MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	KHATUSHYAM PROCESSORS PRIVATE LIMITED
Registered Office :	Plot No. 277, Baleshwar, National Highway 8, Palsana, Surat – 394325, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.01.2009
Com. Reg. No.:	04-055886
Capital Investment / Paid-up Capital :	Rs.11.770 Millions
CIN No.: [Company Identification No.]	U17120GJ2009PTC055886
TAN No.: [Tax Deduction & Collection Account No.]	SRTK02638G
PAN No.: [Permanent Account No.]	AADCK5682N
Legal Form :	Private Limited Liability Company
Line of Business :	Job Work (Fabric Dyeing)
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded an increase in its sales turnover and profitability during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB- ( Term loan)
Rating Explanation	Moderate risk of default. (In absence of the requisite information from the company, ICRA has suspended such rating)
Date	December, 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Amit
Designation :	Director
Contact No.:	91-9825228000
Date :	09.08.2012

LOCATIONS

Registered Office :	Plot No. 277, Baleshwar, National Highway 8, Palsana, Surat – 394325, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825228000 (Mr. Amit)
Fax No.:	Not Available
E-Mail :	amitkokra@hotmail.com mcafiling@yahoo.co.in jalanmukul@hotmail.com
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :	Mr. Sunil Kailashchand Agarwal
Designation :	Director
Address :	603, Sheetal Dhara Apartment, City Light Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	20.06.1972
Date of Appointment :	13.01.2009
DIN No.:	02415784
Name :	Mr. Amit ShyamlalKokra
Designation :	Director
Address :	27, Swami Co-operative Society, Piplod, Surat – 395007, Gujarat, India
Date of Birth/Age :	30.09.1978
Date of Appointment :	13.01.2009
DIN No.:	00192679
Name :	Mr. Prakashbhai Kishorbhai Bindal
Designation :	Director
Address :	402 A, Meghdhanusha Appartment, Near Kishor Park Society, Sarelawadi, Ghod Dod Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	18.10.1980
Date of Appointment :	22.01.2009
DIN No.:	02493616

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Sunil Agarwal	21500
Amit Kokra	28000
Manoj Bindal	3000
Ramprakash Bindal	70000
Kailashchand Agarwal	8000
Bindal Fashion Private Limited, India	16000
Kavita Bindal	20000
Priyanka Bindal	20000
Shantidevi Bindal	10000
Sudha Kokra	23000
Smita Kokra	43000
Sushiladevi Kokra	36000
Vikas Kokra	23000
Shyamlal Balkishan Kokra RE: Shyamlal Kokra HUF	50000
Pratik Patel	3300
Abiruchi Vision Private Limited, India	38000
Amit Agarwal	4500
Aastha Vincom Private Limited, India	80000
Gangdevi Agarwal	2500
Planet Vinimay Private Limited, India	30000
Prathana Traderlinks Private Limited, India	30000
Punit Agarwal	3500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	48.11
Directors or relatives of directors	47.24
Other top fifty shareholders	4.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Job Work (Fabric Dyeing)
Terms :
Selling :	Cash and Credit (30 days/ 60 days)
Purchasing :	Cash and Credit (30 days/ 60 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

150 (Approximately)

Bankers :

· Oriental Bank of Commerce, Empire State Building, Ring Road, Surat – 395002, Gujarat, India

· Kotak Mahindra Bank

· Axis Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan-1 from Oriental Bank Of Commerce (Secured by way of hypothecation charge over Plant and Machinery)	51.481	60.109
Term Loan-2 from Oriental Bank of Commerce (Secured by way of hypothecation charge over Plant and Machinery)	7.391	8.224
TERM LOAN-3 from Oriental Bank of Commerce COMMERCE (Secured by way of hypothecation charge over Plant and Machinery)	6.496	0.000
Term Loan with Kotak Mahindra Bank (Secured by way of hypothecation charge over Commercial Vehicles)	0.099	0.163
Term Loan with Sundaram Finance (Secured by way of hypothecation charge over Commercial Vehicles)	0.655	1.084
C.C. with Oriental Bank of Commerce (Secured by way of hypothecation charge over Stock and Book Debts	34.519	15.071
Total	100.641	84.651
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Members and other Body Corporates	24.268	22.615
Total	24.268	22.615

Banking Relations :	--
Auditors :
Name :	Mukul Jalan and Company Chartered Accountants
Address :	Shop No. A-2009, Upper Ground Floor, Raghukul Textile Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2342991/ 3025009
Fax No.:	91-261-2342300
PAN No.:	AAOFM3715E

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1177000	Equity Shares	Rs.10/- each	Rs.11.770 Millions

