MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	SURAJ IMPEX (INDIA) PRIVATE LIMITED (w.e.f.02.06.1998)
Formerly Known As :	TIRTHANKAR MARKETING PRIVATE LIMITED
Registered Office :	Saket Tower, 4th Floor, 3A Ratlam Kothi, A B Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.12.1997
Com. Reg. No.:	10-012506
Capital Investment / Paid-up Capital :	Rs.49.750 millions
CIN No.: [Company Identification No.]	U51101MP1997PTC012506
Legal Form :	Private Limited Liability Company
Line of Business :	Traders of soya bean meal, wheat, red split lentile and rapseed meal.
No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Not Available
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s established position in the agricultural commodities trading business supported by sound operational risk profile and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term rating: A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	04.09.2013

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. Nikhil Maru
Designation :	Deputy General Manager Finance
Contact No.:	91-731-2525050
Date :	30.09.2014

LOCATIONS

Registered Office / Factory :	Saket Tower, 4th Floor, 3A Ratlam Kothi, A B Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2525050/2527845
Fax No.:	91-731-2527845/ 2528788
E-Mail :	akmcafiling@gmail.com info@surajimpex.com corp@surajimpex.com
Website :	http://surajimpex.com

DIRECTORS

As on 30.09.2013

Name :	Mr. Vinod Kumar Jain
Designation :	Managing director
Address :	D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh, India
Date of Birth/Age :	01.04.1962
Date of Appointment :	26.11.1998
DIN No.:	00103632
PAN No.:	AAAPJ0545R
Name :	Mr. Praveen Vyas
Designation :	Whole-time director
	37, Tilak Nagar, Extention Indore, India
Date of Birth/Age :	03.03.1965
Date of Appointment :	15.10.2004
DIN No.:	00103686
PAN No.:	AASPV7050R

KEY EXECUTIVES

Name :	Mr. Nikhil Maru
Designation :	Deputy General Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Vinod Kumar Jain	2610000	52.46
Anita Jain	1732500	34.82
Shankarlal Jain	132500	2.66
V K Jain - HUF	500000	10.05
Total	4975000	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 :	Traders of soya bean meal, wheat, red split lentile and rapseed meal.
Exports :
Products :	Finished Goods
Countries :	· Southeast · Asia · Japan · Gulf Countries · Eran · Indonesia
Terms :
Selling :	Cash and Credit, Advance Payment
Purchasing :	Cash and Credit, Advance Payment

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· Manufacturer

No. of Employees :

17 (Approximately)

Bankers :

· Punjab National Bank, MCB, Siya Ganj, Indore - 452001, Madhya Pradesh, India

· Punjab National Bank, Branch Office At Siyaganj, Indore - 452001, Madhya Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loans	0.000	0.616
Short-term borrowings
Working capital loans from banks	1763.183	1099.881
Other loans and advances, others	0.000	16.474
Total	1763.183	1116.971

Banking Relations :
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Center "Annex" R.N.T. Marg
PAN N Income-tax PAN of auditor or auditor's firm :	AFAPB2465F
Subsidiaries :	· Suraj Agri Business Pte Limited · Max Real Mart Private Limited, India [U45201MP2008PTC020643]
Other Related Parties and Associates :	· Excel Agri Business Private Limited, India [U01403MP2008PTC020497] · Super Construction Indore Private Limited, India [U70100MP2010PTC024832] · Manikaran Commercial Private Limited, India [U51102MP2006PTC018969] · Rajshree Power and Spat Private Limited, India [U27100CT2008PTC020600] · Rishabh Power Private Limited, India [U40109MP2010PTC024726] · Avi Agri Business Private Limited, India [U15311MP2009PTC021753] · Suresh D. Punj Salt and Storage Private Limited, India [U63023GJ2008PTC052551] · Tejas P.Seth Rice Mill and Storage Private Limited, India [U63023GJ2008PTC052593]

