MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	RSL DYECOT PRIVATE LIMITED
Formerly Known As :	RSL DYECOT LIMITED
Registered Office :	216, New Cloth Market, Outside Raipur Gate, Ahmedabad-380002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.1983
Com. Reg. No.:	04-006538
Capital Investment / Paid-up Capital :	Rs.16.893 Millions
CIN No.: [Company Identification No.]	U65910GJ1983PLC006538
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Dyed Yarn/Sized Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 224000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial position and performance of the company is good. Trade relations are decent. Business is active. Payment terms are regular and as per commitments. The company can be considered for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	216, New Cloth Market, Outside Raipur Gate, Ahmedabad-380002, Gujarat, India
Tel. No.:	91-79-22168480
Fax No.:	Not Available
E-Mail :	info@rsldyecot.in
Website:	http://www.rsldyecot.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Kamlesh Raghuvirprasad Agarwal

Designation :

Managing Director

Address :

Navnit Park, Opposite Ketav Petrol Pump, Dr. Vikramsarabhai Road, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

04.11.1959

Date of Appointment :

21.04.1989

Din No.:

00265256

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	L17119GJ1982PLC005424	RAGHUVIR SYNTHETICS LIMITED	Director	18/08/1982	18/08/1982	01/07/2011	Active	NO
2	U17119GJ1957PTC000876	SAGAR TEXTILE MILLS PRIVATE LIMITED	Director	19/02/1983	19/02/1983	27/02/2012	Active	NO
3	U25200GJ1989PLC012149	RAGHUVIR MARKETING LIMITED	Director	21/04/1989	21/04/1989	-	Strike off	NO
4	U65910GJ1983PTC006538	RSL DYECOT PRIVATE LIMITED	Managing director	01/04/2011	21/04/1989	-	Active	NO
5	U51909GJ1992PLC018496	RAGHUVIR EXIM LIMITED	Director	28/10/1992	28/10/1992	15/07/2011	Active	NO
6	U65910GJ1994PTC023551	LEGEND FINSTOCK PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Strike off	NO
7	U17120GJ2011PTC066309	RAGHUKAUSHAL TEXTILE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mr. Viresh Kamlesh Agarwal

Designation :

Director

Address :

Navnit Park, Opposite Ketav Petrol Pump, Dr. Vikramsarabhai Road, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

21.08.1984

Date of Appointment :

07.07.2011

Din No.:

02168669

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	U51909GJ1992PLC018496	RAGHUVIR EXIM LIMITED	Managing director	16/06/2007	16/06/2007	15/07/2011	Active	NO
2	U65910GJ1983PTC006538	RSL DYECOT PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
3	U17120GJ2011PTC066309	RAGHUKAUSHAL TEXTILE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mrs. Kirandevi Kamlesh Agarwal

Designation :

Whole Time Director

Address :

Navnit Park, Opposite Ketav Petrol Pump, Dr. Vikramsarabhai Road, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

22.03.1964

Date of Appointment :

07.07.2011

Din No.:

03569224

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	U65910GJ1983PTC006538	RSL DYECOT PRIVATE LIMITED	Whole-time director	01/08/2011	07/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Raghuvirprasad R. Agarwal HUF	5000
Raghuvirprasad R. Agarwal HUF No.1	5000
Kamlesh Raghuvirprasad Agarwal	619150
Kamlesh Raghuvirprasad Agarwal HUF	55700
Kirandevi Kamlesh Agarwal	538475
Viresh Kamlesh Agarwal	464975
Sunil Raghuvirprasad Jointly With Kirandevi Kamlesh Agarwal	1000
TOTAL	1689300

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyed Yarn/Sized Yarn.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Dyed Yarn/Sized Yarn	2321

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Dyed Yarn	Tones	480
Sized Yarn	Tones	1100

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Oriental Bank of Commerce, Hotel Meghdoot Building, Station Road, Ahmedabad - 380001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans
HDFC – Term Loan – 3411468	6.982	0.000
HDFC – Term Loan – 3316165	0.236	0.337
HDFC – Term Loan – 3320051	1.921	2.711
HDFC – Term Loan – 3324441	0.312	0.429
HDFC – Term Loan – 3325028	1.502	2.069
HDFC – Term Loan – 3325100	0.479	0.660
HDFC – Term Loan – 3348195	0.473	0.609
HDFC – Term Loan – 3365295	0.135	0.000
HDFC – Term Loan – 80036618	1.848	2.723
HDFC – Term Loan – 80045080	0.855	1.222
Vehicles Loans
HDFC – BMW Car Loan	0.000	0.000
HDFC – Altis Car Loan	0.000	0.077
HDFC – Etios Car Loan	0.206	0.431
Short Term Borrowings
HDFC Bank – 646 C/C	19.845	20.298
TOTAL	34.794	31.566

