MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	ASPEN INTERNATIONAL PRIVATE LIMITED
Registered Office :	701, Embassay Centre, Nariman, Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.07.2005
Com. Reg. No.:	11-154481
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U51909MH2005PTC154481
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCA2740R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer, Exporter and distributors of chemical and metal.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “Groupe Veritas”. It is an established company having satisfactory track. The company possesses a favourable financial profile marked by acceptable networth base and cash reserves along with moderate leveraged position. Management has reported a consistent growth in scale of operations characterized by increase in its sales volume as well as net profitability during 2013. The ratings also take into consideration the thin profitability margins of the company on account of the trading nature of business along with highly competitive environment. Moreover, the risks associated with the volatility in commodity prices of key traded products should be taken into account. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of extensive experience of the promoters and key management personnel, the subject can be considered for business dealings at usual trade terms and conditions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 05, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating “A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	May 05, 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Manoj A
Designation :	Finance Department
Contact No.:	91-22-22824444
Date :	06.12.2014

LOCATIONS

Registered Office / Warehouse :	701, Embassay Centre, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22824444 / 40098900
Fax No.:	91-22-22824440 / 22041411
E-Mail :	manoj.a@hmlindia.com aspen05072005@gmail.com
Website :	http://www.hmlindia.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Nitinkumar Dindayal Didwania

Designation :

Director

Address :

172, Kshitij, 47, Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

23.06.1974

Date of Appointment :

05.07.2005

DIN No.:

