MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	S RAJA EXPORT PRIVATE LIMITED
Registered Office :	C/o. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.2007
Com. Reg. No.:	04-050105
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U52190GJ2007PTC050105
TAN No.: [Tax Deduction & Collection Account No.]	AHMS14148B
PAN No.: [Permanent Account No.]	AAKCS5930N
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of Raw Cotton, Cotton Linter.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at 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.

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. Subish Nair
Designation :	Assistant Manager
Contact No.:	91-9825472489
Date :	11.04.2012

LOCATIONS

Registered Office :	C/o. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat, India
Tel. No.:	91-2764-262200
Mobile No.:	91-9825472489 (Mr. Subish Nair)
Fax No.:	91-2764-262240
E-Mail :	info@srajaexport.com subish@srajaexport.com
Website :	www.srajaexport.com
Area :	21000 Sq. ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Saurin Jagdish Bhai Parikh

Designation :

Director

Address :

47, Rajeshvari Society, Thol Road, Kadi, Mehsana – 382715, Gujarat, India

Date of Birth/Age :

28.09.1971

Date of Appointment :

27.02.2007

DIN No.:

02136530

Other Directorship :

Name :

Mr. Dilipkumar Prhaladbhai Patel

Designation :

Director

Address :

71-72, Sardar Patel Society, Bahupura, Kadi, Mehsana – 382715, Gujarat, India

Date of Birth/Age :

04.05.1962

Date of Appointment :

27.02.2007

DIN No.:

02167141

Other Directorship :

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	U52190GJ2007PTC050105	S RAJA EXPORT PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
2	U67100GJ1956PLC000597	ACE DERIVATIVES AND COMMODITY EXCHANGE LIMITED	Director	1/04/2008	1/04/2007	31/03/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Subish Nair
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Saurinkumar J. Parikh	10000
Dilipkumar P. Patel	100000
Arvindbhai k. Patel	70000
Mustak Ali. I. Dalai	80000
Dilipkumar P. Patel -HUF	20000
Hemlataben B. Patel	50000
Parulben V. Patel	50000
Shakriben D. Patel	150000
Shardaben R. Patel	60000
Suryaben D. Patel	200000
Ashishkumar R. Patel	50000
Pareshaben D. Patel	40000
Rasikbhai G. Patel	80000
Dilipkumar P. Patel and Rasikbhai G. Patel, Partners Raja Industries	50000
Saurinkumar J. Parikh and Daxesh J. Patel Partners Pashupati Cotton Industries	990000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of Raw Cotton, Cotton Linter.
Products :
Exports :
Products :	Raw Cotton
Countries :	· Bangladesh · China · Indonesia · Pakistan · Turkey
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Customers :

End Users

Through Agencies

· Yuyu Home Textile Limited – China

· Asia Composite Mills Limited – Bangalore

No. of Employees :

20 (Approximately)

Bankers :

· Development Credit Bank Limited, Ground Floor, Prerna Arcade, Opposite Doctor House, Near Parimal Garden, Ahmedabad – 380006, Gujarat, India

· Citi Bank, Ahmedabad, Gujarat, India

· Oriental Bank of Commerce, Ahmedabad, Gujarat, India

· The Kalupur Commercial Co-operative Bank Limited, Kalupur Bhavan, Near, Income Tax Circle, Ashram Road, Ahmedabad – 380014,Gujarat, India

Facilities :

Cash Credit – Rs.500.000 Millions

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	31.404	145.548
Total	31.404	145.548
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt unsecured	0.000	47.151
Total	0.000	47.151

Banking Relations :	--
Auditors :
Name :	B. Shah and Associates Chartered Accountants
Address :	8, Raja Shopping Centre, Thol Road, Kadi – 382715, Gujarat, India
PAN.:	AEDPS5131D
Associates/Subsidiaries :	· Pashupati Cotton Industries Address: C/o. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat, India Line of Business: Exporter of Raw Cotton, Cotton Linter. · Raja Industries Address: C/o. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2011

