MIRA INFORM REPORT

Report No. :	338567
Report Date :	28.08.2015

IDENTIFICATION DETAILS

Name :	PANCHSHIL EXIM PRIVATE LIMITED

Registered Office :	1^st Floor, Plot No.442, Sector 1-A, Gayatri Mandir Road, Gandhidham, Kutch – 370201, Gujarat
Tel. No.:	91-2836-232325

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.03.2003

Com. Reg. No.:	04-042157

Capital Investment / Paid-up Capital :	Rs.10.000 Million

CIN No.: [Company Identification No.]	U51909GJ2003PTC042157

IEC No.:	3703000074

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AACCP9160D

Legal Form :	Private Limited Liability Company

Line of Business :	Exporter, Importer and Trader of Scrap

No. of Employees :	30 (Approximately)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 2003 having a moderate track record. The rating reflects company moderate financial risk profile marked by low profit margin and low reserves level of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sanjay Jain
Designation :	Director
Contact No.:	91-9825228714
Date :	27.08.2015

LOCATIONS

Registered Office :	1^st Floor, Plot No.442, Sector 1-A, Gayatri Mandir Road, Gandhidham, Kutch – 370201, Gujarat, India
Tel. No.:	91-2836-232325
Mobile No.:	91-9825228714 (Mr. Sanjay Jain)
Fax No.:	91-2836-221151
E-Mail :	panchshileximpvtltd@hotmail.com spaceeximpvtltd@hotmail.com
Area :	1500 Sq. ft.
Location :	Rented
Locality :	Commercial

DIRECTORS

As on 27.09.2014

Name :	Mr. Sanjay Shyamsundar Poddar
Designation :	Director
Address :	Plot No. 62, Sector 01, Gandhidham, Kutch-370201, Gujarat, India
Date of Appointment :	24.03.2003
DIN No.:	00684645

Name :	Mr. Hasmukh Ajubhai Dabhi
Designation :	Director
Address :	TRH-26, 4-B, Sadhu Vaswani, Ta. Anjar, Kutch, Adipur-370205, Gujarat, India
Date of Appointment :	16.11.2004
DIN No.:	00937414

Name :	Mr. Sanjay Tarachand Jain
Designation :	Director
Address :	Plot No. 168, Sector 1A, Gandhidham-370201, Gujarat, India
Date of Birth/Age :	09.04.1967
Date of Appointment :	01.05.2012
DIN No.:	00686022

KEY EXECUTIVE

Name :	Mr. Girish V. Thakkar
Designation :	Practicing Company Secretary
Address :	G-911, Titanium City Centre, Near IOC Petrol Pump, Anand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India
Tel No.:	91-79-66171373
Email Id.:	cswecare@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders		No. of Shares
Anuradha S. Poddar		869930
Hasmukh Ajubhai Dabhi		10000
Shyamsunder Poddar		70000
Sanjay Shyamsundar Poddar		50000
Nandkishor Poddar		10
Vimal S. Poddar		10
Girirajsinh Jadeja		10
Rajendra Tarachand Jain and Sunil T Jain		10
Goyal Bhaktiram and Rajesh Vazirani		10
Navin Goyal		10
Sanjay T Jain		10
Total		1000000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter, Importer and Trader of Scrap

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Scrap
Countries :	Middle East African Countries

Imports :
Products :	Scrap
Countries :	Gulf Countries UAE

Terms :
Selling :	Cash, Advance Payment and Cheque

Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Alfa Metal Industries, UAE
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Agrawal Impex
Anjali Impex
Ankit Steel Trading Company
Balaji Mundawala Tradelink Company
Shiv Shipping Services
Singhvi Tradelink Private Limited
Sapce Exim Private Limited
Jay Ambica Exim
Varsana Ispat Limited
Vibrant Steel Tradex Link Private Limited
Worlwide Trade Link Pte. Limited

Customers :

Reference :

ASR Multimetals Private Limited (Kutch)

Name of the Person :

Mr. Prabhakar (Finance Manager)

Contact No.:

91-9979895111

Since How Long Known :

7 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

We had a word with Mr. Prabhakar (Finance Manager) they have good track record with the subject company

Ankit Alloy Tech Private Limited
ASR Multimetals Private Limited
Dharamraj Steel
Electrotherm (India) Limited
Ghanshyam Enterprises
Gokul Refoils and Solvent Limited (HMS)
Jitendra Ispat Private Limited
Kalpataru Private Limited
Kashi Enterprises
Mah Impex Private Limited
Mangla Products Private Limited
Metal India Trade Link
Narayan Ispat Private Limited
Rame Electrowire Private Limited
Riddhi Siddhi Arcade Private Limited
Saini Alloys Private Limited

No. of Employees :

30 (Approximately)

Bankers :

