MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	GOMTESH GINNING AND PRESSING PRIVATE LIMITED
Registered Office :	Gram Bakaner, Dhar – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.03.2007
Com. Reg. No.:	10-019384
Capital Investment / Paid-up Capital :	Rs.7.860 Millions
CIN No.: [Company Identification No.]	U17121MP2007PTC019384
TAN No.: [Tax Deduction & Collection Account No.]	BPLG03909D
PAN No.: [Permanent Account No.]	AACCG9701D
Legal Form :	Private Limited Liability Company
Line of Business :	Ginning, Pressing, Manufacturing and Trading of Cotton Bales, Cotton Seeds and Kapas
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 43000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company is low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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 :	Gram Bakaner, Dhar – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2529410
Fax No.:	Not Available
E-Mail :	adeshwar.jain@gmail.com
Admn Office :	501 – A, President Tower, 6/2, South Tukogang, Madhumumilan Sq. Indore - 452001, Madhya Pradesh ,India
Tel. No.:	91-731-252941
Fax No.:	91-731-4045453
E-Mail :	gomteshginning@yahoo.com
Head Office :	Bakaner, Dhar – 454448, Madhya Pradesh, India
Tel. No.:	91-7294-263605 / 263271
Fax No.:	91-7294-263691

DIRECTORS

As on 30.09.2011

Name :

Mr. Gomtesh Doshi

Designation :

Director

Address :

Gram Bakaner, Dhar – 452001, Madhya Pradesh, India

Date of Birth/Age :

23.02.1981

Date of Appointment :

26.03.2007

DIN No.:

01775232

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	U17121MP1997PTC011896	NIDHI COTTON INDUSTRIES PRIVATE LIMITED	Director	3/10/2002	3/10/2002	30/11/2010	Active	NO
2	U17121MP2007PTC019384	GOMTESH GINNING AND PRESSING PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
3	U17111MP2007PTC019468	MAHIMA BIO SPINTEX PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO

Name :

Mr. Vinod Doshi

Designation :

Managing Director

Address :

Gram Bakaner, Dhar – 452001, Madhya Pradesh, India

Date of Birth/Age :

13.05.1958

Date of Appointment :

26.03.2007

DIN No.:

01820201

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	U17121MP2007PTC019384	GOMTESH GINNING ANDPRESSING PRIVATE LIMITED	Managing director	26/03/2007	26/03/2007	-	Active	NO
2	U17111MP2007PTC019468	MAHIMA BIO SPINTEX PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
3	U17121MP1997PTC011896	NIDHI COTTON INDUSTRIES PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinod Kumar Doshi	215000
Gomtesh Doshi	175000
Chanda Doshi	40000
Kiran Doshi	356000
Total	786000

As on 24.01.2012

Names of Allottee	No. of Allotted
Gomtesh Doshi	164000
Total	164000

As on 30.09.2011

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 :	Ginning, Pressing, Manufacturing and Trading of Cotton Bales, Cotton Seeds and Kapas
Products :	· Cotton Bales · Cotton Seeds · Kapas

GENERAL INFORMATION

Suppliers :

· All India Goods services

· Apex Fiber Testing Lab

· Bhadresh Trading Corporation

· Dalal Annant Arawal and Company

· Eco Cert India Private Limited

· GBP Cotton company

· Gill and company Private Limited

· Khatu Syam Trading company

· KK Shah and brothers Indore

· MTK Textiles Private Limited

· Nalam Ganpati Adilabad

· Novel Exicon Private Limited

· Pisece containers Lines I Private Limited

· Radah Krishna Shree krishna Mittal

· Reliable Analytical laboratory

· Rupesh Kumar Kailash chand

· Sagar Brokers

· S. Madhav lal, Indore

Customers :

· Super Spinning Mills Limited

· Daulat Ram and Company

· Durairaj mills Limited

· Gainup Industies India P Limited

· Kishori Lal Kaliram

· K K P Spinning Mills Limited

· K P R Mills

· KSS Textiles Mills Private Limited

· Makraniya Oil Mills

· Mohit oil Industries

· N. K. Oil Products

· Nobal Eco Tech

· Prem Textiles Private Limited

· Selwa Ganpati Cotton mills

· Shri Ganga Industries

· S. Madahw lal

· Mahima Purespun, Indore

· Wel spun India Limited

· GPI Text

· Well Spoon India Limited

· Rajveer Textiles Indus. Limited

· Winsom Textiles Industries Limited.

· Tripur Surya Textiles Private Limited

· Maral Overseas Limited

· Bhadresh Trading Corporation

No. of Employees :

Not Available

Bankers :

· State Bank of Indore

· HDFC bank

· HSBC Bank

· State Bank of India, Bakaner, District Dhar, Bakaner - 454448, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working Capital Loan
From Banks :
State Bank of Indore, Bakaner	17.354	40.013
State Bank of Indore, Bakaner	20.081	11.315
State Bank of Indore, Bakaner (Book Debts)	19.943	20.058
Term Loans
State Bank of Indore, Bakaner (Term Loan)	5.732	7.292
Car Loans
From Tata Capital Limited	0.596	0.000
From HDFC Bank Limited , Indore	0.191	0.412
Total	63.897	79.090
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors
Mr. Vinod Doshi	1.565	3.281
Mr. Gomtesh Doshi	3.201	4.024
Others		0.000
Mrs. Rekha Jain	0.000	0.200
Mrs. Kiran Doshi	0.000	0.775
Mrs. Chanda Doshi	0.135	0.075
Ms. Nidhi Doshi	0.955	1.004
Ms. Mahima Doshi	1.114	1.114
Ram Lal Laxman	0.000	1.160
Ram Lal Laxman HUF	0.000	1.545
Narendra Cot Fibres Industries	0.000	1.621
Total	6.970	14.799

