MIRA INFORM REPORT

Report No. :	348391
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	PATIDAR EXPORTS PRIVATE LIMITED

Registered Office :	411, Shanti Arcade, 132 Feet Ring Road, Naranpura, Ahmedabad – 380013, Gujarat
Tel. No.:	91-79-29298891

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	06.08.2011

Com. Reg. No.:	04-066658

Capital Investment / Paid-up Capital :	Rs.5.000 Million

CIN No.: [Company Identification No.]	U51900GJ2011PTC066658

IEC No.:	0811017605

TAN No.: [Tax Deduction & Collection Account No.]	AHMP08383E

PAN No.: [Permanent Account No.]	AAGCP1577L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Trader, Exporter and Importer of Agro Products, Cotton, Oil Caster etc.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 18880

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Rating is constrained on company’s weak financial profile marked by small networth base and huge external borrowing which has threaten the liquidity profile of the company. Rating further constrained on company unfavourable gap between trade receivables and payables along with very low profitability margin albite growing scale of operation of the company over the years. However, trade relations seem to be fair. Business is active. Payment terms are slow but correct. In view of aforesaid, the company can be considered for business dealings with great cautions.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sureshbhai Parbatbhai Rajodiya
Designation :	Director
Contact No.:	91-79-29298891
Date :	05.11.2015

LOCATIONS

Registered Office :	411, Shanti Arcade, 132 Feet Ring Road, Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-29298891 / 29298892
Fax No.:	91-79-29298893
E-Mail :	file208@gmail.com file301@gmail.com info@patidarexports.com accounts@patidarexports.com
Website :	http://www.patidarexports.com

Warehouse :	Vatva, Ahmedabad – 380013, Gujarat, India

Factory :	Located At : Vijapur, Mehsana, Gujarat, India Amreli, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jitendrakumar Bhupatbhai Borsaniya

Designation :

Director

Address :

Dayaram Park, Opposite Tapadiya Ashram, Taluka Babra, District-Amreli - 365421, Gujarat, India

Date of Birth/Age :

10.07.1971

Date of Appointment :

06.08.2011

DIN No.:

02049661

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	U17111GJ1999PTC036264	PATIDAR INDUSTRIES PRIVATE LIMITED	Director	09/07/1999	09/07/1999	-	Active	NO
2	U17111GJ2006PTC048079	PATIDAR COT-SPIN PRIVATE LIMITED	Director	31/08/2009	21/10/2008	-	Active	NO
3	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Director	06/08/2011	06/08/2011	-	Active	NO
4	U17120GJ2013PLC076697	SHIVAM SPINFAB LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO

Name :

Mr. Sureshbhai Parbatbhai Rajodiya

Designation :

Director

Address :

Dayaram Park, Opposite Tapadiya Ashram, Babra, District Amreli - 365421, Gujarat, India

Date of Birth/Age :

07.05.1977

Date of Appointment :

06.08.2011

DIN No.:

02082631

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	U17100GJ2005PTC046348	SOMNATH GINNING PRESSING PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
2	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Director	06/08/2011	06/08/2011	-	Active	NO
3	U17120GJ2013PLC076697	SHIVAM SPINFAB LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO

Name :

Mr. Vishant Jayavadan Patel

Designation :

Additional Director

Address :

20, Suryoday Bunglow, Thaltej, Taluka: Daskroi, Ahmedabad - 380059, Gujarat, India

Date of Birth/Age :

12.11.1981

Date of Appointment :

27.12.2011

DIN No.:

02166464

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	U51109GJ2006PTC048741	SHIVSHAKTI TRADELINK PRIVATE LIMITED	Director	27/09/2008	22/04/2008	30/04/2015	Active	NO
2	U52209GJ2008PTC054193	RUSHI EXIM PRIVATE LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO
3	U74200GJ2010PTC062971	TRANSLINK INFRASTRUCTURE CONSULTANTS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
4	U51900GJ2011PTC066658	PATIDAR EXPORTS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Jitendrakumar Bhupatbhai Borsaniya		150000
Sureshbhai Parbatbhai Rajodiya		150000
Vishant Jayavadan Patel		199980
Himanshu C. Patel		5
Sarvil P. Patel		5
Umang R. Patel		5
Vaibhaviben U. Patel		5

Total		500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Agro Products, Cotton, Oil Caster etc.

