MIRA INFORM REPORT

Report Date :

10.01.2014

IDENTIFICATION DETAILS

Name :	BHADRESH TRADING CORPORATION LIMITED
Registered Office :	205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House, Girgaum, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.05.2008
Com. Reg. No.:	11-182506
Capital Investment / Paid-up Capital :	Rs. 435.204 Millions
CIN No.: [Company Identification No.]	U40105MH2008PLC182506
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18530B
PAN No.: [Permanent Account No.]	AADCB4591K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter of Raw Cotton, Cotton Yarn, fabrics and other agro commodities.
No. of Employees :	Not Divulged

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

Maximum Credit Limit :	USD 10600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company appears to be low. External borrowings of the company seems to be huge. However, trade relations are fair. Business is active. Payment terms 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 – 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.

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-23800007)

LOCATIONS

Registered / Head Office :	205, Majestic Shopping Centre, 144, J.S.S. Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23800007/ 23802004/ 5/ 67200021/ 61505001/ 23800008
Fax No.:	91-22-23896467/ 23800047/ 23640451/ 23800007
E-Mail :	bhadresh@bom2.vsnl.net.in mehtabhadresh@gmail.com anup3339@gmail.com bhadresh@bom2.net.in bhadresh_mehta@vsnl.com service@bhadreshindia.com
Website :	http://www.bhadresh.com http://www.bhadreshindia.com
Administrative / Export Office :	325/ 326, 3^rd Floor, A to Z Industrial Premises, Next to Peninsula Tower, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61505001/ 24948406/ 24948410
Fax No.:	91-22-24948405
Cotton Green Office / Branch Office 1 :	S-75 and 76, East India Cotton Association, Cotton Exchange Building, Cotton Green Mumbai, Maharashtra, India
Tel. No.:	91-22-32469623
Fax No.:	91-22-23750308
Branch Office 2 :	Rajkot Office Aditya Center Phulchab Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2443561/ 9650
Fax No.:	91-281-2459704
Overseas Office :	Rm.2012, Building A, No.1088, XinJinQiao RD. PuDong, Shanghai, China -201206
Tel. No.:	+86-21-6109 9690/ 6109 9610
Fax No.:	+86-21-6109 9630
E-Mail :	tradeyun@163.com chinabhadresh@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Bhadresh Vasantrai Mehta

Designation :

Managing director

Address :

402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

28.10.1957

Date of Appointment :

01.06.2013

PAN No.:

AACPM0152D

DIN No.:

01206174

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	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	13/08/2013	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01/06/2013	21/05/2008	-	Active	NO
5	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2008	31/12/2008	-	Active	NO
6	U01111MH2009PTC195634	BHADRESH AGRO VENTURE PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
7	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
8	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
9	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
10	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
11	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
12	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	-	Active	NO
13	U24298GJ2012PTC072140	LAVAN SALT PRIVATE LIMITED	Director	19/12/2012	19/12/2012	-	Active	NO
14	U14200GJ2009PTC057963	CRUST MINECHEM PRIVATE LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO
15	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Additional director	24/06/2013	24/06/2013	-	Active	NO

Name :

Mr. Parth Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

30.04.1988

Date of Appointment :

01.06.2013

PAN No.:

ANWPM9376N

DIN No.:

01802821

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
1	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	15/12/2007	15/12/2007	-	Active
2	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	01/06/2013	21/05/2008	-	Active
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	26/05/2008	26/05/2008	17/08/2013	Active
4	U01111MH2009PTC195634	BHADRESH AGRO VENTURE PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active
5	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active
6	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active
7	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	-	Active
8	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active
9	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active
10	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	-	Active
11	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Additional director	24/06/2013	24/06/2013	-	Active

Name :

Mrs. Heena Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

13.10.1958

Date of Appointment :

21.05.2008

PAN No.:

AFPPM2633H

DIN No.:

00655763

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	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	17/08/2013	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	21/05/2008	21/05/2008	-	Active	NO
5	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
6	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Additional director	24/06/2013	24/06/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	30.52
Directors or relatives of directors	61.84
Other top fifty shareholders	7.64
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter of Raw Cotton, Cotton Yarn, fabrics and other agro commodities.

