MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	BHOOMI GINNING PRESSING PRIVATE LIMITED
Registered Office :	Survey No.323, Jasdan at Koat Road, Taluka Jasdan, District Rajkot-360001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.05.2006
Com. Reg. No.:	04-048344
Capital Investment / Paid-up Capital :	Rs. 7.878 Millions
CIN No.: [Company Identification No.]	U17121GJ2006PTC048344
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Raw Cotton
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (32)

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

Maximum Credit Limit :	USD 120000
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 is low. However, trade relations are fair. Business is active. Payments terms are 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A4 (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	29.02.2012

Rating Agency Name	ICRA
Rating	B+ (Long Term Rating)
Rating Explanation	High risk of default.
Date	29.02.2012

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 / Factory :	Survey No.323, Jasdan at Koat Road, Taluka Jasdan, District Rajkot-360001, Gujarat, India
Tel. No.:	91-2821-288030
Fax No.:	Not Available
E-Mail :	inforajkot@psca.in

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Bharat Boghara Khodabhai
Designation :	Director
Address :	Mu. Po. Kamalapur, Vya Sardhar, Taluka Jusdan, District Rajkot-360001, Jasdan, Gujarat, India
Date of Birth/Age :	22.06.1978
Date of Appointment :	30.05.2006
DIN No.:	00060225

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	U17121GJ2006PTC048344	BHOOMI GINNING PRESSING PRIVATE LIMITED	Director	30-05-06	30-05-06	Active	NO
2	U17121GJ2007PTC050608	DHRUV COTTON PROCESSING PRIVATE LIMITED	Director	20-04-07	20-04-07	Active	NO
3	U17100GJ2007PTC051953	SHUBHAM GINNING PRESSING PRIVATE LIMITED	Director	19-05-08	19-05-08	Active	NO

Name :	Mr. Vallabhbhai Pragjibhai Boghara
Designation :	Director
Address :	Mu. Po. Kamalpur, taluka Jasdan, District Rajkot-360001, Gujarat, India
Date of Birth/Age :	04.06.1964
Date of Appointment :	30.05.2006
DIN No.:	00189185
Name :	Mr. Kuvarjibhai Mohanbhai Bavariya
Designation :	Director
Address :	Mu. Vichhiya, Taluka Jasdan, District Rajkot-360001, Gujarat, India
Date of Birth/Age :	16.03.1955
Date of Appointment :	30.05.2006
DIN No.:	00142528
Name :	Mr. Maganbhai Ramani
Designation :	Director
Address :	Kamalapur, Taluka Jasdan, Rajkot-360001, Gujarat, India
Date of Birth/Age :	01.05.1959
Date of Appointment :	01.01.2011
DIN No.:	03057017

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Dr. Bharatbhai K Boghara	53967
Khodabhai Jadavbhai Boghra	48503
Nitaben Bharatbhai Boghra	46633
Rajeshbhai Khodabhai Boghra	107883
Varshaben Rajeshbhai Boghara	59870
Maganbhai Govindbhai Ramani	117525
Govindbhai Bhagvanbhai Ramani	28300
Mansukhbhai G. Ramani	22900
Rameshbhai Govindbhai Ramani	43092
Ambaben Govindbhai Ramani	6667
Kunvarjibhai Mohanbhai Bavaliya	1667
Sanjay Mansukhbhai Ramani	45000
Ashish Rameshbhai Ramani	20000
Pragjibhai Devrajbhai Boghra	6666
Shantaben Pragjibhai Boghra	6667
Vallabhbhai P. Boghra	99442
Vasantbhai Pragjibhai Boghra	53013
Paresh Vasantbhai Boghara	20000
TOTAL	787795

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Raw Cotton
Products :	Cotton Seed and Ginned Cotton

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Cotton Seeds	In Kgs	6330654
Cotton Bales	In Kgs	3241386

GENERAL INFORMATION

Suppliers :

• Shubham Ginning and Pressing Private Limited
• Nirav Cotton Private Limited
• Sellmore Agency
• Tirupur Cotton Company
• Basil Commodities Private Limited
• Shree M.T.K. Textiles Private Limited
• Shivam Traders
• Surbhi System
• Vijay Cotton Agencies
• Bombay Machinery Spares
• Mandip Welding Works

Customers :

• Shubham oil Industries
• Avaneetha Textiles Private Limited
• Provogue India Limited
• Alpine Knits India Private Limited
• Jalaram Cotton Protains Limited

No. of Employees :

