MIRA INFORM REPORT

Report No. :	330087
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	SURAJ IMPEX (INDIA) PRIVATE LIMITED (w.e.f.02.06.1998)
Formerly Known As :	TIRTHANKAR MARKETING PRIVATE LIMITED
Registered Office :	Saket Tower, 4th Floor, 3A Ratlam Kothi, A B Road, Indore – 452001, Madhya Pradesh
Tel no.:	91-731-2525050/2527845/6666300
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.12.1997
Com. Reg. No.:	10-012506
Capital Investment / Paid-up Capital :	Rs.49.750 Million
CIN No.: [Company Identification No.]	U51101MP1997PTC012506
IEC No.:	1197005170
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCS3080R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Agri-commodity exports mainly Soya bean Meal (Hipro and FAQ), Maize, Barley and Sugar
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, company has reported dip in sales turnover which has resulted into dip in profit of the company during a year under a review. Rating further constrained on account of company’s moderate financial risk profile marked by exposure to intense competition in the soya bean industry and leverage balance sheet profile of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of leverage balance sheet profile, 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Short term rating: A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	29.09.2014

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. F.L. Vaid
Designation :	General manager finance
Contact No.:	91-731-2525050/6666320
Date :	30.06.2015

LOCATIONS

Registered Office / Factory :	Saket Tower, 4th Floor, 3A Ratlam Kothi, A B Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2525050/2527845/6666300
Fax No.:	91-731-2527845/ 2528788/6666374
E-Mail :	akmcafiling@gmail.com info@surajimpex.com corp@surajimpex.com pkvyas@surajimpex.com
Website :	http://surajimpex.com
Area :	3000 sq. ft.
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :	Mr. Vinod Kumar Jain
Designation :	Managing director
Address :	Lakshya D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh, India
Date of Birth/Age :	01.04.1962
Date of Appointment :	26.11.1998
Qualification :	M.Com
DIN No.:	00103632
PAN No.:	AAAPJ0545R
Name :	Mr. Praveen Vyas
Designation :	Whole-time director
	37, Tilak Nagar, Extention Indore, India
Date of Birth/Age :	03.03.1965
Date of Appointment :	15.10.2004
Qualification :	C.S.
DIN No.:	00103686
PAN No.:	AASPV7050R

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Vinod Kumar Jain	4474900
Anita Jain	100
V K Jain - HUF	500000
Total	4975000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Agri-commodity exports mainly Soya bean Meal (Hipro and FAQ), Maize, Barley and Sugar.
Products :	Soya bean Meal (Hipro and FAQ) Maize Barley Sugar
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Agro Commodities
Countries :	South east Asian countries
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Gujarat Ambuja Exports Limited
Name of the Person :	Mr. Manoj Thakur (Purchase Manger)
Contact No.:	91-9011019126
Since How Long Known :	7 years
Experience :	Payment Behavior = Excellent Market Goodwill = Excellent Overall = Excellent
Maximum Limit Dealt :	Not Available
Remark :	He informed that we have very good relation with this company and no complaints.

Customers :

End Users

Reference :	Maruheni Corporation, Japan
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

18 (Approximately)

Bankers :

• Punjab National Bank, Branch Office At Siyaganj, Indore - 452001, Madhya Pradesh, India
• Union Bank of India, M.G. Road Branch, Indore – 452001, Madhya Pradesh, India

Bank Name	Punjab National Bank
Branch	MCB, Siya Ganj, Indore - 452001, Madhya Pradesh, 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)	Ms. Vidhu Shrivastav (Senior Manager) denied to provide her opinion about subject company.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Working capital loans from banks	2112.860	1763.183
Total	2112.860	1763.183

Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Center "Annex" R.N.T. Marg
PAN N Income-tax PAN of auditor or auditor's firm :	AFAPB2465F
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Suraj Agri Business Pte Limited, Singapore Max Real Mart Private Limited, India [U45201MP2008PTC020643]
Other Related Parties and Associates :	Excel Agri Business Private Limited, India [U01403MP2008PTC020497] Super Construction Indore Private Limited, India [U70100MP2010PTC024832] Manikaran Commercial Private Limited, India [U51102MP2006PTC018969] Rajshree Power and Spat Private Limited, India [U27100CT2008PTC020600] Rishabh Power Private Limited, India [U40109MP2010PTC024726] Avi Agri Business Private Limited, India [U15311MP2009PTC021753] Suresh D. Punj Salt and Storage Private Limited, India [U63023GJ2008PTC052551] Tejas P.Seth Rice Mill and Storage Private Limited, India [U63023GJ2008PTC052593]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4975000	Equity Shares	Rs.10/- each	Rs. 49.750 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	49.750	49.750	49.750
(b) Reserves & Surplus	548.414	407.079	256.468
(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)	598.164	456.829	306.218
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.616
(b) Deferred tax liabilities (Net)	5.009	2.756	1.378
(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)	5.009	2.756	1.994
(4) Current Liabilities
(a) Short term borrowings	2112.860	1763.183	1116.355
(b) Trade payables	193.399	211.492	157.480
(c) Other current liabilities	55.906	91.161	48.986
(d) Short-term provisions	0.000	0.584	0.114
Total Current Liabilities (4)	2362.165	2066.420	1322.935
TOTAL	2965.338	2526.005	1631.147
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.293	77.159	73.538
(ii) Intangible Assets	1.037	0.444	0.000
(iii) Capital work-in-progress	1.642	1.608	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.226	22.726	18.026
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.659	0.000	4.299
(e) Other Non-current assets	18.663	25.297	13.272
Total Non-Current Assets	147.520	127.234	109.135
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2009.726	1882.867	915.779
(c) Trade receivables	394.877	267.728	432.621
(d) Cash and cash equivalents	89.216	83.877	12.952
(e) Short-term loans and advances	243.715	15.594	31.330
(f) Other current assets	80.284	148.705	129.330
Total Current Assets	2817.818	2398.771	1522.012
TOTAL	2965.338	2526.005	1631.147

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL (A)	12392.700	12780.100	8791.539
Less	EXPENSES
	TOTAL (B)		12397.323	8569.964
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		382.777	221.575
Less	FINANCIAL EXPENSES (D)	Operating and Other Expended including Depreciation	153.713	137.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		229.064	83.775
Less/ Add	DEPRECIATION/ AMORTISATION (F)	12171.200	2.731	1.576
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	221.500	226.333	82.199
Less	TAX (I)	75.200	75.722	28.873
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	146.300	150.611	53.326
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	9835.900	10171.900	7110.398
	TOTAL EARNINGS	9835.900	10171.900	7110.398
	Earnings / (Loss) Per Share (Rs.)	29.41	30.27	10.72

Particulars	31.03.2015
Sales Turnover (Approximately)	7000.000 (Due to decrease in export)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	0.616	1.747
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	1.18	1.18	0.61
Operating Profit Margin (PBDIT / Total Income)	(%)	NA	3.00	2.52
Return on Total Assets (PBT/Total Assets}	(%)	7.53	9.05	5.10
Return on Investment (ROI) (PBT/Networth)		0.37	0.50	0.27
Debt Equity Ratio (Total Debt /Networth)		3.53	3.86	3.65
Current Ratio (Current Asset/Current Liability)		1.19	1.16	1.15

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	49.750	49.750	49.750
Reserves & Surplus	256.468	407.079	548.414
Net worth	306.218	456.829	598.164
long-term borrowings	0.616	0.000	0.000
Short term borrowings	1116.355	1763.183	2112.860
Total borrowings	1116.971	1763.183	2112.860
Debt/Equity ratio	3.648	3.860	3.532

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)
Total Income	8791.539	12780.100	12392.700
		45.368	(3.031)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	8791.539	12780.100	12392.700
Profit	53.326	150.611	146.300
	0.61%	1.18%	1.18%

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	Yes
26	Turnover of firm for last four 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10446553	07/11/2013 *	215,000,000.00	UNION BANK OF INDIA	M.G. ROAD, BRANCH, INDORE, MADHYA PRADESH - 452001, INDIA	B90469941
2	10420946	26/03/2013	2,900,000,000.00	PUNJAB NATIONAL BANK CONSORTIUM	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B73520348
3	10389626	07/11/2012	420,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B63202006
4	10186222	25/10/2013 *	2,000,000,000.00	PUNJAB NATIONAL BANK CONSORTIUM	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B89260046

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Office equipment
• 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.63.92
UK Pound	1	Rs.100.40
Euro	1	Rs.70.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	ART

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
--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		30

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.