MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	FAIRDEAL ORGANIC PRIVATE LIMITED
Registered Office :	A-204, Kunj Plaza, J.N. Road, Vadodara – 390001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.11.1996
Com. Reg. No.:	04-031056
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U24110GJ1996PTC031056
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of bulk drugs.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 20000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having moderate track record. External borrowing of the company is huge which act as a threat to liquidity position of the firm. However, trade relation are fair .Business is active. Payment terms are slow but correct. 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 – 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. Ankit Bharat Shah
Designation :	Director
Contact No.:	91-8000061000
Date :	19.09.2014

LOCATIONS

Registered Office :	A-204, Kunj Plaza, J.N. Road, Vadodara – 390001, Gujarat, India
Tel. No.:	91-265-2431061/2432307/2432345
Mobile No.:	91-8000061000 (Mr. Ankit Shah)
Fax No.:	91-265-2432277
E-Mail :	piyush.luktuke@yahoo.com gautamgroup@gmail.com
Area :	750 Sq ft
Location :	Owned

DIRECTORS

As on 06.09.2013

Name :

Mr. Bharat Hiralal Shah

Designation :

Director

Address :

2, Lopalee, Preetavan Society, Near Tube Company, Opposite Mansi Flat, Gulabwadi, J P Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

10.06.1952

Date of Appointment :

05.11.1996

DIN No.:

00119623

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	U65910GJ1993PLC018944	GAUTAM INFIN LIMITED	Director	05/02/1993	05/02/1993	-	Active	NO
2	U24110GJ1996PTC031056	FAIRDEAL ORGANIC PRIVATE LIMITED	Director	05/11/1996	05/11/1996	-	Active	NO
3	U24111GJ1998PTC033635	GAUTAM CHLOROALKALIES PRIVATE LIMITED	Director	03/02/1998	03/02/1998	18/04/2012	Active	NO
4	U45201GJ2008PTC053943	LOPALEE PROPERTIES PRIVATE LIMITED	Director	18/02/2013	21/05/2008	-	Strike off	NO

Name :

Mr. Ankit Bharat Shah

Designation :

Director

Address :

2, Lopalee, Preetavan Society, Near Tube Company, Opposite Mansi Flat, Gulabwadi, J P Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

05.10.1982

Date of Appointment :

05.11.1996

DIN No.:

00120346

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	U65910GJ1993PLC018944	GAUTAM INFIN LIMITED	Director	05/02/1993	05/02/1993	-	Active	NO
2	U24110GJ1996PTC031056	FAIRDEAL ORGANIC PRIVATE LIMITED	Director	05/11/1996	05/11/1996	-	Active	NO
3	U24111GJ1998PTC033635	GAUTAM CHLOROALKALIES PRIVATE LIMITED	Director	02/12/2004	02/12/2004	-	Active	NO
4	U45201GJ2008PTC053943	LOPALEE PROPERTIES PRIVATE LIMITED	Director	18/02/2013	21/05/2008	-	Strike off	NO

Name :

Mr. Rohit Kesharichand Shah

Designation :

Director

Address :

2-B, Kirat Park, Sindhwai Mata Road, Pratap Nagar, Vadodara – 390004, Gujarat, India

Date of Birth/Age :

09.06.1957

Date of Appointment :

05.11.1996

DIN No.:

00120453

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	U24110GJ1996PTC031056	FAIRDEAL ORGANIC PRIVATE LIMITED	Director	05/11/1996	05/11/1996	-	Active	NO
2	U24111GJ1998PTC033635	GAUTAM CHLOROALKALIES PRIVATE LIMITED	Director	03/02/1998	03/02/1998	18/04/2012	Active	NO

Name :

Heena Jigar Shah

Designation :

Director

Address :

12, Gokul Society, Sindhwai Mata Road, Pratap Nagar, Vadodara – 390004, Gujarat, India

Date of Birth/Age :

12.07.1972

Date of Appointment :

31.07.1998

DIN No.:

00120549

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2013

Names of Shareholders	No. of Shares
Bharat H Shah	1000
Ila Bharat Shah	5000
Bharat H Shah HUF	12000
Hiralal R Shah HUF	13000
Ankit B Shah	27000
Dwiti A Shah	2000
Kesharichand R Shah	5000
K R Shah HUF	3000
Madan K Shah	5000
Jigar K Shah	5000
Heena J Shah	2000
Rohit K Shah	2500
Sheela R Shah	5000
Rohit K Shah HUF	5000
Sweta R. Shah	5000
Pinal R Shah	2500
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 06.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of bulk drugs.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Solaris Chemtech Indus Limited

