MIRA INFORM REPORT

Report Date :

28.05.2013

IDENTIFICATION DETAILS

Name :	KHEDUT SOLVEXP PRIVATE LIMITED
Registered Office :	“Jilla Sangh”, Gundala Road, P.B. No.22, Gondal, Rajkot-360311, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.1991
Com. Reg. No.:	14-015604
Capital Investment / Paid-up Capital :	Rs. 19.990 millions
CIN No.: [Company Identification No.]	U15147GJ1991PTC015604
IEC No.:	2492001326
TAN No.: [Tax Deduction & Collection Account No.]	RKTK00606E
PAN No.: [Permanent Account No.]	AAACK8896P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Groundnut Extraction Meal, Rapeseed Extraction Meal, Cottonseed Extraction Meal, Solvent Extracted Groundnut Oil, Solvent Extracted Rapeseed Oil, Solvent Extracted Cottonseed Oil, etc.,
No. of Employees :	50 (Approximately)

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 240000
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 seems to be low. The external borrowing appears to be huge. However, trade relations are reported to be fair. Business is active. Payments 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	CRISIL
Rating	Cash Credit: B+
Rating Explanation	Crisil has suspended its rating due to lack of information.
Date	May, 2013

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. Sagar D. Desai
Designation :	Director
Contact No.:	91-9879074749
Date :	27.05.2013

LOCATIONS

Registered Office / Factory:	“Jilla Sangh”, Gundala Road, P.B. No.22, Gondal, Rajkot-360311, Gujarat, India
Tel. No.:	91-2825-225118 / 225119 / 220204
Mobile No.:	91-9879074749 (Mr. Sagar D. Desai)
Fax No.:	91-2825-220826
E-Mail :	vibha.vaibhav@gmail.com khedutsolvex@yahoo.com
Area:	400003 sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Pravinkumar Bhayabhai Talaviya
Designation :	Director
Address :	Mohan Nagar, Lathi Road, Amrelli-365650, Gujarat, India
Date of Birth/Age :	01.06.1962
Date of Appointment :	19.12.2002
DIN No.:	00368653
Name :	Mr. Dhirajlal Mavjibhai Desai
Designation :	Director
Address :	“Gokul”, Opposite Bhagini Chatralay, Amrelli-365650, Gujarat, India
Date of Birth/Age :	15.12.1958
Qualification :	Under Graduate
Experience :	12 Years
Date of Appointment :	19.12.2002
DIN No.:	00368665
Name :	Mr. Sagar D. Desai
Designation :	Director
Address :	Shivabhoomi Society-2, Behind Rudraksh Tower, Parnakuti Main Road, Rajkot, Gujarat, India
Date of Birth/Age :	12.02.1983
Qualification :	Graduate
Experience :	10 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Dhirajlal Talaviya	159920
Bubhai Talaviyaba	129920
Pravinbhai Talaviya	159920
Mansukhbhai Talaviya	141170
Jayantibhai Talaviya	119920
Dhirajlal Desai	234600
Rajeshkumar Desai	130000
Sagar Desai	130000
Kajalben Desai	90000
Sigmaben Desai	90000
Nanjibhai Talaviya	15000
Fullabhai Padsala	15000
Chunibhai Gajera	10000
Satishbhi Gajera	10000
Virendra Pansuriya	100000
Bhaveshbhai Talaviya	18750
Vaishaliben Talaviya	20000
Rambhai Gajera	99950
Kishorebhai Vaishnani	139850
Pravinaben Vaishnani	90000
Arjun Vaishnani	70000
Kamlaben Desai	25000
Total	1999000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Groundnut Extraction Meal, Rapeseed Extraction Meal, Cottonseed Extraction Meal, Solvent Extracted Groundnut Oil, Solvent Extracted Rapeseed Oil, Solvent Extracted Cottonseed Oil, etc.,
Exports :
Products :	Indian Groundnut Extraction Meal Indian Rapeseed Extraction Meal Indian Cottonseed Extraction Meal
Countries :	Directly Exported Until 2008 and Exports against H Form 2009 to 2013.
Terms :
Selling :	L/C

