MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	BHADRESH TRADING CORPORATION LIMITED
Registered Office :	205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House, Girgaum, Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.05.2008
Com. Reg. No.:	11-182506
Capital Investment / Paid-up Capital :	Rs.105.846 Millions
CIN No.: [Company Identification No.]	U51909MH2008PLC182506
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18530B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Cotton and Cotton Ginners
No. of Employees :	100 (Approximately)

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 5300000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The Management of the company has failed to file its financials with the government department for the year 2012. As per previous year’s record, there appears huge external borrowings and the profits are low. 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 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long Term Rating = BBB -
Rating Explanation	Good credit quality
Date	11.04.2012

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.

INFORMATION PARTED BY

Name :	Mr. Sandeep
Designation :	Finance Department
Contact No.:	91-22-61505001

LOCATIONS

Registered / Head Office :	205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House, Girgaum, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23800007/ 23802004/ 5/ 67200021/ 61505001/ 23800008
Fax No.:	91-22-23896467/ 23800047/ 23640451
E-Mail :	bhadresh@bom2.vsnl.net.in mehtabhadresh@gmail.com anup3339@gmail.com bhadresh@bom2.net.in bhadresh_mehta@vsnl.com
Website :	www.bhadreshindia.com www.bhadresh.com
Area :	1400 sq. ft.
Location :	Owned
Export Office :	325/ 326, 3^rd Floor, A to Z Industrial Premises, Next to Peninsula Tower, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-61505001/ 24948406/ 24948410
Fax No.:	91-22-24948405
Cotton Green Office/ Branch Office 1 :	S-75 and 76, East India Cotton Association, Cotton Exchange Building, Cotton Green Mumbai, Maharashtra
Tel. No.:	91-22-32469623
Fax No.:	91-22-23750308
Branch Office 2 :	Rajkot Office Aditya Center Phulchab Chowk, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2443561/ 9650
Fax No.:	91-281-2459704
Overseas Office :	Rm.2012, Building A, No.1088, XinJinQiao RD. PuDong, Shanghai, China -201206
Tel. No.:	+86-21-6109 9690/ 6109 9610
Fax No.:	+86-21-6109 9630
E-Mail :	tradeyun@163.com chinabhadresh@gmail.com

DIRECTORS

AS ON 24.10.2011

Name :

Mr. Bhadresh Vasantrai Mehta

Designation :

Managing Director

Address :

402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

28.10.1957

Qualification :

Graduate

Date of Appointment :

01.06.2008

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30-12-87	30-12-87	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23-07-99	23-07-99	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03-05-02	03-05-02	-	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01-06-08	21-05-08	-	Active	NO
5	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31-12-08	31-12-08	-	Active	NO
6	U01111MH2009PTC195634	BHADRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	09-09-09	09-09-09	-	Active	NO
7	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09-09-09	09-09-09	-	Active	NO
8	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10-09-09	10-09-09	-	Active	NO
9	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22-12-10	22-12-10	-	Active	NO
10	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29-09-12	30-01-12	-	Active	NO
11	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29-09-12	30-01-12	-	Active	NO
12	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07-06-12	07-06-12	-	Active	NO
13	U24298GJ2012PTC072140	LAVAN SALT PRIVATE LIMITED	Director	19-12-12	19-12-12	-	Active	NO

Name :

Mrs. Heena Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

13.10.1958

Date of Appointment :

21.05.2008

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30-12-87	30-12-87	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23-07-99	23-07-99	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03-05-02	03-05-02	-	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	21-05-08	21-05-08	-	Active	NO
5	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29-09-12	30-01-12	-	Active	NO

Name :

Mr. Parth Bhadresh Mehta

Designation :

Managing Director

Address :

402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

30.04.1988

Qualification :

Pursuing Study

Date of Appointment :

01.06.2008

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	15-12-07	15-12-07	-	Active	NO
2	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01-06-08	21-05-08	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	26-05-08	26-05-08	-	Active	NO
4	U01111MH2009PTC195634	BHADRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	09-09-09	09-09-09	-	Active	NO
5	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09-09-09	09-09-09	-	Active	NO
6	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10-09-09	10-09-09	-	Active	NO
7	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22-12-10	22-12-10	-	Active	NO
8	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29-09-12	30-01-12	-	Active	NO
9	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29-09-12	30-01-12	-	Active	NO
10	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07-06-12	07-06-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.10.2011

