MIRA INFORM REPORT

Report Date :

25.10.2012

IDENTIFICATION DETAILS

Name :	PROFESSIONAL COMMODITY SERVICES PRIVATE LIMITED
Registered Office :	2^nd Floor "Gokul House", 43 Shreemali Co-operative. Housing Society Limited, Opposite Shikhar Building, Navrangpura Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.10.2004
Com. Reg. No.:	04-044916
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U51100GJ2004PTC044916
TAN No.: [Tax Deduction & Collection Account No.]	AHMP05031F
PAN No.: [Permanent Account No.]	AADCP4886F
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Agricultural Products, Metals Including Precious Metals, Precious Stones, Diamonds, Petroleum and Energy Products and all other Commodities
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It is engaged in the business of commodities and is member of the National Commodity and Derivative Exchange Limited as well as ACE Derivatives and Commodities Exchange Limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

INFORMATION DECLINED BY

Management Non Co-operative (91-22-40140967 / 91-79-66615253)

LOCATIONS

Registered Office :	2^nd Floor "Gokul House", 43 Shreemali Co-operative. Housing Society Limited, Opposite Shikhar Building, Navrangpura Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-66304555 / 66615253 / 54 / 55
Fax No.:	91 79 66304543
E-Mail :	csggpl@gokulgroup.com csgrs@gokulgroup.com mail@gokulgroup.com
Website :	http://www.gokulgroup.com

DIRECTORS

As on 17.09.2012

Name :

Mr. Kanubhai Jivatram Thakker

Designation :

Director

Address :

29, Ambikanagar Co-Operative Hsg. Society, Opposite G.E.B, Sidhpur, Patan - 384151, Gujarat, India

Date of Birth/Age :

28.04.1962

Date of Appointment :

31.07.2009

DIN No.:

00315616

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	L15142GJ1992PLC018745	GOKUL REFOILS AND SOLVENT LIMITED	Managing director	15-06-11	29-12-92	-	Active	NO
2	U17110GJ2005PTC046804	GOKUL TEXTILES PRIVATE LIMITED	Director	21-09-05	21-09-05	-	Active	NO
3	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22-09-06	22-09-06	23-09-11	Active	NO
4	U40104GJ2007PLC050262	GUJARAT GOKUL POWER LIMITED	Managing director	01-04-07	16-03-07	-	Active	NO
5	U15142GJ2008PTC053847	GOKUL OLEOCHEM PRIVATE LIMITED	Director	08-05-08	08-05-08	-	Active	NO
6	U51100GJ2004PTC044916	PROFESSIONAL COMMODITY SERVICES PRIVATE LIMITED	Director	31-07-09	20-10-08	-	Active	NO
7	U14292GJ2009PTC057000	GOKUL MINEX PRIVATE LIMITED	Director	20-05-09	20-05-09	-	Active	NO
8	U74140GJ2009PTC057161	GOKUL PROENT PRIVATE LIMITED	Director	04-06-09	04-06-09	-	Active	NO
9	U26940GJ2009PTC057524	BAHUCHAR CEMENTS PRIVATE LIMITED	Director	14-07-09	14-07-09	-	Active	NO
10	U70101GJ2009PTC057970	GOKUL INFRACON PRIVATE LIMITED	Director	03-09-09	03-09-09	-	Active	NO
11	U45200GJ2010PTC061478	GOKUL DESIGNERS AND CONSTRUCTORS PRIVATE LIMITED	Director	07-07-10	07-07-10	-	Active	NO
12	U15143GJ2011PTC067750	GOKUL SOLVEX PRIVATE LIMITED	Director	08-11-11	08-11-11	-	Active	NO

Name :

Mr. Hiteshkumar Tarachand Thakkar

Designation :

Director

Address :

23, Ambikanagar Co-Operative Hsg. Society, Opposite G.E.B, Sidhpur, Patan - 384151, Gujarat, India

Date of Birth/Age :

10.03.1979

Date of Appointment :

31.07.2009

DIN No.:

