MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	TOTAL TEXTILE SOLUTIONS PRIVATE LIMITED [w.e.f. 13.10.2011]
Formerly Known As :	YUVAK WORLDWIDE PRIVATE LIMITED
Registered Office :	203-204, Mamta House Co-operative Society Limited, Near Bandra Talav, S.V. Road, Bandra (West), Mumbai-400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.2006
Com. Reg. No.:	11-159914
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U17124MH2006PTC159914
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Men’s Wear, Ladies Wear, Suiting, Shirting Garments, etc.
No. of Employees :	Not Available

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 160000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	203-204, Mamta House Co-operative Society Limited, Near Bandra Talav, S.V. Road, Bandra (West), Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-28504001
Fax No.:	91-22-28590833
E-Mail :	contact@yuvak.com
Factory:	E 13 MIDC Industrial Area, Tarapur, District Thane, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Tarun Manohar Samat

Designation :

Director

Address :

10, Palmira, III TPS, 21 Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

24.11.1971

Date of Appointment :

21.02.2006

Din No.:

00587955

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17100MH1988PLC046907	YUVAK FINE FAB LIMITED	Director	22-05-95	22-05-95	Active	NO
2	U17120MH1993PLC071616	YOG WOOLLEN AND SYNTHETICS INDUSTRIES LIMITED	Director	02-11-01	02-11-01	Active	NO
3	U18101MH2006PTC158867	YUVAK APPARELS PRIVATE LIMITED	Director	13-01-06	13-01-06	Under Process of Striking off	NO
4	U17124MH2006PTC159914	TOTAL TEXTILE SOLUTIONS PRIVATE LIMITED	Director	21-02-06	21-02-06	Active	NO

Name :

Mr. Manohar Giridharidas Samat

Designation :

Director

Address :

10, Palmira, III TPS, 21 Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

01.01.1946

Date of Appointment :

21.02.2006

Din No.:

00587925

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17100MH1988PLC046907	YUVAK FINE FAB LIMITED	Director	07-04-88	07-04-88	Active	NO
2	U17120MH1993PLC071616	YOG WOOLLEN AND SYNTHETICS INDUSTRIES LIMITED	Director	15-04-93	15-04-93	Active	NO
3	U18101MH2006PTC158867	YUVAK APPARELS PRIVATE LIMITED	Director	13-01-06	13-01-06	Under Process of Striking off	NO
4	U17124MH2006PTC159914	TOTAL TEXTILE SOLUTIONS PRIVATE LIMITED	Director	21-02-06	21-02-06	Active	NO

Name :

Mr. Karan Dilip Tandon

Designation :

Additional Director

Date of Appointment :

01.06.2009

Din No.:

02632096

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Manohar Giridharidas Samat	2500
Tarun Manohar Samat	2500
Arun Manohar Samat	2500
Suraj Manohar Samat	2500
Hema Trading Company Private Limited	150000
Yes V Jewels Limited	100000
Javda India Impex Limited	100000
Laxus Infotech Limited	300000
Santagen Textiles Mill Limited	250000
Vanguard Jewels Limited	100000
Osian P G Bottling Limited	23750
Zen Shaving Limited	37500
Kailash Ficon Limited	37500
Suryadeep Salt Refinery and Chemical Works Limited	25000
Millennium Cyber Tech Limited	25000
Kush Hindustan Entertainment Limited	200000
Total	1358750

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.26
Directors or relatives of directors	0.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Men’s Wear, Ladies Wear, Suiting, Shirting Garments, etc.

GENERAL INFORMATION

Bankers :

· Indian Overseas Bank, Bangur Nagar, Goregaon (West), Mumbai-400104, Maharashtra, India

· Andhra Bank, 116, Saurabh, Andheri Kurla Road, Andheri (East), Mumbai-400093, Maharashtra, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term loan from Andhra Bank, Andheri (East) Branch [Secured by mortgage of immovable property and a charge by way of hypothecation of plant and machinery due within one year Rs.16.836 Millions]	73.624	84.961
HDFC Car Loan [Due within one year Rs.0.100 Million]	0.263	0.332
Total	73.887	85.293
Unsecured Loan
Loan from directors / sister concern	13.872	15.145
Loan taken from other	4.146	2.393
Total	18.018	17.538

Banking Relations :	--
Auditors :
Name :	J.K. Lahoti and Company Chartered Accountants
Address :	170/172, Kalbadevi Road, 3^rd Floor, Mumbai-400002, Maharashtra, India
Pan No.:	AAAPL5028F

