MIRA INFORM REPORT

Report Date :

25.05.2013

IDENTIFICATION DETAILS

Name :	PRIME COTTEX PRIVATE LIMITED
Registered Office :	C/4, First Floor, Nikumbh, Behind Handloom House, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.11.2006
Com. Reg. No.:	04-049489
Capital Investment/ Paid-up Capital:	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U01514GJ2006PTC049489
TAN No.: [Tax Deduction & Collection Account No.]	AHMP06652C
PAN No.: [Permanent Account No.]	AAECP9583A
Legal Form :	Private Limited Liability Company
Line of Business :	Cotton Ginning and Pressing.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 69000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been incurring loss out of its operations from past two years. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great 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.

LOCATIONS

Registered / Head Office :	C/4, First Floor, Nikumbh Complex, Behind Handloom House, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26564921/26420791
Fax No.:	91-79-26420792
E-Mail :	pandhi77@rediffmail.com accounts@abccotspin.com
Factory:	Survey No.102/1 Aurangabad – Jalna Highway, Opposite Hotel Ekant, Badnapur, District Jalna, Maharashtra, India
Tell No.:	91-2842-261632
Fax No.:	91-2482-261633

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashish Suresh Jobanputra

Designation :

Director

Address :

Flat No.8, Parmeshwar Krupa, 95, Tilak Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

03.02.1979

Date of Appointment :

30.11.2006

Din No.:

02016955

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	U17121GJ2006PTC049132	ABC COTSPIN PVT. LTD.	Director	21-09-06	21-09-06	-	Active	NO
2	U01514GJ2006PTC049489	PRIME COTTEX PRIVATE LIMITED	Director	30-11-06	30-11-06	-	Active	NO

Name :

Mr. Dineshkumar Dhirajlal Selani

Designation :

Director

Address :

Mahalaxmi Compund, G.F Shop 202, Kala Road, Rajkot -360002, Gujarat, India

Date of Birth/Age :

01.04.1965

Date of Appointment :

01.07.2008

Din No.:

01601752

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	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	06-01-06	06-01-06	-	Active	NO
2	U01514GJ2006PTC049489	PRIME COTTEX PRIVATE LIMITED	Director	01-07-08	01-07-08	-	Active	NO

Name :

Mr. Bhavesh Hari Dass Thakkar

Designation :

Director

Address :

C –117, Upper Ground Floor, New Rajinder Nagar, Delhi -110060, India

Date of Birth/Age :

12.08.1962

Date of Appointment :

01.07.2008

Din No.:

02205258

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashish Sureshbhai Jobanpulra	1755000
Dinesh kumar Dhirajlal Selani	1125000
Shaikh Sabbir Shaikh Nasear	15000
Kayumkhan Usmankhan	10000
Saffikkhan Abdul Raijakkhan	20000
Asilkhan Abdul Rajjakkhan	5000
Mirza Rafibeig Gulabnabi	5000
Bhavsaheb Namdev Dabhade	5000
Shaikh Issak Shaikh Hasan Patel	5000
Mirza Rahimbeig Mirza Gulambeig	5000
Shaikh Aziz Shaikh Ulalmohmad	5000
Shaikh Gaffar Shaikh Ulalmohmad	5000
Shaikh lmran Shaikh Nassir	5000
Jabbar Shah Taiyab Shah	5000
Abdul Rehman Taiyab Shah	5000
Dilipchand Dulipchand Shrimal	5000
Kayummirza Kayumbag	5000
Ramkishan Dhondiba Kidve	5000
Shamrao Dagaduba Bachate	5000
Iqbalbhai ishabhaiDeraiya	5000
Total	3000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage Of Holding
Directors or relatives of directors	96.00
Others	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Cotton Ginning and Pressing.

