MIRA INFORM REPORT

Report Date :

17.08.2013

IDENTIFICATION DETAILS

Name :	SIDWIN FABRIC PRIVATE LIMITED
Registered Office :	Survey No. 898, At – Dhundhar, Ranasan Road, Near Anupam Ceramin, Taluka – Himatnagar, Gambhoi, Sabarkatha – 383030, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.07.2011
Com. Reg. No.:	04-066503
Capital Investment / Paid-up Capital :	Rs. 3.289 Millions
CIN No.: [Company Identification No.]	U17120GJ2011PTC066503
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Non Woven Fabrics.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 64000
Status :	Recently Commence its Business Activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporate during July 2011, it recently commenced its business activity from May 2012. The net worth of the company is fair. Mr. Falgun Thakkar from the accounts department has provided all information and reported that the company has achieved sizeable turnover during 2013. Trade relations are reported as improving. Business is active. Payments terms are unknown. The company can be considered for business dealings with great 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY

Name :	Mr. Falgun Thakkar
Designation :	Accounts Department
Contact No.:	91-2772-250131
Date :	13.08.2013

LOCATIONS

Registered Office/Factory :	Survey No. 898, At – Dhundhar, Ranasan Road, Near Anupam Ceramin, Taluka – Himatnagar, Gambhoi, Sabarkatha – 383030, Gujarat, India
Tel. No.:	91-2772-250131
Mobile No.:	91-9824604730 (Mr. Sureshbhai patel)
Fax No.:	Not Available
E-Mail :	info@sidwinfabric.com md@sidwinfabric.com sidwinfabric@gmail.com chirag@sidwinfabric.com piyush.sidwin@gmail.com
Website :	www.sidwinfabrics.com
Location :	Owned
Corporate Office :	FF-10-11, Raj Priya Complex, Near Sahkari Jin, NH-8, Himatnagar – 383 001, Gujarat, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Sureshbhai Ramanbhai Patel

Designation :

Director

Address :

6, Jivandhara Society, Street No.1, Mahavirnagar, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

05.03.1969

Date of Appointment :

26.07.2011

DIN No.:

00106947

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	U26922GJ2002PTC040470	SANYO CERA TILES PRIVATE LIMITED	Director	14/02/2002	14/02/2002	25/05/2013	Active	NO
2	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Prafulkumar Devchandbhai Patel

Designation :

Director

Address :

2, Yogi Parivar Bunglows, Mahakali Mandir Road, Mahavirnagar, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

15.10.1965

Date of Appointment :

26.07.2011

DIN No.:

00256551

Voter ID No.:

LQG5301742

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	U26941GJ2002PLC041142	CITY TILES LIMITED	Whole-time director	01/10/2008	20/08/2002	-	Active	NO
2	U20211GJ2007PLC052019	AIRO LAM LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
3	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Jashubhai Amichandbhai Patel

Designation :

Director

Address :

5, Yogi Parivar, Kaknol Road, Mahavirnagar, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

13.12.1977

Date of Appointment :

26.07.2011

DIN No.:

00256318

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	U26941GJ2002PLC041142	CITY TILES LIMITED	Whole-time director	01/10/2008	20/08/2002	-	Active	NO
2	U20211GJ2007PLC052019	AIRO LAM LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
3	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Pravinbhai Amichandbhai Patel

Designation :

Director

Address :

6, Yogi Parivar, Kaknol Road, Maharvirnagar, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

16.12.1980

Date of Appointment :

26.07.2011

DIN No.:

00256357

Voter ID No.:

LQG5301916

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	U26941GJ2002PLC041142	CITY TILES LIMITED	Whole-time director	01/10/2008	24/09/2002	-	Active	NO
2	U20211GJ2007PLC052019	AIRO LAM LIMITED	Additional director	01/06/2008	01/06/2008	-	Active	NO
3	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Falgun Thakkar
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Prafulbhai D. Patel	49500
Sureshbhai R. Patel	22820
Jasubhai A. Patel	35500
Pravinbhai A. Patel	59000
Ashokbhai R. Patel	23800
Surani Prafulkumar L.	15000
Kantaben P. Patel	13000
Devchandbhai G. Patel	8500
Chirac P. Patel.	26000
Satishbhai H. Patel	14000
Aartiben P. Patel	10000
Dakshaben S. Patel	4000
Dhuliben R. Patel	2780
Dinaben J. Patel	8000
Mukeshbhai K. Patel	4000
Alpeshkumar R. Patel	5000
Ashokbhai M. Patel	3000
Jasodaben A. Patel	4000
Manojkumar B. Patel	5000
Rajesh Shah	16000
Total	328900