Products/ Services :

ITC Code No.	Product Descriptions
52054190	Raw Cotton

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank of Baroda, 10/12, 4th Floor, Mumbai Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India

· Dena Bank, Overseas Branch, 17 - B, Horniman Circle, Fort, Mumbai - 400023, Maharashtra, India

· State Bank of Travancore, Corporate Finance Branch, 112-115, Tulsiani, Chambers, Fre Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

· Stae Bank of Bikaner And Jaipur, 235-237, Peninsula House, Dr. D.N. Road, Fort, Mumbai - 400001, Maharashtra, India

· Allahabad Bank, Industrial Finance Branch, 2^nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, 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	3.159	4.191
SHORT TERM BORROWINGS
Working capital loans from banks	6891.986	3726.756
Other loans and advances	724.759	341.035
Total	7619.904	4071.982

Banking Relations :	--
Auditors :
Name :	James Shah and Company Chartered Accountants
Address :	230/231, Majestic Shopping Centre, 2Nd Floor, 144, JSS Road, Girgaon, Mumbai – 400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAFPS8223G
Subsidiary Company:	· Giriraj Ginning and Pressing Private Limited CIN No.: U17119GJ1998PTC034650 Raghuvanshi Cotton Ginning and Ppressing Private Limited CIN No.: U17110GJ2006PTC047456 Cashcot Industries Pte Limited Bhadresh Trading (Shanghai) Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Galaxy Cotton and Textiles Private Limited CIN No.: U17119GJ1994PTC023788 Britex Cotton International Limited CIN No.: U51900MH1999PLC120968 Bhadresh Agro Venture Private Limited CIN No.: U01111MH2009PTC195634 Bhadresh Infra Venture Private Limited CIN No.: U45202MH2009PTC195679 Bhadresh Natural Resources Private Limited CIN No.: U14200MH2009PTC195633 BTC Cashcot Industries Limited CIN No.: U63013MH2010PLC211200 Kin-Tex Engineers Private Limited CIN No.: U29261MH1987PTC045725 Sumeet Promoters Private Limited CIN No.: U45202WB1990PTC050091

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46,731,805	Equity Shares	Rs. 10/- each	Rs. 467.318 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43,520,420	Equity Shares	Rs. 10/- each	Rs. 435.204 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	435.204	140.846	105.846
(b) Reserves & Surplus	1584.802	1345.465	792.536
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	642.300	378.300	450.000
Total Shareholders’ Funds (1) + (2)	2662.306	1864.611	1348.382
(3) Non-Current Liabilities
(a) long-term borrowings	1087.725	717.435	217.116
(b) Deferred tax liabilities (Net)	8.891	6.761	4.787
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.327	0.100	0.000
Total Non-current Liabilities (3)	1099.943	724.296	221.903
(4) Current Liabilities
(a) Short term borrowings	7616.745	4068.333	3691.774
(b) Trade payables	1345.335	2798.670	166.167
(c) Other current liabilities	305.285	812.615	419.412
(d) Short-term provisions	54.996	21.983	0.000
Total Current Liabilities (4)	9322.361	7701.601	4277.353
TOTAL	13084.610	10290.508	5847.638
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.473	105.610	87.230
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	92.668	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.00
(b) Non-current Investments	702.478	543.843	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.354	11.745	3.715
(e) Other Non-current assets	0.000	0.000	385.530
Total Non-Current Assets	936.973	661.198	476.475
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7431.148	7316.594	1803.702
(c) Trade receivables	2638.706	1003.196	903.678
(d) Cash and cash equivalents	1342.845	1025.586	1014.249
(e) Short-term loans and advances	361.010	218.824	1649.534
(f) Other current assets	373.928	65.110	0.000
Total Current Assets	12147.637	9629.310	5371.163
TOTAL	13084.610	10290.508	5847.638