Product

ITEM CODE NUMBER	PRODUCT DESCRIPTION
41909	Cotton, Cottonseeds etc

PRODUCTION STATUS As on 31.03.2012

Particulars	Unit	Actual Production
Finished Cotton	Kgs	2916110
Cotton Seeds	Bales	9902

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Corporation Bank, Industrial Finance Branch, Opposite V. S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2012 Rs. in millions	As on 31.03.2011 Rs. in millions
LONG TERM BORROWINGS
Corporation Bank Limited – Term Loan (Secured against hypothecation Plant and machinery second charge on land and building and personal guarantee of directors	11.317	16.348
SHORT TERM BORROWINGS
Loan Repayable on demand
Corporation bank Limited –CC A/c Secured against hypothecation of stock and debts second charge on land and building and personal guarantee of directors	0.000	59.861
Total	11.317	76.209

Banking Relations :	--
Auditors :
Name :	A. R Pandhi and Associates Chartered Accountant
Address :	405, Kalash –II, Near Jain Temple, Behind Navrangpura, Ahmedabad -380009, Gujarat, India
Tel. No.:	91-79-26568800
E-Mail :	pandhi77@rediffmail.com
Pan No.:	AGWPP8124C
Related Party :	· Prasham Enterprises · ABS Cotspin Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(12.816)	(8.030)	(4.228)
NETWORTH		17.184	21.970	25.772
LOAN FUNDS
1] Secured Loans		11.317	76.209	94.567
2] Unsecured Loans		2.550	3.500	3.500
TOTAL BORROWING		13.867	79.709	98.067
DEFERRED TAX LIABILITIES		0.726	0.726	0.727
TOTAL		31.777	102.405	124.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.094	53.027	55.361
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.532	0.532	0.455
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.896	15.920	94.242
	Sundry Debtors	9.060	11.774	19.329
	Cash & Bank Balances	25.486	31.030	3.185
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.546	32.682	35.133
Total Current Assets		86.988	91.406	151.889
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	103.026	39.356	55.921
	Other Current Liabilities	2.107	3.356	24.887
	Provisions	0.000	0.186	2.711
Total Current Liabilities		105.133	42.898	83.519
Net Current Assets		(18.145)	48.508	68.370
MISCELLANEOUS EXPENSES		0.296	0.338	0.380
TOTAL		31.777	102.405	124.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	194.690	291.720	17.875
		Other Income	12.048	0.278	0.160
		TOTAL (A)	206.738	291.998	18.035
Less	EXPENSES
		Purchase of stock in trade	188.482	189.196
		Direct Expenses	3.214	4.984
		Employee benefit expenses	1.252	1.608
		Other Expense	4.991	6.120
		Changes in inventories of finished goods work in progress and stock in trade	1.024	78.321
		TOTAL (B)	198.963	280.229	6.846
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.755	11.769	11.189
Less	FINANCIAL EXPENSES (D)		7.648	8.949	6.710
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.127	2.820	4.479
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.897	6.623	7.210
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(4.770)	(3.803)	(2.731)
Less	TAX (H)		0.017	0.000	(0.015)
	PROFIT/(LOSS) AFTER TAX (I)		(4.787)	(3.803)	(2.716)
	Earnings Per Share (Rs.)		(1.60)	(1.27)	(0.91)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.32)	(1.30)	(15.06)
Net Profit Margin (PBT/Sales)	(%)	(2.45)	(1.30)	(15.28)
Return on Total Assets (PBT/Total Assets}	(%)	(3.51)	(2.63)	(1.32)
Return on Investment (ROI) (PBT/Networth)		(0.28)	(0.17)	(0.11)
Debt Equity Ratio (Total Debt/Networth)		0.81	3.63	3.81
Current Ratio (Current Asset/Current Liability)		0.83	2.13	1.82

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

UNSECURED LOANS

Particulars	As on 31.03.2012 Rs. in millions	As on 31.03.2011 Rs. in millions
Loans and advances from related party	2.550	3.500
Total	2.550	3.500

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Tubewell

· Electric Installations

· Fire Extinguisher

· Fire System

· Computer

· Freeze

· Mobile Instrument

· Furniture

· Tata Safari

· Bike

· Cycle

· Air Conditioner

· Bike Hunk

· Fax

· Tractor

· Indica Car

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] 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.55.61
UK Pound	1	Rs.83.98
Euro	1	Rs.71.94

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.