MIRA INFORM REPORT

Report Date :

29.03.2013

IDENTIFICATION DETAILS

Name :	PATIDAR EXPORTS PRIVATE LIMITED
Registered Office :	411, Shanti Arcade, 132 Ft. Ring Road, Naranpura, Ahmedabad – 380013, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.08.2011
Com. Reg. No.:	04-066658
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U51900GJ2011PTC066658
TAN No.: [Tax Deduction & Collection Account No.]	AHMP08383E
PAN No.: [Permanent Account No.]	AAGCP1577L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Agro Products, Cotton, Oil Castor, Oil Groundnut and Yarn Cotton.
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 21000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The company has achieved sizeable turnover from its first year of operations. However, profitability of the company is low. Trade relations are reported as fair. Business is active. Payments are reported to be slow. 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

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 :	411, Shanti Arcade, 132 Ft. Ring Road, Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-29298891-92-93/ 26441067
Fax No.:	91-79-40095580
E-Mail :	file301@gmail.com info@patidarexports.com
Website :	www.patidarexports.com
Overseas Office :	27/323-329, Woodpark Road, Smithfield, NSW 2164 Australia
Tel. No.:	0282062797
Fax No.:	0280077607

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jitendrakumar Bhupatbhai Borsaniya

Designation :

Director

Address :

Dayaram Park, Opposite-Tapadiya Ashram, Taluka-Babra, District-Amreli, Babra – 365 421, Gujarat, India

Date of Birth/Age :

10.07.1971

Date of Appointment :

06.08.2011

DIN No.:

02049661

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	U17111GJ1999PTC036264	PATIDAR INDUSTRIES PRIVATE LIMITED	Director	09/07/1999	09/07/1999	Active	NO
2	U17111GJ2006PTC048079	PATIDAR COT-SPIN PRIVATE LIMITED	Director	31/08/2009	21/10/2008	Active	NO
3	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Director	06/08/2011	06/08/2011	Active	NO

Name :

Mr. Sureshbhai Parbatbhai Rajodiya

Designation :

Director

Address :

Dayaram Park, Opposite-Tapadiya Ashram, Taluka-Babra, District-Amreli, Babra – 365 421, Gujarat, India

Date of Birth/Age :

07.05.1977

Date of Appointment :

06.08.2011

DIN No.:

02082631

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	U17100GJ2005PTC046348	SOMNATH GINNING PRESSING PRIVATE LIMITED	Director	30/06/2005	30/06/2005	Active	NO
2	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Director	06/08/2011	06/08/2011	Active	NO

Name :

Mr. Vishant Jayavadan Patel

Designation :

Additional Director

Address :

20, Suryoday Bunglow, Thaltej, Taluka Daskroi, District Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

12.11.1981

Date of Appointment :

27.12.2011

DIN No.:

02166464

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	U51109GJ2006PTC048741	SHIVSHAKTI TRADELINK PRIVATE LIMITED	Director	27/09/2008	22/04/2008	Active	NO
2	U52209GJ2008PTC054193	RUSHI EXIM PRIVATE LIMITED	Director	12/06/2008	12/06/2008	Active	NO
3	U74200GJ2010PTC062971	TRANSLINK INFRASTRUCTURE CONSULTANTS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	Active	NO
4	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
zitendrakumar Bhupatbhai Borsaniya	150000
Sureshbhai Parbatbhai Rajodiya	150000
Vishant Jayavadan Patel	199980
Himanshu C. Patel	5
Sarvil P. Patel	5
Umang R. Patel	5
Vaibhaviben U. Patel	5
Total	500000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Agro Products, Cotton, Oil Castor, Oil Groundnut and Yarn Cotton.
Products :	v Raw Cotton v Cotton Yarn v Agro Commodities v Indian Groceries

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v The Kalupur Commercial Co-Operative Bank Limited

H.O. Kalupur Bhavan, Near Income Tax Circle, Ashram Road, Ahmedabad – 380006, Gujarat, India

v State Bank of India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Bank O/D A/c
KCC Bank (Packing Credit Limit) (Secured against hypothecation of whole of stocks, whether raw, in process of manufacture or in finished form, equipments, tools, stores and spares and/or consumable articles and accessories and also include present and future book debts outstanding money, receivables, claims, bills, contracts, engagements, securities, investments, rights and assets.)	1.435
Total	1.435

Banking Relations :	--
Auditors :
Name :	Khanik Jatin and Associates Chartered Accountants
Address :	B-208-209, Ganesh Plaza, Near Navarangpura Post Office, Navarangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26441067
Mobile No.:	91-9825095680
Fax No.:	91-79-40047121
E-Mail :	jatin136@gmail.com
PAN No.:	AAGFK5492E
Group Companies :	v Shivshakti Tradelink Private Limited v Patidar Industries Private Limited v Somnath Ginning Pressing (Private) Limited v Siddhivinayak Cotton Industries v Patidar Cot-Spin Private Limited v Shivam Agro Foods Industries – Amreli v Shivom Enterprises Pty. Limited - Australia v Translink Infrastructure Consultants Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

The Company was incorporated on 06.08.2011 hence previous year's data not applicable.

