MIRA INFORM REPORT

Report No. :	354734
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	P D COMMODITIES
Registered Office :	30, Adaresh Society, C G Road, Swastik Char Rasta, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26420805
Country :	India
Financials (as on) :	31.03.2015
Year of establishment :	14.08.2013
Capital Investment / Paid-up Capital :	Rs.66.259 Million
IEC No.:	0813023017
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAPFP0776K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Exporter of raw cotton and doing commission agent business. [Confirmed by management]
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B [31]

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 partnership concern started in the year 2013 having moderate track. It is engaged in the business as trader and exporter of raw cotton and commission agent business. The concern has witnessed healthy growth in its turnover and profit during FY 2015. However, the rating is constrained by low profit margin and huge borrowings recorded by the concern. Further, the rating also takes into consideration subject small track record of business operation Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The concern 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	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rajkumar
Designation :	Accounts Department
Contact No.:	91-9909023342
Date :	15.12.2015

LOCATIONS

Registered Office :	30, Adaresh Society, C G Road, Swastik Char Rasta, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26420805
Mobile No.:	91-9925023342 (Mr. Hiren)
Fax No.:	91-79-26408966
E-Mail :	Pdcotton30@yahoo.com rajkumar@pdcotton.in
Area :	9000 Sq. Ft.
Location :	Owned
Locality:	Commercial/ Residential

PARTNERS

Name :	Mr. Abhay Bharatbhai Shah
Designation :	Partners
Date of Birth/Age :	38 Years
Qualification :	B.E
Experience :	5 Years
Name :	Mr. Akash Bharatbhai Shah
Designation :	Partner
Date of Birth/Age :	41 Years
Qualification :	B.E
Experience :	9 Years

KEY EXECUTIVES

Name :	Mr. Rajkumar
Designation :	Accounts Department

BUSINESS DETAILS

Line of Business :	Trader and Exporter of raw cotton and doing commission agent business. [Confirmed by management]
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	China Pakistan
Imports :	Not Available
Terms :
Selling :	Cheque
Purchasing :	L\C and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Meghdoot Ginning and Pressing Industries Private Limited
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 :

Retailers and End Users

Reference :	Welspun India Limited
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 :

15 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	Mathakhali Road, Navrangpura (Branch), Ahmedabad, Gujarat, India
Person Name (With Designation)	Mr. Aseem Khadakar (Creditor Manager)
Contact Number	91-9099091992
Name of Account Holder	P.D. Commodities
Account Number	9211350348
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	CC and L\C, O.D = Rs.1000.000 million [Approximately]
Account Operation	Not Available
Remarks (If any)	Mr. Aseem Khadakar told me to sent email on assemkhadakar@kotak.com he coil revert me on mail.

Auditors :
Name :	Bagadiya and Jain Chartered Accountant
Address :	908, Aditya Building, Near Gruh Finance, Behind Sardar Patel Seva Samaj, Off C.G. Road,Navarangpura, Ahmedabad - 380009, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Name: Shah Punamchand Devchand Cotton Department, India Address: 112-113, B G Trade Centre, Station Road, Panch Batti, Bharuch, Gujarat – 392001, India PAN No.: AAJFS2920E Legal Form: Partnership Concern with an Unlimited Liability of the Partners Name of Partners: Mr. Akash B Shah Mr. Abhay B Shah Partners’ Capital Account: Rs.123.953 Million

CAPITAL STRUCTURE

AS ON 31.03.2015

PARTICULARS	31.03.2015
	[Rs. In Million]
PARTNERS CAPITAL
Abhay Shah
Opening Balance	0.075
Add: Addition During the year	32.507
Add: Profit during the Year	0.955
Less: Withdrawal During the year	(0.020)
Closing Balance [A]	33.517
Akash Shah
Opening Balance	0.275
Add: Addition During the year	31.512
Add: Profit during the Year	0.955
Closing Balance [B]	32.742
TOTAL [A+B]	66.259