01813667

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	U15540GJ1999PTC036721	GOKUL MINERAL WATER PRIVATE LIMITED	Director	14-10-99	14-10-99	-	Active	NO
2	U51225GJ2001PTC039329	SPACF COMTRADE PRIVATE LIMITED	Director	20-03-01	20-03-01	-	Strike off	NO
3	U51100GJ2004PTC044916	PROFESSIONAL COMMODITY SERVICES PRIVATE LIMITED	Director	31-07-09	25-11-08	-	Active	NO

Name :

Mr. Vinuji Amrutji Rajput

Designation :

Director

Address :

8, Bahucharnagar Society, Kholwada, Sidhpur, Patan - 384151, Gujarat, India

Date of Birth/Age :

16.10.1981

Date of Appointment :

31.07.2009

DIN No.:

02537250

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2012

Names of Shareholders	No. of Shares
Gokul Refoils And Solvent Limited, India	599800
Rajput Balvantsinh Chandansinh	100
Thakkar Kanubhai Jivatram	100
Total	600000

As on 17.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Agricultural Products, Metals Including Precious Metals, Precious Stones, Diamonds, Petroleum and Energy Products and all other Commodities

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	0.000	57.138
Total	0.000	57.138
Note: From Holding Company

Banking Relations :	--
Auditors :
Name :	M.R. Pandhi and Associates Chartered Accountants
Address :	101, Panchdeep Complex, Mayur Colony, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565949 / 26420994
Email :	mrpandhi@gmail.com
PAN.:	AABFM1229N
Holding Company :	Gokul Refoils and Solvent Limited CIN No.: L15142GJ1992PLC018745

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.220	1.563	1.882
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.220	7.563	7.882
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	57.138	6.950
TOTAL BORROWING		0.000	57.138	6.950
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		18.220	64.701	14.832
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.007	0.007	0.007
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.588	0.588	0.588
	Cash & Bank Balances	24.057	3.935	9.014
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.685	68.221	5.165
Total Current Assets		83.330	72.744	14.767
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	60.017	8.050	0.006
	Provisions	5.100	0.000	0.000
Total Current Liabilities		65.117	8.050	0.006
Net Current Assets		18.213	64.694	14.761
MISCELLANEOUS EXPENSES		0.000	0.000	0.064
TOTAL		18.220	64.701	14.832

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15.867	1.601	0.218
		Other Income		0.153	0.239
		TOTAL	15.867	1.754	0.457
Less	EXPENSES
		Administrative and General Expenses		0.281	0.533
		Preliminary Expenses Written off		0.064	0.013
		TOTAL	0.110	0.345	0.546
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		Including Financial Expenses	1.409	(0.089)
Less	FINANCIAL EXPENSES			1.728	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(0.319)	(0.089)
	PROFIT / (LOSS) BEFORE TAX		15.757	(0.319)	(0.089)
Less	TAX		5.100	0.000	0.005
	PROFIT / (LOSS) AFTER TAX		10.657	(0.319)	(0.094)
Add	Short Provision of Income Tax and FBT		0.000	0.000	(0.066)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.063	0.382	0.542
	BALANCE CARRIED TO THE B/S		10.720	0.063	0.382
	Earnings / (Loss) Per Share (Rs.)
	Basic		17.76	(0.53)	(0.18)
	Diluted		17.76	(0.53)	(0.18)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	67.16	(18.19)	(20.57)
Net Profit Margin (PBT/Sales)	(%)	NA	(19.93)	(40.83)
Return on Total Assets (PBT/Total Assets}	(%)	18.91	(0.44)	(0.60)
Return on Investment (ROI) (PBT/Networth)		0.86	(0.04)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		3.57	8.62	0.88
Current Ratio (Current Asset/Current Liability)		1.28	9.04	2461.17

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 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	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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from T-3, Balaji Centre, 3^rd Floor, Opposite Gurukul, Drive in Road Ahmedabad – 380052, Gujarat, India to present address w.e.f. 20.10.2008

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Rs. In Millions

Particular	31.03.2011	31.03.2010
Claims against the company not acknowledged as debts	9.028	9.028

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.53.59
UK Pound	1	Rs.85.81
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	PJA
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	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	NO
--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		41

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.