MIRA INFORM REPORT

Report Date :

21.03.2012

IDENTIFICATION DETAILS

Name :	PRIDE FABRICS PRIVATE LIMITED
Registered Office :	H 1/2, MIDC, Kupwad Block, Sangli-416436, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.02.2005
Com. Reg. No.:	11-020296
Capital Investment / Paid-up Capital :	Rs.0.850 Million
CIN No.: [Company Identification No.]	U17219PN2005PTC020296
TAN No.: [Tax Deduction & Collection Account No.]	KLPP01775E
PAN No.: [Permanent Account No.]	AADCP6259N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Grey Fabrics.
No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate. There appears to be huge accumulated loss recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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

LOCATIONS

Registered Office :	H 1/2, MIDC, Kupwad Block, Sangli-416436, Maharashtra, India
Tel. No.:	91-233-2645621 / 2645622
Fax no.:	91-233-2645621
E-Mail :	pgassociate@rediffmail.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Rajendra Premchand Ghodawat.
Designation :	Director
Address :	1061, North Shivaji Nagar, Sangli: 416416, Maharashtra, India.
Date of Appointment :	15.02.2005
DIN No.:	00365345

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	U17299MH1994PTC077422	JUBILEE SYNTHETICS PRIVATE LIMITED	Director	20-04-94	20-04-94	Active	NO
2	U17121PN2003PTC017627	JUBILEE DYEING AND BLEACHING WORKS PRIVATE LIMITED	Managing director	24-02-03	24-02-03	Active	NO
3	U51311MH1992PTC067348	JUBILEE FABRICS PRIVATE LIMITED	Director	30-09-03	30-09-03	Active	NO
4	U17219PN2005PTC020296	PRIDE FABRICS PRIVATE LIMITED	Director	15-02-05	15-02-05	Active	NO

Name :	Mr. Rajendra Raychand Bhandari
Designation :	Director
Address :	57, Mahaveer, Sangli: - 416416, Maharashtra, India
Date of Appointment :	15.02.2005
DIN No.:	00470815

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	U74999PN1947PLC006695	NEW VIJAY INDUTRIES LIMITED	Director	28-12-04	28-12-04	Active	NO
2	U17219PN2005PTC020296	PRIDE FABRICS PRIVATE LIMITED	Director	15-02-05	15-02-05	Active	NO

Name :	Mr. Prakash Basgonda Patil.
Designation :	Director
Address :	245, Market Yard, Sangli: - 416416, Maharashtra, India
Date of Appointment :	15.02.2005
DIN No.:	00471948
Name :	Mr. Naresh Umedlal Shah
Designation :	Director
Address :	1416, Lale Plots, Madhavnagar Road, Sangli: -416416, Maharashtra, India.
Date of Appointment :	15.02.2005
DIN No.:	00471876
Name :	Mr. Amit Ravindra Shirguppe.
Designation :	Director
Address :	Nitiraj Apts, Block No. 4, Neminath Nagar, Sangli: 416416, Maharashtra, India.
Date of Appointment :	15.02.2005
DIN No.:	00470834

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajendra Raychand Bhandari	1000
Prakash Basgonda Patil	2000
Naresh Umedlal Shah	1000
Rajendra Premchand Ghodawat	2000
Amit Ravindra Shirguppe	500
Darshan R Bhandari	1000
Vivek Naresh Shah	500
Mayuri Naresh Shah	500
Total	8500

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Grey Fabrics.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Ratnakar Bank Limited, Market Yard Branch, Sangili

· Rajarambapu Sahakari Bank Limited, Peth Market Yard, Sangli- 416416, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan		3.899
Bank OD		12.334
Others		5.574
Total	13.164	21.807
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Unsecured Loan	27.309	19.428
Total	27.309	19.428

Banking Relations :	--
Auditors :
Name :	V T and Associates Chartered Accountants
Address :	168, Prachiti, Vakhar Bhag, Sangli-416416, Maharashtra, India
Tel. No.:	91-233-2654521
PAN No.:	AAKPN7638P

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8500	Equity Shares	Rs.100/- each	Rs.0.850 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		0.850	0.850	0.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.850	0.850	0.850
LOAN FUNDS
1] Secured Loans		13.164	21.807	24.782
2] Unsecured Loans		27.309	19.428	6.848
TOTAL BORROWING		40.473	41.235	31.630
DEFERRED TAX LIABILITIES		(0.229)	(0.229)	(0.229)
TOTAL		41.094	41.856	32.251
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.806	15.824	16.909
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.081	0.081	0.081
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.890	23.971	15.019
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	3.485	1.161	0.285
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.839	2.186	3.248
Total Current Assets		30.214	27.318	18.552
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.406	7.941	9.594
	Other Current Liabilities		0.000	0.000
	Provisions	0.586	0.434	0.356
Total Current Liabilities		8.992	8.375	9.950
Net Current Assets		21.222	18.943	8.602
MISCELLANEOUS EXPENSES		4.985	7.008	6.659
TOTAL		41.094	41.856	32.251

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	59.225	47.651	40.692
Less	EXPENSES	52.403	43.518	40.860
	PROFIT BEFORE TAX (E-F) (G)	2.003	(0.349)	(4.271)
Less	TAX (I)	0.000	0.000	0.000
	PROFIT AFTER TAX (G-I) (J)	2.003	(0.349)	(4.271)
	Earnings Per Share (Rs.)	235.65	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	4.45	(0.81)	(12.39)
Return on Investment (ROI) (PBT/Networth)		2.36	(0.41)	(5.02)
Debt Equity Ratio (Total Liability/Networth)		58.19	58.36	48.92
Current Ratio (Current Asset/Current Liability)		3.36	3.26	1.86

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

The performance of the Company during this year has substantially increased as compared to previous year. The turnover has increased from Rs. 47.651 Millions in the previous year ended 31-03-2010 to Rs. 59.225 Millions in the current year ended 31-03- 2011. Even though, after providing for all the operating expenses the Company suffered a profit before Tax of Rs. 2.023 Millions. After providing for Taxes the Company suffered a loss of Rs. 2.023 Millions.

Bankers Charges Report as per Registry

This form is for	Creation of Charge
Corporate identity number of the company	U17219PN2005PTC020296
Name of the company	PRIDE FABRICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H 1/2, MIDC, Kupwad Block, Sangli-416436, Maharashtra, India E-mail : pgassociate@rediffmail.com
Type of charge	Book Debts Movable Property
Particular of charge holder	Rajarambapu Sahakari Bank Limited, Peth Market Yard, Sangli- 416416, Maharashtra, India E-mail : pgassociate@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement Dated : 19.01.2012
Date of instrument Creating the charge	19.01.2012
Amount secured by the charge	Rs.35.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest at 15% p.a. Terms of Repayment Repayable on Demand. Margin 25% Extent and Operation of the charge Other Terms and Conditions as per Agreement.
Short particulars of the property charged	Hypothecation of Stock of Raw Material, WIP, Semi-Finished, Finished Goods, Other Current Assets and all Present and Future Book Debts of Company situated at Plot No.H-1/3,Kupwad MIDC, Sangli.

Fixed Assets:

· Building

· Furniture and Fixtures

· Plant and Furniture

· Machinery Accessories

· Electrical Material

· Computer

· Computer Accessories

· Office Telecom System

· Computer Software

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.50.25
UK Pound	1	Rs.79.76
Euro	1	Rs.66.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--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		14

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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.