MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	PACE VENTURES PRIVATE LIMITED
Registered Office :	166B, Nabashruti Building, Ground Floor, Hindu Colony, Khare Ghat Road, Dadar (East), Mumbai – 400014, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.11.2009
Com. Reg. No.:	04-196856
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74990MH2009PTC196856
PAN No.: [Permanent Account No.]	AAFCP2418K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Rice and Edible Oil.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 4100
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payment terms 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 – 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 :	166B, Nabashruti Building, Ground Floor, Hindu Colony, Khare Ghat Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-40229518
Fax No.:	91-22-23427437
E-Mail :	paceventures@gmail.com paceventures.in@gmail.com paceventures@hotmail.com
Branch Office:	Located at: Rajkot, Gujarat, India

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Punit Kamlesh Gandhi
Designation :	Director
Address :	1801, Desai Solitaire, L Nathlal Parekh, Matunga(East), Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	04.01.1986
Date of Appointment :	04.11.2009
DIN No.:	02229870
Name :	Mr. Rishi Anmolkrishan Sekhri
Designation :	Director
Address :	14/378, Bhardwas CHS, New MTC Colony, Bandra (East), Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	31.10.1978
Date of Appointment :	04.11.2009
DIN No.:	00824418

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2012)

Names of Shareholders	No. of Shares
Punit Kamlesh Gandhi	9000
Rishi Anmolkrishan Sekhri	1000
Total	10000

(AS ON 20.02.2013)

Names of Allottess	No. of Shares Allotted
Punit Kamlesh Gandhi	390000
Firdosh Rohintan Mahuvawalla	100000
Total	490000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Rice and Edible Oil.

GENERAL INFORMATION

Suppliers :	· Anik Industries · Gokul Refoils and Solvant Limited · Jitendra Trading Company · J. Lal and Sons · Louis Dreys Commo. (India) Private Limited · Madhav Traders · N K Proteins Limited · Prabhu Oil Enterprises · Safal Oil Industries · Sag Industries · Shree Rajmani Oil Industries · NCML Industries Limited – Rajkot · Taral Products Private Limited
Customers:	· Adani Wilmar Limited · Avadh Cotton · Gareja Trading Company · Maan Exports Private Limited · Mahadev Enterprises · Maruti Nutritious Food Private Limited · Nemish Oils Private Limited · Rangoli Enterprise · Ruchi Soya Industries · Sai Sadhram Trading Company · Shree Traders · Siddhi Vinayak Oil and Food · Vaishmodevi Refoils and Solvex · Vishwas Tea Company · Taarkay Beverages Private Limited
No. of Employees :	Not Available
Bankers :	· HDFC Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Vijay Popat and Associates Chartered Accountant
Address :	409, Star Chambers, Dr. Rajendra Prasad Road, Harihar Chowk, Rajkot – 360001, Gujarat, India
PAN No.:	AFQPP9048P

CAPITAL STRUCTURE

(AS ON 28.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.920	0.391	0.046
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.020	0.491	0.146
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.112	0.031	2.288
TOTAL BORROWING		2.112	0.031	2.288
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.132	0.522	2.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.920	0.000	0.000
	Sundry Debtors	32.778	140.951	3.856
	Cash & Bank Balances	6.515	4.246	0.063
	Other Current Assets	0.000	0.000	0.022
	Loans & Advances	6.675	0.813	3.111
Total Current Assets		79.888	146.010	7.052
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	72.901	144.037	4.582
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.865	1.461	0.046
Total Current Liabilities		76.766	145.498	4.628
Net Current Assets		3.122	0.512	2.424
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3.132	0.522	2.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	339.610	1191.397	24.186
		Other Income	3.780	NA	NA
		TOTAL (A)	343.390	NA	NA
Less	EXPENSES
		TOTAL (B)	342.584	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.806	0.524	0.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.806	0.524	0.071
Less	TAX (H)		0.276	0.180	0.025
	PROFIT AFTER TAX (G-H) (I)		0.530	0.344	0.046
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		0.530	0.344	0.046
	Earnings Per Share (Rs.)		52.96	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.15	NA	NA
Net Profit Margin (PBT/Sales)	(%)	0.24	0.04	0.29
Return on Total Assets (PBT/Total Assets}	(%)	1.01	0.36	1.01
Return on Investment (ROI) (PBT/Networth)		0.79	1.07	0.49
Debt Equity Ratio (Total Debt/Networth)		2.07	0.06	15.67
Current Ratio (Current Asset/Current Liability)		1.04	1.00	1.52

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	Yes
18]	Major customers	Yes
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	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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
From Director – Punit K. Gandhi	2.112	0.031
Total	2.112	0.031

NOTE:

The Registered office of the company has been shifted form, 116B, Nabashruti, Khare Ghat Road, Dadar (East), Mumbai 400014, Maharashtra, India, to the present address w.e.f. 22.11.2009

OPERATIONS

During current year company made a sale of Rs.339.610 Millions as against last year sales of Rs.1191.397 Millions. As the company is engaged in business of edible Oils and the rates of edible Oils are highly fluctuative, in current year to be on safe side and to avoid any loss due to fluctuation, the company effected lower turnover than in last year. However in current year despite of lower turnover net profit after tax has been increased from Rs.0.344 Million to Rs.0.530 Million.

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.81.94
Euro	1	Rs.70.02

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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		31

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.