BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	SHIVALIK TRADE LINKS PRIVATE LIMITED	Principal Name 1	MR. SHOBHIT GOEL
Status	Moderate	Principal Name 2	MRS. SHILPA GOEL
		Registration #	20-030504
Street Address	32, E.C. ROAD, DEHRADUN – 248 001, UTTARANCHAL
Established Date	16.08.2005	SIC Code	--
Telephone#	91-135-2728829/ 2729602	Business Style 1	DEALER
Fax #	NOT AVAILABLE	Business Style 2	DISTRIBUTOR
Homepage	--	Product Name 1	TELEPHONIC INSTRUMENTS
# of employees	NOT AVAILABLE	Product Name 2	CELLULAR PHONES
Paid up capital	RS. 20,000,000/-	Product Name 3	SIM CARDS
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS- 100%	Banking	PUNJAB NATIONAL BANK
Public Limited Corp.	NO	Business Period	8 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	287,502,000	Current Liabilities	291,951,000
Inventories	378,073,000	Long-term Liabilities	324,170,000
Fixed Assets	4,565,000	Other Liabilities	14,835,000
Deferred Assets	254,000	Total Liabilities	630,956,000
Invest& other Assets	000	Retained Earnings	19,438,000
		Net Worth	39,438,000
Total Assets	670,394,000	Total Liab. & Equity	670,394,000
Total Assets (Previous Year)	353,953,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	4,521,500,000	Net Profit	NA
Sales (Previous yr)	2,309,300,000	Net Profit(Prev.yr)	NA

MIRA INFORM REPORT

Report Date :

28.03.2013

IDENTIFICATION DETAILS

Name :	SHIVALIK TRADE LINKS PRIVATE LIMITED
Registered Office :	32, E.C. Road, Dehradun – 248 001, Uttaranchal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.08.2005
Com. Reg. No.:	20-030504
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U74999UR2005PTC030504
TAN No.: [Tax Deduction & Collection Account No.]	MRTS04296F MRTS04155E
PAN No.: [Permanent Account No.]	AAJCS4312D
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer, Trader and Distributor of Telephonic Instruments, Cellular Phones, Accessories, Cash Cards, SIM Cards and Components for Tele- Communication.
No. of Employees :	Not Available

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 100000
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. The external borrowing seems to be huge. 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 – 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 :	32, E.C. Road, Dehradun – 248 001, Uttaranchal, India
Tel. No.:	91-135-2728829 / 2729602
Mobile No.:	91-9927070852 (Mr. Pradeep - Commercial Manager)
Fax No. :	Not Available
E-Mail :	mgoel@vsnl.com mgoel888@gmail.com
Location :	Rented
Warehouse :	9, Co-Operative Industrial Estate, Patel Nagar, Dehradun – 248 001, Uttaranchal, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Shobhit Goel

Designation :

Director

Address :

32, E.C. Road, Dehradun – 248001, Uttaranchal, India

Date of Birth/Age :

27.02.1975

Qualification :

M.Com, LLB

Experience :

14 Years

Date of Appointment :

16.08.2005

PAN No.:

ABMPG2467J

DIN No.:

01423862

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999UR2005PTC030504	SHIVALIK TRADE LINKS PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
2	U51109UR1980PTC005085	GARHWAL TRAVELS AND TOURS PPRIVATE LIMITED	Director	03/03/2008	03/03/2008	28/06/2012	Active	NO
3	U72300UR2010PTC033115	SHIVALIK INFOTECH PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
4	U64201RJ2010PTC032759	REDD COMMUNICATION INDIA PRIVATE LIMITED	Director	15/11/2010	15/11/2010	10/01/2011	Active	NO

Name :

Ms. Shilpa Goel

Designation :

Director

Address :

32, E.C. Road, Dehradun – 248001, Uttaranchal, India

Date of Birth/Age :

14.12.1976

Qualification :

BA

Experience :

8 Years

Date of Appointment :

16.08.2005

PAN No.:

ACJPG4407A

DIN No.:

01346303

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999UR2005PTC030504	SHIVALIK TRADE LINKS PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
2	U72300UR2010PTC033115	SHIVALIK INFOTECH PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO

Name :

Ms. Ridhima Lal

Designation :

Director

Address :

R-2/203, Raj Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

13.12.1965

Qualification :

BA

Experience :

10 Years

Date of Appointment :

12.01.2009

PAN No.:

ABGPL3370B

DIN No.:

02530582

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999UR2005PTC030504	SHIVALIK TRADE LINKS PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
2	U72300UR2010PTC033115	SHIVALIK INFOTECH PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO

Name :

Mr. Kunal Garg

Designation :

Director

Address :

R-5/4, Raj Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

30.05.1979

Qualification :

BBA

Experience :

4 Years

Date of Appointment :

12.01.2009

PAN No.:

AARPG5805C

DIN No.:

