MIRA INFORM REPORT

Report No. :	354070
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	V R A COTTON MILLS PRIVATE LIMITED
Registered Office :	Village Buraj Muhar, Fazilka Road, NH-10, Abohar – 152 116, Punjab
Tel. No.:	91-1634-223029/ 228544
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.06.1997
Com. Reg. No.:	16-020061
Capital Investment / Paid-up Capital :	Rs.100.000 million
CIN No.: [Company Identification No.]	U15311PB1997PTC020061
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	AMRV10547F
PAN No.: [Permanent Account No.]	AABCV3100A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in processing, trading, growing and exporting of raw cotton. (Confirmed by management)
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 438000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 1997 and it is engaged in to processing, trading and exporting of raw cotton. For the financial year ended 2014, company possesses average operational performance and reported low margins at 0.49% during the year under review. Rating remain constrained on account of limited revenue diversity with high geographical concentration in the revenue profile, susceptibility to change in government regulations, along with average financial profile because of an average capital structure and weak debt protection metrics. However, rating weakness is partially offset by extensive experience of the promoters in the cotton trading industry and established track record of company’s operations. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, 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	A1	A1

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	CRISIL
Rating	Long Term Rating: BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	01.10.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	01.10.2015

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shankar Narayan
Designation :	Senior Manager
Contact No.:	91-11-29213982
Date :	10.11.2015

LOCATIONS

Registered Office/ Ginning Unit :	Village Buraj Muhar, Fazilka Road, NH-10, Abohar – 152 116, Punjab, India
Tel. No.:	91-1634-223029/ 228544
Fax No.:	Not Available
E-Mail :	rameshbabbar@rediffmail.com
Export Office :	1st Floor, M-31A, Greater Kailash Market, Part - II, New Delhi – 110 048, India
Tel. No.:	91-11-29213982/ 29213983
Fax No.:	91-11-29212226

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vinod Kumar Parma Nand Ahuja

Designation :

Director

Address :

Ahuja Street, Fazilka – 152 123, Punjab, India

Date of Appointment :

10.06.1997

DIN No.:

00030390

PAN No.:

ABFPA2051F

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	U74899DL1974PLC007359	TRANSWEL CHAINS (INDIA) LIMITED	Director	17/07/1974	17/07/1974	-	Active	NO
2	U15319PB1933PTC000108	SHRI GANESH COTTON FACTORY PRIVATE LIMITED	Director	31/10/1981	31/10/1981	-	Active	NO
3	U74899DL1984PTC017428	AHUJA RICE AND GENERAL MILLS PRIVATE LIMITED	Managing director	27/01/1984	27/01/1984	-	Active	NO
4	L18101HR1962PLC002453	GTM SYNTHETICS LIMITED	Managing director	14/06/2008	11/02/1989	-	Active	NO
5	U74899DL1990PTC040579	AHUJA HORTICULTURE FARMS PRIVATE LIMITED	Director	20/06/1990	20/06/1990	-	Active	NO
6	U74899DL1990PTC042381	SERVOLL ENTERPRISES PRIVATE LIMITED	Director	13/12/1990	13/12/1990	-	Active	NO
7	U17115PB1991PLC011188	FAZILKA COTTON AND SYNTHETICS LIMITED	Director	18/03/1991	18/03/1991	-	Active	NO
8	U17110MH1993PLC071756	MANGALAM VENTURES LIMITED	Director	01/09/1993	01/09/1993	-	Active	NO
9	U74899DL1994PTC061142	MS SEED DEVELOPEMENT PRIVATE LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
10	U74899DL1994PTC061194	VRA SEED DEVELOPMENT PRIVATE LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
11	U74899DL1990PTC042232	PANASIAN FARMS PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
12	U15311PB1997PTC020061	V R A COTTON MILLS PRIVATE LIMITED	Director	10/06/1997	10/06/1997	-	Active	NO
13	U74899DL1990PTC042397	PAL FARMS PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
14	U74899DL1990PTC041290	SARA FARMS PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
15	L01111DL1993PLC052845	KRBL LIMITED	Director	05/08/2002	05/08/2002	-	Active	NO
16	U65202DL2004PTC126568	HORIZON ITES PRIVATE LIMITED	Director	25/05/2004	25/05/2004	-	Strike off	NO
17	U15143PB1995PTC016110	SPECTRUM AGROS PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO

Name :

Madhu Vinod Ahuja

Designation :

Director

Address :

Ahuja Street, Fazilka – 152 123, Punjab, India

Date of Appointment :

10.06.1997

DIN No.:

