MIRA INFORM REPORT

Report Date :

17.07.2012

IDENTIFICATION DETAILS

Name :	NAVNEET GINNING AND PRESSING PRIVATE LIMITED
Registered Office :	28, New Market Yard, Himatnagar, Mahesana Road, Vijapur – 382870, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.08.2006
Com. Reg. No.:	04-048886
Capital Investment / Paid-up Capital :	Rs.35.000 Millions
CIN No.: [Company Identification No.]	U17125GJ2006PTC048886
TAN No.: [Tax Deduction & Collection Account No.]	RKTN00878D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cotton Ginning and Pressing Industry
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management have failed to file the financial detail for 2011. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown The company can be considered for business dealing 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 :	28, New Market Yard, Himatnagar, Mahesana Road, Vijapur – 382870,Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825082901 (Prahladbhai Ishwarbhai Patel) 91-9879582901 (Mr. Navnitkumar Prahaladbhai Patel) 91-9898874618 (Mr. Manilal Shivrambhai Patel)
Fax No.:	Not Available
E-Mail :	naushad-fca@rediffmail.com
Factory :	Survey No.150/151, Bhavnagar-Rajkot Highway, Village: Dhasa, Taluka. Gadhada, District. Bhavnagar – 364730, Gujarat, India
Postal Address :	Koklla Cotton Industries, Vijapur, Mehsana -382870,Gujarat, India
Tel. No.:	91-2763-223099 / 223263

DIRECTORS

As on 20.08.2010

Name :

Mr. Navnitkumar Prahaladbhai Patel

Designation :

Director

Address :

7 Rajeshwari Society, Manipura Road, Vijapur – 382870, Gujarat, India

Date of Birth/Age :

24.04.1977

Date of Appointment :

10.08.2006

DIN No.:

00515528

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17125GJ2006PTC048886	NAVNEET GINNING ANDPRESSING PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
2	U01405GJ2007PTC051686	KOKILA COTTON EXPORT PRIVATE LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO

Name :

Mr. Prahladbhai Ishwarbhai Patel

Designation :

Director

Address :

7 Rajeshwari Society, Manipura Road, Vijapur – 382870, Gujarat, India

Date of Birth/Age :

06.06.1949

Date of Appointment :

10.08.2006

DIN No.:

00516345

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17125GJ2006PTC048886	NAVNEET GINNING ANDPRESSING PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
2	U45201GJ2006PTC049601	ALPESH INFRASTRUCTURE PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO
3	U01405GJ2007PTC051686	KOKILA COTTON EXPORT PRIVATE LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO

Name :

Mr. Alpeshbhai Prahladbhai Patel

Designation :

Director

Address :

7 Rajeshwari Society, Manipura Road, Vijapur – 382870, Gujarat, India

Date of Birth/Age :

20.07.1979

Date of Appointment :

07.11.2006

DIN No.:

01005300

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17125GJ2006PTC048886	NAVNEET GINNING ANDPRESSING PRIVATE LIMITED	Director	07/11/2006	07/11/2006	-	Active	NO
2	U45201GJ2006PTC049601	ALPESH INFRASTRUCTURE PRIVATE LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO
3	U01405GJ2007PTC051686	KOKILA COTTON EXPORT PRIVATE LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
4	U45201GJ2010PTC060956	NIRVANA PROCON PRIVATE LIMITED	Director	03/06/2010	03/06/2010	-	Active	NO

Name :

Mr. Manilal Shivrambhai Patel

Designation :

Director

Address :

Maheshwarpura, Vijapur – 382870, Gujarat, India

Date of Birth/Age :

01.06.1954

Date of Appointment :

07.11.2006

DIN No.:

02493305

Name :

Mr. Ratilal Ishwarbhai Patel

Designation :

Director

Address :

8 Rajeshwari Society, Manipura Road, Vijapur – 382870, Gujarat, India

Date of Birth/Age :

30.04.1963

Date of Appointment :

07.11.2006

DIN No.:

