MIRA INFORM REPORT

Report No. :	312414
Report Date :	16.03.2015

IDENTIFICATION DETAILS

Name :	GOMTESH GINNING AND PRESSING PRIVATE LIMITED
Registered Office :	Gram Bakaner, Dhar – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.03.2007
Com. Reg. No.:	10-019384
Capital Investment / Paid-up Capital :	Rs.24.600 Millions
CIN No.: [Company Identification No.]	U17121MP2007PTC019384
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLG03909D
PAN No.: [Permanent Account No.]	AACCG9701D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing by Process of Ginning and Pressing of and Cotton, Cotton Seeds from Kapas and also Trading of Kapas, Cotton, Cotton Seeds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 135800
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved operational risk profile and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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 31-03-2014.

LOCATIONS

Registered Office :	Gram Bakaner, Dhar – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2529410
Fax No.:	Not Available
E-Mail :	adeshwar.jain@gmail.com
Admin Office :	501-A, President Tower, 6/2, South Tukogang, Madhumumilan Sq. Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2529410
Fax No.:	91-731-4045453
E-Mail :	gomteshginning@yahoo.in gomteshexports@yahoo.in
Head Office :	Bakaner, Dhar – 454448, Madhya Pradesh, India
Tel. No.:	91-7294-263605 / 263271
Fax No.:	91-7294-263691

DIRECTORS

As on 30.09.2014

Name :	Mr. Vinod Kumar Doshi
Designation :	Managing Director
Address :	Gram Bakaner, Dhar – 452001, Madhya Pradesh, India
Date of Birth/Age :	13.05.1958
Date of Appointment :	26.03.2007
DIN No.:	01820201
Name :	Mr. Gomtesh Doshi
Designation :	Director
Address :	Gram Bakaner, Dhar – 452001, Madhya Pradesh, India
Date of Birth/Age :	23.02.1981
Date of Appointment :	26.03.2007
DIN No.:	01775232

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Vinod Kumar Doshi	655000	26.63
Gomtesh Doshi	823000	33.46
Chanda Doshi	364000	14.80
Kiran Doshi	446000	18.13
Mahima Doshi	89000	3.62
Nidhi Doshi	83000	3.37
Total	2460000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing by Process of Ginning and Pressing of and Cotton, Cotton Seeds from Kapas and also Trading of Kapas, Cotton, Cotton Seeds.
Products :	· Cotton Bales · Cotton Seeds · Kapas
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· State Bank of Indore, Bakaner, District Dhar, Bakaner - 454448, Madhya Pradesh, India

· Bank of Baroda, Kanadia Road Branch-112 Ravindra Nagar, Near Agayatri Mandir, Patrakar Colony Square, Indore - 452007, Madhya Pradesh, India

· State Bank of India

· HDFC Bnak Limited

· Axis Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Working Capital Loan
From Banks
Bank of Baroda, Indore	86.227	90.391
Bank of Baroda, Manawar	8.015	6.169
Term Loan Bank of Baroda, Indore	0.151	1.788
Vehicle Loan
- HDFC Bank Limited, Indore	0.502	0.000
- Axis Bank Limited	0.192	0.000
Total	95.087	98.348

Auditors :
Name :	Adeshwar C Jain and Company Chartered Accountants
Address :	103-104 Vaibhav Chambers, 7/1, Ushaganj, Chhawni, Indore – 452001, Madhya Pradesh, India
Tel. No. :	91-731-2703334
Mobile No. :	91-9425060115
E-Mail :	adeshwar.jain@gmail.com
PAN No. :	AAOFA8812E
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2750000	Equity Shares	Rs.10/- each	Rs.27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2460000	Equity Shares	Rs.10/- each	Rs.24.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	24.600	24.600	12.000
(b) Reserves & Surplus	22.955	10.057	8.499
(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)	47.555	34.657	20.499
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.652	1.616	1.470
(c) Other long term liabilities	1.423	4.294	7.707
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.075	5.910	9.177
(4) Current Liabilities
(a) Short term borrowings	95.087	98.348	70.704
(b) Trade payables	5.222	9.978	15.617
(c) Other current liabilities	0.252	0.163	0.035
(d) Short-term provisions	2.960	0.509	1.055
Total Current Liabilities (4)	103.521	108.998	87.411
TOTAL	154.151	149.565	117.087
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.780	14.809	17.320
(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	0.759	0.462	0.484
(e) Other Non-current assets	0.000	0.407	0.407
Total Non-Current Assets	14.539	15.678	18.211
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.726	83.055	28.206
(c) Trade receivables	82.823	46.689	64.198
(d) Cash and cash equivalents	6.542	1.626	4.601
(e) Short-term loans and advances	0.931	0.785	1.871
(f) Other current assets	3.590	1.732	0.000
Total Current Assets	139.612	133.887	98.876
TOTAL	154.151	149.565	117.087

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	727.117	575.624	536.081
		Other Income	20.403	3.611	4.406
		TOTAL	747.520	579.235	540.487
Less	EXPENSES
		Cost of Materials Consumed	392.266	305.652	375.876
		Purchases of Stock-in-Trade	265.954	263.937	149.770
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	28.382	(34.633)	(20.183)
		Employees benefits expense	3.279	2.958	2.961
		Other expenses	24.321	25.096	18.722
		TOTAL	714.202	563.010	527.146
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		33.318	16.225	13.341
Less	FINANCIAL EXPENSES		12.175	11.370	9.295
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		21.143	4.855	4.046
Less/ Add	DEPRECIATION/ AMORTISATION		1.028	0.891	1.006
	PROFIT/ (LOSS) BEFORE TAX		20.115	3.964	3.040
Less	TAX		6.883	0.914	0.945
	PROFIT/ (LOSS) AFTER TAX		13.232	3.050	2.095
	Earnings / (Loss) Per Share (Rs.)		5.38	2.35	2.42

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.82	0.53	0.39
Operating Profit Margin (PBDIT/ Sales)	(%)	4.58	2.82	2.49
Return on Total Assets (PBT/Total Assets}	(%)	13.05	2.65	2.60
Return on Investment (ROI) (PBT/Networth)		0.42	0.11	0.15
Debt Equity Ratio (Total Debt/Networth)		2.00	2.84	3.45
Current Ratio (Current Asset/Current Liability)		1.35	1.23	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.000	24.600	24.600
Reserves & Surplus	8.499	10.057	22.955
Net worth	20.499	34.657	47.555
long-term borrowings	0.000	0.000	0.000
Short term borrowings	70.704	98.348	95.087
Total borrowings	70.704	98.348	95.087
Debt/Equity ratio	3.449	2.838	2.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	536.081	575.624	727.117
		7.376	26.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	536.081	575.624	727.117
Profit	2.095	3.050	13.232
	0.39%	0.53%	1.82%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395488	28/12/2012	143,274,000.00	Bank of Baroda	Kanadia Road Branch-112 Ravindra Nagar, Near agay atri Mandir,Patrakar Colony Square, Indore, Madhya Pradesh - 452007, INDIA	B65317257

FIXED ASSETS

· Factory Building

· Office Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixture

· 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 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.62.67
UK Pound	1	Rs.93.16
Euro	1	Rs.66.42

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		41

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.