MIRA INFORM REPORT

Report Date :

30.05.2011

IDENTIFICATION DETAILS

Name :	ARCHNA DYEING AND PRINTING MILLS PRIVATE LIMITED
Registered Office :	810/3A Road, No. 8, GIDC Sachin, Surat-395007, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.05.1993
Com. Reg. No.:	04-019392
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U17119GJ1993PTC019392
TAN No.: [Tax Deduction & Collection Account No.]	SRTA00376F
PAN No.: [Permanent Account No.]	AABCA9865H
Legal Form :	Private Limited Liability Company
Line of Business :	Dying and Printing Textile Process House.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 62000
Status :	Moderate
Payment Behaviour :	Sow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses being incurred by the company continuously in two years. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

INFORMATION PARTED BY

Name :	Mr. Jitesh Dayakishan Agarwal
Designation :	Director
Contact No.:	91-9426100001
Date :	28.05.2011

LOCATIONS

Registered Office :	810/3A Road, No. 8, GIDC Sachin, Surat-395007, Gujarat, India
Tel. No.:	91-261-2870267/2397325
Mobile No.:	91-9426100001 (Mr. Jitesh Dayakishan Agarwal)
Fax No.:	91-261-2397325
E-Mail :	archana.dp.mills@yahoo.co.in mcafiling@yahoo.co.in

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Punit Premkumar Jain
Designation :	Director
Address :	201, Anurag Apartment, Ghod Dod Road, Surat-395007, Gujarat, India
Date of Birth/Age :	07.07.1983
Date of Appointment :	01.01.2003
Din No.:	01007375
Name :	Mr. Jitesh Dayakishan Agarwal
Designation :	Director
Address :	15-16, Chankyapuri Co-operative Society, Near Naher, Bhatar Road, Surat-395001, Gujarat, India
Date of Birth/Age :	25.01.1977
Date of Appointment :	12.01.2007
Din No.:	00144505
Name :	Mr. Satya Prakash Badriprasad Jain
Designation :	Director
Address :	117, Harikrupa Textile Market, Ring Road, Surat-395002, Gujarat, India
Date of Birth/Age :	10.04.1956
Date of Appointment :	07.05.2007
Din No.:	02429425
Name :	Mr. Ramdayal Phoolchand Bansal
Designation :	Director
Address :	404, Uday Jyot Apartment, Bhatar Road, Surat-395007, Gujarat, India
Date of Birth/Age :	10.06.1964
Date of Appointment :	07.05.2007
Din No.:	00642443
Name :	Mr. Satish Sripal Jain
Designation :	Director
Address :	5-C, Pallavi Apartment, Opposite Rudhnath Jakatnaka, Dumas Road, Surat-395007, Gujarat, India
Date of Birth/Age :	09.04.1963
Date of Appointment :	09.05.2007
Din No.:	01683791
Name :	Mr. Mahaveerprasad Agarwal
Designation :	Director
Address :	C-5, D.K. Park Society, Bhatar Road, Surat-395007, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Vishwantah Bansal	65500
Mahaveerprasad Agarwal	57500
Vishwantah Bansal - HUF	31000
Bajrangdas Bansal	27000
Krishnadevi Bansal	25000
Subash Garg	14000
Ramkali Garg	12000
Ramtilak Garg	10000
Geetadevi Agarwal	10000
Brijnarayan Gupta	14000
Nirmaladevi Gupta	10700
Samprakash Dave	45990
Punit Jain	25000
Premkumar Jain -HUF	24500
Anilkumar Jain - HUF	25500
Premkumar Jain	31210
Sanjay Bansal	25000
Renu Jain	48300
Jagdish Rai Jain	37620
Satish Jain	100000
Satya Prakash Jain	5500
Ramdayal Bansal	32800
Usha Jain	70000
Badri Prasad Jain	14000
Vipin Jain	15000
Anita Jain	30000
Parmila Jain	33880
Kavita Jain	24000
Jitesh Agarwal	92000
Dayakishan Agarwal	43000
Total	1000000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dying and Printing Textile Process House.

PRODUCTION STATUS (AS ON 31.03.2010)

Actual Production

10744550.55

GENERAL INFORMATION

Customers:

• Abhishek Fashion
• Aditya Creation
• Agarwal International
• Anjali Prints
• C.J. Textiles
• Durga Textiles
• Gaurang Textiles
• Bajaj Prints
• Bansal Textiles
• Akshat Fashion
• Arihant Silk Mills

No. of Employees :

50 (Approximately)

Bankers :

