MIRA INFORM REPORT

Report Date :

11.04.2012

IDENTIFICATION DETAILS

Name :	GUGANRAM TEXTILES LIMITED
Registered Office :	Plot No. 03, Vraj Integrated Textile Park Limited, Bareja-Kheda National Highway, Road No. 8, Vlg Bidaj, Kheda – 382420, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.2006
Com. Reg. No.:	04-048795
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U17121GJ2006PLC048795
TAN No.: [Tax Deduction & Collection Account No.]	AHMG04214A
PAN No.: [Permanent Account No.]	AACCG6918N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Non Woven Fabric and Bag.
No. of Employees :	19 (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 49000
Status :	Recently commenced company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in year 2006, it has commenced its business activities from February 2012. Business is active. Payments are reported to be slow. 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 – 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 PARTED BY

Name :	Mr. Aniket Agarwal
Designation :	Director
Contact No.:	91-9327007823
Date :	11.04.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 03, Vraj Integrated Textile Park Limited, Bareja-Kheda National Highway, Road No. 8, Vlg Bidaj, Kheda – 382420, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9327007823 (Mr. Aniket Agarwal)
Fax No.:	Not Available
E-Mail :	gtl@gaganram.com ashishtekwani@gmail.com guganram@guganram.com
Website :	www.gaganram.com
Area :	7000 Sq. ft Yard
Location :	Owned

DIRECTORS

As on 02.05.2011

Name :

Mr. Bharat Omprakash Agrawal

Designation :

Director

Address :

A-802, Block-A, Kala Sagar, Opposite Someshwar-2, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.04.1962

Date of Appointment :

31.07.2006

DIN No.:

00182598

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	U17121GJ2006PLC048795	GUGANRAM TEXTILES LIMITED	Director	31/07/2006	31/07/2006	-	Active	NO
2	U45202GJ2011PTC067358	VRAJ WAREHOUSING AND INFRAPROJECTS PRIVATE LIMITED	Director	7/10/2011	7/10/2011	-	Active	NO

Name :

Mr. Narendra Omprakash Agrawal

Designation :

Director

Address :

Plot No. 93, Near Post Office GIDC, Pandesara Firebridge Road, Surat – 394221, Gujarat, India

Date of Birth/Age :

13.09.1971

Date of Appointment :

31.07.2006

DIN No.:

00197887

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	U17121GJ2006PLC048795	GUGANRAM TEXTILES LIMITED	Director	31/07/2006	31/07/2006	31/05/2011	Active	NO
2	U17120GJ2011PTC063991	GUGANRAM CREATION PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO

Name :

Mr. Basant Kumar Omprakash Agarwal

Designation :

Director

Address :

301, Kala Sagar Flats, Behind Ratanamani Tower, Near Jodhpur Char Rasta Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

20.01.1961

Date of Appointment :

23.11.2010

DIN No.:

03163727

Name :

Mr. Ritesh Bharat Agrawal

Designation :

Additional director

Address :

802, Kala Sagar Flats, Behind Ratanamani Tower, Near Jodhpur Char Rasta Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

20.07.1988

Date of Appointment :

17.02.2011

DIN No.:

03381465

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	U17121GJ2006PLC048795	GUGANRAM TEXTILES LIMITED	Director	2/05/2011	17/02/2011	-	Active	NO

Name :

Mr. Aniket Agarwal

Designation :

Additional director

Address :

301, Kala Sagar Flats, Behind Ratanamani Tower, Near Jodhpur Char Rasta Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

24.08.1987

Date of Appointment :

11.10.2011

DIN No.:

03381276

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	U72200GJ2011PTC063794	GUGANRAM INFOTECH PRIVATE LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO
2	U17121GJ2006PLC048795	GUGANRAM TEXTILES LIMITED	Additional director	11/10/2011	11/10/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.05.2011

Names of Shareholders	No. of Shares
Pramod Agrawal	5000
Bharat Agrawal	5000
Narendra Agrawal	5000
Mina Agrawal	5000
Manita Agrawal	5000
Sabita Agrawal	5000
Anjana Agrawal	5000
Basant Agrawal	5000
Birendra Agrawal	5000
Pramila Agrawal	5000
Total	50000

As on 02.05.2011

Names of Allottees	No. of Shares
Anjana Kumari Agrawal	5000
Basant Omprakash Agrawal	400000
Bharat Omprakash Agrawal	400000
Birendra Omprakash Agrawal	400000
Manita Bharat Agrawal	5000
Mina Agrawal	5000
Narendra Omprakash Agrawal	5000
Pramila Birendra Agrawal	5000
Pramod Kumar Agrawal	5000
Ritesh Bharat Agrawal	10000
Sabita Basant Agrawal	5000
Total	1245000

Equity Share Break up (Percentage of Total Equity)

