MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	PRADEEP FIBERS PRIVATE LIMITED
Registered Office :	Plot No. 100, Cidco, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad-431003, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.08.2004
Com. Reg. No.:	11-148174
Capital Investment / Paid-up Capital :	Rs.28.000 Millions
CIN No.: [Company Identification No.]	U17110MH2004PTC148174
TAN No.: [Tax Deduction & Collection Account No.]	NSKP02294F
PAN No.: [Permanent Account No.]	AADCP3567F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporter of Cotton Rui, Cotton Seed, Oil Cakes.
No. of Employees :	215 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 280000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established 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 but correct. 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

LOCATIONS

Registered Office :	Plot No. 100, Cidco, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad-431003, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pradeepfibers@yahoo.co.in
Website :	www.pradeepfibers.com
Factory 1/ Branch:	Gate No. 449, Dongargaon, Sillod, District – Aurangabad, Maharashtra, India
Tel. No.:	91-2430-222159
Fax No.:	91-2430-222159
Area :	3 Hector
Location :	Leased
Factory 2 :	Gate No. 241, 242, Chikani, Georai, District – Beed, Maharashtra, India
Area :	3.20 Hector
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Ashish Mohanlal Tayal

Designation :

Director

Address :

Plot No. 21, N-3, Cidco, Aurangabad, Maharashtra, India

Date of Appointment :

24.08.2004

Din No.:

01877032

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	U17110MH2004PTC148174	PRADEEP FIBERS PRIVATE LIMITED	Director	24-08-04	24-08-04	Active	NO
2	U17110MP2011PTC026337	PRADEEP COTTON PRIVATE LIMITED	Director	07-07-11	07-07-11	Active	NO

Name :

Mr. Govind Maganlal Tayal

Designation :

Director

Address :

Warla Road, Sendhwa, Madhya Pradesh, India

Date of Appointment :

24.08.2004

Din No.:

01877025

Name :

Mr. Mohanlal Maganlal Tayal

Designation :

Director

Address :

Warla Road, Sendhwa, Madhya Pradesh, India

Date of Appointment :

24.08.2004

Din No.:

01877027

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	U17110MH2004PTC148174	PRADEEP FIBERS PRIVATE LIMITED	Director	24-08-04	24-08-04	Active	NO
2	U17110MP2011PTC026337	PRADEEP COTTON PRIVATE LIMITED	Director	07-07-11	07-07-11	Active	NO

Name :

Mr. Rishabh Kishor Tayal

Designation :

Director

Address :

Jawahar Ganj, Sendhwa, Madhya Pradesh, India

Date of Appointment :

24.08.2004

Din No.:

01877036

Name :

Mr. Abhishek Tayal

Designation :

Director

Address :

Warla Road, Sendhwa, Madhya Pradesh, India

Date of Appointment :

24.08.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pradeep Pushalal Tayal	180250
Mohanlal Maganlal Tayal	267750
Govind Maganlal Tayal	180250
Ashish Mohanlal Tayal	5250
Rishabh Kishor Tayal	3500
Sunilkumar Pushalal Tayal	5250
Abhishek Govind Tayal	5250
Manudevi Pushalal Tayal	217000
Shashi Govind Tayal	245000
Anju Sunil Tayal	245000
Veena Pradeep Tayal	245000
Chanda Kishor Tayal	245000
Sharmila Girish Tayal	245000
Vidya Mohan Tayal	245000
Mohanlal Maganlal Agrawal HUF	3500
Govind Maganlal Agrawal HUF	3500
Girish Maganlal HUF	3500
Kishor Pushalal HUF	3500
Praddep Pushalal HUF	3500
Sunil Pushalal Tayal HUF	3500
Pushalal Sarbulal Tayal HUF	3500
Sarbulal Gangashay HUF	3500
Girish Maganlal Agrawal	262500
Kishor Pushalal Tayal	175000
Total	2800000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter of Cotton Rui, Cotton Seed, Oil Cakes.

