MIRA INFORM REPORT

Report Date :

30.07.2014

IDENTIFICATION DETAILS

Name :	SPRING VALLEY COMPUTECH PRIVATE LIMITED
Registered Office :	“Sunidhi”, 120, Lenin Sarani, P.S. Muchipara, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2014 (Provisional)
Date of Incorporation :	17.05.2000
Com. Reg. No.:	21-091853
Capital Investment / Paid-up Capital :	Rs. 0.340 Million
CIN No.: [Company Identification No.]	U72200WB2000PTC091853
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Food Products and Wood Flooring.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment term are reported to be usually correct and as per commitments. The company can be considered normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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. Harsh Vardhan Rungta
Designation :	Director
Contact No.:	91-9051089895
Date :	29.07.2014

LOCATIONS

Registered Office :	“Sunidhi”, 120, Lenin Sarani, P.S. Muchipara, Kolkata – 700013, West Bengal, India
Tel. No. :	91-33-22264923
Mobile No. :	91-9051089895 (Mr. Harsh Vardhan Rungta)
Fax No. :	Not Available
E-Mail :	info@springvalley.net.in harsh.v.rungta@gmail.com
Website :	www.springvalley.net.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Harsh Vardhan Rungta

Designation :

Director

Address :

20, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

18.08.1965

Date of Appointment :

17.05.2000

PAN No.:

ADHPR2020D

DIN No. :

00563886

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	U45201WB1990PLC048714	SUNIDHI PROPERTIES LIMITED	Director	08-10-1991	08-10-1991	-	Active	NO
2	U70109WB1990PTC048168	CITISTAR DEVELOPERS PRIVATE LIMITED	Director	08-10-1991	08-10-1991	-	Active	NO
3	U51504WB1971PTC080792	HARI EQUIPMENTS PRIVATE LIMITED	Director	06-08-1993	06-08-1993	27-12-2007	Active	NO
4	U65999WB1991PTC051174	RAJ FISCAL SERVICES PRIVATE LIMITED	Director	21-03-1994	21-03-1994	02-06-2009	Active	NO
5	U65999WB1991PTC051167	PRAGYA FINVEST COMPANY PRIVATE LIMITED	Director	21-03-1994	21-03-1994	02-06-2009	Active	NO
6	U51909WB1991PTC050822	PRAGYA IMPEX PRIVATE LIMITED	Director	30-06-1997	30-06-1997	-	Active	NO
7	U65999WB1991PTC051172	PUJA FISCAL SERVICES PRIVATE LIMITED	Director	30-06-1997	30-06-1997	02-06-2009	Active	NO
8	U72200WB2000PTC091853	SPRING VALLEY COMPUTECH PRIVATE LIMITED	Director	17-05-2000	17-05-2000	-	Active	NO
9	U70101WB1998PTC088333	AVION BUILDERS PRIVATE LIMITED	Director	16-02-2001	16-02-2001	-	Active	NO
10	U25202WB1985PTC039725	ABHI PLASTICS PRIVATE LIMITED	Director	16-08-2005	16-08-2005	-	Active	NO
11	U27100WB2007PTC119114	AAYUSH STEELCO PRIVATE LIMITED	Additional director	14-05-2014	01-10-2007	-	Active	NO
12	U45400WB2013PTC193892	SWARNMAHAL PROMOTERS PRIVATE LIMITED	Additional director	26-05-2014	26-05-2014	-	Active	NO

Name :

Nidhi Rungta

Designation :

Director

Address :

20, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

12.04.1971

Date of Appointment :

04.02.2004

PAN No. :

ADQPR2887M

DIN No. :

01377610

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	Company/ LLP Status	Defaulting status
1	U72200WB2000PTC091853	SPRING VALLEY COMPUTECH PRIVATE LIMITED	Director	04-02-2004	04-02-2004	Active	NO
2	U70109WB1990PTC048168	CITISTAR DEVELOPERS PRIVATE LIMITED	Additional director	10-08-2007	10-08-2007	Active	NO
3	U45201WB1990PLC048714	SUNIDHI PROPERTIES LIMITED	Director	18-11-2008	18-11-2008	Active	NO
4	U51909WB1991PTC050822	PRAGYA IMPEX PRIVATE LIMITED	Director	18-11-2008	18-11-2008	Active	NO
5	U45400WB2013PTC193892	SWARNMAHAL PROMOTERS PRIVATE LIMITED	Additional director	26-05-2014	26-05-2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Harsh Vardhan Rungta	12800	37.65
Nidhi Rungta	11200	32.94
Citistar Developers Private Limited, India	10000	29.41
Total	34000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	29.00
Directors or relatives of Directors	71.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Food Products and Wood Flooring.
Imports :
Products :	Wood Flooring
Countries :	China

