MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	SONPAL EXPORTS PRIVATE LIMITED
Registered Office :	Rev Survey No. 569 Dhari- Bagasara Road, Near Ice Factory, Amreli – 365601, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.08.2004
Com. Reg. No.:	04-044645
Capital Investment / Paid-up Capital :	Rs.21.750 Millions
CIN No.: [Company Identification No.]	U51909GJ2004PTC044645
TAN No.: [Tax Deduction & Collection Account No.]	RKTS03419D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Hulled and Natural Sesame Seeds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 490000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears sharp dip in profit of the company in 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	31 October 2012

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	31 October 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 :	Rev Survey No. 569 Dhari- Bagasara Road, Near Ice Factory, Amreli – 365601, Gujarat, India
Tel. No.:	91-2792-231703/231704
Fax No.:	91-2792-230291
E-Mail :	adraparel@gmail.com shivindustries2003@yahoo.com rajiv@sonpalexports.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Manoj Vasantlal Sonpal

Designation :

Director

Address :

9-8-107-45, Ward No. 9, Manekpara, Amreli – 365601, Gujarat, India

Date of Birth/Age :

06.05.1968

Date of Appointment :

25.08.2004

DIN No.:

01170320

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	U51909GJ2004PTC044645	SONPAL EXPORTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
2	U52209GJ2011PTC065627	SHIV SHANKAR OIL INDUSTRIES PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
3	U91110WB1957NPL023474	SHELLAC AND FOREST PRODUCTS EXPORT PROMOTION COUNCIL	Additional director	28/09/2012	28/09/2012	-	Active	NO

Name :

Mr. Bharatkumar Nandlal Sonpal

Designation :

Director

Address :

Krishna Villa, Manek Para Sheri No. 11, Amreli – 365601, Gujarat, India

Date of Birth/Age :

31.07.1955

Date of Appointment :

25.08.2004

DIN No.:

01658302

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	U51909GJ2004PTC044645	SONPAL EXPORTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
2	U52209GJ2011PTC065627	SHIV SHANKAR OIL INDUSTRIES PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	45.98
Other top fifty shareholders	54.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Hulled and Natural Sesame Seeds.

Products :

Item Code No.	Product Description
15155099	Sesame Seeds Natural

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India

· Bank of India, Parabazar, Rajkot - 360001, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks (Hire Purchase Loan from Banks Secured by Hypothecation of Vehicle)	0.221	0.517
Short-term borrowings
Working capital loans from banks	552.622	180.687
Total	552.843	181.204

Banking Relations :
Auditors :
Name :	A.D. Ruparel and Company Chartered Accountants
Address :	1, "Giriraj" Kunj" Opp. Panchnath Temple, Limda Chowk, Rajkot -360001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADPPR7477Q
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Avadh Agri. Exports –Amreli · Hanuman Industries –Amreli · Shiv Shankar Oil Industries Private Limited, India CIN: U52209GJ2011PTC065627

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
217500	Equity Shares	Rs.100/- each	Rs. 21.750 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.750	21.750	9.750
(b) Reserves & Surplus	101.334	88.778	36.319
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	123.084	110.528	46.069
(3) Non-Current Liabilities
(a) long-term borrowings	70.221	0.517	128.979
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	70.221	0.517	128.979
(4) Current Liabilities
(a) Short term borrowings	552.622	180.687	5.000
(b) Trade payables	413.453	256.328	289.772
(c) Other current liabilities	0.000	0.000	0.490
(d) Short-term provisions	60.117	10.284	0.000
Total Current Liabilities (4)	1026.192	447.299	295.262
TOTAL	1219.497	558.344	470.310
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.247	21.104	20.806
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	21.747
(c) Deferred tax assets (net)	0.000	0.000	0.410
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	2.420
Total Non-Current Assets	19.247	21.104	45.383
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	370.661	350.171	20.898
(c) Trade receivables	754.152	152.126	392.571
(d) Cash and cash equivalents	50.102	22.494	8.068
(e) Short-term loans and advances	24.761	11.811	2.600
(f) Other current assets	0.574	0.638	0.790
Total Current Assets	1200.250	537.240	424.927
TOTAL	1219.497	558.344	470.310

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2728.090	2777.959	1993.157
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2709.402	2761.632	1984.765
	PROFIT BEFORE TAX		18.688	16.327	8.392
Less	TAX		6.132	9.640	1.002
	PROFIT AFTER TAX		12.556	6.687	7.390
	Earnings Per Share (Rs.)		57.73	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.46	0.24	0.42
Return on Total Assets (PBT/Total Assets}	(%)	1.53	2.92	1.87
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.18
Debt Equity Ratio (Total Debt /Networth)		5.06	1.64	2.91
Current Ratio (Current Asset/Current Liability)		1.17	1.20	1.44

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	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	Yes

NOTE: Registered office of the company has been shifted from Giriraj Kunj, First Floor, Street No.15, Panchanath Plot, Opposite Panchnath Mahadev Temple, Rajkot -360001, Gujarat, India to the present address w.e.f 21.08.2013

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	70.000	0.000
Total	70.000	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10422148	30/03/2013	693,700,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MA RBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B73870271
2	10061851	08/03/2013 *	693,700,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MA RBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B72197775

Note: * Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Vehicles

· Motor vehicles

· Office equipment

· Computer 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.61.92
UK Pound	1	Rs.99.60
Euro	1	Rs.83.64

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--LEVERAGE	1~10	4
--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	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		31

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.