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4975000	Equity Shares	Rs.10/- each	Rs. 49.750 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	49.750	49.750	49.750
(b) Reserves & Surplus	407.079	256.468	203.141
(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)	456.829	306.218	252.891
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.616	2.363
(b) Deferred tax liabilities (Net)	2.756	1.379	0.506
(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)	2.756	1.995	2.869
(4) Current Liabilities
(a) Short term borrowings	1763.183	1116.355	1078.550
(b) Trade payables	210.215	157.479	142.751
(c) Other current liabilities	92.314	48.986	40.157
(d) Short-term provisions	0.708	0.114	0.151
Total Current Liabilities (4)	2066.420	1322.934	1261.609
TOTAL	2526.005	1631.147	1517.369
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77.159	73.538	13.144
(ii) Intangible Assets	0.444	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	22.726	18.026	19.026
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	4.299	6.822
(e) Other Non-current assets	25.297	13.272	0.000
Total Non-Current Assets	125.626	109.135	38.992
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1882.867	915.780	1109.227
(c) Trade receivables	267.728	432.621	54.875
(d) Cash and cash equivalents	83.877	12.951	92.846
(e) Short-term loans and advances	17.202	31.330	33.740
(f) Other current assets	148.705	129.330	187.689
Total Current Assets	2400.379	1522.012	1478.377
TOTAL	2526.005	1631.147	1517.369

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	12780.173	8791.539	5794.729
	Other Income
	TOTAL	12780.173	8791.539	5794.729
Less	EXPENSES	12397.396	8569.964	5669.832
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	382.777	221.575	124.897
Less	FINANCIAL EXPENSES	153.713	137.800	79.685
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	229.064	83.775	45.212
Less/ Add	DEPRECIATION/ AMORTISATION	2.731	1.576	1.250
	PROFIT/ (LOSS) BEFORE TAX	226.333	82.199	43.962
Less	TAX	75.722	28.873	15.210
	PROFIT/ (LOSS) AFTER TAX	150.611	53.326	28.752
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	10171.920	7110.398	4946.989
	TOTAL EARNINGS	10171.920	7110.398	4946.989
	VALUE OF IMPORTS ON CIF BASIS	4.401	0.000	NA
	Earnings / (Loss) Per Share (Rs.)	30.27	11.88	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	12360.000

Expected Sales (2014-2015) : Rs.13000.000 Millions

The above information has been parted by Mr. Nikhil Maru (Deputy General Manager Finance)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.18	0.61	0.50
Net Profit Margin (PBT/Sales)	(%)	1.77	0.93	0.76
Return on Total Assets (PBT/Total Assets}	(%)	9.04	5.10	2.93
Return on Investment (ROI) (PBT/Networth)		0.50	0.27	0.17
Debt Equity Ratio (Total Debt /Networth)		3.86	3.65	4.27
Current Ratio (Current Asset/Current Liability)		1.16	1.15	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.750	49.750	49.750
Reserves & Surplus	203.141	256.468	407.079
Net worth	252.891	306.218	456.829
long-term borrowings	2.363	0.616	0.000
Short term borrowings	1078.550	1116.355	1763.183
Total borrowings	1080.913	1116.971	1763.183
Debt/Equity ratio	4.274	3.648	3.860

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	5794.729	8791.539	12780.173
		51.716	45.369

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	5794.729	8791.539	12780.173
Profit	28.752	53.326	150.611
	0.50%	0.61%	1.18%

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 four years	Yes
12]	Profitability for last three 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	Yes
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	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

NOTE: Registered office of the company has been shifted from Lakshya, D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh, India to the present address w.e.f. 29.04.2012

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10446553	07/11/2013 *	215,000,000.00	UNION BANK OF INDIA	M.G. ROAD, BRANCH, INDORE, MADHYA PRADESH - 452001, INDIA	B90469941
2	10420946	26/03/2013	2,900,000,000.00	PUNJAB NATIONAL BANK CONSORTIUM	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B73520348
3	10389626	07/11/2012	420,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B63202006
4	10186222	25/10/2013 *	2,000,000,000.00	PUNJAB NATIONAL BANK CONSORTIUM	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B89260046

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Office equipment

· Vehicles

Intangible assets

· Know-how

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.61.61
UK Pound	1	Rs.100.28
Euro	1	Rs.78.21

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	KVT

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.