MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	KOMAL AMIN EXPORTS PRIVATE LIMITED
Registered Office :	309-310, Shanti Arcade, Near Sahajan and Complex, 132 Ft. Ring Road, Naran Pura, Ahmedabad – 380013, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.03.2005
Com. Reg. No.:	045601
Capital Investment / Paid-up Capital :	Rs.1.100 millions
CIN No.: [Company Identification No.]	U51100GJ2005PTC045601
TAN No.: [Tax Deduction & Collection Account No.]	AHMK03364E
PAN No.: [Permanent Account No.]	AACCK5543B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Merchant of Indian groundnut, groundnut meal, sesame seed, soybean meal, soybean, rope seed real, castor oil etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 120384
Status :	Satisfactory
Payment Behaviour :	Usually 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 usually correct and as per commitments. The company can be considered normal for 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 :	309-310, Shanti Arcade, Near Sahajan and Complex, 132 Ft. Ring Road, Naran Pura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27434511-14
Mobile No.:	91-79-27434515
Fax No.:	info@komalexports.com
E-Mail :	www.komal-export.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Suresh Punjiram Amin
Designation :	Director
Date of Birth/Age :	01.06.1969
Date of Appointment :	02.03.2005
Name :	Mr. Paresh Jayantilal Amin
Designation :	Director
Date of Birth/Age :	26.11.1978
Date of Appointment :	04.03.2011
Name :	Mr. Bhagubhai Tribhovandas Patel
Designation :	Whole Time Director
Date of Birth/Age :	01.06.1956
Date of Appointment :	01.04.2006
Name :	Mr. Dineshbhai Bhagubhai Patel
Designation :	Whole Time Director
Date of Birth/Age :	01.06.1961
Date of Appointment :	20.03.2007
Name :	Mr Sachinkumar Bhavandas Patel
Designation :	Whole Time Director
Date of Birth/Age :	23.02.1982
Date of Appointment :	20.03.2007
Name :	Mr. Bharat Kumar Jivanlal Amin
Designation :	Director
Date of Birth/Age :	01.06.1969
Date of Appointment :	04.03.2011

KEY EXECUTIVES

Name :	Mr. Suresh Amin
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Sureshkumar Punjiram Amin	61515
Ashaben Vishnukumar Patel	11000
Sachin Bhagubhai Patel	11000
Dineshbhai Bhulabhai Patel	13200
Bhagabhai Tribhovandas Patel	13200
Kanubhai D. Patel	5
Kanubhai D. Patel - Karta	5
Patel Samalbhaiishwarbhai	5
Patel Manilal Ishwarbhai	5
Patel Dharmeshbhai Mahendrabh	5
Patel Prakashbhai Samalbhai	5
Patel Jagdishbhai Ranchhodbhai	5
Patel Girishbhal Dahyabhai	5
Patel Kanubhai Purshottambhai	5
Patel Sandipbha1 Ganpatibhai	5
Patel Baldevbhai Joitaram	5
Patel Maheshbhai Jayantilal	5
Patel Bhikhabhai Ramanbhai	5
Patel Dashrathbhai Bhikhabhai	5
Patel Prakash Bhikhabhai	5
Patel Kirtibhai Revabhai	5
Patel Mahen D Rabhai	5
Total	110000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.92
Other top fifty shareholders		0.08
	Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Merchant of Indian groundnut, groundnut meal, sesame seed, soybean meal, soybean, rope seed real, castor oil etc.
Products :	Raw Cotton Yarn Ø Cotton Yarn Ø Synthetic Yarn Fabrics Ø Cotton Grey Fabrics Ø Cotton Fabrics Ø Denim Fabrics Ø Synthetic Finished Fabrics Ø Knitted Fabric Ready Made Garments Ø T-shirts Ø Trousers Ø Jeans Home Furnishing Ø Bed Sheets Ø Duvets Ø Table Cloth

