MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	YUCON EXPORTS PRIVATE LIMITED
Registered Office :	4, Fairlie Place, 1^st Floor, Room No. 120, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.05.1993
Com. Reg. No.:	21-058899
Capital Investment / Paid-up Capital :	Rs. 9.735 Millions
CIN No.: [Company Identification No.]	U51909WB1993PTC058899
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Jute Yarn, Jute Products, Hessian Bags, Sacking Bags, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Performance capability of the company is good. Overall financial position of the company is sound. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

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 DENIED BY

Name :	Mr. Gopal
Designation :	Account Executive
Contact No.:	91-33-22130456
Date :	26.12.2014

LOCATIONS

Registered Office :	4, Fairlie Place, 1^st Floor, Room No. 120, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22130456
Fax No.:	Not Available
E-Mail :	rishi_jalan2001@yahoo.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Rishi Jalan

Designation :

Director

Address :

1/1, Raja Rajendra Lal Mitra Ro, Shree Krishna Gardens, Kolkata – 700085, West Bengal, India

Date of Birth/Age :

16.07.1975

Date of Appointment :

24.04.1999

DIN No.:

01111009

Voter ID No.:

WB/22/159/366253

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	U51909WB1993PTC058899	YUCON EXPORTS PVT LTD	Director	24/04/1999	24/04/1999	-	Active	NO
2	U51909WB2010PTC141315	REGENCY TIE-UP PRIVATE LIMITED	Director	02/02/2010	02/02/2010	04/01/2014	Active	NO
3	U93000WB2010PTC142275	YUCON OVERSEAS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
4	U51909WB2008PTC131485	VISHWATMA COMMERCIAL PRIVATE LIMITED	Director	10/01/2011	10/01/2011	04/01/2014	Active	NO
5	U45400WB2008PTC122194	GAINWELL INFRASTRUCTURES PRIVATE LIMITED	Director	09/04/2012	09/04/2012	-	Active	NO

Name :

Shikha Jalan

Designation :

Director

Address :

/1, Raja Rajendra Lal Mitra Ro, Flat No. BF-5C, Kolkata – 700010, West Bengal, India

Date of Birth/Age :

22.01.1980

Date of Appointment :

03.01.2014

DIN No.:

06772895

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	U45400WB2008PTC122194	GAINWELL INFRASTRUCTURES PRIVATE LIMITED	Director	03/01/2014	03/01/2014	-	Active	NO
2	U51909WB1993PTC058899	YUCON EXPORTS PVT LTD	Director	03/01/2014	03/01/2014	-	Active	NO
3	U93000WB2010PTC142275	YUCON OVERSEAS PRIVATE LIMITED	Director	03/01/2014	03/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gopal
Designation :	Account Executive

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Rishi Jalan	299200
Rishi Jalan (HUF)	50000
Yucon Overseas Private Limited, India	179000
Gainwell Infrastructure Private Limited, India	445000
Sharda Devi Jalan	100
Shikha Jalan	200
Total	973500

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	64.10
Directors or relatives of Directors	35.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Jute Yarn, Jute Products, Hessian Bags, Sacking Bags, etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Standard Chartered Bank, SME Banking, 19, N.S. Road, Kolkata – 700001, West Bengal, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC (Car Loan)	0.212	0.445
Total	0.212	0.445

