MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	GOPINATH SPINNING PRIVATE LIMITED
Registered Office :	“Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara - 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.12.2003
Com. Reg. No.:	04-054454
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U17111GJ2003PTC054454
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Combed Cotton Yarn and Blended Yarn.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

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 :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating reflects the stretched liquidity position resulting in delays in debt servicing, small scale of operations and eroded net worth. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and 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 – June 30, 2012

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: D
Rating Explanation	Low Credit quality and very low prospects of recovery.
Date	05.06.2013

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. Kamlesh Patel
Designation :	Director
Contact No.:	91-9879064657
Date :	03.12.2013

LOCATIONS

Registered Office :	“Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara - 390007, Gujarat, India
Tel. No.:	91-265-2321353/ 2669016
Fax No.:	91-265-2669017/ 2669017 / 2331945
E-Mail :	info@gopinathspinnig.com kamlesh_gopinathspin@yahoo.co.in
Website :	www.gopinathspinning.com
Factory :	Falguni's Compound, Survey No. 259 -22/2 and 23/1. Navi Nagri, Jindal Road, Near Raju Plastic, Damnl Road, Dadra - 396230, Dadra and Nagar Haveli
Tel. No.:	91-260-2669016/ 2669017
Fax No.:	91-260-2669017

DIRECTORS

AS ON 30.09.2012

Name :

Mr. Yoginkumar Ashokbhai Patel

Designation :

Managing Director

Address :

B-4, Laxmi Colony, Urmi Char Rasta, Akota, Baroda – 390007, India

Date of Birth/Age :

11.03.1980

Date of Appointment :

26.12.2003

DIN No.:

00459140

Name :

Mr. Paresh Babubhai Patel

Designation :

Director

Address :

1000, Shanudeep Building, 10^th Floor, Altamound Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

04.04.1979

Date of Appointment :

26.12.2003

DIN No.:

00940633

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	U99999MH1997PTC105648	SHREEJI ALUMINIUM PRIVATE LIMITED	Director	02/04/1997	02/04/1997	-	Not Available for eFiling	NO
2	U70200DN1999PTC000135	SHREEJI ALUMINIUM PRIVATE LIMITED (TR. FROM MAHARASHTRA TO GUJ)	Director	10/05/1999	10/05/1999	-	Active	NO
3	U51909GJ1991PTC015067	SHIV ENTERPRISES EXIMP PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
4	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
5	U27109DN2011PTC000367	SWAMI NARAYAN HARE METALS PRIVATE LIMITED	Director	28/04/2011	28/04/2011	-	Active	NO

Name :

Mr. Bharat Shantilal Shah

Designation :

Director

Address :

401, Guru Ashish, Bapubhai Vasi Road, Ville Parle (west), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

03.03.1947

Date of Appointment :

30.09.2005

DIN No.:

01439910

Name :

Mr. Mahendra Ottamchand Avlani

Designation :

Director

Address :

1001, Kalindi Nilkanth Valley, Ghatkopr (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

20.07.1939

Date of Appointment :

30.09.2005

DIN No.:

01440010

Name :

Mr. Jinesh Avlani

Designation :

Director

Address :

1001, Kalindi Nilkanth Valley, Ghatkopr (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

06.11.1970

Date of Appointment :

21.03.2005

DIN No.:

01683618

Name :

Mr. Kamlesh Vitthalbhai Patel

Designation :

Managing Director

Address :

102, Pramukh Complex, Sahajanand Kutir, Munjmuhad – 390 020, Baroda, India

Date of Birth/Age :

17.01.1973

Date of Appointment :

27.01.2005

DIN No.:

01942712

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	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Managing director	27/01/2005	27/01/2005	-	Active	NO
2	U17119GJ1994PTC021505	KRISHNA INTERTEX PRIVATE LIMITED	Director	17/09/2012	20/08/2011	-	Active	NO

Name :

Mr. Babubhai Kanjibhai Patel

Designation :

Director

Address :

