MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	VIPUL INDUSTRIES PRIVATE LIMITED VIPUL FASHIONS IS A UNIT OF VIPUL INDUSTRIES PRIVATE LIMITED
Formerly Known As :	VIPUL TEXTILE INDUSTRIES LIMITED (05.06.2003) VIPUL TEXTILE INDUSTRIES PRIVATE LIMITED
Registered Office :	255/257, GIDC, Road No. 2, Sachin, Surat - 394230, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.08.1986
Com. Reg. No.:	04-008854
Capital Investment / Paid-up Capital :	Rs. 38.150 Millions
CIN No.: [Company Identification No.]	U17119GJ1986PTC008854
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sarees and Dress Materials.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 709000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability during the current year. However, general financial position seems to be strong. Trade relations are reported to be fair. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.

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.

INFORMATION PARTED BY

Name :	Mr. Rajiv
Designation :	Admin Manager
Contact No.:	91-9328359203
Date :	10.01.2013

LOCATIONS

Registered Office :	255/257, GIDC, Road No. 2, Sachin, Surat - 394230, Gujarat, India
Tel. No.:	91-261-4010401/ 3019639
Mobile No.:	91-9328359203 (Mr. Rajiv)
Fax No.:	91-261-4010430
E-Mail :	vipulind@drdcs.net contact@vipulfashions.com
Website :	www.vipulfashions.com
Location :	Owned
Sales Office :	Basement, Sagar Shopping Center, Sahara Darwaja, Ring Road, Surat - 395002, Gujarat, India

DIRECTORS

AS ON 27.09.2010

Name :

Mr. Mukeshkumar Balmukund Agarwal

Designation :

Director

Address :

9A, Ratan Shyam Apartment, Ghod Dod Road, Surat, Gujarat, India

Date of Birth/Age :

01.08.1961

Date of Appointment :

06.08.1986

DIN No.:

00074284

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	U17119GJ1986PTC008854	VIPUL INDUSTRIES PRIVATE LIMITED	Director	06/08/1986	06/08/1986	-	Active	NO
2	U25200MH1993PTC071549	TRUPATI OVERSEAS PRIVATE LIMITED	Director	12/04/1993	12/04/1993	02/01/2009	Active	YES
3	U15122MH2000PTC125707	EXCEL ICE SERVICES PRIVATE LIMITED	Director	10/04/2000	10/04/2000	-	Active	YES
4	U63040MH2003PTC139516	PREMIER OCEAN LINK IMPEX PRIVATE LIMITED	Director	10/03/2003	10/03/2003	-	Active	YES
5	U65910GJ1994PLC022730	GOLDSTAR LEASE FINANCING LIMITED	Additional director	05/03/2008	05/03/2008	10/10/2012	Active	NO
6	U63023MH1982PTC028420	CRYSTAL COLDSTORAGE COMPANY PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	YES
7	U74999MH1978PLC020328	VIPUL IMPEX & INFRABUILD LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
8	U17120MH2010PTC210941	VANSHIKA INDUSTRIES PRIVATE LIMITED	Director	13/12/2010	13/12/2010	05/01/2011	Active	NO
9	U17120MH2011PTC220936	AYAAN TRENDZ PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mr. Anilkumar Balmukund Agarwal

Designation :

Director

Address :

10A Raj Vaibhav, Near Commissioner Banglow, Athwalines, Surat, Gujarat, India

Date of Birth/Age :

08.01.1955

Date of Appointment :

01.11.2000

DIN No.:

00052153

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	U17114GJ1990PTC014494	VIPUL FASHIONS PRIVATE LIMITED	Director	09/10/1990	09/10/1990	-	Amalgamated	NO
2	U25200MH1993PTC071549	TRUPATI OVERSEAS PRIVATE LIMITED	Director	12/04/1993	12/04/1993	02/01/2009	Active	YES
3	U17309GJ1993PTC019682	VIPUL FABRICS PRIVATE LIMITED	Director	21/06/1993	21/06/1993	-	Amalgamated	NO
4	U65910GJ1994PLC022730	GOLDSTAR LEASE FINANCING LIMITED	Director	10/08/1994	10/08/1994	10/10/2012	Active	NO
5	U17119GJ1991PTC015599	VIPUL TEX-FAB PRIVATE LIMITED	Director	15/04/1998	15/04/1998	-	Amalgamated	NO
6	U15122MH2000PTC125707	EXCEL ICE SERVICES PRIVATE LIMITED	Director	10/04/2000	10/04/2000	-	Active	YES
7	U17119GJ1986PTC008854	VIPUL INDUSTRIES PRIVATE LIMITED	Director	01/11/2000	01/11/2000	-	Active	NO
8	U63023MH1982PTC028420	CRYSTAL COLDSTORAGE COMPANY PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	YES
9	U74999MH1978PLC020328	VIPUL IMPEX & INFRABUILD LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
10	U80301GJ2010PTC060728	SPRING VALLEY EDUCATION INSTITUTE PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO
11	U17120MH2010PTC210941	VANSHIKA INDUSTRIES PRIVATE LIMITED	Director	13/12/2010	13/12/2010	05/01/2011	Active	NO
12	U17120MH2011PTC220936	AYAAN TRENDZ PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mr. Ankoor Anilkumar Agarwal