00738216

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	U74899DL1990PTC041290	SARA FARMS PRIVATE LIMITED	Director	27/08/1990	27/08/1990	-	Active	NO
2	U74899DL1990PTC042397	PAL FARMS PRIVATE LIMITED	Director	14/12/1990	14/12/1990	-	Active	NO
3	U15319PB1933PTC000108	SHRI GANESH COTTON FACTORY PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Active	NO
4	U74899DL1994PTC061194	VRA SEED DEVELOPMENT PRIVATE LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
5	U74899DL1994PTC061142	MS SEED DEVELOPEMENT PRIVATE LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
6	U15143PB1995PTC016110	SPECTRUM AGROS PRIVATE LIMITED	Director	27/03/1995	27/03/1995	-	Active	NO
7	U74899DL1974PLC007359	TRANSWEL CHAINS (INDIA) LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
8	U15311PB1997PTC020061	V R A COTTON MILLS PRIVATE LIMITED	Director	10/06/1997	10/06/1997	-	Active	NO
9	U17115PB1991PLC011188	FAZILKA COTTON AND SYNTHETICS LIMITED	Director	30/09/2009	09/09/2009	-	Active	NO

Name :

Mr. Raghav Vinod Ahuja

Designation :

Director

Address :

Ahuja Street, Fazilka – 152 123, Punjab, India

Date of Birth/ Age :

04.09.1979

Date of Appointment :

30.09.2005

DIN No.:

00738284

PAN No.:

AAKPA9889M

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	U74899DL1990PTC042232	PANASIAN FARMS PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
2	U74899DL1994PTC061194	VRA SEED DEVELOPMENT PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
3	U74899DL1990PTC042381	SERVOLL ENTERPRISES PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
4	U74899DL1990PTC041290	SARA FARMS PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
5	U74899DL1990PTC042397	PAL FARMS PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
6	U74899DL1994PTC061142	MS SEED DEVELOPEMENT PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
7	U74899DL1990PTC040579	AHUJA HORTICULTURE FARMS PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
8	U15311PB1997PTC020061	V R A COTTON MILLS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
9	U74899DL1974PLC007359	TRANSWEL CHAINS (INDIA) LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
10	U74899DL1984PTC017428	AHUJA RICE AND GENERAL MILLS PRIVATE LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
11	U15143PB1995PTC016110	SPECTRUM AGROS PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
12	U17115PB1991PLC011188	FAZILKA COTTON AND SYNTHETICS LIMITED	Director	30/09/2009	09/09/2009	-	Active	NO
13	U15319PB1933PTC000108	SHRI GANESH COTTON FACTORY PRIVATE LIMITED	Director	30/09/2013	30/09/2013	-	Active	NO

Name :

Mr. Parma Nand Gopi Chand Ahuja

Designation :

Director

Address :

Ahuja Street, Fazilka – 152 123, Punjab, India

Date of Appointment :

10.06.1997

DIN No.:

01666723

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	U15319PB1933PTC000108	SHRI GANESH COTTON FACTORY PRIVATE LIMITED	Director	29/01/1971	29/01/1971	-	Active	NO
2	U74899DL1974PLC007359	TRANSWEL CHAINS (INDIA) LIMITED	Director	17/07/1974	17/07/1974	-	Active	NO
3	U74899DL1984PTC017428	AHUJA RICE AND GENERAL MILLS PRIVATE LIMITED	Director	20/01/1986	20/01/1986	-	Active	NO
4	L18101HR1962PLC002453	GTM SYNTHETICS LIMITED	Director	03/03/1990	03/03/1990	01/03/2011	Active	NO
5	U74899DL1990PTC040579	AHUJA HORTICULTURE FARMS PRIVATE LIMITED	Director	20/06/1990	20/06/1990	-	Active	NO
6	U74899DL1990PTC042397	PAL FARMS PRIVATE LIMITED	Director	14/12/1990	14/12/1990	-	Active	NO
7	U17115PB1991PLC011188	FAZILKA COTTON AND SYNTHETICS LIMITED	Director	18/03/1991	18/03/1991	-	Active	NO
8	U15311PB1997PTC020061	V R A COTTON MILLS PRIVATE LIMITED	Director	10/06/1997	10/06/1997	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shankar Narayan
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Parma Nand Ahuja	28143
Vinod Kumar Ahuja	112482
Madhu Ahuja	17
Parma Nand Ahuja jointly with Lajwanti Ahuja (HUF)	40950
Vinod Kumar Ahuja (HUF)	109283
Lajwanti Ahuja	120500
Pal Farms Private Limited, India	64525
Sara Farms Private Limited, India	67800
Servoll Enterprises Private Limited, India	56425
Raghav Ahuja	229125
MS Seed Development Private Limited, India	27600
VRA Seed Development Private Limited, India	26500
Ahuja Horticulture Farms Private Limited, India	64700
Spectrum Agros Private Limited, India	29250
Transwell Chains India (India) Limited, India	9500
Panasian Farma Private Limited, India	13200
Total	1000000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	35.95
Directors or relatives of directors	64.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in processing, trading, growing and exporting of raw cotton. (Confirmed by management)

Products :

Item Code No. (ITC Code)	52010011
Product Description	Cotton
Item Code No. (ITC Code)	23061090
Product Description	Other Cotton Seed

