MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	SHIRSHAK ENTERPRISES PRIVATE LIMITED
Registered Office :	No. 36, Mangal Murti Industrial Estate, Plot No. 10/7, Phase – I, GIDC, Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.07.1995
Com. Reg. No.:	04-026673
Capital Investment / Paid-up Capital :	Rs. 7.350 Millions
CIN No.: [Company Identification No.]	U24297GJ1995PTC026673
TAN No.: [Tax Deduction & Collection Account No.]	AHMS15907D
PAN No.: [Permanent Account No.]	AAJCS4403M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Dies and Intermediate Chemicals.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 (GENERAL DETAILS)

Name :	Mr. Nilesh Surendiram Nair
Designation :	Director
Contact No.:	91-9662052987
Date :	22.10.2013

LOCATIONS

Registered Office :	No. 36, Mangal Murti Industrial Estate, Plot No. 10/7, Phase – I, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-39827027
Fax No.:	Not Available
E-Mail :	businessenquries@gmail.com shirshakent@gmail.com

DIRECTORS

As on: 10.09.2012

Name :	Mr. Omprakash T. Mangali
Designation :	Director
Address :	83, Thakorebhai Tower, Near Law Garden, Ellisbridge Zone, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	15.03.1943
Date of Appointment :	09.09.2010
DIN No.:	03078228
Name :	Mr. Nilesh Surendiram Nair
Designation :	Additional director
Address :	487/2907, GHB Bapunagar, B/H Ghanti Stand, Ahmedabad – 380024, Gujarat, India
Date of Birth/Age :	19.02.1979
Date of Appointment :	23.11.2010
DIN No.:	03293071

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 10.09.2012

Shareholders Details File Attached.

Equity Share Break up (Percentage of Total Equity)

As on: 10.09.2012

Category	Percentage
Bodies corporate	0.79
Directors or relatives of directors	98.79
Other top fifty shareholders	0.42
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Dies and Intermediate Chemicals.
Exports :
Countries :	Mexico Singapore
Imports :
Products :	Raw material and Chemicals
Countries :	China Singapore

GENERAL INFORMATION

No. of Employees :

6 (Approximately)

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Loan from shareholders	16.834	10.020
Total	16.834	10.020

Banking Relations :	--
Auditors :
Name :	R R S and Associates Chartered Accountants
Address :	211, Kamal Complex, C. G. Road, Navarangpura, Ahmedabad – 380009, Gujata, Indian
PAN No.:	AAFFR0472A

CAPITAL STRUCTURE

As on: 10.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10775000	Equity Shares	Rs.10/- each	Rs. 107.750 Millions
225000	Preference shares	Rs.10/- each	Rs. 2.250 Millions
	Total		Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
510000	Equity Shares	Rs.10/- each	Rs. 5.100 Millions
225000	Preference shares	Rs.10/- each	Rs. 2.250 Millions
	Total		Rs. 7.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.350	7.350	7.350
(b) Reserves & Surplus	45.835	45.007	44.567
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	53.185	52.357	51.917
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	16.834	10.020	7.340
(b) Trade payables	270.390	281.295	0.380
(c) Other current liabilities	0.000	11.268	0.000
(d) Short-term provisions	0.631	0.527	0.212
Total Current Liabilities (4)	287.855	303.110	7.932
TOTAL	341.040	355.467	59.849
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.625	28.582	29.082
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	181.382	295.120	30.139
(e) Other Non-current assets	0.000	0.000	0.164
Total Non-Current Assets	210.007	323.702	59.385
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	19.305	0.000
(c) Trade receivables	84.934	11.755	0.000
(d) Cash and cash equivalents	8.599	0.705	0.396
(e) Short-term loans and advances	37.500	0.000	0.000
(f) Other current assets	0.000	0.000	0.068
Total Current Assets	131.033	31.765	0.464
TOTAL	341.040	355.467	59.849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover/ Gross receipt	584.920	275.808	18.666
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.142	0.621	0.381
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT BEFORE TAX		1.142	0.621	0.381
Less	TAX		0.229	0.096	0.021
	PROFIT AFTER TAX		0.913	0.525	0.360
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.256	1.817	1.543
Less	APPROPRIATIONS
		Tax on Dividend	0.086	0.086	0.086
	BALANCE CARRIED TO THE B/S		3.083	2.256	1.817
	Earnings Per Share (Rs.)		1.80	1.02	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.20	0.22	2.04
Return on Total Assets (PBT/Total Assets}	(%)	0.37	0.19	1.23
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		0.31	0.19	0.14
Current Ratio (Current Asset/Current Liability)		0.46	0.11	0.06

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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

Note: No Charges Exist for Company

Note:

The Registered Office of the company has been shifted from A-505, Premium House, Near Gandhigram Railway Station, Ashram Road, Ahmedabad – 380009, Gujarat, India to the present address w.e.f. 23.11.2010.

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. 61.53
UK Pound	1	Rs. 99.75
Euro	1	Rs. 84.75

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.