Designation :

Director

Address :

10A Raj Vaibhav, Near Commissioner Banglow, Athwalines, Surat, Gujarat, India

Date of Birth/Age :

21.03.1981

Date of Appointment :

01.06.1999

DIN No.:

01636576

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	U17119GJ1986PTC008854	VIPUL INDUSTRIES PRIVATE LIMITED	Director	01/06/1999	01/06/1999	-	Active	NO
2	U63040MH2003PTC139516	PREMIER OCEAN LINK IMPEX PRIVATE LIMITED	Director	10/03/2003	10/03/2003	-	Active	YES
3	U17114GJ1990PTC014494	VIPUL FASHIONS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Amalgamated	NO
4	U17120MH2010PTC210941	VANSHIKA INDUSTRIES PRIVATE LIMITED	Director	13/12/2010	13/12/2010	05/01/2011	Active	NO
5	U17120MH2011PTC220936	AYAAN TRENDZ PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO
6	U74120GJ2012PTC070421	NAVYA CORPORATION PRIVATE LIMITED	Director	21/05/2012	21/05/2012	-	Active	NO

Name :

Mr. Akash Agarwal

Designation :

Director

Address :

9A, Ratan Shyam Apartment, Ghod Dod Road, Surat, Gujarat, India

Date of Birth/Age :

01.04.1987

Date of Appointment :

01.09.2008

DIN No.:

02276733

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	Company/ LLP Status	Defaulting status
1	U17119GJ1986PTC008854	VIPUL INDUSTRIES PRIVATE LIMITED	Director	01/09/2008	01/09/2008	Active	NO
2	U17120MH2010PTC210941	VANSHIKA INDUSTRIES PRIVATE LIMITED	Director	13/12/2010	13/12/2010	Active	NO
3	U17120MH2011PTC220936	AYAAN TRENDZ PRIVATE LIMITED	Director	12/08/2011	12/08/2011	Active	NO
4	U52209GJ2012PTC069796	GO ORGANIC PRIVATE LIMITED	Director	10/04/2012	10/04/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv
Designation :	Admin Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Akash M. Agarwal	21174
Anilkumar B. Agarwal	21174
Ankurkumar A. Agarwal	21179
Asha Agarwal	20605
Aman M. Agarwal	13918
Akanksha Agarwal	9799
Kapil Agarwal	21193
Kishnagopal B. Agarwal	21147
Kishnagopal Agarwal (HUF)	60
Madhurika Agarwal	17666
Mukeshkumar B. Agarwal	21163
Mukeshkumar Agarwal (HUF)	64
Meena A. Agarwal	21165
Vipulkumar Agarwal	7824
Sukhmal and Sons HUF	4740
Anilkumar Agarwal HUF	10
Total	222881

AS ON 04.12.2010

Names of Allottees	No. of Shares
Anilkumar B. Agarwal	14302
Anilkumar B. Agarwal HUF	6
Meena A. Agarwal	14296
Ankurkumar A. Agarwal	14306
Akanksha Agarwal	6623
Kishnagopal B. Agarwal	14786
Kishnagopal Agarwal (HUF)	40
Asha Agarwal	14408
Kapil Agarwal	14818
Vipulkumar Agarwal	5482
Mukeshkumar B. Agarwal	14166
Mukeshkumar Agarwal (HUF)	42
Madhurika Agarwal	11826
Akash M. Agarwal	14174
Aman M. Agarwal	9325
Total	148600

AS ON 21.03.2011

Names of Allottees	No. of Shares
Emporis Projects Limited, India	5000
Speciality Papers Limited, India	5000
Total	10000

AS ON 27.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sarees and Dress Materials.