00210289

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	U99999MH1994PTC082808	VERITAS PROPERTIES PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Active	NO
2	U65990MH1994PLC082813	VERITAS INVESTMENTS LIMITED	Director	11/11/1994	11/11/1994	30/05/2014	Active	NO
3	U65990MH1995PTC095594	REVIVE SECURITIES PRIVATE LIMITED	Director	12/02/1996	12/02/1996	-	Active	NO
4	U65900MH1996PLC099279	INDIA FINTRADE LIMITED	Director	21/05/1996	21/05/1996	-	Active	NO
5	U51900MH1995PLC093674	HAZEL MERCANTILE LIMITED	Managing director	01/04/2012	01/04/1997	-	Active	NO
6	U67120MH1996PTC097863	PRICELESS INVESTRADE PRIVATE LIMITED	Director	12/04/1999	12/04/1999	-	Active	NO
7	U51900MH1996PTC104099	SANMAN TRADE IMPEX PRIVATE LIMITED	Director	12/04/1999	12/04/1999	-	Active	NO
8	U65990MH1996PTC102669	TRIDENT FINTRADE PRIVATE LIMITED	Director	02/04/2001	02/04/2001	30/05/2014	Active	NO
9	U51900MH1996PTC104063	EBEN TRADE IMPEX PRIVATE LIMITED	Director	01/08/2001	01/08/2001	-	Active	NO
10	U32303MH1990PTC055793	RHYTHM CREATORS PRIVATE LIMITED	Director	12/05/2003	12/05/2003	30/05/2014	Active	NO
11	U51909MH2004PTC145098	PRAKRUTI IMPORT EXPORT PRIVATE LIMITED	Director	16/03/2004	16/03/2004	30/05/2014	Active	NO
12	U51390MH2004PTC145298	EFFIN IMPORT EXPORT PRIVATE LIMITED	Director	24/03/2004	24/03/2004	30/05/2014	Active	NO
13	U72900MH2004PLC146236	HAZEL INFOTECH LIMITED	Director	12/05/2004	12/05/2004	-	Amalgamated	NO
14	U51909MH2005PTC154481	ASPEN INTERNATIONAL PRIVATE LIMITED	Director	05/07/2005	05/07/2005	-	Active	NO
15	U70100MH2005PTC151367	GRACIOUS REAL ESTATES PRIVATE LIMITED	Additional director	12/06/2014	05/08/2005	-	Active	NO
16	U70100MH2005PTC151379	AVID PROPERTIES PRIVATE LIMITED	Director	05/08/2005	05/08/2005	30/05/2014	Active	NO
17	U51420MH2005PTC156446	HAZEL METALS AND MINERALS PRIVATE LIMITED	Director	29/09/2005	29/09/2005	-	Amalgamated	NO
18	U51909MH2005PTC151378	CLAIRVOYANT TRADE IMPEX PRIVATE LIMITED	Director	28/10/2005	28/10/2005	30/05/2014	Active	NO
19	U65990MH1996PTC103255	VERTEX FINTRADE PRIVATE LIMITED	Director	31/03/2006	31/03/2006	27/04/2007	Active	NO
20	U70100MH2006PTC161465	SEARS REAL ESTATES PRIVATE LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
21	U51909MH2006PTC161459	SHIMMER TRADE IMPEX PRIVATE LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
22	U63090MH2006PTC161463	HAZEL LOGISTICS PRIVATE LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
23	U70100MH2006PTC161461	UDESHYA PROPERTIES PRIVATE LIMITED	Director	28/04/2006	28/04/2006	04/01/2012	Active	NO
24	U51909MH2006PTC161464	MATIN EXIM PRIVATE LIMITED	Director	28/04/2006	28/04/2006	30/05/2014	Active	NO
25	U51909MH2006PTC161460	COUNTY TRADE IMPEX PRIVATE LIMITED	Director	28/04/2006	28/04/2006	30/05/2014	Active	NO
26	U23209MH2006PLC166626	BIOFUELS (VERITAS) LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO
27	U45200MH2007PTC167839	VERITAS INFRASTRUCTURE DEVELOPMENT LIMITED	Director	13/02/2007	13/02/2007	-	Active	NO
28	U01403MH2007PTC168117	VERITAS AGRO VENTURES PRIVATE LIMITED	Director	24/02/2007	24/02/2007	-	Amalgamated	NO
29	L23209MH1985PLC035702	VERITAS (INDIA) LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
30	U67190MH1996PTC103717	ARISTO FINCAP PRIVATE LIMITED	Additional director	01/02/2008	01/02/2008	-	Active	NO
31	U51109MH2008PLC182189	GROUPE VERITAS LIMITED	Director	14/05/2008	14/05/2008	-	Active	NO
32	U45202MH2008PLC182355	HAZEL INFRA LIMITED	Director	17/05/2008	17/05/2008	-	Active	NO
33	U51909MH2005PTC151366	DIVA TRADE IMPEX PRIVATE LIMITED	Additional director	20/02/2010	20/02/2010	-	Active	NO
34	U52390MH2009PTC192131	ONTIME TRADE IMPEX PRIVATE LIMITED	Additional director	17/03/2010	17/03/2010	-	Active	NO
35	U51909WB2009PTC135084	TITLY BARTER PRIVATE LIMITED	Additional director	19/07/2010	19/07/2010	-	Active	NO
36	U51909MH2005PTC152105	ASTER IMPEX PRIVATE LIMITED	Additional director	23/07/2010	23/07/2010	-	Active	NO
37	U55101MH2007PTC170599	NERINE RESORT PRIVATE LIMITED	Director	11/09/2010	11/09/2010	-	Active	NO
38	U01403MH2010PTC209773	SAINATH AGRICULTURE PRIVATE LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
39	U01403MH2010PTC209989	BHUMIPUTRA AGRO PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
40	U70102MH2010PTC210721	KAMYAB PROPERTIES PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO
41	U45202MH2010PTC210683	AAFREEN PROPERTIES PRIVATE LIMITED	Director	07/12/2010	07/12/2010	17/03/2012	Active	NO
42	U01403MH2010PTC210804	KUDRAT FARMING PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
43	U01403MH2010PTC210809	ZAMEEN AGRO PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
44	U01403MH2010PTC210812	VISHWA AGRICULTURE PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
45	U01403MH2010PTC211346	SHUBH LABH AGRICULTURE PRIVATE LIMITED	Director	24/12/2010	24/12/2010	-	Active	NO
46	U45400MH2011PTC211767	GLISTENING PROPERTIES PRIVATE LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
47	U45202MH2011PTC211769	AFFLUENT PROPERTIES PRIVATE LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
48	U01403MH2011PTC212396	VIDHATA FARMING PRIVATE LIMITED	Director	17/01/2011	17/01/2011	-	Active	NO
49	U01404MH2011PTC212659	BEST FARMING PRIVATE LIMITED	Director	22/01/2011	22/01/2011	-	Active	NO
50	U01403MH2011PTC212664	BHOOMI FARMING PRIVATE LIMITED	Director	24/01/2011	24/01/2011	-	Active	NO
51	U01403MH2011PTC212691	FASAL FARMING PRIVATE LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO
52	U01500MH2011PTC212869	HARYALI FARMING PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO
53	U01500MH2011PTC212872	DHARNIDHAR AGRICULTURE PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO
54	U01403MH2011PTC212909	GOLDEN ARROW AGRO PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO
55	U01403MH2011PTC212913	KAMYAB FARMS PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO
56	U01122MH2011PTC212914	MOTHER NATURE AGRICOM PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO
57	U01403MH2011PTC213150	GOLDCROP AGRO PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
58	U51909MH2011PTC213132	TRITON INTERNATIONAL PRIVATE LIMITED	Director	07/02/2011	07/02/2011	04/01/2012	Active	NO
59	U70109MH2011PTC213831	VERITAS HOUSING DEVELOPMENT PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
60	U01403MH2011PTC215009	KRUSHI FARMING PRIVATE LIMITED	Director	19/03/2011	19/03/2011	-	Active	NO
61	U01403MH2011PTC215010	DHARNI FARMING PRIVATE LIMITED	Director	19/03/2011	19/03/2011	-	Active	NO
62	U01403MH2011PTC216554	DHARA FARMING PRIVATE LIMITED	Director	21/04/2011	21/04/2011	-	Active	NO
63	U70102MH2011PTC219072	VERITAS HABITATS PRIVATE LIMITED	Director	24/06/2011	24/06/2011	-	Active	NO
64	U65900MH2011PTC224947	SANCHAY INVESTMENTS PRIVATE LIMITED	Director	14/12/2011	14/12/2011	-	Active	NO
65	U74900MH2014PTC253249	GOODVALUE INFORMATICS SOLUTIONS PRIVATE LIMITED	Director	13/02/2014	13/02/2014	-	Amalgamated	NO
66	AAB-0996	VENTURE TRADE IMPEX LLP	Body corporate as Designated Partner	03/09/2012	03/09/2012	-	Active	NO

