MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	BASIL COMMODITIES PRIVATE LIMITED
Registered Office :	303-304 Akshat Tower, Near Pakwan Restaurant II, Bodakdev, S. G. Highway Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.06.2008
Com. Reg. No.:	04 - 054221
Capital Investment / Paid-up Capital :	Rs.10.200 Millions
CIN No.: [Company Identification No.]	U52100GJ2008PTC054221
TAN No.: [Tax Deduction & Collection Account No.]	AHMB04584G
PAN No.: [Permanent Account No.]	AADCB4870B
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Raw Cotton, Cotton Bales and Chemicals.
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 70000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to medicour dealings at usual trade terms and condition.

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 / Corporate Office :	303-304 Akshat Tower, Near Pakwan Restaurant II, Bodakdev, S.G.Highway Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40037681/40037682
Fax No.:	91-79-40037683
E-Mail :	info@thisbasil.com rravanica3@gmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Pathik Zinbhai Patel

Designation :

Director

Address :

19, Pushpak Bunglows, Swagat Plaza – II, Bopal, Dascroi, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

19.09.1982

Date of Appointment :

17.06.2008

DIN No.:

02201782

Name :

Mrs. Archna Pathik Patel

Designation :

Director

Address :

19, Pushpak Bunglows, Swagat Plaza – II, Bopal, Dascroi, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

13.06.1985

Date of Appointment :

17.06.2008

DIN No.:

02201803

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	U52100GJ2008PTC054221	BASIL COMMODITIES PRIVATE LIMITED	Director	17/06/2008	17/06/2008	-	Active	NO
2	U51900GJ2011PTC065936	NIVA EXPORTS PRIVATE LIMITED	Director	16/06/2011	16/06/2011	-	Active	NO
3	U24100GJ2011PTC065929	NIVA ORGANICS PRIVATE LIMITED	Director	16/06/2011	16/06/2011	-	Active	NO

Name :

Mr. Jinbhai Bhikhabhai Patel

Designation :

Director

Address :

Shop No. 7, Station Road, Vill – Dhasa, Bhavnagar - 364740, Gujarat, India

Date of Birth/Age :

18.02.1950

Date of Appointment :

17.06.2008

DIN No.:

00466070

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	U17110GJ2005PTC046754	PANCHDEEP COTTON INDUSTRIES PRIVATE LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
2	U52100GJ2008PTC054221	BASIL COMMODITIES PRIVATE LIMITED	Director	17/06/2008	17/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Pathik Zinzbhai Patel - Business	53500
Archanaben Pathikbahi Patel – Business	49700
Jinabhai Bhikhabhai Patel – Business	91800
Vishal Zinabhai Patel – Business	11800
Panchdeep Cotton Industries Private Limited – Company	304000
Thkarshibhai Becharbhai – Business	30400
Zaverbhai Vithalbhai – Business	34200
Takhubhai Anakbhai – Business	34200
Sureshbhai Jivrajbahi – Business	34200
Ravjibhai Ranchhodbhai - Business	34200
Pravenbhai Ganeshbhai - Business	34200
Parshotambhai Valjibahi – Buiness	34200
Naranbhai Parshotambhai – Buiness	34200
Madhubhai Becharbhai – Business	34200
Khodabhai Becharbhai – Business	34200
Bhupatbhai Raningbhai - Business	34200
Bharatbhai Valerbhai - Business	34200
Babubhai Manjibhai – Business	34200
Dadubhai Boghabhai – Business	34200
Pratapbhai Bhagubhai – Business	34200
Total	1020000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	30.00
Directors or relatives of Directors	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Raw Cotton, Cotton Bales and Chemicals.

GENERAL INFORMATION

Supplier:

· Bora Industries Limited

· Daewoo International Corner

· Friends and Company

· Indtek International

· Louis Dreyus Commodity

· Mittatex Exporters Private Limited

· Jorden Modern International

· NGOC Son Company Limited

· Gopal Cotton Industries

Customer:

· Dhanveen Pigments Private Limited

· Dhruv Cotton Processing

· Panchdeep Cotton Industries Private Limited

· Panchdeep Cotton Industries

· Anandi Krishna Colour

· Beiging Cotton Outlook

· Bhoomi Ginning Pressing

· Blue Dart Express

· Control Union Far East

· Kanani Cotton Industries

· Shubham Ginning Pressing

No. of Employees :

Not Available

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

· Axis Bank

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Kotak Mahindra Bank Limited / Working Capital Demand Loan	20.000	0.000
Axis Bank (Stock Pledge Loan)	99.646	0.000
Total	119.646	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director and Shareholder	10.405	0.000
Total	10.405	0.000

