MIRA INFORM REPORT

Report Date :

04.01.2014

IDENTIFICATION DETAILS

Name :	CHARU OVERSEAS PRIVATE LIMITED
Registered Office :	Khasra No.106/148/A(1-01), Near Firni Road, Khera Kalan, Delhi – 110082
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.07.1995
Com. Reg. No.:	55-070519
Capital Investment / Paid-up Capital :	Rs. 1.473 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC070519
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Plastic Raw Material.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 49000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BB” (Suspended)
Rating Explanation	Moderate risk of default
Date	07.09.2012

Rating Agency Name	CARE
Rating	Short term bank facilities: “A4” (Suspended)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	07.09.2012

Reason for Suspended: Subject not furnished the information required.

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. Umesh Aggarwal
Contact No.:	91-9899755550
Date :	04.01.2014

LOCATIONS

Registered Office :	Khasra No.106/148/A(1-01), Near Firni Road, Khera Kalan, Delhi – 110082, India
Tel. No. :	91-11-22096848
Mobile No. :	91-9899755550 (Mr. Umesh Aggarwal)
Fax No. :	Not Available
E-Mail :	mlgargca@vsnl.net swastika.plastics@rediffmail.com
Location :	Rented

DIRECTORS

As on 30.09.2013

Name :

Kanchan Agarwal

Designation :

Director

Address :

D-141, Anand Vihar, Delhi – 110092, India

Date of Birth/Age :

13.03.1972

Date of Appointment :

01.05.1998

DIN No. :

00281009

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	U74899DL1995PTC070519	CHARU OVERSEAS PRIVATE LIMITED	Director	01/05/1998	01/05/1998	-	Active	NO
2	U72300DL2007PTC168195	SHIVIJ INFOTECH PRIVATE LIMITED	Director	14/09/2007	14/09/2007	29/03/2010	Active	NO

Name :

Mr. Prashant Agarwal

Designation :

Director

Address :

D-141, Anand Vihar, Delhi – 110092, India

Date of Birth/Age :

20.11.1971

Date of Appointment :

05.07.1995

DIN No. :

00336721

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	U74899DL1995PTC070519	CHARU OVERSEAS PRIVATE LIMITED	Director	05/07/1995	05/07/1995	-	Active	NO
2	U72900DL2006PTC155080	GOKUL INFOTECH PRIVATE LIMITED	Director	03/11/2006	03/11/2006	-	Active	NO
3	U72200UP2001PTC026243	VRINDAVAN INFOTEC PRIVATE LIMITED	Director	20/05/2013	24/04/2007	01/08/2013	Active	NO
4	U25209DL2010PTC206489	SWASTIK PLASCHEM PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO

Name :

Mr. Sushant Aggarwal

Designation :

Director

Address :

30.07.1989

Date of Birth/Age :

D-141, Anand Vihar, Delhi – 110092, India

Date of Appointment :

30.09.2010

DIN No. :

02909893

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
S.S. Agarwal and Sons (HUF)	2000
Neeta Agarwal	13000
Prashant Agarwal	80300
Kanchan Agarwal	52000
Total	147300

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Plastic Raw Material.
Imports :
Products :	Plastic Raw Material
Countries :	· Qatar Saudi Arabia
Terms :
Selling :	Cash, Credit and Advance
Purchasing :	Cash, Credit and Advance

GENERAL INFORMATION

Suppliers :

· HMEL Private Limited

Shivani Overseas

Sight Sound Electronics India Private Limited

PSA Polymers Limited

OSR Logistics

OSR Express Cargo Private Limited

Falcon India

Customers :

Retailers and End Users

· Jewel Overseas Private Limited

N M Projects Private Limited

Kaycee Petrochemicals

Keshar Enterprises

JS International

Gentech Engg.

