MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	PERFEX IMPEX PRIVATE LIMITED
Registered Office :	Jalan Industrial Parkmouza Jala Dhulagari, PS Sankrail, Howrah – 711302, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.06.2002
Com. Reg. No.:	21-094790
Capital Investment / Paid-up Capital :	Rs. 6.544 millions
CIN No.: [Company Identification No.]	U51431WB2002PTC094790
Legal Form :	Private Limited Liability Company
Line of Business :	Importers and Exporters of timber logs and size wood i.e Teak Sal, Pinkado, Padouck, Hard Wood, Decorative Wood etc.
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 220000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The liquidity position of the company is weak due to large working capital requirements. The profitability of the company is low. However, trade relations are fair. Business is active. Payments 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: D Default
Date	22 March 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: D Default
Date	22 March 2013

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 :	Jalan Industrial Parkmouza Jala Dhulagari, PS Sankrail, Howrah – 711302, West Bengal, India
Tel. No.:	91-33-26557781/266177/22316550/22316551/26617707
Fax No.:	91-33-2655837322316552/26617708
E-Mail :	blpatel@perfexindia.com rajesh@perfexindia.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Bhagwan Lal Patel

Designation :

Director

Address :

158, J N Mukherjee Road, Salkia, Howrah – 711106, West Bengal, India

Date of Birth/Age :

08.04.1962

Date of Appointment :

28.04.2003

DIN No.:

0087819

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	U20101WB1997PTC084352	WOODWORTH TREXIM PRIVATE LIMITED	Director	15/05/1997	15/05/1997	-	Amalgamated	NO
2	U51431WB2002PTC094790	PERFEX IMPEX PRIVATE LIMITED	Director	28/04/2003	28/04/2003	-	Active	NO
3	U51504WB1992PTC056231	SALASARJI MERCHANT PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Active	NO
4	U45203WB2004PLC100728	KOLKATA-DELHI TRUCK TERMINUS LIMITED	Director	16/12/2004	16/12/2004	01/03/2013	Active	NO
5	U74999WB2005PLC105271	BENGAL DANKUNI TRUCK TERMINAL LIMITED	Director	09/09/2005	09/09/2005	01/03/2013	Active	NO
6	U20101WB2005PTC106060	SHANKAR SAW MILLS PRIVATE LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
7	U74999WB2006PTC110588	MAA TARA COMMODITIES PRIVATE LIMITED	Director	13/07/2006	13/07/2006	01/09/2010	Active	NO
8	U51109WB2006PTC110590	KOLKATA DEALCOM PRIVATE LIMITED	Director	13/07/2006	13/07/2006	01/09/2010	Active	NO
9	U51109WB2006PTC110591	LOKENATH MERCHANTS PRIVATE LIMITED	Director	21/08/2006	21/08/2006	-	Active	YES
10	U70101WB2007PTC117611	AVISHKAR PROJECTS PRIVATE LIMITED.	Director	04/08/2007	04/08/2007	27/03/2008	Active	NO

Name :

Mr. Narendra Patel

Designation :

Director

Address :

158, J N Mukherjee Road, Salkia, Howrah – 711106, West Bengal, India

Date of Birth/Age :

04.04.1972

Date of Appointment :

24.06.2002

DIN No.:

00087823

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	U51431WB2002PTC094790	PERFEX IMPEX PRIVATE LIMITED	Director	24/06/2002	24/06/2002	-	Active	NO
2	U51504WB1992PTC056231	SALASARJI MERCHANT PVT. LTD.	Director	11/02/2004	11/02/2004	-	Active	NO
3	U45203WB2004PLC100728	KOLKATA-DELHI TRUCK TERMINUS LIMITED	Director	16/12/2004	16/12/2004	01/03/2013	Active	NO
4	U20101WB1997PTC084352	WOODWORTH TREXIM PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Amalgamated	NO
5	U20101WB2005PTC106060	SHANKAR SAW MILLS PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Narendra K R Patel	270000
Bhagwan Lal Patel	95600
Ghanshyam Patel	13500
Merchant Salasarji S Private Limited, India	209000
Parma Ben Patel	11750
Vineet Patel	9500
Yashoda Ben Patel	5000
Tarun Patel	10000
Artline Vinimay Private Limited, India	10000
Kokila Exports Private Limited, India	10000
Motorex Finance Private Limited, India	10000
Total	654350

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Bodies corporate	36.53
Directors or relatives of Directors	63.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Importers and Exporters of timber logs and size wood i.e Teak Sal, Pinkado, Padouck, Hard Wood, Decorative Wood etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Commercial Branch, Howrah, 9, G.T.Road (South), Howrah – 711101, West Bengal, India

• Bank of Baroda, India Exchange Branch, 4, India Exchange Place, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Banks – cash Credit and Bill Discounting	24.863	27.356
Term Loan	0.000	0.149
Total	24.863	27.505

