MIRA INFORM REPORT

Report Date :

31.05.2011

IDENTIFICATION DETAILS

Name :	JAI TULSI TEX PRINTS PRIVATE LIMITED
Registered Office :	806/1, Road No. 2, GIDC, Sachin, Surat – 394221, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.10.2006
Com. Reg. No.:	04-49221
Capital Investment / Paid-up Capital :	Rs.3.126 Millions
CIN No.: [Company Identification No.]	U17122GJ2006PTC049221
TAN No.: [Tax Deduction & Collection Account No.]	SRTJ01562B
PAN No.: [Permanent Account No.]	AABCJ7349D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Textile
No. of Employees :	200 (Approximately)

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 71000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 (General Details)

Name :	Mr. Vinod
Designation :	Director
Contact No.:	91-9824650890
Date :	26.05.2011

LOCATIONS

Registered Office :	806/1, Road No. 2, GIDC, Sachin, Surat – 394221, Gujarat, India
Tel. No.:	91-261-2399095
Mobile No.:	91-9824650890 (Mr. Vinod)
E-Mail :	mcafiling@yahoo.co.in

DIRECTORS

As on 28.09.2010

Name :	Mr. Vinod Kumar Manphool Singh Agarwal
Designation :	Director
Address :	6-B, Siddha Chakra, Tower B, Opp. Modi Bunglow, Parle Point, Surat – 395007, Gujarat, India
Date of Birth/Age :	06.07.1960
Qualification :	Post Graduate
Date of Appointment :	12.10.2006
DIN No. :	00216374
Name :	Mr. Sunilkumar Dilbaghrai Jain
Designation :	Director
Address :	10-C, Ratankunj Apartment, Ravidham Complex, Ghod Dod Road, Surat – 395001, Gujarat, India
Date of Birth/Age :	15.04.1959
Qualification :	Graduation
Date of Appointment :	25.08.2008
DIN No. :	00355720

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
Vinod Kumar Agarwal	20500
Pradeep Jain	18400
Anil Kumar Agarwal	10000
Manoj Kumar Agarwal	20000
Shanti Devi Agarwal	25000
Sunil Kumar Jain	30200
Sunita Jain	25500
Sunita Jain	30500
Vaibhav Agarwal	10000
Deepanshu Jain	19800
Indu Jain	25500
Pramod Kumar Agarwal	20000
Reena Agarwal	10600
Promil Agarwal	10600
Archana Agarwal	10600

As on 28.09.2010

Category	Percentage
Directors or relatives of Directors	99.87
Other top fifty shareholders	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Textile
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Trader

No. of Employees :

200 (Approximately)

Bankers :

Bank of Baroda, Surat – 394230, Gujarat, India

Facilities :

Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Short Term
From Members and Relatives	6.567	5.639
Intercorporate Loan	3.285	0.000
Total	9.852	5.639

Banking Relations :

--

Auditors :

Name :

Sethia and Bohra Associates

Chartered Accountant

Address :

1009-10, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India

Tel. No.:

91-261-2302109 / 3912109 / 6662109

Mobile No.:

91-261-2321114

E-Mail :

contactus0000@gmail.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
312600	Equity Shares	Rs.10/-each	Rs.3.126 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		3.126	3.126	2.126
2] Share Application Money		0.000	0.000	0.500
3] Reserves & Surplus		14.545	13.893	0.673
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.671	17.019	3.299
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		9.852	5.639	14.960
TOTAL BORROWING		9.852	5.639	14.960
DEFERRED TAX LIABILITIES		0.209	0.170	0.141
TOTAL		27.732	22.828	18.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.032	13.993	14.708
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.765	0.600	0.600
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.407	1.223	4.064
	Sundry Debtors	13.910	13.491	6.050
	Cash & Bank Balances	0.947	1.499	0.135
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.225	8.973	3.681
Total Current Assets		23.489	25.186	13.930
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.535	12.062	10.516
	Other Current Liabilities	1.434	0.183	0.136
	Provisions	0.600	4.735	0.230
Total Current Liabilities		12.569	16.980	10.882
Net Current Assets		10.920	8.206	3.048
MISCELLANEOUS EXPENSES		0.015	0.029	0.044
TOTAL		27.732	22.828	18.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	89.021	90.469	61.510
		Other Income	0.079	12.501	0.000
		TOTAL	89.100	102.970	61.510
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	87.807	89.009	60.637
	PROFIT BEFORE TAX		1.293	13.961	0.873
Less	TAX		0.641	4.742	0.309
	PROFIT AFTER TAX		0.652	9.219	0.564
	Earnings Per Share (Rs.)		2.09	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.73	8.95	0.92
Net Profit Margin (PBT/Sales)	(%)	1.45	15.43	1.42
Return on Total Assets (PBT/Total Assets}	(%)	3.36	35.63	3.05
Return on Investment (ROI) (PBT/Networth)		0.07	0.82	0.26
Debt Equity Ratio (Total Liability/Networth)		1.27	1.33	7.83
Current Ratio (Current Asset/Current Liability)		1.87	1.48	1.28

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	5.318	8.212	8.566
Sundry Creditors for Expenses	5.217	3.850	1.950
Total	10.535	12.062	10.516

THE YEAR IN RETROSPECT AND FUTURE OUTLOOK:

During the year the company’s turnover has declined to Rs. 89.021 Millions as compared to previous year of Rs. 90.469 Millions. Also, the net profit of the company has decreased to Rs. 0.652 Million compared to previous year profit of Rs.9.219 Millions. The trading income of the company has been Nil during this year as compared to previous year. 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

• Computer
• Factory Building
• Land
• Plant and Machinery

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.45.10
UK Pound	1	Rs.74.27
Euro	1	Rs.64.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.