00509004

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909DL2003PTC121800	ANANT SALES PRIVATE LIMITED	Director	18/08/2003	18/08/2003	-	Active	NO
2	U74999UR2005PTC030504	SHIVALIK TRADE LINKS PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
3	U72300UR2010PTC033115	SHIVALIK INFOTECH PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Shobhit Goel	194000
Shilpa Goel	194000
N.R. Goel	194000
Bimal Goel	194000
N.R. Goel and Sons (HUF)	96000
Rashi Goel	64000
Mohit Goel (HUF)	57600
Mohit Goel	6400
Ridhima Lal	185600
Sudha Hari Harlal	64000
Ankita Garg	32000
Anjali Garg	128000
Adip Kumar Garg	179600
Bharat Lal	72200
Jaideep Lal	160000
Kunal Garg	160000
Hirday Vikram	3200
Sharad Lal	15000
Sanjeev Garg	400
Total	2000000

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 :

Dealer, Trader and Distributor of Telephonic Instruments, Cellular Phones, Accessories, Cash Cards, SIM Cards and Components for Tele- Communication.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Patel Nagar, Dehradun - 248 001, Uttarakhand, India
• ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans from banks	260.545	51.962
Total	260.545	51.962

Banking Relations :	--
Auditors :
Name :	Naveen Tayal and Company Chartered Accountants
Address :	Flat No.25, Lord Krishna Residency, 5/28 , Teg Bahadur Road, Dalanwala, Dehradun – 248 001, Uttaranchal, India
PAN.:	ACJPT0312P

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 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		20.000	0.300	0.300
2] Share Application Money		0.000	0.002	0.002
3] Reserves & Surplus		19.438	19.123	9.662
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.438	19.425	9.964
LOAN FUNDS
1] Secured Loans		260.545	51.962	50.376
2] Unsecured Loans		63.625	41.398	43.912
TOTAL BORROWING		324.170	93.360	94.288
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		363.608	112.785	104.252
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.565	1.433	1.878
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.254	0.185	0.103
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	378.073	104.303	149.400
	Sundry Debtors	244.101	155.401	121.210
	Cash & Bank Balances	26.066	87.281	22.367
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.335	5.350	7.345
Total Current Assets		665.575	352.335	300.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	291.570	0.481	0.321
	Other Current Liabilities	0.381	229.078	189.666
	Provisions	14.835	11.609	8.064
Total Current Liabilities		306.786	241.168	198.051
Net Current Assets		358.789	111.167	102.271
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		363.608	112.785	104.252

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	GROSS TURNOVER	4521.500	2309.300	1847.042
Less	EXPENSES	4491.354	2294.675	1837.122
	PROFIT BEFORE TAX	30.146	14.625	9.920
Less	TAX	NA	NA	2.957
	PROFIT AFTER TAX	NA	NA	6.963
	Earnings Per Share (Rs.)	NA	NA	330.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.38
Return on Total Assets (PBT/Total Assets}	(%)	4.49	4.13	3.28
Return on Investment (ROI) (PBT/Networth)		0.76	0.75	0.99
Debt Equity Ratio (Total Debt /Networth)		8.22	4.81	9.46
Current Ratio (Current Asset/Current Liability)		2.17	1.46	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 one 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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADING RESULTS

During the year the gross turnover of the company has been Rs.4521.500 Millions as against Rs. 2309.300 Millions in the previous year. The net profit before income tax is Rs. 30.146 Millions in the current financial year as compared to Rs. 14.625 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999UR2005PTC030504
Name of the company	SHIVALIK TRADE LINKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	32, E.C. Road, Dehradun – 248 001, Uttaranchal, India E-Mail: mgoel@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	90273044
Type of charge	Book Debts Others
Particular of charge holder	Punjab National Bank, Patel Nagar, Dehradun - 248 001, Uttarakhand, India E-Mail: bo1516@pnb.co.in
Nature of description of the instrument creating or modifying the charge	Agreement for hypothecation of stock and book debts to secure cash credit facility
Date of instrument Creating the charge	07.10.2012
Amount secured by the charge	Rs.350.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at 8.00% above BPLR of 10.50% i.e. 18.50% Terms of Repayment: As per agreement for hypothecation of stock and book debts to secure cash credit facility Margin: Stock - 40% Book Debts- 40% Extent and Operation of the charge: As per agreement for hypothecation of stock and book debts to secure cash credit facility
Short particulars of the property charged	Stock of Samsung India electronics limited and book debts at 9, Cooperative Industrial Estate, Patel Nagar Dehradun and B 4/5 Meerut Toad, Industrial Area, Ghaziabad.
Date of latest modification prior to the present modification	26.06.2012
Particulars of the present modification	Total amount of charge against hypothecation of stocks and book debts as per details mentioned above has now been increased from Rs. 330.000 to Rs.350.000 Millions break up of credit facilities is as follows:- Cc Limit: 240.000 Millions + Ad Hoc Limit 20.000 Millions : 260.000 Millions Bank Guarantee: 90.000 Millions Total: 350.000 Millions

UNSECURED LOAN

(Rs in Millions)

	As on 31.03.2012	As on 31.03.2011
Loans and advances from directors	25.059	9.909
Loans and advances from others	38.566	31.489
Total	63.625	41.398

FIXED ASSETS

v Computers

v Furniture and Fixtures

v Generator

v Invertor

v Office Equipments

v Vehicles

v Weighing Machine

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. 54.27
UK Pound	1	Rs. 82.49
Euro	1	Rs. 69.88

INFORMATION DETAILS

Report Prepared by :

UDS

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	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		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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.