PRODUCTION STATUS (AS ON 31.03.2010)

Products	Units	Installed Capacity	Actual Production
Cotton Lint (Rui)	Qntls.	Leased Press Machines–2 Owned Press Machines -1	62092.57
Cotton Seed	Qntls.	Leased Press Machines–2 Owned Press Machines -1	218828.53
Khali	Qntls.	Leased Press Machines–2 Owned Press Machines -1	100075.39
Wash Oil	Qntls.	Leased Press Machines–2 Owned Press Machines -1	10665.67
Gad	Qntls.	Leased Press Machines–2 Owned Press Machines -1	3329.73

GENERAL INFORMATION

No. of Employees :

215 [Approximately]

Bankers :

• State Bank of Indore, Kranti Chowk Branch, Aurangabad – 431001, Maharashtra, India
• State Bank of Indore
• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• State Bank of Hyderabad
• Buildcang Urban Credit Co-operative Society Limited
• Siddeshwar Urban Co-operative Bank
• Merchant Co-operative Bank
• The Vaipur Merchant Co-operative Bank
• The Chatisgahar People Co-operative Bank Limited
• Indian Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
State Bank of India, Aurangabad CC Loan A/C [Secured by hypothecation of stock in trade and book debts and second charge on fixed assets of the company]	150.721	100.124
IDBI Bank, Aurangabad CC Loan A/C [Secured by hypothecation of first pari passu charge on entire current assets of the company along with S.B. of Indore and exclusive charge on company’s movable and immovable fixed assets situated at Gevrai]	29.915	0.000
S.B. of Hydrabad, Sillod OD Ag. FDR	0.788	0.000
Total	181.424	100.124

Banking Relations :	--
Auditors :
Name :	Mandovra and Associates Chartered Accountants
Address :	2, White Church Colony, Opposite Aaykar Bhavan, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2701600 to 603
Pan No.:	AAGFM7993L

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.10/- each	Rs.28.000 Millions

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		28.000	8.000	8.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.415	48.679	45.390
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.415	56.679	53.390
LOAN FUNDS
1] Secured Loans		181.424	100.124	151.723
2] Unsecured Loans		238.543	333.770	112.684
TOTAL BORROWING		419.967	433.894	264.407
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		491.382	490.573	317.797
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.672	31.575	27.459
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.438	8.438	0.287
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	171.633	100.840	151.839
	Sundry Debtors	259.116	385.280	78.459
	Cash & Bank Balances	13.919	32.830	71.907
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	89.653	18.147	5.657
Total Current Assets		534.321	537.097	307.862
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.002	81.654	10.945
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	13.047	4.883	6.890
Total Current Liabilities		78.049	86.537	17.835
Net Current Assets		456.272	450.560	290.027
MISCELLANEOUS EXPENSES		0.000	0.000	0.024
TOTAL		491.382	490.573	317.797

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sales	5137.729	822.216	1081.692
Profit Before Depreciation	24.338	9.928	21.473
Provision For Depreciation	3.635	4.294	3.733
Provision For Taxation	5.890	2.204	6.080
Profit For the Year	14.736	3.289	11.660

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	0.29	0.40	1.08
Return on Total Assets (PBT/Total Assets}	(%)	2.63	0.57	3.48
Return on Investment (ROI) (PBT/Networth)		0.21	0.06	0.22
Debt Equity Ratio (Total Liability/Networth)		6.97	9.18	5.29
Current Ratio (Current Asset/Current Liability)		6.85	6.21	17.26

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Report remarkable growth in turnover and profits of Company. During the year the Company has achieved turnover of Rs 5137.700 Millions with profit before tax of Rs 14.700 Millions, thus Company’s profitability has been increased by 348% as compared to the previous year.

Over the period of years, the Company has been able to create and establish a market for its product in foreign countries and has generated good amount export turnover. Further, the Company has become successful in taking advantage of the bullish trend going on in the cotton textile industry throughout the world.

These results for the year shows massive growth of the Company in all and the directors are putting their best for sustenance of the same trend in the years to come.

