MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	JACQUARD FABRICS (INDIA) PRIVATE LIMITED
Registered Office :	Kanchaan, No.6, North Husur Road, Coimbatore-641 018, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.04.2007
Com. Reg. No.:	18-013595
Capital Investment / Paid-up Capital :	Rs.27.192 Millions
CIN No.: [Company Identification No.]	U18101TZ2007PTC013595
TAN No.: [Tax Deduction & Collection Account No.]	CMBJ03684C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fabrics
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Company seems to be progressing. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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

LOCATIONS

Registered Office :	Kanchaan, No.6, North Husur Road, Coimbatore-641 018, Tamil Nadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vijay@jacquardfabrics.in tejas.vora@skpgroup.com India@jacquard.textile.com
Head Office / Factory 1:	No.95, 96, Apparel Export Park, Gundia Pochanpally, Hyaderabad-500 081, India
Tel. No.:	91-40-23792111
E-Mail :	sssrao4@yahoo.com
Factory 2:	143/2, A, Anna Bagar Road, Neelambur, Coimbatore-641 062, Tamil Nadu, India
Tel No.:	91-422-2625527 / 28 / 29

DIRECTORS

As on 30.09.2011

Name :

Stefan Heinke

Designation :

Director

Address :

1/7, Moo, 1, Hadchao, Samran, A, Muang, Petchaburi-76100, Thailand

Date of Birth/Age :

06.09.1964

Date of Appointment :

23.05.2007

DIN No.:

01433005

Name :

Valentino Stellini

Designation :

Director

Address :

Vanzaghello Via, Piave 3, Milano-20020, Italy

Date of Birth/Age :

09.06.1967

Date of Appointment :

23.05.2007

DIN No.:

01527474

Name :

Pooviah Kotera Chengappa

Designation :

Director

Address :

F-1, Block-5, Parsn Classic Homes, Nanjundapuram Road, Coimbatore-641 036, Tamil Nadu, India

Date of Birth/Age :

28.06.1962

Date of Appointment :

11.11.2010

DIN No.:

03419031

Other Directorship:

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	U18101TZ2007PTC013595	Jacquard Fabrics (India) Private Limited	Director	30-09-11	11-11-10	-	Active	NO

Name :

Mr. Vijayakumar Jagadeesan

Designation :

Additional Director

Address :

1837, LGB Colony, Trichy Road, Ramanathapuram, Coimbatore-641 045, Tamil Nadu, India

Date of Birth/Age :

03.04.1975

Date of Appointment :

11.11.2010

DIN No.:

03419046

Other Directorship:

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	U18101TZ2007PTC013595	Jacquard Fabrics (India) Private Limited	Director	30-09-11	11-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
TADS (Hong Kong) Limited, Tortola	1359624
Investex SA, Luxembourg	1359624
Total	2719248

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fabrics

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fabrics	METRES	NA	1800000	1201815
Polyproplyne	KGS	NA	210000	NA

GENERAL INFORMATION

Suppliers :

v Aace Hi-Tech Woven Sacks Private Limited

v C.M.S. Chemical Industries

v Sri Ram Paper Tubes

v Tex Colours

v Amarnath Colurs

v K.P.R. Tex

v M Tex International

v Atul Enterprises

v Bombay Carriers

v Ecare Systems

v Electro Controls

v E.M.S. Curtains

v ISP Solutions India Private Limited

Customers :

v Bell Intercom Private Limited

v C. M. Enterprises

v Jindal Paddings Private Limited

v Prastut Maltresses, Gurgaon

v Premier Sales

v Reston India Private Limited

v Sanyo Koreatex Private Limited

v Sheela Foam Private Limited, Gujarat

v Sheela Foam Private Limited, Hyderabad

v Sheela Foam Private Limited, SJP

v Shree Balaji Industries

v Shree Malani Industries Private Limited

No. of Employees :

Not Available

Bankers :

v HSBC Bank, Bangalore

v HSBC Bank, Coimbatore

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Tata Capital Loan Account- 7000066121 – Bolero	0.331	0.483
Tata Capital Loan Account- 7000064821 – A-Star	0.234	0.339
Total	0.565	0.822
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Astral International Holdings S.A.-ECB	30.959	31.442
TADS (Hongkong) Limited	30.812	31.294
Total	61.771	62.736

