MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	HAJI ALI MOHAMED MOOSA AND COMPANY
Registered Office :	Muldwarka Road, Near Marketing Yard, Kodinar, Junagad-362720, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.06.1959
Capital Investment / Paid-up Capital :	Rs. 37.848 Millions
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Indian Raw Cotton and Cotton Seeds.
No. of Employees :	65 [Approximately] [In Office 15 and In Factory 50]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established partnership concern having satisfactory track. The concern is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Noormohamed A. Halai
Designation :	Partner
Contact No.:	91-9227823063
Date :	21.11.2012

LOCATIONS

Registered Office/ Factory :	Muldwarka Road, Near Marketing Yard, Kodinar, Junagad-362720, Gujarat, India
Tel. No.:	91-2795-220250/221155
Mobile No.:	91-9227823063 [Mr. Noormohamed A. Halai]
Fax No.:	91-2795-223786
E-Mail :	noor444@gmail.com
Website :	http://www.hamco.in
Area:	81000 sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Noormohamed A. Halai
Designation :	Partner
Address :	Jalaram Colony Muldwarka Road, Kodinar, Gujarat, India
Date of Birth/Age :	01.11.1973
Qualification :	Graduate
Experience :	15 Years
Name :	Mr. Aslam A. Halai
Designation :	Partner
Address :	Jalaram Colony Muldwarka Road, Kodinar, Gujarat, India
Date of Birth/Age :	07.01.1970
Qualification :	Graduate
Experience :	15 Years
Name :	Mr. Adam A. Halai
Designation :	Partner
Address :	Jalaram Colony Muldwarka Road, Kodinar, Gujarat, India
Date of Birth/Age :	01.03.1947
Qualification :	Graduate
Experience :	30 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of Indian Raw Cotton and Cotton Seeds.
Brand Names :	“HAMCO”
Terms :
Selling :	L/C

GENERAL INFORMATION

Customers :	Wholesalers and End Users
No. of Employees :	65 [Approximately] [In Office 15 and In Factory 50]
Bankers :	State Bank of India, 80 Feet Road, Main Branch, Veraval, India
Facilities :	Overdraft Rs.80.000 Millions

Banking Relations :	--
Auditors 1 :
Name :	Africawala and Associates Chartered Accountants
Address :	Husani Ice Factory, Near Muldwarka Road, Kodinar, Gujarat, India
Mobile No.:	91-9033337784
E-Mail :	africawala@yahoo.com
Auditors 2 :
Name :	Rajendra R. Parmar and Company Chartered Accountants
Address :	Riddhi-Siddhi Complex, 2^nd Floor, Near Bus Station, Junagadh Road, Veraval-362266, Gujarat, India
Tel No.:	91-2876-246432
E-Mail :	ca.rajendra.parmar@gmail.com
Associates/Subsidiaries :	· N.A. Enterprise Address: Marketing Yard, Shop No. 37, Kodinar, Gujarat, India Line of Business: Manufacturer of Indian Raw Cotton and Cotton Seeds.

CAPITAL STRUCTURE

AS ON 31.03.2012

Capital Investment :
Owned :	Rs. 37.848 Millions
Borrowed :	--
Total :	Rs. 37.848 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Partners Capital		37.848	34.537	17.322
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.848	34.537	17.322
LOAN FUNDS
1] Secured Loans		76.657	59.980	37.436
2] Unsecured Loans		2.800	7.498	0.060
TOTAL BORROWING		79.457	67.478	37.496
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		117.305	102.015	54.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.425	5.193	4.017
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.337	1.234	1.233
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.497	51.342	47.940
	Sundry Debtors	10.226	22.725	1.991
	Cash & Bank Balances	1.896	1.751	0.219
	Other Current Assets	0.403	2.885	0.394
	Loans & Advances	10.437	28.963	1.301
Total Current Assets		116.459	107.666	51.845
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.747	11.016	1.367
	Other Current Liabilities	0.807	0.113	0.385
	Provisions	1.362	0.949	0.525
Total Current Liabilities		7.916	12.078	2.277
Net Current Assets		108.543	95.588	49.568
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		117.305	102.015	54.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	636.723	674.885	254.446
		Other Income	22.420	6.556	19.272
		TOTAL (A)	659.143	681.441	273.718
Less	EXPENSES
		Cost of Finished Goods Purchased	192.748	278.715	111.792
		Cost of Raw Materials Consumed	424.019	374.278	147.511
		Stores and Packing Materials Consumed	1.821	1.888	1.027
		Salaries, Wages and Employee’s Benefits	0.837	1.072	0.681
		Director Production Overheads	4.857	4.215	2.123
		Selling and Marketing Expenses	11.307	11.057	3.476
		Administrative Expenses	1.424	1.770	1.190
		Foreign Exchange Fluctuation Gain / Loss	8.677	0.000	0.000
		TOTAL (B)	645.690	672.995	267.800
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.453	8.446	5.918
Less	FINANCIAL EXPENSES (D)		8.493	4.980	3.568
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.960	3.466	2.350
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.095	0.798	0.647
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.865	2.668	1.703
Less	TAX (H)		0.370	0.330	0.166
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.495	2.338	1.537

Expected Sales (2012-13) : Rs.700.000 Millions

The above information has been parted by Mr. Noormohamed A. Halai.

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.53	0.34	0.56
Net Profit Margin (PBT/Sales)	(%)	0.61	0.40	0.67
Return on Total Assets (PBT/Total Assets}	(%)	3.12	2.36	3.05
Return on Investment (ROI) (PBT/Networth)		0.10	0.07	0.10
Debt Equity Ratio (Total Liability/Networth)		2.31	2.30	2.30
Current Ratio (Current Asset/Current Liability)		14.71	8.91	22.77

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.