MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	PIONEER GLOBEX PRIVATE LIMITED
Formerly Known As :	PIONEER GLOBEX PIONEER EXPORT
Registered Office :	C/O Mahalaxmi Atta Mill, Compound, Opposite Fire Brigade Station, Nirmal Nagar, Bhavnagar – 364001, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.11.2013 (Pioneer Export Since 2009)
Com. Reg. No.:	04-077606
Capital Investment / Paid-up Capital :	Rs.80.000 Millions
CIN No.: [Company Identification No.]	U51909GJ2013PTC077606
IEC No.:	2409002218
PAN No.: [Permanent Account No.]	AAHCP4722A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Mill Scale, Iron Ore Fines.
No. of Employees :	19 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 340000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of “Pioneer Globex” partnership concern incorporated during the year 2009 and later on 25^th November, 2013 it got converted into pioneer Globex Private Limited. It is having a moderate track record. Mr. Hardik Shah (Director) has provided us with all information and he also provided us with combined financial of partnership firm and private limited company. As per available financial, Reserves of the subject seems to be low. There also seems dip in sales turnover as well as profit of the subject during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions. Note: The rating is considered on the basis of Combined financial of partnership concern and private limited company.

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.

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. Hardik Shah
Designation :	Director
Contact No.:	91-9819888333
Date :	10.10.2014

LOCATIONS

Registered Office :	C/O Mahalaxmi Atta Mill, Compound, Opposite Fire Brigade Station, Nirmal Nagar, Bhavnagar – 364001, Gujarat
Tel. No.:	91-278-2424967
Mobile No.:	91-9819888333 (Mr. Hardik Shah)
Fax No.:	Not Available
E-Mail :	info@pioneerglobex.com
Location :	Owned
Factory Shakti Warehouse :	Plot No. 3, Survey No. 14/1, Mithirohar, Opposite ARC Dhaba, Gandhidham, Gujarat, India

DIRECTORS

Name :

Mr. Hardik Shah

Designation :

Director

Address :

201/A, Mukteshwar, Sarojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

29.04.1982

Qualification :

Engineer

Experience :

8 Years

Date of Appointment :

25.11.2013

DIN No.:

01127774

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	U74140MH2002PTC137281	DHRISHTI ENGINEERING AND SERVICES PRIVATE LIMITED	Director	22/01/2004	22/01/2004	23/08/2007	Active	NO
2	U51109WB2006PTC109336	CREST MERCHANDISE PVT LTD	Director	11/09/2006	11/09/2006	16/12/2009	Active	NO
3	U51900MH1994PLC080290	ROYALLINE RESOURCES LIMITED	Director	01/04/2011	17/11/2007	01/09/2012	Active	NO
4	U51109GJ2009PTC058947	JINVIK EXPORTS PRIVATE LIMITED	Director	21/12/2009	21/12/2009	01/10/2011	Active	NO
5	U45400MH2010PTC209324	ESHITA INFRAPROJECTS PRIVATE LIMITED	Director	23/10/2010	23/10/2010	16/07/2012	Active	NO
6	U13203MH2012PTC236446	AERON EXPORTS PRIVATE LIMITED	Director	04/10/2012	04/10/2012	10/07/2013	Active	NO
7	U51909GJ2013PTC077606	PIONEER GLOBEX PRIVATE LIMITED	Director	25/11/2013	25/11/2013	-	Active	NO
8	U51909GJ2014PTC078543	SOLITAIRE GLOBEX PRIVATE LIMITED	Managing director	01/05/2014	01/05/2014	-	Active	NO

Name :

Mr. Narendrakumar Jayantilal Shah

Designation :

Director

Address :

Plot no 173/B Jainam, Vijayrajnagar, Bhavnagar -364002, Gujarat, India

Date of Birth/Age :

16.12.1952

Qualification :

Matrix

Experience :

40 Years

Date of Appointment :

25.11.2013

DIN No.:

00865813

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	U74999MH1963PTC012719	THE MAHALAXMI PENUMATIC ROLLER FLOUR MILLS PRIVATE LIMITED	Director	15/07/1985	15/07/1985	-	Active	NO
2	U51909GJ1988PTC010988	MAHALAXMI OXYGEN PVT LTD	Director	13/07/1988	13/07/1988	-	Active	NO
3	U74999GJ1998PTC033510	NASIM COLD STORAGE PRIVATE LIMITED	Director	21/01/2002	21/01/2002	-	Active	NO
4	U51909GJ2013PTC077606	PIONEER GLOBEX PRIVATE LIMITED	Director	25/11/2013	25/11/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.10.2013

Names of Shareholders	No. of Shares
Pravinchandra Girdharlal Shah	1750000
Narendra Jayantilal Shah	700000
Hardikbhai Shah	700000
Vijaykumar Shantilal Shanghvi	1750000
Jinitbhai Narendrabhai Shah	700000
Jainambhai Narendrakumar Shah	700000
Parashbhai Jayantilal Shah	700000
Total	7000000

