MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	ARDOR INTERNATIONAL PRIVATE LIMITED
Registered Office :	'Ardor House' Mondeal Business Park, Beside Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.02.2003
Com. Reg. No.:	04-042016
Capital Investment / Paid-up Capital :	Rs. 1050.000 Millions
CIN No.: [Company Identification No.]	U51909GJ2003PTC042016
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02915D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of LAB, DDB, STPP and Other Chemicals.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 6505000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Latest financial of 2013 are not available with us. As per the financial available, there appears an increases in the sales turnover as well as net profitability during 2012. Trade relations are fair. Business is active. Payments terms are usually correct. In view of established market position of the subject the company can be considered for business dealings at usual trade terms and conditions. NOTE : The partial financial information for the year 2012 are taken from indirect sources i.e. CRISIL

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB
Rating Explanation	Moderate degree of safety. moderate credit risk.
Date	20 December, 2012

Rating Agency Name	CRISIL
Rating	Short term rating A3+
Rating Explanation	Moderate degree of safety. Higher credit risk
Date	20 December, 2012

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. Yogesh Shah
Designation :	Head of Account Department
Contact No.:	91-79-66219999
Date :	04.10.2013

LOCATIONS

Registered Office :	'Ardor House' Mondeal Business Park, Beside Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat, India
Tel. No.:	91-79-66219999/26584511/26584514
Fax No.:	91-79-66219988/26584515
E-Mail :	Rajvi.patel@ardor-group.com ardor.international@gmail.com vmasso@yahoo.co.in ardor@ardor-group.com vyas4you@gmail.com
Website :	http://www.ardor-international.com
Area :	3000 sq. ft.
Location :	Rented
Branch Office :	Located At: Mumbai Indore Kanpur Silvassa Gandhidham

DIRECTORS

As on: 29.09.2012

Name :	Mr. Fenilbhai Bharatbhai Shah
Designation :	Managing Director
Address :	301, Heritage Crescent, Opposite Shantiniketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380 051, Gujarat, India
Date of Birth/Age :	27.10.1976
Experience :	9 Years
Date of Appointment :	01.04.2010
DIN No.:	00044522
Name :	Mrs. Gitaben Bharatbhai Shah
Designation :	Director
Address :	A-11, North Way Apartment, St. Xavier Collage Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Date of Appointment :	18.02.2003
DIN No.:	00049071
Name :	Mr. Bharatbhai Ratnshi Shah
Designation :	Director
Address :	301, Heritage Crescent, Opposite Shantineketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380 051, Gujarat, India
Date of Appointment :	01.03.2010
DIN No.:	02438343

KEY EXECUTIVES

Name :	Mr. Yogesh Shah
Designation :	Head of Account Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Fenil B. Shah	9967500
Gitaben Shah	9967500
Janaki F. Shah	9967500
Smita Rakesh Bhatt	171500
Shilpa Rakesh Shah	171500
Hasmukh D. Thakor	84250
Umang S. Patel	84250
Navin D. Thakor	84250
Nilesh Ashokkumar Solankhi	84250
Nipesh R. Shah	106750
Kamini A Soni	171500
Amitaben S. Shah	122500
Shaileshkumar R. Shah	62500
Shailesh Shah (HUF)	62500
Arunkumar Shah (HUF)	113500
Ruchitkumar A. Shah	113500
Nayanaben Shah	111000
Milanbhai Mehta	116625
Shrikeshbhai Mehta	116625
Nitaben Mehta	116625
Malvikaben Mehta	116625
Vasumatiben Mehta	177250
Bharatbhai Shah	9967500
Jinal Shah	9967500
Ardor In–Fin Private Limited, India	9967500
Nayankumar Mehta	600000
Ardor Structure Private Limited, India	9967500
Greenland Infracon Private Limited, India	9967500
Infinium Det chem. Private Limited, India	9530000
Jayco Synthetics Private Limited, India	9530000
Ardor Global Private Limited, India	6912500
Total	108500000

As on 22.03.2013

Names of Allottees	No. of Shares
Fenil B Shah	3200000
Bharatbhai R Shah	3200000
Gita ben B Shah	3200000
Janki Bharatbhai Shah	3200000
Jinal Bharatbhai Shah	3200000
Ardor In‐Fin Private Limited	3200000
Ardor Structures Private Limited	3200000
Greenland Infracon Private Limited	3200000
Jayco Synthetics Private Limited, India	3500000
Infinium Det chem. Private Limited, India	3500000
Ardor Global Private Limited, India	3900000
Total	36500000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	42.31
Directors or relatives of Directors	57.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of LAB, DDB, STPP and Other Chemicals.
Imports :
Products :	Finished Goods
Countries :	China Iran Iraq
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	40 (Approximately)
Bankers :	Axis Bank Limited, opposite Samatheshwar Temple, Law garden, Ellisebridge, Ahmedabad – 380009, Gujarat, India Bank of India, Ahmedabad Large Corporate Branch, 2nd Floor, BOI Building, Bhadra, Ahmedabad – 380 001, Gujarat, India Rajkot Nagrik Sahakari Bank Limited, Ahmedabad, Gujarat, India Union Bank of India, Branch Ashram Road, Ahmedabad – 380 014, Gujarat, India Central Bank of India State Bank of India

Banking Relations :	--
Auditors :
Name :	Vipul and Manish Associates Chartered Associates
Address :	True Value House, Opposite ISRO, Near Sundarvan Bus Stop, Satellite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26730650/ 26730675
Mobile No.:	91-9727735731
Fax No.:	91-79-26730675
E-Mail :	vmasso@yahoo.co.in
PAN No. :	AACFV2807J

