MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED
Registered Office :	Gurudwara Singh Sabha Street, Bathinda – 151 001, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.09.1987
Com. Reg. No.:	16-007679
Capital Investment / Paid-up Capital :	Rs. 2.545 millions
CIN No.: [Company Identification No.]	U51109PB1987PTC007679
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 409000
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 – 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.

LOCATIONS

Registered Office :	Gurudwara Singh Sabha Street, Bathinda – 151 001, Punjab, India
Tel. No.:	91-22-22854088/40095000
Mobile No.:	91-9322215173 (Mr. Sekhsaria)
Fax No.:	91-22-22834284/55/91/92
E-Mail :	acts@pdst.in
Corporate Office :	904, Tulsiani Chambers, Nariman Point No. 212, Backbay Reclamation, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22854088
Fax No.:	91-22-22834284/55/91/92

DIRECTORS

As on 06.09.2012

Name :

Mr. Jagmohan Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

10.10.1944

Date of Appointment :

23.09.1987

DIN No.:

00184910

PAN No.:

AAWPS1429D

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	U51900MH1948PTC006625	DWARKADAS AND COMPANY PRIVATE LIMITED	Whole-time director	28/03/1963	28/03/1963	-	Under liquidation	NO
2	U51109PB1948PTC002054	DWARKA DASS AND CO PATIALA PRIVATE LIMITED	Director	10/10/1975	10/10/1975	-	Amalgamated	NO
3	U51109PB1987PTC007679	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED	Director	23/09/1987	23/09/1987	-	Active	NO
4	U51900MH1987PTC044772	SEKHSARIA POLYCOT PRIVATE LIMITED	Director	11/09/1989	11/09/1989	-	Active	NO
5	U72900MH2000PTC126445	SUVIDH COMMODITIES E COM PRIVATE LIMITED	Whole-time director	11/05/2000	11/05/2000	-	Active	NO
6	U51109MH2009PTC190828	MARVI COMMODITIES PRIVATE LIMITED	Director	19/07/2010	09/03/2009	-	Active	NO
7	U40300MH2009PTC195320	CORNER STONE ENERGY PRIVATE LIMITED	Director	30/06/2011	17/01/2011	-	Active	NO

Name :

Mr. Alok Sekhsaria

Designation :

Whole-time Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

31.01.1972

Date of Appointment :

04.11.1996

DIN No.:

00185081

PAN No.:

AAPPS8758Q

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	U51109PB1948PTC002054	DWARKA DASS AND CO PATIALA PRIVATE LIMITED	Director	01/06/1993	01/06/1993	-	Amalgamated	NO
2	U51109PB1987PTC007679	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED	Whole-time director	04/11/1996	04/11/1996	-	Active	NO
3	U72900MH2000PTC126445	SUVIDH COMMODITIES E COM PRIVATE LIMITED	Managing director	11/05/2000	11/05/2000	-	Active	NO
4	U51900MH1987PTC044772	SEKHSARIA POLYCOT PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Active	NO
5	U63023MH2005PTC156126	AGRIMANAGE INDIA PRIVATE LIMITED	Director	15/12/2008	15/12/2008	03/10/2011	Active	NO
6	U51109MH2009PTC190828	MARVI COMMODITIES PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
7	U40300MH2009PTC195320	CORNER STONE ENERGY PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
8	U40101MH2010PTC205494	ULTRA ENERGY PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Strike off	NO
9	U40101MH2010PTC205519	HELIOS ENERGY PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Strike off	NO
10	U40108MH2010PTC205507	RAY SOLAR POWER PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Strike off	NO
11	U40300MH2010PTC205880	ROSHNI ENERGY PRIVATE LIMITED	Director	23/07/2010	23/07/2010	-	Strike off	NO
12	AAA-8477	HELIOS COMMODITIES LLP	Designated Partner	22/03/2012	22/03/2012	-	Active	NO

Name :

Ms. Mayuri Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

10.08.1977

Date of Appointment :

20.05.1998

DIN No.:

00185121

PAN No.:

AUFPS5983H

MAJOR SHAREHOLDERS

As on 06.09.2012

Names of Shareholders	No. of Shares
Jagmohan Sekhsaria	2000
Alok Sekhsaria	6000
J.P. Sekhsaria – HUF	2000
Vidya Sekhsaria	4000
Sekhsaria Polycot Private Limited, India	2000
Sekhsaria Vidya Jointly with Sekhsaria Alok	7000
Sekhsaria Jagmohan Jointly with Sekhsaria Alok	2000
TOTAL	25000

As on 31.10.2011

Names of Shareholders	No. of Shares
Jagmohan Sekhsaria	45
Vidya Sekhsaria	55
Alok Sekhsaria	135
Sekhsaria Polycot Private Limited, India	45
Sekhsaria Vidya Jointly with Sekhsaria Alok	83
Sekhsaria Jagmohan Jointly with Sekhsaria Alok	45
	45
TOTAL	453

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	8.00
Directors or relatives of Directors	92.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Yarn.

