MIRA INFORM REPORT

Report Date :

08.01.2013

IDENTIFICATION DETAILS

Name :	SANGINI TEXFAB PRIVATE LIMITED
Registered Office :	At Post Khede, Mukkam-Sutrepada, Dhule-424302, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.08.2005
Com. Reg. No.:	11-155159
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U17120MH2005PTC155159
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Textile Articles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company incorporated in the year 2005. It is yet to commence with its business activity. As confirmed by Mr. Vijay [Export Manager], the company will commence its commercial operation by the ending of January 2013. Payments are unknown. The company can be considered for business dealings on a 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 (31.03.2012)	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 :	At Post Khede, Mukkam-Sutrepada, Dhule-424302, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cs@samruddha.net ssi.secretarial@gmail.com

DIRECTORS

AS ON 30.08.2012

Name :

Mr. Ramesh Rajaram Chougale

Designation :

Director

Address :

At Post Sonali, Taluka Kagal, Kolhapur – 416 219, Maharashtra, India

Date of Birth/Age :

01.06.1978

Date of Appointment :

05.08.2005

Din No.:

01212986

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	U17120MH2005PTC155159	SANGINI TEXFAB PRIVATE LIMITED	Director	5/8/2005	5/8/2005	-	Active	NO
2	U18101MH2005PTC156821	CHARM TEXFAB PRIVATE LIMITED	Additional director	1/11/2011	1/11/2011	-	Active	NO

Name :

Mrs. Ashwini Patil

Designation :

Director

Address :

302, Purna Worli Sagar Housing Society, Sir Pochkhanwala Road, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

21.12.1975

Date of Appointment :

05.08.2005

Din No.:

01482202

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	U51909MH2003PTC141116	KALAHASTI DEVELOPMENTS AND FARMING PRIVATE LIMITED	Director	1/7/2003	1/7/2003	-	Active	NO
2	U17120MH2005PTC155159	SANGINI TEXFAB PRIVATE LIMITED	Director	5/8/2005	5/8/2005	-	Active	NO
3	U17120MH2005PTC153082	DAKSH TEX FAB PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
4	U17111MH2006PTC161691	PARIDHAN TEXTILE PRIVATE LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.08.2012

Names of Shareholders	No. of Shares
Ramesh Rajaram Chougale	125000
Ashwini Patil	125000
TOTAL	250000

AS ON 30.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Textile Articles.

Products :

Item Code No. (ITC Code)	Category – XI
Product Description	Textile/ Textile Articles

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Axis Bank Limited, Royal Accord IV, Lokhandwala Circle, Andheri (West), Mumbai – 400 053, Maharashtra, India · State Bank of India SME Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli (South), Mumbai - 400018, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	N. Ambawat and Associates Chartered Accountant
Address :	Office No.30, 2^nd Floor, 132-C, Bhagatwadi, Bhuleshwar, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-65791224/ 66154195
Mobile No.:	91-9324725156/ 9323450396
PAN No:	AABPA9113F

CAPITAL STRUCTURE

AS ON 30.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.100	0.100	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.365	0.000	0.000
TOTAL BORROWING		0.365	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.465	0.100	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.091	0.076	0.076
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.110	0.103	0.045
	Other Current Assets	0.150	0.135	0.000
	Loans & Advances	0.123	0.000	0.000
Total Current Assets		0.383	0.238	0.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.132
	Other Current Liabilities	0.000	0.207	0.000
	Provisions	0.009	0.007	0.008
Total Current Liabilities		0.009	0.214	0.140
Net Current Assets		0.374	0.024	(0.095)
MISCELLANEOUS EXPENSES		0.000	0.000	0.119
TOTAL		0.465	0.100	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		TOTAL	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX		0.000	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		0.000	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		0.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		3.74	2.14	1.40
Current Ratio (Current Asset/Current Liability)		42.55	1.11	0.32

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

NOTE:

The registered office of the company has been shifted from 302, Purna, Sir Pochkhanwala Road, Worli, Mumbai – 400 025, Maharashtra to the present address w.e.f. 01.12.2008.

BUSINESS ACTIVITY:

The company has not carried on any commercial activities during the year. The management is hopeful to commence commercial activities very soon and waiting for future opportunities.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120MH2005PTC155159
Name of the company	SANGINI TEXFAB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	At Post Khede, Mukkam-Sutrepada, Dhule-424302, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India Sme Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli (South), Mumbai - 400018, Maharashtra, India Email: kamalax_saraf@hotmail.com
Nature of instrument creating charge	Agreement of Loan-Cum-Hypothecation (Sme-2)
Date of instrument Creating the charge	14.05.2012
Amount secured by the charge	Rs.7.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25% above Base Rate + 1.00% (term premium) which is presently 10% p. a. rising or falling therewith on daily products with monthly rests. Present effective rate 14.25% p. a. Terms of Repayment Term Loan Repayment Margin Term Loan/DPG : 25% Extent and Operation of the charge Term Loan: RS. 7.500 millions
Short particulars of the property charged	Hypothecation of looms, compressor and other movable assets acquired out of bank finance.

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.54.97
UK Pound	1	Rs.88.10
Euro	1	Rs.71.67

INFORMATION DETAILS

Report Prepared by :

TPT

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
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	-
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	-
--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		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.