MIRA INFORM REPORT

Report Date :

27.03.2012

IDENTIFICATION DETAILS

Name :	NIRMAL FIBRES PRIVATE LIMITED
Registered Office :	Om Towers, Premises No.1207, 12^th Floor, 32 Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.1995
Com. Reg. No.:	21-73964
Capital Investment / Paid-up Capital :	Rs.26.282 Millions
CIN No.: [Company Identification No.]	U51495WB1995PTC073964
TAN No.: [Tax Deduction & Collection Account No.]	CALN01636F / DELN04173B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Recycled Polyester Staple Fiber
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual 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 :	Om Towers, Premises No.1207, 12^th Floor, 32 Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22110411
Fax No.:	91-33-22110411
E-Mail :	nirmalfibres@gmail.com rajkumarjain4@yahoo.com rkjain@nirmalfibers.com ashok160@rediffmail.com sanjiv@nirmalfibers.com
Website :	www.nirmalfibers.com
Administrative Office :	Gastel House, 39, Panchsheel Colony, Moradabad – 244001, UP, India
Tel. No.:	91 591 2419973
Email ID:	admin@nirmalfibers.com
Marketing Office :	54, Todar Mal Road, Bengali Market, New Delhi - 110001, India
Tel. No.:	91-11-23323925 / 23328546
Fax No.:	91-11-23325489
E-Mail :	nirmalfi@bol.net.in marketing@nirmalfibers.com
Factory :	3rd, Mile Gajraulla to Moradabad Road, Gajraulla - 244235, Uttar Pradesh, India
Tel. No.:	91- 5924 252811
Fax No.:	91- 5924 253711

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Raj Kumar Jain

Designation :

Director

Address :

39, Panchsil Colony, Near St. Marys School , Civil Lines, Moradabad – 244001, Uttar Pradesh, India

Date of Birth/Age :

11.05.1947

Date of Appointment :

04.09.1995

DIN No.:

01321635

Name :

Mr. Sanjeev Kumar Jain

Designation :

Director

Address :

54, Todormal Road, New Delhi – 110 001, India

Date of Birth/Age :

06.02.1967

Date of Appointment :

24.09.2004

DIN No.:

00418361

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	U40109WB1997PTC084169	GOODWILL FIBRES COMPANY PRIVATE LIMITED	Director	30/03/2002	30/03/2002	Active	NO
2	U51495WB1995PTC073964	NIRMAL FIBRES PRIVATE LIMITED	Director	24/09/2004	24/09/2004	Active	NO
3	U17220DL2008PTC180427	GOODWILL NON-WOVENS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	Active	NO

Name :

Mr. Ajit Prasad Jain

Designation :

Director

Address :

Flat No.10-C, 35/1, J. L. Nehru Road, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

02.02.1937

Date of Appointment :

04.09.1995

DIN No.:

00707456

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	U10102WB1983NPL036471	INDIAN COAL MERCHANTS ASSOCIATION	Director	1/1/1985	1/1/1985	Active	NO
2	U01132WB1923NPL004751	INDIAN MINING FEDERATION	Director	1/1/1985	1/1/1985	Active	NO
3	U51495WB1995PTC073964	NIRMAL FIBRES PRIVATE LIMITED	Director	4/9/1995	4/9/1995	Active	NO
4	U17220DL2008PTC180427	GOODWILL NON-WOVENS PRIVATE LIMITED	Director	3/7/2008	3/7/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Sanjeev Kumar Jain, Karta (HUF)	102856
Ajit Prasad Jain, Karta (HUF)	87620
Rajiv Kumar Jain, Karta (HUF)	166790
Ashok Kumar Jain, Karta (HUF)	262065
Sanjiv Kumar Jain	199745
Rupali Jain	109720
Rajiv Jain	195065
Mona Jain	50440
Ashok Kumar Jain	104145
Shalini Jain	46085
Samir Jain	45500
Samir Jain	43420
Rajni Jain	61880
Anita Jain	59540
Raj Kumar Jain, Karta (HUF)	240097
Pawan Kumar Jain, Karta (HUF)	255892
Abhishek Jain	162045
Ashish Jain	48165
Raj Kumar Jain	134745
Varun Jain	126200
Aryan Jain	126195
Total	2628210

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Recycled Polyester Staple Fiber

Products :

Products Description	Item Code No.
Manufacturing PSF	55032000
Coal Trading	--
Manufacturing PP Fabrics	--

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Polyster Staple Fibre	M.T.	7,000	7,000	6,997
PP Non-Wovens Fabrics	M.T.	1,440	1,440	1,439

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

Station Road, Moradabad – 244001, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit from IOB against Stock and debtors and also guaranteed by directors from:
Indian Overseas Bank - Moradabad	35.055
Indian Overseas Bank - Calcutta	20.606	38.713
Indian Overseas Bank - Delhi	13.907
Total	69.568	38.713
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders and Directors	25.243	25.243
Total	25.243	25.243