LK International

Shree Balaji Creations

Ureka Plast Tech

No. of Employees :

7 (Approximately)

Bankers :

· Union Bank of India, C-8, Anand Vihar, New Delhi - 110092, India

Yes Bank Limited

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan – From Bank	0.215	0.505
SHORT TERM BORROWINGS
Loan repayable on Demand – From Bank	17.753	22.078
Total	17.968	22.583

Banking Relations :	--
Auditors :
Name :	M.L.Garg and Company Chartered Accountants
Address :	K-60 (2nd Floor), Opposite PVR Plaza, Connaught Place, New Delhi – 110001, India
Tel. No. :	91-11-23414171 / 65398206
E-Mail :	migargca@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AAGFM7334P
Enterprises where key management personals and relative have substantial influence:	· Swastick Plastics Delhi Polymers And Chemicals Private Limited Kayce Petrochemicals Swastika Traders Kayce Polymers Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147,300	Equity Shares	Rs.10/- each	Rs. 1.473 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	1.473	1.473	1.473
(b) Reserves & Surplus	10.704	8.425	7.441
(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)	12.177	9.898	8.914
(3) Non-Current Liabilities
(a) long-term borrowings	4.778	2.717	2.941
(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)	4.778	2.717	2.941
(4) Current Liabilities
(a) Short term borrowings	25.173	29.375	7.714
(b) Trade payables	11.104	48.317	33.273
(c) Other current liabilities	0.470	1.164	1.662
(d) Short-term provisions	0.113	0.008	0.253
Total Current Liabilities (4)	36.860	78.864	42.902
TOTAL	53.815	91.479	54.757
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.838	2.194	1.142
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.018	0.024	0.022
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.856	2.218	1.164
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.316	14.122	5.161
(c) Trade receivables	35.506	64.620	33.850
(d) Cash and cash equivalents	1.038	4.268	7.966
(e) Short-term loans and advances	5.099	6.251	6.616
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	51.959	89.261	53.593
TOTAL	53.815	91.479	54.757

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	639.748	598.373	495.641
		Other Income	1.684	0.729	2.689
		TOTAL	641.432	599.102	498.330
Less	EXPENSES
		TOTAL	638.085	597.675	494.574
	PROFIT/ (LOSS) BEFORE TAX		3.347	1.427	3.756
Less	TAX		1.068	0.443	1.202
	PROFIT/ (LOSS) AFTER TAX		2.279	0.984	2.554
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.424	7.440	4.886
	BALANCE CARRIED TO THE B/S		10.703	8.424	7.440
	Earnings / (Loss) Per Share (Rs.)		15.47	6.68	17.34

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.36	0.16	0.51
Net Profit Margin (PBT/Sales)	(%)	0.52	0.24	0.76
Return on Total Assets (PBT/Total Assets}	(%)	6.23	1.56	6.86
Return on Investment (ROI) (PBT/Networth)		0.27	0.14	0.42
Debt Equity Ratio (Total Debt/Networth)		2.46	3.24	1.20
Current Ratio (Current Asset/Current Liability)		1.41	1.13	1.25

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	Yes
18]	Major customers	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10364928	16/09/2013 *	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B89108922
2	10057344	27/09/2007 *	25,000,000.00	UNION BANK OF INDIA	C-8, ANAND VIHAR, DELHI - 110092, INDIA	A24852840
3	10057346	12/11/2013 *	240,000,000.00	UNION BANK OF INDIA	C-8, ANAND VIHAR, DELHI - 110092, INDIA	B91245068
4	90054478	27/09/2007 *	25,000,000.00	UNION BANK OF INDIA	C-8, ANAND VIHAR, DELHI - 110092, INDIA	A24853236

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	4.563	2.212
SHORT TERM BORROWINGS
Deposits	7.420	7.297
Total	11.983	9.509

CHANGE OF ADDRESS

The registered office of the company has been shifted from Khasra No.160/148/A(1-01), Near Firni Road, Khera Kalan, Delhi – 110082, India to the present address w.e.f. 16.01.2012.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Claim against the company not acknowledged as debt:
Guarantees (The company has provided corporate guarantee fo Yes Bank Limited, for credit facilities availed by Swastik Plastics, a related party)	50.000	0.000

FIXED ASSETS

· Furniture and Fixture

Air Conditioner

Motor Cars

Plant and Machinery

Computers

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.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		28

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.