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Corporation Bank

Opposite Navrangpura Bus Stop, Navrangpura Branch, Ahmedabad – 380009, Gujarat, India

• Bank of Baroda
• State Bank Of India
• State Bank of Saurashtra
• ICICI Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Corporation Bank (Against Foreign Documentary Bill L C Document)	437.308	228.924
Corporation Bank (Packing Credit Loan against hypothecation of stock)	0.000	49.985
Corporation Bank (Against hypothecation of Stock and Book Debts)	7.590	0.000
HDFC Bank (Hypothecation against car )	2.422	1.482
Corporation Bank (Term Loan against hypothecation of lab machinery)	2.852	2.723
Slandered Chartered Bank	0.874	0.000
Total	451.046	283.114
UNSECURED LOAN
Loan from Directors, Shareholders, Relatives of Directors	73.652	41.259
Total	73.652	41.259

Banking Relations :	--
Auditors :
Name :	V V Patel and Company Chartered Accountants
Address :	101, Shanti Arcade, Near Akash III, 132 FTL., Ring Road, Naranpura, Ahmedabad 380013, Gujarat, India
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10 each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs. 10 each	Rs.1.100 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		1.100	1.100	1.100
2] Share Application Money		10.145	13.645	12.453
3] Reserves & Surplus		18.851	16.458	12.255
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.096	31.203	25.808
LOAN FUNDS
1] Secured Loans		451.046	283.114	505.333
2] Unsecured Loans		73.652	41.259	126.264
TOTAL BORROWING		524.698	324.373	631.597
DEFERRED TAX LIABILITIES		0.180	0.074	0.142
TOTAL		554.974	355.650	657.547
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.124	8.896	10.362
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.654	5.064	15.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.314	79.330	149.597
	Sundry Debtors	582.008	259.266	633.826
	Cash & Bank Balances	27.388	12.250	3.208
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.006	65.388	18.411
Total Current Assets		756.716	416.234	805.042
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	218.492	69.347	169.378
	Other Current Liabilities	5.043	5.214	3.506
	Provisions	0.000	0.000	0.000
Total Current Liabilities		223.535	74.561	172.884
Net Current Assets		533.181	341.673	632.158
MISCELLANEOUS EXPENSES		0.015	0.017	0.022
TOTAL		554.974	355.650	657.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	1640.442	1127.062	1967.544
		TOTAL (A)	1640.442	1127.062	1967.544
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	1634.717	1118.901	1961.948
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1634.717	1118.901	1961.948
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.725	8.161	5.596
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.725	8.161	5.596
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.003	1.648	0.965
	PROFIT BEFORE TAX (E-F) (G)		3.722	6.513	4.631
Less	TAX (H)		6.115	10.715	7.613
	PROFIT AFTER TAX (G-H) (I)		2.393	4.202	2.982
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	2.500
	BALANCE CARRIED TO THE B/S		2.393	4.202	0.482
	Earnings Per Share (Rs.)		21.75	38.21	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.14	0.37	0.15
Net Profit Margin (PBT/Sales)	(%)	0.22	0.57	0.23
Return on Total Assets (PBT/Total Assets}	(%)	0.48	1.53	0.56
Return on Investment (ROI) (PBT/Networth)		0.12	0.20	0.17
Debt Equity Ratio (Total Liability/Networth)		24.86	12.78	31.17
Current Ratio (Current Asset/Current Liability)		3.38	5.58	4.65

LOCAL AGENCY FURTHER INFORMATION

Note: Registered office address of the company has been shifted from 210 A, Oxford Avenue, Opposite C. U.

Shah College, Near Income Tax Office, Off Ashram Road, Ahmedabad – 380014, Gujarat , India to

present w.e.f 11.11.2006

ACTIVITIES:

Directors have pleasure in informing that the company has achieved a turnover of Rs. 1640.400 millions and made profit of Rs. 2.400 millions. Directors are still hopeful of and committed to better results in the year come.

