MIRA INFORM REPORT

Report No. :	332007
Report Date :	13.07.2015

IDENTIFICATION DETAILS

Name :	D D COTTON PRIVATE LIMITED

Registered Office :	86, Maker Chambers VI, 220, Jamnalal Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra
Tel. No.:	91-22-66301129

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.08.1994

Com. Reg. No.:	11-156054

Capital Investment / Paid-up Capital :	Rs. 25.800 Million

CIN No.: [Company Identification No.]	U17120MH1994PTC156054

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMD15333D

PAN No.: [Permanent Account No.]	AAACD4819K

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Exporter of Cotton.

No. of Employees :	50 (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

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The rating is constrained on account of drastic dip in the profit made by the company during year under review. However, liquidity of the company is fair. Trade relations are fair. Business is active. Payment terms are slow but correct. Subject 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 (GENERAL DETAILS)

Name :	Mrs. Shanti
Designation :	Accountant
Contact No.:	91-22-66301129
Date :	13.07.2015

LOCATIONS

Registered Office :	86, Maker Chambers VI, 220, Jamnalal Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-66301129
Fax No.:	91-22-22874260
E-Mail :	shanti@ddcotton.com info@ddcotton.com
Website :	http://www.ddcotton.com
Area :	800 Sq. Ft.
Location :	Owned

Branch:	2105/6, Shekhsaria Chambers, Madan Gopla, Hawali Road, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Brijmohan Parmeshwarlal Sekhsaria

Designation :

Director

Address :

11, Bakhtawar Annexxe, 22, Narayan Dhabolkar Road, Mumbai-400006, Maharashtra, India

Date of Appointment :

30.08.1994

PAN No.:

AAAHB0737M

DIN No.:

00214194

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	U51900MH1948PTC006625	DWARKADAS AND COMPANY PRIVATE LIMITED	Whole-time director	30/01/1961	30/01/1961	-	Under liquidation	NO
2	U51900MH1947PTC006076	DWARKADAS AND SONS PVT LTD	Director	06/11/1967	06/11/1967	-	Active	NO
3	U17100MH1987PTC044727	DWARKADAS COTTON COMPANY PRIVATE LIMITED	Director	21/09/1987	21/09/1987	-	Amalgamated	NO
4	U17119GJ1987PTC010009	SEKHSARIA IMPEX PRIVATE LIMITED	Director	11/09/1989	11/09/1989	-	Active	NO
5	U51311MH1990PTC054920	DWARKADAS TRADING COMPANY PRIVATE LIMITED	Director	10/01/1990	10/01/1990	-	Active	NO
6	U17120MH1994PTC156054	D D COTTON PRIVATE LIMITED	Director	30/08/1994	30/08/1994	-	Active	NO

Name :

Mr. Arun Brijmohan Sekhsarea

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath Road, Mumbai-400007, Maharashtra, India

Date of Appointment :

30.08.1994

PAN No.:

AAAHA0844A

DIN No.:

00214303

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	U51900MH1947PTC006076	DWARKADAS AND SONS PVT LTD	Director	28/11/1977	28/11/1977	-	Active	NO
2	U17119GJ1987PTC010009	SEKHSARIA IMPEX PRIVATE LIMITED	Director	23/09/1987	23/09/1987	-	Active	NO
3	U17100MH1987PTC044727	DWARKADAS COTTON COMPANY PRIVATE LIMITED	Director	11/03/1989	11/03/1989	-	Amalgamated	NO
4	U51311MH1990PTC054920	DWARKADAS TRADING COMPANY PRIVATE LIMITED	Director	10/01/1990	10/01/1990	-	Active	NO
5	U17120MH1994PTC156054	D D COTTON PRIVATE LIMITED	Director	30/08/1994	30/08/1994	-	Active	NO
6	U74990MH2008PTC189127	GREENLIGHT PLANET INDIA PRIVATE LIMITED	Director	24/12/2008	24/12/2008	20/07/2009	Active	NO
7	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	30/12/2011	30/12/2011	20/12/2013	Active	NO
8	U74999MH2015PTC263648	GLocal Insurance Brokers Private Limited	Director	21/04/2015	21/04/2015	-	Active	NO

Name :

Mr. Mayank Arun Sekhsaria

Designation :

Additional Director

Address :

Sekhsaria House, 28 Babulnath Road, Mumbai-400007, Maharashtra, India

Date of Appointment :

01.11.2013

PAN No.:

AACPS0614G

DIN No.:

02413288

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	U74990MH2008PTC189127	GREENLIGHT PLANET INDIA PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO
2	U17120MH1994PTC156054	D D COTTON PRIVATE LIMITED	Additional director	01/11/2013	01/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Shanti
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Name of Shareholders	No. of Shares	%age
Brijmohan P Sekhsaria	4,220	16.36
Arun B Sekhsaria	2,620	10.16
Sulochanan B Sekhsaria	2,820	10.93
Kalpana A Sekhsaria	4,320	16.74
Mayank A Sekhsaria	4,520	17.52
Brijmohan P Sekhsaria HUF	3,350	12.98
Arun B Sekhsaria HUF	1,450	5.62
Dwarkadas Trading Company Private Limited	1,500	5.81
Brijmohan Sekhsaria and Company	1,000	3.88
TOTAL	25,800	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	9.69
Directors or relatives of Directors	90.31
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Cotton.