Banking Relations :	--
Auditors :
Name :	G.K. Choksi and Company Chartered Accountants
Address :	Madhuban, Near Madalpur Underbridge, Ahmedabad-380006, Gujarat, India
PAN No:	AAAFG7623H
Associate :	Raghukaushal Textile Private Limited
Other Related Parties :	· Yash Corporation · Raghuvir Synthetics Limited · The Sagar Textile Mills Private Limited · Raghuvir Exim Limited · Raghuvir Lifestyle Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1689300	Equity Shares	Rs.10/- each	Rs.16.893 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	16.893	16.893
(b) Reserves & Surplus	39.223	30.331
(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)	56.116	47.224
(3) Non-Current Liabilities
(a) long-term borrowings	14.949	11.268
(b) Deferred tax liabilities (Net)	2.016	2.665
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	16.965	13.933
(4) Current Liabilities
(a) Short term borrowings	19.845	20.298
(b) Trade payables	10.797	10.835
(c) Other current liabilities	5.382	4.504
(d) Short-term provisions	1.369	0.433
Total Current Liabilities (4)	37.393	36.070
TOTAL	110.474	97.227
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.668	42.961
(ii) Intangible Assets	4.540	1.207
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.505	0.005
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.091	1.420
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	58.804	45.593
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	17.132	24.782
(c) Trade receivables	32.242	25.075
(d) Cash and cash equivalents	1.025	0.513
(e) Short-term loans and advances	0.426	0.509
(f) Other current assets	0.845	0.755
Total Current Assets	51.670	51.634
TOTAL	110.474	97.227

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.636
2] Share Application Money		0.000
3] Reserves & Surplus		20.689
4] (Accumulated Losses)		0.000
NETWORTH		40.325
LOAN FUNDS
1] Secured Loans		20.241
2] Unsecured Loans		0.000
TOTAL BORROWING		20.241
DEFERRED TAX LIABILITIES		2.347
TOTAL		62.913
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.288
Capital work-in-progress		5.845
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.708
	Sundry Debtors	14.129
	Cash & Bank Balances	1.323
	Other Current Assets	0.000
	Loans & Advances	5.600
Total Current Assets		30.760
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.197
	Other Current Liabilities	0.300
	Provisions	4.500
Total Current Liabilities		11.997
Net Current Assets		18.763
MISCELLANEOUS EXPENSES		0.012
TOTAL		62.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	245.423	185.063	121.593
		Other Income	0.581	1.305	1.372
		TOTAL (A)	246.004	186.368	122.965
Less	EXPENSES
		Cost of materials consumed	178.967	136.699
		Operating expenses	33.408	25.646
		Employee benefits expenses	2.188	2.643	106.151
		Other expenses	7.555	3.855
		Changes in inventories	0.819	(2.611)
		TOTAL (B)	222.937	166.232	106.151
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.067	20.136	16.814
Less	FINANCIAL EXPENSES (D)		2.233	1.503	1.069
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.834	18.633	15.745
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.870	8.116	6.752
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		12.964	10.517	8.993
Less	TAX (H)		4.071	3.618	2.648
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		8.893	6.899	6.345
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.588	20.689	14.343
	BALANCE CARRIED TO THE B/S		36.481	27.588	20.688
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.000
	IMPORTS
		Stores & Spares	0.107	0.140	0.037
		Capital Goods	5.268	3.688	6.060
	TOTAL IMPORTS		5.375	3.828	6.097
	Earnings / (Loss) Per Share (Rs.)		5.26	4.08	3.76

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.61	3.70	5.16
Net Profit Margin (PBT/Sales)	(%)	5.28	5.68	7.40
Return on Total Assets (PBT/Total Assets}	(%)	12.00	10.82	13.02
Return on Investment (ROI) (PBT/Networth)		0.23	0.22	0.22
Debt Equity Ratio (Total Debt/Networth)		0.62	0.67	0.50
Current Ratio (Current Asset/Current Liability)		2.95	1.43	2.56

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	Yes
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10325376	28/12/2011	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B28646156
2	10201037	19/01/2012 *	62,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B30094015
3	10189964	19/01/2012 *	62,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B30148266
* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Electrical Installation

· Computer

· 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.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.