MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	GINZA INDUSTRIES LIMITED

Formerly Known As :	GINZA LACES LIMITED

Registered Office :	11 Clive Row, 4^th Floor, Room No.1A/A, Kolkata- 700001, West Bengal

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	24.07.1986

Com. Reg. No.:	21-40991

Capital Investment / Paid-up Capital :	Rs.88.831 Millions

CIN No.: [Company Identification No.]	U17297WB1986PTC040991

IEC No.:	0392070138

TAN No.: [Tax Deduction & Collection Account No.]	MUMG10867D

PAN No.: [Permanent Account No.]	AAACM4342C AABCG0675P

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Manufacturer of all kinds of Readymade Garments.

No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2029608

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

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Anuja
Designation :	Senior Manager
Contact No.:	91-9820999184
Date:	15.10.2011

LOCATIONS

Registered Office :	11, Clive Row, 4^th Floor, Room No. 1A/A, Kolkata – 700001, West Bengal, India
Tel. No.:	91-22-2838 8881 / 90 / 22052701
Fax No.:	91-22-2836 7054 / 55
E-Mail :	hariaexports@vsnl.com suniljain73@rediffmail.com saraf_pralay@rediffmail.com
Website :	http://www.ginzalimited.com

Head Office :	362, GIDC, Road No.3, Surat, Gujarat, India
Tel. No.:	91-22-22052701/02
Fax No.:	91-22-22052704

Corporate Office1 :	Devkaran Mansion Building No.3, 43-Princess Street, 3^rd Floor, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-2201 9969 / 2207 5792 / 2206 2464
Fax No.:	91-22-2208 5778 / 2200 5770
E-Mail :	ginza@bom3.vsnl.net.in / ginza@vsnl.com

Corporate Office 2:	Kimatrai Building, 2^nd Floor,3 77/79 Maharshi Karve Road, Marin Lines, Mumbai-400002, Maharashtra, India.
Tel. No.:	91-22-2205271/02/03
Fax No.:	91-22-22052704
E-Mail :	ginza@vsnl.com
Area :	1300 sq. ft. [Owned]

Factory 1 :	Udhna [Godown] Plot No. A-2, 15-17, Sardar Patel Road No. 2, Udhana Udyog Nagar, Udhana – Surat – 394210 (Gujarat), India
Tel. No.:	91-261-2867 6227 / 2867 4015
E-Mail :	surat@ginzalimited.com

Factory 2 :	Yarn and Tape Unit Plot No. 6, 8 & 9, Unity Industrial Complex, Chala Daman Road, Kachhigam, Daman 396 210, Uttar Pradesh, India
Tel. No.:	91-2638-252986

Factory 3 :	Knitted Fabric Unit Plot No. A – 2/11, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat

Factory 4 :	Embroidery Unit Plot No. B 2, 29 and 30, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat

Factory 5 :	Knitted Fabric Unit Plot No 87, 88, 89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat

Factory 6 :	Process House Plot No. 362, GIDC, Road No. 3, Near Manilal Dyeing Mill, Sachin, GIDC Sachin, Surat - 394230

Factory 7 :	Torchon Lace Unit Genisis Ind. Complex, Phase III, Plot[s] No. 23/26, Village Kolgaon, Taluka : Palghar, Thane, Maharashtra

Factory 8 :	SEZ-Eye and Hook Unit Plot No 87, 88, 89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat

Factory 9 :	Apparel Park – Garment Unit Plot No. 61, Road No. 4, Apparel Park, Vanz Road, Sachin, Surat, Gujarat

Factory 10 :	Workshop of garments : “In-Tense” 20/168 Unnat nagar No. 4, M. G. Road, Goregaon [West], Mumbai – 400062

Branches :	Located at : Ulhasnagar Kolkata Surat Bangalore – Rented Delhi Tirupur Ahmedabad – Rented

Marketing Office 1:	133, Canning Street, Chopra Street , Chopra House, 3^rd Floor, Room No. 13, Kolkata-700 001.