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1358750	Equity Shares	Rs.10/- each	Rs.13.587 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.000	31.775
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.640	0.000	0.058
4] (Accumulated Losses)		0.000	(0.046)	0.000
NETWORTH		40.640	39.954	31.833
LOAN FUNDS
1] Secured Loans		73.887	85.293	62.649
2] Unsecured Loans		18.018	17.538	15.145
TOTAL BORROWING		91.905	102.831	77.794
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		132.545	142.785	109.627
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		126.661	122.286	7.990
Capital work-in-progress		0.000	0.000	101.398
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.725	0.206	0.000
	Sundry Debtors	10.487	0.000	0.025
	Cash & Bank Balances	0.401	0.568	0.875
	Other Current Assets	0.085	0.072	0.000
	Loans & Advances	8.512	28.958	38.551
Total Current Assets		28.210	29.804	39.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.134	9.629	0.000
	Other Current Liabilities	6.908	0.045	39.541
	Provisions	1.284	0.021	0.061
Total Current Liabilities		22.326	9.695	39.602
Net Current Assets		5.884	20.109	(0.151)
MISCELLANEOUS EXPENSES		0.000	0.390	0.390
TOTAL		132.545	142.785	109.627

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	62.709	10.233	0.500
Less	EXPENSES
		Manufacturing Expense	48.190	10.341
		Administrative Expenses	21.639	0.248
		Preliminary Expenses Written Off	0.390	0.000	0.561
		Increase / Decrease in Stock	(8.519)	(0.206)
		TOTAL	61.700	10.383	0.561
	PROFIT / (LOSS) BEFORE TAX		1.009	(0.150)	(0.061)
Less	TAX		0.323	(0.046)	0.000
	PROFIT / (LOSS) AFTER TAX		0.686	(0.104)	(0.061)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.046)	0.058	NA
	BALANCE CARRIED TO THE B/S		0.640	(0.046)	NA
	Earnings Per Share (Rs.)		0.17	(0.03)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.09	(1.02)	(12.20)
Return on Total Assets (PBT/Total Assets}	(%)	0.65	(0.10)	(0.13)
Return on Investment (ROI) (PBT/Networth)		0.02	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		2.81	2.82	3.69
Current Ratio (Current Asset/Current Liability)		1.26	3.07	1.00

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 5B/160, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India to the present address w.e.f. 13.10.2011

FINANCIAL RESULTS:

During the period the company has incurred a net profit of Rs.0.686 Millions.

WORKING REVIEW:

The company is deploying its resources in the best possible way to increase business volumes and plans to achieve increased turnover in the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U17124MH2006PTC159914
Name of the company	TOTAL TEXTILE SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	203-204, Mamta House Co-operative Society Limited, Near Bandra Talav, S.V. Road, Bandra (West), Mumbai-400050, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property
Particular of charge holder	Indian Overseas Bank, Bangur Nagar, Goregaon (West), Mumbai-400104, Maharashtra, India
Email	goregaonbr@ntserver.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Loan Sanction to Yuvak Worldwide Private Limited (Now named as Total Textile Solutions P. Ltd) CC Stock and Receivable Rs. 30.000 Millions (Including Sub limit of Pacling Credit against order and Resultant bill DP/DA 90 days of Rs. 10.000 Millions) Term loan to be taken from Andhra bank Rs. 69.700 Millions Term Loan Fresh plant and machinery Rs. 75.000 Millions
Date of instrument Creating the charge	18.10.2011
Amount secured by the charge	Rs.174.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate +3.75% currently 14.50% Terms of Repayment 1. Repayment of Outstanding Existing Loan of Rs. 69.700 Millions as per existing schedule of Andhra Bank (Outstanding 16 quarterly installments out of 20 quarterly installments from Sep 2011 to June 2015 2. Repayment of New Term Loan of Rs. 75.000 Millions as per proposed schedule (72 monthly installments starting from Jan 2013 to Dec 2018 after a moratorium of 18 months Interest should be serviced as and when debited to the account Margin Stocks 25% Receivables (Book Debts) 40% Packing Credit 10% Plant and Machinery 26.83% Extent and Operation of the charge CC 30.000 Millions (Sub Limit Packing credit against order and Resultant bill DP/DA 90 days of Rs.10.000 Millions) Term Loan to be taken over from Andhra bank 69.700 Millions Fresh Term Loan 75.000 Millions
Short particulars of the property charged	EM of Land and building at E 13 MIDC Industrial Area, Tarapur Dt Thane admeasuing 4074 sq mtrs belong to the company purchased from Baysil Filcon Private Limited First Charge on present and future P and M Hypothecation of stocks and receivable First charge on present and future 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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

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
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.