MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	MAHIMA FIBRES PRIVATE LIMITED MAHIMA PURESPUN (A UNIT OF MAHIMA FIBRES PRIVATE LIMITED)
Registered Office :	406, Corporate House, 4^th Floor, RNT Marg, Indore - 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.06.1998
Com. Reg. No.:	012885
Capital Investment / Paid-up Capital :	Rs.71.856 Millions
CIN No.: [Company Identification No.]	U17111MP1998PTC012885
TAN No.: [Tax Deduction & Collection Account No.]	BPLM04156F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1100000
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	A1	A1

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

LOCATIONS

Registered / Corporate Office:	406, Corporate House, 4^th Floor, RNT Marg, Indore-452001, Madhya Pradesh, India
Tel No.:	91-731-2521021/4066642-43
Fax No.:	91-731-2529556
E-Mail :	mahima@gmail.com mahimaaccounts@gmail.com mahimaaccounts@yahoomail.com
Factory	Plot No.73-74, Sector II, Pitambur Industrial Estate, Dhar-452001, Madhya Pradesh, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Rohit Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

31.10.2000

Din No.:

00126159

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	31-10-00	31-10-00	-	Active	NO
2	U17121MP2003PTC015833	MAHIMA COTEX PRIVATE LIMITED	Director	23-05-03	23-05-03	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	02-11-09	Active	NO
4	U55100MP2008PTC021396	JUNEJA HEALTH CLUB AND RESORT PRIVATE LIMITED	Additional director	22-03-10	22-03-10	28-06-10	Active	NO

Name :

Mr. Ashish Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

01.11.2005

Din No.:

00486556

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	U17121MP1994PTC008690	RACHNA TEXTILES (INDIA) PRIVATE LIMITED	Director	05-10-95	05-10-95	-	Active	NO
2	U17121MP1997PTC011896	NIDHI COTTON INDUSTRIES PRIVATE LIMITED	Director	04-09-03	04-09-03	-	Active	NO
3	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Active	NO
4	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
5	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	01-12-09	Active	NO

Name :

Mr. Ashok Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

11.06.1998

Din No.:

00126380

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-98	11-06-98	-	Active	NO
2	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	01-12-09	Active	NO

Name :

Mr. Abhishek Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

11.06.1998

Din No.:

00961060

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-98	11-06-98	-	Active	NO
2	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	02-11-09	Active	NO
4	U01403MH2009NPL194495	ECOCERT ORGANIC LIFESTYLE CLUB	Director	31-07-09	31-07-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ashok Kumar Doshi	1103000
Nirmal Kumar Doshi	239100
Vinod Kumar Doshi	175200
Ashish Doshi	266600
Abhishek Kumar Doshi	571760
Pawan Kumar Doshi	245000
Chanda Doshi	30000
Manju Doshi	174000
Rohit Doshi	876350
Rahul Doshi	226500
Rani Doshi	345660
Chhavi Doshi	104000
Shilpa Doshi	103500
Pooja Doshi	108500
Bafna Ginning and Pressing Private Limited, India	1000000
Alka Diamond Industries Limited, India	80000
Raghunandan Rayons Limited, India	40000
Triangular Infocom Limited, India	87000
Yash-V Jewels Limited, India	75000
Vanguard Jewels Limited, India	85000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	36.41
Directors or relatives of directors	63.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc
Products :	Ginned Cotton Cotton Seed Cotton Yarn Cloth

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Kapas Gining and Pressing	MT	17718	17718	--
Cotton Yarn	MT	6800	6800	6405415
Cotton Waste	Kgs.	--	--	1661468
Cloth and Knitted Fabrics Sales	Kgs.	--	--	36545

GENERAL INFORMATION

Bankers :

• Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India
• State Bank of India, Commercial Branch, A.B. Road, Near GPO, Indore-452001, Madhya Pradesh, India
• State Bank of Indore, Bakaner Branch, Dhar, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
From State Bank of Indore
Term Loan [Secured against hypothecation of all tangible movable assets including all plant and machineries and equitable mortgage of factory land and building]	289.491	310.449
Working Capital Loan [Secured against hypothecation of all stock, book debts and all movable assets]	65.504	74.642
From State Bank of Mysore
Term Loan [Secured against hypothecation of all tangible movable assets including all plant and machineries and equitable mortgage of factory land and building]	232.370	199.437
Working Capital Loan [Secured against hypothecation of all stock, book debts and all movable assets]	44.992	30.555
From ICICI Bank Limited
Vehicle Loan [Secured against hypothecation of vehicle]	2.269	2.874
Total	634.626	617.957
Unsecured Loan
From Shareholders, Directors and Relatives	30.537	41.442
Inter Corporate Deposits	2.122	21.730
Total	32.659	63.172