Name :

Mr. Kunal Suresh Sharma

Designation :

Director

Address :

12, Bule Heaven Mount Pleasant Road, Mlalabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.08.1969

Date of Appointment :

28.09.2012

DIN No.:

03553398

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
1	U51909MH2005PTC154481	ASPEN INTERNATIONAL PRIVATE LIMITED	Director	28/09/2012	10/06/2011	-	Active
2	U67120MH1993PTC073771	ARBITRIUM FINVEST PRIVATE LIMITED	Additional director	10/06/2011	10/06/2011	-	Active
3	U51420MH2005PTC156446	HAZEL METALS AND MINERALS PRIVATE LIMITED	Additional director	10/06/2011	10/06/2011	-	Amalgamated
4	U65920MH1996PTC103235	EMERALD FINTRADE PRIVATE LIMITED	Additional director	10/06/2011	10/06/2011	-	Active
5	U67190MH1996PTC103717	ARISTO FINCAP PRIVATE LIMITED	Additional director	05/07/2011	05/07/2011	-	Active
6	U65990MH1994PLC082813	VERITAS INVESTMENTS LIMITED	Additional director	30/05/2014	30/05/2014	-	Active
7	AAB-0996	VENTURE TRADE IMPEX LLP	Body corporate as Designated Partner	03/09/2012	03/09/2012	-	Active