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
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.204	2.969	1.405
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.204	22.969	21.405
LOAN FUNDS
1] Secured Loans		31.404	145.548	0.000
2] Unsecured Loans		0.000	47.151	3.959
TOTAL BORROWING		31.404	192.699	3.959
DEFERRED TAX LIABILITIES		0.016	0.000	0.000
TOTAL		71.624	215.668	25.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.828	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.015	0.015	0.015
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	2.895
	Sundry Debtors	87.312	118.921	11.404
	Cash & Bank Balances	6.942	0.615	1.648
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	101.647	133.622	10.540
Total Current Assets		195.901	253.158	26.487
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.647	33.337	1.110
	Other Current Liabilities	48.296	3.773	0.040
	Provisions	13.468	0.727	0.361
Total Current Liabilities		125.411	37.837	1.511
Net Current Assets		70.490	215.321	24.976
MISCELLANEOUS EXPENSES		0.291	0.332	0.373
TOTAL		71.624	215.668	25.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3470.925	537.502	56.961
		Other Income	53.943	11.635	NA
		TOTAL (A)	3524.868	549.137	NA
Less	EXPENSES
		Purchase	3354.523	513.760
		Direct Expenses	16.748	12.009
		Administration and Selling Expenses	106.626	18.806
		Preliminary Expenses	0.041	0.041
		Auditor’s Fee	0.025	0.020
		Director’s Remuneration	0.000	0.240
		TOTAL (B)	3477.963	544.876	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.905	4.261
Less	FINANCIAL EXPENSES (D)		19.654	2.190
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.251	2.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.037	0.000
	PROFIT BEFORE TAX (E-F) (G)		27.214	2.071	1.076
Less	TAX (H)		9.979	0.507	NA
	PROFIT AFTER TAX (G-H) (I)		17.235	1.564	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.969	1.405	NA
	BALANCE CARRIED TO THE B/S		20.204	2.969	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2208.591	376.005	NA
	TOTAL EARNINGS		2208.591	376.005	NA
	Earnings Per Share (Rs.)		8.62	0.78	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	3670.000

Expected Sales (2012-13): Rs.4500.000 Millions

The above information has been parted by Mr. Subish Nair.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.49	0.28	NA
Net Profit Margin (PBT/Sales)	(%)	0.78	0.39	NA
Return on Total Assets (PBT/Total Assets}	(%)	13.83	0.82	4.06
Return on Investment (ROI) (PBT/Networth)		0.68	0.09	0.05
Debt Equity Ratio (Total Liability/Networth)		3.90	10.03	0.26
Current Ratio (Current Asset/Current Liability)		1.56	6.69	17.53

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	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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
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	Yes
30) Major Shareholders, if available	Yes

Note:

S. Raja Export Private Limited is the Joint Venture of Pashupati Cotton Industries (Established in 2005) and Raja Industries (Established in 1969)

Note:

The registered address of the company Raja Industries Premises, Kadi-Nandasan Road, Kadi, Gujarat, India has been shifted to the present address w.e.f. 01.08.2008

REVIEW OF OPERATION:

During the year the Company has achieved turnover of Rs. 3470.900 Millions and thereby company has earned Net Profit of Rs. 27.200 Millions before tax provisions. The board of directors wishes to increase the volume of the business of the company and trying to make more profit in the forthcoming years.

Development Credit Bank Limited, Ground Floor, Prerna Arcade, Opposite Doctor House, Near Parimal Garden, Ahmedabad – 380006, Gujarat, India

Bankers Charges Report as per Registry

Corporate identity number of the company	U52190GJ2007PTC050105
Name of the company	S RAJA EXPORT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C/o. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat, India Email : info@srajaexport.com
This form is for	Creation of charge
Type of charge	Book Debts Stock
Particular of charge holder	The Kalupur Commercial Co-operative Bank Limited, Kalupur Bhavan, Near, Income Tax Circle, Ashram Road, Ahmedabad – 380014,Gujarat, India Email : mauli@kalupurbank.com
Nature of instrument creating charge	Agreement for hypothecation of stock and book debts dated 19.12.2011
Date of instrument Creating the charge	19.12.2011
Amount secured by the charge	Rs.500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% on the daily balance payable by the borrower to the bank and charged in account with monthly rest Terms of Repayment On demand and review every year Margin Goods and Book Debts : 20% Extent and Operation of the charge The bank has first and exclusive charge on stock and book debts (movable assets) of the company, till repayment of credit facility extended by bank to the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of whole Stocks whether raw, in process of manufacture or in finished from acquirements, tools, stores and spares and/or consumable articles and accessories which now or hereafter time to time during this security shall be brought into stores or be in or about the borrowers premises at Nandasan Road, Kadi, Gujarat, India

TRADE REFERENCES

· Yuyu Home Textile Limited – China

· Asia Composite Mills Limited – Bangalore

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		43

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.