FORM 8

Corporate identity number of the company	U51100GJ2005PTC045601
Name of the company	KOMAL AMIN EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	309-310, Shanti Arcade, Near Sahajan and Complex, 132 Ft. Ring Road, Naran Pura, Ahmedabad – 380013, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Corporation Bank, Opposite Navrangpura Bus Stop, Navrangpura Branch, Ahmedabad – 380009, Gujarat, India Email: cb335@corpbank.co.in
Nature of instrument creating charge	Momerandum of Equitable Mortgage and Common Deed of Hypothecation of Movables/Assets/ Debts
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs. 1591.399 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 11.15% P.A. for FDBN, PCL up to 270 days 11.15%, more than 270 days 11.55%, CC 10.75% , TL 14.25% (COBAR- 0.75%) Terms of repayment FDBN shall not exceed 180days, PCL shall not exceed 90days, CC a/c payable on demand, ILC : DP/DA ( if DA , usance not exceed 180 dyas) TL as per original sanction terms. Margin PCL (Hyp) -10% on stock, PCL - clean, CC-(hyp) 25% and on receivable 40%, ILC cash Margin 10%, TL -25 % Extent and operation of the charge Charge extent and operates on all movable properties stock, receivables, plant and machineries , equitable mortgage on immovable assets more particularly as per agreement.
Short particulars of the property charged (Including location of the property)	ALL that undivided proportionate share in the piece of land bearing final plot No. 153 of T.P. Scheme No. 12 of Mouje Naroda, Taluka city in the Registration district and sub District Ahmedanad being No. 91/A admeasuring 95 square meters and construction area 135.16 square meters in "Arvind Estate" situated within Arvind Estate Association, situated Opposite Vadilal Park, Bapunagar, ahmedabad All the piece and parcel of immovable property bearing N.A. Land admeasuring 1865 square meters of Survey No. 136/1, and 136/2 of Final plot No. 208 T.P. scheme No. 29 of Mouje Vadaj in the Registration District Ahmedabad and Sub District Ahmedabad-2 Vadaj being office No. 309 on third floor admeasuring 72.27 square meters (Super Built-up Area) in "Shanti Arcade" situated AT Vadaj, Taluk City District Ahmedabad. All the piece and parcel of immovable property bearing N. A. Land admeasuring 1865 square meters, of Survey No. 136/1, and 136/2 of Final Plot No. 208 T. P. scheme No. 29 of Mouje Vadaj in the Registration District Ahmedabad and Sub District Ahmedabad-2 Vadaj being office No. 310 on third floor admeasuring 76.462 square meters (Super Built-up Area) in "Shanti Arcade" situated AT Vadaj, Taluk City District Ahmedabad.All the piece and parcel of immovable property bearing N. A. Land admeasuring 1865 square meters, of Survey No. 136/1, and 136/2 of Final plot No. 208 T.P. scheme No. 29 of Mouje Vadaj in the Registration District Ahmedabad and Sub District Ahmedabad-2 Vadaj being office No. 308 on third floor admeasuring 110.20 square meters (Super Built-up Area) in "Shanti Arcade" situated AT Vadaj, Taluka City District Ahmedabad. All kind of things / goods / movable properties, plant and machineries including the stocks and book debt and more particularly as per attachments.
Particulars of the present modification	Charge increased to Rs. 1591.399 millions (FDBN RS.1500.000 millions, PCL Rs. 81.000 millions, ILC-Rs.10.000 millions, Term Loan 3.99) from Rs. 550.000 millions.

FIXED ASSETS:

· Office Building

· Furniture

· Air Conditioner

· Machinery Lab

· Motor Car

· Fax Machine

· Mobile Car Swift

· Computer

· Electric Filling

· Water Cooler

· Gas Cylinder

· Scanner Machine

· TV

· Software

· Dish TV

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	Yes
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 involved in	--
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

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.