Name :

Mr. Saurabh Dipak Sanghvi

Designation :

Director

Address :

66, Kamal Building, 69, Walkshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.08.1974

Date of Appointment :

28.09.2012

DIN No.:

02000411

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	L23209MH1985PLC035702	VERITAS (INDIA) LIMITED	Whole-time director	18/01/2012	05/12/2007	-	Active	NO
2	U51909MH2005PTC154481	ASPEN INTERNATIONAL PRIVATE LIMITED	Director	28/09/2012	02/12/2011	-	Active	NO
3	U23209MH2006PLC166626	BIOFUELS (VERITAS) LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
4	U51109MH2008PLC182189	GROUPE VERITAS LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
5	U45202MH2008PLC182355	HAZEL INFRA LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
6	U24110MH1994PTC076617	NEOLITE POLYMER INDUSTRIES P.LTD.	Additional director	02/12/2011	02/12/2011	-	Active	NO
7	U01403MH2007PTC168117	VERITAS AGRO VENTURES PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Amalgamated	NO
8	U45200MH2007PTC167839	VERITAS INFRASTRUCTURE DEVELOPMENT LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
9	U51909WB2009PTC135084	TITLY BARTER PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
10	U67120MH1996PTC097863	PRICELESS INVESTRADE PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
11	U65990MH1995PTC095594	REVIVE SECURITIES PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
12	U70109MH2011PTC213831	VERITAS HOUSING DEVELOPMENT PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
13	U65900MH1996PLC099279	INDIA FINTRADE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
14	U51900MH1995PLC093674	HAZEL MERCANTILE LIMITED	Director	28/09/2012	02/12/2011	-	Active	NO
15	U51900MH1996PTC104099	SANMAN TRADE IMPEX PRIVATE LIMITED	Director	28/09/2012	02/12/2011	-	Active	NO
16	U51390MH2004PTC145298	EFFIN IMPORT EXPORT PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	30/05/2014	Active	NO
17	U70100MH2005PTC151367	GRACIOUS REAL ESTATES PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	30/05/2014	Active	NO
18	U51909MH2004PTC145098	PRAKRUTI IMPORT EXPORT PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	30/05/2014	Active	NO
19	U65990MH1994PLC082813	VERITAS INVESTMENTS LIMITED	Additional director	02/12/2011	02/12/2011	30/05/2014	Active	NO
20	U65920MH1996PTC102312	AKSHATA FINTRADE PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	30/05/2014	Active	NO
21	U70100MH2005PTC151379	AVID PROPERTIES PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	30/05/2014	Active	NO
22	U51909MH2011PTC213132	TRITON INTERNATIONAL PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	03/12/2011	Active	NO
23	U74900MH2014PTC253249	GOODVALUE INFORMATICS SOLUTIONS PRIVATE LIMITED	Director	13/02/2014	13/02/2014	-	Amalgamated	NO
24	AAB-0996	VENTURE TRADE IMPEX LLP	Body corporate as Designated Partner	03/09/2012	03/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj A
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Nitinkumar Didwania	2995000	99.83
Sushmadevi Didwania	5000	0.17
Total	3000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer, Exporter and distributors of chemical and metal.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Middle East UK USA
Imports :
Products :	Raw Material
Countries :	China Korea Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Nariman Point, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee Term Loans from Banks	7.996	11.000
Short Term Borrowings
Loans repayable on demand from Banks	115.096	133.395
Total	123.092	144.395