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	61458.632	56433.322	26719.776
		Other Income	145.503	110.569	51.652
		TOTAL (A)	61604.135	56543.891	26771.428
Less	EXPENSES
		Purchases of stock-in-trade	58367.171	58500.376	24269.824
		Employee benefit expense	46.878	30.989	24.487
		Other expenses	1623.336	1615.640	834.953
		Exceptional items	12.965	3.698	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(114.554)	(5512.892)	880.464
		TOTAL (B)	59935.796	54637.811	26009.728
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1668.339	1906.079	761.700
Less	FINANCIAL EXPENSES (D)		1232.478	1507.041	547.911
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		435.861	399.038	213.789
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.976	4.745	4.060
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		428.885	394.293	209.729
Less	TAX (H)		144.630	128.275	70.512
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		284.255	266.018	139.217
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		527.848	289.919	150.702
Less	APPROPRIATIONS		285.553	28.089	0.000
	BALANCE CARRIED TO THE B/S		526.550	527.848	289.919
	EARNINGS IN FOREIGN CURRENCY		45617.291	52902.800	16616.400
	Earnings / (Loss) Per Share (Rs.)		6.61	25.04	14.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.46	0.47	0.52
Net Profit Margin (PBT/Sales)	(%)	0.70	0.70	0.78
Return on Total Assets (PBT/Total Assets}	(%)	3.49	4.05	3.59
Return on Investment (ROI) (PBT/Networth)		0.16	0.21	0.16
Debt Equity Ratio (Total Debt/Networth)		3.27	2.57	2.90
Current Ratio (Current Asset/Current Liability)		1.30	1.25	1.26

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10444290	07/08/2013	280,000,000.00	BANK OF BARODA	10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B82702655
2	10414508	23/03/2013	850,000,000.00	STATE BANK OF BIKANER AND JAIPUR	235-237, PENINSULA HOUSE, DR. D.N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B71702229
3	10409436	15/02/2013	500,000,000.00	ORIENTAL BANK OF COMMERCE	NARIMAN POINT OVEREAS BRANCH, DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B69864148
4	10416665	14/02/2013	600,000,000.00	STATE BANK OF TRAVANCORE	CORPORATE FINANCE BRANCH, 112-115, TULSIANI, CHAMBERS, FRE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B72268857
5	10399241	15/01/2013	500,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, 37,MUMBAI SAMACHAR MARG,FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B66552050
6	10385426	08/10/2012	500,000,000.00	UNITED BANK OF INDIA	11, HEMANTA BASU SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B61710596
7	10337950	17/10/2012 *	750,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR - 21, WTC, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B59978320
8	10289198	12/05/2011	1,250,000,000.00	BANK OF BARODA	10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B13878707
9	10252413	01/11/2012 *	200,000,000.00	KARUR VYSYA BANK LIMITED	954, GAYATRI TOWERS, APPA SAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA	B62867122
10	10192058	31/01/2013 *	1,050,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NR JALARAM PETROL PUMP, KALAWAD ROAD, RAJKOT - 360001, GUJARAT, INDIA	B71398705
11	10156912	25/03/2013 *	1,500,000,000.00	DENA BANK	OVERSEAS BRANCH, 17 - B, HORNIMAN CIRCLE, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B73631418
12	10136168	19/03/2010 *	350,000,000.00	UNION BANK OF INDIA	LOWER PAREL,YESHWANT BHAVAN,, PANDURANG BUDHKAR MARG, LOWER PAREL, MUMBAI - 400013, MAHARASHTRA, INDIA	A83999433
13	10112213	03/01/2011 *	500,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B06156160

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from others	547.010	502.010
Loans and advances from related parties	336.156	11.234
Other loans and advances	201.400	200.000
SHORT TERM BORROWINGS
Loans repayable on demand from others	0.000	0.542
Total	1084.566	713.786

CORPORATE INFORMATION

Subject is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is a Government of India recognised Premier Trading House and is primarily engaged in export of Raw Cotton, Cotton Yarn, fabrics and other agro commodities. The Company is operating in purchase of seed cotton from farms, grading, ginning and processing of cotton and finally exporting it worldwide.

OPERATING RESULTS:

The sales and operating income for the year ended 31st March 2013 amounted to Rs. 61458.632 Millions as against Rs. 56433.322 Millions for the previous year. During the financial year 2012-13, profits after tax has increased from Rs. 284.255 Millions to Rs. 266.018 Millions

CURRENT OUTLOOK

The company has planned to achieve higher sales turnover during the current financial year. The Company expects to achieve better value addition and profitability.

FIXED ASSETS:

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

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. 62.18
UK Pound	1	Rs. 102.31
Euro	1	Rs. 84.50

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	MRI

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	4
--PROFITABILIRY	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.