MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	PANASIAN IMPEX PRIVATE LIMITED
Registered Office :	Diamond Chamber, 4, Chowringhee Lane, 4^th Floor, Room No-4K, Block No.1 and 2, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.09.2008
Com. Reg. No.:	21-129563
Capital Investment / Paid-up Capital :	Rs.14.040 millions
CIN No.: [Company Identification No.]	U51909WB2008PTC129563
TAN No.: [Tax Deduction & Collection Account No.]	CALP08571D
PAN No.: [Permanent Account No.]	AAECP8220G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cotton.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 284000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Ramesh Gupta
Designation :	Chief Executive Officer
Contact No.:	91-9830043610
Date :	13.12.2011

LOCATIONS

Registered Office :	Diamond Chamber, 4, Chowringhee Lane, 4^th Floor, Room No-4K, Block No.1 and 2, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-22522476
Mobile No.:	91-9830255526 (Mr. Shyamal)
Fax No.:	91-33-40019307
E-Mail :	expo@panasian.co.in starlite200100@yahoo.com
Area :	750 sq ft
Location :	Owned
Factory :	Located at: v Malkapur, Maharashtra, India
Area :	10 acres
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Santosh Kumar Ram Ratan Goenka

Designation :

Director

Address :

11, Ballygunge Park Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

16.05.1953

Qualification :

Graduate

Date of Appointment :

23.09.2008

DIN No.:

00261445

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17111WB1995PTC070346	Nirmal Saree Mandir Private Limited	Director	29-03-95	29-03-95	Active	NO
2	U67120WB1995PTC070344	Nirmal Investments Private Limited	Director	29-03-95	29-03-95	Active	NO
3	U17111WB1995PTC070347	Nirmal Saree Collections Private Limited	Director	30-03-95	30-03-95	Active	NO
4	U22210WB2001PTC093819	Nirmal Dyeing and Printing Private Limited	Director	20-11-02	20-11-02	Active	NO
5	U45201WB2003PTC096528	S. A. Properties Private Limited	Director	07-07-03	07-07-03	Active	NO
6	U51909WB1995PTC070716	Nirmal Emporium Private Limited	Director	16-07-04	16-07-04	Active	NO
7	U65910WB1988PTC045494	Ganeshmull Sampatlal Finance and Leasing Private Limited	Director	04-06-05	04-06-05	Active	NO
8	U67120WB1994PTC066522	Tirupati Stock Broking and Services Private Limited	Director	21-07-05	21-07-05	Active	NO
9	U70101WB2006PTC109681	Barsana Clubs Resorts Private Limited	Director	30-05-06	30-05-06	Active	NO
10	U51909WB2008PTC129563	Panasian Impex Private Limited	Director	23-09-08	23-09-08	Active	NO

Name :

Mr. Shyamal Panchanan Bhattacharjee

Designation :

Director

Address :

41/5, Sarsuna Main Road, Kolkata – 700 061, West Bengal, India

Date of Birth/Age :

27.12.1947

Qualification :

Graduate

Date of Appointment :

23.09.2008

DIN No.:

02293276

KEY EXECUTIVES

Name :	Mr. Ramesh Gupta
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Santosh Kumar Goenka	7000
Shyamal Bhattacharjee	7000
Rameshwar Finvest Private Limited	280000
Ganeshmull Sampatlal Finance and Leasing Private Limited, India	280000
Nirmal Investments Private Limited, India	210000
Nirmal Towers Private Limited, India	60000
Rajadhiraj Consultants Private Limited, India	280000
Tirupati Stockbroking and Services Private Limited, India	280000
Total	1404000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.00
Directors or relatives of directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton.

Products :

Item Code No. (ITC Code)	5201.00.00
Product Description	Cotton Bales and Cotton Seeds

v Raw Cotton

v Wheat

v Maize

v Rice

Exports :

Products :

v Raw Cotton

v Wheat

v Maize

v Rice

Countries :

v Bangladesh

v Pakistan

v China

v Indonesia

Terms :

Selling :

L/C (21 days)

Purchasing :

L/C (21 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Purchase/ Production
Raw Cotton	Qtl.	50290.72
Cotton Seeds	Qtl.	24430.51
Cotton Bales	Nos.	84266.48

GENERAL INFORMATION

Customers :

Manufacturer

v Shail Exports Private Limited, Mumbai

No. of Employees :

50 (Approximately)

Bankers :

v Karnataka Bank Limited, 1, Sarojni Naidu Sarani, Park Street Branch, Kolkata - 700 017, West Bengal, India

v Standard Chartered Bank, Chowringhee

v State Bank of India, Malkapur

v IDBI Bank Limited, Malkapur Branch, Satsang Cinema Road, Nimwadi Chowk, Malkapur – 443 101, Maharashtra, India

