MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	VITTHAL TEXTILES PRIVATE LIMITED
Registered Office :	Gujarati Galli, Chopda, Jalgaon - 425107 Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2005
Com. Reg. No.:	152768
Capital Investment/ Paid-up Capital:	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U17120MH2005PTC152768
TAN No.: [Tax Deduction & Collection Account No.]	NSKV01427G
PAN No.: [Permanent Account No.]	AACCV0315Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Readymade Garments
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 39000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses 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 normal business dealings with some cautions

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 :	Gujarati Galli, Chopda, Jalgaon - 425107 Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ashish@vitthaltextiles.com pallvimayur@yahoo.co.in
Factory:	Group Worshwed G.No.201, At Post Tande, Taluka, Shirpur, Dist, Dhule, Maharashtra -425405, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Ashish Arunlal Gujarathi

Designation :

Director

Address :

Chopda, Jalgoan – 425107 Maharashtra, India

Date of Birth/Age :

25.05.1973

Date of Appointment :

21.04.2005

Din No.:

01149559

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	U51900MH1997PTC107200	VITTHALDAS GOVARDHANDAS GINNERS PRIVATE LIMITED	Director	10/4/1997	10/4/1997	-	Active	NO
2	U17120MH2005PTC152768	VITTHAL TEXTILES PRIVATE LIMITED	Director	21/04/2005	21/04/2005	-	Active	NO
3	U17120MH2007PTC175280	PRATH TEXTILES PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
4	U01100MH2008PTC186426	GOVARDHAN FARM PRODUCE MARKET PRIVATE LIMITED	Director	2/9/2008	2/9/2008	-	Active	NO
5	U17120MH2010PTC206929	ARUNODAY FIBRE TO FABRIC DEVELOPMENT SERVICES PRIVATE LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO

Name :

Mr. Prasanna Vasantlal Gujarathi

Designation :

Director

Address :

Chopda, Jalgoan – 425107 Maharashtra, India

Date of Birth/Age :

20.01.1968

Date of Appointment :

21.04.2005

Din No.:

01149690

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mr. Ashish Arunlal Gujarathi	5000
Mr. Prasanna Vasantlal Gujarathi	5000
Shah Bhikaridas Govrdhadas	1490000
Total	1500000

As on 30.09.2010

Equity Shares Break - up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Readymade Garments

Products :

ITC Code No.	Product Description
0120	Grey Yarn Fabric Textile

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Jaigaon MAIn Branch, Visanji Nagar, Jilha Peth, Jalgaon -425001, Maharashtra, India

Facilities :

Rs .In Millions

SECURED LOANS	31.03.2011	31.03.2010
SECURED LOANS (Term loan with Bank of Baroda)	10.562	13.183

UNSECURED LOANS	31.03.2011	31.03.2010
Unsecured loans	5.576	25.220

Banking Relations :	--
Auditors :
Name :	P.M Shah Charted Accountant
Address :	Kamal Bhavan, Jalgon, Maharashtra, India
Pan No.:	ABPXS0066Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Share	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Share	Rs.10/- each	Rs.15.000 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		15.000	15.000	4.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.500	2.500	2.500
4] (Accumulated Losses)		(7.801)	(8.745)	(6.799)
NETWORTH		9.699	8.755	(0.199)
LOAN FUNDS
1] Secured Loans		10.563	13.183	18.355
2] Unsecured Loans		5.576	25.220	45.366
TOTAL BORROWING		16.139	38.403	63.721
DEFERRED TAX LIABILITIES		3.326	2.883	2.334
TOTAL		29.164	50.041	65.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]
Capital work-in-progress		37.833	37.382	39.054
		0.000	0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.327	56.096	31.100
	Sundry Debtors	27.923	30.953	72.776
	Cash & Bank Balances	1.574	0.676	0.728
	Other Current Assets	2.376	0.000	0.000
	Loans & Advances	2.944	2.950	3.516
Total Current Assets		70.144	90.675	108.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	21.347	27.071	48.899
	Other Current Liabilities	55.200	48.912	31.952
	Provisions	2.266	2.229	0.859
Total Current Liabilities		78.813	78.212	81.710
Net Current Assets		(8.669)	12.463	26.410
MISCELLANEOUS EXPENSES		0.000	0.196	0.392
TOTAL		29.164	50.041	65.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	243.880	310.560	221.245
		Other Income	2.509	0.404	0.802
		TOTAL (A)	246.389	310.964	222.047
Less	EXPENSES
		Cost of material consumed	133.491	267.998
		Employee Benefit Tax	1.034	2.732
		Other Expenses	73.955	55.014
				325.744
		Changes in inventories of finished goods, work in progress and stock in trade	25.768	(27.226)
		TOTAL (B)	234.249	298.518	215.390
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.140	12.446	6.657
Less	FINANCIAL EXPENSES (D)		9.070	12.172	6.589
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.070	0.274	0.068
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.683	1.671	1.594
	PROFIT (LOSS) BEFORE TAX (E-F) (G)		1.387	(1.397)	(1.526)
Less	TAX (H)		0.443	0.549	0.468
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.944	(1.946)	(1.994)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(6.799)	(4.804)
	BALANCE CARRIED TO THE B/S		0.944	(8.745)	(6.799)
	Earnings Per Share (Rs.)		0.94	(1.95)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.38	(0.63)	(0.89)
Net Profit Margin (PBT/Sales)	(%)	0.57	0.45	(0.69)
Return on Total Assets (PBT/Total Assets}	(%)	1.26	1.09	1.04
Return on Investment (ROI) (PBT/Networth)		0.14	(0.15)	(7.67)
Debt Equity Ratio (Total Liability/Networth)		9.78	13.21	(738.81)
Current Ratio (Current Asset/Current Liability)		0.89	1.16	1.32

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Financial Results:

The company profit is Rs.0.944 Millions for the year. The company has been continuously exploring new options fro better growth and performances, and has been successful in this year the same policy would continue for coming years. The company is very positive about the opportunities domestic as well as globally.

Operating:

· Location: The factory is situated at shirpur, which provides good infrastructure for textile industry

· Employees: The company has appointed technically qualified employees and has created good trained weavers during the year by offering good training in the premises

· The company is enjoying Term loan facility from Bank of Baroda, Jalgoan branch and has received good support from the staff from the staff of the bank The company is thankful to the bank

Fixed Assets:

· Land

· Building

· Borewell

· Plant and Machinery

· Electrification

· Furniture and Fixtures

· Mobile

· Telephone

· Cycle

· Computer

· Weigh Bridge

· Water Cooler

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

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.