Banking Relations :	--
Auditors :
Name :	Deepak Sharat Jain and Company Chartered Accountants
Address :	1101 Naurang House, 21 K G Marg, New Delhi – 110001, India
Tel No.:	91-11-43610382/ 23359530
Fax No.:	91-11-23359129
PAN No.:	ACUPJ4383R
Email :	djl@vsnl.com

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
4100000	Equity Shares	Rs.10/- Each	Rs.41.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2628210	Equity Shares	Rs.10/- Each	Rs.26.282 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		26.282	26.282	26.282
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		87.938	64.991	40.252
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		114.220	91.273	66.534
LOAN FUNDS
1] Secured Loans		69.568	38.713	12.235
2] Unsecured Loans		25.243	25.243	25.243
TOTAL BORROWING		94.811	63.956	37.478
DEFERRED TAX LIABILITIES		3.860	4.352	9.435
TOTAL		212.891	159.581	113.447
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.833	65.517	39.351
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.858	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.036	21.176	29.524
	Sundry Debtors	127.286	108.704	57.967
	Cash & Bank Balances	21.185	13.220	17.725
	Other Current Assets	2.721	2.718	2.099
	Loans & Advances	28.215	32.582	54.472
Total Current Assets		211.443	178.400	161.787
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	33.234	28.045	24.786
	Other Current Liabilities	13.449	46.716	56.136
	Provisions	13.560	9.575	6.769
Total Current Liabilities		60.243	84.336	87.691
Net Current Assets		151.200	94.064	74.096
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		212.891	159.581	113.447

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
After providing for Depreciation	8.785	5.763	5.628
Taxation	11.941	3.561	9.496
Net Profit	22.948	24.738	8.268
Earnings Per Share (Rs.)	8.73	--	--

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.36	1.62	1.88
Current Ratio (Current Asset/Current Liability)	3.51	2.12	1.84

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office of the company has been shifted from, 2^nd Floor, Room No.7, Moon House, 21 Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India, to the present address w.e.f. 22.02.2012.

FINANCIAL RESULTS

The Company earned a net profit of Rs.22.948 Millions after providing for depreciation of Rs.8.785 Millions and taxation of Rs.12.414 Millions as against the last year’s net profit of Rs.24.738 Millions.

CONTINGENT LIBAILITIES

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Guarantee against FD	20.606	7.619
Sales Tax Panalty under appeal	0.030	0.177
Excise Duty Panalty under appeal	7.143	0.000
Services Tax Panalty under appeal	0.150	0.000

FORM 8:

Corporation identity number or foreign company registrations number of the company	U51495WB1995PTC073964
Name of the company	NIRMAL FIBRES PRIVATE LIMITED
Address	2^nd Floor , Room No. 7, Moon House, 21 Ganesh Chandra Avenue, Kolkata- 700 013, West Bengal nirmalfibres@gmail.com
This Form is for	Modification of charge
Charge Identification (ID) number of the charge to be modified	80035687
Type of Charges	· Book Debts · Movable Property · Floating Charge
Particular of the charge holder	Indian Overseas Bank Station Road, Moradabad – 244 001, Uttar Pradesh, India email ID: ioba_mum01@vmail.infinet.org.in
Nature or description of the instrument creating charge	· Letter of Confirmation regarding modification in sanction terms · Letter of Hypothecation
Date of the instrument creating charge	15.05.2010
Amount Secure by the charge	Rs.115.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest: BPLR + 0.25% Margin: · Cash Credit – 25% on stock and 40% on Debtors · IDDBP / IDUBD – 25% · Letter of Guarantee – 20% on LG Favouring Customs (Rs.4000 Millions) and on others 20% Extent and Operation of charge: Hypothecation of Machinery, Vehicle, Stock and Book -Debts.
Short particulars of the Property charged	Hypothecation of Machinery, Vehicle, Stock and Book Debts situated at Deryapur, Gajraula, UP.
Particulars of the present modification	Term Loan Rs.20.000 Millions is surrendered Balance Limits totaling Rs.115.000 Millions remain unchanged. Interchangeability up to Rs.20.000 Millions from fund based CC Limit to non Fund based LG Limit is allowed within overall credit of Rs.115.000 Millions as already Registered.

FIXED ASSETS:

· Building

· Computer

· Electrical Equipment

· Furniture

· Lab Equipment

· Land

· Motor Cycle

· Office Equipment

· Plant and Machinery

· Tank

· Telephone

· Trucks

· Vehicles

· Wireless Radio

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] 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.51.31
UK Pound	1	Rs.81.37
Euro	1	Rs.67.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.