MIRA INFORM REPORT

Report No. :	318097
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	VOLITION TRADING PRIVATE LIMITED
Registered Office :	Office No. 318/319, AC Market, Tardeo, Mumbai-400034, Maharashtra
Tel. No.:	91-9867042863 [Mr. Hiren Shah]
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.02.1994
Com. Reg. No.:	11-076780
Capital Investment / Paid-up Capital :	Rs.2.310 Million
CIN No.: [Company Identification No.]	U51900MH1994PTC076780
CIN No.: [Company Identification No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Distributor, Importer and Exporter of All Types of Products, Goods Items Appliances, Commodities, Articles, Fruits, Automobile Products, etc.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department since 2011. Mr. Hiren Shah, Director has provided general information to us and claimed that company has achieved sales turnover of Rs. 6500.000 Million for the year 2014-15 which is not verified. Rating is constrained on account of absence of latest financial information to evaluate risk associate with the subject company. As per the status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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. Hiren Shah
Designation :	Director
Contact No.:	91-9867042863
Date :	17.04.2015

LOCATIONS

Registered Office/ Factory :	Office No. 318/319, AC Market, Tardeo, Mumbai-400034, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9867042863 [Mr. Hiren Shah]
Fax No.:	Not Available
E-Mail :	satyajitmishra_cs@rediffmail.com jayesh@europanltd.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Harakhchand Nagindas Shah

Designation :

Director

Address :

61, Gokul, 99, Walkeshwar Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Appointment :

24.02.1994

Din No.:

00003369

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	U51900MH1994PTC076782	UPBEAT TRADING PRIVATE LIMITED	Director	24/02/1994	24/02/1994	-	Active	NO
2	U51900MH1994PTC076780	VOLITION TRADING PRIVATE LIMITED	Director	24/02/1994	24/02/1994	-	Active	NO
3	U27100GJ1994PLC021710	MASCOT PUMP LIMITED	Director	31/03/1994	31/03/1994	15/06/2009	Active	NO
4	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	05/04/2012	22/08/2003	-	Active	NO

Name :

Mr. Hiren Harakhchand Shah

Designation :

Director

Address :

61, Gokul, 99, Walkeshwar Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Appointment :

31.03.2005

Din No.:

01506187

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	U51900MH1994PTC076780	VOLITION TRADING PRIVATE LIMITED	Director	31/03/2005	31/03/2005	Active	NO
2	U27101GJ2006PTC049594	ACE METALS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO
3	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	29/09/2007	29/09/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares	% of Holding
Harakhchand Nagindas Shah	30000	20.00
Gunvanti Harakhchand Shah	30000	20.00
Jayesh Harakhchand Shah	30000	20.00
Hitesh Harakhchand Shah	30000	20.00
Hiren Harakhchand Shah	30000	20.00
TOTAL	150000	100.00

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Trader, Distributor, Importer and Exporter of All Types of Products, Goods Items Appliances, Commodities, Articles, Fruits, Automobile Products, etc.
Products :	Goods Items Appliances Commodities Articles Fruits Automobile Products, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Goods Items Appliances Commodities Articles Fruits Automobile Products, etc.
Countries :	Europe
Imports :
Products :	Steel Product
Countries :	China Gulf Countries
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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers

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

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	Nagpur Nagarik Sahakari Bank Limited
Branch	Dadar Branch, Dnyansagar Building, 1st Floor, S .K. Bole Road, Dadar (West), Mumbai - 400028, 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)	Cash Credit – Rs. 70.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	R.J. Kothari and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	v Pankaj Extrusions Limited v Upbeat Trading Private Limited v Pankaj Metals

CAPITAL STRUCTURE

AFTER 30.09.2010

Authorized Capital: Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital: Rs. 12.500 Million

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Million
	Share Forfeiture		Rs.0.810 Million
	TOTAL		Rs.2.310 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.310	2.310	2.310
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.044	14.676	14.506
4] (Accumulated Losses)		0.000	0.000	0.000
5] Shares Pending For Allotment		38.733	0.000	0.000
NETWORTH		58.087	16.986	16.816
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		15.231	6.217	18.925
TOTAL BORROWING		15.231	6.217	18.925
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		73.318	23.203	35.741
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		59.345	15.461	15.462
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	55.486	73.392	31.804
	Cash & Bank Balances	0.204	2.310	1.954
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.024	0.485	18.293
Total Current Assets		56.714	76.187	52.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.130	68.184	31.510
	Other Current Liabilities	0.461	0.059	0.146
	Provisions	1.150	0.202	0.116
Total Current Liabilities		42.741	68.445	31.772
Net Current Assets		13.973	7.742	20.279
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		73.318	23.203	35.741

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	768.734	287.477	30.581
		Other Income	0.288	0.601	0.530
		TOTAL	769.022	288.078	31.111
Less	EXPENSES
		Purchases	765.158	287.464	30.279
		Establishment Expenses	0.431	0.337	0.272
		TOTAL	765.589	287.801	30.551
	PROFIT / (LOSS) BEFORE TAX		3.433	0.277	0.560
Less	TAX		1.065	0.086	0.116
	PROFIT / (LOSS) AFTER TAX		2.368	0.191	0.444
	Earnings / (Loss) Per Share (Rs.)		15.79	1.27	2.96

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PAT / Sales)	(%)	0.31	0.07	1.45
Return on Total Assets (PBT/Total Assets}	(%)	6.05	0.53	1.07
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	0.03
Debt Equity Ratio (Total Debt/Networth)		0.26	0.37	1.13
Current Ratio (Current Asset/Current Liability)		1.33	1.11	1.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	Million	Million	Million
Share Capital	2.310	2.310	2.310
Reserves & Surplus	14.506	14.676	17.044
Net worth	16.816	16.986	19.354
Secured Loans	0.000	0.000	0.000
Unsecured Loans	18.925	6.217	15.231
Total borrowings	18.925	6.217	15.231
Debt/Equity ratio	1.125	0.366	0.787

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	30.581	287.477	768.734
		840.051	167.407

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	30.581	287.477	768.734
Profit	0.444	0.191	2.368
	1.45%	0.07%	0.31%

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	Yes
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	No
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted 532, Arun Chambers, Next To AC Market, Tardeo Main Road, Mumbai-400034, Maharashtra from to the present address.

UNSECURED LOAN

Particulars	As on 31.03.2010 [Rs. in Million]	As on 31.03.2009 [Rs. in Million]
From Inter Corporate	15.231	6.217
TOTAL	15.231	6.217

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10421638	13/03/2013	70,000,000.00	NAGPUR NAGARIK SAHAKARI BANK LIMITED	DADAR BRANCH, DNYANSAGAR BUILDING, 1ST FLOOR, S .K. BOLE ROAD, DADAR (WEST), MUMBAI -  400028, MAHARASHTRA, INDIA	B73724122

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.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		12

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.