MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	YASHRAJ POLYTEX PRIVATE LIMITED
Registered Office :	G-2, Dhanlaxmi Palacesneh Park, District Bulsar, Vapi – 396191, Gujarat
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	11.01.2002
Com. Reg. No.:	04-040354
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U17119GJ2002PTC040354
TAN No.: [Tax Deduction & Collection Account No.]	SRTY00034G
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Trade of Textiles and Commodities
No. of Employees :	78 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its latest financials with the government department. However, trade relations are reported are as fair. Business is active. Payments are unknown. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Mehul K. Kakkad
Designation :	Director
Contact No.:	91-9374433030
Date :	31.08.2011

LOCATIONS

Registered Office :	G-2, Dhanlaxmi Palacesneh Park, District Bulsar, Vapi – 396191, Gujarat, India
Tel. No.:	91-260-2423030
Mobile No.:	91-9374433030 / 9374423030 (Mr. Mehul K. Kakkad)
Fax No.:	91-260-2451477
E-Mail :	yashrajpolytex@hotmail.com
Area :	1000 sq. ft.
Location :	Owned
Corporate Office :	B-09, Busy Bee Centre, Opposite Hanuman Temple, Vapi-Silvassa Road, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2423030
Fax No.:	91-260-2451477

Note : Factory address has been changed into corporate office.

DIRECTORS

As on : 30.09.2008

Name :	Mr. Mehul Kakkad
Designation :	Director
Address :	G-2, Dhanlaxmi Palacesneh Park, District Bulsar, Vapi – 396191, Gujarat, India
Date of Birth/Age :	20.10.1976
Date of Appointment :	11.01.2002
Din No.:	01877054

Other Directorship

.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	U17119GJ2002PTC040354	Yashraj Polytex Private Limited	Director	11-01-02	11-01-02	-	Active	YES

Name :	Mr. Sachin Kakkad
Designation :	Director
Address :	G-2, Dhanlaxmi Palacesneh Park, District Bulsar, Vapi – 396191, Gujarat, India
Date of Birth/Age :	28.05.1978
Date of Appointment :	11.01.2002
Din No.:	01877071

Other Directorship

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
U17119GJ2002PTC040354	Yashraj Polytex Private Limited	Director	11-01-02	11-01-02	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2008

Names of Shareholders	No. of Shares
Mehul Kakkad Address : G-2, Dhanlaxmi Palacesneh Park, District Bulsar, Vapi – 396191, Gujarat, India	5000
Sachin Kakkad Address : G-2, Dhanlaxmi Palacesneh Park, District Bulsar, Vapi – 396191, Gujarat, India	5000
TOTAL	10000

As On 30.09.2008

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter and Trade of Textiles and Commodities
Export :
Product :	Textiles and Commodities
Countries :	· Malaysia · China · Europe · Belgium
Import :
Product :	Commodities
Countries :	China
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

78 (Approximately)

Bankers :

· Union Bank of India, Branch Vapi, Gujarat, India

· City Bank – Vapi Branch, 1-1 S Be Bank – Bulsar, Vapi, Gujarat, India

Facilities :

Secured Loans	31.03.2008 ( Rs In Millions)
Union bank of India (O/D against Property)	0.828
Indusind bank CC	0.064
TOTAL	0.893
Unsecured Loans	31.03.2008 (RS In Millions)
From Directors
Mehul Kakkad	0.584
Sachin Kakkad	0.505
From Others
K. M. Kakkad	0.437
Hansaben Kakkad	0.054
Priti Kakkad	0.122
Smita Mehta	0.110
Sai Garments	0.026
India Bulls Financial Services Limited	0.730
From Bank
Citi Bank – Business Loan	0.278
TOTAL	2.847

Banking Relations :	--
Auditors :
Name :	Shaileshkumar H. Prajapati
Address :	C/204, Kailash Apartment, Opposite Vaishali Cinema, Behind Papilon Hotel, Koprali Road, Vapi – 396191, Gujarat, India
Sister Concern :	Lashraj Resources Corporation Limited