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		11.770	11.770	0.150
2] Share Application Money		0.000	0.000	2.280
3] Reserves & Surplus		32.548	27.393	4.560
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.318	39.163	6.990
LOAN FUNDS
1] Secured Loans		100.641	84.651	0.000
2] Unsecured Loans		24.268	22.615	14.455
TOTAL BORROWING		124.909	107.266	14.455
DEFERRED TAX LIABILITIES		0.422	0.690	0.000
CREDITORS FOR FIXED ASSETS		1.716	3.046	3.188
TOTAL		171.365	150.165	24.633
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		111.766	111.990	19.230
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.512	9.920	0.000
	Sundry Debtors	66.544	53.144	0.000
	Cash & Bank Balances	2.039	0.445	1.883
	Other Current Assets	1.522	1.279	3.135
	Loans & Advances	11.205	5.454	0.000
Total Current Assets		92.822	70.242	5.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.851	34.240	0.000
	Other Current Liabilities	0.470	0.218	0.002
	Provisions	2.112	1.256	0.000
Total Current Liabilities		41.433	35.714	0.002
Net Current Assets		51.389	34.528	5.016
MISCELLANEOUS EXPENSES		0.112	0.150	0.187
INTANGIBLE ASSETS		8.098	3.497	0.200
TOTAL		171.365	150.165	24.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Job Work and Other Receipts	284.444	144.169
		TOTAL (A)	284.444	144.169
Less	EXPENSES
		Raw Material Consumption	160.852	69.689
		Manufacturing and Other Direct Expenses	56.702	33.180
		Administration and General Expenses	31.349	16.480
		Preliminary	0.037	0.037
		TOTAL (B)	248.940	119.386
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.504	24.783
Less	FINANCIAL EXPENSES (D)		11.585	8.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.919	16.248
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.105	10.520
	PROFIT BEFORE TAX (E-F) (G)		7.814	5.728
Less	TAX (I)		2.658	1.575
	PROFIT AFTER TAX (G-I) (J)		5.156	4.153
	Earnings Per Share (Rs.)		4.38	3.53

Particulars	31.03.2012
Sales Turnover (Approximately)	300.000

Expected Sales (2012-2013): Rs.350.000 Millions

The above information has been parted by Mr. Amit

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.81	2.88	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.82	3.14	NA
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	NA
Debt Equity Ratio (Total Liability/Networth)		3.75	3.65	2.07
Current Ratio (Current Asset/Current Liability)		2.24	1.97	2509.00

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Creditor for Goods	15.434	9.070
Creditor for Expenses	2.040	9.184
Creditor for Others	21.377	15.986
	0	0
Total	38.851	34.240

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE DURING THE YEAR AND FUTURE OUTLOOK:

There has been increase in the turnover and profitability of the company. Also, the company has started the import of cloth, foil paper, etc. during the year. The directors have adopted various effective measures regarding operational restructuring and cost reduction so as to translate the operational efficiency of the company into profitability of the company. Further, director's efforts in the direction of efficient management, reliable decision making, and dedication to work have brought the company so far on the way of progress. Moreover, the directors are making their best efforts to increase sales and profitability of the company and are confident that the results will improve in the current year.

Note:

The Registered Office of the company has been shifted from A-402, Meghdhanush Appartment, Behind Sarela Wadi, Ghod Dod Road, Surat - 395007, Gujarat, India to the present address w.e.f. 05.03.2009

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U17120GJ2009PTC055886
Name of the company	KHATUSHYAM PROCESSORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 277, Baleshwar, National Highway 8, Palsana, Surat – 394325, Gujarat, India E-mail: mcafiling@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10154023
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (Raw Material, WIP, Finished Goods etc.)
Particular of charge holder	Oriental Bank of Commerce, Empire State Building, Ring Road, Surat – 395002, Gujarat, India E-mail: bm1106@obc.co.in
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/Loan Facilities
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+3.00%, i.e. 13.75% P.A. to be recovered on Monthly rests and subject to change from time to time. (Present BR is 10.75%). Penal Interest @2.00% P.A. on irregular portion Terms of Repayment On Demand / Subject to renewal Margin 25% on Stock and Book debts Extent and Operation of the charge First and Exclusive charge on the Assets stated in Point No. 15 as below for entire dues of the Company until fully repaid together with interest and costs.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stock of Raw Materials, Stock in Process, finished good, Stores and Spares and Receivables Hypothecation of entire existing and proposed movable assets of the company
Date of instrument modifying the charge	09.10.2010
Particulars of the present modification	Cash Credit limit of Rs. 45.000 Millions is enhanced to Rs. 50.000 Millions

FIXED ASSETS:

· Computer

· Factory Land and Building

· Furniture and Fixture

· Aviator

· Motor Bike CD Delux

· Tata Ace HT Tempo

· Mobile Instruments

· C.C. TV System

· Telephone Instruments

· Television

· Office Equipments

· Air Conditioner

· D.G. Set

· Delivery Van

· Electric Installation

· Rubber Belt

· Air Compressor

· Plant and Machinery

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.55.17
UK Pound	1	Rs.86.43
Euro	1	Rs.68.27

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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

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.