MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	SUMERU TRADELINK PRIVATE LIMITED
Registered Office :	D - 906, Ganesh Meridian, Near New Gujarat High Court, S. G. Highway, Ahmedabad – 380061, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.02.2008
Com. Reg. No.:	04-052862
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U52100GJ2008PTC052862
TAN No.: [Tax Deduction & Collection Account No.]	AHMS15226B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Industrial Goods.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 35000
Status :	Moderate
Payment Behaviour :	Sow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate trade record. Profit margin of the company appears to be low. However, trade relations of the company are reported as fair. Business is active. Payments terms are 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

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 DECLINED BY

Name :	Mr. Kalpesh Doshi
Designation :	Director
Contact No.:	91-9998110649
Date :	10.09.2013

LOCATIONS

Registered Office :	D - 906, Ganesh Meridian, Near New Gujarat High Court, S. G. Highway, Ahmedabad – 380061, Gujarat, India
Tel. No.:	91-79-31208545/ 40027286
Mobile No.:	91-9998110649 (Mr. Kalpesh Doshi)
Fax No.:	91-79-31208545/ 40035430
E-Mail :	info@sumerutradelink.com regent_tejas@yahoo.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Tejas Sureshchandra Gandhi

Designation :

Director

Address :

C – 202, Chinmay Tower, Near Subhash Chowk, Memn Nagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

04.03.1972

Date of Appointment :

08.02.2008

DIN No.:

00048130

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	U24230GJ1995PTC025502	NEON PHARMACEUTICAL PRIVATE LIMITED	Whole-time director	16/01/2006	16/01/2006	02/07/2010	Active	NO
2	U26933GJ2003PLC043039	REGENT GRANITO (INDIA) LIMITED	Whole-time director	01/07/2011	16/01/2006	-	Active	NO
3	U52100GJ2008PTC052862	SUMERU TRADELINK PRIVATE LIMITED	Director	08/02/2008	08/02/2008	-	Active	NO
4	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	13/03/2008	13/03/2008	03/06/2013	Active	NO
5	U51430GJ2009PTC056790	REGENT BUILDMART PRIVATE LIMITED	Director	01/05/2009	01/05/2009	-	Active	NO
6	U52190GJ2009PTC056788	REGENT RETAIL PRIVATE LIMITED	Director	01/05/2009	01/05/2009	-	Active	NO

Name :

Mr. Chirag Sureshchandra Gandhi

Designation :

Director

Address :

At – Daljit Nagar, Ta Idar, Idar, Sabarkantha – 383430, Gujarat, India

Date of Birth/Age :

30.10.1974

Date of Appointment :

20.04.2009

DIN No.:

02612963

Name :

Mr. Kalpesh Prakashchandra Doshi

Designation :

Director

Address :

406, Gulab Tower, Near Someshwar Park – III, Thal Tej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

18.01.1973

Date of Appointment :

26.05.2009

DIN No.:

02668169

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Tejas S Gandhi	41500
Sherya T Gandhi	39500
Chirag S Gandhi	31500
Mitesh S Gandhi	31500
Payal M Gandhi	8000
Biren M Sankhesara	2000
Biren M Sankhesara HUF	5000
Jignesh M Sankhesara	2000
Jignesh M Sankhesara HUF	5000
Chetanaben J Doshi	6000
Kalpesh P Doshi HUF	6000
Kalpesh P Doshi	4000
Prerak J Doshi	8000
Hasmukhlal D Doshi	5000
Rajesh H Doshi	5000
TOTAL	200000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Industrial Goods.
Products :	Ceramic Parts Ceramics Raw Material Ceramic Products Abrasive Brushes Diamond Roller Diamond Saw Blades Vitrified Tiles Squaring Wheel Ceramic Clay Ball Clay Sanitaryware

PRODUCTION STATUS AS ON 31.03.2012

Particulars	Unit	Installed Capacity
Rented Premise*	MT	600

*Note Installed Capacity is taken as certified by the Management

Particulars	Unit	Actual Production
Soda Feldspar	MT	1447

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of India, S.G. Highway Premises Branch, Bodakdev, Ahmedabad - 380054, Gujarat, India

Facilities :

Secured Loan

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Long-term Borrowings

Term Loans from other

3.607

3.639

Short-term borrowings

0

0

Working capital loan from banks

8.191

1.533

Total

11.798

5.172

NOTE:

Maturity profile of secured term loans are as follows:

	Maturity Profile
	2013-14	2014-15	2015-16	Beyond 4 years
Term Loan from other	0.032	0.037	0.042	3.528