Products :

ITC Code	Product Descriptions
0120	Dyed and Printed Fabrics, Art Silk Fabrics, Art Silk Clothes

Exports :

Products :

Sarees and Dress Materials

Countries :

Ø USA

Ø Gulf Countries

Imports :

Products :

Raw Material

Countries :

Korea

Terms :

Selling :

Cash and Credit (30 Days to 60 Days)

Purchasing :

Cash and Credit (30 Days to 60 Days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Grey Cloth	Mtrs.	Not Applicable	Not Applicable	2307701
Finished Fabrics	Mtrs.	Not Applicable	Not Applicable	4893106
Dyed and Printed Fabrics	Mtrs.	Not Applicable	Not Applicable	14250172
Wind Mill – Electricity Units	Units	Not Applicable	Not Applicable	1608903

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

400 (Approximately)

Bankers :

Bank of Baroda, Man Darwaja Branch, Near Kinnari Tolkiz, Ring Road, Surat – 395002, Gujarat, India

Tel No.: 91-261-2326016

Facilities :

Cash Credit : Rs. 70.000 Millions

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from Bank of Baroda	18.022	30.189
Term loans from LIC	2.812	2.812
Hire purchase facilities	0.707	1.515
Working capital facility from Bank of Baroda	106.995	104.229
Total	128.536	138.745

Banking Relations :	--
Auditors :
Name :	DSI and Company Chartered Accountants
Address :	MF/14-26, Nariman Point Shopping Centre, Near Raghuvir Bungalows, City Light Road, Surat – 395007, Gujarat, India
Tel. No.:	91-261-3992929/ 3994747
Fax No.:	91-261-3053838
Income-tax PAN of auditor or auditor's firm :	AAFFD4002N
Associates :	Ø Vipul Exports Ø Vanshika Industries Private Limited Ø Aakansha Impex

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs. 100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
381500	Equity Shares	Rs. 100/- each	Rs. 38.150 Millions

Reconciliation of shares outstanding at the beginning and at the end of the year

	No. of shares
Equity shares of Rs. 100/- each at the beginning of the year	381500
Add: Shares issued during the year	--
Equity shares of Rs. 100/- each at the end of the year	381500

Terms / rights attached to equity shares

The company has only one class of Equity shares having a par value of Rs. 100/- per shares. Each shareholder of Equity shares is entitled to one vote per share.

In the event of the liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% shares in the company

Equity shares of Rs. 100/- each fully paid	31.03.2012
	No. of Shares	% of holding
Akash M. Agarwal	36955	9.69
Ankurkumar A. Agarwal	30975	8.12
Aman M. Agarwal	36955	9.69
Akanksha Agarwal	30975	8.12
Minor Aryan Agarwal	24988	6.55
Madhurika Agarwal	37075	9.71
Meena A. Agarwal	30909	8.10
Vanshika Agarwal	30975	8.12
Others holding 5% or less Shares	121693	31.90
Total	381500	100.00

No shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment.

During the past 5 years the company has not allotted any shares pursuant to contracts, without payment being received in cash.

148600 Equity shares out of the issued, subscribed and paid up capital were allotted as Bonus Shares in the last five years by capitalization of reserves of the company

92881 Equity shares out of the issued, subscribed and paid up capital were issued pursuant to the Scheme of Amalgamation.

During the past 5 years the company has not bought back any shares.

No shares have been forfeited by the company.

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		38.150	38.150	22.288
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		139.081	127.225	96.533
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.231	165.375	118.821
LOAN FUNDS
1] Secured Loans		128.536	138.745	138.358
2] Unsecured Loans		15.489	8.756	18.222
TOTAL BORROWING		144.025	147.501	156.580
DEFERRED TAX LIABILITIES		22.013	23.316	22.685
TOTAL		343.269	336.192	298.086
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		153.973	167.476	156.408
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.707	1.707	1.707
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	83.099	128.087	82.832
	Sundry Debtors	200.509	184.250	138.244
	Cash & Bank Balances	23.771	2.532	3.235
	Other Current Assets	0.542	0.754	0.000
	Loans & Advances	16.823	31.117	19.197
Total Current Assets		324.744	346.740	243.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	110.371	139.634	92.261
	Other Current Liabilities	17.679	27.005	2.204
	Provisions	9.105	13.092	9.452
Total Current Liabilities		137.155	179.731	103.917
Net Current Assets		187.589	167.009	139.591
MISCELLANEOUS EXPENSES		0.000	0.000	0.380
TOTAL		343.269	336.192	298.086

