
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.788	3.179	[Including Financial
					Expenses]
Less	FINANCIAL EXPENSES (D)		3.046	2.502
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.742	0.677	0.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.205	0.216	0.320
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.537	0.461	0.389
Less	TAX (H)		0.183	0.178	0.150
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.354	0.283	0.239
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	0.190
	BALANCE CARRIED TO THE B/S		NA	NA	0.429
	IMPORTS VALUE		68.502	66.159	NA
	Earnings Per Share (Rs.)		0.32	0.26	0.21

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.31	0.24	0.29
Net Profit Margin (PBT/Sales)	(%)	0.48	0.39	0.48
Return on Total Assets (PBT/Total Assets}	(%)	0.64	0.56	0.46
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		0.58	0.72	0.64
Current Ratio (Current Asset/Current Liability)		5.44	5.24	3.36

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
From Directors	0.000	0.300
From Body Corporates	0.000	15.487
TOTAL	0.000	15.787

FIXED ASSETS

· Office and Godown

· Furniture and Fixtures

· Air Conditioner

· Computer

· Office Equipments

· Motor Car

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. 54.29
UK Pound	1	Rs. 81.93
Euro	1	Rs. 70.01

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.