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		66.259	0.350
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		66.259	0.350
LOAN FUNDS
1] Secured Loans		200.519	5.793
2] Unsecured Loans		309.068	231.080
TOTAL BORROWING		509.587	236.873
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		575.846	237.223
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.265	0.086
Capital work-in-progress		0.000	0.000
INVESTMENT		0.001	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.646	41.343
	Sundry Debtors	570.293	105.734
	Cash & Bank Balances	0.531	0.000
	Other Current Assets	0.000	0.000
	Loans & Advances	363.164	173.096
Total Current Assets		942.634	320.173
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	367.053	83.036
Total Current Liabilities		367.053	83.036
Net Current Assets		575.581	237.137
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		575.846	237.223

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	7503.450	2101.895
	Other Income	26.004	1.202
	TOTAL (A)	7529.454	2103.097
Less	EXPENSES
	Cost of goods sold	7403.292	2075.196
	Selling, Administrative and General Expenses	104.359	16.475
	TOTAL (B)	7507.651	2091.671
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	21.803	11.426
Less	FINANCIAL EXPENSES (D)	18.926	9.191
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.877	2.235
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.069	0.017
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.808	2.218
Less	TAX (H)	0.899	2.068
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.909	0.150

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.03	0.01
Operating Profit Margin (PBIDT/Sales)	(%)	0.29	0.54
Return on Total Assets (PBT/Total Assets}	(%)	0.30	0.69
Return on Investment (ROI) (PBT/Networth)		0.04	6.34
Debt Equity Ratio (Total Debt /Networth)		7.69	676.78
Current Ratio (Current Asset/Current Liability)		2.57	3.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.350	66.259
Reserves & Surplus	0.000	0.000
Net worth	0.350	66.259
Secured Loans	5.793	200.519
Unsecured Loans	231.080	309.068
Total borrowings	236.873	509.587
Debt/Equity ratio	676.780	7.691

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	2101.895	7503.450
		256.985

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	2101.895	7503.450
Profit	0.150	1.909
	0.01%	0.03%

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	Yes
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	No
30	Major shareholders, if available	No
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

Fixed Assets

• Computer
• Furniture
• Mobile

SHAH PUNAMCHAND DEVCHAND COTTON DEPARTMENT

[FINANCIAL DETAILS]

ABRIDGED BALANCE SHEET

[Rs. In Million]

SOURCES OF FUNDS		31.03.2015	31.03.2014
1] Share Capital		123.953	12.423
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		123.953	12.423
LOAN FUNDS
1] Secured Loans		263.240	582.903
2] Unsecured Loans		3.935	9.014
TOTAL BORROWING		267.175	591.917
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		391.128	604.340
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.783	8.394
Capital work-in-progress		0.000	0.000
INVESTMENT		0.400	0.400
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	261.885	93.293
	Sundry Debtors	0.616	242.947
	Cash & Bank Balances	20.258	0.229
	Other Current Assets	0.000	0.000
	Loans & Advances	282.696	365.601
Total Current Assets		565.455	702.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	185.510	106.524
Total Current Liabilities		185.510	106.524
Net Current Assets		379.945	595.546
MISCELLANEOUS EXPENSES
TOTAL		391.128	604.340

PROFIT & LOSS ACCOUNT

[Rs. In Million]

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	4,962.932	2,593.654
	Other Income	62.374	68.676
	TOTAL	5025.306	2662.330
Less	EXPENSES
	Cost of goods sold	4943.271	2472.490
	Trading Expenses	39.463	160.747
	Administrative Expenses	7.026	6.750
	TOTAL	4989.760	2639.987
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	35.546	22.343
Less	FINANCIAL EXPENSES	32.419	19.773
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.127	2.570
Less	DEPRECIATION/ AMORTISATION	1.325	0.983
	PROFIT/ (LOSS) BEFORE TAX	1.802	1.587

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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	GEET

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	5
--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	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		31

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.