1. Summary Information

		Country	India
Company Name	MITTATEX EXPORTS PRIVATE LIMITED	Principal Name 1	Krishnakumar Nandkishore Mittal
Status	Satisfactory	Principal Name 2	Anuj Krishnakumar Mittal
		Registration #	11-066932
Street Address	4 Cross Gate, Lokhandwala Complex, Versova, Andheri (West), Mumbai-400053, Maharashtra
Established Date	26.05.1992	SIC Code	--
Telephone#	91-22-23710557	Business Style 1	Trader
Fax #	91-22-23781025	Business Style 2	--
Homepage	http://www.euroflax.com http://www.kkmgroup.in	Product Name 1	Raw cotton
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 13,287,000/-	Product Name 3	--
Shareholders	Bodies corporate - 68.26% Directors or relatives of Directors- 31.74%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	20 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (42)
Related Company
Relation	Country	Company Name
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	642,468,000	Current Liabilities	399,658,000
Inventories	276,554,000	Long-term Liabilities	417,374,000
Fixed Assets	11,448,000	Other Liabilities	29,495,000
Deferred Assets	0	Total Liabilities	846,527,000
Invest& other Assets	260,450,000	Retained Earnings	331,105,000
		Net Worth	344,393,000
Total Assets	1,190,920,000	Total Liab. & Equity	1,190,920,000
Total Assets (Previous Year)	1,162,898,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	5,308,886,000	Net Profit	27,490,000
Sales(Previous yr)	5,255,333,000	Net Profit(Prev.yr)	25,960,000

MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	MITTATEX EXPORTS PRIVATE LIMITED
Registered Office :	4 Cross Gate, Lokhandwala Complex, Versova, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.1992
Com. Reg. No.:	11-066932
Capital Investment / Paid-up Capital :	Rs. 13.287 Millions
CIN No.: [Company Identification No.]	U51900MH1992PTC066932
Legal Form :	Private Limited Liability Company
Line of Business :	Trader in Raw cotton
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Slow But correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct The company can be considered for small to mediocre 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 :	4 Cross Gate, Lokhandwala Complex, Versova, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-23710557 / 26314922
Mobile No.:	91-9820056789 (Mr. Anuj Mittal)
Fax No.:	91-22-23781025 / 26362622
E-Mail :	mepcotton@hathway.com
Website :	http://www.euroflax.com http://www.kkmgroup.in

DIRECTORS

As on 18.08.2011

Name :

Mr. Krishnakumar Nandkishore Mittal

Designation :

Managing Director

Address :

12/A-B, Kingston, Lokhandwala Complex, Andheri (West), Mumbai -400053, India

Date of Birth/Age :

09.01.1949

Date of Appointment :

26.05.1992

DIN No.:

00251378

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1992PTC066932	MITTATEX EXPORTS PRIVATE LIMITED	Managing director	26/05/1992	26/05/1992	-	Active	NO
2	U17110MH1995PTC089836	K K M INTERNATIONAL PRIVATE LIMITED	Director	22/06/1995	22/06/1995	-	Active	NO
3	U17100MH1999PLC120350	EUROFLAX INDUSTRIES LIMITED	Director	25/03/2011	16/06/1999	-	Active	NO
4	U01403MH2000PLC123779	MEP COTTON LIMITED	Managing director	1/4/2009	27/06/2007	-	Active	NO
5	U01403MH2009PTC194861	MITTAL AGRIPROJECTS PRIVATE LIMITED	Director	12/8/2009	12/8/2009	-	Active	NO

Name :

Mr. Anuj Krishnakumar Mittal

Designation :

Director

Address :

12/A-B, Kingston, Lokhandwala Complex, Andheri (West), Mumbai -400053, India

Date of Birth/Age :

15.08.1979

Date of Appointment :

07.04.2003

DIN No.:

00251442

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17100MH1999PLC120350	EUROFLAX INDUSTRIES LIMITED	Director	6/3/2000	6/3/2000	-	Active	NO
2	U17110MH1995PTC089836	K K M INTERNATIONAL PRIVATE LIMITED	Director	7/4/2003	7/4/2003	-	Active	NO
3	U51900MH1992PTC066932	MITTATEX EXPORTS PRIVATE LIMITED	Director	7/4/2003	7/4/2003	-	Active	NO
4	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	13/07/2006	13/07/2006	27/02/2008	Active	NO
5	U01403MH2000PLC123779	MEP COTTON LIMITED	Whole-time director	1/4/2009	27/07/2007	-	Active	NO
6	U01403MH2009PTC194861	MITTAL AGRIPROJECTS PRIVATE LIMITED	Director	12/8/2009	12/8/2009	-	Active	NO

Name :

Mr. Ashish Krishnakumar Mittal

Designation :

Director

Address :

12/A-B, Kingston, Lokhandwala Complex, Andheri (West), Mumbai -400053, India

Date of Birth/Age :

07.12.1980

Date of Appointment :

07.07.2004

DIN No.:

00251448

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17110MH1995PTC089836	K K M INTERNATIONAL PRIVATE LIMITED	Director	7/7/2004	7/7/2004	-	Active	NO
2	U17100MH1999PLC120350	EUROFLAX INDUSTRIES LIMITED	Director	7/7/2004	7/7/2004	-	Active	NO
3	U51900MH1992PTC066932	MITTATEX EXPORTS PRIVATE LIMITED	Director	7/7/2004	7/7/2004	-	Active	NO
4	U01403MH2000PLC123779	MEP COTTON LIMITED	Whole-time director	1/4/2009	27/07/2007	-	Active	NO

Name :

Mrs. Uma Krishnakumar Mittal

Designation :

Director

Address :

12/A-B, Kingston, Lokhandwala Complex, Andheri (West), Mumbai -400053, India

Date of Birth/Age :

16.05.1953

Date of Appointment :

26.05.1992

DIN No.:

00251434

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1992PTC066932	MITTATEX EXPORTS PRIVATE LIMITED	Director	26/05/1992	26/05/1992	-	Active	NO
2	U17110MH1995PTC089836	K K M INTERNATIONAL PRIVATE LIMITED	Director	22/06/1995	22/06/1995	-	Active	NO
3	U17100MH1999PLC120350	EUROFLAX INDUSTRIES LIMITED	Director	16/06/1999	16/06/1999	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2011

Names of Shareholders	No. of Shares
Krishnakumar Nandkishore Mittal	167000
Uma Krishnakumar Mittal	38500
K.K. Mittal (HUF)	38500
Anuj Krishnakumar Mittal	65750
Ashish Krishnakumar Mittal	68500
Rashi Mittal	38500
Euroasia Enterprise	5000
KKM International Private Limited	868500
Euriflax Industries Limited	38500
Total	1328750

Equity Share Break up (Percentage of Total Equity)

As on 18.08.2011

Category	Percentage
Bodies corporate	68.26
Directors or relatives of Directors	31.74
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader in Raw cotton
Products :	Cotton in Bales Form

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Branch, World Trade Center, post Box No. 16094, Cuff Parade, Mimbai-400005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans bank secured	90.000	0.000
Working capital loans bank secured	298.635	463.953
Total	388.635	463.953
Unsecured Loan
Loans directors unsecured	28.739	0.000
Total	28.739	0.000

Banking Relations :	--
Auditors :
Name :	N. V. Jiwrajka and company Chartered Accountant
Address :	A-5, Orion ground floor, Vasant Galaxy, Bangur Nagar, Goregaon (W), Mumbai -400104, Maharashtra, India
PAN.:	AAEPJ5614E
Sister Concern :	· KKM International Private Limited · Euroflax Industries Limited · Mep Cotton Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1328750	Equity Shares	Rs.10/- each	Rs. 13.287 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		13.288	6.037	4.080
2] Share Application Money		0.000	0.000	39.150
3] Reserves & Surplus		331.105	166.564	103.412
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		344.393	172.601	146.642
LOAN FUNDS
1] Secured Loans		388.635	463.953	372.207
2] Unsecured Loans		28.739	0.000	0.000
TOTAL BORROWING		417.374	463.953	372.207
DEFERRED TAX LIABILITIES		0.049	(0.067)	0.054
TOTAL		761.816	636.487	518.903
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.448	12.436	5.864
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		260.450	121.450	121.450
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	276.554	275.092	148.084
	Sundry Debtors	40.356	309.574	240.334
	Cash & Bank Balances	26.851	71.188	6.652
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	575.261	373.158	121.109
Total Current Assets		919.022	1029.012	516.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	398.643	477.627	122.119
	Other Current Liabilities	1.015	48.784	2.326
	Provisions	29.446	0.000	0.145
Total Current Liabilities		429.104	526.411	124.590
Net Current Assets		489.918	502.601	391.589
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		761.816	636.487	518.903

