MIRA INFORM REPORT

Report No. :	349639
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	IMAGE MINE PRODUCTS PRIVATE LIMITED
Registered Office :	2^nd Floor, Tirupati Market, Modhera Chokadi, Mehsana - 384002, Gujarat
Tel. No.:	91-9687293260 (Mr. Jenit Patel)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.08.2013
Com. Reg. No.:	04-076344
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51909GJ2013PTC076344
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 was incorporated in the year 2013 and it is having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, the company has achieved decent sales turnover in its first year of business operation. However, trade relations are improving. Business is active. Payment terms are slow but correct. The company 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. Jenit Patel
Designation :	Marketing Manager
Contact No.:	91-9687293260
Date :	14.11.2015

LOCATIONS

Registered Office :	2^nd Floor, Tirupati Market, Modhera Chokadi, Mehsana - 384002, Gujarat, India
Tel. No. :	Not Available
Mobile No. :	91-9879762550 (Mr. Ambalalal Patel) 91-9687293260 (Mr. Jenit Patel)
Fax No. :	Not Available
E-Mail :	imagemineproducts@gmail.com mitulghelani1621@yhoo.com
Location:	Owned
Locality:	Commercial
Branch Office:	606, Akika Tower, S G Road, Near Pokwan Hotel, Ahmedabad, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Ms. Pooja J. Bhatt

Designation :

Director

Address :

1, Akshardham Flat, Opposite Swaminarayan Temple, Vejalpur Ahmedabad– 380 051, Gujarat, India

Date of Birth/Age :

17.02.1995

Date of Appointment :

21.09.2013

DIN No.:

06682715

Name :

Mr. Nimisha Parag Patel

Designation :

Director

Address :

H 6, Hasubhai Bunglow , B/H Satellite Police Station, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

06.04.1981

Date of Appointment :

08.08.2013

DIN No.:

06640157

Name :

Mr. Dhaval Vinodkumar Patel

Designation :

Director

Address :

2, Jivanjyot Society Part - 2, Urben Bank Road, Mehsana - 384002, Gujarat, India

Date of Birth/Age :

13.05.1990

Date of Appointment :

21.09.2013

DIN No.:

06697805

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	U51909GJ2013PTC076344	IMAGE MINE PRODUCTS PRIVATE LIMITED	Director	21/09/2013	21/09/2013	-	Active	NO
2	U15200GJ2015PLC082077	MEHSANA DAIRY AND FOOD PRODUCTS LIMITED	Director	29/01/2015	29/01/2015	26/06/2015	Active	NO

Name :

Mr. Jitendrabhai Shambhuram Bhatt

Designation :

Director

Address :

1 Akshardham Flat, Vejalpur, Opposite Swaminarayan Temple, Ahmedabad - 380051, Gujarat, India

Date of Appointment :

18.03.2015

DIN No.:

07131518

Name :

Mr. Kanubhai Rambhai Patel

Designation :

Director

Address :

H/6, Hasubhai Bunglows, Jodhpur, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

18.03.2015

DIN No.:

07130297

Name :

Mr. Aayush Shaileshkumar Patel

Designation :

Director

Address :

105/A-Tulsi Bunglows, Radhanpur Road,Mehsana, Mehsana - 384002, Gujarat, India

Date of Appointment :

18.03.2015

DIN No.:

07058035

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	U15490GJ2008PTC053865	AMIT POMEG-TECH PRIVATE LIMITED	Director	20/12/2014	20/12/2014	-	Active	NO
2	U51909GJ2013PTC076344	IMAGE MINE PRODUCTS PRIVATE LIMITED	Director	18/03/2015	18/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jenit Patel
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Amit Ambalal Patel	2000	20.00
Ambalal Jorabhai Patel	1000	10.00
Shailesh Ambalal Patel	1500	15.00
Dhaval Vinodkumar Patel	3500	35.00
Pooja Jitendrabhai Bhatt	1000	10.00
Nimisha Parag Patel	1000	10.00
Total	10000	100.00

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Coal.
Products :	Coal
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Coal
Countries :	Indonesia South Africa
Terms :
Selling :	L/C, Cash and Credit (30/ 60/ 90 Days)
Purchasing :	L/C, Cash and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Intertek India 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

• Magnifico Minerals Private Limited
• Synergy Fuels Private Limited

Customers :

End Users and OEM’s

Reference :	Binani Cement 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

• Nirma Private Limited
• Akta Trading
• Ashirwad Enterprise
• Bhavna Trading Corporation
• Krishna Global Industries
• OM Traders
• Showwman Projects
• Shri Amrat Traders
• Someshwar Ispat Private Limited

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	Dena Bank
Branch	Mehsana, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	91-2762-251273 (Number is Continuously Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Corporation Bank, Mehsana, Ahmedabad, Gujarat, India

Auditors :
Name :	Jaymin Desai Chartered Accountants
Address :	Bhulabhai Park, Geeta Mandir, Ahmedabad – 380022, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AJHPD3690F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.10.000 Million

Issued, Subscribed & Paid-up Capital : Rs.10.000 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	1.742
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1.842
(3) Non-Current Liabilities
(a) long-term borrowings	144.449
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	144.449
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	74.726
(c) Other current liabilities	2.950
(d) Short-term provisions	0.000
Total Current Liabilities (4)	77.676
TOTAL	223.967
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.085
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	50.063
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.352
(e) Other Non-current assets	0.000
Total Non-Current Assets	50.500
(2) Current assets
(a) Current investments	0.000
(b) Inventories	64.536
(c) Trade receivables	108.875
(d) Cash and cash equivalents	0.043
(e) Short-term loans and advances	0.000
(f) Other current assets	0.013
Total Current Assets	173.467
TOTAL	223.967

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014
	SALES
	Income	168.127
	Other Income	5.953
	TOTAL	174.080
Less	EXPENSES
	Purchases of Stock-in-Trade	207.391
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(64.536)
	Employees benefits expense	3.560
	Other expenses	23.126
	TOTAL	169.541
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.539
Less	FINANCIAL EXPENSES	2.795
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.744
Less/ Add	DEPRECIATION/ AMORTISATION	0.003
	PROFIT/ (LOSS) BEFORE TAX	1.741
Less	TAX	0.000
	PROFIT/ (LOSS) AFTER TAX	1.741
	Earnings / (Loss) Per Share (Rs.)	174.10

Particulars	31.03.2015
Sales Turnover (Approximately)	200.000

The above information has been parted by Mr. Jenit Patel (Marketing Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014
Current Maturities of Long term debt	NA
Cash generated from operations	NA
Net cash flow from operating activity	NA

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.04
Operating Profit Margin (PBIDT/Sales)	(%)	2.70
Return on Total Assets (PBT/Total Assets}	(%)	1.00
Return on Investment (ROI) (PBT/Networth)		0.95
Debt Equity Ratio (Total Debt /Networth)		78.42
Current Ratio (Current Asset/Current Liability)		2.23

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	No
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 about one year and eight months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for about one year and eight months	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)
Long-term Borrowings
Dena Bank LC A/c 005713LILU00016	139.449
Dhavalkumar V Patel - Loan	5.000
Total	144.449

INDEX OF CHARGES:

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Computer Equipment
• Motor 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.65.98
UK Pound	1	Rs.100.10
Euro	1	Rs.70.34

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KSH
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--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	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		26

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.