MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	BASIL COMMODITIES PRIVATE LIMITED
Registered Office :	302-304 Akshat Tower, Near Pakwan Restaurant II, Bodakdev, S. G. Highway Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.06.2008
Com. Reg. No.:	04 - 054221
Capital Investment / Paid-up Capital :	Rs. 10.200 Millions
CIN No.: [Company Identification No.]	U52100GJ2008PTC054221
TAN No.: [Tax Deduction & Collection Account No.]	AHMB04584G
PAN No.: [Permanent Account No.]	AADCB4870B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is Engaged in the Business of Trading in Raw Cotton, Cotton Bales and Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 106000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. However, the company has achieved better growth in its sales during 2012. 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 caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	October 2012

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 / Corporate Office :	302-304 Akshat Tower, Near Pakwan Restaurant II, Bodakdev, S.G.Highway Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40037681/40037682
Fax No.:	91-79-40037683
E-Mail :	info@thisbasil.com rravanica3@gmail.com

DIRECTORS

As on : 29.09.2012

Name :

Mr. Pathik Zinbhai Patel

Designation :

Director

Address :

19, Pushpak Bunglows, Swagat Plaza – II, Bopal, Dascroi, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

19.09.1982

Date of Appointment :

17.06.2008

DIN No.:

02201782

Name :

Mr. Jinbhai Bhikhabhai Patel

Designation :

Director

Address :

Shop No. 7, Station Road, Vill – Dhasa, Bhavnagar - 364740, Gujarat, India

Date of Birth/Age :

18.02.1950

Date of Appointment :

17.06.2008

DIN No.:

00466070

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	U17110GJ2005PTC046754	PANCHDEEP COTTON INDUSTRIES PRIVATE LIMITED	Director	19-09-05	19-09-05	-	Active	NO
2	U52100GJ2008PTC054221	BASIL COMMODITIES PRIVATE LIMITED	Director	17-06-08	17-06-08	-	Active	NO

Name :

Mrs. Archna Pathik Patel

Designation :

Director

Address :

19, Pushpak Bunglows, Swagat Plaza – II, Bopal, Dascroi, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

13.06.1985

Date of Appointment :

17.06.2008

DIN No.:

02201803

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	U52100GJ2008PTC054221	BASIL COMMODITIES PRIVATE LIMITED	Director	17-06-08	17-06-08	-	Active	NO
2	U51900GJ2011PTC065936	NIVA EXPORTS PRIVATE LIMITED	Director	16-06-11	16-06-11	-	Active	NO
3	U24100GJ2011PTC065929	NIVA ORGANICS PRIVATE LIMITED	Director	16-06-11	16-06-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Pathik Zinzbhai Patel - Business	53500
Archanaben Pathikbahi Patel – Business	49700
Jinabhai Bhikhabhai Patel – Business	91200
Vishal Zinabhai Patel – Business	11800
Panchdeep Cotton Industries Private Limited – Company	304000
Thkarshibhai Becharbhai – Business	30400
Zaverbhai Vithalbhai – Business	34200
Takhubhai Anakbhai – Business	34200
Sureshbhai Jivrajbahi – Business	34200
Ravjibhai Ranchhodbhai - Business	34200
Pravenbhai Ganeshbhai - Business	34200
Parshotambhai Valjibahi – Buiness	34200
Naranbhai Parshotambhai – Buiness	34200
Madhubhai Becharbhai – Business	34200
Khodabhai Becharbhai – Business	34200
Bhupatbhai Raningbhai - Business	34200
Bharatbhai Valerbhai - Business	34200
Babubhai Manjibhai – Business	34200
Dadubhai Boghabhai – Business	34200
Pratapbhai Bhagubhai – Business	34200
Bhavnaben Lakhani - – Business	100
Harjibhai Lakhani – Farmer	100
Kajal Pravibhai - Service	100
Laxmiben Lakhani – Housewife	100
Nitinbhai Lakhani – Farmer	100
Pravinbhai lakhani - Farmer	100
Total	1020000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	30.00
Directors or relatives of Directors	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is Engaged in the Business of Trading in Raw Cotton, Cotton Bales and Chemicals.

Products :

PRODUCTION	ITEM CODE
Raw Cotton, Cotton Bales and Chemicals	0204

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Kalupur Commercial Co.op Bank limited, Kalupur Bank Bhavan, Ashram Road, Ahmedabad – 380006, Gujarat, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Loans repayable on demand	14.007	119.646
Total	14.007	119.646

Note :

(Loan from Kotak Mahindra Bank carries interest @ 14% p.a. which is repayable on demand. It is Secured By first and exclusive charge on all existing and future current assets and mortgage of directors office and residencial building.)

