MIRA INFORM REPORT

Report No. :	347579
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	SHUKAN IMPEX PRIVATE LIMITED
Registered Office :	D-311, Third Floor, Sumel-6, Dudheshwar, Ahmedabad-380001, Gujarat
Tel No.:	91-79-25500171
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.10.2011
Com. Reg. No.:	04-067404
Capital Investment / Paid-up Capital :	Rs. 18.122 Million
CIN No.: [Company Identification No.]	U51505GJ2011PTC067404
IEC No,:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Electronic Items.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is relatively new company incorporated in the year 2011. It has moderate track record as trader of electronic items. The company has incurred losses from its operations which has resulted in partial erosion if its networth base in FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported to be slow but correct. In view of losses along with limited track record of business operations, the company can be considered for business dealings with 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.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Gunjan Vora
Designation :	Director
Contact No.:	91-9824555989
Date :	28.10.2015

LOCATIONS

Registered Office/ Warehouse :	D-311, Third Floor, Sumel-6, Dudheshwar, Ahmedabad-380001, Gujarat, India
Tel. No.:	91-79-25500171
Mobile No.:	91-9824555989 (Mr. Gunjan Vora)
Fax No.:	91-79-25500171
E-Mail :	shukan06@gmaiul.com kalpeshshah@yahoo.co.in shukanimpexpvtltd@gmail.com
Location :	Owned
Locality :	Commercial
Branch Office :	Located At Hyderabad

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Gunjan Narendrabhai Vora
Designation :	Director
Address :	B-3, Mahavir Flats, Jain Nagar, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	11.10.1981
Date of Appointment :	11.10.2011
DIN No.:	02871185
Name :	Mr. Vipul Kumar Rasiklal Shah
Designation :	Director
Address :	7, Tilak Apartment, Maharashtra Society, Near Medi Search Hospital, Mithakhali, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	06.03.1976
Date of Appointment :	11.10.2011
DIN No.:	02871201
Name :	Mr. Narendra Popatlal Vora
Designation :	Additional Director
Address :	A, Aalap-3, Dasaporwad Society, Behind Navchetan School, Paldi, Ahmedabad-380007, Gujarat, India
Date of Birth/Age :	06.12.1953
Date of Appointment :	23.01.2014
DIN No.:	06759790
Name :	Mr. Rasiklal Popatlal Shah
Designation :	Additional Director
Address :	502, Setu Court Yard, Brahman Mitramandal Society, Near Jalaram Temple, Paldi, Ahmedabad-380007, Gujarat, India
Date of Birth/Age :	24.06.1946
Date of Appointment :	23.01.2014
DIN No.:	06760919
Name :	Mr. Dhruv Navinkumar Shah
Designation :	Additional Director
Address :	A/9, Ankur Flat, 2nd Floor,, Jesing Bhai's Vadi, Ghee Kanta Road, Kalupur, Ahmedabad-380001, Gujarat, India
Date of Appointment :	01.06.2015
DIN No.:	07197517

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age
Gunjan Narendrabhai Vora	266590	14.70
Vipul Kumar Rasiklal Shah	5000	0.28
Narenra Kumar P. Vora (HUF)	260400	14.37
Gunjan Narendra Kumar Vora (HUF)	294500	16.25
Kunjan Narendra Kumar Vora	250000	13.80
Sweta Gunjan Vora	235700	13.01
Bhavik S. Parikh	500010	27.59
TOTAL	1812200	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Electronic Items.
Products :	Electronic Items
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Ingram Micro India Private Limited
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 :

Reference :

Manglik Telecom (Ahmedabad)

Name of the Person :

Mr. Palak Shah (Proprietor)

Contact No.:

91-9879955825

Since How Long Known :

3 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive r feedback about subject company they are satisfied with their product quality and delivery behaviour.

