MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	MAYUR WOVENS PRIVATE LIMITED
Registered Office :	308, Sahjanand Palace, Opposite Rahul Towers, 100 ft Road , Shyamal Karnavati Road, Satellite, Ahmedabad – 380 051, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.03.2004
Com. Reg. No.:	04-043769
Capital Investment / Paid-up Capital :	Rs.7.690 Millions
CIN No.: [Company Identification No.]	U25202GJ2004PTC043769
IEC No.:	0804010617
TAN No.: [Tax Deduction & Collection Account No.]	AHMM05315C
PAN No.: [Permanent Account No.]	AADCM8411B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of PP/HDPE Laminated / Un-laminated film, Woven Bags etc.
No. of Employees :	500 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 710000
Status :	Moderate
Payment Behaviour :	Sow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge external borrowing recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	NON FUND BASED FACILITY : ICRA A4+
Rating Explanation	The risk prone credit quality it carry high credit risk.
Date	31.12.2012

Rating Agency Name	ICRA
Rating	TERM LOAN : ICRA BB+
Rating Explanation	The inadequate credit quality it carry high credit risk.
Date	31.12.2012

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. Arun
Designation :	Finance Manager
Contact No.:	91-9099081864
Date :	22.01.2013

LOCATIONS

Registered Office :	308, Sahjanand Palace, Opposite Rahul Towers, 100 ft Road , Shyamal Karnavati Road, Satellite, Ahmedabad – 380 051, Gujarat, India.
Tel. No.:	91-79-26931660/630
Mobile No.:	91-9898796669 (Mr. Shyamsunder M. Tibrewal)
Fax No.:	91-79-26931616
E-Mail :	mayur@hdpe.net , wovens@hdpe.net, office@hdpe.net , mayur@ppwovensacks.com
Website :	http://www.ppwovensacks.com , http://www.hdpe.net
Area :	2200 sq. ft.
Location :	Owned
Factory :	Block 1485 Village, Moti Bhoyan Kal Katraj Road, Kalol – 382721, Gujarat, India
Tel. No.:	91-2764-281421
Fax No.:	91-2764-281567
Area :	1,50,000 sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Shyamsunder M. Tibrewal
Designation :	Director
Address :	1, Sanidhya Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	01.07.1952
Qualification :	B Com , LLB
Date of Appointment :	11.03.2004
PAN No.:	ABAPT5744M
DIN No.:	00500621
Name :	Ms. Monica S. Tibrewal
Designation :	Director
Address :	1, Sanidhya Bunglows, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	31.12.1974
Qualification :	B Com
Date of Appointment :	11.03.2004
DIN No.:	01593282

KEY EXECUTIVES

Name :	Mr. Arun
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Laxmidevi Tibrewal	67750
Shyamsunder Tibrewal	288750
Siddharteh Tibrewal	67750
Monica S Tibrewal	67500
Aadit Tibrewal	7500
Shyamsunder Tibrewal - HUF	67500
S S Tibrewal Children Trust	20000
Siddharth Tibrewal HUF	67500
Mayur Extrusion Private Limited, India	45750
Anshu Clothing Private Limited and Mangalaxmi Industries private Limited, India	45000
TOTAL	745000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	6.14
Directors or relatives of Directors	87.82
Other top fifty shareholders	6.04
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of PP/HDPE Laminated / Un-laminated film, Woven Bags etc.

Products :

Product Description	ITC Code
HDPE Woven Fabrics and Bags	392321.00

· PP / HDPE Woven Fabrics (Laminated and Unlaminted)

· PP / HDPE Woven Fabrics (Widewidth- upto 430cms flat)

· PP / HDPE Woven Sacks and Bags (with liner and without liner)

· PP / HDPE Woven Sacks and Bags (Laminated and Unlaminted)

· PP / HDPE Tarpaulins

· Existing have to shift to last Product Variations

· PP / HDPE Jumbo Bags

· PP / HDPE/ LDPE/ LLDPE/ HMHDPE Liners

· Box Strappings, Twines

· Box Bags

· Container Liners

· Paper Laminated Fabrics and Bags

· Bale Covers

· Aluminium Coated Pp Woven Fabrics

· CPP / BOPP / Polyester Coated Pp Woven Fabric

Exports :

Products :

Finished goods

Countries :

· USA

· UK

· Nigeria

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity
Packaging Products	MT	13200
Wind Energy	KW	630

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

500 (Approximately) (In Office + In Factory)

Bankers :

• ING Vysya Bank Limited, P.B. No 4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road, Ahmedabad – 380009, Gujarat, India
• Indian Overseas Bank, Stadium Road Branch, Opp. Stadium, Navrangpura, Ahmedabad – 380 009, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG-TERM
TERM LOAN
In Rupees	1.704	0.000
In Foreign Currency	19.246	9.841
Borrowing from Foreign Companies	3.622	0.000
Loans taken for fixed assets	0.543	1.217
SHORT-TERM
Working Capital Loan from Banks	260.574	262.263
Total	285.689	273.321

Banking Relations :

-

Auditors :

Name :

Kedia and Kedia Associates

Chartered Accountants

Address :

205, Kaling, 2^nd Floor, Near Mount Carmel School, Behind B.J. House, Off. Ashram Road, Ahmedabad – 380 009, Gujarat, India.

