MIRA INFORM REPORT

Report Date :

19.04.2013

IDENTIFICATION DETAILS

Name :	BRITEX COTTON INTERNATIONAL LIMITED
Formerly Known As :	BRITEX INTERNATIONAL LIMITED
Registered Office :	205, Majestic Building, 2nd Floor, Opera House, Charni Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.07.1999
Com. Reg. No.:	11-120968
Capital Investment / Paid-up Capital :	Rs.4.454 Millions
CIN No.: [Company Identification No.]	U51900MH1999PLC120968
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Textile, Raw Cotton and Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 656000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The performance of the company seems to be high but the profitability is low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

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 :	205, Majestic Building, 2nd Floor, Opera House, Charni Road, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-61505001/ 23800007
Fax No.:	91-22-24948404/ 23896467
E-Mail :	bhadresh@bom2.vsnl.net.in sandipcotton@gmail.com
Corporate Office :	325/326, 3rd Floor, A To Z Industrial Premises, Next To Peninsula Tower, Lower Parel, Mumbai, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Bhadresh Vasantrai Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Off Nepeasea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.10.1957

Date of Appointment :

23.07.1999

DIN No.:

01206174

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	Company/ LLP Status	Defaulting status
1	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	Active	NO
4	U51909MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01/06/2008	21/05/2008	Active	NO
5	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2008	31/12/2008	Active	NO
6	U01111MH2009PTC195634	BHADRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	Active	NO
7	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	Active	NO
8	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	Active	NO
9	U52300MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	Active	NO
10	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	Active	NO
11	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	Active	NO
12	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	Active	NO

Name :

Mr. Parth Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Off Nepeasea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

30.04.1988

Date of Appointment :

15.12.2007

DIN No.:

01802821

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	Company/ LLP Status	Defaulting status
1	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	15/12/2007	15/12/2007	Active	NO
2	U51909MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01/06/2008	21/05/2008	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	26/05/2008	26/05/2008	Active	NO
4	U01111MH2009PTC195634	BHADRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	Active	NO
5	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	Active	NO
6	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	Active	NO
7	U52300MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	Active	NO
8	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	Active	NO
9	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	Active	NO
10	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	Active	NO

Name :

Mrs. Heena Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Off Nepeasea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.10.1958

Date of Appointment :

23.07.1999

DIN No.:

00655763

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	Company/ LLP Status	Defaulting status
1	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	Active	NO
4	U51909MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	21/05/2008	21/05/2008	Active	NO
5	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	% of Held
Bhadresh Vasantrai Mehta	442000	99.24
Heena Bhadresh Mehta	1800	0.40
Vasantrai G. Mehta	133	0.03
Chandravati V. Mehta	133	0.03
Ramesh H. Mehta	133	0.03
Bharti Ramesh Mehta	133	0.03
Jogesh P. Jasani	133	0.03
Kinjal B. Mehta	935	0.21
TOTAL	445400	100.00

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader of Textile, Raw Cotton and Yarn.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Lower Parel Branch, Yashwant Bhavan, P B Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Working capital loans from banks	200.000	0.000
Intercorporate borrowings	20.000	20.000
Loans and advances from related parties	19.854	19.854
TOTAL	239.854	39.854

Banking Relations :	--
Auditors :
Name :	James Shah and Company Chartered Accountants
Address :	Office No. 230/231, Majestic Shopping Centre, 2^nd Floor, 144, J.S.S. Road, Girgaum, Mumbai-400004, Maharashtra, India
PAN No:	AAFPS8223G
Other Related Parties :	Bhadresh Trading Corporation Limited [U51909MH2008PLC182506] Bhadresh Agro Industries Private Limited [U01111MH2009PTC195634] Sumeet Promoters Private Limited [U45202WB1990PTC050091]

CAPITAL STRUCTURE

AS ON 31.03.2012

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
445400	Equity Shares	Rs.10/- each	Rs.4.454 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] Share Capital		4.454	4.454	4.454
2] Share Application Money		134.000	131.500	80.200
3] Reserves & Surplus		25.554	16.402	9.151
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		164.008	152.356	93.805
LOAN FUNDS
1] Secured Loans		239.854	39.854	68.820
2] Unsecured Loans		1.392	3.906	5.500
TOTAL BORROWING		241.246	43.760	74.320
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		405.254	196.116	168.125
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.009	0.019
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	100.625	102.412
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	283.033	14.667	0.965
	Sundry Debtors	654.394	460.611	151.525
	Cash & Bank Balances	170.820	14.824	3.141
	Other Current Assets	74.165	0.000	0.000
	Loans & Advances	317.843	104.276	48.094
Total Current Assets		1500.255	594.378	203.725
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	844.643	441.466	135.771
	Other Current Liabilities	250.358	55.433	0.000
	Provisions	0.000	1.997	2.260
Total Current Liabilities		1095.001	498.896	138.031
Net Current Assets		405.254	95.482	65.694
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		405.254	196.116	168.125

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1666.502	1350.389	830.265
		Other Income	10.057	5.343	3.737
		TOTAL (A)	1676.559	1355.732	834.002
Less	EXPENSES
		Purchases of stock-in-trade	1901.519	1343.590
		Employee benefit expense	1.825	3.243
		Other expenses	10.663	1.873	820.168
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(268.365)	(13.703)
		TOTAL (B)	1645.642	1335.003	820.168
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.917	20.729	13.834
Less	FINANCIAL EXPENSES (D)		17.337	9.950	9.774
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.580	10.779	4.060
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.010	0.009	0.009
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		13.570	10.770	4.051
Less	TAX (H)		4.418	3.750	1.219
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		9.152	7.020	2.832
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	3.064
	BALANCE CARRIED TO THE B/S		NA	NA	5.896
	EARNINGS IN FOREIGN CURRENCY
		Exports at FOB Value	1.337	21.835	NA
	Earnings / (Loss) Per Share (Rs.)		20.55	15.76	6.32

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.55	0.52	0.34
Net Profit Margin (PBT/Sales)	(%)	0.81	0.80	0.49
Return on Total Assets (PBT/Total Assets}	(%)	0.90	1.81	1.99
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.04
Debt Equity Ratio (Total Debt/Networth)		1.47	0.29	0.79
Current Ratio (Current Asset/Current Liability)		1.37	1.19	1.48

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	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]	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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Intercorporate borrowings	1.392	2.545
Others Loans and advances	0.000	1.361
TOTAL	1.392	3.906

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10292060
Corporate identity number of the company	U51900MH1999PLC120968
Name of the company	BRITEX COTTON INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	205, Majestic Building, 2nd Floor, Opera House, Charni Road, Mumbai-400004, Maharashtra, India
Type of charge	Book Debts
Particular of charge holder	Union Bank of India, Lower Parel Branch, Yashwant Bhavan, P B Marg, Lower Parel, Mumbai – 400013, Maharashtra, India Email: advlowerparel@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Increasing Limit From 300.000 Millions to 500.000 Millions
Date of instrument Creating the charge	28.03.2012
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 Increasing limit from 300.000 Millions to 500.000 Millions Terms of Repayment As per deed of hypothecation Margin As per deed of hypothecation Extent and Operation of the charge As per deed of hypothecation
Short particulars of the property charged	As per deed of hypothecation
Date of latest modification prior to the present modification	02.05.2011
Particulars of the present modification	Increasing limit from 300.000 Millions to 500.000 Millions

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 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.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.