· Dhaval Telecom

No. of Employees :

30 (Approximately)

Bankers :

Bank Name	Syndicate Bank
Branch	Near Jagdish Market, Hyderabad-500001, Telangana, 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)	Not Divulged

· UCO Bank, Ashram Road, Ellis bridge, Ahmedabad-380009, Gujarat, India

· Corporation Bank, Navrangpura, Ahmedabad, Gujarat, India

· HDFC Bank Limited

· UCO Bank

Auditors :
Name :	Kalpesh B Shah and Company Chartered Accountants
Address :	B-210, Popular Center, Opposite Sun Photo Shyamal Cross Roads, Satellite, Ahmedabad – 380115, Gujarat, India
Tel. No.:	91-79-30619495
Mobile No.:	91-9825484022
Qualification :	B.Com, F.C.A., D.I.C.A. (ICAI)
E-mail :	kalpeshbshah@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AHJPS7237F
Memberships :	--
Collaborators :	--
Enterprises owned or significant influenced by the key Management Personnel or their relatives :	· Shukan Impex · Labdhi Enterprise · Vora Investment

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1812200	Equity Shares	Rs.10/- each	Rs. 18.122 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.122	18.122	0.100
(b) Reserves & Surplus	(0.369)	(0.236)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	18.022
Total Shareholders’ Funds (1) + (2)	17.753	17.886	18.122
(3) Non-Current Liabilities
(a) long-term borrowings	49.071	57.571	37.431
(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)	49.071	57.571	37.431
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.098	0.022	0.009
(d) Short-term provisions	0.000	0.000	0.003
Total Current Liabilities (4)	0.098	0.022	0.012
TOTAL	66.922	75.479	55.565
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.020	0.020	0.020
(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	0.335
Total Non-Current Assets	0.020	0.020	0.355
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1.531	0.000	0.000
(d) Cash and cash equivalents	0.081	0.000	0.000
(e) Short-term loans and advances	65.290	0.392	0.121
(f) Other current assets	0.000	75.067	55.089
Total Current Assets	66.902	75.459	55.210
TOTAL	66.922	75.479	55.565

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	15.302	0.000
		Other Income	NA	0.000	0.000
		TOTAL	NA	15.302	0.000
Less	EXPENSES
		Cost of Material	NA	15.044	0.000
		Employee Benefit Expenses	NA	0.054	0.000
		Other Expenses	NA	0.435	0.000
		TOTAL	NA	15.533	0.000
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.133)	(0.231)	0.000
Less	FINANCIAL EXPENSES		0.000	0.005	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.133)	(0.236)	0.000
Less	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		(0.133)	(0.236)	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(0.133)	(0.236)	0.000
	Earnings Per Share (Rs.)		(0.07)	(0.13)	--

Particulars	31.03.2015
Sales Turnover (Approximately)	7000.000

Expected Sales (2015-2016) : Rs.8000.000 Million

The above information has been parted by Gunjan Vora (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	1.54	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	NA	(1.51)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.20)	0.31	0.00
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		2.76	3.22	2.07
Current Ratio (Current Asset/Current Liability)		682.66	3429.95	4600.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	18.122	18.122
Reserves & Surplus	0.000	(0.236)	(0.369)
Net worth	0.100	17.886	17.753
long-term borrowings	37.431	57.571	49.071
Short term borrowings	0.000	0.000	0.000
Total borrowings	37.431	57.571	49.071
Debt/Equity ratio	374.310	3.219	2.764

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	Yes
19]	Major customers	Yes
20]	Banking Details	Yes
21]	Banking facility details	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last two years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Directors
Gunjan N Vora	7.965	1.466
Vipul R. Shah	0.005	0.005
From Shareholders
B S Parikh	41.100	56.100
Total	49.070	57.571

BACKGROUND

Subject was incorporated on 11-10-2011 having main object to import, export, marketing, trading etc. of consumer products, cell phones, mobile phones etc.

INDEX OF CHARGES - NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicles

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.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.