Tel. No.:

91-79-26579971

E-Mail :

kediaca@sancharnet.in

PAN.:

AABFK7236R

Related Parties :

Name :	Mayur Extrusion Private Limited
Address :	308, Sahjanand Palace, Opposite Rahul Tower, 100 ft. Road, Shyamal-Karanavti Road, Satellite, Ahmedabad-380051, Gujarat, India
Line of Business :	HDPE/DP Woven Fabric/ Bags, etc.

· Sonal Polysacks

· Mangalalaxmi Industries Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

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

Issued, Subscribed

No. of Shares	Type	Value	Amount
793000	Equity Shares	Rs.10/- each	Rs.7.930 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
745000	Equity Shares	Rs.10/- each	Rs.7.450 Millions
	Add : Forfeited Shares		Rs.0.240 Million
	Total		Rs.7.690 Millions

Notes:

a) Rights, preferences and restrictions attached to equity shares:

The Company has one class of equity shares having a par value of Rs 10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their share holding.

b) Reconciliation of shares outstanding at the beginning and at the end of the reporting period

Particulars	As at 31.03.2012
	No. of shares
Equity Shares of Rs. 10/- each:
Shares outstanding at the beginning of the year	748,000
Add: Shares Issued during the year	45,000
Less: Shares bought back during the year	-
Less: Shares Forfeited during the year	48,000
Shares outstanding at the end of the year	745,000

c) Shares in the company held by each shareholder holding more than 5 percent shares

Name of Shareholder	As at 31.03.2012
	No. of Shares held	% of Holding
Equity Shares of Rs. 10/- each:
Laxmi Devi Tibrewal	67,750	9.09%
Shyam Sunder Tibrewal	288,750	38.76%
Siddharth Tibrewal	67,750	9.09%
Monica S Tibrewal	67,500	9.31%
Shyam Sunder Tibrewal HUF	67,500	9.06%
Siddharth S Tibrewal HUF	67,500	9.06%
Mayur Extrusion Private Limited	45,750	6.14%
Anshu Clothing Private Limited and Mangalalaxmi Industries Private Limited	45,000	6.04%

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		7.690	7.240	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		169.404	74.248	41.625
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.094	81.488	48.625
LOAN FUNDS
1] Secured Loans		285.689	273.321	193.291
2] Unsecured Loans		51.176	96.934	86.529
TOTAL BORROWING		336.865	370.255	279.820
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		513.959	451.743	328.445
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.500	110.291	112.431
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.424	1.567	0.093
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	179.738	134.142	95.512
	Sundry Debtors	181.813	200.456	124.342
	Cash & Bank Balances	114.162	13.939	13.499
	Other Non-Current Assets	0.000	42.338
	Other Current Assets	3.284	5.141	2.154
	Loans & Advances	72.525	34.191	35.944
Total Current Assets		551.522	430.207	271.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.053	68.803	41.497
	Other Current Liabilities	38.925	16.364	8.500
	Provisions	17.509	5.155	5.533
Total Current Liabilities		138.487	90.322	55.530
Net Current Assets		413.035	339.885	215.921
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		513.959	451.743	328.445

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	GROSS TURNOVER		1690.096	1404.532	1204.301
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		98.548	52.191	35.061
Less/ Add	DEPRECIATION/ AMORTISATION		21.041	20.928	24.789
	PROFIT BEFORE TAX		77.507	31.263	10.272
Less	TAX		26.900	10.401	4.136
	PROFIT AFTER TAX		50.607	20.862	6.136
(Less)	PRIOR PERIOD ADJUSTMENTS		0.000	0.000	(0.029)
	EARNINGS IN FOREIGN CURRENCY		1237.347	852.948	756.967
	Earnings Per Share (Rs.)		69.87	29.09	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	11.96	5.78	2.68
Return on Investment (ROI) (PBT/Networth)		0.44	0.38	0.21
Debt Equity Ratio (Total Liability/Networth)		2.68	5.65	6.90
Current Ratio (Current Asset/Current Liability)		3.98	4.76	4.89

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	82.053	68.803	41.497

UNSECURED LOANS DETAILS:

(Rs. in Millions)

UNSECURED LOAN	31.03.2012	31.03.2011
LONG-TERM
Loans and advances from related parties	19.231	36.941
Loans and advances from others	10.696	25.647
SHORT-TERM
Loans and advances from others	21.249	34.346
Total	51.176	96.934

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

CONTINGENT LIABILITIES TO THE EXTENT NOT PROVIDED FOR (AS ON 31.03.2012) –

(a) Guarantees given by the Bank on behalf of the Company: Rs. 0.918 Million (Previous Year Rs.1.560 Millions)

(b) Letter of Credit issued by the bank against the imports of the Company (Rs. NIL (Previous year Rs. NIL)

(c) Corporate guarantee given to Bank on behalf of group company/Firm under the same management – Rs 79.500 Millions (Previous year Rs.NIL).

(d) Other claims against the company not acknowledged as debt – amount not ascertained. However the management of the company does not envisages any contingent liability in this regard.

(e) GST / CST / VAT assessment for the financial year 2008-09 and subsequent years are pending. Income Assessments are cleared upto assessment year 2010-11.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Office Equipment

· Computers

· Vehicles

· Motor Vehicles

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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.