MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	TRISHLA COTTON AND GENERAL MILLS PRIVATE LIMITED
Registered Office :	52/47 Ramjas Road , Karol Bagh, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.08.1994
Com. Reg. No.:	55-060849
Capital Investment / Paid-up Capital :	Rs.4.799 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC060849
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters and Suppliers of cotton woven fabrics, cotton fancy towels, bed sheets, dhoti, cotton t shirts, ready made garments, furnishing materials, textile fabrics, colored dyed fabrics, woven dyed fabrics, floral printed fabrics, textile yarn, yarn waste.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 45000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. And in the current year there is dip in the profitability. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with slight caution.

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 :	52/47 Ramjas Road , Karol Bagh, New Delhi – 110005, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	amitsehgalcs@gmail.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Kewal Verma
Designation :	Director
Address :	112 L, Model Town, Panipat,- 132103, Haryana, India
Date of Birth/Age :	11.11.1935
Date of Appointment :	11.08.1994
DIN No.:	00413091
Name :	Mr. Vikas Verma
Designation :	Director
Address :	112 L, Model Town, Panipat,- 132103, Haryana, India
Date of Appointment :	11.08.1994
DIN No.:	00413097
Name :	Mr. Ashish Verma
Designation :	Director
Address :	112 L, Model Town, Panipat,- 132103, Haryana, India
Date of Appointment :	11.08.1994
DIN No.:	00495999
Name :	Mr. Vandna Verma
Designation :	Director
Address :	112 L, Model Town, Panipat,- 132103, Haryana, India
Date of Birth/Age :	30.09.1971
Date of Appointment :	10.10.2008
DIN No.:	01509045
Name :	Mr. Sonu Verma
Designation :	Director
Address :	112 L, Model Town, Panipat,- 132103, Haryana, India
Date of Birth/Age :	13.07.1973
Date of Appointment :	10.10.2008
DIN No.:	01509057

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Kewal Verma	320254
Ashish Verma	54300
Vikas Verma	33300
Abhinav Sood	2000
Braham Kumar	7000
Vishal Goel	3500
Manju Sharma	5000
Sham Sunder	1000
Arun Kumar	1000
Gopal Dass	1000
Susheel Kumar	1000
Anil Malhotra	5000
Bankim Sood	2000
Sanjay Kumar	1000
Ajay Kumar	1000
Narain Dass	1000
Inder Kumar	1000
Vandana Verma	17900
Parmod Verma	4000
Ved Vati	4000
Anil Verma	1500
Deepak Khosla	1900
Micky Verma	1400
Rajiv Behl	1400
Vijender Behl	1900
Dinesh Sood	1800
Pardeep Sood	1800
Lalit Sood	1900
Total	479854

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporters and Suppliers of cotton woven fabrics, cotton fancy towels, bed sheets, dhoti, cotton t shirts, ready made garments, furnishing materials, textile fabrics, colored dyed fabrics, woven dyed fabrics, floral printed fabrics, textile yarn, yarn waste.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Bikaner and Jaipur, Panipat Branch, Panipat - 132103, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Car Loan
Secured against the hypothecation of car and guaranteed by director	0.620	0.730
State Bank of India C/C Secured against hypothecation of socks, book debts and personal gurantee of director	6.698	15.463
Total	7.318	16.193
Note: According to certificate issued by Bank Manager, the account is regular and there is no default in payment of installments.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Mr. Anil Verma	0.019	0.019
Mr. Ashish Varma	(0.052)	-0.052
Mr. Kewal Verma	0.024	0.024
Mr. R.R. Duggal	0.100	0.100
Mrs Vandana Vaerma	0.026	0.026
Total	0.117	0.117

Banking Relations :	--
Auditors :
Name :	Sodhi and Associates Chartered Accountants
Address :	131, Virat Nagar, Panipat – 132103, Haryana, India
Tel. No.:	91-180-2649071 / 2649072
PAN.:	AAYFS0104M

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
479854	Equity Shares	Rs.10/- each	Rs.4.799 Millions

LIST OF SHAREHOLDERS AND SHARE HOLDING BY THEM :

NAME & ADDRESS	TOTAL SHARPS	SHARE HOLDING	( %)
Mr. Kewal Verma	479,854	320,254	66.74
Mr. Kewal Verma	479,854	54,300	11.32
Mr. Vikas Verma	479,854	33,300	6.94

Note;

1 Other shareholders are having share holding of less than 5%

2. New shares will be alloted against Share Application Money within a year, as declared by the directors

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.799	4.799	4.799
2] Share Application Money		0.000	0.000	0.279
3] Reserves & Surplus		6.564	6.474	4.211
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.363	11.273	9.289
LOAN FUNDS
1] Secured Loans		7.318	16.193	6.037
2] Unsecured Loans		0.117	0.117	0.117
TOTAL BORROWING		7.435	16.310	6.154
DEFERRED TAX LIABILITIES		0.000	0.000	0.115
TOTAL		18.798	27.583	15.558
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.670	6.020	4.569
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	2.508	1.806	3.667
	Sundry Debtors	9.357	30.482	13.844
	Cash & Bank Balances	3.718	0.118	0.036
	Other Current Assets	0.237	0.321	0.054
	Other Non-Current Assets	1.742	5.211	0.000
	Loans & Advances	3.941	2.714	5.567
Total Current Assets		21.503	40.652	23.168
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.282	14.727	9.609
	Other Current Liabilities	3.904	2.840	2.570
	Provisions	1.189	1.522	0.000
Total Current Liabilities		8.375	19.089	12.179
Net Current Assets		13.128	21.563	10.989
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.798	27.583	15.558

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	192.253	316.829	189.759
		Other Income	1.159	0.489	0.000
		TOTAL (A)	193.412	317.318	189.759
Less	EXPENSES
		Purchase of Stock –in-Trade	179.792	296.343
		Changes in inventories of Fin. goods, WIP & Stock-in-Trade	(0.702)	1.861	186.748
		Employee Benefit Expenses	0.052	0.028
		Others Expenses	10.872	14.168
		TOTAL (B)	190.014	312.400	186.748
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.398	4.918	3.011
Less	FINANCIAL EXPENSES (D)		1.347	1.249	0.840
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.051	3.669	2.171
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.046	1.082	0.889
	PROFIT BEFORE TAX (E-F) (G)		1.005	2.587	1.282
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		1.005	2.587	1.282
	Earnings Per Share (Rs.)		2.09	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.52	0.82	0.68
Net Profit Margin (PBT/Sales)	(%)	0.52	0.82	0.68
Return on Total Assets (PBT/Total Assets}	(%)	3.70	5.54	4.62
Return on Investment (ROI) (PBT/Networth)		0.09	0.23	0.14
Debt Equity Ratio (Total Liability/Networth)		1.39	3.14	1.97
Current Ratio (Current Asset/Current Liability)		2.57	2.13	1.90

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	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	No
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 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

· Bi-Cycle

· Building

· Computer

· Fans

· Fire Safety Equipment

· Furniture

· Generator

· Land

· Machinery

· Motor Car

· Office Equipments

· Oil Tank

· Scooter

· Telephone

· Tools

· Weighing Scale

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 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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.