Not Available

Bankers :

• Bank of India, Sanctioning Branch, Atkot Branch, Main Bazar, taluka Jasdan, District Rajkot, Atkot-360040, Gujarat, India
• State Bank of India, Patel Steel Branch, Chopat Patel Street, Jasdan-360050, Gujarat, India
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Term Loans
-From Bank
State Bank of India Term Loan A/c No. 30516692550 (Security against Equitable mortgage of Factory land and Building and hypothecation of Plant and Machinery and personal guarantee of all the directors)	0.000	4.648
SHORT TERM BORROWINGS
From Banks
State Bank of India Cash Credit A/c No. 30517322939 (Secured by way of Hypothecation of Stock and Book Debts and Personal Guarantee of all the Directors)	63.243	71.888
TOTAL	63.243	76.536

Banking Relations :	--
Auditors :
Name :	Parikh Shah Chotalia and Associates Chartered Accountant
Address :	Shiv Hari Opposite Jalaram Petrol Pump, 2-Kirtinagar Society, Rajkot-360005, Gujarat, India
PAN No.:	AADFR8971L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
787795	Equity Shares	Rs.10/- each	Rs. 7.878 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		7.878	7.878	6.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.744	22.192	18.409
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.622	30.070	25.199
LOAN FUNDS
1] Secured Loans		63.243	76.536	71.746
2] Unsecured Loans		0.705	6.008	7.197
TOTAL BORROWING		63.948	82.544	78.943
DEFERRED TAX LIABILITIES		0.217	0.214	0.140
TOTAL		94.787	112.828	104.282
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.978	10.550	12.464
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.959	100.509	75.237
	Sundry Debtors	42.906	0.951	24.818
	Cash & Bank Balances	0.783	1.253	0.659
	Other Current Assets	0.231	0.192	0.442
	Loans & Advances	1.704	1.649	1.267
Total Current Assets		120.583	104.554	102.423
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.418	0.729	8.660
	Other Current Liabilities	0.935	0.986	1.385
	Provisions	0.421	0.561	0.594
Total Current Liabilities		37.774	2.276	10.639
Net Current Assets		82.809	102.278	91.784
MISCELLANEOUS EXPENSES		0.000	0.000	0.034
TOTAL		94.787	112.828	104.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income from Operations	538.671	495.944	367.990
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.083	9.284	9.933
Less	FINANCIAL EXPENSES		7.979	6.422	7.098
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.104	2.862	2.835
Less/ Add	DEPRECIATION/ AMORTISATION		1.706	1.648	1.870
	PROFIT / (LOSS) BEFORE TAX		0.398	1.214	0.965
Less	TAX		0.286	0.524	0.376
	PROFIT / (LOSS) AFTER TAX		0.112	0.690	0.589
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.058	0.537	0.027
Add	Prior Period Adjustments		0.441	(0.056)	(0.115)
Add	Excess / (Short) Provision of Income Tax		0.000	(0.113)	0.036
	BALANCE CARRIED TO THE B/S		1.611	1.058	0.537
	Earnings Per Share (Rs.)		0.14	1.56	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.07	0.24	0.26
Return on Total Assets (PBT/Total Assets}	(%)	0.30	1.05	0.84
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.04
Debt Equity Ratio (Total Debt /Networth)		2.09	2.75	3.13
Current Ratio (Current Asset/Current Liability)		3.19	45.94	9.63

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Loans and Advance from Related Parties, Shareholders and Directors and their Relatives
Mansukhbhai Govindbhai Ramani	0.000	0.095
Kokilaben Ashokkumar Jasani	0.510	0.510
Rameshbhai Govindbhai Ramani	0.100	0.100
Batukbhai Naranbhai	0.000	0.878
Laxmanbhai Raghavbhai	0.000	0.868
Mansukhbhai Manjibhai Ramani	0.095	0.924
Pankajbhai Bachubhai	0.000	0.898
Rameshbhai G. Vaghasiya	0.000	0.946
Vallabhbhai Ramjibhai Ramani	0.000	0.789
TOTAL	0.705	6.008

PERFORMANCE OF THE COMPANY

During the year, the Company has recorded a Turnover of Rs. 538.671 Millions as compared to Rs. 495.944 Millions in previous year. The company has profit of Rs. 0.398 Million as compared Rs. 1.214 Millions in previous year.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Computer
• Office Equipments

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. 53.95
UK Pound	1	Rs. 83.80
Euro	1	Rs. 70.49

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.