02459741

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2010

Names of Shareholders	No. of Shares
Mayur Dahyabhai Patel	70000
Satishkumar Dahyabhai Patel	80000
Hetalben Piyushkumar Patel	50000
Jyotsnaben Dahyabhai Patel	50000
Dahyalal Punjaram Patel	100000
Hiraben Baldevlal Patel	50000
Baldevlal Ishwardas Patel	100000
Renukaben Mukeshkumar Patel	50000
Mukeshkumar Baldevlal Patel	100000
Kalpeshkumar Amrutlal Patel	50000
Ambalal Somabhai Patel	100000
Piyushkumar Dahyalal Patel	50000
Rameshbhai Ambalal Patel	50000
Kokilaben Prahladbhai Patel	50000
Alpeshkumar Prahladbhai Patel	70000
Rajendrakumar Prahladbhai Patel	70000
Navneetkumar Prahladbhai Patel	170000
Prahladbhai Ishwardas Patel	350000
Ashwinkumar Babulal Patel	60000
Vipulkumar Prahladbhai Patel	50000

As on 19.01.2011

Names of Allotteee	No. of Shares Allotted
Prahladbhai Ishwardas Patel	12500
Navneetkumar Prahladbhai Patel	12500
Alpeshkumar Prahladbhai Patel	12500
Rajendrakumar Prahladbhai Patel	12500
Total	50000

As on 20.08.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Ginning and Pressing Industry

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Near Vandana Cinema, Vijapur, Vijapur - 382870, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
State bank of India Parmer Loan Vijapur (against hypothecation of stock )	2.812	14.095
State Bank of India Vijapur Cc A/c (against hypothecation of stock and Book Debts)	50.725	64.738
State Bank of India Vijapur Term Loan A/c Amreli (Against hypothecation of Plant and Machinery and Factory building)	19.906	8.066
State Bank of India – Pomerpack Amreli (All the above loan against secured by way of Equitable Mortgage of Factory land and equitable Mortgage of personal properties of Director)	0.002	0.000
Total	73.445	86.899
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Deposit form Shareholder	0.100	0.100
Other Deposit	19.679	4.495
Total	19.779	4.595

Banking Relations :	--
Auditors :
Name :	Rajiv Ravani and Company Chartered Accountants
Address :	205, Shanti House, Behind Sardar Patel Sevasamaj Hall Mithkhali Six Roads, Ahmedabad – 380006, Gujarat, India
PAN.:	ACMPR8280K

CAPITAL STRUCTURE

After 20.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3550000	Equity Shares	Rs.10/- each	Rs.35.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3550000	Equity Shares	Rs.10/- each	Rs.35.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 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		35.000	35.000	35.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.211	5.159	4.179
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		41.211	40.159	39.179
LOAN FUNDS
1] Secured Loans		73.445	86.899	95.531
2] Unsecured Loans		19.779	4.595	14.980
TOTAL BORROWING		93.224	91.494	110.511
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		134.435	131.653	149.690
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.948	35.339	38.701
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.096	90.830	100.674
	Sundry Debtors	24.240	19.950	32.529
	Cash & Bank Balances	1.453	0.211	1.390
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.242	13.784	3.362
Total Current Assets		111.031	124.775	137.955
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.087	24.153	24.958
	Other Current Liabilities	5.130	3.090	0.984
	Provisions	1.392	1.348	1.219
Total Current Liabilities		8.609	28.591	27.161
Net Current Assets		102.422	96.184	110.794
MISCELLANEOUS EXPENSES		0.065	0.130	0.195
TOTAL		134.435	131.653	149.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	672.905	439.318	373.648
		Other Income	1.426	5.122	0.308
		TOTAL (A)	674.331	444.440	373.956
Less	EXPENSES
		Increase / (Decrease) in stock	37.124	2.174	(57.187)
		Purchase of Cotton Bales	92.703	20.465	20.055
		Consumption of Raw Materials	521.921	400.655	389.244
		Manufacturing Expenses	6.076	7.257	7.975
		Admin. Selling and Distribution Expenses	3.625	2.609	6.111
		Preliminary Expenses	0.065	0.065	0.065
		TOTAL (B)	661.514	433.225	366.263
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.817	11.215	7.693
Less	FINANCIAL EXPENSES (D)		7.641	6.096	1.371
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.176	5.119	6.322
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.654	4.007	3.810
	PROFIT BEFORE TAX (E-F) (G)		1.522	1.112	2.512
Less	TAX (H)		0.470	0.132	0.428
	PROFIT AFTER TAX (G-H) (I)		1.052	0.980	2.084
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.459	1.479	(0.605)
	BALANCE CARRIED TO THE B/S		3.511	2.459	1.479
	Earnings Per Share (Rs.)		0.30	0.28	0.60

