MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	MULTI SALES PRIVATE LIMITED
Registered Office :	A-1, 18, Ground Floor, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.09.2006
Com. Reg. No.:	11-164664
Capital Investment / Paid-up Capital :	Rs. 1.600 Millions
CIN No.: [Company Identification No.]	U51909MH2006PTC164664
TAN No.: [Tax Deduction & Collection Account No.]	MUMM30446D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Exporter of Plastic, Plastic Products, all Kinds of papers, Boards, Paper Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 79000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitments. The company can be considered normal for business dealing at usual trade terms and condition.

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 trade 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.

LOCATIONS

Registered Office :	A-1, 18, Ground Floor, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	difcoinv@yahoo.co.in

DIRECTORS

As on 20.08.2012

Name :

Mr. Rishit Anil Shah

Designation :

Director

Address :

A-1, 18, Ground Floor, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

08.11.1980

Date of Appointment :

16.09.2006

DIN No.:

00313993

Name :

Mr. Anil Keshavlal Shah

Designation :

Director

Address :

A-1, 18, Ground Floor, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

12.01.1954

Date of Appointment :

16.09.2006

DIN No.:

00317787

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	U70102MH1985PTC037030	HEET BUILDERS PRIVATE LIMITED	Director	01/10/1997	01/10/1997	01/01/2010	Active	NO
2	U51909MH2006PTC164664	MULTI SALES PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO

Name :

Mr. Hitesh Anil Shah

Designation :

Director

Address :

A-1, 18, Ground Floor, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

17.12.1978

Date of Appointment :

16.09.2006

DIN No.:

00317908

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2012

Names of Shareholders	No. of Shares
Anil Keshavlal Shah	44000
Hitesh Anil Shah	43000
Rishit Anil Shah	33000
Jigisha R. Shah	10000
Jyotsna A.Shah	30000
Total	160000

Equity Share Break up (Percentage of Total Equity)

As on 20.08.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Importer and Exporter of Plastic, Plastic Products, all Kinds of papers, Boards, Paper Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Gulalwadi Branch, 24/30, 2nd Panjarapole Lane, C. P. Tank Road, Mumbai - 400004, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
From Banks
Bank of Baroda (O/D)	(0.255)	2.578
HDFC Bank- Car Loan	0.000	0.021
B.M.C Bank	0.000	0.266
ICICI Bank Limited	0.571	0.000
Short-term borrowings
Other Loans and Advances - Cash Credit Facilities Bank of Baroda CC A/c	14.968	0.000
Total	15.284	2.865

Banking Relations :
Auditors :
Name :	Bharat Desai and Company Chartered Accountants
Address :	“Pitru Chhaya”, 1^st Floor, Swastik Society, N S Road No. 2, Juhu Shceme, Ville Parle (West), Mumbai – 400023, Maharashtra, India
Tel. No.:	91-91-22-26147068/26193565
Mobile No.:	91-9821055064
E-Mail :	difcoinv@yahoo.co.in bsdesaica@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPB2439E

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160000	Equity Shares	Rs.10/- each	Rs. 1.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.600	0.100
(b) Reserves & Surplus	18.025	3.167
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.625	3.267
(3) Non-Current Liabilities
(a) long-term borrowings	0.316	2.864
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.316	2.864
(4) Current Liabilities
(a) Short term borrowings	17.832	18.806
(b) Trade payables	14.458	15.116
(c) Other current liabilities	0.550	0.693
(d) Short-term provisions	0.052	0.050
Total Current Liabilities (4)	32.892	34.665
TOTAL	52.833	40.796
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.009	1.402
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.076	0.070
(c) Deferred tax assets (net)	0.023	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.050	0.050
Total Non-Current Assets	2.158	1.522
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.482	3.568
(c) Trade receivables	46.455	35.241
(d) Cash and cash equivalents	0.442	0.196
(e) Short-term loans and advances	1.296	0.269
(f) Other current assets	0.000	0.000
Total Current Assets	50.675	39.274
TOTAL	52.833	40.796

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.00
3] Reserves & Surplus		2.002
4] (Accumulated Losses)		0.000
NETWORTH		2.102
LOAN FUNDS
1] Secured Loans		3.276
2] Unsecured Loans		12.262
TOTAL BORROWING		15.538
DEFERRED TAX LIABILITIES		0.000
TOTAL		17.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.413
Capital work-in-progress		0.000
INVESTMENT		0.065
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.377
	Sundry Debtors	25.751
	Cash & Bank Balances	0.101
	Other Current Assets	0.000
	Loans & Advances	1.653
Total Current Assets		27.882
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.965
	Other Current Liabilities	0.351
	Provisions	1.404
Total Current Liabilities		11.720
Net Current Assets		16.162
MISCELLANEOUS EXPENSES		0.000
TOTAL		17.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Turnover	197.565
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		Office Expenses	NA
		Administrative Expenses	NA
		Advertising Expenses	NA
		TOTAL	NA
	PROFIT BEFORE TAX		NA
Less	TAX		NA
	PROFIT AFTER TAX		NA
	VALUE OF EXPORT ON F.O.B BASIS		$ 18768.64
	VALUE OF IMPORT ON F.O.B BASIS		$ 168269.05

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	0.92	6.63	7.39
Current Ratio (Current Asset/Current Liability)	1.54	1.13	2.38

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 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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE:-

In the full year of operation of business of the company the turnover of 197.565 Millions achieved is remarkable. The company has successfully installed the new printing machine and final product of the company is well received in the market. Looking to the demand of the companies products and services and also considering backlog of orders directors are planning to move to a bigger place and also planning for the expansion of the business. Directors are hopeful of better performance in current year.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans Repayable On Demand - From Others
Bhavesh R Shah	0.000	0.100
Chradrakant C Shah HUF	1.000	1.000
Dharmil B Desai	0.900	0.900
Gunvanti R Shah	0.489	0.425
Jigisha R Shah	1.429	1.122
Jyostna A Shah	0.335	2.318
Jyotsna B Shah	0.100	0.100
Multi Corporation	2.452	0.000
Multi Enterprise	(8.032)	2.547
Nirali H Shah	0.670	0.655
Ratilal K Patel	0.200	0.00
Rishit Shah	0.175	1.643
Rishit Shah HUF	0.765	0.344
Sandeep M Shah	0.476	0.450
Shah M.D. & Sons	1.256	6.691
Subodhchandra Vakharia	0.350	0.250
Subodhchandra Vakharia HUF	0.299	0.260
Total	2.864	18.805

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10335435	22/09/2012 *	50,000,000.00	BANK OF BARODA	GULALWADI BRANCH, 24/30, 2ND PANJARAPOLE LANE, C. P. TANK ROAD, MUMBAI, MAHARASHTRA - 400004, IND IA	B60090818
2	10124030	13/09/2008	3,500,000.00	BANK OF BARODA	GULALWADI BRANCH, 2ND PANJRAPOLE LANE, C. P. TAN K, MUMBAI, MAHARASHTRA - 400004, INDIA	A46511010

Note: * Date of charge modification

FIXED ASSETS

Tangible Assets

• Godown
• Motor Car
• Computer
• Air Conditioner
• Furniture
• Scooter
• Motor car Tempo

Intangible Assets

• Goodwill
• Brands/ Trademarks
• Computer Software
• Mastheads and Publishing Titles
• Mining Rights
• Copyrights and Patents, Intellectual Property Rights, Services & Operating Rights
• Recipes, Formulae, Models, Designs and Prototypes
• Licenses and Franchise
• Others (specify nature)

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.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	6
--CREDIT LINES	1~10	5
--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		48

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.