MIRA INFORM REPORT

Report Date :

07.03.2013

IDENTIFICATION DETAILS

Name :	BEST TEXTILES LIMITED
Formerly Known As :	SPANK MARKETING AND SERVICES PRIVATE LIMITED
Registered Office :	B-85, Okhla industrial Area, Phase II, New Delhi-110 020, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.08.1996
Com. Reg. No.:	55-157651
Capital Investment / Paid-up Capital :	Rs.44.860 millions
CIN No.: [Company Identification No.]	U51390DL1996PLC157651
TAN No.: [Tax Deduction & Collection Account No.]	DELS13634F
PAN No.: [Permanent Account No.]	AABCS5770R
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer and Exporter of Fabrics
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. A.K. Singhal
Designation :	Manager
Contact No.:	91-11-26387421
Date :	01.11.2010

LOCATIONS

Registered Office :	B-85, Okhla industrial Area, Phase II, New Delhi-110 020, Delhi, India
Tel. No.:	91-11-26387421/28
Fax No.:	91-11-26387429
E-Mail :	customercare@besttextile.in sales@besttexttiles.in
Website :	www.besttextile.in
Location :	Owned
Factory :	C-13, Sector-58, Noida, Uttar Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Sanjeev Dhawan

Designation :

Director

Address :

111,Bakhtawar Singh Block, Asiad Village ,Khelgaon,New Delhi – 110 049

Contact No.

91-9810009185

PAN No.:

AFQPD0726H

DIN No.:

00808354

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51390DL1996PLC157651	BEST TEXTILES LIMITED.	Managing director	05-08-96	05-08-96	-	Active	NO
2	U33112DL2002PTC115269	SMS ORTHO PRIVATE LIMITED	Managing director	08-05-02	08-05-02	-	Dormant	NO
3	U52190DL2008PLC172820	BEST RETAIL LIMITED	Director	17-01-08	17-01-08	-	Active	NO
4	U17124MP2008PTC020601	CLC TEXTILE PARK PRIVATE LIMITED	Director	21-04-08	21-04-08	-	Active	NO
5	U15144DL2008PLC181626	BEST NATURAL RESOURCES LIMITED	Director	01-08-08	01-08-08	-	Active	NO

Name :

Mr. Ashok Rawat

Designation :

Director

Address :

A-37,Raj Nagar-II, Palam Colony, New Delhi-110045, Delhi, India

Contact No.

91-9717897700

PAN No.:

ADSPR7822E

DIN No.:

01783108

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51390DL1996PLC157651	BEST TEXTILES LIMITED.	Director	14-09-07	14-09-07	-	Active	NO
2	U52190DL2008PLC172820	BEST RETAIL LIMITED	Director	26-05-08	26-05-08	-	Active	NO
3	U15144DL2008PLC181626	BEST NATURAL RESOURCES LIMITED	Director	01-08-08	01-08-08	-	Active	NO

Name :

Mr. Seboti Protibha Lugun

Designation :

Director

Address :

House No.31, Ground Floor, Gautam Nagar, New Delhi, India

Contact No.

91-9811745055

PAN No.:

ACWPL2386A

DIN No.:

01768816

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51390DL1996PLC157651	BEST TEXTILES LIMITED.	Director	14-09-07	14-09-07	-	Active	NO
2	U52190DL2008PLC172820	BEST RETAIL LIMITED	Director	26-05-08	26-05-08	-	Active	NO
3	U15144DL2008PLC181626	BEST NATURAL RESOURCES LIMITED	Director	03-10-11	03-10-11	-	Active	NO

Name :

Mr. Rakesh Mahajan

Designation :

Director

Address :

EG -24 , Inderpuri New Delhi, Delhi, India

Contact No.