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.16	0.22	0.56
Net Profit Margin (PBT/Sales)	(%)	0.23	0.25	0.67
Return on Total Assets (PBT/Total Assets}	(%)	1.06	0.69	1.42
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.06
Debt Equity Ratio (Total Liability/Networth)		2.47	2.99	3.51
Current Ratio (Current Asset/Current Liability)		12.90	4.36	5.08

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	No
30) Major Shareholders, if available	Yes

Working Highlight

During the year the company has total income of Rs.674.331 Millions and has net profit after tax is Rs.1.052 Millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U17125GJ2006PTC048886
Name of the company	NAVNEET GINNING AND PRESSING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	28, New Market Yard, Himatnagar Mahesana Road, Vijapur – 382870, Gujarat, India naushad-fca@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10048265
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, Near Vandana Cinema, Vijapur, Vijapur - 382870, Gujarat, India naushad_22000@yahoo.com
Nature of instrument creating charge	Supplemental Agreement of Loan-Cum-Hypothecation and Memorandum Relating To Deposit of Title Deeds For Creation of Further Charge For Term Loan Overall Limit Where The Initial Charge is Created By Way of Mortgage by Deposit of Title Deeds
Date of instrument Creating the charge	12.01.2011
Amount secured by the charge	Rs.140.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest In the Case of Working Capital Facility ROI is 6.75% Margin Above the Base Rate of State Bank of India Terms of Repayment Demand cash credit : on demand Margin In the case of demand cash credit loan : Raw material (indigenous) : 25 % Semi-finished goods : 25 % Finished goods : 25 % Domestic receivables(cover period 90 days) : 35 % Extent and Operation of the charge First charge till repayment of whole loan amount of all type of loans
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All present and future stocks, raw materials book-debts vehicles and all other movable assets of the borrower including receivable documents of title to goods, outstanding monies, bills, invoices present and future machineries and other movable assets of the company extension of equitable mortgage over factory land & building at Survey No.150/151, Bhavnagar-Rajkot Highway, Village: Dhasa, Taluka. Gadhada, Deistic. Bhavnagar, Pin 364730 extension of equitable mortgage over commercial property at Shop Nos.15 & 16, Ground Floor, Shakuntal Complex, T.B. Road, Vijapur. Extension of equitable mortgage over commercial property at Shop No.9, Ground Floor, Suryaketu Complex, Vijapur.
Date of instrument modifying the charge	11/03/2010
Particulars of the present modification	Extension of Equitable Mortgage Over Factory Land & Building At Survey No.150/151, Bhavnagar-Rajkot Highway, Village: Dhasa, Taluka. Gadhada, District. Bhavnagar, Pin 364730. Extension of Equitable Mortgage Over Commercial Property At Shop Nos.15 & 16, Ground Floor, Sanskrut Shopping Center, T.B. Road, Vijapur. Extension Of Equitable Mortgage Over Commercial Property At Shop No.9, Ground Floor, Suryaketu Complex, Vijapur.

Fixed Assets

· Factory Land

· Dead Stock

· Tubewell

· Weighbridges

· Plant and machinery

· Factory Building

· Truck Eicher

· Tractor Loader

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.54.92
UK Pound	1	Rs.85.47
Euro	1	Rs.67.15

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	--
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		27

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.