PRODUCTION STATUS AS ON 31.03.2012

Particulars	Unit	Installed Capacity
Manufacturers of Deoiled cakes and solvent extracted filtered oils from oil cakes like groundnut, mustard, etc.	Metric Tonnes	250 Per Day

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

50 (Approximately)

Bankers :

• Union Bank of India, Race Course Circle Branch, Race Course Ring Road, Opposite Indoor Stadium, Rajkot-360001, Gujarat, India

• Central Bank of India, Gondal Branch, Gondal, Gujarat, India

Facilities :

Cash Credit: Rs. 200.000 millions (From Union Bank of India)

Finance: Rs. 100.000 millions (From Union Bank of India)

(Against warehouse receipts)

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans	1.178	4.612
Other loans and advances	0.246	0.638
Loans repayable on demand from others	191.298	196.155
Total	192.722	201.405

Banking Relations :	--
Auditors :
Name 1:	Sumit Mehta and Company Chartered Accountants
Address :	Opera House, Second Floor, Jawahar Road, Rajkot, Gujarat, India
Mobile No.:	91-9825088588
E-Mail :	info@sumitmehta.com
Name 2:	A.D. Vyas and Company Chartered Accountants
Address :	Kotechanagar Main Road, Above Patidar Mandap Service, Opposite Kotecha Girls High School, Kalwad Ro, Rajkot, Gujarat, India
PAN No.:	AAYPV7015J

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999000	Equity Shares	Rs.10/- each	Rs. 19.990 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		19.990	19.990	19.990
2] Share Application Money		0.010	0.010	0.000
3] Reserves & Surplus		39.160	29.838	23.646
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.160	49.838	43.636
LOAN FUNDS
1] Secured Loans		192.722	201.405	129.453
2] Unsecured Loans		35.365	65.787	26.475
TOTAL BORROWING		228.087	267.192	155.928
DEFERRED TAX LIABILITIES		1.174	1.285	1.404
TOTAL		288.421	318.315	200.968
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.419	29.107	30.712
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.023	0.023	0.423
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	91.188	104.346	86.665
	Sundry Debtors	154.112	176.365	72.710
	Cash & Bank Balances	14.106	12.257	2.605
	Other Current Assets	15.925	16.576	1.267
	Loans & Advances	0.920	1.430	31.489
Total Current Assets		276.251	310.974	194.736
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.185	18.094	20.201
	Other Current Liabilities	0.819	0.466	1.567
	Provisions	4.268	3.229	3.135
Total Current Liabilities		15.272	21.789	24.903
Net Current Assets		260.979	289.185	169.833
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		288.421	318.315	200.968

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1035.827		775.534
		Other Income	NA		73.398
		TOTAL	NA	841.468	848.932
Less	EXPENSES
		TOTAL	NA	832.195	838.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	13.544	13.237
Less/ Add	DEPRECIATION/ AMORTISATION		NA	4.271	3.016
	PROFIT BEFORE TAX		13.205	9.273	10.221
Less	TAX		4.089	3.081	3.177
	PROFIT AFTER TAX		9.116	6.192	7.044
	Earnings Per Share (Rs.)		4.56	3.10	3.52

Particulars	31.03.2013
Sales Turnover (Approximately)	1050.000

The above information has been parted by Mr. Sagar D. Desai (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.74	0.83
Net Profit Margin (PBT/Sales)	(%)	1.27	NA	1.32
Return on Total Assets (PBT/Total Assets}	(%)	4.35	2.73	4.53
Return on Investment (ROI) (PBT/Networth)		0.22	0.19	0.23
Debt Equity Ratio (Total Debt/Networth)		3.86	5.36	3.57
Current Ratio (Current Asset/Current Liability)		18.09	14.27	7.82

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 four 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	No
18]	Major customers	No
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	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

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans repayable on demand	29.431	60.252
Deposits	5.934	5.535
Total	35.365	65.787

FIXED ASSETS

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other 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.55.62
UK Pound	1	Rs.84.18
Euro	1	Rs.71.96

INFORMATION DETAILS

Information Gathered by :	HET
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--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	YES
--AFFILIATION	YES/NO	NO
--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.