As on 21.03.2014

Names of Shareholders	No. of Shares
Narendra Jayantilal Shah	100000
Hardikbhai Shah	100000
Pravinchandra Girdharlal Shah	250000
Vijaykumar Shantilal Shanghvi	250000
Jinitbhai Narendrabhai Shah	100000
Jainambhai Narendrakumar Shah	100000
Parashbhai Jayantilal Shah	100000
Total	1000000

BUSINESS DETAILS

Line of Business :	Trader of Mill Scale, Iron Ore Fines.
Exports :
Products :	Mill Scale
Countries :	China
Terms :
Selling :	Cash
Purchasing :	Cash and Credit (30 Days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Mill Scale	500000	300000

GENERAL INFORMATION

Customers :	Wholesalers
No. of Employees :	19 (Approximately)
Bankers :	Bank of Baroda, Lokhand Bagar, Bhavnagar, Gujarat, India
Facilities :	Credit Limit: Rs. 25.000 Millions

Banking Relations :
Auditors :
Name :	Jigensh R Joshi and Associates Chartered Accountants
Address :	F/6, Plot No. 231, Ward – 12/B Gandhidham, Kutch – 370201, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.0000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.0000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Combined of firm and Company)	31.03.2013 (Firm)
SHAREHOLDERS FUNDS
1] Share Capital		80.000	85.001
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		5.477	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		85.477	85.001
LOAN FUNDS
1] Secured Loans		249.997	198.756
2] Unsecured Loans		5.700	18.893
TOTAL BORROWING		255.697	217.649
DEFERRED TAX LIABILITIES		0.022	0.000
TOTAL		341.196	302.650
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.876	0.761
Capital work-in-progress		0.000	0.000
INVESTMENT		0.045	0.148
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	328.814	75.226
	Sundry Debtors	10.612	150.462
	Cash & Bank Balances	33.310	22.788
	Other Current Assets	4.547	53.402
	Loans & Advances	0.000	10.123
Total Current Assets		377.283	312.001
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.550	9.316
	Other Current Liabilities	0.000	0.000
	Provisions	2.458	0.944
Total Current Liabilities		38.008	10.260
Net Current Assets		339.275	301.741
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		341.196	302.650

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (Combined of firm and Company)	31.03.2013 (Firm)
	SALES
	Income	688.130	1100.567
	Other Income	5.124	1.210
	TOTAL (A)	693.254	1101.777
Less	EXPENSES
	Cost of Materials Consumed	611.516	1038.594
	Administrative Expenses	37.343	16.714
	TOTAL (B)	648.859	1055.308
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	44.395	46.469
Less	FINANCIAL EXPENSES (D)	30.362	30.788
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	14.033	15.681
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.303	0.134
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	13.730	15.547
Less	TAX (I)	2.481	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	11.249	15.547

.

KEY RATIOS

PARTICULARS		31.03.2014 (Combined of firm and Company)	31.03.2013 (Firm)
PAT / Total Income	(%)	1.62	1.41
Net Profit Margin (PBT/Sales)	(%)	2.00	1.41
Return on Total Assets (PBT/Total Assets}	(%)	3.62	4.97
Return on Investment (ROI) (PBT/Networth)		0.16	0.18
Debt Equity Ratio (Total Debt /Networth)		2.99	2.56
Current Ratio (Current Asset/Current Liability)		9.93	30.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013 (Firm)	31.03.2014 (Combined of firm and Company)
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	85.001	80.000
Reserves & Surplus	0.000	5.477
Net worth	85.001	85.477
Secured Loans	249.997	198.756
Unsecured Loans	5.700	18.893
Total borrowings	255.697	217.649
Debt/Equity ratio	3.008	2.546

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013 (Firm)	31.03.2014 (Combined of firm and Company)
	(Rs. In Millions)	(Combined of firm and Company)
Sales	1100.567	688.130
		(37.475)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013 (Firm)	31.03.2014 (Combined of firm and Company)
	(Rs. In Millions)	(Rs. In Millions)
Sales	1100.567	688.130
Profit	15.547	11.249
	1.41%	1.63%

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 two years	Yes
12]	Profitability for last two 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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493486	25/11/2013	250,000,000.00	BANK OF BARODA	MAIN BRANCH, LOKHAND BAZAR, BUNDER ROAD, BHAVNAGA R, GUJARAT - 364001, INDIA	C04133906

TRADE REFERENCE

• Shah and Shah, Dahanu, Maharashtra, India
• SD Trading, Mandi Gobindgarh, Punjab, India
• Punjab Steel, Mandi Gobindgarh, Punjab, India
• Shree Dalal Enterprises, Madhya Pradesh, India

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 records 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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	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		27

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.