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5308.886	5255.333	838.026
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.113	39.509	(4.507)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.306	1.525	0.903
	PROFIT BEFORE TAX (E-F) (G)		44.807	37.984	(5.410)
Less	TAX (I)		22.683	12.024	0.155
	PROFIT AFTER TAX (G-I) (J)		27.490	25.960	(5.565)
	BALANCE CARRIED TO THE B/S		27.490	25.960	(5.565)
	EARNINGS IN FOREIGN CURRENCY		3347.997	4007.693	NA
	Earnings Per Share (Rs.)		-	43.00	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.84	0.72	0.65
Return on Total Assets (PBT/Total Assets}	(%)	4.82	3.65	(1.04)
Return on Investment (ROI) (PBT/Networth)		0.13	0.22	0.04
Debt Equity Ratio (Total Liability/Networth)		2.46	5.74	3.39
Current Ratio (Current Asset/Current Liability)		2.14	1.95	4.14

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE OF THE COMPANY:

Due to Government restrictions, Company’s achievement is nominal and satisfactory even though export market was much better than earlier year.

OPERATIONS:

The Company made an Export Sale of Raw Cotton of Rs.3283.976 Millions and Local Sales Rs.2024.910 Millions. During the period the Company has made a profit of Rs. 27.489 Millions after Tax.

FORM 8:

Corporate identity number of the company	U51900MH1992PTC066932
Name of the company	MITTATEX EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4 Cross Gate, Lokhandwala Complex, Versova, Andheri (West), Mumbai-400053, Maharashtra
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10077732
Type of charge	Book debts Movable property (not being pledge) Others · All present and future Goods Inventory
Particular of charge holder	State Bank of India, Overseas Branch, World Trade Center, post Box No. 16094, Cuff Parade, Mimbai-400005, Maharashtra, India
Date of instrument Creating the charge	15.11.2011
Amount secured by the charge	Rs. 288.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Rate as may be determined by the bank from time to time on the basis of internal credit rating accorded to borrower and further as per the terms and conditions as contained in the sanction letter. Terms of repayment As Agreed between the Borrower Company and the Bank from time to time. Margin As agreed between the Borrower Company and the Bank from time to time. EPC : 10% on FOB Value 20% on C & F value 10% against Stocks Extent and operation of the charge At the request of the Borrower Company the Bank has enhanced Working Capital Limit upto Rs. 288.000 Millions (Fund Based EPC/PCFC/EBD Rs. 250.000 Millions and Non Fund Based Forward Contract (Equivalent to notional limit of Rs. 1900.000 Millions of Rs. 38.000 Millions) against First Charge and Hypothecation of Inventory, Book Debts and other movables current assets as mentioned in Sanction Letter. Total Charge Modified from 250.000 Millions to Rs. 288.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge and Hypothecation of Inventory, Book Debts and other movables current assets present as well as future as mentioned in Sanction Letter.
Particulars of the present modification	At the request of the Borrower Company the Bank has enhanced Working Capital Limit upto Rs. 288.000 Millions (Fund Based EPC/PCFC/EBD Rs. 250.000 Millions and Non Fund Based Forward Contract (Equivalent to notional limit of Rs. 1900.000 Millions of Rs. 38.000 Millions) against First Charge and Hypothecation of Inventory, Book Debts and other movables current assets as mentioned in Sanction Letter. Total Charge Modified from 250.000 Millions to Rs. 288.000 millions

FIXED ASSETS:

· Air Conditioners

· Computer

· Dehumidifiers

· Fax Machine

· Fax Modem

· Furniture and Fixture

· Generator

· Office Equipment

· Office Renovation

· Telephone System

· Water Filter

· Office Premises – East India

· Motor Car

· Television

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.50.22
UK Pound	1	Rs.78.63
Euro	1	Rs.65.53

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.