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Oriental Bank of Commerce, Ballygunge Branch, 56, Gariahat Road, Kolkata - 700019, West Bengal, India Oriental Bank of Commerce, Park Circus Branch, 27/1A, C.I.T. Road, Scheme IV, Kolkata - 700014, West Bengal, India
Facilities :	CC : Rs. 7.500 Millions (From Oriental Bank of Commerce) LC : Rs. 4.000 Millions BG : Rs. 2.500 Millions FC : Rs. 4.000 Millions

Banking Relations :	--
Auditors :
Name :	Vijay Bhushan Agarwal and Associates Chartered Accountants
Address :	8/1C, Palm Avenue,1st Floor, Kolkata – 700019, West Bengal, India
Tel. No. :	91-33-22812196
Sisters Concern :	City Star Development Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34,000	Equity Shares	Rs.10/- each	Rs. 0.340 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (Provisional)	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.340	0.340	0.340
(b) Reserves & Surplus	4.783	4.147	3.537
(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)	5.123	4.487	3.877
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.063	0.222
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.201	2.271	2.271
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.201	2.334	2.493
(4) Current Liabilities
(a) Short term borrowings	4.923	4.078	4.507
(b) Trade payables	0.559	0.694	1.642
(c) Other current liabilities	2.748	6.768	7.103
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	8.230	11.540	13.252
TOTAL	15.554	18.361	19.622
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.835	0.995	1.010
(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	0.159	0.159	0.159
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.731	1.536	1.190
(e) Other Non-current assets	0.607	0.602	0.263
Total Non-Current Assets	2.332	3.292	2.622
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.159	6.029	7.789
(c) Trade receivables	4.135	4.820	3.907
(d) Cash and cash equivalents	1.752	2.478	1.030
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	3.176	1.742	4.274
Total Current Assets	13.222	15.069	17.000
TOTAL	15.554	18.361	19.622

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (Provisional)	31.03.2013	31.03.2012
	SALES
		Income	22.234	21.544	21.151
		Other Income	4.867	4.274	4.226
		TOTAL (A)	27.101	25.818	25.377
Less	EXPENSES
		Purchases of Stock-in-Trade	15.387	14.690	19.387
		Changes in inventories of Stock-in-Trade	1.870	1.759	-2.637
		Employees benefits expense	1.650	1.657	1.964
		Other expenses	6.514	5.972	4.975
		TOTAL (B)	25.421	24.078	23.689
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.680	1.740	1.688
Less	FINANCIAL EXPENSES (D)		0.596	0.655	0.710
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.084	1.085	0.978
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.160	0.183	0.179
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.924	0.902	0.799
Less	TAX (H)		0.288	0.293	0.241
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.636	0.609	0.558
	Earnings / (Loss) Per Share (Rs.)		18.71	17.92	16.40

KEY RATIOS

PARTICULARS		31.03.2014 (Provisional)	31.03.2013	31.03.2012
PAT / Total Income	(%)	2.35	2.36	2.20
Net Profit Margin (PBT/Sales)	(%)	4.16	4.19	3.78
Return on Total Assets (PBT/Total Assets}	(%)	6.00	4.96	4.11
Return on Investment (ROI) (PBT/Networth)		0.18	0.20	0.21
Debt Equity Ratio (Total Debt/Networth)		0.96	0.92	1.22
Current Ratio (Current Asset/Current Liability)		1.61	1.31	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.340	0.340	0.340
Reserves & Surplus	3.537	4.147	4.783
Net worth	3.877	4.487	5.123
long-term borrowings	0.222	0.063	0.000
Short term borrowings	4.507	4.078	4.923
Total borrowings	4.729	4.141	4.923
Debt/Equity ratio	1.220	0.923	0.961

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	21.151	21.544	22.234
		1.858	3.203

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	21.151	21.544	22.234
Profit	0.558	0.609	0.636
	2.64%	2.83%	2.86%

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	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10167288	06/01/2014 *	18,500,000.00	ORIENTAL BANK OF COMMERCE	PARK CIRCUS BRANCH, 27/1A, C.I.T. ROAD, SCHEME IV, KOLKATA, WEST BENGAL - 700014, INDIA	B97626618

* Date of charge modification

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.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.