Banking Relations :	--
Auditors :
Name :	Srivatsan and Gita Chartered Accountant
Address :	No.6, North Huzur Road, Coimbatore-641 018, Tamil Nadu, India
PAN.:	AALFS2365R
Associates :	v Astral International Holdings SA v TADS (Hong Kong) Limited
Key Management Personnel and their relatives Interested Concern:	v Jacquard Textile (Asia) Limited v Stellini SRL

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2719248	Equity Shares	Rs.10/- each	Rs.27.192 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		27.192	27.192	27.192
2] Share Application Money		0.102	0.102	0.102
3] Reserves & Surplus		16.697	5.506	0.459
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		43.991	32.800	27.753
LOAN FUNDS
1] Secured Loans		0.565	0.822	0.000
2] Unsecured Loans		61.771	62.736	0.000
TOTAL BORROWING		62.336	63.558	0.000
DEFERRED TAX LIABILITIES		5.517	3.272	2.015
TOTAL		111.844	99.630	29.768
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.450	57.851	33.807
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	24.901	15.797	13.080
	Sundry Debtors	29.157	18.795	7.751
	Cash & Bank Balances	2.231	11.640	6.358
	Other Current Assets	2.161	2.727	4.926
	Loans & Advances	8.607	3.279	2.188
Total Current Assets		67.057	52.238	34.303
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.181	4.308	35.065
	Other Current Liabilities	12.080	4.635	2.8750
	Provisions	4.402	1.516	0.402
T0otal Current Liabilities		30.663	10.459	38.342
Net Current Assets		36.394	41.779	(4.039)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111.844	99.630	29.768

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	125.176	78.459	35.060
		Other Income	0.327	0.065	0.146
		TOTAL (A)	125.503	78.524	35.206
Less	EXPENSES
		Office Expenses
		Administrative Expenses	103.766	66.525	32.343
		Advertising Expenses
		TOTAL (B)	103.766	66.525	32.343
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.737	11.999	2.863
Less	FINANCIAL EXPENSES (D)		1.950	2.669	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.787	9.330	2.863
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.287	2.125	1.623
	PROFIT BEFORE TAX (E-F) (G)		16.500	7.205	1.240
Less	TAX (H)		5.309	2.158	1.048
	PROFIT AFTER TAX (G-H) (I)		11.191	5.047	0.192
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.346	0.099	0.000
	TOTAL EARNINGS		7.346	0.099	0.000
	IMPORTS
		Raw Materials	57.694	10.949	9.284
		Plant and Machinery	7.871	22.932	8.837
		Consumables	0.000	0.095	0.000
	TOTAL IMPORTS		65.565	33.976	18.121
	Earnings Per Share (Rs.)		4.12	1.86	0.08

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.92	6.43	0.54
Net Profit Margin (PBT/Sales)	(%)	13.18	9.18	3.54
Return on Total Assets (PBT/Total Assets}	(%)	11.58	6.54	1.82
Return on Investment (ROI) (PBT/Networth)		0.37	0.22	0.04
Debt Equity Ratio (Total Liability/Networth)		2.11	2.26	1.38
Current Ratio (Current Asset/Current Liability)		2.19	4.99	0.89

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
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

REVIEW OF OPERATIONS:

The sales for the financial year were Rs.125.176 Millions as against Rs.78.459 Millions during the previous year registering a increase of Rs.46.717 Millions. The company had achieved turnover over and above the budgeted turnover with the help of agents and also through the improved market plans.

The company has started Polypropylene plant in the factory premises to meet its own consumption in the last month of previous financial year. Polypropylene is essential raw material for the company’s various fabrics. Due to own manufacturing activity, the end cost of production has been reduced to maximum extent compared to outside purchase.

The company has returned net profit of Rs.11.191 Millions after providing Rs.5.309 Millions for income Tax and Deferred Tax for timing differences. The Directors are hoping to present better result in the forthcoming year.

FUTURE PROSPECTS:

The company has started to export its fabrics to countries like Dubai, Gana, Nigeria, and to some European countries. It would improve net result of the company significantly in the forthcoming year. The company has drawn a special market plan to attract new foreign customers in order to increase export and local sales.

FIXED ASSTES:

v Land

v Plant and Machinery

v Computer

v Furniture and Fittings

v Office Equipments

v Electrical Fittings

v Vehicles

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.54.55
UK Pound	1	Rs.85.47
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

DPTP

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		38

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.