MIRA INFORM REPORT

Report Date :

08.02.2012

Tel. No.:

0151-2528372, 2521737

Note: CORRECT NAME OF THE COMPANY IS “SIPANI WOOLLEN MILLS PRIVATE LIMITED”

IDENTIFICATION DETAILS

Name :	SIPANI WOOLLEN MILLS PRIVATE LIMITED
Registered Office :	75, Industrial Area, Rani Bazar, Bikaner-334401, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.09.2010
Com. Reg. No.:	17-032748
Capital Investment / Paid-up Capital :	Rs.0.990 Million
CIN No.: [Company Identification No.]	U17119RJ2010PTC032748
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Woolen Yarn.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a new company and yet to establish itself gradually. Mr. Lilam Sipani, Director denied to disclose any information about the company. Business is active. Payments are unknown. The company can be considered for business dealings on a secured 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 – 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 DECLINED BY

Name :	Mr. Lilam Chand Hanuman Das Sipani
Designation :	Director
Contact No.:	91-151-2545036
Name :	Mr. Manish
Designation :	Manager
Contact No.:	91-9829277124
Date :	07.02.2012

LOCATIONS

Registered Office :	75, Industrial Area, Rani Bazar, Bikaner-334401, Rajasthan, India
Tel. No.:	91-151-2528372/2521737/2545036
Mobile No.:	91-9829277124 [Mr. Manish]
Fax No.:	91-151-2203226
E-Mail :	choprarajesh81@hotmail.com sipaneendystries@yahoo.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Lilam Chand Hanuman Das Sipani

Designation :

Director

Address :

Near Dhansasar Jain Temple, L.N.T. Road, Bikaner-334405, Rajasthan, India

Date of Birth/Age :

12.07.1955

Date of Appointment :

06.09.2010

Din No.:

00240184

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17117RJ1997PTC014026	P.H. WOOLLEN MILLS PRIVATE LIMITED	Director	17-07-97	17-07-97	Active	NO
2	U17119RJ2010PTC032748	SIPANI WOOLLEN MILLS PRIVATE LIMITED	Director	06-09-10	06-09-10	Active	NO

Name :

Mr. Manish Lilam Chand Sipani

Designation :

Director

Address :

Near Dhansasar Jain Temple, L.N.T. Road, Bikaner-334405, Rajasthan, India

Date of Birth/Age :

08.01.1978

Date of Appointment :

06.09.2010

Din No.:

00240252

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17117RJ1997PTC014026	P.H. WOOLLEN MILLS PRIVATE LIMITED	Director	26-02-99	26-02-99	Active	NO
2	U17119RJ2010PTC032748	SIPANI WOOLLEN MILLS PRIVATE LIMITED	Director	06-09-10	06-09-10	Active	NO

Name :

Mr. Gautam Lilam Chand Sipani

Designation :

Director

Address :

Near Dhansasar Jain Temple, L.N.T. Road, Bikaner-334405, Rajasthan, India

Date of Birth/Age :

16.08.1981

Date of Appointment :

06.09.2010

Din No.:

00245979

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17117RJ1997PTC014026	P.H. WOOLLEN MILLS PRIVATE LIMITED	Director	01-05-06	01-05-06	Active	NO
2	U17119RJ2010PTC032748	SIPANI WOOLLEN MILLS PRIVATE LIMITED	Director	06-09-10	06-09-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Lilam Chand Hanuman Das Sipani	39400
Manish Lilam Chand Sipani	8400
Gautam Lilam Chand Sipani	8400
Shanti Devi Sipani	18000
Saroj Devi Sipani	1000
Kusum Sipani	1000
Rachmi Sipani	1000
Lilam Chand Sipani HUF	1000
Manish Lilam Chand Sipani HUF	1000
Hanuman Das Sipani	19800
Total	99000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Woolen Yarn.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

State Bank of Bikaner and Jaipur, Industrial Area, Bikaner-334001, Rajasthan, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]
OBC Term Loan [Against hypothecation of working capital]	2.855
Total	2.855
Unsecured Loan
From Directors	1.814
Total	1.814

Banking Relations :	--
Auditors :
Name :	M Surana and Company Chartered Accountants
Address :	13-14, Industrial Area, Rani Bazar, Bikaner-334401, Rajasthan, India
Mobile No.:	91-9414138654
Pan No.:	AEMPS9241P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs.10/- each	Rs.0.990 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.990
2] Share Application Money		0.000
3] Reserves & Surplus		8.010
4] (Accumulated Losses)		(0.364)
NETWORTH		8.636
LOAN FUNDS
1] Secured Loans		2.855
2] Unsecured Loans		1.814
TOTAL BORROWING		4.669
DEFERRED TAX LIABILITIES		0.000
TOTAL		13.305
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.140
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.118
	Other Current Assets	0.094
	Loans & Advances	2.205
Total Current Assets		2.417
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.252
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.252
Net Current Assets		2.165
MISCELLANEOUS EXPENSES		0.000
TOTAL		13.305

KEY RATIOS

PARTICULARS	31.03.2011
Debt Equity Ratio (Total Liability/Networth)	0.57
Current Ratio (Current Asset/Current Liability)	9.59

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

Since the company has not started any business activity during the period but intention to do business in near future.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U17119RJ2010PTC032748
Name of the company	SIPANI WOOLLEN MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	75, Industrial Area, Rani Bazar, Bikaner-334401, Rajasthan, India
Type of charge	Immovable Property Movable Property [not being pledge]
Particular of charge holder	State Bank of Bikaner and Jaipur, Industrial Area, Bikaner-334001, Rajasthan, India
Email	sbbj10516@sbbj.co.in
Nature of description of the instrument creating or modifying the charge	1. Sanction Letter of Term Loan 2. Letter of Arrangement 3. Agreement of Loan Cum Hypothecation Agreement 4. Guarantee Agreement
Date of instrument Creating the charge	02.09.2011
Amount secured by the charge	Rs.10.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Effective Fixed rate 11.00% p.a. at monthly rest with annual reset under SBBJ SME Connect Scheme for one year and thereafter normal rate of interest to be charge as per CRA rating applicable. Terms of Repayment In 24 Quarterly installments of Rs.0.437 million plus interest each excluding moratorium period of 6 month. The moratorium period will start from the date of Disbursement of First installment of Term Loan Margin For Plant and Machinery 32.2% Extent and Operation of the charge The Charge will operate as first charge till repayment
Short particulars of the property charged	Hypothecation of Plant and Machinery and Misc Fixed assets as per project cost Rs154.87. Equitable Mortgage of Factory Land and building situated at Khasra no 1040,1042/1 ka 5644.20 sq mtr ,near 16 KM Stone NH No 89 Near Village Palana, Bikaner Charge over movable and immovable assets of the company registered with ROC

FIXED ASSETS:

· Land

· Building

· Machinery

· Electric Installation

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.48.92
UK Pound	1	Rs.77.31
Euro	1	Rs.64.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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		15

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.