MIRA INFORM REPORT

Report Date :

04.07.2012

IDENTIFICATION DETAILS

Name :	AAKARSHAN TEX FAB PRIVATE LIMITED
Registered Office :	At Post Khede, Mukkam Sutrepada, Taluka Dhule - 424302 Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.08.2005
Com. Reg. No.:	11-155589
Capital Investment/ Paid-up Capital:	Rs.0.100 Million
CIN No.: [Company Identification No.]	U17120MH2005PTC155589
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all kinds of Yarn, Textiles and Readymade Garments
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to commence operations
Payment Behaviour :	--
Litigation :	--
Comments :	Even though the company was incorporated in the year 2005, it is yet to commence its commercials operations. The networth of the company appears to be convincing. Payments terms are not known. Initially, the company can be considered for business dealings on a safe and 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

LOCATIONS

Registered Office :	At Post Khede, Mukkam Sutrepada, Taluka Dhule - 424302 Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cs@samruddha.net

DIRECTORS

As on: 08.09.2011

Name :

Mr. Prafull Baburao Bhadane

Designation :

Director

Address :

Wadi Bhokar Road, 29, Aadhar Nagar, Devpur, Dhule - 424002, Maharashtra, India

Date of Birth/Age :

01.06.1969

Date of Appointment :

24.08.2005

DIN No.:

01544833

Name :

Mr. Satish Raghunath Suryavanshi

Designation :

Managing Director

Address :

Mukkam Post Phagne Jilha Dhule - 424001, Maharashtra, India

Date of Birth/Age :

02.08.1980

Date of Appointment :

24.08.2005

DIN No.:

01468710

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17120MH2005PTC155589	AAKARSHAN TEX FAB PRIVATE LIMITED	Managing director	24-08-05	24-08-05	-	Active	NO
2	U64200MH2000PLC126737	SAMRUDDHA INTERNATIONAL LIMITED	Director	15-01-07	15-01-07	16-05-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 08.09.2011

Names of Shareholders	No. of Shares
Prafull Baburao Bhadane	5000
Satish Raghunath Suryavanshi	5000
Total	10000

As on: 10.05.2012

Names of Allottees	No. of Shares
Satish Raghunath Suryavanshi	130000
Prafull Baburao Bhadane	80000
Total	210000

Equity Share Break up (Percentage of Total Equity)

As on: 08.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all kinds of Yarn, Textiles and Readymade Garments

Products :

Product Description	ITC Code
Textile / Textile Articles	Category – XI

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, SME Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli (South), Mumbai - 400018, Maharashtra, India

· Axis Bank Limited, Credit Management Center, Unit-6, Corporate Park, Sion Traombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Axis Bank Term Loan (Secured by hypothecation of current assets, movables, plant and machinery)	0.962	1.729
Total	0.962	1.729
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Corporate
Samueddha International Limited	0.000	1.300
Total	0.000	1.300

Banking Relations :	--
Auditors :
Name :	N. Ambawat and Associates Chartered Accountants
Address :	Office No.30, 2^nd Floor, 132-C, Bhagatwadi, Bhuleshwar, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-65791224/ 66154195
Mobile No.:	91-9324725156/ 9323450396
PAN No.:	AABPA9113F

CAPITAL STRUCTURE

After 08.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220000	Equity Shares	Rs.10/- each	Rs.2.200 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		3.374	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.001)	(0.001)	(0.001)
NETWORTH		3.473	0.099	0.099
LOAN FUNDS
1] Secured Loans		0.962	1.729	1.725
2] Unsecured Loans		0.000	1.300	1.300
TOTAL BORROWING		0.962	3.029	3.025
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.435	3.128	3.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		3.949	3.493	3.114
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.011	0.043	0.048
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.448	0.386	0.154
Total Current Assets		0.459	0.429	0.202
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.069	0.890	0.260
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.025	0.009	0.006
Total Current Liabilities		0.094	0.899	0.266
Net Current Assets		0.365	(0.470)	(0.064)
MISCELLANEOUS EXPENSES		0.121	0.105	0.074
TOTAL		4.435	3.128	3.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.000	0.000	0.000
	PROFIT BEFORE TAX		0.000	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H)		0.000	0.000	0.000
	Earnings Per Share (Rs.)		0.000	0.000	0.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.000	0.000	0.000
Net Profit Margin (PBT/Sales)	(%)	0.000	0.000	0.000
Return on Total Assets (PBT/Total Assets}	(%)	0.000	0.000	0.000
Return on Investment (ROI) (PBT/Networth)		0.000	0.000	0.000
Debt Equity Ratio (Total Liability/Networth)		0.30	39.68	33.24
Current Ratio (Current Asset/Current Liability)		4.88	0.48	0.74s

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The Registered Office of the company has been shifted from Mukkam Post Phagane, Jilha Dhule - 424002, Maharashtra, India to the present address w.e.f. 10.11.2008

Business Activity:

The Company has not carried on any commercial activities during the year. The management is hopeful to commence commercial activities very soon and waiting for future opportunities.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U17120MH2005PTC155589
Name of the company	AAKARSHAN TEX FAB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	At Post Khede, Mukkam Sutrepada, Taluka Dhule - 424302 Maharashtra, India E-mail: cs@samruddha.net
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, SME Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli (South), Mumbai - 400018, Maharashtra, India E-mail: kamalax_saraf@hotmail.com
Nature of instrument creating charge	Agreement of loan-cum-hypothecation
Date of instrument Creating the charge	09.05.2012
Amount secured by the charge	Rs.6.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan: 3.25% above Base Rate + 1.00% (term premium) which is presently 10% p.a. raising or falling therewith, on daily products with monthly rests. Present effective rate 14.25% p. a. Terms of Repayment Term loan repayment as per annexure Margin Term Loan/DPG : 25% Extent and Operation of the charge Term Loan: Rs.6.700 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Looms, HVAC and other movable assets acquired out of Bank Finance.

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.54.81
UK Pound	1	Rs.86.04
Euro	1	Rs.69.06

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	-
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	-
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	-
--RESERVES	1~10	3
--CREDIT LINES	1~10	-
--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		11

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.