Bank Name	Indian Overseas Bank
Branch	91/100, Sector No.4, Gandhidham, Gandhidham - 370201, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loan Repayable on Demand from Bank
Indian Overseas Bank	17.899	48.386

Total	17.899	48.386

Auditors :
Name :	Sameer V Mehta and Associates Chartered Accountants
Address :	05, Plot No. 216/12-B, Saibaba Complex, Police Station Road, Gandhidham-370201, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	APPPM0085B

Memberships :	Not Available

Collaborators :	Not Available

Sister Concern :	Space Exim Private Limited, Gandhidham

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	9.078	7.357	5.781
(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)	19.078	17.357	15.781

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	32.197	75.891	46.708
(b) Trade payables	18.151	58.383	135.796
(c) Other current liabilities	1.178	0.189	3.890
(d) Short-term provisions	0.873	0.891	0.370
Total Current Liabilities (4)	52.399	135.354	186.764

TOTAL	71.477	152.711	202.545

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.652	0.860	1.041
(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)	0.058	0.064	0.063
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.710	0.924	1.104

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.762	83.233	150.841
(c) Trade receivables	24.635	48.982	34.944
(d) Cash and cash equivalents	0.668	0.189	0.323
(e) Short-term loans and advances	18.702	19.336	15.243
(f) Other current assets	0.000	0.047	0.090
Total Current Assets	70.767	151.787	201.441

TOTAL	71.477	152.711	202.545

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	334.466	523.881	246.540
	Other Income	4.960	1.457	1.529
	TOTAL (A)	339.426	525.338	248.069

Less	EXPENSES
	Purchases of Stock-in-Trade	268.617	447.981	340.241
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	56.471	67.608	(99.438)
	Employees benefits expense	0.360	0.120	0.240
	Other expenses	2.772	1.003	1.023
	TOTAL (B)	328.220	516.712	242.066

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	11.206	8.626	6.003

Less	FINANCIAL EXPENSES (D)	8.565	6.087	4.839

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.641	2.539	1.164

Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.128	0.185	0.223

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.513	2.354	0.941

Less	TAX (H)	0.792	0.778	0.343

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.721	1.576	0.598

	Earnings / (Loss) Per Share (Rs.)	1.7	1.5	0.5

Particulars

31.03.2015

Sales Turnover

550.000

Expected Sales (2015-2016) : Rs.650.000 Million

The above information has been parted by Mr. Sanjay Jain (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.51	0.30	0.24

Operating Profit Margin (PBIDT/Sales)	(%)	3.35	1.65	2.43

Return on Total Assets (PBT/Total Assets}	(%)	3.52	1.54	0.46

Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.06

Debt Equity Ratio (Total Debt /Networth)		1.69	4.37	2.96

Current Ratio (Current Asset/Current Liability)		1.35	1.12	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	5.781	7.357	9.078
Net worth	15.781	17.357	19.078

long-term borrowings	0.000	0.000	0.000
Short term borrowings	46.708	75.891	32.197
Total borrowings	46.708	75.891	32.197
Debt/Equity ratio	2.960	4.372	1.688

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	246.540	523.881	334.466
		112.493	(36.156)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	246.540	523.881	334.466
Profit	0.598	1.576	1.721
	0.24%	0.30%	0.51%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Directors
Sanjay Jain	0.940	0.020
Sanjay Poddar	13.358	19.194
From Member
Anuradha Poddar	0.000	4.590
Radhika Enterprises	0.000	0.000
Shyamsundar Poddar	0.000	0.500
Space Exim Private Limited	0.000	3.201
Total	14.298	27.505

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10094283	03/07/2015 *	75,000,000.00	Indian Overseas Bank	GANDHIDHAM BRANCH (0298), 91-100, SECTOR-4, GAND HIDHAM CO-OP. HSG.SOCIETY LTD, GANDHIDHAM, Gujarat - 370201, INDIA	C58621608
2	90101104	05/05/2005	50,000,000.00	INDIAN OVERSEAS BANK	91/100, SECTOR-4; GANDHIDHAM, KUTCH, Gujarat - 370201, INDIA	-
3	90100900	08/05/2003	2,500,000.00	INDIAN OVERSEAS BANK	91/100, SECTOR-4; GANDHIDHAM, KUTCH, Gujarat - 370201, INDIA	-

FIXED ASSETS

COMPUTER

MACHINERY

Pick and Carry Hydra Crane

OFFICE EQUIPMENT

Furniture
Generator
Electrical Equipment
Telephone Instruments
EPBAX
Fax Machine
Xerox Machine
Mobile Instruments
Scanner
Camera
Press Machine
Trolly Magnet
Weight Bridge

MOTOR CAR

Hyundai Santro
Maruti Alto
Mahendra Pick-up Utility

TWO WHEELERS

Hero Honda Splender Pro
Bike
Hero Honda – CD Delux

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.66.06
UK Pound	1	Rs.102.34
Euro	1	Rs.74.96

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	DIV

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit