MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	ASHIKA TEXTILE INDIA PRIVATE LIMITED
Registered Office :	36/1 Deodar Street, Kolkata – 700019, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.03.2004
Com. Reg. No.:	21-098131
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U18101WB2004PTC098131
TAN No.: [Tax Deduction & Collection Account No.]	CALA08194E
PAN No.: [Permanent Account No.]	AAECA7253N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Designer Sarees and Salwar Suits.
No. of Employees :	55 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has improved its performance in the year 2009-10. The company has successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

INFORMATION DECLINED BY

Name :	Mr. Saurabh Suresh Agarwal
Designation :	Director
Contact No.:	91-9819368202
Date :	17.10.2011

LOCATIONS

Registered Office :	36/1 Deodar Street, Kolkata – 700 019, West Bengal, India
Tel. No. :	91-33-22174953
Mobile No.:	91-9819368202 [Mr. Saurabh Suresh Agarwal]
Fax No. :	91-33-22655064
E-Mail :	roc@sjaykishan.com ashika@ashika.com
Website :	www.ashika.com
Area:	1000 sq. fts
Location :	Owned
Corporate Office :	Aayushi Apartments, B – Wing, J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-28302901-04/28302908/22002714/28302905
Fax No.:	91-22-28302907
E-Mail :	roc@sjaykishan.com
Area :	15000 sq. fts
Location :	Owned
Factory :	Located at · Dahisar, Near Checknaka

DIRECTORS

As on 30.09.2010

Name :

Mr. Saurabh Suresh Agarwal

Designation :

Director

Address :

B-604, Aayushi Apartments, B – Wing, J. B. Nagar, Andheri (E), Mumbai – 400 059, Maharashtra, India

Date of Birth/Age :

06.01.1985

Qualification :

MBA

Date of Appointment :

18.03.2004

Din No.:

00341765

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	U18101WB2004PTC098131	ASHIKA TEXTILE INDIA PRIVATE LIMITED	Director	18-03-04	18-03-04	Active	NO
2	U51909WB1995PTC070728	ASHOKA SELECTIONS PRIVATE LIMITED	Director	16-08-04	16-08-04	Active	NO
3	U51909WB2006PTC107117	ELEGANT TIE UP PRIVATE LIMITED	Director	20-07-07	20-07-07	Active	NO

Name :

Mrs. Sheela Saurabh Agarwal

Designation :

Director

Address :

36/1, Deodar Street, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

08.12.1964

Qualification :

BA

Date of Appointment :

18.03.2004

Din No.:

01246475

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	U18101WB2004PTC098131	ASHIKA TEXTILE INDIA PRIVATE LIMITED	Director	18-03-04	18-03-04	Active	NO
2	U51909WB1995PTC070728	ASHOKA SELECTIONS PRIVATE LIMITED	Director	16-08-04	16-08-04	Active	NO

Name :

Mr. Aditya Agarwal

Designation :

Director

Address :

36/1, Deodar Street, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

10.11.1985

Date of Appointment :

01.04.2010

Din No.:

00343992

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	U51909WB1989PTC047397	BINOD KUMAR AND COMPANY PRIVATE LIMITED	Director	28-02-05	28-02-05	Active	NO
2	U51909WB2006PTC107117	ELEGANT TIE UP PRIVATE LIMITED	Director	20-07-07	20-07-07	Active	NO
3	U26940WB2008PLC127751	SRIJAN CEMENTS LIMITED	Director	22-07-08	22-07-08	Active	NO
4	U27100WB2008PTC128441	SRIJAN METALIKS PRIVATE LIMITED	Director	12-08-08	12-08-08	Active	NO
5	U45400WB2008PTC130290	SRIJAN LAXMI REALTY PRIVATE LIMITED	Director	05-11-08	05-11-08	Active	NO
6	U51909WB2009PTC134564	NEW HIND SILK HOUSE PRIVATE LIMITED	Director	13-04-09	13-04-09	Active	NO
7	U18101WB2004PTC098131	ASHIKA TEXTILE INDIA PRIVATE LIMITED	Director	01-04-10	01-04-10	Active	NO
8	U25200WB2010PLC147063	SRIJAN POLYPACKS LIMITED	Director	08-05-10	08-05-10	Active	NO

Name :

Mrs. Nirmala Devi Agarwal

Designation :

Director

Address :

36/1, Deodar Street, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

26.02.1967

Date of Appointment :

01.04.2010

Din No.:

00343954

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	U51909WB1989PTC047397	BINOD KUMAR AND COMPANY PRIVATE LIMITED	Director	16-08-89	16-08-89	Active	NO
2	U26940WB2008PLC127751	SRIJAN CEMENTS LIMITED	Director	20-09-10	22-07-08	Active	NO
3	U51109WB2005PTC106375	EVERLIKE DISTRIBUTORS PRIVATE LIMITED	Director	04-01-10	04-01-10	Active	NO
4	U51909WB2009PTC133387	KEYNOTE VANIJYA PRIVATE LIMITED	Director	15-03-10	15-03-10	Active	NO
5	U18101WB2004PTC098131	ASHIKA TEXTILE INDIA PRIVATE LIMITED	Director	01-04-10	01-04-10	Active	NO
6	U25200WB2010PLC147063	SRIJAN POLYPACKS LIMITED	Director	20-09-10	20-09-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sheela Saurabh Agarwal	5000
Saurabh Suresh Agarwal	5000
Total	10000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Designer Sarees and Salwar Suits.
Products :	· Pure Silk Saree · Art Silk Saree · Cotton Sarees · Synthetic Sarees · Embroidery Sarees · Hand Embroidery Sarees · Dazzling Sarees · Cut Work Sarees · Fashion Sarees · Designer Bridal Sarees

GENERAL INFORMATION

No. of Employees :

55 [Approximately]

Bankers :

• Citi Bank, Fort Branch
• State Bank of India
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Car Loan From ICICI [Secured against the hypothecation of motor car]	0.000	0.356
Total	0.000	0.356
Unsecured Loan
From Directors	0.554	0.605
Total	0.554	0.605

Banking Relations :	--
Auditors :
Name :	Shah and Taparia Chartered Accountant
Address :	12, Navjivanwadi, Dhobi Talao, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-66319266/67/68
Fax No.:	91-22-66319266/67/68
Website :	www.shahtaparia.com
PAN No.:	AAOFS0663D
Enterprises in which key managerial personnel and relatives have significant influence:	· Ashoka Selection Private Limited · New Hind Silk House Private Limited · Binod Kumar and Company Private Limited · Ashika Sarees Limited · Raunak Print · Aishwarya Print · Saurabh Print

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
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.228	0.000	0.000
4] (Accumulated Losses)		0.000	(0.831)	(0.521)
NETWORTH		1.328	(0.731)	(0.421)
LOAN FUNDS
1] Secured Loans		0.000	0.356	0.689
2] Unsecured Loans		0.554	0.605	0.615
TOTAL BORROWING		0.554	0.961	1.304
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.882	0.230	0.883
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.510	1.990	1.933
Capital work-in-progress		1.861	0.319	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.011	0.556	0.368
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.065	3.886	1.535
	Sundry Debtors	29.801	1.702	1.499
	Cash & Bank Balances	2.551	0.667	0.164
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.707	1.132	0.720
Total Current Assets		55.124	7.387	3.918
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.575	8.822	4.290
	Other Current Liabilities	15.937	0.484	0.393
	Provisions	1.112	0.716	0.676
Total Current Liabilities		57.624	10.022	5.359
Net Current Assets		(2.500)	(2.635)	(1.141)
MISCELLANEOUS EXPENSES		0.000	0.000	0.023
TOTAL		1.882	0.230	0.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	82.223	14.469	8.130
		Other Income	1.353	0.898	0.861
		TOTAL	83.576	15.367	8.991
Less	EXPENSES
		Cost of goods sold	75.427	14.269	8.194
		Administrative expenses	20.909	3.567	2.626
		Preliminary expenses written off	0.000	0.023	0.023
		Increase / decrease in stocks	(16.180)	(2.351)	(0.725)
		TOTAL	80.156	15.508	10.118
	PROFIT / LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		3.420	(0.141)	(1.127)
Less/ Add	DEPRECIATION/ AMORTISATION		0.379	0.314	0.349
	PROFIT / LOSS BEFORE TAX		3.041	(0.455)	(1.476)
Less	TAX		0.982	(0.145)	(0.178)
	PROFIT / LOSS AFTER TAX		2.059	(0.310)	(1.298)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.831)	(0.521)	0.777
	BALANCE CARRIED TO THE B/S		1.228	(0.831)	(0.521)
	Earnings / Loss Per Share (Rs.)		205.90	(31.00)	(129.80)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.46	(0.02)	(14.44)
Net Profit Margin (PBT/Sales)	(%)	3.70	(3.14)	(18.15)
Return on Total Assets (PBT/Total Assets}	(%)	5.27	(4.85)	(25.23)
Return on Investment (ROI) (PBT/Networth)		2.29	0.62	3.50
Debt Equity Ratio (Total Liability/Networth)		43.80	(15.02)	(15.83)
Current Ratio (Current Asset/Current Liability)		0.95	0.74	0.73

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

· Computer

· Jewellery Box Tray

· Motor Car

· Land at Surat GIDC

· Office Equipments

· Furniture and Fixtures

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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	NO
--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		30

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.