MIRA INFORM REPORT

Report Date :

06.02.2012

IDENTIFICATION DETAILS

Name :	SHREEDHAR COTSYN PRIVATE LIMITED
Registered Office :	A-104, Gokul Arcade, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.12.2010
Com. Reg. No.:	11-210851
Capital Investment / Paid-up Capital :	Rs.9.950 Millions
CIN No.: [Company Identification No.]	U17120MH2010PTC210851
TAN No.: [Tax Deduction & Collection Account No.]	MUMS68990F
PAN No.: [Permanent Account No.]	AAPCS0761E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Cotton and Raw Cotton.
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 65000
Status :	New Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company establishing itself gradually. The company has achieved sizable turnover in its very first year of operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

LOCATIONS

Registered Office :	A-104, Gokul Arcade, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	goyal68@gmail.com

DIRECTORS

As on 27.09.2011

Name :

Mr. Dharmendra Mohandas Goyal

Designation :

Director

Address :

Jolly Highrise Apartments, F/4, 6^th Floor, Pacl Maca Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

23.09.1968

Date of Appointment :

09.12.2010

Din No.:

00163777

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	L17115HP1980PLC025940	SIDDHARTHA SUPER SPINNING MILLS LIMITED	Director	16-08-05	16-08-05	Active	NO
2	U17120MH2010PTC210851	SHREEDHAR COTSYN PRIVATE LIMITED	Director	09-12-10	09-12-10	Active	NO

Name :

Mr. Vishal Rajendra Prasad Agarwal

Designation :

Director

Address :

101, Anisha Building, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

05.11.1974

Date of Appointment :

09.12.2010

Din No.:

00376242

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	U17120MH1990PTC057717	SHREE NAGANI SILK MILLS PRIVATE LIMITED	Director	29-07-00	29-07-00	Active	NO
2	U70200MH2001PTC130951	RAM KRUPA PROPERTIES PRIVATE LIMITED	Director	01-06-04	01-06-04	Active	NO
3	U17120MH2010PTC210851	SHREEDHAR COTSYN PRIVATE LIMITED	Director	09-12-10	09-12-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Dharmendra Mohandas Goyal	397500
Vishal Rajendra Prasad Agarwal	97500
Sunita Dharmendra Goyal	100000
Pooja Vishal Agarwal	200000
Kusumdevi Ramprasad Agarwal	200000
Total	995000

As on 27.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Cotton and Raw Cotton.

Products :

Product Description	Item Code
Cotton and Raw Cotton	520100

GENERAL INFORMATION

Bankers :

· Janakalyan Sahakari Bank Limited, 140 Vivek Darshan, Opposite Bhakti Bhavan, Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India

· Tamilnad Mercantile Bank Limited, Unit No. 14, Building No. 2, Ground Floor, Sanjay Mittal Industrial Estate, Andheri (East), Mumbai-400059, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]
Form Janakalyan Sahakari Bank Limited
Loan From Banks [Cash credit, secured against hypothecation of stock in trade, book debts and personal guarantee of some of the directors.]	41.556
Total	41.556
Unsecured Loan
From Directors	1.587
From Shareholders	4.168
From Companies	3.214
Total	8.969

Banking Relations :	--
Auditors :
Name :	Sarda and Pareek Chartered Accountant
Address :	Mahavir Apartments, 3^rd Floor, 598, M.G. Road, Near Suncity Cinema, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:
Mobile No.:
Fax No.:
E-Mail :
Pan No.:	AACFS5674A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
995000	Equity Shares	Rs.10/- each	Rs.9.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		9.950
2] Share Application Money		0.000
3] Reserves & Surplus		6.510
4] (Accumulated Losses)		0.000
NETWORTH		16.460
LOAN FUNDS
1] Secured Loans		41.556
2] Unsecured Loans		8.969
TOTAL BORROWING		50.525
DEFERRED TAX LIABILITIES		0.000
TOTAL		66.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		1.001
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	73.590
	Cash & Bank Balances	1.174
	Other Current Assets	0.000
	Loans & Advances	3.025
Total Current Assets		77.789
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.955
	Other Current Liabilities	0.000
	Provisions	3.000
Total Current Liabilities		11.955
Net Current Assets		65.834
MISCELLANEOUS EXPENSES		0.150
TOTAL		66.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income
		Other Income
		TOTAL	127.793
Less	EXPENSES
		Office Expenses
		Administrative Expenses	117.950
		Advertising Expenses
		TOTAL	117.950
	PROFIT BEFORE TAX		9.843
Less	TAX		3.044
	PROFIT AFTER TAX		6.799
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		6.799
	Earnings Per Share (Rs.)		6.54

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	5.32
Return on Total Assets (PBT/Total Assets}	(%)	12.65
Return on Investment (ROI) (PBT/Networth)		0.60
Debt Equity Ratio (Total Liability/Networth)		3.80
Current Ratio (Current Asset/Current Liability)		6.51

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND OVERALL PERFORMANCE:

The company had started its operation in the last week of December 2010. During the remaining year the company achieved a turnover of Rs.127.793 millions. Profit before tax was Rs.9.843 millions in the year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U17120MH2010PTC210851
Name of the company	SHREEDHAR COTSYN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-104, Gokul Arcade, Subhash Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Tamilnad Mercantile Bank Limited, Unit No. 14, Building No. 2, Ground Floor, Sanjay Mittal Industrial Estate, Andheri (East), Mumbai-400059, Maharashtra, India
Email	mumbai_andheri@tnmbonline.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of PCL, Letter of Hypothecation of Book-Debts-Loans for FBP/D/AAFBSC, Memorandum of deposit of title deeds, Letter of Hypothecation of Book-Debts-Loans for FBN
Date of instrument Creating the charge	15.12.2011
Amount secured by the charge	Rs.385.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Floating Rate as applicable from time. Terms of Repayment Repayable on demand Margin LC - 10% FO - 25% FBP/ FUBD/AAFBSC -10% FBN – NIL Extent and Operation of the charge The borrower shall not, during the continuance of this agreement of Hypothecation or otherwise, change or encumber any of the assets for the time being the subject or indented to be the subject of the security nor do or permit any act whereby the security herein before expressed to be given to the bank shall be any way prejudicially affected.
Short particulars of the property charged	On Hypothecation of all stock (Raw material, in process, finished goods), stock in transit and stock held import meant for exports. On hypothecation of advance payment made for supply of goods. On the security of foreign bills under FO/LC covering the above said goods. On hypothecation of export receivables. On EQM of Office building situated at CTS No. 173 and 177 Office No. A/ 404, is located on 4th Floor, Gokul Arcade, Subhash Road, Vile Parle (East), Mumbai, standing in the name of Shreedhar Cotsyn Private Limited.

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 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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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	NO
--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.