401, Guru Ashish, Bapubhai Vasi Road, Ville Parle (west), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

04.01.1947

Date of Appointment :

30.09.2005

DIN No.:

00940767

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	U51909GJ1991PTC015067	SHIV ENTERPRISES EXIMP PRIVATE LIMITED	Director	15/02/1991	15/02/1991	-	Active	NO
2	U99999MH1997PTC105648	SHREEJI ALUMINIUM PRIVATE LIMITED	Director	02/04/1997	02/04/1997	-	Not Available for eFiling	NO
3	U70200DN1999PTC000135	SHREEJI ALUMINIUM PRIVATE LIMITED (TR. FROM MAHARASHTRA TO GUJ)	Director	10/05/1999	10/05/1999	-	Active	NO
4	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30/09/2005	01/06/2005	-	Active	NO
5	U27109DN2011PTC000367	SWAMI NARAYAN HARE METALS PRIVATE LIMITED	Director	28/04/2011	28/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dharshan
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

EQUITY SHARE AS ON 30.09.2012

Names of Shareholders	No. of Shares
Yogin Patel	10000
Paresh Patel	10000
Bharatbhai Shantilal Shah joint with Induben Shah and Amee Panchal	540000
Bharatbhai Shantilal Shah joint with Induben Shah	540000
Mahendrabhai Avlani joint with Kalpana Avlani and Jinesh Avlani	504000
Kalpana Avlani joint with Mahendrabhai Avlani and Jinesh Avlani	216000
Yogin Patel joint with Umaben Patel	590000
Umaben Patel joint with Yogin Patel	600000
Kinnerben Patel joint with Umaben Patel	300000
Falguniben Patel joint with Umaben Patel	300000
Paresh Patel joint with Chetanbhai Patel	590000
Babubhai Patel joint with Chetanbhai Patel	600000
Chetanbhai Patel joint with Babubhai Patel	600000
Kamlesh Patel joint with Nita Patel and Yogin Patel	200000
Kamlesh Patel joint with Nita Patel and Chetanbhai Patel	200000
Kamlesh Patel joint with Nita Patel and Bharatbhai Patel	120000
Kamlesh Patel joint with Nita Patel and Mahendrabhai Avlani	80000
TOTAL	6000000

PREFERENCE SHARE AS ON 30.09.2012

Names of Shareholders	No. of Shares
Yogin Patel	210000
Yogin Patel joint with Umaben Patel	590000
Umaben Patel joint with Yogin Patel	600000
Kinnerben Patel joint with Umaben Patel	300000
Falguniben Patel joint with Umaben Patel	300000
Paresh Patel	10000
Paresh Patel joint with Chetanbhai Patel	590000
Babubhai Patel joint with Chetanbhai Patel	600000
Chetanbhai Patel joint with Babubhai Patel	800000
Bharatbhai Shantilal Shah joint with Induben Shah and Amee Panchal	660000
Bharatbhai Shantilal Shah joint with Induben Shah	540000
Mahendrabhai Avlani joint with Kalpana Avlani and Jinesh Avlani	584000
Kalpana Avlani joint with Mahendrabhai Avlani and Jinesh Avlani	216000
TOTAL	6000000

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Combed Cotton Yarn and Blended Yarn.

Products :

ITC Code	Product Description
2351	Cotton / Poly Yarn

Terms :

Selling :

L/C

Purchasing :

L/C

GENERAL INFORMATION

Suppliers :

Meghdoot Private Limited

Customers :

Wholesalers and Retailers

· Ankur Textile, Ahmedabad

No. of Employees :

150 (Approximately)

Bankers :

· Bank of Baroda, Khand Bazar Branch, 129/131, Kazi Sayed Street, Mumbai – 400003, Maharashtra, India

· Bank of Baroda, Khand Bazar Branch, Masjid Bunder, Khand Bazar, Mumbai – 400003, Maharashtra, India

Facilities :

Cash Credit Rs.50.000 Millions (From Bank of Baroda)

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
From Bank of Baroda - Term Loan	34.000	24.388
Loans Repayable on Demand
From Bank of Baroda (Working Capital Facilities)	38.648	20.199
TOTAL	38.648	20.199
Unsecured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Loans and Advances from Related parties	308.679	282.013
From Others	8.907	7.588
TOTAL	317.586	289.601

Details of Securities offered:

Term loan - obtained from Bank of Baroda, Murnbai is secured by way of exclusive first Charge on the plant and Machineries Equipment’s.

