MIRA INFORM REPORT

Report Date :

26.05.2012

IDENTIFICATION DETAILS

Name :	PARVATI FABRICS LIMITED (w.e.f.31.10.2010)
Formerly Known As :	PARVATI FABRICS PRIVATE LIMITED
Registered Office :	“Parvati House”, F-Tower, Shree Kuberji Textile Park, Behind Belgium Square, Delhi Gate, Ring Road, Surat-395002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.06.1994
Com. Reg. No.:	04-022243
Capital Investment / Paid-up Capital :	Rs. 12.558 Millions
CIN No.: [Company Identification No.]	U17119GJ1994PTC022243
TAN No.: [Tax Deduction & Collection Account No.]	SRTP00783G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Non-Woven Fabric, Shopping Bags and Women Ethics Wear
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 280000
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 terms are reported to be usually correct and as 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	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Vishal
Designation :	Director
Contact No.:	91-261-3257796
Date :	07.05.2012

LOCATIONS

Registered Office :	“Parvati House”, F-Tower, Shree Kuberji Textile Park, Behind Belgium Square, Delhi Gate, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-3257796 / 3251611
Fax No.:	Not Available
E-Mail :	parvatifabrics@gmail.com vishalpach@yahoo.com mcafilling@yahoo.co.in
Website :	www.parvatifabrics.com
Location :	Owned
Factory :	Surat, Gujarat, India

DIRECTORS

AS ON 23.09.2011

Name :	Mr. Vikash Dineshkumar Pacheriwal
Designation :	Managing Director
Address :	C – 4201, 1^st Floor, Raghukul Textile Market, Ring Road, Surat – 395002, Gujarat, India
Date of Birth/Age :	07.02.1974
Date of Appointment :	13.06.1994
DIN No.:	01299868
Name :	Mr. Dinesh Kedarnath Pacheriwal
Designation :	Director
Address :	1001, Padamkruti Apartment, Near Navpad Apartment, City Light Area, Surat – 395007, Gujarat, India
Date of Birth/Age :	02.07.1951
Date of Appointment :	13.06.1994
DIN No.:	00664783
Name :	Mr. Vishal Dinesh Pacheriwal
Designation :	Whole Time Director
Address :	1001, Padamkruti Apartment, Near Navpad Apartment, City Light Area, Surat – 395007, Gujarat, India
Date of Birth/Age :	27.08.1978
Date of Appointment :	01.02.1998
DIN No.:	00648232
Name :	Ms. Shardadevi Dineshkumar Pacheriwal
Designation :	Whole Time Director
Address :	1001, Padamkruti Apartment, Near Navpad Apartment, City Light Area, Surat – 395007, Gujarat, India
Date of Birth/Age :	15.10.1952
Date of Appointment :	15.02.2005
DIN No.:	01013115

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2011

Names of Shareholders	No. of Shares
Dinesh Kumar Pacheriwal	38410
Vikash Pacheriwal	56710
Suresh Agarwal	2000
Simple Pacheriwal	3000
Dinesh Kr.Pacheriwal-Huf	37050
Vishal Pacheriwal	36200
Shardadevi Pacheriwal	46000
Veena Pacheriwal	28400
Rakesh Agarwal	30900
Shalini Pacheriwal	10700
Kanaiyalal Rewar	2533
Pushpa Goenka	3750
Urmila Agarwal	8500
Suresh Agarwal	17500
Vinodkumar Goenka	5000
Ratanlal Agarwal	15000
Manojkumar Budhia	100
Satyanarayan Pawankumar Re: Satyanarayan Pawankumar HUF	100
Pawan Kumar Agarwal	100
Ratanlal Agarwal (Huf)	100
Manish Hetanpuria	200
Pramod Agarwal	100
Vikash Choudhary	100
Vishal Pacheriwal RE : Vishal Pacheriwal HUF	10000
Vikashl Pacheriwal RE : Vikash Pacheriwal HUF	25300
Sapna Singhania	12500
Vishnu Singhania	6250
Narendra Singhania	6250
Pabu S. Rathor	5000
Veena Pacheriwal JH : Shalini Pacheriwal JH : Rakesh Agarwal JH : Rinky Agarwal	360000
Parvati Organizers Private Limited, India	428000
Mukesh Agarwal	14000
Sushil Agarwal	46000
TOTAL	1255753

