MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED (w.e.f.13.01.2007)
Formerly Known As :	RAYVES AUTOMOTIVE TEXTILE COMPANY PRIVATE LIMITED
Registered Office :	2^nd Floor, Navbharat Estate, East Wing, Zakaria Buder Road, Sewri West, Mumbai – 400015, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.07.2007
Com. Reg. No.:	11-172300
Capital Investment / Paid-up Capital :	Rs.22.200 Millions
CIN No.: [Company Identification No.]	U17210MH2007PTC172300
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of printed seats fabric for Tata Motors Magic IRIS.
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 :	Recently Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007. It has recently commenced its business activities. However, trade relations are fair. Business is active. Payments are unknown. 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 :	2^nd Floor, Navbharat Estate, East Wing, Zakaria Buder Road, Sewri West, Mumbai – 400015, Maharashtra, India
Tel. No.:	91-22-66046000
Fax No.:	91-22-22620052
E-Mail :	himanshu.srivastava@asa.in

DIRECTORS

As on 15.06.2011

Name :

Mr. Shantilal Pokharna

Designation :

Director

Address :

Bungalow No.27, jekegram Pokhran Road No.1, Thane – 400606, Maharashtra, India

Date of Birth/Age :

06.09.1953

Date of Appointment :

09.11.2007

DIN No.:

01289850

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	U99999MH1979PTC021252	RAINBOW WEAVERS AND PROCESSORS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO
2	U51311MH1972GAP016172	INDIAN WOOLLEN MILLS' FEDERATION	Director	29/09/2005	29/09/2005	-	Active	NO
3	U17210MH2007PTC172300	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED	Director	24/06/2008	29/11/2007	20/12/2011	Active	NO
4	U51900MH1946PLC005014	IMPEX (INDIA) LIMITED	Director	29/09/2008	20/04/2008	-	Active	NO
5	U67120MH1984PLC032565	TIGER TRAVELS AND TOURS LIMITED	Additional director	5/10/2011	5/10/2011	-	Active	NO
6	L67120MH1976PLC018836	PEOPLE'S INVESTMENT LIMITED	Director	20/10/2011	20/10/2011	-	Active	NO
7	L65990MH1974PLC017304	POLAR INVESTMENTS LIMITED	Director	20/10/2011	20/10/2011	-	Active	NO

Name :

Mr. Ram Krishna Bhatnagar

Designation :

Director

Address :

Flat No. 1201/1202 B, Girija Building, Neelkanth Heights, Pokhran Road No.2, Thane – 400606, Maharashtra, India

Date of Birth/Age :

21.12.1959

Date of Appointment :

31.03.2011

DIN No.:

02313614

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	U17120MH2005PLC154066	RAYMOND WOOLLEN OUTERWEAR LIMITED	Director	29/05/2009	9/8/2008	-	Active	NO
2	U17210MH2007PTC172300	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED	Director	31/01/2011	31/01/2011	20/12/2011	Active	NO

Name :

Mr. Carl De Emmanuel Freitas

Designation :

Director

Address :

20, Rue Des Bois, Rixheim – 68170, France

Date of Birth/Age :

15.12.1969

Date of Appointment :

29.11.2007

DIN No.:

01875231

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	U17210MH2007PTC172300	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED	Director	24/06/2008	29/11/2007	20/12/2011	Active	NO
2	U17290RJ2012PTC037666	TREVES BANSWARA PRIVATE LIMITED	Additional director	5/4/2012	5/4/2012	-	Active	NO

Name :

Renaud Laurent Cellier

Designation :

Director

Address :

11, Route De Saini Charistol, Le Cheylard – 07160, France

Date of Birth/Age :

25.07.1968

Date of Appointment :

30.11.2010

DIN No.:

03415089

Name :

Mr. Kazuhide Yamamoto

Designation :

Director

Address :

2107, Kanihara Nagakutecho, Aichigun, Aichi – 4801142, Japan

Date of Birth/Age :

04.08.1953

Date of Appointment :

30.03.2010

DIN No.:

02981186

Name :

Mr. Hideki Inagaki

Designation :

Director

Address :

204-1, Nishiyashiki Noda-Cho, Kariya, Aichi – 4480803, Japan

Date of Birth/Age :

04.10.1956

Date of Appointment :

01.07.2010

DIN No.:

03459780

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.06.2011

Names of Shareholders	No. of Shares
Silver Spark Apparel Limited, India J/W H Sunder	5000
Silver Spark Apparel Limited, India	730000
Mareve SA, Paris	740000
Silver Spark Apparel Limited, India, Jointly With Fernandes Thomas	5000
Kawashima Selkon Textiles Company Limited, Japan	740000
Total	2220000

As on 21.01.2012

Names of Allotte	No. of Allotted
TB Kawashima Company Limited	4990000
Total	4990000

As on 15.05.2012

Names of Allotte	No. of Allotted
Seiwa Company Limited	10000
Total	10000

As on 15.06.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of printed seats fabric for Tata Motors Magic IRIS.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Address :	252, Veer Sawarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra India
Tel. No.:	91-22-66691000
PAN.:	AAAFD0907D
Joint Venture Partners and the Enterprises over which they exercise control:	Raymond Limited Silver Spark Apparel Limited Mareve S.A. Treve S.A. Kawashima Selkon Company Private Limited Raymond Apparel Limited Pashmina Holding Limited Everblue Apparel limited Jaykayorg AG Raymond (Europe) Limited (Formerly J.K. [England] Limited) Regency texteis Portuguesa, Limited Colorplus Fashions Limited Celebrations Apparel Limited Ring Plus Aqua Limited R and A Logistics Inc. Scissors Engineering Products Limited JK Talabot Limited Raymond Europe S.r.l. Raymond Zambaiti Limited (Formerly Raymond Zambaiti Private Limited) Raymond woolea Outerwear Limited Raymond Uco Dcnlm Private Limited Rose Engineered Products India Private Limited JK Investo Trade (India} Limited

CAPITAL STRUCTURE

After 15.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7220000	Equity Shares	Rs.10/- each	Rs.72.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7220000	Equity Shares	Rs.10/- each	Rs.72.200 Millions

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
2220000	Equity Shares	Rs.10/- each	Rs.22.200 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		22.200	16.200	10.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(22.019)	(11.651)	(6.608)
NETWORTH		0.181	4.549	4.192
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.181	4.549	4.192
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
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	0.000	0.000	0.000
	Sundry Debtors	0.110	0.000	0.000
	Cash & Bank Balances	1.315	4.591	4.160
	Other Current Assets	0.000	0.000	0.043
	Loans & Advances	0.789	0.000	0.000
Total Current Assets		2.214	4.591	4.203
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.902	0.032	0.011
	Other Current Liabilities	0.131	0.005	0.000
	Provisions	0.000	0.005	0.000
Total Current Liabilities		2.033	0.042	0.011
Net Current Assets		0.181	4.549	4.192
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.181	4.549	4.192

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1.498	0.000	0.000
		Other Income	0.000	0.047	0.031
		TOTAL	1.498	0.047	0.031
Less	EXPENSES
		Purchases	0.944	0.000	0.000
		Employment Cost	4.317	3.192	2.851
		Administrative, Selling and General Expenses	4.310	1.855	1.068
		Share issued expenditure	0.000	0.019	0.000
		TOTAL	9.571	5.066	3.919
	PROFIT / (LOSS) BEFORE TAX		(8.073)	(5.019)	(3.888)
Less	TAX		0.000	0.024	0.000
	PROFIT / (LOSS) AFTER TAX		(8.073)	(5.043)	(3.888)
Less	Prior Period Adjustment		2.294	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.651)	(6.608)	(2.720)
	BALANCE CARRIED TO THE B/S		(22.017)	(11.651)	(6.608)
	Earnings Per Share (Rs.)		(6.35)	(4.66)	(3.60)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(538.92)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	(538.92)	(10678.72)	(12541.94)
Return on Total Assets (PBT/Total Assets}	(%)	(364.63)	(109.32)	(92.51)
Return on Investment (ROI) (PBT/Networth)		(44.60)	(1.10)	(0.93)
Debt Equity Ratio (Total Liability/Networth)		11.23	0.01	0.00
Current Ratio (Current Asset/Current Liability)		1.09	109.31	382.09

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
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)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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 of the company has been shifted from New Hind House, N.M. Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India to present address w.e.f.23.09.2011

FINANCIAL HIGHLIGHTS AND OPERATIONS

The Company has incurred a loss of Rs.10.400 Millions (previous year loss: Rs.5.000 Millions) during the period. In view of losses, no Dividend is declared for this financial year

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.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

INFORMATION DETAILS

Report Prepared by :

NTH

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	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	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.