MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	P.D. SEKHSARIA TRADING COMPANY PRIVATE LIMITED

Registered Office :	Gurudwara Singh Sabha Street, Bathinda – 151 001, Punjab

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	23.09.1987

Com. Reg. No.:	16-7679

Capital Investment / Paid-up Capital :	Rs. 2.545 Millions

CIN No.: [Company Identification No.]	U51109PB1987PTC007679

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Supplier of Yarn.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2000000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments 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, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	Gurudwara Singh Sabha Street, Bathinda – 151 001, Punjab, India
Tel. No.:	91-164-2250741
Fax No.:	Not Available
E-Mail :	acts@pdst.in

Corporate Office :	904, Tulsiani Chambers, Nariman Point No. 212, Backbay Reclamation, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22854088
Fax No.:	91-22-22834284/55/91/92

DIRECTORS

As on 30.07.2011

Name :

Mr. Jagmohan Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

10.10.1944

Date of Appointment :

23.09.1987

DIN No.:

00184910

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1948PTC006625	Dwarkadas and Company Private Limited	Whole-time director	28-03-63	28-03-63	-	Dormant	NO
2	U51109PB1948PTC002054	Dwarka Dass and Company Patiala Private Limited	Director	10-10-75	10-10-75	-	Amalgamated	NO
3	U51109PB1987PTC007679	P D Sekhsaria Trading Company Private Limited	Director	23-09-87	23-09-87	-	Active	NO
4	U51900MH1987PTC044772	Sekhsaria Polycot Private Limited	Director	11-09-89	11-09-89	-	Active	NO
5	U72900MH2000PTC126445	Suvidh Commodities E Com Private Limited	Whole-time director	11-05-00	11-05-00	-	Active	NO
6	U51109MH2009PTC190828	Marvi Commodities Private Limited	Director	19-07-10	09-03-09	-	Active	NO
7	U40300MH2009PTC195320	Corner Stone Energy Private Limited	Additional director	17-01-11	17-01-11	-	Active	NO

Name :

Mr. Alok Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

31.01.1972

Date of Appointment :

04.11.1996

DIN No.:

00185081

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109PB1948PTC002054	Dwarka Dass and Co Patiala Private Limited	Director	01-06-93	01-06-93	-	Amalgamated	NO
2	U51109PB1987PTC007679	P D Sekhsaria Trading Company Private Limited	Whole-time director	04-11-96	04-11-96	-	Active	NO
3	U72900MH2000PTC126445	Suvidh Commodities E Com Private Limited	Managing director	11-05-00	11-05-00	-	Active	NO
4	U51900MH1987PTC044772	Sekhsaria Polycot Private Limited	Director	07-06-04	07-06-04	-	Active	NO
5	U63023MH2005PTC156126	Agrimanage India Private Limited	Director	15-12-08	15-12-08	03-10-11	Active	YES
6	U51109MH2009PTC190828	Marvi Commodities Private Limited	Director	09-03-09	09-03-09	-	Active	NO
7	U40300MH2009PTC195320	Corner Stone Energy Private Limited	Director	29-08-09	29-08-09	-	Active	NO
8	U40101MH2010PTC205494	Ultra Energy Private Limited	Director	15-07-10	15-07-10	-	Active	NO
9	U40108MH2010PTC205507	Ray Solar Power Private Limited	Director	16-07-10	16-07-10	-	Active	NO
10	U40101MH2010PTC205519	Helios Energy Private Limited	Director	16-07-10	16-07-10	-	Active	NO
11	U40300MH2010PTC205880	Roshni Energy Private Limited	Director	23-07-10	23-07-10	-	Active	NO

Name :

Ms. Mayuri Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

10.08.1977

Date of Appointment :

20.05.1998

DIN No.:

00185121

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2011

Names of Shareholders		No. of Shares
Jagmohan Sekhsaria		2000
Alok Sekhsaria		6000
J.P. Sekhsaria – HUF		2000
Vidya Sekhsaria		4000
Sekhsaria Polycot Private Limited		2000
Sekhsaria Vidya Jointly with Sekhsaria Alok		7000
Sekhsaria Jagmohan Jointly with Sekhsaria Alok		2000
TOTAL		25000

Equity Share Break up (Percentage of Total Equity)

As on 30.07.2011

Category	Percentage
Bodies corporate	8.00
Directors or relatives of Directors	92.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Yarn.