Names of Shareholders	No. of Shares
Bhadresh Vasantrai Mehta	3700000
Parth Bhadresh Mehta	3250000
Heena Bhadresh Mehta	10000
Kinjal Ronak Vora	10000
Ronak Atul Vora	10000
Ramesh H. Mehta	10000
Bharti Ramesh Mehta	10000
Bhadresh Agro Industries Private Limited, India	2198320
Sumeet Promoters Private Limited, India	88000
Bhadresh Infra Venture Private Limited, India	1298320
TOTAL	10584640

AS ON 24.10.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	16.67
Directors or relatives of Directors	83.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Cotton and Cotton Ginners
Exports :
Products :	Cotton and Cotton Ginners
Countries :	Pakistan Bangladesh China Viethnam Turkey Hong Kong
Imports :
Products :	Cotton and Cotton Ginners
Countries :	China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

• Raja Industries Gujarat

No. of Employees :

100 (Approximately)

Bankers :

Export Import Bank of India, Center One Building, Floor 21, WTC, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans secured
Working capital loans banks secured	3661.394	2747.165
Loans taken for fixed assets secured
Loans taken for vehicles secured	2.924	141.330
Total	2.924	141.33

Banking Relations :	--
Auditors :
Name :	J.D. Shah and Associates Chartered Accountants
Address :	Kandivali (West), Mumbai, Maharashtra, India
PAN.:	AAHFJ2484N
Sister Concern :	Britex Cotton International Address: 205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House, Girgaum, Mumbai – 400 004, Maharashtra, India Line of Business: Trader, Exporter and Importer of Cotton and Cotton Ginners Kintex Engineering Private Limited Address: 205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House, Girgaum, Mumbai – 400 004, Maharashtra, India Line of Business: Trader, Exporter and Importer of Cotton and Cotton Ginners

CAPITAL STRUCTURE

After 24.10.2011

Authorised Capital : Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.435.204 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10584640	Equity Shares	Rs.10/- each	Rs.105.846 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	01.04.2009 to 31.03.2010	21.05.2008 to 31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		105.846	84.000	70.000
2] Share Application Money		450.000	468.464	0.000
3] Reserves & Surplus		792.536	456.702	215.259
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1348.382	1009.166	285.259
LOAN FUNDS
1] Secured Loans		3664.318	2888.495	1266.255
2] Unsecured Loans		247.496	234.196	51.092
TOTAL BORROWING		3911.814	3122.691	1317.347
DEFERRED TAX LIABILITIES		4.786	2.664	0.000
TOTAL		5264.982	4134.521	1602.606
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.230	89.425	22.588
Capital work-in-progress		0.000	0.000	43.344
INVESTMENT		11.392	0.000	0.200
DEFERREX TAX ASSETS		0.000	0.000	0.543
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1803.702	2684.166	1096.398
	Sundry Debtors	892.099	1436.626	539.844
	Cash & Bank Balances	1399.779	601.499	68.916
	Other Current Assets	293.403	37.098	0.000
	Loans, Advances & Deposits	1502.422	197.334	248.243
Total Current Assets		5891.405	4956.723	1953.401
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	212.422	816.764	343.561
	Current Liabilities	370.233	20.863	56.409
	Provisions	142.390	74.000	17.500
Total Current Liabilities		725.045	911.627	417.470
Net Current Assets		5166.360	4045.096	1535.931
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5264.982	4134.521	1602.606

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	01.04.2009 to 31.03.2010	21.05.2008 to 31.03.2009
	SALES
		Sales and Operating Income	26441.085	21501.382	6130.842
		Other Income	52.347	43.225	19.292
		TOTAL (A)	26493.432	21544.607	6150.134
Less	EXPENSES
		Consumption materials changes inventories	25034.653	20472.140	--
		Cost of Goods Sold	--	--	5703.716
		Employee related costs	11.388	5.037	--
		Administration and Other Expenses	821.898	665.813	27.458
		Selling and Distribution Expenses	--	--	142.465
		Prior period items	0.000	0.043	--
		Extraordinary items before tax	0.000	(2.121)	--
		TOTAL (B)	0.0	(2.078)	169.923
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		625.493	403.695	276.495
Less	FINANCIAL EXPENSES (D)		411.704	225.344	223.245
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		213.789	178.351	53.250
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.060	3.201	1.034
	PROFIT BEFORE TAX (E-F) (G)		209.729	175.150	52.216
Less	TAX (H)		70.512	59.707	16.957
	PROFIT AFTER TAX (G-H) (I)		139.217	115.443	35.259
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.702	35.259	0.000
	BALANCE CARRIED TO THE B/S		289.919	150.702	35.259
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Exports	NA	18279.788	5181.207
		Service Charges	NA	0.072	0.000
	TOTAL EARNINGS		NA	18279.860	5181.207
	IMPORTS
		Capital Goods	NA	6.528	0.000
	TOTAL IMPORTS		NA	6.528	0.000
	Earnings Per Share (Rs.)		14.08	15.65	5.04