Marketing Office 2.:	F-1 & 11, 1^st Floor , Room No. 13, Manandi Bhai, Jetwels Plaza, No.53, Nagarathpet, Bangalore- 560002.
E-Mail:	gizablr@vsnl.net

Marketing Office 3.:	13, Duriasamypuram, 2^nd Street, Near Wellknown Syndicate, Tirupur- 641602.
Tel No.	91-421-2247011

Marketing Office 4:	Plot No. 15-17, Road No. 2, Udhana Udyog Nagar, Udhana , Surat , Gujarat.
Tel No.:	91-261-8676227/8674015
Fax No.:	91-261-8675730
E-Mail.:	surat@gizalimited.com

Marketing Office 5.:	4194, Gali Ahiaran, 2^nd Floor, Pahari Dhiraj, Sardar Bazar , New Delhi – 110006.
Tel No:	91-11-6444843/4

Marketing Office 6.:	3^rd Floor, Room No. 17, Ahmedabad , 267, New Cloth Market, 1^st Floor
Tel No :	91-79-31168081

Marketing Office 7.:	Kimatrai Building, 2^nd Floor, Maharshi Karve Road, Marin Lines, Mumbai-400002, Maharashtra, India
Tel No:	91-22-2205271/02/03
Fax No.:	91-22-22052704
E-Mail:	ginza@vsnl.com

Marketing Office 8.:	Shop No. 1 / 2 , Manas Complex, Opp. Mahalaxmi Market, Sant Chelaram Road, Ulhasnagar – 421002.

DIRECTORS

AS ON 01.09.2010

Name :	Mr. Ashok Kumar Sethia
Designation :	Managing Director
Address :	602, Building No. B 23, Wembley, Shastri Nagar, Lokhandwala, Andheri [West], Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	17.11.1960
Qualification :	CA
Date of Appointment :	29.03.1991
DIN No. :	01283310

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Managing director	24/07/1986	24/07/1986	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Managing director	23/03/2011	23/03/2011	-	Active	NO

Name :	Mr. Laxmipat Banthia
Designation :	Whole Time Director
Address :	Flat No. 902, 9^th Floor Wing A, Reema Residency 607, 608, TPSIII CTS 17FP, Shimpoly Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	31.10.1974
Date of Appointment :	06.05.2002
DIN No. :	02464903

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Whole-time director	06/05/2002	06/05/2002	-	Active	NO

Name :	Mr. Arvind Kumar Sethia
Designation :	Director
Address :	A 80, Sant Tukaram Scoiety, BH Jivkor Nagar Society, Bhatar Road, Surat – 395006, Gujarat, Indai
Date of Birth/Age :	29.08.1958
Qualification:	B. Com.
Date of Appointment :	22.01.2002

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Director	22/01/2002	22/01/2002	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

Name :	Mr. Manoj Kumar Sethia
Designation :	Managing Director
Address :	SY 60,61,62, Plot No. 80, Sant Tukaram Society Near Nehar Ghod Dod Road, Surat - 395006, Gujarat , India
Date of Birth/Age :	04.09.1966
Qualification :	B. Com.
Date of Appointment :	29.08.1997
DIN No. :	02528442

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Managing director	29/08/1997	29/08/1997	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO

Name :	Mr. Maganmal Baid
Designation :	Whole Time Director
Address :	103 – 4, Meghna Park City Light, Surat – 395006, Gujarat, India
Date of Birth/Age :	06.12.1955
Date of Appointment :	01.10.2003
DIN No. :	02502296

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Whole-time director	01/10/2003	01/10/2003	27/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.09.2010