Bank of Baroda, Panch Hatdi (Main) Branch, Post Box No. 6, Panch Hatdi, Navsari-396445, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Overdraft facility of Rs.12.500 millions from Bank of Baroda (against hypothecation of land and building and plant and machinery)	11.467	11.478
Term loan facility from Bank of Baroda (TL-392) (against hypothecation of plant and machinery)**	0.000	0.740
Term loan facility form Bank of Baroda (TL-393)** (against hypothecation of plant and machinery)	0.790	1.563
Term loan facility form Bank of Baroda (TL-394) (against hypothecation of plant and machinery)**	0.286	0.536
HDFC Bank (car loan)	0.193	0.429
Kotak Mahindra Prime Limited	0.597	0.000
Tata Motors Finance Limited (tempo loan)	0.000	0.211
Reliance Capital	0.241	0.387
Total	13.574	15.344
Unsecured Loan
Form directors	2.303	0.938
From others	7.086	5.648
Total	9.389	6.586

Banking Relations :	--
Auditors :
Name :	Umang Tekriwal and Company Chartered Accountant
Address :	8007, World Trade Centre, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-3025779
Pan No.:	AAOPT9834D

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		5.000	5.000	0.000
3] Reserves & Surplus		0.676	1.964	2.007
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.676	16.964	12.007
LOAN FUNDS
1] Secured Loans		13.574	15.344	18.658
2] Unsecured Loans		9.389	6.586	5.480
TOTAL BORROWING		22.963	21.930	24.138
DEFERRED TAX LIABILITIES		2.510	2.970	3.334
LIABILITY FOR CAPITAL GOODS		0.045	0.299	0.000
TOTAL		41.194	42.163	39.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.249	25.425	27.426
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.526	0.526	0.527
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.511	4.510	5.769
	Sundry Debtors	16.280	13.476	11.410
	Cash & Bank Balances	2.122	1.046	1.252
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.730	4.571	4.563
Total Current Assets		31.643	23.603	22.994
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.293	5.143	8.949
	Other Current Liabilities	0.000	0.000	0.049
	Provisions	1.931	2.248	2.470
Total Current Liabilities		12.224	7.391	11.468
Net Current Assets		19.419	16.212	11.526
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.194	42.163	39.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	80.347	68.195	73.786
		Other Income	0.550	1.585	NA
		TOTAL (A)	80.897	69.780	NA
Less	EXPENSES
		Manufacturing and other expenses	67.906	57.335
		Administrative expenses	7.247	3.843	NA
		Loss on sale of machinery	1.093	0.000
		Increase / decrease in stock	(0.650)	1.247
		TOTAL (B)	75.596	62.425	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.301	7.355	NA
Less	FINANCIAL EXPENSES (D)		2.969	3.030	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.332	4.325	4.162
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.827	3.875	3.521
	PROFIT BEFORE TAX (E-F) (G)		(1.495)	0.450	0.641
Less	TAX (H)		(0.207)	0.493	0.398
	PROFIT AFTER TAX (G-H) (I)		(1.288)	(0.043)	0.243
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.964	2.007	NA
	BALANCE CARRIED TO THE B/S		0.676	1.964	NA
	Earnings Per Share (Rs.)		(1.288)	(0.44)	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(1.59)	(0.06)	NA
Net Profit Margin (PBT/Sales)	(%)	(1.86)	0.66	0.87
Return on Total Assets (PBT/Total Assets}	(%)	(2.83)	0.92	1.27
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.03	0.05
Debt Equity Ratio (Total Liability/Networth)		2.24	1.73	2.97
Current Ratio (Current Asset/Current Liability)		2.59	3.19	2.00

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Sundry Creditors for Goods	8.054	3.454	5.922
Sundry Creditors for Expenses	2.239	1.689	3.027
Total	10.293	5.143	8.949

Partial Details of Sundry Creditors:

	31.03.2010 (Rs. in millions)
Dinesh Parmar	0.011
Ashok	0.416
Eurotex Chemicals	0.252
Glow Colour Marketing	0.662
J.M. Traders	0.229
Sadhna Dye Chem	3.796
Shree Hari Foil Prints	0.300
Henil Textiles	0.200
Sharma Pipes and Hardwares	0.216
Atlas Electrical	0.130

PERFORMANCE:

During the year, company Job income has increased to Rs.80.347 Millions against turnover of Rs. 68.195 Millions in previous year. Inspite of increased in sales the company has suffered loss of Rs. 1.287 Millions. The company has suffered loss due to ever rising overhead cost and rising trend in prices of raw materials with unmatched increase in the selling price, which remained more or less constant. Moreover, the tough competition in the market and recession has badly affected the performance of the company.

The directors are taking appropriate steps to further increase the overall profitability of the company by improving the efficiency and reduction in wastages and hopeful that the company’s result will improve during the current year.

Fixed Assets:

• Leasehold Land
• Factory Building
• Plant and Machinery
• Pipelines
• Computer A/c
• Office Equipment and Furniture
• Vehicles
• Mobile Phone
• Electric Fittings

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 records 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.45.21
UK Pound	1	Rs.74.30
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
TOTAL		29

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.