Products :	Raw Cotton Cotton Yarn Agro Commodities Castor and Castor products Cotton Yarn

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Australia China Bangladesh Vietnam

Imports :
Products :	Raw Cotton
Countries :	Africa Pakistan

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

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

Retailers

No. of Employees :

300 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Naranpura, Ahmedabad, Gujarat, 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)	Not Divulged

The Kalupur Commercial Co-Operative Bank Limited, H.O. Kalupur Bhavan,Near Income Tax Circle, Ashram Road, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Rupee term loans from banks	259.519	425.426
Total	259.519	425.426

Auditors :
Name :	Khanik Jatin and Associates Chartered Accountants
Address :	B-208,209. Ganesh Plaza , Near Navrangpura, Post Office, Navrangpura, Ahmedabad - 380009, Gujarat, India
PAN No.:	ALSPS8764J

Memberships :	Not Available

Collaborators :	Not Available

Other Related Parties :	Shivshakti Tradelibk Private Limited Partidar Industries Private Limited Patidar Cotspin Private Limited

Group Companies : (As per indirect source)	Shivom Enterprises Pty. Limited Somnath Ginning Pressing Siddhivinayak Cotton Industries Shivam Agro Foods

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs.10.000 Million

Issued, Subscribed & Paid-up Capital : Rs.5.000 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500,000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

500,000	Equity Shares	Rs.10/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	1.609	0.780	0.284
(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)	6.609	5.780	5.284

(3) Non-Current Liabilities
(a) long-term borrowings	14.554	14.422	11.900
(b) Deferred tax liabilities (Net)	0.028	0.015	0.008
(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)	14.582	14.437	11.908

(4) Current Liabilities
(a) Short term borrowings	259.519	425.426	1.435
(b) Trade payables	129.505	49.920	87.865
(c) Other current liabilities	6.441	0.981	3.453
(d) Short-term provisions	0.250	0.175	0.120
Total Current Liabilities (4)	395.715	476.502	92.873

TOTAL	416.906	496.719	110.065

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.866	0.735	0.384
(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	0.140	0.140	0.140
(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	0.027	0.027	0.027
Total Non-Current Assets	1.033	0.902	0.551

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.103	2.833	92.160
(c) Trade receivables	338.295	453.843	6.985
(d) Cash and cash equivalents	24.847	8.995	3.541
(e) Short-term loans and advances	24.427	19.742	3.202
(f) Other current assets	11.201	10.404	3.626
Total Current Assets	415.873	495.817	109.514

TOTAL	416.906	496.719	110.065

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1549.405	915.567	530.919
	Other Income	NA	15.506	5.767
	TOTAL	NA	931.073	536.686

Less	EXPENSES
	Cost of Materials Consumed	NA	777.099	597.117
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	NA	89.328	(92.161)
	Employees benefits expense	NA	1.420	0.121
	Other expenses	NA	49.424	27.234
	TOTAL	NA	917.271	532.311

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	19.813	13.802	4.375

Less	FINANCIAL EXPENSES	18.588	13.044	3.950

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.225	0.758	0.425

Less/ Add	DEPRECIATION/ AMORTISATION	0.133	0.080	0.013

	PROFIT/ (LOSS) BEFORE TAX	1.092	0.678	0.412

Less	TAX	0.263	0.182	0.128

	PROFIT/ (LOSS) AFTER TAX	0.829	0.496	0.284

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1278.189	895.846	528.568
	TOTAL EARNINGS	1278.189	895.846	528.568

	Earnings / (Loss) Per Share (Rs.)	1.66	0.99	0.57

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	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	200.266	(407.741)	NA
Net cash flows from (used in) operating activities	200.091	(407.861)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.05	0.05	0.05

Operating Profit Margin (PBIDT/Sales)	(%)	0.08	1.51	0.82

Return on Total Assets (PBT/Total Assets}	(%)	0.26	0.14	0.37

Return on Investment (ROI) (PBT/Networth)		0.17	0.12	0.08

Debt Equity Ratio (Total Debt /Networth)		41.47	76.10	2.52

Current Ratio (Current Asset/Current Liability)		1.05	1.04	1.18

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	5.000	5.000	5.000
Reserves & Surplus	0.284	0.780	1.609
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.284	5.780	6.609

long-term borrowings	11.900	14.422	14.554
Short term borrowings	1.435	425.426	259.519
Total borrowings	13.335	439.848	274.073
Debt/Equity ratio	2.524	76.098	41.470

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	530.919	915.567	1549.405
		72.449	69.229

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	530.919	915.567	1549.405
Profit	0.284	0.496	0.829
	0.05%	0.05%	0.05%

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)
Long-term Borrowings
Loans and advances from others	14.554	14.422

Total	14.554	14.422

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10335368	07/02/2012	5,000,000.00	THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LTD.	H.O. KALUPUR BHAVAN,NEAR INCOME TAX CIRCLE, ASHR AM ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B32036196

FIXED ASSETS

Buildings
Office building

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.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	KAS

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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		27

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