Names of Shareholders		No. of Shares
Ashok Kumar Sethia		1310700
Manoj Kumar Sethia		132000
Amolak Chand Sethia		80000
Kiran Devi Sethia		140000
Ritu Sethia		1130800
Vijay Shree Sethia		100000
Karuna Sethia		149000
Komal Sethia		47000
Piyush Sethia		5000
Sarita Baid		19000
Bimla Surana		55000
Raichand Surana (HUF)		55000
Mahesh Kumar		10000
Floral Exim Private Limited		2450000
Flourence Business Private Limited – India		400000
Pacific Marketing Private Limited – India		34000
Twistex India Private Limited – India		1872128
Sethia Housing And Leasing Private Limited – India		358828
Raj Diamonds Private Limited – India		91000
Gopal Singrodia		1000
Kanpur Texel Private Limited – India		1000
Arvind Sethia		25500
R. L. Jain		30000
Rajat Maloo		20000
Amrit Sethia		39800

AS ON 01.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		0.09
Directors or relatives of directors		97.31
Other		2.60
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all kinds of Readymade Garments.

Products :

Product Description	Item Code
Cotton Men’s Shirts	620520.02
Cotton Ladies Shirts	620462.11
Cotton Fabrics	520499.00
Raschel / Lycra Fabrics and Laces	60024330
Elastic Tapes	60024200
Nylon Crimped Yarn	5431

Brand Names :

‘Ginza’ and ‘In-Tense’

Exports :

Products :

Finish Goods

Countries :

Indonesia
USA

Imports :

Products :

Yarn Spandex

Countries :

Korea
Taiwan

Terms :

Selling :

L/C, Credit [30 days]

Purchasing :

L/C, Credit [30 days]

GENERAL INFORMATION

Suppliers :

Fabing Creation

Customers :

Razia Export

No. of Employees :

200 [Approximately]

Bankers :

Bank of India, Mumbai Corporate Banking Branch, 70/80 M.G. Road, Fort, Mumbai - 400023, Maharashtra, India
Union Bank of India, Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Andul Rehman Street, Mumbai- 400003, Maharashtra, India

Facilities:

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Consortium Banks
(I) Cash credit/ packing credit working capital demand loan/ vendor financing/ bill discounting
a) Union Bank of India	158.842	168.563
b) Industrial development bank of India limited	8.415	16.003
c) Bank of India	17.005	20.050
d) State Bank of India	131.000	105.558
e) Saraswat Cooperative Bank Limited	12.113	12.144
f) Standard Chartered Bank Limited	149.947	134.647
g) HSBC	86.706	102.911
II) Term Loan
a) Union Bank of India		178.492
b) Industrial development bank of India limited	160.339	96.050
c) Bank of India	82.685	169.300
d) State Bank of India	145.520	98.989
e) Saraswat Cooperative Bank Limited	87.000	26.727
From Others Banks	18.972
Vehicle loan/other loans (secured by hypothecation of respective assets)		7.514
Total	494.517	1136.948

Notes on security particulars:

Working Capital Facilities are secured by way of first charge over the company’s entire stock of RM, WIP, FG and other specified current assets both present and future on pari passu basis and second charge on all fixed and movable assets of the company both present and future.
Term loan facilities are secured by way of first charge over the company entire fixed assets both present and future, on pari passu basis and second charge on all current assets of the company, both present and future.
All the second loans are secured by personal guarantee of some of the directors of the company.
Bill discounting facility against letter of credit is secured full sets of bills/documents drawn under L/C

# Vehicles/ others loans includes outstanding of ICICI Bank limited Rs. 0.381 millions (previous year Rs. 1.088 millions) Kotak Mahindra Bank Limited Rs.0.645 millions (previous year Rs. 1.150 Million). Sundaram Finance Limited Rs. 3.046 millions (previous year RS. 5.015 millions) and HDFC Bank Limited Rs3.046 millions (previous year Rs. 0.161 Millions)

Banking Relations :	--

Auditors :
Name :	Agarwal Sanganeria and Company Chartered Accountants
Address :	219, Bake House, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India
Tel No.:	91-22-22854664/ 22817305
Pan No.:	AADFA8676M

