MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	PAVAN BLACKROCK PRIVATE LIMITED
Registered Office :	420, Morbi - Rajkot Highway, Near Maruti Show Room, Taluka Morbi, Sanala – 363641, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.04.2011
Com. Reg. No.:	04-064719
Capital Investment / Paid-up Capital :	Rs.34.050 Millions
CIN No.: [Company Identification No.]	U10100GJ2011PTC064719
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RKTP02763F
PAN No.: [Permanent Account No.]	AAFCP9302E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Coal.
No. of Employees :	30 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financial i.e. 2014 with the government department. As per available financial of 2013, the profit margin of the company is low. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Vinod Saradva
Designation :	Manager
Contact No.:	91-9909020044
Date :	26.12.2014

LOCATIONS

Registered Office / Warehouse:	420, Morbi - Rajkot Highway, Near Maruti Show Room, Taluka Morbi, Sanala – 363641, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9909020044 (Mr. Vinod Saradva) 91-9727231403 (Mr. Anilkumar Babulal Detroja)
Fax No.:	Not Available
E-Mail :	pavanblackrock@yahoo.com dhaval.v1982@gmail.com
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Nilesh Babubhai Detroja

Designation :

Director

Address :

Chitrakut Society, Behind GIDC, Sanala Road, Morbi - 363641, Gujarat, India

Date of Birth/Age :

23.02.1984

Date of Appointment :

01.04.2011

PAN No.:

AJEPD1127E

DIN No.:

01725545

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	U26914GJ2007PTC050675	LEXUS CERAMIC PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Active	NO
2	U26914GJ2008PTC053838	LEXUS GRANITO (INDIA) PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
3	U10100GJ2011PTC064719	PAVAN BLACKROCK PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Anilkumar Babulal Detroja

Designation :

Director

Address :

Chitrakut Society, Behind GIDC, Sanala Road, Morbi - 363641, Gujarat, India

Date of Birth/Age :

23.12.1985

Date of Appointment :

01.04.2011

PAN No.:

AIPPD4794F

DIN No.:

03078203

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	U26914GJ2008PTC053838	LEXUS GRANITO (INDIA) PRIVATE LIMITED	Director	22/05/2010	22/05/2010	-	Active	NO
2	U10100GJ2011PTC064719	PAVAN BLACKROCK PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Pankajkumar Bharatbhai Detroja

Designation :

Director

Address :

Panchvati Society, Taluka Morbi, Rajkot - 363641, Gujarat, India

Date of Birth/Age :

05.06.1988

Date of Appointment :

01.04.2011

PAN No.:

ALBPD5517E

DIN No.:

03618207

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	U10100GJ2011PTC064719	PAVAN BLACKROCK PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
2	U26914GJ2008PTC053838	LEXUS GRANITO (INDIA) PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinod Saradva
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Pankajkumar Bharatbhai Detroja	2509000	73.69
Nilesh Babubhai Detroja	448500	13.17
Anilkumar Babulal Detroja	447500	13.14
Total	3405000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Coal.
Products :	Coal
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	Coal
Countries :	Indonesia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT APPLICABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Dena Bank, Nehru Gate, Morbi, Rajkot - 363641, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	0.077	0.723
Rupee term loans from others	0.381	7.069
Loans taken for vehicles	0.666	2.295
Loans and advances from others	1.275	1.275
SHORT TERM BORROWINGS
Loans and advances from related parties	60.045	59.549
Total	62.444	70.911

Banking Relations :	--
Financial Institution :	Bajaj Finance Limited, Akurpdi, Pune - 411035, Maharashtra, India
Auditors :
Name :	J R C and Associates Chartered Accountants
Address :	123-Shri Hari Commercial Complex, 6 Savasar Plot, Near Parth Hospital, Ayodhyapuri Main Road, Morbi, Gujrat, India
PAN No.:	ASLPC0983H
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3405000	Equity Shares	Rs.10/- each	Rs.34.050 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.050	34.050
(b) Reserves & Surplus	20.072	11.457
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	54.122	45.507
(3) Non-Current Liabilities
(a) long-term borrowings	5.753	14.716
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	5.753	14.716
(4) Current Liabilities
(a) Short term borrowings	60.045	59.549
(b) Trade payables	584.803	342.405
(c) Other current liabilities	30.949	4.469
(d) Short-term provisions	4.160	2.325
Total Current Liabilities (4)	679.957	408.748
TOTAL	739.832	468.971
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.081	18.654
(ii) Intangible Assets	10.491	13.988
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.100	10.100
(c) Deferred tax assets (net)	0.981	0.956
(d) Long-term Loan and Advances	5.078	5.078
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	29.731	48.776
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	110.136	82.729
(c) Trade receivables	486.574	268.021
(d) Cash and cash equivalents	51.521	16.717
(e) Short-term loans and advances	61.219	52.728
(f) Other current assets	0.651	0.000
Total Current Assets	710.101	420.195
TOTAL	739.832	468.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	1,806.810	1,035.761
		Other Income	1.499	0.021
		TOTAL	1,808.309	1,035.782
Less	EXPENSES		1,791.377	1,020.283
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		16.932	15.499
Less	DEPRECIATION/ AMORTISATION		4.183	11.623
	PROFIT/(LOSS) BEFORE TAX		12.749	3.876
Less	TAX		4.135	1.369
	PROFIT/(LOSS) AFTER TAX		8.614	2.507
	Earnings / (Loss) Per Share (Rs.)		2.53	0.74

Expected Sales (2014-2015): Rs.3000.000 Millions

The above information has been parted by Mr. Vinod Saradva

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.48	0.24
Return on Total Assets (PBT/Total Assets}	(%)	1.75	0.85
Return on Investment (ROI) (PBT/Networth)		0.24	0.09
Debt Equity Ratio (Total Debt /Networth)		1.22	1.63
Current Ratio (Current Asset/Current Liability)		1.04	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	34.050	34.050
Reserves & Surplus	11.457	20.072
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	45.507	54.122
Long Term borrowings	14.716	5.753
Short Term borrowings	59.549	60.045
Total borrowings	74.265	65.798
Debt/Equity ratio	1.632	1.216

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	1,035.761	1,806.810
		74.443

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	1,035.761	1,806.810
Profit	2.507	8.614
	0.24%	0.48%

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	Yes
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%	-----------
14]	Estimation for coming financial year	Yes
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	No
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:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from others	3.354	3.354
Total	3.354	3.354

COMPANY PERFOMANCE:

The Company has reported income from operation during the year of Rs.1806.810 Millions as compared to the previous Year’s income from operation of Rs.1035.761 Millions and the Company has earned net profit of Rs. 8.614 Millions as compared to the previous year’s profit of Rs.2.507 Millions. With a view to conserve resources, your directors do not recommend any dividend.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10304726	09/08/2011	60,000,000.00	Dena Bank	Nehru Gate, Dist. Rajkot, Morbi, Gujarat - 363641, India	B19836279
2	10294500	28/05/2011	10,600,000.00	Bajaj Finance Limited	Akurdi Pune, Pune, Maharashtra - 411035, India	B15946809

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	VNT

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
--PROFITABILITY	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		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.