Auditors :
Name :	Rajiv I Ravani and Company Chartered Accountants
Address :	703, Abhishree Avenue, Opposite Hanumanji Temple, Near Nehrunagar Cross Road, Ahmedabad – 380015, Gujarat, India
Tel No.:	91-79-26447150/40307150
Email:	ravanico@gmail.com
PAN.:	AAGFR9697E
Associates :	· Panchdeep Cotton Industries CIN : U17110GJ2005PTC046754 · Niva Organics Private Limited, India · CIN : U24100GJ2011PTC065929

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1020000	Equity Shares	Rs.10/- each	Rs.10.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.200	10.200
(b) Reserves & Surplus	16.343	7.545
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	26.543	17.745
(3) Non-Current Liabilities
(a) long-term borrowings	10.533	0.000
(b) Deferred tax liabilities (Net)	0.001	0.002
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.534	0.002
(4) Current Liabilities
(a) Short term borrowings	14.007	119.646
(b) Trade payables	8.965	17.475
(c) Other current liabilities	16.669	27.064
(d) Short-term provisions	5.556	7.060
Total Current Liabilities (4)	45.197	171.245
TOTAL	82.274	188.992
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.390	0.285
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.500	3.500
(e) Other Non-current assets	0.009	0.017
Total Non-Current Assets	3.899	3.802
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.275	168.479
(c) Trade receivables	22.403	6.391
(d) Cash and cash equivalents	4.151	0.836
(e) Short-term loans and advances	34.015	0.351
(f) Other current assets	15.531	9.133
Total Current Assets	78.375	185.190
TOTAL	82.274	188.992

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.698
4] (Accumulated Losses)		0.000
NETWORTH		0.798
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.005
TOTAL		0.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.276
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	63.681
	Cash & Bank Balances	0.798
	Other Current Assets	0.000
	Loans & Advances	3.108
Total Current Assets		67.587
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.520
	Other Current Liabilities	0.020
	Provisions	0.546
Total Current Liabilities		67.086
Net Current Assets		0.501
MISCELLANEOUS EXPENSES		0.026
TOTAL		0.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1595.160	853.047	405.588
		Other Income	36.053	12.922	6.592
		TOTAL (A)	1631.213	865.969	412.180
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1618.103	855.097	411.529
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.110	10.872	0.651
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.110	10.872	0.650
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.073	0.096	0.131
	PROFIT BEFORE TAX (E-F) (G)		13.037	10.776	0.519
Less	TAX (H)		4.239	3.329	0.168
	PROFIT AFTER TAX (G-H) (I)		8.798	7.447	0.351
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.545	0.698	0.405
Less	APPROPRIATIONS
		Issue of Bonus Share	0.000	0.600	0.058
	BALANCE CARRIED TO THE B/S		16.343	7.545	0.698
	Earnings Per Share (Rs.)		8.63	7.30	35.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.54	0.86	0.09
Net Profit Margin (PBT/Sales)	(%)	0.82	1.26	0.13
Return on Total Assets (PBT/Total Assets}	(%)	15.85	5.70	0.76
Return on Investment (ROI) (PBT/Networth)		0.49	0.61	0.65
Debt Equity Ratio (Total Debt /Networth)		0.96	6.74	0.00
Current Ratio (Current Asset/Current Liability)		1.73	1.08	1.01

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]	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	Yes

NOTE :

The registered office of the company has been shifted from 19, Pushpak Bunglows, Swagat Plaza – II, Bopal, Dascroi, Ahmedabad, Gujarat, India to the present address w.e.f. 12.01.2009.

SEGMENT REPORT :

Segments have been identified in line with the Accounting Standards on Segment Reporting (AS 17) prescribed by Companies (Accounting Standards) Rules, 2006, taking into account the nature of products and services, the different risks and returns, the organizational structure and the internal financial reporting system. The Company is engaged in the business of Trading in Cotton Bales and Chemicals. It has business location in India only. Based on the dominant source and nature of Risk and returns of the Company, its internal organization and management structured and its system of internal financial reporting, business segment has been identified as the primary segment. The Company has only one business segment.

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Loans and Advance from related parties	10.533	0.000
Total	10.533	0.000

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U52100GJ2008PTC054221
Name of the company	BASIL COMMODITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	303-304 Akshat Tower, Near Pakwan Restaurant II, Bodakdev, S.G.Highway Ahmedabad – 380054, Gujarat, India Email: rravanica3@gmail.com
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	10300028
Type of charge	Book debts
Particular of charge holder	The Kalupur Commercial Co.op Bank limited, Kalupur Bank Bhavan, Ashram Road, Ahmedabad – 380006, Gujarat, India Email: mauli@kalupurbank.com
Nature of instrument creating charge	Agreement For Hypothecation Of Book Debts Dated 10th January, 2013
Date of instrument Creating the charge	10.01.2013
Amount secured by the charge	Rs.1.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13% p.a shall be calculated on daily balance of the said account and all interest calculated shall accrue from day to day. Terms of Repayment As per terms of the bank from time to time. Margin 40% between advances and value of the hypothecated book debts or such margin which the bank may specify from time to time. Extent and Operation of the charge The bank has first and exclusive charge on book debts of the company till repayment of credit facilities extended by bank to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation on whole of the Borrower's present and future Book Debts outstanding money, receivables, claims, bills, contracts, engagements, securities, investments, rights and assets

FIXED ASSETS :

· Compute

· Office Furniture

· Telephone Plant

· Water Plant

· Refrigerator

· Samsung LCD TV

· Scooter

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. 59.73
UK Pound	1	Rs. 91.82
Euro	1	Rs. 78.23

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.