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Pakistan
• China
• Indonesia
• Vietnam

Imports :

Not Available

Terms :

Selling :

Cheque

Purchasing :

Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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

Customers :

Reference :	Not Divulged
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

No. of Employees :

45 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Bazar No.4, Abohar – 152 116, Punjab, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· ICICI Bank Limited

· HDFC Bank Limited

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks (Personally guaranteed by promoter director)	6.536	8.615
Loans taken for vehicles (Vehicles bought from these term loans personally guaranteed by promoter director)	0.000	1.225
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of RM, FG and WIP and Book Debts)	329.955	325.270
Loans repayable on demand from banks	6.940	41.108
Total	343.431	376.218

Auditors :
Name :	Ramesh Babbar and Associates Chartered Accountants
Address :	30, New Grain Market, Fazilka – 152 123, Punjab, India
Tel. No. :	91-1638-262903
Mobile No. :	91-9815348606
E-Mail :	remeshbabbar@rediffmail.com
PAN No.:	AAUPB5804F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 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	100.000	100.000	100.000
(b) Reserves & Surplus	53.263	46.720	38.399
(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)	153.263	146.720	138.399
(3) Non-Current Liabilities
(a) Long-term borrowings	7.060	10.577	3.265
(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)	7.060	10.577	3.265
(4) Current Liabilities
(a) Short term borrowings	336.895	366.378	135.795
(b) Trade payables	5.568	50.640	22.869
(c) Other current liabilities	1.223	1.662	1.248
(d) Short-term provisions	3.328	3.441	3.297
Total Current Liabilities (4)	347.014	422.121	163.209
TOTAL	507.337	579.418	304.873
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.515	19.868	21.980
(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	0.000	0.000	0.000
(e) Other Non-current assets	4.244	11.338	7.632
Total Non-Current Assets	21.759	31.206	29.612
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	112.867	141.940	75.854
(c) Trade receivables	268.381	294.690	176.768
(d) Cash and cash equivalents	96.093	106.199	19.812
(e) Short-term loans and advances	8.237	5.383	2.827
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	485.578	548.212	275.261
TOTAL	507.337	579.418	304.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1486.465	1471.773	976.059
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		29.285	31.023	35.258
Less	FINANCIAL EXPENSES		16.033	17.089	22.652
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.252	13.934	12.606
Less/ Add	DEPRECIATION/ AMORTISATION		2.602	3.098	1.937
	PROFIT/ (LOSS) BEFORE TAX		10.650	10.836	10.669
Less	TAX		3.328	3.440	3.212
	PROFIT/ (LOSS) AFTER TAX		7.322	7.396	7.457
	EARNINGS IN FOREIGN CURRENCY		1021.221	NA	NA
	Earnings / (Loss) Per Share (Rs.)		7.32	7.40	7.46

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	9.693	97.149	48.164

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.49	0.50	0.76
Operating Profit Margin (PBDIT/ Sales)	(%)	1.97	2.11	3.61
Return on Total Assets (PBT/Total Assets}	(%)	2.10	1.87	3.50
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.08
Debt Equity Ratio (Total Debt/Networth)		2.24	2.57	1.00
Current Ratio (Current Asset/Current Liability)		1.40	1.30	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.000	100.000	100.000
Reserves & Surplus	38.399	46.720	53.263
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	138.399	146.720	153.263
Long Term borrowings	3.265	10.577	7.060
Short Term borrowings	135.795	366.378	336.895
Current maturities of long-term debt	0.000	0.000	0.000
Total borrowings	139.060	376.955	343.955
Debt/Equity ratio	1.005	2.569	2.244

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	976.059	1471.773	1486.465
		50.787	0.998

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	976.059	1471.773	1486.465
Profit	7.457	7.396	7.322
	0.76%	0.50%	0.49%

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	No
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	Yes
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	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE:

The registered address of the company has been shifted from Burj Muhar, Fazilka Road, Bohar, District Ferozepur – 152 110, Punjab to the present address w.e.f. 01.07.2010

FINANCIAL RESULTS:

The Company made total Sales of Rs.1486.465 million during the year. The total Purchases of Rs.1440.906 million was made during the year. A closing stock of finished goods amounting to Rs.112.867 million was lying with the company. There was net profit of Rs.29.285 million before providing Financial Expenses and Depreciation. Financial Expenses to Rs.16.033 million was provided and depreciation Rs.2.602 million was provided. There was net profit or Rs.10.650 million. Provision for income Tax of Rs.3.328 million was provided and net Profit of Rs.7.322 million. Transferred to Reserve and Surplus Account. No dividend is proposed due to inadequate profit.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and advances from others	0.524	0.737
Total	0.524	0.737

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90311702	18/05/2015 *	564,600,000.00	STATE BANK OF INDIA	BAZAR NO.4, ABOHAR – 152 116, PUNJAB, INDIA	C55656052

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Vehicles

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.66.79
UK Pound	1	Rs.100.49
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		34

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.