MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	DHARMDEEP COMMODITIES PRIVATE LIMITED
Registered Office :	Anmol Business Colony, Office No.301 -306, 3rd Floor Opposite Neeldeep Complex, Darpan Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.2011
Com. Reg. No.:	04-067677
Capital Investment / Paid-up Capital :	Rs. 4.700 Millions
CIN No.: [Company Identification No.]	U52100GJ2011PTC067677
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Yarns Threads.
No. of Employees :	Not Available

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 :	Anmol Business Colony, Office No.301 - 306,3rd Floor Opposite Neeldeep Complex, Darpan Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26404061
Fax No.:	91-79-26404063
E-Mail :	kiritkc@yahoo.in cotton@dpcotton.com docotton@vsnl.net
Website :	http://www.dpcotton.com
Head Office :	1, Aashiyana Apartments, Operative Cadila House, Near Ganesh Plaza, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79- 26404061-2-3
Fax No.:	91-79-26404063
Branch Office 1 :	1,Panchnath Complex, Limda Chowk, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2241043
Branch Office 2 :	Bunglow No 114, Survey No. 68, Near Disha Nabhangana, Sant Tukoba Nagar, N-2, CIDCO, Aurangabad, Gujarat, India
Tel. No.:	91-240-2484241

DIRECTORS

As on 29.09.2012

Name :	Mr. Sandipkumar Pukhraj Jain
Designation :	Director
Address :	4, Nalanda Co-Operative Housing Society, Near Naranpura Rly Crossing, Naranpura, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	09.12.1975
Date of Appointment :	31.10.2011
DIN No.:	03645318
Name :	Dharmendra Pukhraj Jain
Designation :	Director
Address :	4, Nalanda Co-Operative Housing Society, Near Naranpura Rly Crossing, Naranpura, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	14.08.1970
Date of Appointment :	31.10.2011
DIN No.:	03645314
Name :	Mr. Pukhraj Somchand Jain
Designation :	Director
Address :	Magalam, 4, Nalanda Co-Operative Housing Society, Near Naranpura Rly Crossing, Naranpura, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	14.02.1944
Date of Appointment :	31.10.2011
DIN No.:	03645323

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
P.S. Jain	100000
D.P. Jain	100000
S.P. Jain	100000
M.P. Jain	50000
N. D. Jain	50000
S.S. Jain	50000
Dharmendra Pukhraj, India	10000
Sandipkumar Dharmendrakumar, India	10000
Total	470000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yarns Threads.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Tamilnad Mercantile Bank Limited, 1B, Wall Stree-1, First Floor, Opposite Orient Club Ellisbridge, Ahmedabad – 380 006, Gujarat, India
• Kotak Mahindra Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

SHORT TERM BORROWINGS

Overdraft

28.668

PCFC

40.669

Total

69.337

Details of Security for the secured short-term borrowings

Particular	Nature of security
Borrowings from Bank
Kotak Mahindra Bank Limited – Overdraft facility and PCFC	Primarily secured against all existing and future current assets, backed by collateral security in the form of mortgage of premises held at GF-2 Pinnacle Building, Satellite, Ahmedabad
PCFC	Fixed deposit as liquid collateral and leined in favour of Bank as 15% cash margin.

Details of short term borrowings guaranteed by some of the directors or others.

Particular	Rs, In Millions
Secured Loan from Bank	69.337

Banking Relations :	--
Auditors :
Name :	Hiten V Shah and Company Chartered Accountants
Address :	201, Smit Complex, Choice Lane, C.G. Road, Ahmedabad – 380 009, Gujarat, India
PAN.:	AACFH0135K
Enterprise in which KMP / Relatives of KMP has significant influence :	Dharmendra Pukhraj Sandipkumar Dharmendrakumar

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47000	Equity Shares	Rs.10/- each	Rs.0.470 Million

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
470000	Equity Shares	Rs.10/- each	Rs.4.700 Millions

Reconciliation of Shares

Particular	Opening Balance	Fresh Issue	Closing Balance
Equity Shares with voting right
Year ended 31 march, 2012
Number of Shares	--	470000	470000
Rs. In Millions	--	4.700	4.700