Name :	G R Modi and Company Chartered Accountants
Address :	12, Laxminarayan Shopping Centre, Poddar Marg, Malad (East), Mumbai, Maharashtra, India
PAN No.:	AAAFG0111Q
Memberships :	--
Collaborators :	--
Parent Company :	Hazel Mercantile Limited
Associate Company :	Arbitrium Finvest Private Limited CIN No.: U67120MH1993PTC073771 Sears Real Estates Private Limited CIN No.: U70100MH2006PTC161465 Veritas Properties Private Limited CIN No.: U99999MH1994PTC082808 Diva Trade Inpex Private Limited CIN No.: U51909MH2005PTC151366

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	30.000
(b) Reserves & Surplus	212.635	179.807	132.527
(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)	242.635	209.807	162.527
(3) Non-Current Liabilities
(a) long-term borrowings	130.112	92.857	55.747
(b) Deferred tax liabilities (Net)	4.854	5.689	6.536
(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)	134.966	98.546	62.283
(4) Current Liabilities
(a) Short term borrowings	115.096	133.395	80.551
(b) Trade payables	706.940	581.274	498.553
(c) Other current liabilities	20.855	15.880	11.068
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	842.891	730.549	590.172
TOTAL	1220.492	1038.902	814.982
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.807	18.590	21.500
(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	3.612	4.540	4.873
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.419	23.130	26.373
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	366.717	218.338	194.409
(c) Trade receivables	690.421	704.166	538.259
(d) Cash and cash equivalents	37.803	37.153	25.161
(e) Short-term loans and advances	106.132	56.115	30.608
(f) Other current assets	0.000	0.000	0.172
Total Current Assets	1201.073	1,015.772	788.609
TOTAL	1220.492	1038.902	814.982

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		3470.000	3301.400	2479.600
Less	EXPENSES
		TOTAL		3428.600	3247.900	2436.300
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			41.400	53.500	43.300
Less	DEPRECIATION/ AMORTISATION			2.800	3.300	3.800
	PROFIT/(LOSS) BEFORE TAX			38.600	50.200	39.500
Less	TAX			5.800	2.900	7.000
	PROFIT/(LOSS) AFTER TAX			32.800	47.300	32.500
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	246.400	2.300
			Commission Earnings	0.000	0.100
	TOTAL EARNINGS			246.400	2.400	NA
	IMPORTS
			Traded Goods	1546.600	1136.600
	TOTAL IMPORTS			1546.600	1136.600	NA
	Earnings Per Share (Rs.)			10.93	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	3.17	4.85	4.88
Return on Investment (ROI) (PBT/Networth)		0.16	0.24	0.24
Debt Equity Ratio (Total Debt /Networth)		1.01	1.08	0.84
Current Ratio (Current Asset/Current Liability)		1.42	1.39	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	30.000	30.000	30.000
Reserves & Surplus	132.527	179.807	212.635
Net worth	162.527	209.807	242.635
long-term borrowings	55.747	92.857	130.112
Short term borrowings	80.551	133.395	115.096
Total borrowings	136.298	226.252	245.208
Debt/Equity ratio	0.839	1.078	1.011

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	2,479.600	3,301.400	3,470.000
		33.142	5.107

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	2,479.600	3,301.400	3,470.000
Profit	32.500	47.300	32.800
	1.31%	1.43%	0.95%

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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from related parties	122.116	81.857
Total	122.116	81.857

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10192844	14/12/2009	140,000,000.0	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTI CENTER POINT, MIDC CENTRAL ROAD, NEXT TO MAROL TELEPHONE EXCHANGE, ANDHERI, EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	A75451476
2	10179973	12/09/2009	22,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	A70641899
3	10179869	11/09/2009	22,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH,, RAHEJA CHAMBERS, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	A70622733
4	10144734	03/03/2009	19,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A57351801
5	10012838	19/04/2012 *	530,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B38204574

* Date of charge modification

FIXED ASSETS

• Land
• Furniture and Fixtures
• Office Equipment

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 records 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.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	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		49

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.