MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	SIMONI TEXTILE PRIVATE LIMITED
Registered Office :	At Post Khede, Mukkam-Sutrepada, Taluka Dhule – 424302, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.06.2005
Com. Reg. No.:	11-154245
Capital Investment/ Paid-up Capital:	Rs.0.100 Million
CIN No.: [Company Identification No.]	U17120MH2005PTC154245
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all kinds of Yarns, Textiles and Readymade Garments.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the subject company incorporated in the year 2005. It has not yet commenced operations. Payments are unknown. 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. Kiran Santosh Patil
Designation :	Director
Address :	118, at Post Amadade Taluka Bhadgaon, Jalgaon – 424 105, Maharashtra, India
Date of Birth/Age :	13.03.1981
Date of Appointment :	27.06.2005
DIN No.:	01443781
Name :	Mr. Govind Vijay Patil
Designation :	Director
Address :	Mukkam Post, Mahindale, Post Morane, Dhule – 424 002, Maharashtra, India
Date of Birth/Age :	31.03.1982
Date of Appointment :	27.06.2005
DIN No.:	01443815

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 08.09.2011

Names of Shareholders	No. of Shares
Kiran Santosh Patil	5000
Govind Vijay Patil	5000
Total	10000

As on 10.05.2012

Names of Allottee	No. of Shares
Manohar Govind	130000
Govind Patil	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 Yarns, Textiles and Readymade Garments.

Products :

Product Description	ITC Code
Textile / Textile Articles	Category – XI

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

· State Bank of India, Sme Branch, Shivsagar Estate, Worli (South), Dr. A.B. Road, Mumbai - 400018, 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 8s machinery)	0.962	1.729
Total	0.962	1.729
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors
Ramesh Chougale	0.000	0.005
From Corporates
Samruddha International Limited	0.000	1.300
Suyash Tex Fab Private Limited	0.000	0.006
Total	0.000	1.311

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		3.350	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.001)	(0.001)	(0.001)
NETWORTH		3.449	0.099	0.099
LOAN FUNDS
1] Secured Loans		0.962	1.729	1.725
2] Unsecured Loans		0.000	1.311	1.305
TOTAL BORROWING		0.962	3.040	3.030
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.411	3.139	3.129
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		3.918	3.479	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	0.008	0.043	0.040
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.448	0.386	0.154
Total Current Assets		0.456	0.429	0.194
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.053	0.858	0.248
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.024	0.009	0.006
Total Current Liabilities		0.077	0.867	0.254
Net Current Assets		0.739	(0.438)	(0.060)
MISCELLANEOUS EXPENSES		0.114	0.098	0.075
TOTAL		4.411	3.139	3.129

PROFIT & LOSS ACCOUNT

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

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.30	39.46	33.17
Current Ratio (Current Asset/Current Liability)	5.92	0.49	0.76

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 Rajendra Nagarbehind Bajrang Temple, Mahinole Sakhri Road, Dhule - 424002, Maharashtra, India to present address w.e.f. 29.11.2008

Bankers Charges Report as per Registry

Corporate identity number of the company	U17120MH2005PTC153979
Name of the company	KAUSHALYA FABRIC 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 Eatate, Dr. Annie Besant Raod, 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	14.05.2012
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 3.25% above Base Rate + 1.00% (term premium) which is presently 10% p. a. rising or falling therewith on daily products with monthly rests. present effective rate 14.25% p. a. Terms of Repayment To be repaid within 92 months including moratorium period of 11 months. The repayment at quartery interval starting from April 2013. Details as per schedule a of agreement of loan - cum -hypothecation 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, Compressor 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.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Report Prepared by :

VRN

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	-

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