Details of shares held by each shareholder holding more than 5% shares:

Name of Shareholders	Number of Share Held	% holding in that class of shares
P.S. Jain	100000	21.28%
D.P. Jain	100000	21.28%
S.P. Jain	100000	21.28%
M.P. Jain	50000	10.64%
N. D. Jain	50000	10.64%
S.S. Jain	50000	10.64%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		4.700
2] Share Application Money		0.000
3] Reserves & Surplus		2.808
4] (Accumulated Losses)		0.000
NETWORTH		7.508
LOAN FUNDS
1] Secured Loans		69.337
2] Unsecured Loans		7.595
TOTAL BORROWING		76.932
DEFERRED TAX LIABILITIES		0.196
TOTAL		84.636
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.247
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	42.794
	Cash & Bank Balances	6.063
	Other Current Assets	3.048
	Loans & Advances	20.556
Total Current Assets		72.461
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.116
	Other Current Liabilities	0.098
	Provisions	1.858
Total Current Liabilities		2.072
Net Current Assets		70.389
MISCELLANEOUS EXPENSES		0.000
TOTAL		84.636

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	181.690
		Other Income	0.073
		TOTAL	181.763
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA
		Advertising Expenses
		TOTAL	NA
	PROFIT BEFORE TAX		NA
Less	TAX		NA
	PROFIT AFTER TAX		2.808
	Earnings Per Share (Rs.)		5.97

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	1.54
Return on Total Assets (PBT/Total Assets}	(%)	NA
Return on Investment (ROI) (PBT/Networth)		NA
Debt Equity Ratio (Total Debt /Networth)		10.25
Current Ratio (Current Asset/Current Liability)		34.97

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 one year	Yes
12]	Profitability for last one year	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	No

FINANCIAL RESULTS:

During the period under audit the company has achieved turnover of Rs.179.300 Millions and Net Profits after tax for the year is Rs.2.808 Millions. The company is hopeful for better results in the next year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012
SHORT TERM BORROWINGS
Balance in current account	0.033
Loans and advances from related parties	7.562
Total	7.595

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52100GJ2011PTC067677
Name of the company	DHARMDEEP COMMODITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Anmol Business Colony, Office No.301 -306,3rd Floor Opposite Neeldeep Complex, Darpan Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India kiritkc@yahoo.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Tamilnad Mercantile Bank Limited, 1B, Wall Stree-1, First Floor, Opposite Orient Club Ellisbridge, Ahmedabad - 380006, Gujarat, India ahmedabad@tnmbonline.com
Nature of instrument creating charge	Foreign bill negotiation, seasonal foreign bill negotiation, negotiation or purchase of bills expressed in Foreign currencies or Indian rupees and letter of hypothecation of book-debts
Date of instrument Creating the charge	11.02.2013
Amount secured by the charge	Rs.500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR Presently 10.75 valid upto 31.12.2013 Terms of Repayment FBN - 1 Year Seasonal FBN - 8 Months (Oct - May) Extent and Operation of the charge Aggregate limit of Rs. 500.000 Millions will be as under: Foreign bill Negotiation under LC - Rs. 150.000 Millions Seasonal Foreign bill Negotiation under LC - Rs. 350.000 Millions Sub limit FBN (LC-DP/DA-180 Days Rs. 50.000 Millions) on lien over Bill of Lading/Airways Bill/ Lorry Receipt/ Railway Receipt covering the goods and on hypothecation of export receivables there was no hypothecation of any property, therefore, no any stamp duty applicable.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Discounting from time to time bills of exchange under Foreign bill Negotiation under LC - Rs. 150.000 Millions for one year and discounting from time to time bills of exchange under Seasonal Foreign bill Negotiation under LC - Rs. 350.000 Millions for 8 months (October to May) All the present and future book-debts, outstanding, moneys, receivables, claims, bills, contracts, securities, investments, rights and assets

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.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Report Prepared by :

NKT

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.