Auditors :
Name :	Poddar and Associates Chartered Accountant
Address :	9/12, Lal Bazar Street, 1^st Floor, Block-D, Kolkata – 700001, West Bengal, India
PAN No.:	AAHFP8969N
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	· Gainwell Infrastructure Private Limited, India · Yucon Overseas Private Limited, India · Vishwatma commercial Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
973500	Equity Shares	Rs.10/- each	Rs. 9.735 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.735	8.545	7.965
(b) Reserves & Surplus	90.619	75.702	64.443
(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)	100.354	84.247	72.408
(3) Non-Current Liabilities
(a) long-term borrowings	0.213	0.445	0.000
(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)	0.213	0.445	0.000
(4) Current Liabilities
(a) Short term borrowings	1.200	10.444	12.800
(b) Trade payables	11.341	17.820	13.578
(c) Other current liabilities	68.330	75.944	40.950
(d) Short-term provisions	13.204	11.131	8.539
Total Current Liabilities (4)	94.075	115.339	75.867
TOTAL	194.642	200.031	148.275
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.186	5.325	4.493
(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	6.125	0.425	0.425
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.247	0.247	0.220
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.558	5.997	5.138
(2) Current assets
(a) Current investments	1.814	1.624	1.281
(b) Inventories	50.315	33.715	40.908
(c) Trade receivables	40.834	44.642	47.774
(d) Cash and cash equivalents	35.844	42.642	26.788
(e) Short-term loans and advances	28.133	33.451	9.827
(f) Other current assets	21.144	37.960	16.559
Total Current Assets	178.084	194.034	143.137
TOTAL	194.642	200.031	148.275

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	552.209	748.999	710.376
	Other Income	7.691	8.897	7.055
	TOTAL (A)	559.900	757.896	717.431
Less	EXPENSES
	Purchases of Stock-in-Trade	541.625	696.353	676.885
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.600)	7.192	(16.987)
	Employees benefits expense	4.452	4.119	3.491
	Other expenses	23.081	37.750	46.154
	TOTAL (B)	552.558	745.414	709.543
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	7.342	12.482	7.888
Less	FINANCIAL EXPENSES (D)	0.306	0.515	0.028
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.036	11.967	7.860
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.697	0.336	0.366
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6.339	11.631	7.494
Less	TAX (I)	2.132	5.593	2.676
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	4.207	6.038	4.818
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	30.224	24.186	29.004
	Balance Carried to the B/S (J+K+L-M)	34.431	30.224	24.186
	Earnings / (Loss) Per Share (Rs.)	4.32	7.07	6.05

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.76	0.81	0.68
Operating Profit Margin (PBDIT / Sales)	(%)	1.33	1.67	1.11
Return on Total Assets (PBT/Total Assets}	(%)	3.36	5.83	5.07
Return on Investment (ROI) (PBT/Networth)		0.06	0.14	0.10
Debt Equity Ratio (Total Debt /Networth)		0.01	0.13	0.18
Current Ratio (Current Asset/Current Liability)		1.89	1.68	1.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.965	8.545	9.735
Reserves & Surplus	64.443	75.702	90.619
Net worth	72.408	84.247	100.354
long-term borrowings	0.000	0.445	0.213
Short term borrowings	12.800	10.444	1.200
Total borrowings	12.800	10.889	1.413
Debt/Equity ratio	0.177	0.129	0.014

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	710.376	748.999	552.209
		5.437	(26.274)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	710.376	748.999	552.209
Profit	4.818	6.038	4.207
	0.68%	0.81%	0.76%

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 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	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Rishi Jalan (HUF)	1.200	1.200
Bina Jalan	0.000	1.400
Sharda Devi Jalan	0.000	1.270
Shika Jalan	0.000	1.100
Vishwatma Commercial Private Limited	0.000	5.473
Total	1.200	10.443

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10443363	11/07/2013	25,000,000.00	Standard Chartered Bank	SME BANKING, 19, N. S. Road, Kolkata, West Bengal - 700001, INDIA	B82263120
2	90252187	28/12/2012 *	51,000,000.00	THE SOUTH INDIAN BANK LIMITED	BRABOURNE ROAD BRANCH, 6 BRABOURNE ROAD, 1ST FLOO R, KOLKATA, West Bengal - 700001, INDIA	B66235219
3	90251975	13/01/2001	6,000,000.00	THE SOUTH INDIAN BANK LTD.	15; BRABOURNE ROAD, CALCUTTA, West Bengal - 700001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Godown

· Land and Building

· Office Equipment

· Air Conditioners

· Motor Vehicles

· Computers

· Furniture and fixture

· Telephone

· Fire Extinguisher

· Pump Set

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 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.63.63
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.