The Company has sold out entire plant situated at Chalisgaon (MH) in view of non-remunerative business.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90365555
Corporate identity number of the company	U17110MH2004PTC148174
Name of the company	PRADEEP FIBERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 133, N-3 Cidco, Near High Court, Aurangabad-431003, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of Indore, Kranti Chowk Branch, Aurangabad – 431001, Maharashtra, India
Email	sbn3268@sbindore.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of cash credit for Hypothecation of goods
Date of instrument Creating the charge	20.03.2010
Amount secured by the charge	Rs.150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.50% below BPLR i.e. 12.25% p.a. for 30.000 Millions and 11.25% for rest 120.000 Millions, which is unchanged Terms of Repayment repayable on 30.04.2010 Margin Stocks - 35% Book debts - 50% Extent and Operation of the charge This charge will be operative till repayment of loan amount along with interest, cost etc
Short particulars of the property charged	1. PRIMARY: Hypothecation of stocks of raw materials such as raw cotton, chhad patti, stocks in process, consumable stores such as packing material and finished goods and Hypothecation of book debts 2. COLLATERAL: First charge by way of E.M. of factory land and building and hypothecation of movable fixed assets of M/S Pradeep Fibres at Sillod, Dist.. Aurangabad, Maharashtra. 3. First charge by way of E.M. of factory land and building , and hypothecation of movable fixed assets of M/S Godavari Cotton Industries, at Shiur Bungalow. Dist -Aurangabad. Maharashtra 4. E.M. of godown admeasuring 13068 sq. ft. on survey no. 273/5, P.H. No. 18, Village Koladhala, Dewas Naka, lndore standing in the joint name of Mrs. Vidyabai Tayal and Mrs. Shashibai Tayal 5. E.M. of godown admeasuring 13068 sq. ft. on survey no. 273/5 and 272/5 P. H. No. 18, Village Koladhala, Dewas Naka, lndore standing in the joint name of Mrs. Chandabai Tayal and Mrs. Anju Tayal 6. E.M. of godown admeasuring 10890 sq. ft. on survey no. 3149 P. H. No. 18, Village Koladhala, Dewas Naka, lndore standing in the joint name of Mrs. Sharmilabai Tayal and Mrs. Veena Tayal 7. E. M. of plot no. 327 AD, Sector A, Scheme No. 74 C, lndore standing in the name of Mr. Kishore Tayal
Date of latest modification prior to the present modification	12.03.2007
Particulars of the present modification	Cash credit limit of Rs. 120.000 Millions has been enhanced to Rs. 150.000 crore by sanction of additional temporary cash credit of Rs. 30.000 Millions .

FIXED ASSETS:

• Land
• Testing Machine
• Bycycle
• Inverters
• Furniture
• Land
• Tanker
• Tippal
• Generator Set
• Machinery
• Mobile
• Empty Drum
• Motor Cycle
• Transformer
• Inventor
• Furniture and Fixture
• Plant and Machinery
• Weighing System
• Vaijapur Branch
• Fire fighting equipments
• D T O Scooter
• Office Equipments
• Air Conditioners
• Maruti Car
• Firex
• Water Purifire
• Bag Sstiching Machine
• Factory Bhavan Nirman
• Eclectic Fitting

WEBSITE DETAILS:

PROFILE:

Subject is a Pioneer company established in 2004 under the Indian Companies Act 1956. The company has its registered office in the fastest developing city of Asia, namely Aurangabad, which is situated in the Maharashtra state of India.

Subject is one of the best spinning star company amongest Pradeep Group. Subject Group is shining spirit Group having established and proved successful background of more than last half century years. The Group has special background for cotton Ginning and Pressing factories. The Founder of the Group was Mr.. Maganlalji Tayal, a very innovative and forward looking entrepreneur.The Group is popularly known as PTC (Pradeep Trading Company) in Maharashtra, Madhya Pradesh and Panjab.

The Company has ultra modern set of ginning and pressing units up in the heart of cotton areas in Madhya Pradesh and Maharashtra and will be establishing units in Orissa in near future. The successful growth of Subject Group have young spirit which is manifesting to intensity, to win, acting with sensitivity and being unyielding on integrity all the time.

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.49.07
UK Pound	1	Rs.78.78
Euro	1	Rs.67.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.