As on 31.12.2012

Names of Allotees	No. of Shares
Prafulbhai D. Patel	5000
Amruibhai Kodarbhai Patel	10000
Pravinbhai A. Patel	5500
Ashokbhai M. Patel	16205
Ramanbhai Hirabhai Patel	5800
Sanjaybhai Amruitbhai Patel	8000
Shaileshkumar Kesharbhai Patel	10000
Devchanbhai Patel	4000
Viralbhai Nathbhai Patel	8000
Sureshbhai Ramanbhai patel	13800
Dakshaben S. Patel	13000
Dhuliben Ramanbhai Patel	1700
Ashokbhai Motibhai Patel	3000
Jasodaben A. Patel	4620
Deepak Prabhulal Thakkar	5000
Hetal Naresh Thakkar	6000
Shushilaben Ramesh Thakkar	6000
Shrinidhi Deepak Thakkar	5000
Panuben Prabhulal Thakkar	6000
Paresh Nyalchand Thakkar	6000
Manishbhai Kachrabhai Patel	18000
Nitibhai Amruitbhai Patel	8000
Ramjibhai Vithalbhai Patel	8000
Hemlataben Nimeshbhai Patel	10000
Hemlataben Sureshbhai Patel	10000
Jigneshbhai Ramjibhai Patel	4000
NArendrabhai Laxmanbhai Patel	18000
Piyushbhai Khetabhai Patel	2020
Tulsiben Mavjibhai Patel	14000
Total	234645

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Non Woven Fabrics.
Products :	Spunbond Nonwoven Fabric Laminated Nonwoven Fabric Fabric For Short / Underwear Fabric For Face Mask Fabric For Isolation Gown Fabric For Suit / Jacket Fabric For Nonwoven Cap Fabric For Shoe Cover Fabric For Agriculture Fabric For Surgical Gown Fabric For Household Fabric For Coverall Geo Textile Fabric
Exports :
Products :	Finished Goods
Countries :	Sharhaj
Imports :
Products :	Raw Material
Countries :	Singapore
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

Bank of Baroda, Motipura Branch, Motipura, Himatnagar – 383 001, Gujarat, India

Tel No.: 91-2772-246742

Facilities :

Secured Loans	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loan
From Bank: Bank of Baroda, Himatnagar	22.847
Total	22.847

Note:

· Term Loan of Rs. 52.129 Millions with sub limit of one time Import Letter of Credit of Rs. 25.000 Millions, Cash Credit of Rs. 27.500 Millions and Bank Gaurantee of Rs. 3.500 Millions are secured by 1st charge on Hypothecation of entire Machineries, electrical installations, furniture and fixtures, office equipments and other movable fixed assets of the company and by Hypothecation of entire stock of all kinds of materials and Book debts and by pledge CF FDR duly discharged on bank gaurantee respectively. All the facilities are exclusive charge by way of Equitable Mortgage of Land at S.No 898, At and Post: Village Dhundhar, Taluka Himatnagar, and District SK admeasuring 13456 Sq Mtrs standing in the name of Directors / Shareholders of the Company and Factory Building thereon.

· There has been no continuing default on the Balance sheet date in repayment of Loan and Interest.

Banking Relations :	--
Auditors :
Name :	Deepak R. Soni and Company Chartered Accountants
Address :	Dr. Gandhi Road, Himatnagar – 383001, Gujarat, India
Tel. No.:	91-2772-242780/242781
E-Mail :	Deepak_soni@yahoo.com
PAN No.:	ACDSP9854R

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
563545	Equity Shares	Rs. 10/- each	Rs. 5.635 Millions

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
328900	Equity Shares	Rs. 10/- each	Rs. 3.289 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.289
(b) Reserves & Surplus	12.756
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	16.045
(3) Non-Current Liabilities
(a) long-term borrowings	27.047
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	27.047
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	8.497
(d) Short-term provisions	0.000
Total Current Liabilities (4)	8.497
TOTAL	51.589
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.364
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	4.097
(e) Other Non-current assets	0.243
Total Non-Current Assets	21.704
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	3.690
(e) Short-term loans and advances	23.964
(f) Other current assets	2.231
Total Current Assets	29.885
TOTAL	51.589

Particulars	31.03.2013
Sales Turnover (Approximately)	150.000

Note: The Company has started its activity from 18.05.2012.

The above information has been parted by Mr. Falgun Thakkar (Accounts Department).

KEY RATIOS

PARTICULARS	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.69
Current Ratio (Current Asset/Current Liability)	3.52

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one years	Yes
12]	Profitability for last three years	No
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 (if applicable)	Yes
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

Note: Registered office of the company has been shifted from FF-10-11, Raj Priya Complex, Near Sahkari Jin, NH-8, Himatnagar – 383 001, Gujarat, India to the present address.

Unsecured Loans:

Particulars	31.03.2012 Rs. In Millions
Long Term Borrowings
Inter corporate Deposit	4.200
Total	4.200

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10320926	10/12/2012 *	102,129,000.00	BANK OF BARODA	MOTIPURA BRANCH, MOTIPURA, HIMATNAGAR, Gujarat - 383001, INDIA	B64755036
2	10320928	07/12/2012 *	102,129,000.00	BANK OF BARODA	MOTIPURA BRANCH, MOTIPURA, HIMATNAGAR, Gujarat - 383001, INDIA	B64755424

FINANCIAL RESULT:

The company was incorporated on 26^th July 2011. During the year the company has not commenced any trading and manufacturing activates, hence no profit and loss account has been prepared.

PROJECT:

The company has set up to manufacture non-woven sack with installed capacity of 150 MT per month at Village- Dhundar, near Gambhoi, Taluka Himatpur, District Sabarkantha at an estimated cost of Rs. 75.000 Millions. The company has successfully set up project and the company commenced commercial production in third week of May, 2012.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrification
• Computer
• Unallocated Capital Expenditure

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. 61.82
UK Pound	1	Rs. 96.57
Euro	1	Rs. 82.45

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
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	3
--MARGINS	-5~5	27
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.