Facilities :

PC – Rs.250.000 millions (Karnataka Bank Limited)

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit limit from Karnataka Bank Limited	259.336	25.238
Cash Credit limit from IDBI Bank Limited, Malkapur (Maharashtra)	34.798	0.000
Term Loan from IDBI Bank Limited, Malkapur (Maharashtra)	15.000	0.000
Total	309.134	25.238

Notes:

The Company has been Sanctioned working capital facilities from Karnataka Bank Limited Kolkata. The Loan is Secured by way of Charge on Movable Asset, Book Debts, Outstanding Monies, receivables Claims, bills, investments, rights to or in moveable properties/movable assets forming part of current assets both in moveable properties/moveable assets forming part of present and future at Kolkata.

The Company has been Sanctioned working capital and term Loan facilities from IDBI Bank Malkapur. The Loan is Secured by way of Charge on Movable Asset, Book Debt, outstanding monies, receivables, claims bill, investment, right to or current assets both Present and Future at Malkapur.

Banking Relations :	--
Auditors :
Name :	B.K. Dugar and Associates Chartered Accountants
Address :	8, B.B.D. Bag (East), 1^st Floor, Room No.2, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22489237/ 30230488
Mobile No.:	91-9830126107
Fax No.:	91-33-30226437
Income-tax PAN of auditor or auditor's firm :	ADTPD2022Q
Associates/Subsidiaries :	Nirmal Group

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs.10/- each	Rs.14.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1404000	Equity Shares	Rs.10/- each	Rs.14.040 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		14.040	2.140
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		57.021	8.205
4] (Accumulated Losses)		0.000	0.000
NETWORTH		71.061	10.345
LOAN FUNDS
1] Secured Loans		309.134	25.238
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		309.134	25.238
DEFERRED TAX LIABILITIES		0.217	0.011
TOTAL		380.412	35.594
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.494	0.182
Capital work-in-progress		0.347	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.494	17.956
	Sundry Debtors	195.219	4.667
	Cash & Bank Balances	38.348	10.622
	Other Current Assets	48.245	3.023
	Loans & Advances	0.000	0.000
Total Current Assets		367.306	36.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.107	0.000
	Other Current Liabilities	11.408	0.895
	Provisions	0.264	0.019
Total Current Liabilities		20.779	0.914
Net Current Assets		346.527	35.354
MISCELLANEOUS EXPENSES		0.044	0.058
TOTAL		380.412	35.594

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales – Export	997.219	57.493
		Interest and Other Income		2.419
		TOTAL	997.219 (including increase/ decrease in stock)	59.912
Less	EXPENSES
		Purchases	994.725	72.475
		Direct Expenses		3.910
		Office and Administrative Expenses		1.380
		Increase/ Decrease in stock		(17.956)
		TOTAL	994.725	59.809
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.494	0.103
Less/ Add	DEPRECIATION/ AMORTISATION		0.808	0.028
	PROFIT BEFORE TAX		1.686	0.075
Less	TAX		0.469	0.030
	PROFIT AFTER TAX		1.217	0.045
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.045	--
	BALANCE CARRIED TO THE B/S		1.262	0.045
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	885.284	57.493
	TOTAL EARNINGS		885.284	57.493
	Earnings Per Share (Rs.)		2.80	0.21

Particulars	31.03.2011
Sales Turnover (Approximately)	600.000 (Sales is less due to Export banned)

Expected Sales (2011-2012): Rs.600.000 millions

The above information has been parted by Mr. Ramesh Gupta (Chief Executive Officer).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.12	0.08
Net Profit Margin (PBT/Sales)	(%)	NA	0.13
Return on Total Assets (PBT/Total Assets}	(%)	0.42	0.21
Return on Investment (ROI) (PBT/Networth)		0.02	0.01
Debt Equity Ratio (Total Liability/Networth)		4.64	2.53
Current Ratio (Current Asset/Current Liability)		17.68	39.68

LOCAL AGENCY FURTHER INFORMATION

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	--
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	--
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The registered office of the company has been shifted from Diamond Chamber, 4 Chowringhee Road, 4^th Floor, Room No-4k, Block No.1 and 2, Kolkata – 700 016, West Bengal to the present address w.e.f. 27.09.2008.

ACCOUNTS RESULTS AND DIVIDEND:

During the period, the company has made a profit of Rs.1.217 millions after tax and in absence of adequate Profit, the directors express their inability to recommend any dividend for the year.