CAPITAL STRUCTURE

AS ON : 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million
	Share Application Money		Rs. 0.300 Million
	Total		Rs. 0.400 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.300	0.300	0.300
3] Reserves & Surplus		0.598	0.512	0.485
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.998	0.912	0.885
LOAN FUNDS
1] Secured Loans		0.893	0.828	1.157
2] Unsecured Loans		2.847	1.677	1.469
TOTAL BORROWING		3.740	2.505	2.626
DEFERRED TAX LIABILITIES		0.042	0.042	0.042
TOTAL		4.780	3.459	3.553
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.667	0.716	0.840
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.120	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.777	1.142	1.217
	Sundry Debtors	2.112	2.077	1.862
	Cash & Bank Balances	0.526	0.195	0.033
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.282	0.139	0.076
Total Current Assets		4.697	3.553	3.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.498	0.646	0.355
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.206	0.164	0.120
Total Current Liabilities		0.704	0.810	0.475
Net Current Assets		3.993	2.743	2.713
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.780	3.459	3.553

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Income	24.419	18.303	18.303
		Other Income
		TOTAL (A)	24.419	18.303	18.303
Less	EXPENSES
		Office Expenses
		Administrative Expenses	24.270	18.276	18.226
		Advertising Expenses
		TOTAL (B)	24.270	18.276	18.228
	PROFIT BEFORE TAX (E-F) (G)		0.149	0.027	0.075
Less	TAX (I)		0.064	0.000	0.048
	PROFIT AFTER TAX (G-I) (J)		0.085	0.027	0.027
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.512	0.485	0.485
	BALANCE CARRIED TO THE B/S		0.597	0.512	0.512
	EARNINGS IN FOREIGN CURRENCY		Nil	Nil	Nil
	IMPORTS
		Raw Materials	0.023	0.016	0.010
	TOTAL IMPORTS		0.023	0.016	0.010
	Earnings Per Share (Rs.)		8.57	2.76	12.84

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover (Approximately)	250.000	30.000	NA
	(Due to Expansion in Business )

Expected Sales (2011-2012) : above Rs. 600.000 millions

The above information has been parted by Mr. Mehul Kakkad.

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	0.34	0.14	0.14
Net Profit Margin (PBT/Sales)	(%)	0.61	0.14	0.40
Return on Total Assets (PBT/Total Assets}	(%)	2.77	0.63	1.86
Return on Investment (ROI) (PBT/Networth)		0.14	0.02	0.08
Debt Equity Ratio (Total Liability/Networth)		4.45	3.63	3.50
Current Ratio (Current Asset/Current Liability)		6.67	4.38	6.71

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS :

• Building
• Plant and Machineries
• Furniture and Equipments
• Weighing scale
• Computer

Form : 8

Bankers Charges Report as per Registry

Name of the company

M/s. YASHRAJ POLYTEX PRIVATE LIMITED

Presented By

UNION BANK OF INDIA. House No: 246, Bazar Road, Opposite Vegitable Market, Vapi, Gujarat.

1) Date and description of instrument creating the change

29.10.2002

Hypothecation of Agreement. (Cash Credit[stocks])

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 70.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks all present and future of Raw materials. Work-in-process, semi-finished goods and finished goods, such as all kind of yarn gray cloth, finish cloth, packing materials and stores etc.

4) Gist of the terms and conditions and extent and operation of the charge.

Facility	Limit	Margin	Interest	Period
Cash Credit (Hypothecation of stocks)	07.00	25%	STPLR	12 months

5) Name and Address and description of the person entitled to the charge.

Union bank of India, Vapi Branch

6) Date and brief description of instrument modifying the charge

04.05.2004

Hypothecation of Agreement (cash Credit [ stocks and book debts machinery])

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Rs. 1.000 millions

Margin 25% on stock + 50 % on Book debts, Interest BPLR + 2%

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. 46.97
UK Pound	1	Rs. 74.21
Euro	1	Rs. 63.66

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	2
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.