MIRA INFORM REPORT

Report Date :

06.01.2014

IDENTIFICATION DETAILS

Name :	PANASIAN IMPEX PRIVATE LIMITED
Registered Office :	4K, Block II, Diamond Chambers, 4 Chowringhee Lane, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.2008
Com. Reg. No.:	21-129563
Capital Investment / Paid-up Capital :	Rs.14.040 millions
CIN No.: [Company Identification No.]	U51909WB2008PTC129563
TAN No.: [Tax Deduction & Collection Account No.]	CALP08571D
PAN No.: [Permanent Account No.]	AAECP8220G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cotton.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. External borrowing of the company seems to be huge. However, trade relations are fair. Business is active. Payment terms are slow. 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits - Term Loan: BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	March, 2013

Rating Agency Name	ICRA
Rating	Non-Fund Based Limit - Letter of Credit: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March, 2013

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	4K, Block II, Diamond Chambers, 4 Chowringhee Lane, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-22522476
Mobile No.:	91-9830255526 (Mr. Shyamal)
Fax No.:	91-33-40019307
E-Mail :	expo@panasian.co.in starlite200100@yahoo.com poonam_goenka@yahoo.com
Area :	750 sq. ft.
Location :	Owned
Factory :	Located at: · Malkapur, Maharashtra, India
Area :	10 acres
Location :	Owned

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Santosh Kumar Ram Ratan Goenka

Designation :

Director

Address :

11, Ballygunge Park Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

16.05.1953

Qualification :

Graduate

Date of Appointment :

23.09.2008

DIN No.:

00261445

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	U17111WB1995PTC070346	NIRMAL SAREE MANDIR PRIVATE LIMITED	Director	29/03/1995	29/03/1995	-	Active	NO
2	U67120WB1995PTC070344	NIRMAL INVESTMENTS PRIVATE LIMITED	Director	29/03/1995	29/03/1995	-	Active	NO
3	U17111WB1995PTC070347	NIRMAL SAREE COLLECTIONS PRIVATE LIMITED	Director	30/03/1995	30/03/1995	09/04/2013	Active	NO
4	U22210WB2001PTC093819	NIRMAL DYEING AND PRINTING PRIVATE LIMITED	Director	20/11/2002	20/11/2002	-	Active	NO
5	U45201WB2003PTC096528	S. A. PROPERTIES PRIVATE LIMITED	Director	07/07/2003	07/07/2003	-	Active	NO
6	U51909WB1995PTC070716	NIRMAL EMPORIUM PRIVATE LIMITED	Director	16/07/2004	16/07/2004	-	Active	NO
7	U65910WB1988PTC045494	GANESHMULL SAMPATLAL FINANCE AND LEASING PRIVATE LIMITED	Director	04/06/2005	04/06/2005	-	Active	NO
8	U67120WB1994PTC066522	TIRUPATI STOCK BROKING AND SERVICES PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
9	U70101WB2006PTC109681	BARSANA CLUBS RESORTS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO
10	U51909WB2008PTC129563	PANASIAN IMPEX PRIVATE LIMITED	Director	23/09/2008	23/09/2008	-	Active	NO
11	U70109WB2012PTC184955	HOWRAH HAAT DEVELOPERS PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO
12	U70102WB2012PTC187105	AAKAV NIRMAN PRIVATE LIMITED	Director	11/10/2012	11/10/2012	-	Active	NO

Name :

Mr. Shyamal Panchanan Bhattacharjee

Designation :

Director

Address :

41/5, Sarsuna Main Road, Kolkata – 700 061, West Bengal, India

Date of Birth/Age :

27.12.1947

Qualification :

Graduate

Date of Appointment :

23.09.2008

DIN No.:

02293276

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Santosh Kumar Goenka	7000
Shyamal Bhattacharjee	7000
Rameshwar Finvest Private Limited	280000
Ganeshmull Sampatlal Finance and Leasing Private Limited, India	280000
Nirmal Investments Private Limited, India	210000
Nirmal Towers Private Limited, India	60000
Rajadhiraj Consultants Private Limited, India	280000
Tirupati Stockbroking and Services Private Limited, India	280000
Total	1404000

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.00
Directors or relatives of directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton.

Products :

Item Code No. (ITC Code)	5201.00.00
Product Description	Cotton Bales and Cotton Seeds

· Raw Cotton

· Wheat

· Maize

· Rice

PRODUCTION STATUS (AS ON 31.03.2012):

Particulars	Purchased/ Produced
Raw Cotton (Qtl)	98801.67
Cotton Seeds (Qtl)	13239.83
Cotton Bales (Qtl)	7080.92
Koudi	380.5
Wheat	2429

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Karnataka Bank Limited, Park Street Branch, 1, Sarojni Naidu Sarani, Kolkata - 700 017, West Bengal, India

