MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	MAHIMA FIBRES PRIVATE LIMITED MAHIMA PURESPUN (A UNIT OF MAHIMA FIBRES PRIVATE LIMITED)

Registered Office :	406, Corporate House, 4^th Floor, RNT Marg, Indore - 452001, Madhya Pradesh

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	11.06.1998

Com. Reg. No.:	012885

Capital Investment / Paid-up Capital :	Rs.71.856 Millions

CIN No.: [Company Identification No.]	U17111MP1998PTC012885

TAN No.: [Tax Deduction & Collection Account No.]	BPLM04156F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1512612

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. 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 normal 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered / Corporate Office:	406, Corporate House, 4^th Floor, RNT Marg, Indore-452001, Madhya Pradesh, India
Tel No.:	91-731-2521021/4066642-43
Fax No.:	91-731-2529556
E-Mail :	mahima@gmail.com mahimaaccounts@gmail.com mahimaaccounts@yahoomail.com

Factory	Plot No.73-74, Sector II, Pitambur Industrial Estate, Dhar-452001, Madhya Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Rohit Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

31.10.2000

Din No.:

00126159

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	31-10-00	31-10-00	-	Active	NO
2	U17121MP2003PTC015833	MAHIMA COTEX PRIVATE LIMITED	Director	23-05-03	23-05-03	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	02-11-09	Active	NO
4	U55100MP2008PTC021396	JUNEJA HEALTH CLUB AND RESORT PRIVATE LIMITED	Additional director	22-03-10	22-03-10	28-06-10	Active	NO

Name :

Mr. Ashish Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

01.11.2005

Din No.:

00486556

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17121MP1994PTC008690	RACHNA TEXTILES (INDIA) PRIVATE LIMITED	Director	05-10-95	05-10-95	-	Active	NO
2	U17121MP1997PTC011896	NIDHI COTTON INDUSTRIES PRIVATE LIMITED	Director	04-09-03	04-09-03	-	Active	NO
3	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Active	NO
4	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
5	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	01-12-09	Active	NO

Name :

Mr. Ashok Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

11.06.1998

Din No.:

00126380

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-98	11-06-98	-	Active	NO
2	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	01-12-09	Active	NO

Name :

Mr. Abhishek Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore

Date of Appointment :

11.06.1998

Din No.:

00961060

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-98	11-06-98	-	Active	NO
2	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	02-11-09	Active	NO
4	U01403MH2009NPL194495	ECOCERT ORGANIC LIFESTYLE CLUB	Director	31-07-09	31-07-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Ashok Kumar Doshi		1103000
Nirmal Kumar Doshi		239100
Vinod Kumar Doshi		175200
Ashish Doshi		266600
Abhishek Kumar Doshi		571760
Pawan Kumar Doshi		245000
Chanda Doshi		30000
Manju Doshi		174000
Rohit Doshi		876350
Rahul Doshi		226500
Rani Doshi		345660
Chhavi Doshi		104000
Shilpa Doshi		103500
Pooja Doshi		108500
Bafna Ginning and Pressing Private Limited, India		1000000
Alka Diamond Industries Limited, India		80000
Raghunandan Rayons Limited, India		40000
Triangular Infocom Limited, India		87000
Yash-V Jewels Limited, India		75000
Vanguard Jewels Limited, India		85000
Mahima Cotex Private Limited, Indore		500000
Pooja Fibres Private Limited, Aurangabad		362000
Alpha Chemie Trade Agencies Private Limited, Mumbai		10000
Casper Enterprises Private Limited, Mumbai		57500
Javda India Impex Limited, Mumbai		100000
Kush Hindustan Entertainment Limited, Mumbai		90000
Nakshatra Business Private Limited, Mumbai		65000
Olive Overseas Private Limited, Mumbai		40000
Talent Infoway Limited, Ahmadabad		25000
Total		7185670

As on 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		36.41
Directors or relatives of directors		63.59
Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc

Products :	Ginned Cotton Cotton Seed Cotton Yarn Cloth

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Kapas Gining and Pressing	MT	17718	17718
Cotton Yarn	MT	6800	6800

GENERAL INFORMATION

Bankers :

Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India
State Bank of India, Commercial Branch, A.B. Road, Near GPO, Indore-452001, Madhya Pradesh, India
State Bank of Indore, Bakaner Branch, Dhar, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee Term Loans Secured
Rupee Term Loans Banks Secured	699.721	521.860

Working Capital Loans Secured
Working Capital Loans Banks Secured	216.193	110.496

Loans Taken for Fixed Assets Secured
Loans Taken for Vehicles Secured	3.187	2.269

Total	919.101	634.625

Unsecured Loan
From Directors	71.264	30.536
Other Loan	4.652	2.123
Total	75.916	32.659


Banking Relations :	--

Auditors :
Name :	Maheshwari and Gupta Chartered Accountant
Address :	312-314 Mans Bhawan Extension, 11/2 RNT Marg, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2525771/73
Fax No.:	91-731-2525770
E-Mail :	maheshwarigupta@rediffmail.com

Associates/Subsidiaries :	· Rachna Textiles Private Limited · Paras Cotex Private Limited · Delight Cotton Private Limited · Mahima Exports

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

80,00,000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

71,85,670	Equity Shares	Rs.10/- each	Rs.71.856 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		71.856	71.856	67.362
2] Share Application Money		10.500	0.000	5.000
3] Reserves & Surplus		295.797	220.696	129.388
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		378.153	292.552	201.750
LOAN FUNDS
1] Secured Loans		919.101	634.626	617.957
2] Unsecured Loans		75.917	32.659	63.172
TOTAL BORROWING		995.018	667.285	681.129
DEFERRED TAX LIABILITIES		65.495	52.926	40.300

TOTAL		1438.666	1012.763	923.179

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		886.916	601.373	568.911
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	531.361	135.756	71.598
	Sundry Debtors	210.151	288.568	263.809
	Cash & Bank Balances	45.815	35.611	14.537
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	196.919	221.329	160.239
Total Current Assets		984.246	681.264	510.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	83.530
	Other Current Liabilities	409.796	256.899	65.834
	Provisions	22.700	12.975	6.551
Total Current Liabilities		432.496	269.874	155.915
Net Current Assets		551.750	411.390	354.268

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1438.666	1012.763	923.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		3719.547	1318.925
		Other Income	NA
		TOTAL	NA	3719.547	1318.925

Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	3536.516	1202.759
		Advertising Expenses
		TOTAL	NA	3536.516	1202.759

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		252.177	183.031	116.166

Less	FINANCIAL EXPENSES		94.213	74.877	32.895

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		157.964	108.154	83.271

Less/ Add	DEPRECIATION/ AMORTISATION		46.825	31.705	28.699

	PROFIT BEFORE TAX		111.139	76.449	54.572

Less	TAX		35.269	25.601	20.241

	PROFIT AFTER TAX		75.870	50.848	34.331

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2922.057	1010.074	410.775

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	--	1.37	2.60

Return on Total Assets (PBT/Total Assets}	(%)	--	5.96	5.06

Return on Investment (ROI) (PBT/Networth)		0.29	0.26	0.27

Debt Equity Ratio (Total Liability/Networth)		3.77	3.20	4.15

Current Ratio (Current Asset/Current Liability)		2.27	2.52	3.27

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 (2 years)
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	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

Note: The Registered office address of the company has been shifted from 15/1, South Tukoganj, Indore-452001, Madhya Pradesh, India to present w.e.f. 14.01.2009

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U17111MP1998PTC012885
Name of the company	MAHIMA FIBRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	406, Corporate House, 4^th Floor, RNT Marg, Indore-452001, Madhya Pradesh, India
Type of charge	Immovable Property Others
Particular of charge holder	Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India
Email	cmindo0764@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation dated 05.07.2011
Date of instrument Creating the charge	05.07.2011
Amount secured by the charge	Rs.126.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment As Per Agreement Margin As Per Agreement Extent and Operation of the charge As Per Agreement Others As Per Agreement
Short particulars of the property charged	I) Exclusive 1st charge over entire fixed assets to be created out of capex for 4th expansion. II) 2nd pari passu charge over residual current assets of the company (current as well as future)

Fixed Assets:

Land
Building
Office Building
Plant and Machinery
Electrical Installation
Fire Fighting System
Vehicle
Furniture and Fixtures
Office Equipments
Computer

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.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.22

INFORMATION DETAILS

Information Gathered by :	--

Report Prepared by :	NLM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.

MIRA INFORM REPORT

531.361

210.151

45.815

0.000

196.919

984.246

0.000

409.796

22.700

432.496

551.750

--

--

0.29

3.77

2.27

Unit