AS ON 31.03.2012

Names of Allotted	No. of Shares
Veena Pacheriwal	5740
Dinesh Kumar Pacheriwal	3500
Vishal Pacheriwal	3575
Shalini Pacheriwal	5740
Vikash Pacheriwal	3735
Shardadevi Pacheriwal	2880
TOTAL	25170

AS ON 23.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	34.08
Directors or relatives of Directors	51.91
Other top fifty shareholders	14.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Non-Woven Fabric, Shopping Bags and Women Ethics Wear
Products :	Embroidered Sarees Bridal Sarees Hand Embroidered Sarees Georgette Sarees Designer Sarees Synthetic Sarees Printed Sarees Banarasi Sarees Sequin Work Sarees Brasso Sarees Traditional Sarees Designer Lehnga Cholis Fancy Sarees Ladies Kurtis Silk Sarees Wedding Sarees Designer Salwar Kameez (Designer Ladies Suits) Salwar Kameez / Ladies Suit And Dupattas Party Wear Sarees Textile Business
Exports :
Products :	Fabrics
Countries :	· Middle East Countries · Saudi
Imports :
Products :	· Raw Material · Finished Goods
Countries :	European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

55 (Approximately)

Bankers :

· Oriental Bank of commerce, Jash Textile Market, Ring Road, Surat – 395002, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan Facility – Oriental Bank of Commerce (Secured by hypothecation of Plant and Machinery)	18.720	34.626
Term Loan Facility – Oriental Bank of Commerce (Secured by hypothecation of house)	50.794	0.000
Vehicle Loan – Oriental Bank of Commerce (Secured by hypothecation of vehicle)	0.163	0.445
For Working Capital Facilities
Cash Credit Facility – Oriental Bank of Commerce (Secured by hypothecation of book debts and stock and personal guarantee of Directors)	31.288	9.592
Total	100.965	44.663
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	7.636	3.874
From shareholders and Relatives	44.386	29.241
Total	52.022	33.115

Banking Relations :	--
Auditors :
Name :	PKMG and Company Chartered Accountant
Address :	7011, World Trade Centre, Ring Road, Surat - 395002, Gujarat, India
Tel. No.:	91-261-2302334/3912334
Fax No.:	91-261-3912333
Pan No :	AAIFP8989K

CAPITAL STRUCTURE

AS ON 31.03.2011

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
1255753	Equity Shares	Rs.10/- each	Rs. 12.558 Millions

AS ON 23.09.2011

Authorised Capital : Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 12.980 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		12.558	9.678	7.628
2] Share Application Money		0.024	0.024	0.000
3] Reserves & Surplus		58.908	41.483	28.250
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.490	51.185	35.878
LOAN FUNDS
1] Secured Loans		100.965	44.663	23.777
2] Unsecured Loans		52.022	33.115	30.922
TOTAL BORROWING		152.987	77.778	54.699
DEFERRED TAX LIABILITIES		0.000	0.101	0.829
TOTAL		224.477	129.064	91.406
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.270	67.966	37.178
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.188	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.159	24.563	13.532
	Sundry Debtors	52.476	63.600	76.872
	Cash & Bank Balances	2.988	2.195	0.763
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.737	15.330	3.005
Total Current Assets		106.360	105.688	94.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.685	40.204	36.247
	Other Current Liabilities	0.347	0.677	0.639
	Provisions	3.657	3.709	3.058
Total Current Liabilities		29.689	44.590	39.944
Net Current Assets		76.671	61.098	54.228
MISCELLANEOUS EXPENSES		0.348	0.000	0.000
TOTAL		224.477	129.064	91.406