The Company has only one class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% of share capital

Equity Shares	AS AT MARCH 31, 2012
	No. of Shares	% of holding
Jitendrabhai Borsaniya	150000	30.000%
Sureshbhai Rajodiya	150000	30.000%
Vishantbhai Patel	199980	39.996%
Total	499980	100.00%

Reconciliation of the shares outstanding at the beginning and at the end of the year

Equity Shares	AS AT MARCH 31, 2012
	No. of Shares	Amount (Rs. in Millions)
Opening Balance	--	--
Issued during the year	500000	5.000
Closing Balance	500000	5.000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.284
4] (Accumulated Losses)		0.000
NETWORTH		5.284
LOAN FUNDS
1] Secured Loans		1.435
2] Unsecured Loans		11.900
TOTAL BORROWING		13.335
DEFERRED TAX LIABILITIES		0.008
TOTAL		18.627
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.384
Capital work-in-progress		0.000
INVESTMENT		0.140
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	92.160
	Sundry Debtors	6.985
	Cash & Bank Balances	3.541
	Other Current Assets	3.652
	Loans & Advances	3.203
Total Current Assets		109.541
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.865
	Other Current Liabilities	3.453
	Provisions	0.120
Total Current Liabilities		91.438
Net Current Assets		18.103
MISCELLANEOUS EXPENSES		0.000
TOTAL		18.627

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Revenue from Operations	530.920
		Other Income	5.766
		TOTAL (A)	536.686
Less	EXPENSES
		Employee Benefit Expenses	0.121
		Cost of Materials	597.117
		Changes in Inventory	(92.160)
		Other Expenses	27.233
		TOTAL (B)	532.311
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.375
Less	FINANCIAL EXPENSES (D)		3.950
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.425
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.013
	PROFIT BEFORE TAX (E-F) (G)		0.412
Less	TAX (H)		0.128
	PROFIT AFTER TAX (G-H) (I)		0.284
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	528.568
	TOTAL EARNINGS		528.568
	Earnings Per Share (Rs.)		0.57

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	0.05
Net Profit Margin (PBT/Sales)	(%)	0.08
Return on Total Assets (PBT/Total Assets}	(%)	0.37
Return on Investment (ROI) (PBT/Networth)		0.08
Debt Equity Ratio (Total Debts /Networth)		2.52
Current Ratio (Current Asset/Current Liability)		1.20

LOCAL AGENCY FURTHER INFORMATION

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 one year	Yes
12) Profitability for last one year	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	No

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
Himanshu C. Patel	1.600
Sarvil P. Patel	1.000
Umang R. Patel	2.500
Vaibhaviben U. Patel	2.500
Shivshakti Tradelink Private Limited	3.600
Vishantbhai J. Patel	0.700
Total	11.900

Bankers Charges Report as per Registry

Corporate identity number of the company	U51900GJ2011PTC066658
Name of the company	PATIDAR EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	411, Shanti Arcade, 132 Ft. Ring Road, Naranpura, Ahmedabad – 380 013, Gujarat, India E-Mail: file301@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Others (Stock of Goods)
Particular of charge holder	The Kalupur Commercial Co-Operative Bank Limited, H.O. Kalupur Bhavan, Near Income Tax Circle, Ashram Road, Ahmedabad – 380 006, Gujarat, India E-Mail: mauli@kalupurbank.com
Nature of description of the instrument creating or modifying the charge	Agreement for hypothecation of goods and book debts.
Date of instrument Creating the charge	07.02.2012
Amount secured by the charge	Rs.5.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Rate of interest is at 11% per annum. Payable quarterly. Terms of Repayment: On demand and review every year. Margin: As per agreement Extent and Operation of the charge: The bank has first and exclusive charge on stock and book debts of the company till repayment of credit facility extended by bank to the company.
Short particulars of the property charged	Whole of company's stocks, whether raw, in process of manufacture or in finished form, equipments, tools, stores and spares and/or consumable articles and accessories which now or hereafter from time to time during this security shall be brought into stored or be in or about the company's factory. All the company's present and future book debts outstanding money, receivables, claims, bills, contracts, engagements, securities, investments, rights and assets are also hypothecated to the bank and assigned by way of security for the payment by the company to the bank.

FIXED ASSETS:

v Computer Printer

v Office Furniture

v T.V. (Sony LED)

v Machinery

v Telephone

v Refrigerator

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] 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	2
--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		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.