Banking Relations :	--
Auditors :
Name :	Maheshwari and Gupta Chartered Accountant
Address :	312-314 Mans Bhawan Extension, 11/2 RNT Marg, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2525771/73
Fax No.:	91-731-2525770
E-Mail :	maheshwarigupta@rediffmail.com
Associates/Subsidiaries :	Rachna Textiles Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7185670	Equity Shares	Rs.10/- each	Rs.71.856 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		71.856	67.362	64.312
2] Share Application Money		0.000	5.000	34.350
3] Reserves & Surplus		220.696	129.388	67.829
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		292.552	201.750	166.491
LOAN FUNDS
1] Secured Loans		634.626	617.957	414.709
2] Unsecured Loans		32.659	63.172	38.006
TOTAL BORROWING		667.285	681.129	452.715
DEFERRED TAX LIABILITIES		52.926	40.300	26.610
TOTAL		1012.763	923.179	645.816
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		601.373	568.911	359.737
Capital work-in-progress		0.000	0.000	17.243
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.756	71.598	60.029
	Sundry Debtors	288.568	263.809	257.115
	Cash & Bank Balances	35.611	14.537	21.623
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	221.329	160.239	118.984
Total Current Assets		681.264	510.183	457.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.930	83.530	128.902
	Other Current Liabilities	163.969	65.834	55.513
	Provisions	12.975	6.551	4.500
Total Current Liabilities		269.874	155.915	188.915
Net Current Assets		411.390	354.268	268.836
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1012.763	923.179	645.816

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	3719.547	1318.925	1333.127
Less	EXPENSES
		Office Expenses
		Administrative Expenses	3536.516	1202.759	1227.930
		Advertising Expenses
		TOTAL (B)	3536.516	1202.759	1227.930
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		183.031	116.166	105.197
Less	FINANCIAL EXPENSES (D)		74.877	32.895	48.180
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		108.154	83.271	57.017
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.705	28.699	18.110
	PROFIT BEFORE TAX (E-F) (G)		76.449	54.572	38.907
Less	TAX (H)		25.601	20.241	13.506
	PROFIT AFTER TAX (G-H) (I)		50.848	34.331	25.401
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1010.074	410.775	143.218
	Earnings Per Share (Rs.)		7.55	5.34	3.95

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.37	2.60	1.91
Return on Total Assets (PBT/Total Assets}	(%)	5.96	5.06	4.76
Return on Investment (ROI) (PBT/Networth)		0.26	0.27	0.23
Debt Equity Ratio (Total Liability/Networth)		3.20	4.15	3.85
Current Ratio (Current Asset/Current Liability)		2.52	3.27	2.42

LOCAL AGENCY FURTHER INFORMATION

Note: The Registered office address of the company has been shifted from 15/1, South Tukoganj, Indore-452001, Madhya Pradesh, India to present w.e.f. 14.01.2009

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U17111MP1998PTC012885
Name of the company	MAHIMA FIBRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	406, Corporate House, 4^th Floor, RNT Marg, Indore-452001, Madhya Pradesh, India
Type of charge	Immovable Property Others
Particular of charge holder	Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India
Email	cmindo0764@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation dated 05.07.2011
Date of instrument Creating the charge	05.07.2011
Amount secured by the charge	Rs.126.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment As Per Agreement Margin As Per Agreement Extent and Operation of the charge As Per Agreement Others As Per Agreement
Short particulars of the property charged	I) Exclusive 1st charge over entire fixed assets to be created out of capex for 4th expansion. II) 2nd pari passu charge over residual current assets of the company (current as well as future)

Fixed Assets:

• Land
• Building
• Office Building
• Plant and Machinery
• Electrical Installation
• Fire Fighting System
• Vehicle
• Furniture and Fixtures
• Office Equipments
• Computer

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.47.47
UK Pound	1	Rs.74.95
Euro	1	Rs.65.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.