Associates/Subsidiaries : (AS ON 31.03.2009)	Haria Exports Limited, Mumbai

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8883106	Equity Shares	Rs.10/- each	Rs.88.831 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		88.831	88.831	88.831
2] Share Application Money		0.00	0.000	0.000
3] Reserves & Surplus		418.571	375.152	429.381
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		507.402	463.983	518.212
LOAN FUNDS
1] Secured Loans		1064.750	1136.948	1041.449
2] Unsecured Loans		7.500	0.000	14.000
TOTAL BORROWING		1072.250	1136.948	1055.449
DEFERRED TAX LIABILITIES		57.453	81.816	101.507

TOTAL		1637.105	1682.747	1675.168

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1004.488	1086.200	1142.342
Capital work-in-progress		2.575	0.000	7.460

INVESTMENT		0.828	8.698	8.323
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	444.239	439.490	387.027
	Sundry Debtors	257.999	214.344	179.942
	Cash & Bank Balances	14.428	7.696	12.302
	Other Current Assets	39.413	27.038	17.708
	Loans & Advances	9.110	5.947	12.152
Total Current Assets		765.189	694.515	609.131
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.430	73.971	67.121
	Other Current Liabilities	34.041	23.075	20.631
	Provisions	22.823	22.098	20.973
Total Current Liabilities		144.294	119.144	108.725
Net Current Assets		620.895	575.371	500.406

MISCELLANEOUS EXPENSES		8.319	12.478	16.637

TOTAL		1637.105	1682.747	1675.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1588.105	1278.592	1097.348
		Other Income		4.347	15.640
		TOTAL (A)	1588.105	1282.939	1112.988

Less	EXPENSES
		Raw Material Consumed		857.758	719.285
		Stores and spares parts		16.575	31.647
		Increase/(Decrease) in Finished Goods		(50.369)	(92.367)
		Payments to and provisions for employees		109.482	83.792
		Power and Fuel	NA	77.578	47.875
		Processing, Colouring and Hand Printing and Cutting Charges		21.603	10.670
		Administrative and Other Expenses		80.496	33.543
		Selling and Distribution Expenses		34.069	18.400
		Deferred Revenue Expenditure		4.160	4.159
		TOTAL (B)	NA	1151.352	857.004

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		263.767	131.587	238.448

Less	FINANCIAL EXPENSES (D)		109.756	19.534	255.984

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		154.011	112.053	82.356

Less/ Add	DEPRECIATION/ AMORTISATION (F)		125.348	19.724	173.628

	PROFIT BEFORE TAX (E-F) (G)		28.663	92.329	93.948

Less	TAX (I)		(14.757)	72.795	79.680

	PROFIT AFTER TAX (G-I) (J)		43.420	18.565	34.748

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		312.847	367.076	44.932

	BALANCE CARRIED TO THE B/S		356.266	312.847	2.248

	IMPORTS
		Raw Materials	NA	101.206	123.082
		Stores & Spares	NA	8.629	99.921
		Capital Goods	NA	3.609	3.087
	TOTAL IMPORTS		NA	113.444	226.090

	Earnings Per Share (Rs.)		4.68	(6.10)	5.06

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.73	(4.23)	4.04

Net Profit Margin (PBT/Sales)	(%)	NA	(5.69)	7.26

Return on Total Assets (PBT/Total Assets}	(%)	1.62	(4.09)	4.55

Return on Investment (ROI) (PBT/Networth)		0.06	(0.16)	0.15

Debt Equity Ratio (Total Liability/Networth)		2.40	2.71	0.21

Current Ratio (Current Asset/Current Liability)		5.30	5.83	5.60

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered Office of the company has been shifted from 133, Canning 3^rd Floor, No. 17, Kolkata – 700001, West Bengal, India to the present address w. e. f. 16.03.2007

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	No
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Form 8:

Name of the company	MAHAVIR TEXTILE INDUSTRIES PRIVATE LIMITED
Presented By	State Bank of India (Cargo) Overseas Branch World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date and Description of the Instrument charge	Agreement of Loan for Overall Limit Agreement of Hypothecation of goods & Assets both date 28/03/1995 creating a signal charge.
Amount secured by the charge/amount owing on the securities of charge	Rs. 18.500 Millions (Rupees Eighteen Pint Five Hundred Millions Only)
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present & future goods, an all other movable assets including document of title to goods, outstanding moneys, receivables including receivables by way of cash assistance and /or cash in centives under the cash Incentives scheme or any other scheme, claims including claims by way of refund of customs/excise duties under the Duty Drawback credit scheme, contracts, insurance policies, guarantees, engagements , securities, investments , and rights and present and future machinery belonging to or under the control of the company , wherever lying, stored and kept whether in India or elsewhere including such goods & other movable assets in course of transit/ shipment/delivery.
Gist of the terms and conditions and extent and operation of the charge.	Interest – As determined by the Bank from time to time . Margin – As prescribed by the Bank from time to time .
Name and Address and description of the person entitled to the charge.	State Bank of India (Cargo) Overseas Branch World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date and brief description of instrument modifying the charge	NA
Particulars of modification specifying the terms and conditions or the extant or operation of the charge in which modification is made and the details of the Modification.	NA

Corporate identity number of the company	U17297WB1986PTC040991
Name of the company	GINZA INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	11 Clive Row, 4^th Floor, Room No.1A/A, Kolkata- 700001, West Bengal, India
This form is for	Creation of charge
Type of charge	Book debts Movable property Current Assets of the company
Particular of charge holder	Union Bank of India – Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Andul Rehman Street, Mumbai- 400003, Maharashtra, India E-Mail : cbsarstreet@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Hypothecation agreement of goods and debts
Date of instrument Creating the charge	24.06.2010
Amount secured by the charge	Rs. 15.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.25% per annum with monthly rests or at such other revised rate/s as may be prescribed by the Bank from time to time depending upon the changes in the PLR of the Bank or the directives of RBI. Terms of Repayment On demand Margin As per sanction terms. Extent and Operation of the charge To secure Adhoc Cash Credit (Hypothecation) facility of Rs. 15.000 millions granted by the Bank to the Company.
Particulars of the property charged	The Borrower hereby Hypothecated by way of First Pari - Passu Charge in favour of the Bank: 1.All Stock of Raw Materials, Semi Finished and Finished Goods of Embroidery, Laces, Ready Made Undergarments which expression shall include all Raw Materials, Semi Finished and Finished Goods, Consumable Stores and Spares and Movable Property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored or which hereafter may from time to time be brought into or stored or be in or about the Borrower's premises or godown/s located at Sachin, Swat, Udhana, Daman, Palghar and at Surat and other places hired by the Borrower. 2.The Borrower's Book-Debts arising out of Sale Proceeds which shall include, Outstanding, Monies, Deposits, Receivables, Claims and Bills, Contracts, Securities, Investments which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing. 3.First Pari Passu Charge on the Current Assets of the Company

Fixed Assets

Land
Factory Building
Non- Factory Building
Plant and Machinery
Electrical Installation
Air Conditioner
Furniture and Fixture
Computer
Office Equipments
Vehicles
Residential Flats

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.49.17
UK Pound	1	Rs.77.49
Euro	1	Rs.67.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.

MIRA INFORM REPORT

444.239

439.490

387.027

257.999

214.344

179.942

14.428

7.696

12.302

39.413

27.038

17.708

9.110

5.947

12.152

765.189

694.515

609.131

87.430

73.971

67.121

34.041

23.075

20.631

22.823

22.098

20.973

144.294

119.144

108.725

620.895

575.371

500.406

2.73

(4.23)

4.04

NA

(5.69)

7.26

1.62

(4.09)

4.55

0.06

(0.16)

0.15

2.40

2.71

0.21

5.30

5.83

5.60

Unit