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145000000	Equity Shares	Rs.10/- each	Rs.1450.000 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs. 1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs. 1050.000 Millions

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		1050.000
(b) Reserves & Surplus		376.310
(c) Money received against share warrants		0.000
(2) Share Application money pending allotment		200.000
Total Shareholders’ Funds (1) + (2)		1626.310
(3) Non-Current Liabilities
(a) long-term borrowings
(b) Deferred tax liabilities (Net)
(c) Other long term liabilities
(d) long-term provisions
Total Non-current Liabilities (3)		605.017
(4) Current Liabilities
(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions
Total Current Liabilities (4)		2809.599
TOTAL		5040.926
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current Investments
(c) Deferred tax assets (net)
(d) Long-term Loan and Advances
(e) Other Non-current assets
Total Non-Current Assets		276.605
(2) Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets
Total Current Assets		4759.951
Miscellaneous Expenses		4.370
TOTAL		5040.926

SOURCES OF FUNDS			31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			425.000	300.000
2] Share Application Money			250.000	75.000
3] Reserves & Surplus			233.606	124.292
4] (Accumulated Losses)			0.000	0.000
NETWORTH			908.606	499.292
LOAN FUNDS
1] Secured Loans			741.360	320.007
2] Unsecured Loans			371.889	349.668
TOTAL BORROWING			1113.249	669.675
DEFERRED TAX LIABILITIES			1.594	1.239
TOTAL			2023.449	1170.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			206.841	11.446
Capital work-in-progress			0.000	40.000
INVESTMENT			41.671	13.490
DEFERRED TAX ASSETS			0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories			389.093
	Sundry Debtors			1004.517
	Cash & Bank Balances			48.988
	Other Current Assets			0.000
	Loans & Advances			294.765
Total Current Assets				1737.363
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			418.267
	Other Current Liabilities			215.652
	Provisions			0.000
Total Current Liabilities				633.919
Net Current Assets			1773.707	1103.444
MISCELLANEOUS EXPENSES			1.230	1.826
TOTAL		2023.449	1170.206	846.493

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	10908.900 (From indirect source i.e Crisil)		6277.140
	Other Income	NA		8.871
	TOTAL	NA	9021.426	6286.011
EXPENSES
	Cost of Goods Sold			6014.956
	Payment to and provision for Employee			41.571
	Office & Administrative Expenses			56.031
	Preliminary Expenses written off			0.653
	TOTAL	10787.235	8854.045	6113.211
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			(Including Financial and Depreciation Expenses)
FINANCIAL EXPENSES				55.511
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				117.289
DEPRECIATION/ AMORTISATION				0.945
PROFIT BEFORE TAX		214.798	117.381	116.344
TAX		72.094	55.355	41.272
PROFIT AFTER TAX		142.704	112.026	75.072
EXCESS/SHORT PROVISION OF INCOME TAX		NA	NA	0.038
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	49.258
APPROPRIATIONS
	Dividend	NA	NA	0.000
	Dividend Distribution Tax	NA	NA	0.000
BALANCE CARRIED TO THE B/S		NA	NA	124.292
EARNING IN FOREIGN CURRENCY		NA	NA	142.774
Earnings Per Share (Rs.)		2.84	3.56	3.26

Particulars	31.03.2013
Sales Turnover (Approximately)	19000.000

The above information has been parted by Mr. Yogesh Shah (Head of Account Department).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.24	1.19
Net Profit Margin (PBT/Sales)	(%)	1.97	NA	1.85
Return on Total Assets (PBT/Total Assets}	(%)	4.27	56.75	6.65
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.23
Debt Equity Ratio (Total Debt/Networth)		NA	1.26	1.34
Current Ratio (Current Asset/Current Liability)		1.69	NA	2.74

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 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	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	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

NOTE: CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL NOT AVAILABLE

INDEX OF CHARGE:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421955	28/03/2013	674,000,000.00	State Bank of India	Overseas Branch,3rd Floor, Amrut Jayanti Bhavan, Navjeevan Trust Sankul,, Ahmedabad, Gujarat - 380014, INDIA	B73792830
2	10416726	25/03/2013	1,352,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	B72282338
3	10394426	05/12/2012	3,520,000,000.00	BANK OF INDIA - BOI CONSORTIUM	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	B64986961
4	10352639	16/04/2012	480,000,000.00	Central Bank of India	Mid Corporate Central Bank Building, Lal Darwaja, Ahmedabad, Gujarat - 380001, INDIA	B38571899
5	10269021	11/05/2012 *	3,652,500,000.00	BANK OF INDIA - BOI CONSORTIUM	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	B41307216
6	80066151	19/01/2006	50,000,000.00	BANK OF INDIA	AHMEDABAD CORPORATE BANKING BRANCH, BHADRA, AHMEDABAD, AHMEDABAD, Gujarat - 380001, INDIA	-
7	90107105	11/05/2012 *	3,652,500,000.00	BANK OF INDIA - BOI CONSORTIUM	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	B41307133

* Date of modification charge

FIXED ASSETS:

• Computer
• Computer Software
• Cycle
• Electric Fittings
• Fax Machine
• Furniture and Fixture
• MS Tanks
• Mobile
• Motor Car
• Office Equipment
• Packing Machinery
• Paper Shredder Machine
• Refrigerator
• Scooter
• Telephone
• Television
• Water Cooler
• Water Filter
• Xerox 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. 61.40
UK Pound	1	Rs. 99.28
Euro	1	Rs. 83.78

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.