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	280.718	289.996	202.769
		Other Income	1.521	0.580
		TOTAL (A)	282.239	290.576	202.769
Less	EXPENSES
		Purchase of Finished Goods	51.358	44.316
		Consumption of Raw Material	9.746	30.759	188.719
		Manufacturing Expenses	140.212	138.759
		Payment to Employees	20.817	19.107
		Administrative Expenses	10.285	8.171
		Selling and Distribution Expenses	29.092	32.736
		Deferred Expenses	0.087	0.000
		Increase / Decrease in Stock	(7.134)	(10.984)
		TOTAL (B)	254.463	262.864	188.719
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.776	27.712
Less	FINANCIAL EXPENSES (D)		6.772	6.717
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.004	20.995	14.050
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.574	13.730	7.602
	PROFIT BEFORE TAX (E-F) (G)		8.430	7.265	6.448
Less	TAX (H)		2.526	2.232	2.061
	PROFIT AFTER TAX (G-H) (I)		5.904	5.033	4.387
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.347	8.314	NA
	BALANCE CARRIED TO THE B/S		19.251	13.347	NA
	Earnings Per Share (Rs.)		4.70	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	300.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.09	1.73	1.02
Net Profit Margin (PBT/Sales)	(%)	3.00	2.51	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.32	4.18	4.91
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.18
Debt Equity Ratio (Total Liability/Networth)		2.56	2.39	2.66
Current Ratio (Current Asset/Current Liability)		3.58	2.37	2.36

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. Constructions 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	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
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	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

Registered office has been shifted from C – 4201-4206, Second Floor, Lift No.21, Raghukul Textile Market, Ring Road, Surat–395002, Gujarat, India to the present address w.e.f.02.05.2011.

FORM 8

Corporate identity number of the company	U17119GJ1994PTC022243
Name of the company	PARVATI FABRICS LIMITED
Address of the registered office or of the principal place of business in India of the company	“Parvati House”, F-Tower, Shree Kuberji Textile Park, Behind Belgium Square, Delhi Gate, Ring Road, Surat-395002, Gujarat
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Oriental Bank of commerce, Jash Textile Market, Ring Road, Surat – 395002, Gujarat, India
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/Loan Facilities
Date of instrument Creating the charge	08.10.2011
Amount secured by the charge	Rs. 66.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1% over and above the existing rate Terms of repayment For Existing : On Demand / Subject to renewal For AD HOC : 90 Days Margin For Existing and AD HOC : 25% On Stock and Book Debts Extent and operation of the charge First and Exclusive charge on the Assets for entire dues of the Company until fully repaid together with interest and costs.
Short particulars of the property charged (Including location of the property)	Hypothecation of Raw Materials, Stock in Process, Finished Goods and Receivables of the company however DP is be calculated on for debtors up to 90 days Hypothecation of entire Plant and Machinery of the company present and future.
Charge identification number of the charge to be modified	90099577
Date of instrument modifying the charge	31.01.2011
Particulars of the present modification	Existing Cash Credit Limits of Rs. 35.000 Millions (exclusively for woven unit) and Rs. 20.000 Millions (exclusively for non woven unit) are enhanced by AD HOC Limit for 90 days by Rs. 7.000 Millions and Rs. 4.000 Millions respectively so as to make total charge of Rs. 66.000 Millions.

FIXED ASSETS

• Factory Land
• Factory Building
• Plant and Machinery
• A.C Plant
• Generator
• Factory Electric Installation
• Office Building
• Office Equipments
• Furniture and Fixtures
• Computers
• Electrical Installation
• Motor Car
• Motor Cycle

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. 56.28
UK Pound	1	Rs. 88.25
Euro	1	Rs. 70.81

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.