The said loan is obtained to augment the financial resources Towards margin for working capital and Improve cash Flow of the company.

Above Term Loan Is further secured byway of hypothecation of entire current assets of the company and equitable mortgage of Immovable properties In the name of the company.

Term Repayment

The said Term loan is for a period of 6 years including moratorium of 12 months. The loan is to be repaid in 2o quarterly Installment of Rs. 2.000 Millions each commencing from Sept 2012. Interest on monthly rest.

On the above term loans from Bank of Baroda,, the Rate of Interest agreed upon Is at Base Rate +6.25ft p.a.i.e p.a. as on March 31st 2012,

3{A). Deposits from Directors and Share Holders without interest and repayable at the prerogatrve of the company

3{B). Unsecured loans from others carry interest of 8% on Joan of Rs.3.311 Millions and 1U4 on (oar, of RS.0.325 Million The other secured loan totaling Rs.4247 Million do not carry any interest.

Cash Credit Facilities (WCF) are secured by way of exclusive first charge / hypothecation on the entire current assets and hypothecation of all fixed assets of the company as well as mortgage of immovable properties. Cash credit facilities are repayable on demand and carry floting interest @ base Rate + 6.25 p a i.e. 17.00% p a as on the Balance Sheet date.

Banking Relations :	--
Auditors :
Name :	Divyakant Zaveri and Company Chartered Accountants
Address :	101, Nyota Apartment, 6, Country Side Estate, Near Reliance Petrol Pump, Gotri, Vadodara – 390021, Gujarat, India
PAN No.:	AABPZ5582H
Enterprise over which key management Personal and their relatives have significant influence :	· Atlas Exports (India) · Arihant Enterprises · Amber Exims · Addis Textiles · Shreeji Aluminum Private Limited · Shiv Ent. Eximp Private Limited · Shiv Enterprises

CAPITAL STRUCTURE

After: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
6000000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
6000000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.120.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves & Surplus	(177..949)	(134.706)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(147.949)	(104.706)
(3) Non-Current Liabilities
(a) long-term borrowings	350.562	313.989
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	350.562	313.989
(4) Current Liabilities
(a) Short term borrowings	39.672	20.199
(b) Trade payables	36.234	33.739
(c) Other current liabilities	31.624	32.352
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	107.530	86.290
TOTAL	310.143	295.573
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	232.204	244.766
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.594	1.327
(e) Other Non-current assets	0.225	0.250
Total Non-Current Assets	234.023	246.343
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	42.452	29.824
(c) Trade receivables	13.913	11.784
(d) Cash and cash equivalents	18.234	4.559
(e) Short-term loans and advances	1.519	3.038
(f) Other current assets	0.002	0.025
Total Current Assets	76.120	49.230
TOTAL	310.143	295.573