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	732.152	717.905	574.589
		Other Income	13.974	0.980	0.779
		TOTAL	746.126	718.885	575.368
Less	EXPENSES
		Cost of material consumed	184.521	203.940
		Purchase of finished goods	54.788	45.845
		Changes in inventories of finished goods	43.835	(34.455)
		Employee Benefit Expenses	80.838	90.165
		Other Expenses	328.831	355.116
		TOTAL	692.813	660.611	533.271
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		53.313	58.274	42.097
Less	FINANCIAL EXPENSES		23.793	20.264	15.093
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		29.520	38.010	27.004
Less/ Add	DEPRECIATION/ AMORTISATION		16.208	16.443	13.189
	EXCEPTIONAL ITEM		0.019	0.007	0.273
	PROFIT BEFORE TAX		13.293	21.560	13.542
Less	TAX		1.437	5.008	3.675
	PROFIT AFTER TAX		11.856	16.552	9.867
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	11.758	19.531
	Earnings Per Share (Rs.)		31.08	43.39	45.50

Expected Sales (2012-2013): Rs. 900.000 Millions

The above information has been parted by Mr. Rajiv (Admin Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.59	2.30	1.71
Net Profit Margin (PBT/Sales)	(%)	1.82	3.00	2.36
Return on Total Assets (PBT/Total Assets}	(%)	2.78	4.19	3.39
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.11
Debt Equity Ratio (Total Liability/Networth)		1.59	1.98	2.19
Current Ratio (Current Asset/Current Liability)		2.37	1.93	2.34

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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors, relatives and Shareholders	15.489	8.756
Total	15.489	8.756

CORPORATE INFORMATION:

Subject is a private limited company and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of processing of man-made Fabrics and embroidery work on job work basis, manufacturing and sale of finished fabrics and generation and captive consumption of electricity by installing wing mill.

OPERATIONS:

During the year the Company’s turnover increased to Rs. 732.152 millions as compared to Rs.717.905 millions during previous year and total income of the Company increased in the current year to Rs. 7461.26 millions as compared to previous year’s income of Rs. 718.885 millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17119GJ1986PTC008854
Name of the company	VIPUL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	255/257, GIDC, Road No. 2, Sachin, Surat - 394230, Gujarat, India Email: vipulind@drdcs.net
This form is for	Modification of charge
Charge identification number of the modified	10005900
Type of charge	Immovable property Others [Equitable Mortgage]
Particular of charge holder	Bank of Baroda, Man Darwaja Branch, Near Kinnari Tolkiz, Ring Road, Surat – 395002, Gujarat, India Email: surman@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument of extension relating to deposit of title deeds dated 21.03.2011
Date of instrument Creating the charge	21.03.2011
Amount secured by the charge	Rs. 169.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per instrument of extension relating to deposit of title deeds dated 21.03.2011 Terms of Repayment As per instrument of extension relating to deposit of title deeds dated 21.03.2011 Margin As per instrument of extension relating to deposit of title deeds dated 21.03.2011 Extent and Operation of the charge As per instrument of extension relating to deposit of title deeds dated 21.03.2011
Short particulars of the property charged	All piece and parcel of property situated at 501, Sagar Shopping Centre, Ring Road, Surat admeasuring 1801.00 sq.fts ( 1053.75.58 mtrs ) Nondh No. 2167 and 2190 All piece and parcel of property situated at B/5, Sagar Shopping Centre, Ring Road, Surat admeasuring 436.47 sq.fts ( 1053.75.58 mtrs ) Nondh No. 2167 and 2190 All piece and parcel of land and building situated at Plot No.255/257, Sachin Industrial Area, Gabheni Taluka, Choryasi, District Surat admeasuring 5600.00 sq.fts, revenue survey no. 306/P, 305/P, 332/P All right entitle and interest in flat situated at C-805, Shikha Tower, Samarth Park, Adaja, Taluka Choryasi, District Surat admeasuring 575.00 sq.fts, Revenue Survey No. 625/1+2, T.P. Scheme No. 12 All right entitle and interest in flat situated at C-705, Shikha Tower, Samarth Park, Adaja, Taluka Choryasi, District Surat admeasuring 575.00 sq.fts, Revenue Survey No. 625/1+2, T.P. scheme no. 12 All piece and parcel of land and building situated at Plot No.518, Sachin Industrial Area, Village Sachin, Choryasi, District Surat admeasuring 4646.00.00 sq.fts, Revenue Survey No. 384+386
Date of Modification	24.12.2010
Particulars of the present modification	Equitable mortgage created on the properties to cover various credit facilities provided by the Bank of Baroda to the company as per the instrument of extention relating to deposit of title deeds dated 21.03.2011.

FIXED ASSETS:

Ø Freehold land

Ø Leasehold land

Ø Building

Ø Plant and Machinery

Ø Furniture and fixture

Ø Office equipment

Ø Electrical Installment

Ø Vehicles

Ø Computers

Ø Windmill

Ø Shop

Ø Flats

Ø Tempo

Ø Web site development

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

Information Gathered by :	JML
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		46

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.