Products :

Item Description	Item Code No.
Cotton	5201.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Mumbai Samachar Marg Branch, 66/ 80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India
Citi Bank
HSBC Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Working Capital Loan From Union Bank of India (secured against hypothecation of stock in trade , book debts, export documents under irrevocable L/C and further personal guarantee of directors)	258.593	138.975
Payable against bills discounted (Secured against exports documents under irrevocable L/C and further personal guarantee of directors)	238.867	0.000
Total	497.460	138.975

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Director and Associates Concern	0.348	0.348
Total	0.348	0.348

Banking Relations :	--

Auditors :
Name :	Phirodia Bafna and Associates Chartered Accountant
Address :	304, Sangam Arcade, Vallabhbhai Road, Opposite Railway Station, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26185962/ 63/ 64
Fax No.:	91-22-26185967
E-Mail :	phirodiabafna@gmail.com
PAN.:	AAAFP2683E

Enterprise over which key management personal / individual owing directly an Interest in the voting power of the reporting enterprise that give them control or significant influence over the enterprise :	Ashok Enterprise Dwarkadas and Company Patiala Private Limited J P Trading Company Suvidh Commodities E-Com Private Limited Agrimanage India Private Limited Sekhsaria Polycot Private Limited Marvi Commodities Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

(Including 20000 Equity Shares of Rs.100/- each issued as Bonus Shares out of General Reserves of the Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47.393	23.412	42.997
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.893	25.912	45.497
LOAN FUNDS
1] Secured Loans		497.460	138.975	403.063
2] Unsecured Loans		0.348	0.348	0.348
TOTAL BORROWING		497.808	139.323	403.411
DEFERRED TAX LIABILITIES		0.001	0.000	0.015

TOTAL		547.702	165.235	448.923

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.079	0.177	0.234
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		1.437	1.437	1.437
DEFERREX TAX ASSETS		0.000	8.427	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	476.990	20.397	102.575
	Sundry Debtors	436.330	50.445	443.229
	Cash & Bank Balances	14.639	9.171	9.051
	Other Current Assets	23.080	16.812	0.057
	Loans & Advances	118.200	88.893	18.217
Total Current Assets		1069.239	185.718	573.129
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	79.804	9.136	112.090
	Other Current Liabilities	435.649	21.289	9.825
	Provisions	7.600	0.099	3.962
Total Current Liabilities		523.053	30.524	125.877
Net Current Assets		546.186	154.194	447.252

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		547.702	165.235	448.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008

	TURNOVER		1962.170	497.155	1156.543

	TOTAL EXPENDITURE		1937.286	516.753	1150.046

	PROFIT/LOSS BEFORE TAX		24.904	(19.598)	6.497

Less	TAX		0.063	0.014	0.013

	PROFIT/LOSS AFTER TAX		24.841	(19.584)	6.484

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.588)	7.996	6.512

Less	APPROPRIATIONS
		Transfer to General Reserve	3.500	0.000	5.000
	BALANCE CARRIED TO THE B/S		9.753	(11.588)	7.996

	EARNINGS IN FOREIGN CURRENCY		1165.067	391.251	1094.399

	Earnings Per Share (Rs.)		993.64	783.40	259.35

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	2.33	(10.54)	1.13

Return on Investment (ROI) (PBT/Networth)		0.50	(0.76)	0.14

Debt Equity Ratio (Total Liability/Networth)		20.46	6.55	11.63

Current Ratio (Current Asset/Current Liability)		2.04	6.08	4.55

LOCAL AGENCY FURTHER INFORMATION

Form 8

Corporate identity number of the company	U51109PB1987PTC007679
Name of the company	P.D. SEKHSARIA TRADING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bathinda, Punjab, India
This form is for	Modification of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Union Bank of India, Mumbai Samachar Marg Branch, 66/ 80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India E-Mail: msmcredit@unionbankofindia.com
Nature of instrument creating charge	Letter of Hypothecation (Bills)
Date of instrument Creating the charge	22.11.2007
Amount secured by the charge	Rs.117.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest – 9.25% upto 90 days 12% beyond 90 days Terms of Repayment: On demand Margin: As per sanction terms. Extent and Operation of the charge: To secure the FDBP/ FUDBP (Under L/C) Limit of Rs.117.500 millions granted by the Bank to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Cotton meant for exports. Full set of export documents covering export of cotton gin etc. under irrecoverable L/C.
Date of instrument modifying the charge	07.03.2006
Particulars of the present modification	The FDBP/ FUDBP (Under L/C), Limit has Enhanced to Rs. 117.500 millions (Peak Level) and Rs. 82.250 Millions (non peak level) against the security.

FIXED ASSETS:

Office Equipments
Furniture and Fixtures
Air Conditioner and Refrigerator
Computer
Motor Car

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.52.96
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.

MIRA INFORM REPORT

476.990

436.330

14.639

23.080

118.200

1069.239

79.804

435.649

7.600

523.053

546.186

2.33

0.50

20.46

2.04

Unit