MIRA INFORM REPORT

Report Date :

04.10.2013

IDENTIFICATION DETAILS

Name :	G.S. TECH INDIA PRIVATE LIMITED
Registered Office :	504, Metro Tower, Ring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.12.2011
Com. Reg. No.:	04-068180
Capital Investment / Paid-up Capital :	Rs.0.710 Million
CIN No.: [Company Identification No.]	U72900GJ2011PTC068180
TAN No.: [Tax Deduction & Collection Account No.]	SRTG02459C
PAN No.: [Permanent Account No.]	AAECG4987H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Women Indian Wear.
No. of Employees :	10 (Approximately)

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 6500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. Company has achieved minimal turnover and has incurred loss in its first year of operation. As claimed by Mr. Rahul C, director that company has achieved sales turnover of Rs.50.000 Millions in the year 2012-13. Trade relations are improving. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY

Name :	Mr. Rahul Shantilal Chhajer
Designation :	Director
Contact No.:	91-9879416895
Date :	03.10.2013

LOCATIONS

Registered Office :	504, Metro Tower, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2331523
Mobile No.:	91-9879416895 (Mr. Rahul)
Fax No.:	Not Available
E-Mail :	gstech@strollay.com mcafiling@yahoo.co.in
Website :	www.strollay.com
Area :	2000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 30.10.2012

Name :

Mr. Shantilal Chhajer

Designation :

Director

Address :

505, Metro Tower, Ring Road, Surat – 395 002, Gujarat, India

Date of Birth/Age :

15.01.1963

Date of Appointment:

12.12.2011

DIN No.:

01134504

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	U17111GJ2004PTC043826	G S SILK MILLS PRIVATE LIMITED	Director	23/03/2004	23/03/2004	-	Active	NO
2	U72900GJ2011PTC068180	G.S. TECH INDIA PRIVATE LIMITED	Director	12/12/2011	12/12/2011	-	Active	NO

Name :

Mr. Rahul Shantilal Chhajer

Designation :

Director

Address :

504, Metro Tower, Ring Road, Surat – 395 002, Gujarat, India

Date of Birth/Age :

21.09.1989

Date of Appointment:

12.12.2011

DIN No.:

05131136

MAJOR SHAREHOLDERS

As on: 30.10.2012

Names of Shareholders	No. of Shares
Shantilal Chhajer	350000
Rahul Chhajer	350000
Salasar Tracom Private Limited	10000
Total	710000

Equity Share Break up (Percentage of Total Equity)

As on: 30.10.2012

Category	Percentage
Bodies corporate	1.41
Directors or relatives of Directors	98.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Women Indian Wear.
Products :	Sarees Salwar kameez Kurties Lengha Bridal Wear Dress Material Salwar Suit
Exports :
Products :	Women Indian Wear
Countries :	US UK Mauritius Canada Australia
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :	Gangaram Synthetic Private Limited
Customers :	Wholesalers, Retailers and End Users Shivam Synthetic
No. of Employees :	10 (Approximately)
Bankers :	South Indian Bank, Surat, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Deswal and Company Chartered Accountants
Address :	A-401, India Textile Market, Ring Road, Surat - 395002, Gujarat, India
Tel. No.:	91-261-2326321/ 3013321
Mobile No.:	91-9825198197
E-Mail :	Cadeswal01@hotmail.com
PAN No.:	ABCPD7550K
Associates/Subsidiaries :	G. S. Silk Mills Private Limited Address: 504, Metro Tower, Ring Road, Surat – 395002, Gujarat, India Activity: Manufacturer

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.1/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
710,000	Equity Shares	Rs.1/- each	Rs.0.710 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.710
(b) Reserves & Surplus	0.937
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1.647
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.015
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.015
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.009
(c) Other current liabilities	0.000
(d) Short-term provisions	0.008
Total Current Liabilities (4)	0.017
TOTAL	1.679
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	0.211
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.026
Total Non-Current Assets	0.237
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.002
(d) Cash and cash equivalents	1.395
(e) Short-term loans and advances	0.045
(f) Other current assets	0.000
Total Current Assets	1.442
TOTAL	1.679

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012
	SALES
		Income		0.115
		Other Income		0.000
		TOTAL		0.115
Less	EXPENSES
		Office Expenses		0.128
		Administrative Expenses
		Advertising Expenses
		TOTAL		0.128
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(0.013)
Less/ Add	DEPRECIATION/ AMORTISATION			0.025
	PROFIT/ (LOSS) BEFORE TAX			(0.038)
Less	TAX			0.015
	PROFIT/ (LOSS) AFTER TAX			(0.053)
	Earnings/ (Loss) Per Share (Rs.)			(0.07)

Particulars	31.03.2013
Sales Turnover (Approximately)	50.000

The above information has been parted by Mr. Rahul Shantilal Chhajer.

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	(46.09)
Net Profit Margin (PBT/Sales)	(%)	(33.04)
Return on Total Assets (PBT/Total Assets}	(%)	(2.26)
Return on Investment (ROI) (PBT/Networth)		(0.02)
Debt Equity Ratio (Total Debt /Networth)		0.00
Current Ratio (Current Asset/Current Liability)		84.82

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	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

YEAR IN RETROSPECT AND FUTURE OUTLOOK:

During the year, the company has incorporated and has successfully commenced its business operation. The company has recorded turnover of Rs. 0.115 Million but has suffered loss of Rs.0.053 Million. The Company will turn profitability on stabilization of its operation. With the increasing pace for internet and e-commerce, immense opportunities exist in this segment and the company is making conscientious efforts in addressing these opportunities beneficial for the company. The directors are making their best efforts to improve the performance of company and are confident that company will grow at rapid pace for coming years.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY.

TRADE REFERENCES

• Gangaram Synthetic Private Limited
• Shivam Synthetics

FIXED ASSETS:

• Computer
• Trade Mark
• Technology Development

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.61.93
UK Pound	1	Rs.100.44
Euro	1	Rs.84.24

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	4
--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	YES
--AFFILIATION	YES/NO	YES
--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	--

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.