MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	BHADRESH INFRA VENTURE PRIVATE LIMITED
Registered Office :	325/326, 3^rd Floor, A to Z Industrial Premises, Next to Penisula Tower, Lower Parel (West), Mumba-400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.09.2009
Com. Reg. No.:	11-195679
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U45202MH2009PTC195679
Legal Form :	Private Limited Liability Company
Line of Business :	Merchant Exporter of Raw Cotton and also engaged in carrying out Infrastructure Projects
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 10400
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge external borrowings recorded by the company. There also appears drastic dip in the turnover of the company during 2012 due to ban by Government on cotton exports. Ms. Lalita has confirmed that the company is a merchant exporter of raw cotton as well as it is engaged in carrying out the infrastructure projects. For the financial year 2012, the company concentrated into the cotton business only. However, trade relations are reported as 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

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. Jimmy B Shah
Designation :	Chartered Accountant
Contact No.:	91-22-61505001
Date :	15.05.2013

LOCATIONS

Registered Office :	325/326, 3^rd Floor, A to Z Industrial Premises, Next to Penisula Tower, Lower Parel (West), Mumba-400013, Maharashtra, India
Tel. No.:	91-22-61505011
Fax No.:	91-22-24948405
E-Mail :	bhadresh@bom2.vsnl.net.in ca_lalita@yahoo.com
Website :	http://bhadreshindia.com
Location :	Owned

DIRECTORS

As on : 30.09.2012

Name :

Mr. Bhadresh Vasantrai Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Narayan Dabholkar Road, Napeasea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

28.10.1957

Date of Appointment :

10.09.2009

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
14	U14200GJ2009PTC057963	CRUST MINECHEM PRIVATE LIMITED	Director	01-04-13	01-04-13	-	Active	NO

Name :

Mr. Parth Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Narayan Dabholkar Road, Napeasea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

30.04.1988

Date of Appointment :

10.09.2009

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on :30.09.2012

Names of Shareholders	No. of Shares
Mehta Vasantrai Bhadresh	75000
Mehta Bhadresh Parth	75000
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Merchant Exporter of Raw Cotton and also Engaged in the Infrastructure Projects

Products :

ITC-HS CODE	PRODUCTS
Raw Cotton	5201
Cotton West, Yarn	5203
Raw Cashew Nuts	8013210

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

· End Users

· Wholesalers

· Retailers

No. of Employees :

Not Divulged

Bankers :

Bank of India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Indian Rupee Loan from Banks	130.000	130.000
Total	130.000	130.000

Banking Relations :	--
Auditors :
Name :	J D Shah and Associates Chartered Accountants
Address :	401, Purva Plaza Co-op Housing Society Limited, Simpoli Road, Opposite Reliance Energy Limited, Borivali West, Mumbai-400092, Maharashtra, India
PAN No.:	AAHFJ2484N
Enterprise where KMP can exercise significant influence :	· Bhadresh Trading Corporation Limited, India · Bhadresh Agro Industries Private Limited, India

CAPITAL STRUCTURE

After : 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

As on : 30.09.2012

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
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 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		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	130.000
3] Reserves & Surplus		1.101	0.434	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.601	1.934	131.500
LOAN FUNDS
1] Secured Loans		130.000	130.000	0.000
2] Unsecured Loans		0.000	12.778	0.000
TOTAL BORROWING		130.000	142.778	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		132.601	144.712	131.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		129.832	129.832	129.832
DEFERRED TAX ASSETS		0.020	0.029	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.991	0.000
	Sundry Debtors	0.000	23.071	0.000
	Cash & Bank Balances	1.204	0.051	1.510
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.137	0.389	0.000
Total Current Assets		3.341	24.502	1.510
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	9.028	0.011
	Other Current Liabilities	0.032	0.400	0.000
	Provisions	0.560	0.223	0.000
Total Current Liabilities		0.592	9.651	0.011
Net Current Assets		2.749	14.851	1.499
MISCELLANEOUS EXPENSES		0.000	0.000	0.169
TOTAL		132.601	144.712	131.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	2.076	26.456
		Other Income	0.000	0.000
		TOTAL	2.076	26.456
			(Due to band in cotton export by government)
Less	EXPENSES
		Purchases of stock in trade	0.000	25.587
		Changes in Inventories	0.991	(0.991)
		Other Expenses	0.064	1.121
		TOTAL	1.055	25.717
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1.021	0.739
Less	FINANCIAL EXPENSES		0.008	0.068
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.013	0.671
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000
	PROFIT BEFORE TAX		1.013	0.671
Less	TAX		0.346	0.194
	PROFIT AFTER TAX		0.667	0.477
	EARNINGS IN FOREIGN CURRENCY
		Exports at FOB Value	2.067	24.291
	TOTAL EARNINGS		2.067	24.291
	Earnings Per Share (Rs.)		4.45	3.18

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	32.13	1.80	NA
Net Profit Margin (PBT/Sales)	(%)	48.80	2.54	NA
Return on Total Assets (PBT/Total Assets}	(%)	30.32	2.74	0.00
Return on Investment (ROI) (PBT/Networth)		0.39	0.35	0.00
Debt Equity Ratio (Total Debt /Networth)		49.98	73.98	0.00
Current Ratio (Current Asset/Current Liability)		5.64	2.54	137.27

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	Yes
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	Yes
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 :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Loans from Bodies Corporate
Bhadresh Agro Industries Private Limited, India	0.000	10.000
Bhadresh Trading Corporation Limited, India	0.000	2.778
Total	0.000	12.778

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. 54.77
UK Pound	1	Rs. 83.31
Euro	1	Rs. 70.46

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		30

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.