MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	KAYAVLON IMPEX PRIVATE LIMITED
Registered Office :	2^ndFloor, Vishwakarma Chambers, Majura Gate, Ring Road, Surat – 395002 Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.07.2005
Com. Reg. No.:	04-046490
Capital Investment / Paid-up Capital :	Rs.3.827 Millions
CIN No.: [Company Identification No.]	U51100GJ2005PTC046490
TAN No.: [Tax Deduction & Collection Account No.]	SRTK01845E
PAN No.: [Permanent Account No.]	AACCK6284D
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Exporter of Polyesterchips and Yarns, Nylon Threads and Viscose Yarns, Embroidery Thread PET and PVC Resins.
No. of Employees :	Not Available

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 110000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	2^ndFloor, Vishwakarma Chambers, Majura Gate, Ring Road, Surat – 395002 Gujarat, India
Tel. No.:	91-261-2477052/ 58/ 59/ 4070000 (50 lines)
Fax No.:	91-261-2477053/ 2479108/ 4070050
E-Mail :	subhash@kayalon.com msn_subhash_@hotmail.com subhash@hotmail.com manojogoel@kayavlon.com sales@kayavlon.com hoganer@kayavlon.com hoganer@hotmail.com k_dalal@rediffmail.com
Website :	http://www.kayavlon.com
Area :	3000 sq. ft.
Location :	Owned
Overseas Office :	Room No 508, 5^th Floor Zhong Xing Business Center Building, 39 # Sheng Li East Road, ShaoXing, ZheJiang China
Tel. No.:	86-575-5084560 /86-13957591392
Fax No.:	86-575-5084561
E-Mail :	hoganer@kayavlon.com hoganer@hotmail.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Prabhudayal Satyanarayan Garodia

Designation :

Director

Name :

Mrs. Dipika Manoj Goel

Designation :

Director

Address :

22, Nand Niwas, Near Ashok Nagar, Athwa Line, Surat – 395007, Gujarat, India

Date of Birth/Age :

16.06.1973

Date of Appointment :

25.07.2005

Din No.:

01899312

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909GJ2004PTC044176	SOMNATH TRADELINK PRIVATE LIMITED	Director	25/05/2004	25/05/2004	30/09/2009	Active	NO
2	U17119GJ1987PLC010074	KAYBEE TEXSPIN LIMITED	Director	24/07/2004	24/07/2004	24/08/2012	Active	NO
3	U17110GJ1985PTC014260	AVLON SYNTEX PRIVATE LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
4	U51494GJ2005PTC045298	SIDDHNATH TRADELINK PRIVATE LIMITED	Director	12/01/2005	12/01/2005	30/09/2009	Active	NO
5	U51100GJ2005PTC046490	KAYAVLON IMPEX PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
6	U51100GJ2005PTC047020	MONIT TRADING PRIVATE LIMITED	Director	01/03/2010	03/11/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Dipika Manoj Goel	108000
Balakrishna Lalchand Runwal	6000
Jayantibhai Veljibhai	2000
Bargha Bhai Vishanbhai	2000
Visabhai Khbhi	2000
Saheli Synthetics Private Limited, India	20000
Gopilal	2000
Rajaramdev Ram	2000
Abhishek Diamond	2000
Baldevbhai P.	2000
Bhajibhai G.	2000
Anita B. Runwal	2000
Saheli Vastra Udyog Limited, India	12000
Tulsi Singh	2000
Babubhai H. Shah	4000
Arvind P. Jain	5000
Mahendrakumar C. Doshi	5000
Manoj Omprakash Goel	29800
Pravina R. Patel	8000
Total	217800

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	14.69
Directors or relatives of directors	66.04
Other top fifty shareholders	19.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Exporter of Polyesterchips and Yarns, Nylon Threads and Viscose Yarns, Embroidery Thread PET and PVC Resins.