Products :	Cotton

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Cotton
Countries :	China Bangladesh

Imports :	Not Divulged

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and 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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Customers :

Retailers and End Users

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

No. of Employees :

50 (Approximately)

Bankers :

State Bank of India

ICICI Bank Limited

Bank Name	Karnataka Bank Limited
Branch	Overseas Branch, 104-106, Embassy Centre, Nariman Point, Mumbai-400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-22020273
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)	Continously ringing

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Term Loans From Banks	233.612	131.994

Total	233.612	131.994

Auditors :
Name :	Shankarlal Jain And Associates Chartered Accountants
Address :	12 Engineer Building, 265 Princes Street, Mumbai-400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFS6967Q

Memberships :	--

Collaborators :	--

Related Parties / Company under same Key Managerial Personnel :	Brijmohan Sekhsaria and Company Arun Cotton Company, Partner Dwarkadas and Sons Private Limited Dwarkadas Trading Company Private Limited Sekhsaria Impex Private Limited Arun Seksharia HUF Brijmohan Seksharia HUF

Associate :	Dwarkadas and Company Private Limited [U51900MH1948PTC006625]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

30,000	Equity Shares	Rs.1000/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25,800	Equity Shares	Rs.1000/- each	Rs. 25.800 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	25.800	25.800	25.800
(b) Reserves & Surplus	269.534	249.518	150.638
(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)	295.334	275.318	176.438

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.141	0.000	0.000
(c) Other long term liabilities	0.000	9.951	3.235
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.141	9.951	3.235

(4) Current Liabilities
(a) Short term borrowings	272.782	187.803	48.129
(b) Trade payables	86.250	214.824	41.269
(c) Other current liabilities	12.035	48.237	73.915
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	371.067	450.864	163.313

TOTAL	666.542	736.133	342.986

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.881	12.109	10.135
(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	105.441	102.547	96.654
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.281	0.781	0.616
(e) Other Non-current assets	3.915	0.000	0.227
Total Non-Current Assets	123.518	115.437	107.632

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33.980	132.321	153.932
(c) Trade receivables	420.531	404.244	43.503
(d) Cash and cash equivalents	14.508	0.829	7.967
(e) Short-term loans and advances	59.770	57.907	22.291
(f) Other current assets	14.235	25.395	7.661
Total Current Assets	543.024	620.696	235.354

TOTAL	666.542	736.133	342.986

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	24.436	124.625	32.833

Less	TAX	4.420	25.745	6.730

	PROFIT/ (LOSS) AFTER TAX	20.016	98.880	26.103

	EARNINGS IN FOREIGN CURRENCY
	FOB Value for Goods	1944.166	2787.834	1321.158
	TOTAL EARNINGS	1944.166	2787.834	1321.158

	Earnings / (Loss) Per Share (Rs.)	776.00	3833.00	1012.00

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 flows from (used in) operations	(35.179)	(96.238)	(122.572)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.36	19.67	13.33

Return on Investment (ROI) (PBT/Networth)		0.08	0.45	0.19

Debt Equity Ratio (Total Debt /Networth)		0.92	0.68	0.27

Current Ratio (Current Asset/Current Liability)		1.46	1.38	1.44

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	25.800	25.800	25.800
Reserves & Surplus	150.638	249.518	269.534
Share Application money pending allotment	0.000	0.000	0.000
Net worth	176.438	275.318	295.334

long-term borrowings	0.000	0.000	0.000
Short term borrowings	48.129	187.803	272.782
Total borrowings	48.129	187.803	272.782
Debt/Equity ratio	0.273	0.682	0.924

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	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	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	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

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from related parties	39.170	55.809

Total	39.170	55.809

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10123793	24/03/2014 *	1,128,000,000.00	KARNATAKA BANK LTD.	104-106, EMBASSY CENTRE, JAMNALAL BAJAJ MARG,, NA RIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	C04148862
2	10123795	24/03/2014 *	1,128,000,000.00	KARNATAKA BANK LTD.	104-106, EMBASSY CENTRE, JAMNALAL BAJAJ MARG,, NA RIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	C04143376

* Date of charge modification

NOTE

Registered office has shifted from 903, Tulsiani chamber, 212 Bacbay Reclamation, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 14.10.2013

FINANCIAL RESULTS

In the current year after meeting all expenses, interest and depreciation we made a profit of Rs.24.436 Million. From this it is proposed to make provision of Rs.4.279 Million towards income tax and Rs.0.141 Million towards Differed Tax which leaves credit balance of profit and loss a/c of Rs.20.016 Million Which is recommended to be transferred to General Reserves of the company.

BACKGROUND

Wholesale Traders in Cotton and Agricultural Products.

FIXED ASSETS

Land and Building
Plant and Equipments
Factory Equipments
Furniture and Fixtures
Vehicles
Computer Equipments

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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	TRS

Report Prepared by :	SNT

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	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		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.

MIRA INFORM REPORT

Unit