Particulars	31.03.2012
Sales Turnover (Approximately)	56430.000

Expected Sales (2012-13) : Rs. 62000.000 Millions

The above information has been parted by Mr. Sandeep

KEY RATIOS

PARTICULARS		31.03.2011	01.04.2009 to 31.03.2010	21.05.2008 to 31.03.2009
PAT / Total Income	(%)	0.53	0.54	0.57
Net Profit Margin (PBT/Sales)	(%)	0.79	0.81	0.85
Return on Total Assets (PBT/Total Assets}	(%)	3.51	3.47	2.64
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.18
Debt Equity Ratio (Total Debt /Networth)		2.90	3.09	4.62
Current Ratio (Current Asset/Current Liability)		8.13	5.44	4.68

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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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

FINANCIAL RESULTS:

In spite of the several Changes in Government policy for Export of Raw Cotton, the Company’s Turnover increased from Rs.21500.000 Millions to Rs.26440.000 Millions during the Year. The Company’s Net profit after Tax was also increased from 115.400 Millions to Rs.139.200 Millions.

TRADE REFERENCES

• China Cotton Group Cotton Limited
• Raja Industries, Gujarat

UNSECURED LOAN

Rs. In Millions

	As on 31.03.2011	As on 31.03.2010
Rupee term loans unsecured
Rupee term loans others unsecured	247.496	234.196
Total	247.496	234.196

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909MH2008PLC182506
Name of the company	BHADRESH TRADING CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House, Girgaum, Mumbai – 400 004, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Export Import Bank of India, Center One Building, Floor 21, WTC, Cuffe Parade, Mumbai-400005, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation of Current Assets dated 21/02/2012 executed by Bhadresh Trading Corporation Limited ("the Company") in favour of Export Import Bank of India ("Exim Bank")
Date of instrument Creating the charge	21.02.2012
Amount secured by the charge	Rs. 500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest a) INR : 11.75% p.a. with monthly rests (subject to reset). b) USD: Libor (6 months) + 475 bps p.a. (all inclusive), payable quarterly (subject to reset). Terms of repayment a) Pre-Shipment: At the expiry of 180 days from the date of each disbursement or out of relative export proceeds whichever is earlier. b) Post-Shipment: Out of relative export proceeds or at the expiry of 180 days from the date of each disbursement under post-shipment credit whichever is earlier. Margin a) Pre-Shipment: Minimum of 20.00% of Individual Export Order. b) Post-Shipment: Minimum 10.00% of Individual Export Bill. Extent and operation of the charge Charge created by Deed of Hypothecation shall operate as a continuing security by way of first pari passu charge over the Company's entire current assets including receivables for the due repayment of the Facility up to the revolving limit of Rs.500.000 Millions in INR/USD and also for payment of interest and other monies payable by the Company under the Dual Currency Pre Shipment cum Post shipment Loan Agreement dated 21.02.2012.
Short particulars of the property charged (Including location of the property)	Company's entire current assets, both present and future, including receivables.

FIXED ASSETS

• Motor Vehicles
• Computer
• Office Equipment
• Furniture and Fixtures
• Building
• Plant and Machinery

website details

PROFILE:

Subject is a four decade old business house in India and the name is synonymous for quality among the consumers. The company was started in 1964 with a vision to be a reliable partner for global buyers of Cotton at competitive prices. Today they have developed an enviable reputation in the global market and have positioned ourselves, well deservingly, as one of India’s leading Cotton trading company.

An Integral part of Bhadresh Trading, a USD 450 million organization is a strong global network of distribution, indenting and export of Cotton to various segments of the Industry in the world. Today they also import and distribute cotton from the world’s leading cotton exporting countries like USA, West Africa, CIS, Greece, Syria and Brazil.

Bhadresh Trading are the architect of a diverse and endearing network of partners, built on values, trust and loyalty. In the chosen market, Bhadresh Trading is a symbol of client satisfaction, professionalism, superior quality and innovation. All in all, they are committed to being a responsible global player that adds value and consistently exceeds expectations.

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.54.28
UK Pound	1	Rs.82.06
Euro	1	Rs.70.23

INFORMATION DETAILS

Report Prepared by :

SDA

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--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	-

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