Banking Relations :	--
Auditors :
Name :	Rajiv I Ravani and Company Chartered Accountant
Address :	703, Abhishree Avenue, Opposite Hanumanji Temple, Near Nehrunagar Cross Road, Ahmedabad – 380015, Gujarat, India
Tel No.:	91-79-26447150/40307150
Email:	ravanico@gmail.com
PAN.:	AAGFR9697E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1020000	Equity Shares	Rs.10/- each	Rs.10.200 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		10.200	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.545	0.698	0.405
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.745	0.798	0.505
LOAN FUNDS
1] Secured Loans		119.646	0.000	0.000
2] Unsecured Loans		10.405	0.000	0.000
TOTAL BORROWING		130.051	0.000	0.000
DEFERRED TAX LIABILITIES		0.002	0.005	0.000
TOTAL		147.798	0.803	0.505
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.285	0.276	0.326
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	168.479	0.000	0.000
	Sundry Debtors	6.391	63.681	0.579
	Cash & Bank Balances	0.836	0.798	1.269
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.984	3.108	2.368
Total Current Assets		188.690	67.587	4.216
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.181	66.520	0.352
	Other Current Liabilities	0.004	0.020	0.000
	Provisions	18.009	0.546	3.719
Total Current Liabilities		41.194	67.086	4.071
Net Current Assets		147.496	0.501	0.145
MISCELLANEOUS EXPENSES		0.017	0.026	0.034
TOTAL		147.798	0.803	0.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	853.047	405.588	59.747
		Other Income	12.922	6.592	2.357
		TOTAL	865.969	412.180	62.104
Less	EXPENSES
		Purchase of Raw Cotton, Cotton Bales and Chemicals	966.626	394.967	58.510
		Administrative Selling and Distribution Expenses	53.737.	16.553	2.826
		Preliminary Expenses Written Off Expenses	0.009	0.009	0.008
		Increase /(Decrease) in Stock	(168.479)	0.000	0.000
		TOTAL	851.893	411.529	61.344
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		14.076	0.651	0.760
Less	FINANCIAL EXPENSES		3.204	0.001	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.872	0.650	0.760
Less/ Add	DEPRECIATION/ AMORTISATION		0.096	0.131	0.018
	PROFIT BEFORE TAX		10.776	0.519	0.742
Less	TAX		3.329	0.168	0.279
	PROFIT AFTER TAX		7.447	0.351	0.463
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.698	0.405	0.000
Less	APPROPRIATIONS
		Issue of Bonus Share	0.600	0.058	0.050
		The Dividend	0.000	0.000	0.008
	BALANCE CARRIED TO THE B/S		7.545	0.698	0.405
	Earnings Per Share (Rs.)		7.30	35.10	4.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.86	0.09	0.75
Net Profit Margin (PBT/Sales)	(%)	1.26	0.13	1.24
Return on Total Assets (PBT/Total Assets}	(%)	5.71	0.77	17.60
Return on Investment (ROI) (PBT/Networth)		0.61	0.65	1.47
Debt Equity Ratio (Total Liability/Networth)		2.32	84.07	8.06
Current Ratio (Current Asset/Current Liability)		4.58	1.01	1.04

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 two years	Yes
12) Profitability for last two 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	Yes
18) Major customers	Yes
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	Yes
30) Major Shareholders, if available	Yes

WORKING HIGHLIGHTS

During the year the company has total income Rs.853.047 Millions in the form of sales of cotton bales, Raw Cotton and Chemicals has net Profit Rs.7.447 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52100GJ2008PTC054221
Name of the company	BASIL COMMODITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	303-304 Akshat Tower, Near Pakwan Restaurant II, Bodakdev, S.G.Highway Ahmedabad – 380054, Gujarat, India Email: rravanica3@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10300028
Type of charge	Book debts
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India Email: john.fernandes@kotak.com
Nature of instrument creating charge	john.fernandes@kotak.com
Date of instrument Creating the charge	15.03.2012
Amount secured by the charge	Rs.112.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC/OD - Floating over the tenure of the facility. Terms of Repayment As may be specified by the bank from time to time. Margin NIL. Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Current assets present and future of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of Borrower's Current assets both present and future as described in Schedule 2nd to the Supplemental Deed of Hypothecation.
Particulars of the present modification	Bank had granted facilities of Rs.100.000 Millions to the Borrower which was secured by way of Hypothecation on Current assets of the Company on 29/07/2011.Now bank has revise said facilities as per schedule I to the attached Hypothecation Deed and said charge is modified and extended to the revise total facilities of Rs.112.500 Millions

Fixed Assets

· Compute

· Office Furniture

· Telephone Plant

· Water Plant

· Refrigerator

· Samsung LCD TV

· Scooter

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.55.76
UK Pound	1	Rs.86.68
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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.