Banking Relations :	--
Auditors :
Name :	Adeshwar C Jain and Company Chartered Accountants
Address :	103-104 Vaibhav Chambers, 7/1, Ushaganj ,Chhawni, Indore – 452001, Madhya Pradesh, India
PAN.:	AAOFA8812E

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.11.000 Millions

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
786000	Equity Shares	Rs.10/- each	Rs.7.860 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		7.860	0.100	0.100
2] Share Application Money		0.000	7.760	7.760
3] Reserves & Surplus		3.086	0.870	0.210
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.946	8.730	8.070
LOAN FUNDS
1] Secured Loans		63.897	79.090	46.378
2] Unsecured Loans		6.970	14.799	5.846
TOTAL BORROWING		70.867	93.889	52.224
DEFERRED TAX LIABILITIES		1.208	0.542	0.147
TOTAL		83.021	103.161	60.441
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.586	14.763	14.265
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	1.916	33.287	22.772
	Sundry Debtors	60.502	60.318	15.586
	Cash & Bank Balances	4.807	4.639	2.291
	Other Current Assets	0.043	0.285	0.036
	Loans & Advances	16.289	8.337	6.954
Total Current Assets		83.557	106.866	47.639
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.543	13.445	0.891
	Other Current Liabilities	0.242	0.242	0.242
	Provisions	4.340	4.788	0.340
Total Current Liabilities		17.125	18.475	1.473
Net Current Assets		66.432	88.391	46.166
MISCELLANEOUS EXPENSES		0.003	0.007	0.010
TOTAL		83.021	103.161	60.441

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	572.616	627.295	115.261
		Other Income	6.109	0.707	0.011
		TOTAL (A)	578.725	628.002	115.272
Less	EXPENSES
		Variation In Stocks	30.643	(10.718)	(21.702)
		Material Purchase Cost	513.506	610.789	126.073
		Manufacturing and Operating Expenses	12.654	12.941	5.527
		Sales, Administrative and Other Expenses	6.337	1.524	1.375
		Staff Expenses	1.872	0.823	0.346
		Preliminary written off	0.003	0.003	0.003
		TOTAL (B)	565.015	615.362	111.622
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.710	12.640	3.650
Less	FINANCIAL EXPENSES (D)		9.606	10.655	2.867
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.104	1.985	0.783
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.799	0.694	0.312
	PROFIT BEFORE TAX (E-F) (G)		3.305	1.291	0.471
Less	TAX (H)		1.089	0.632	0.250
	PROFIT AFTER TAX (G-H) (I)		2.216	0.659	0.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.869	0.210	(0.011)
	BALANCE CARRIED TO THE B/S		3.085	0.869	0.210
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	380094 (US Dollars)	NA	NA
		Derivatives Transact	279652 (US Dollars)	NA	NA
	TOTAL EARNINGS		100442 (US Dollars)	NA	NA
	Earnings Per Share (Rs.)		2.82	65.94	22.14

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.38	0.10	0.19
Net Profit Margin (PBT/Sales)	(%)	0.58	0.21	0.41
Return on Total Assets (PBT/Total Assets}	(%)	3.30	1.06	0.76
Return on Investment (ROI) (PBT/Networth)		0.30	0.14	0.06
Debt Equity Ratio (Total Liability/Networth)		8.04	12.87	6.65
Current Ratio (Current Asset/Current Liability)		4.88	5.78	32.34

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	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17121MP2007PTC019384
Name of the company	GOMTESH GINNING AND PRESSING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gram Bakaner, Dhar – 452001, Madhya Pradesh, India adeshwar.jain@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10138491
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, Bakaner, District Dhar, Bakaner - 454448, Madhya Pradesh, India sbi.30201@sbi.co.in
Nature of instrument creating charge	-Supplemental Agreement of Loan-Cum-Hypothecation dated 03.02.2012 for increase in the overall limit to Rs.119.000 Millions from Rs. 89.000 Millions.
Date of instrument Creating the charge	03.02.2012
Amount secured by the charge	Rs.119.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On CC- 6.75% above BR (floating) monthly rests On TL- 7.5% above BR monthly rests Terms of Repayment CC- on demand TL- 11 instalments of Rs. 0.818 Million each Margin As per Agreement Extent and Operation of the charge As per Agreement Others Cash Credit limit has been increased from Rs.80.000 Millions to Rs.110.000 Millions and term loan remained Rs.9.000 Millions only. Totalling to Rs.119.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Continuation of Charge on Factory Land and Building situated at Patwari Halka No.105 (New)Old. No.36 Settlement No.293, Survey No. 242/4/1 Area 0.80 Hectare, Bakaner, MP together with all construction. Continuation of hypothecation of all present and future stocks, goods, raw materials, book debts, movable plant and machineries and all other movable assets.
Date of instrument modifying the charge	09.01.2010
Particulars of the present modification	Cash Credit limit has been increased from Rs.80.000 Millions to Rs. 110.000 Millions and term loan remained Rs.9.000 Millions only. Totalling to Rs.119.000 Millions.

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.55.60
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Report Prepared by :

NTH

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	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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.