Products :

ITC Code	Product Descriptions
5201.00.00	Cotton

· Black Polyester Yarn

· Dyed Polyester Yarn

· Polyester Chenille Yarn

· High Tenacity Yarn

· Poly Cotton Blended Yarn

· Polyester dope Dyed Yarn

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Mumbai Samachar Marg Branch, 66/ 80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans Banks Secured	125.000
Total	125.000	497.460
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans Directors unsecured	0.348	0.348
Total	0.348	0.348

Banking Relations :	--
Auditors :
Name :	Phirodia Bafna and Associates Chartered Accountant
Address :	304, Sangam Arcade, Vallabhbhai Road, Opposite Railway Station, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26185962/ 63/ 64
Fax No.:	91-22-26185967
E-Mail :	phirodiabafna@gmail.com
PAN.:	AAAFP2683E
Enterprise over which key management personal / individual owing directly an Interest in the voting power of the reporting enterprise that give them control or significant influence over the enterprise :	Ashok Enterprise Dwarkadas and Company Patiala Private Limited J P Trading Company Suvidh Commodities E-Com Private Limited Agrimanage India Private Limited Sekhsaria Polycot Private Limited Marvi Commodities Private Limited

CAPITAL STRUCTURE

As on 06.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 100/- each	Rs. 2.500 millions

After 06.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
25453	Equity Shares	Rs. 100/- each	Rs. 2.545 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.764	47.393	23.412
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		102.264	49.893	25.912
LOAN FUNDS
1] Secured Loans		125.000	497.460	138.975
2] Unsecured Loans		0.348	0.348	0.348
TOTAL BORROWING		125.348	497.808	139.323
DEFERRED TAX LIABILITIES		0.080	0.001	0.000
TOTAL		227.692	547.702	165.235
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.832	0.079	0.177
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.036	1.437	1.437
DEFERREX TAX ASSETS		0.000	0.000	8.427
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.542	476.990	20.397
	Sundry Debtors	17.707	436.330	50.445
	Cash & Bank Balances	164.901	14.639	9.171
	Other Current Assets	5.300	23.080	16.812
	Loans & Advances	197.529	118.200	88.893
Total Current Assets		385.979	1069.239	185.718
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	144.344	79.804	9.136
	Other Current Liabilities	1.311	435.649	21.289
	Provisions	23.500	7.600	0.099
Total Current Liabilities		169.155	523.053	30.524
Net Current Assets		216.824	546.186	154.194
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		227.692	547.702	165.235

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	TURNOVER		1962.170	497.155
	TOTAL EXPENDITURE		1937.286	516.753
	PROFIT/LOSS BEFORE TAX		24.904	(19.598)
Less	TAX		0.063	0.014
	PROFIT/LOSS AFTER TAX		24.841	(19.584)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.588)	7.996
Less	APPROPRIATIONS
		Transfer to General Reserve	3.500	0.000
	BALANCE CARRIED TO THE B/S		9.753	(11.588)
	EARNINGS IN FOREIGN CURRENCY		1165.067	391.251
	Earnings Per Share (Rs.)		993.64	783.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.33	(10.54)
Return on Investment (ROI) (PBT/Networth)		NA	0.50	(0.76)
Debt Equity Ratio (Total Liability/Networth)		2.87	20.46	6.55
Current Ratio (Current Asset/Current Liability)		1.78	2.04	6.08

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	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 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	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51109PB1987PTC007679
Name of the company	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gurudwara Singh Sabha Street, Bathinda, Punjab, Punjab – 151001, India e-mail: acts@pdst.in
This form is for	Modification of charge
Charge identification number of the modified	10328929
Type of charge	Immovable Property
Particular of charge holder	Union Bank of India, Mumbai Samachar Marg Branch, 66/ 80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India e-mail: msmcredit@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry (Supplementary Memorandum)
Date of instrument Creating the charge	21.12.2011
Amount secured by the charge	Rs. 500.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Together with interest, costs, charges expenses etc Terms of Repayment On Demand. Margin As per sanction terms. Extent and Operation of the charge To additionally secure revised credit facilities aggregating to Rs.500.000 millions granted by the Bank to the Company
Short particulars of the property charged	Extension of Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company's Immovable Property viz Property measuring 312 Sq.Yards bearing M.C.No. 4242 situated at Singh Sabha Gurdwara Street, Bathinda as per HTA for the year 2011-12 bounded as under- East: 72' Vinay Kumar West: 72' Krishna Bahi Store North 39' Street South : 39' Ram Natak Club
Particulars of the present modification	The Original Charge Dated: 01.12.2011 for Rs.400.000 millions is hereby modified & enhanced to Rs.500.000 millions and additionally secured by Extension of Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company's Immovable Property viz Property measuring 312 Sq.Yards bearing M.C.No. 4242 situated at Singh Sabha Gurdwara Street, Bathinda as per HTA for the year 2011-12 bounded as under East:72' Vinay Kumar West:72' Krishna Bahi Store North 39' Street South: 39' Ram Natak Club

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 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.53.07
UK Pound	1	Rs.84.95
Euro	1	Rs.68.24

INFORMATION DETAILS

Report Prepared by :

NID

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.