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(101.713)
NETWORTH		(71.713)
LOAN FUNDS
1] Secured Loans		95.336
2] Unsecured Loans		250.132
TOTAL BORROWING		345.468
DEFERRED TAX LIABILITIES		0.000
TOTAL		273.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.278
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.486
	Sundry Debtors	10.182
	Cash & Bank Balances	3.437
	Other Current Assets	0.575
	Loans & Advances	5.510
Total Current Assets		39.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.896
	Other Current Liabilities	0.008
	Provisions	3.087
Total Current Liabilities		21.991
Net Current Assets		17.199
MISCELLANEOUS EXPENSES		0.278
TOTAL		273.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	86.286	146.374	102.789
		Trading Profit	0.687	0.000	0.000
		Other Income	0.000	0.000	1.199
		TOTAL (A)	86.973	146.374	103.988
Less	EXPENSES
		Raw Material Consumed			71.758
		Employees Remuneration			10.950
		Manufacturing Expenses			30.717
		Administrative Expenses			3.667
		Selling and Distribution Expenses			2.717
		Preliminary Expenses Written Off			0.031
		Increase / Decrease in Stocks			(7.370)
		TOTAL (B)	116.200 (Including Financial Expenses)	157.342 (Including Financial Expenses)	112.470
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				(8.482)
Less	FINANCIAL EXPENSES (D)				17.059
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(29.227)	(19.039)	(25.541)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.016	13.954	13.616
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(43.243)	(32.993)	(39.157)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(43.243)	(32.993)	(39.157)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(101.713)	(62.556)
	BALANCE CARRIED TO THE B/S		NA	(134.706)	(101.713)
	Earnings/ (Loss) Per Share (Rs.)		NA	(10.99)	(13.05)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(49.72)	(22.54)	(22.54)
Net Profit Margin (PBT/Sales)	(%)	(50.12)	(22.54)	(22.54)
Return on Total Assets (PBT/Total Assets}	(%)	(13.94)	(11.17)	(11.17)
Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.32)	0.31
Debt Equity Ratio (Total Debt/Networth)		(2.63)	(3.19)	(4.82)
Current Ratio (Current Asset/Current Liability)		0.71	0.57	1.49

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 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	Yes
19]	Payments terms	Yes
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	-----
	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	Yes

Financial Results:

During the period, the Subject has earned total Income of Rs 86.972 Millions as compared to Rs,138.303 Millions in the previous year Subject has incurred net loss of Rs, 43.243 Millions as compared to loss of Rs 32.993 Millions in the previous year.

For the first six months upto September, 2011 due to poor market conditions, the prices of raw cotton went up substantially. On the other hand, on account of global slowdown and lower demand in domestic market, the prices of yarns fallen drastically. Hence, the sales of the yam came under pressure and production reaches upto 25% utilization of installed capacity. This resulted into piling of stock, blockage of working capital and increased in Losses.

However, in the latter half of the period, the prices of raw materiats were stabilized and the demand for cotton yarns and polyester yarns improved Further, with the continued support from Bank of Baroda, the limits of various credit facilities were increased, which enabled the Subject in stabilizing its stocking policy for raw cotton and polyester fibre and in turn production.

In the current financial year 2012-13, the Directors expect to perform better with production target reaching upto 60% of its installed capacity.

FINANCE:

During the period under review, the Company continued its Banking with Bank of Baroda Khand Bazar Mumbai branch and paid interest and bank charges amounting to Rs. 1480.000 Millions as against Rs. 14.600 Millions in the previous year. With a view to augment its long term working capital requirements, the Company first increased its authorised share capital upto Rs. 120.000 Millions and then with infusion of additional funds by the promoters, increased its paid up equity share capital from the then Rs. 30.000 Millions to Rs. 60.000 Millions and also introduced 60,00,000, Zero% Non-Cumulative Non-Convertible Redeemable Preference Shares (NRPS) of Rs. 10/- each, amounting to Rs. 60.000 Millions

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10104613	22/12/2011 *	137,092,000.00	BANK OF BARODA	KHAND BAZAR BRANCH, MASJID BUNDER,, KHAND BAZAR,, MUMBAI, Maharashtra - 400003, INDIA	B30201099
2	10034595	02/08/2013 *	140,500,000.00	Bank of Baroda	Khand Bazar Branch, 129/131, Kazi Sayed Street,, Khand Bazar,, Mumbai, Maharashtra - 400003, INDIA	B8174259

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· DG Set

· Furniture and Fixtures

· Computer

· Safety Equipments

· Office Equipments

· Motor Cars

· Mobile Phones

· Vehicles

· Air Conditioners

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.62.13
UK Pound	1	Rs.101.54
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	SDA

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	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	--
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.