· Standard Chartered Bank, Chowringhee

· State Bank of India, Malkapur

· The Royal Bank of Scotland

· IDBI Bank Limited, Malkapur Branch, Satsang, Cinema Road, Nimwadi Chowk, Malkapur – 443 101, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks Term Loan of Rs.16.442 millions from IDBI Bank, Malkapur branch together with Interest and other charges thereon are secured by first mortgage on a part of the factory land and second charge by way of hypothecation over stock of raw materials, finished goods and debtors. a) Term Loan of Rs.21.941 millions from IDBI Bank, Malkapur branch together with interest and other charges thereon, are secured by first mortgage on a part of the factory land and second charge by way of hypothecation over stock of raw materials, finished goods, debtors. b)Term Loan from IDBI Bank carry interest rate @ 10% p.a. This loan is due for repayment in 4 years in 48 equal monthly instalments.	16.442	21.941
SHORT-TERM BORROWINGS
Working capital loans from banks a) Cash credit from Karnataka Bank, Kolkata branch, together with interest and other charges thereon, are secured by first charge by way of hypothecation of exportable stock/receivables, advance paid to suppliers, goods covered under export bills/accepted Bills of Exchange and second charge by way of mortgage of part of office space. This cash credit is repayable on realisation of export bills and carries interest ranging from LIBOR plus 1.5 % to 6.5% p.a. b) Cash Credit from IDBI Bank, Malkapur branch together with interest and other charges thereon, are secured by first charge by way of hypothecation of stock of raw materials, finished goods, debtors and second charge by way of mortgage on part of factory land. Cash Credit is repayable on demand and carries interest at 11.5% p.a.	489.667	373.339
Total	506.109	395.280

Banking Relations :	--
Auditors :
Name :	KASG and Company Chartered Accountants
Address :	10, Bow Street, Kolkata – 700 012, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AACFH8663C

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs.10/- each	Rs.14.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1404000	Equity Shares	Rs.10/- each	Rs.14.040 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	14.040	14.040	14.040
(b) Reserves & Surplus	63.579	61.475	59.417
(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)	77.619	75.515	73.457
(3) Non-Current Liabilities
(a) Long-term borrowings	16.442	21.941	34.433
(b) Deferred tax liabilities (Net)	0.000	0.000	0.053
(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)	16.442	21.941	34.486
(4) Current Liabilities
(a) Short term borrowings	489.667	373.339	42.366
(b) Trade payables	20.931	3.343	7.096
(c) Other current liabilities	14.520	11.957	10.711
(d) Short-term provisions	4.359	7.045	1.059
Total Current Liabilities (4)	529.477	395.684	61.232
TOTAL	623.538	493.140	169.175
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.217	68.465	74.733
(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	0.000
(c) Deferred tax assets (net)	0.011	0.025	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.015	0.029
Total Non-Current Assets	61.228	68.505	74.762
(2) Current assets
(a) Current investments	0.594	0.000	0.000
(b) Inventories	54.324	65.162	19.618
(c) Trade receivables	428.015	287.423	10.202
(d) Cash and cash equivalents	47.740	37.775	56.364
(e) Short-term loans and advances	31.637	34.275	5.912
(f) Other current assets	0.000	0.000	2.317
Total Current Assets	562.310	424.635	94.413
TOTAL	623.538	493.140	169.175

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	1303.986	1441.231	574.120
		Other Income	32.810	30.484	22.363
		TOTAL (A)	1336.796	1471.715	596.483
Less	EXPENSES
		Purchases	1333.818	47.807	254.997
		Raw Material Consumed		1292.977	235.767
		Direct Expenses		33.884	20.531
		Change in Inventories		(21.451)	39.908
		Employee Benefit Expenses		3.121	4.366
		Other Expenses		80.373	19.899
		TOTAL (B)	1333.818 (including financial and depreciation)	1436.711	575.468
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			35.004	21.015
Less	FINANCIAL EXPENSES (D)			23.100	12.218
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			11.904	8.797
Less/ Add	DEPRECIATION/ AMORTISATION (F)			8.326	5.769
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.978	3.578	3.028
Less	TAX (H)		0.874	1.520	0.632
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.104	2.058	2.396
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.715	3.657	1.261
	BALANCE CARRIED TO THE B/S		7.819	5.715	3.657
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	990.990	1396.782	290.347
	TOTAL EARNINGS		990.990	1396.782	290.347
	Earnings / (Loss) Per Share (Rs.)		1.50	1.47	1.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.16	0.14	0.40
Net Profit Margin (PBT/Sales)	(%)	0.23	0.25	0.53
Return on Total Assets (PBT/Total Assets}	(%)	0.48	0.84	1.79
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.04
Debt Equity Ratio (Total Debt/Networth)		6.52	5.23	1.05
Current Ratio (Current Asset/Current Liability)		1.06	1.07	1.54

LOCAL AGENCY FURTHER INFORMATION

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	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	No
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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10422606	04/04/2013	204,000,000.00	KARNATAKA BANK LIMITED	PARK STREET BRANCH, 1, SAROJINI NAIDU SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B73991606
2	10270441	22/02/2011 *	100,000,000.00	IDBI BANK LIMITED MALKAPUR BRANCH	SATSANG, CINEMA ROAD, NIMWADI CHOWK, MALKAPUR, MAHARASHTRA - 443101, INDIA	B09481474
3	10146786	30/11/2012 *	367,500,000.00	KARNATAKA BANK LIMITED	PARK STREET BRANCH, 1, SAROJINI NAIDU SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B64437130

* Date of charge modification

Note:

The registered office of the company has been shifted from Diamond Chamber, 4 Chowringhee Road, 4^th Floor, Room No-4k, Block No.1 and 2, Kolkata – 700 016, West Bengal to the present address w.e.f. 22.05.2012.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· 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.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.