GENERAL INFORMATION

Suppliers :

· Airtel

· ASR Logistic Private Limited

· Bai Sunder D/O Narayanbapu

· Bharat Sanchar Nigam Limited

· Cosmos Computer Software

· Deep Consultancy

· DHL Express

· Energy Infotech

· Federal Express Corp

· Ganesh Benzoplast Limited

· Golden Carrieng Corporation

· Hemisingh

· Himalchuli Food Product Limited

· Hi-Tech Sweet Water Tech Private Limited

· Idea Celluar Limited

· New Prakash Courier Services

· Niranjan Shipping Agency Private Limited

· Nisha Logistic

· Ocean Sea and Air Logistics

· Pavan Putra Agency

Customers :

· Garden Silk Mills

· Icon Filers and Fabrics Private Limited

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

· IndusInd Bank

· DBS Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank OD A/c	0.853	0.000
Kotak Mahindra Prime Limited	1.720	0.000
Total	2.573	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Anand Cotek Private Limited	3.220	9.313
Ashadevi O Agrawal	0.100	0.500
Cholamandlam DBS Finance Limited	0.104	0.163
Harsh Education Trust	0.000	0.050
Indiabull Finance Company	0.000	0.694
Kotak Mahindra Prime Limited	0.000	2.403
Manoj O Goel	0.344	0.086
Monit Trading Company Limited	0.300	0.000
Omprakash R Agrawal	0.000	0.500
Rekha V Goel	0.475	0.800
Vedika Marriege Trust	0.000	0.050
Vivek O Goel	0.275	0.000
Total	4.818	14.559

Banking Relations :	--
Auditors :
Name :	Rakesh Shah and Company Chartered Accountants
Address :	117, Jeevan Deep, Opposite J.K. Tower, Ring Road, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-2350156
Mobile No.:	91-9824109331
E-Mail :	carakeshshah@yahoo.co.in
PAN No.:	AHPPS8084A

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
217800	Equity Shares	Rs.10/- each	Rs.2.178 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
382696	Equity Shares	Rs.10/- each	Rs.3.827 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		3.827	2.178	0.840
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.413	14.387	4.804
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.240	16.565	5.644
LOAN FUNDS
1] Secured Loans		2.573	0.000	0.000
2] Unsecured Loans		4.818	14.559	2.763
TOTAL BORROWING		7.391	14.559	2.763
DEFERRED TAX LIABILITIES		0.368	0.403	0.008
TOTAL		36.999	31.527	8.415
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.202	5.227	1.437
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.875	6.695	0.410
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.695	20.363	8.048
	Sundry Debtors	82.227	35.470	31.902
	Cash & Bank Balances	6.760	54.191	3.781
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.471	16.428	16.423
Total Current Assets		154.153	126.452	60.154
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	119.710	93.089	40.161
	Other Current Liabilities	7.799	7.245	11.382
	Provisions	3.722	6.513	2.043
Total Current Liabilities		131.231	106.847	53.586
Net Current Assets		22.922	19.605	6.568
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		36.999	31.527	8.415

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	558.196	505.807	356.230
		Other Income	20.783	20.509	15.315
		TOTAL (A)	578.979	526.316	371.545
Less	EXPENSES
		Cost of Goods Sold	524.172	495.901	358.432
		Administrative Expenses	13.499	8.169	6.394
		Selling and Distribution Expenses	30.024	12.261	2.902
		TOTAL (B)	567.695	516.331	367.728
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.284	9.985	3.817
Less	FINANCIAL EXPENSES (D)		3.631	2.475	1.384
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.653	7.510	2.433
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.229	1.008	0.502
	PROFIT BEFORE TAX (E-F) (G)		6.424	6.502	1.931
Less	TAX (H)		1.994	2.271	0.814
	PROFIT AFTER TAX (G-H) (I)		4.430	4.231	1.117
Less	APPROPRIATIONS
		Deffer Tax Liability		--	0.039
	BALANCE CARRIED TO THE B/S		4.430	4.231	1.078
	Earnings Per Share (Rs.)		11.58	19.43	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.77	0.80	0.30
Net Profit Margin (PBT/Sales)	(%)	1.15	1.29	0.54
Return on Total Assets (PBT/Total Assets}	(%)	4.03	4.94	3.14
Return on Investment (ROI) (PBT/Networth)		0.22	0.39	0.34
Debt Equity Ratio (Total Liability/Networth)		4.74	7.33	9.98
Current Ratio (Current Asset/Current Liability)		1.17	1.18	1.12

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Computer

· Air Conditioner

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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

VRN

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	NO
--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.