MIRA INFORM REPORT

Report Date :

10.08.2012

IDENTIFICATION DETAILS

Name :	OSWAL SALT SYNDICATE

Registered Office :	DB2-N-12, Gandhidham, Kutch, Gandhidam - 370201, Gujarat

Country :	India

Year of Establishment :	1975

Com. Reg. No.:	GST No.24011000870 CST No.24511000870

Capital Investment/ Paid-up Capital:	Not Divulged

PAN No.: [Permanent Account No.]	ACDPB4591J

Legal Form :	Sole Proprietory Concern

Line of Business :	Manufacturer, Trader and Exporter of 30 mesh salt, coarse grade salt, crushed salt, crystalline grade salt, crystalline salt, dry salt, edible salt, free flow iodized salt, industrial salt low hardness salt, low ph salt, medium industrial salt, oversize salt, pd v salt, pure grade salt, pure salt

No. of Employees:	220 (Approximately) (in office -20, In Factory – 200)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	--

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established proprietory concern having moderate track. Mr. Ramesh bhai, the manager has provided few general information and denied to disclose any financial details. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The concern can be considered for 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ramesh Bhai
Designation :	Manager
Contact No.:	91-9426215465
Date :	06.08.2012

LOCATIONS

Registered Office/Factory :	DB2-N-12, Gandhidham, Kutch, Gandhidam -370201, Gujarat, India
Tel. No.:	91-2836-223797
Mobile No.:	91-9426215465 (Mr. Ramesh Bhai)
Fax No.:	91-2836-223797
E-Mail :	oswalsaltsydicaates@gamil.com
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Babulal N. Bagrecha
Designation :	Proprietor
Address :	TCX –N-94, Near, Arya Samaj Mandir, Gandhidam, Kutch, Gandhidam, Gujarat, India
Date of Birth/Age :	58 Years
Qualification :	B.com
Experience :	30 Years

KEY EXECUTIVES

Name :	Mr. Ramesh Bhai
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of 30 mesh salt, coarse grade salt, crushed salt, crystalline grade salt, crystalline salt, dry salt, edible salt, free flow iodized salt, industrial salt low hardness salt, low ph salt, medium industrial salt, oversize salt, pd v salt, pure grade salt, pure salt

Terms :
Selling :	L/C Cash (45 Days)

Purchasing :	L/C Cash (45 Days)

GENERAL INFORMATION

Suppliers :	· Plastic India limited · Poera Poutech Private Limited

Customers :	Wholesalers, Retailers · Darshan Traders · Praful Traders

No. of Employees :	220 (Approximately) (in office -20, In Factory – 200)

Bankers :
	ICICI Bank, Gandhidam Gujarat, India


Banking Relations :	--

Auditors :
Name :	R J Mehta and Company Chartered Accountant

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Divulged
Borrowed :	-
Total :	Not Divulged

FINANCIAL DATA

[all figures are in Rupees Millions]

Not Divulged

The above information has been denied by Mr. Ramesh Bhai

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	No
Last accounts filed at ROC	No
Major Shareholders, if applicable	No
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

TRADER REFERENCES

· Plastic India limited

· Poera Poutech Private Limited

· Darshan Traders

· Praful Traders

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.55.17
UK Pound	1	Rs.86.43
Euro	1	Rs.68.27

INFORMATION DETAILS

Report Prepared by :

BYI

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	3
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		29

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	-

Manufacturer, Trader and Exporter of 30 mesh salt, coarse grade salt, crushed salt, crystalline grade salt, crystalline salt, dry salt, edible alt, free flow iodized salt, industrial salt low hardness salt, low ph salt, medium industril salt, oversize salt, pd v salt, pure grade salt, pure salt