Banking Relations :
Financial Institute:	Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai - 400031, Maharashtra, India
Auditors :
Name :	Ajay Patni and Company Chartered Accountants
Address :	A/ 65, Sugam, Near Agarwal Tower, Near Anand Nagar Cross Road, Satellite, Ahmedabad – 380061, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AIAPP9167H
Associates Concern :	Regent Granito India Limited

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
153000	Equity Shares	Rs.10/- each	Rs. 1.530 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Subscribed Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions
	Forfeited Share
	Amount paid on 9400 Shares		Rs.(0.470 Million
	Less: Issued during the year		Rs. (0.470) Million
	TOTAL		Rs. 2.000 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	2.000	1.530
(b) Reserves & Surplus	6.722	6.144
(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)	8.722	7.674
(3) Non-Current Liabilities
(a) long-term borrowings	11.627	11.811
(b) Deferred tax liabilities (Net)	0.002	0.028
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	11.629	11.839
(4) Current Liabilities
(a) Short term borrowings	8.191	1.533
(b) Trade payables	16.069	20.900
(c) Other current liabilities	0.380	0.518
(d) Short-term provisions	0.300	0.240
Total Current Liabilities (4)	24.940	23.191
TOTAL	45.291	42.704
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.145	3.462
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.020	0.020
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3.165	3.482
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.531	2.476
(c) Trade receivables	20.683	26.019
(d) Cash and cash equivalents	5.097	6.480
(e) Short-term loans and advances	0.714	4.096
(f) Other current assets	0.101	0.151
Total Current Assets	42.126	39.222
TOTAL	45.291	42.704

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.530
2] Share Application Money		0.000
3] Reserves & Surplus		5.608
4] (Accumulated Losses)		0.000
NETWORTH		7.138
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.466
TOTAL BORROWING		0.466
DEFERRED TAX LIABILITIES		0.004
TOTAL		7.608
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.031
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.215
	Sundry Debtors	4.191
	Cash & Bank Balances	0.632
	Other Current Assets	0.000
	Loans & Advances	1.887
Total Current Assets		7.925
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.347
	Other Current Liabilities	0.065
	Provisions	0.138
Total Current Liabilities		0.550
Net Current Assets		7.375
MISCELLANEOUS EXPENSES		0.202
TOTAL		7.608

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	83.107	60.404	18.766
		Other Income		1.620
		TOTAL (A)	83.107	62.024	18.766
Less	EXPENSES
		Office Expenses	76.627	60.240	18.272
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	76.627	60.240	18.272
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.480	1.784	0.494
Less	FINANCIAL EXPENSES (D)		5.154	0.854	0.059
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.326	0.930	0.435
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.470	0.126	0.012
	PROFIT BEFORE TAX (E-F) (G)		0.856	0.804	0.423
Less	TAX (H)		0.278	0.268	0.135
	PROFIT AFTER TAX (G-H) (I)		0.578	0.536	0.288
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.824	0.288	0.000
	BALANCE CARRIED TO THE B/S		1.402	0.824	0.288
	IMPORTS
		Value of Imports on CIF Basis	50.655	19.190	11.989
	TOTAL IMPORTS		50.655	19.190	11.989
	Earnings Per Share (Rs.)		5.45	5.05	2.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.70	0.86	1.53
Net Profit Margin (PBT/Sales)	(%)	NA	1.33	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.89	1.88	5.32
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.06
Debt Equity Ratio (Total Debt /Networth)		2.27	1.74	0.07
Current Ratio (Current Asset/Current Liability)		1.69	1.69	14.41

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	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	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

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Inter corporate deposits	0.000	7.079
Trade deposit	0.500	0.000
Loans and advance from shareholders	0.801	0.801
Loans and advance from related parties	6.719	0.291
Total	8.020	8.171

NOTE

The registered address of the company has been shifted from C-202, Chinmay Tower, Memnagar, Ahmedabad – 380052, Gujarat, India to present address with effect from 01.04.2011.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. In Millions)

Particulars	31.03.2012
Bank Guarantees	Nil
Letter of Credits for Purchase in Foreign currency (USD $)	0.240
Letter of Credits for Freight in Foreign currency (USD $)	--

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10239920	16/07/2010	3,737,000.00	RELIANCE CONSUMER FINANCE PRIVATE LIMITED	570, RECTIFIER HOUSE, NAIGAUM CROSS ROAD, NEXT TO ROYAL INDUSTRIAL ESTATE, WADALA, MUMBAI, MAHARASHTRA - 400031, INDIA	A91709469
2	10225456	03/06/2010	35,000,000.00	STATE BANK OF INDIA	S.G.HIGHWAY PREMISES BRANCH, BODAKDEV, AHMEDABAD, GUJARAT - 380054, INDIA	A88237581

FIXED ASSETS

• Office Building
• Furniture/ Fixture
• Air Conditioner
• Computer

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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.