As on 02.05.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Non Woven Fabric and Bag.
Exports :
Products :	Non Woven Fabric and Bag
Countries :	· Dubai · USA
Terms :
Selling :	Cash
Purchasing :	Cash/ Credit (30 days)

GENERAL INFORMATION

Suppliers :

· Indian Oil Corporation Limited

· Reliance Industries Limited

Customers :

Wholesalers, Retailers and OEM’s

· Joy Trading

· Rushabh Printing Private Limited

No. of Employees :

19 (Approximately)

Bankers :

Oriental Bank of Commerce, Neel Kamal, Opposite Sales India, Ashram Road, Ahmedabad – 380009, Gujarat, India

Facilities :

Term Loan – Rs.35.000 Millions, Cash Credit – Rs.35.000 Millions

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Shareholders and Members	0.000	7.791
Total	0.000	7.791

Banking Relations :	--
Auditors :
Name :	T. K. Tekwani and Company Chartered Accountants
Address :	304, Klassic Avenue, Opposite Sales India, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27542070
PAN.:	AAPKT5885A
Sister Concerns :	· Guganram Infotech Private Limited · Guganram Creation Private Limited · Guganram Udyog · Prem Processor · Om Weave Tex

CAPITAL STRUCTURE

After 02.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1295000	Equity Shares	Rs.10/- each	Rs.12.950 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

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

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		0.500	0.500	0.500
2] Share Application Money		11.850	0.000	0.000
3] Reserves & Surplus		0.014	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.364	0.500	0.500
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	7.791	3.946
TOTAL BORROWING		0.000	7.791	3.946
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.364	8.291	4.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.228	7.228	1.562
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.933	0.933	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.428
	Sundry Debtors	0.673	0.000	0.000
	Cash & Bank Balances	0.708	0.156	0.008
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.631	0.003	2.750
Total Current Assets		4.012	0.159	3.186
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.688	0.135	0.434
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.006	0.000	0.000
Total Current Liabilities		0.694	0.135	0.434
Net Current Assets		3.318	0.024	2.752
MISCELLANEOUS EXPENSES		0.885	0.106	0.132
TOTAL		12.364	8.291	4.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.673	0.594	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.673	0.594	0.000
Less	EXPENSES
		Increase in Stock	0.000	0.428	(0.428)
		Purchases	0.610	0.000	0.423
		Freight	0.006	0.000	0.005
		Processing Charges	0.000	0.115	0.000
		Filing Fees	0.004	0.002	0.000
		Legal and Professional Fees	0.005	0.002	0.000
		Auditor’s Remuneration	0.017	0.010	0.000
		Misc. Expenses	0.010	0.010	0.000
		Preliminary Expenses written off	0.000	0.027	0.000
		TOTAL (B)	0.652	0.594	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.021	0.000	0.000
Less	FINANCIAL EXPENSES (D)		0.001	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.020	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.020	0.000	0.000
Less	TAX (H)		0.006	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		0.014	0.000	0.000
	Earnings Per Share (Rs.)		0.28	0.00	0.00

Particulars	31.03.2012
Sales Turnover (Approximately)	6.000

(Production has been started from February2012)

Expected Sales (2012-13) : Rs.110.000 Millions

The above information has been parted by Mr. Aniket Agarwal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.08	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	2.97	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.18	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.057	15.85	8.76
Current Ratio (Current Asset/Current Liability)		5.78	1.18	7.34

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
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	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The registered address of the company 272, Prerna Road, Saijpur-Gopalpur (Piplaj), Ouside Narol Sarkhej Octroi Limit, Ahmedabad – 382405, Gujarat, India has been shifted to the present address w.e.f. 05.04.2010

Bankers Charges Report as per Registry

Corporate identity number of the company	U17121GJ2006PLC048795
Name of the company	GUGANRAM TEXTILES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.03, Vraj Integrated Textile Park Ltd., Bareja-Kheda National Highway Road No.8, Vlg Bidaj Kheda Gujarat INDIA 382420 Email : ashishtekwani@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Oriental Bank of Commerce, Neel Kamal, Opposite Sales India, Ashram Road, Ahmedabad – 380009, Gujarat, India Email : bm0170@obc.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Assets
Date of instrument Creating the charge	19.08.2011
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2.50% (Bank's Spread) Over Base Rate. Penal Int. @ 2% p.a over and above the rate on overdrawn portion shall be charged Terms of Repayment Repayable on Demand Margin 25% of Stock, spares and receivables Extent and Operation of the charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stock of RM, SIP , FG, Stores and Spares and Receivables lying at Plot No.3, Vraj Integrated Textile Park, Bidaj, District Kheda. Gujarat - 382420 and anywhere in India

TRADE REFERENCES

· Indian Oil Corporation Limited

· Reliance Industries Limited

· Jay Trading

· Rushabh Printing Private Limited

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 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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	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.