Banking Relations :	--
Auditors :
Name :	A.K. Sureka and Associates Chartered Accountants
Address :	2, Ganesh Chandra Avenue, 8^th Floor, Room No. 5A, Kolkata – 700013, West Bengal, India
Tel. No.:	91-033-65002385
E-Mail :	aksureka10@yahoo.com
PAN No.:	ALCPS8767R
Associates :	Shankar Saw Mills Private Limited Salasarji Merchants Private Limited, India Lokenath Merchants Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs. 9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
654350	Equity Shares	Rs.10/- each	Rs. 6.544 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		6.544	5.540	5.540
2] Share Application Money		0.000	3.475	0.000
3] Reserves & Surplus		48.512	35.513	31.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		55.056	44.528	37.199
LOAN FUNDS
1] Secured Loans		24.863	27.505	18.903
2] Unsecured Loans		10.384	12.942	7.700
TOTAL BORROWING		35.247	40.447	26.603
DEFERRED TAX LIABILITIES		0.110	0.156	0.195
TOTAL		90.413	85.131	63.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.545	15.681	15.804
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	169.481	114.567	90.469
	Sundry Debtors	120.768	120.667	87.701
	Cash & Bank Balances	46.813	38.539	29.950
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.140	20.011	21.906
Total Current Assets		363.202	293.784	230.026
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	283.434	220.819	176.808
	Other Current Liabilities	1.558	2.222	1.284
	Provisions	3.842	1.793	4.241
Total Current Liabilities		288.834	224.834	182.333
Net Current Assets		74.368	68.950	47.693
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.413	85.131	63.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	799.601	628.534	614.365
		Other Income	3.865	2.082	3.848
		TOTAL (A)	803.466	630.616	618.213
Less	EXPENSES
		Cost of material consumed	583.470	171.503
		Purchase of stock in trade	174.268	429.983
		(Increase)/Decrease in finished goods	(0.044)	3.657
		Power and fuel	0.694	0.690
		Employee benefits expenses	0.292	0.344
		Other expenses	1.182	1.282
		TOTAL (B)	759.862	607.459	601.971
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.604	23.157	16.242
Less	FINANCIAL EXPENSES (D)		36.717	16.597	10.139
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.887	6.560	6.103
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.917	0.884	1.028
	PROFIT BEFORE TAX (E-F) (G)		5.970	5.676	5.075
Less	TAX (H)		2.002	1.821	1.568
	PROFIT AFTER TAX (G-H) (I)		3.968	3.855	3.507
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.753	9.898	6.391
	BALANCE CARRIED TO THE B/S		17.721	13.753	9.898
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.019	0.005
	TOTAL EARNINGS		NA	0.019	0.005
	IMPORTS
		Capital Goods	NA	27.491	51.633
	TOTAL IMPORTS		NA	27.491	79.124
	Earnings Per Share (Rs.)		6.06	6.96	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.49	0.61	0.57
Net Profit Margin (PBT/Sales)	(%)	0.75	0.90	0.83
Return on Total Assets (PBT/Total Assets}	(%)	0.02	0.02	0.02
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.14
Debt Equity Ratio (Total Debt /Networth)		0.64	0.91	0.72
Current Ratio (Current Asset/Current Liability)		1.26	1.31	1.26

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	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Other Parties	10.384	12.942
Total	10.384	12.942

Note: Term loan are secured by hypothecation of motor car (Scorpio)

BUSINESS PERFORMANCE

For the financial year 2011-1, the company achieved a sales growth of 27.21 per cent at Rs. 799.602 Millions. The profit after tax has grown for the financial year 2011-12 is 2.94 per cent at Rs. 3.968 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51431WB2002PTC094790
Name of the company	PERFEX IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Jalan Industrial Parkmouza Jala Dhulagari, PS Sankrail, Howrah – 711302, West Bengal, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80027584
Type of charge	Immovable Property Alongwith Superstructure and Immovable P and M etc.
Particular of charge holder	Bank of Baroda, India Exchange Branch, 4, India Exchange Place, Kolkata – 700001, West Bengal, India
Nature of instrument creating charge	Supplemental Memorandum Of Entry
Date of instrument Creating the charge	30.12.2010
Amount secured by the charge	Rs.430.500 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 -3.50% above BR i.e. 12.50% p.a.w.m.r (subject to change from time to time as per bank/RBI Guidelines). Terms of Repayment The working capital limit (Cash Credit - Rs. 30.000 Millions, Letter of Credit -Import/Inland -Da upto 180 days - Rs. 250.000 Millions, Bank Guarantee- Rs. 0.500 Millions and Bill Discounted under L/C- Rs. 150.000 Millions) is payable 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 the applicable margin is as follows :- Cash Credit - 25% on paid Stock and book-debts (upto 90 days) Letter of Credit - 15% cash margin by way of short deposit / fixed deposit Bank Guarantee - 25% cash margin (FDR) Bill Discounting – Nil Extent and Operation of the charge The security created under said Agreement shall operate as continuing security and by way of first charge. 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 Mortgage Paper and Sanction Terms of the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Company created Equitable Mortgage by Deposit of Title Deeds in respect of All that piece and parcel of land admeasuring 196.35 decimal together with building , p and m and all other structure and and Kandua Dist. Howrah , under P.S. Sankrail in the state of West Bengal( The details of Dag No. , Khatian No. ,Area in Decimal , Mouza etc
Particulars of the present modification	By present modification the overall limit secured by charge has been enhanced from Rs. 158.000 Millions to Rs. 430.500 Millions. The revised credit facilities are as follows- Cash Credit - Rs. 30.000 Millions, Letter of Credit ( Import/ Inland) (DA up to 180 days)- 250.000 Millions, Bank Guarantee- Rs. 0.500 Millions and Bill Discounting under L/C - Rs. 150.000 Millions. Other terms and conditions save as modified above remain unchanged.

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.53.73
UK Pound	1	Rs.83.54
Euro	1	Rs.70.71

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		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.