· Ahmed Packaging

· Amal Limited

· Multichem Corporation

· Nath industrial Chemicals limited

· Here Padmavati Chemical

· Panoli products Private Limited

Customers :

Wholesalers and Retailers

· Raillis India

No. of Employees :

7 (Approximately)

Bankers :

Axis Bank Limited, "Vardhman Complex", Opposite G. E. B. Office, Race Course (North), Vadodara - 390007, Gujarat, India

Facilities :

Cash and credit: Rs.20.000 Millions (From Axis Bank Limited)

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand From axis Bank (TOD A/c)	7.074	3.043
Total	7.074	3.043

Banking Relations :
Auditors :
Name :	Vipul Dalal and Company Chartered Accountants
Address :	217, Phoenix Complex, Near Suraj Plaza, Sayajigunj, Vadodara – 390005, Gujarat, India
Tel. No.:	91-265-2363315/3010788
E-Mail :	ykshahca@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFV0959A
Enterprises under common control; :	· Gautam Infin Limited · HK Investment Corporation
Sister Concern:	· Gautam Chem Alkalis Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

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	1.000	1.000	1.000
(b) Reserves & Surplus	4.089	3.158	2.169
(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)	5.089	4.158	3.169
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.086	0.075	0.061
(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)	0.086	0.075	0.061
(4) Current Liabilities
(a) Short term borrowings	30.228	3.065	18.644
(b) Trade payables	16.190	12.848	12.111
(c) Other current liabilities	0.038	0.038	0.038
(d) Short-term provisions	2.273	2.207	3.622
Total Current Liabilities (4)	48.729	18.158	34.415
TOTAL	53.904	22.391	37.645
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.440	1.484	1.640
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.008	0.008	0.008
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.448	1.492	1.648
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	51.550	18.597	34.778
(d) Cash and cash equivalents	0.052	0.110	0.183
(e) Short-term loans and advances	0.854	2.192	1.036
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	52.456	20.899	35.997
TOTAL	53.904	22.391	37.645

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	248.987	232.941	232.618
	Other Income	0.000	0.000	0.000
	TOTAL (A)	248.987	232.941	232.618
Less	EXPENSES
	Cost of Materials Consumed	233.761	221.083	217.430
	Employees benefits expense	0.925	0.596	0.516
	Other expenses	8.275	6.626	8.860
	TOTAL (B)	242.961	228.305	226.806
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	6.026	4.636	5.812
Less	FINANCIAL EXPENSES (D)	2.804	1.359	1.889
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.222	3.277	3.923
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.175	0.155	0.152
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.047	3.122	3.771
Less	TAX (I)	0.946	0.971	1.148
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	2.101	2.151	2.623
	Earnings / (Loss) Per Share (Rs.)	21.01	21.51	26.23

Particulars	31.03.2014
Sales Turnover (Approximately)	340.000

The above information has been parted by Mr. Ankit Bharat Shah (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.84	0.92	1.13
Net Profit Margin (PBT/Sales)	(%)	1.22	1.34	1.62
Return on Total Assets (PBT/Total Assets}	(%)	5.65	13.94	10.02
Return on Investment (ROI) (PBT/Networth)		0.60	0.75	1.19
Debt Equity Ratio (Total Debt /Networth)		5.94	0.74	5.88
Current Ratio (Current Asset/Current Liability)		1.08	1.15	1.05

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	1.000	1.000	1.000
Reserves & Surplus	2.169	3.158	4.089
Net worth	3.169	4.158	5.089
long-term borrowings	0.000	0.000	0.000
Short term borrowings	18.644	3.065	30.228
Total borrowings	18.644	3.065	30.228
Debt/Equity ratio	5.883	0.737	5.940

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)
Sales	232.618	232.941	248.987
		0.139	6.888

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	232.618	232.941	248.987
Profit	2.623	2.151	2.101
	1.13%	0.92%	0.84%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

OPERATIONS

During the year the company turnover has shown a minor improvement, the reason being tough market conditions faced by the company. However, he company was able to maintain its margins and is thus in a position to continue with its dividend payment policy.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans and advances from related parties	23.154	0.022
Total	23.154	0.022

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90105492	31/05/2014 *	20,000,000.00	AXIS BANK LIMITED	"VARDHMAN COMPLEX",, BESIDES PIZZA HUT, RACE COUR SE CIRCLE (NORTH),, VADODARA, GUJARAT - 390007, IN DIA	C05530985

* Date of charge modification

FIXED ASSETS

· Mobile Phone

· Motor Car Indica

· Motor Car New

· Computer

· Furniture

· Office Premises

· Scooter

· Television

· Fax Air Conditioner

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.