FORM 8:

Corporate identity number of the company	U51909WB2008PTC129563
Name of the company	PANASIAN IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Diamond Chamber, 4, Chowringhee Lane, 4^th Floor, Room No-4K, Block No.1 and 2, Kolkata – 700 016, West Bengal, India E-Mail: kskca@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10270441
Type of charge	Uncalled share capital Immovable property Any interest in immovable property Book Debts Movable Property Floating Charge Goodwill
Particular of charge holder	IDBI Bank Limited, Malkapur Branch, Satsang Cinema Road, Nimwadi Chowk, Malkapur – 443 101, Maharashtra, India E-Mail: vivek.gadkari@idbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Loan Cum Hypothecation agreement (for 70.000 millions). 2. Loan Cum Hypothecation agreement (for 30.000 millions). 3. Loan facility Agreement. 4. DP Note Rs.30.000 millions. 5. DP Note Rs.70.000 millions. 6. Take delivery to DPN 7. Guarantee Deed.
Date of instrument Creating the charge	22.02.2011
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: For 70.000 millions BBR+3.50% (BBR at present is 9.5%) For 30.000 millions BBR +3.00% (BBR at present is 9.5%) Terms of Repayment: For 30.000 millions term loan the repayment is to be made in 60 EMI (Moratorium period is 6 months) with installment of Rs.0.668 million p.m. For 70.000 millions cash credit the repayment Lumsum with monthly rest interest payment. Margin: For 30.000 millions term loan the Margin is 53% For 70.000 millions cash credit the Margins are Inventory 25%, receivables below 90 days 40% Extent and Operation of the charge: The charge extend to loan amount together with interest, penal interest, commission, charges etc and operates on properties mentioned in the loan agreements. Others: Out of total loan of Rs.100.000 millions Rs.70.000 millions is cash credit and Rs.30.000 millions is Cash credit
Short particulars of the property charged	In addition to the property mentioned in loan agreement dated 21/02/2011. Present and future stocks, raw materials, goods, books debts, vehicles and all other movable assets of the Borrower(s) including the receivables, documents of the title to goods, outstanding monies, bills, invoice documents, contracts, insurance policies, guarantees, investments and rights and the present machinery, all future machinery belonging to or in the possession of or under the control of the Borrower wherever lying stored and other movables assets of whatever nature acquired by borrower.
Particulars of the present modification	The charge is modified by extending the charge on good, book debts and all kind of movable properties however the loan limit same as Rs.100.000 millions.

This form is for	Creation of charge
Corporate identity number of the company	U51909WB2008PTC129563
Name of the company	PANASIAN IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Diamond Chamber, 4, Chowringhee Lane, 4^th Floor, Room No-4K, Block No.1 and 2, Kolkata – 700 016, West Bengal, India
Type of charge	Immovable Property Movable Property Others
Particular of charge holder	Karnataka Bank Limited, 1, Sarojni Naidu Sarani, Park Street Branch, Kolkata – 700 017, West Bengal, India
Nature of description of the instrument creating or modifying the charge	Sanction Letter. Hypothecation Agreement dated 26.02.2009. Guarantee Letter of Corporate Guarantors Memorandum of deposit of Title Deeds
Date of instrument Creating the charge	26.02.2009
Amount secured by the charge	Rs. 153.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest At 4% less than the Bank’s Prime Lending Rate (Presently at 14% per annum) Terms of Repayment Pre shipment Credit : Out of Post shipment Credit/ Proceeds of Export bills Post Shipment Credit on Realization of Export Bills Margin Pre Shipment Credit : 25% on exportable stock/ export receivables Extent and Operation of the charge Charge creates security for Pre Shipment Credit limit of Rs. 100.000 Millions, Post Shipment Credit Limit of Rs. 50.000 Millions and Credit Line for Forward Contract limit of Rs. 3.000 Millions together with interest and charges payable by the borrower to the charge holder.
Short particulars of the property charged	Hypothecation of Exportable Stock/ Receivables. Goods covered under export bills/ accepted bills of exchange. ECGC credit cover for Export Credit for pre-shipment. Pledge of term deposit standing in the names of directors, group companies. Guarantee of all the directors of the company. Equitable mortgage by way of deposit of title deeds of immovable properties belonging to corporate guarantors.

TRADE REFERENCES:

v Shail Exports Private Limited, Mumbai

FIXED ASSETS:

v Land

v Building

v Godown

v Furniture and Fixtures

v Electric Equipment

v Office Equipment

v Computer and Printer

v Cycle

v Motor Cycle

v Motor Car

v Plant and Machinery

v Water Filter and Tank

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 records 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.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.