9810073872

PAN No.:

AAIPM9835H

DIN No.:

00804251

Date of Birth:

11.09.1956

Date of Appointment:

25.11.2008

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33112DL2002PTC115269	SMS ORTHO PRIVATE LIMITED	Director	01-06-02	01-06-02	-	Dormant	NO
2	U51390DL1996PLC157651	BEST TEXTILES LIMITED.	Director	25-11-08	12-01-06	-	Active	NO
3	U52190DL2008PLC172820	BEST RETAIL LIMITED	Director	17-01-08	17-01-08	31-05-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Jitendra
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ajita Srivastava	16538
Alora Plastics Private Limited, India	50000
Anand Sarogi	3600
Anita Dua	20000
Anju Dhawan	289510
Ashok Kumar Kundu	10825
Ashok Rawat	40445
Atul Gupta	1775
B. R. Gupta and Associates, India	100000
Basant Dang	18400
Basant Kumar	10000
Bhuri Singh	8350
Citylife Promoters Private Limited, India	32500
Cornelius Marketing and Research Private Limited, India	11250
Dinesh Kumar Gupta	613
Gauri Shankar	20000
Gouri Dang	9200
Ishwar Rani	10000
Jitender Singh	18250
Krishan Kumar	10000
Marrass Industries Private Limited, India	400000
Mrs. Arti	180000
Mrs. Saluja	11500
Mutthu Kumar	10288

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies Corporate	28.78
Directors or relatives of directors	71.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Fabrics

Products :

Blankets/ Home Furnishing Items

Item Code No. (ITC Code)	6203
Product Description	Home Furnishing Products

Exports :

Products :

Fabrics

Countries :

· Europe

· America

· Hongkong

· China

· Thailand

· USA

· Bangladesh

· Jarman

· Afghanistan

Terms :

Selling :

Cash, Depends

Purchasing :

Cash, Depends

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· All Type

• P.T. Apasa Inticorpara
• Halsted
• Schrodar
• IPEK

No. of Employees :

600 (Approximately)

Bankers :

· Oriental Bank of Commerce, GK-2 Branch, New Delhi, Delhi, India

· HDFC Bank, Delhi, India

Facilities :

Secured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Packing Credit Loan	79.999	59.964
Cash Credit Loan	18.770	13.805
Bill Purchases (All the above facilities are secured by way of hypothecation of stock, book debts and also first charge on all fixed assets of the company )	43.552	53.038
Term Loan on Property (Secured by way of First Charge on Land and Building and Current assets of the company )	26.347	30.043
HDFC Car Loan (Secured by eay of Hypothecation of Innova Car)	0.000	0.318
OBC Car Loan (Secured by way of Hypothecation of Cars)	0.000	0.586
Total	168.670	157.756

Banking Relations :	-----
Auditors :
Name :	Ajay R Agarwal and Associates Chartered Accountants
Address :	97, Vidhi Appartment Plot No. 116, IP Extension, Pataparganj – 110092, New Delhi – 110092, Delhi, India
PAN No.:	ACBPA0068K
Associates/Subsidiaries :	Best Natural Resources Limited CIN No.: U52190DL2008PLC172820 Best Retail Limited CIN No.: U15144DL2008PLC181626

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- Each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4486027	Equity Shares	Rs.10/- Each	Rs.44.860 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		44.860	42.017	29.111
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.715	14.010	7.652
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		85.575	56.027	36.763
LOAN FUNDS
1] Secured Loans		168.670	157.756	116.929
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		168.670	157.756	116.929
DEFERRED TAX LIABILITIES		0.260	0.361	0.000
TOTAL		254.505	214.144	153.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.908	48.285	49.421
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.130	2.793	5.675
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	170.174	121.544	78.397
	Sundry Debtors	111.183	149.286	41.911
	Cash & Bank Balances	3.879	7.288	1.515
	Other Current Assets	0.000	0.000	0.121
	Loans & Advances	20.081	13.840	5.097
Total Current Assets		305.317	291.958	127.041
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.307	115.023	20.346
	Other Current Liabilities	67.157	78.226	6.064
	Provisions	3.685	2.890	2.178
Total Current Liabilities		107.149	128.982	28.588
Net Current Assets		198.168	162.976	98.453
MISCELLANEOUS EXPENSES		0.299	0.090	0.143
TOTAL		254.505	214.144	153.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	913.220	755.586	469.027
		Other Income	48.629	43.147	22.446
		TOTAL (A)	961.849	798.733	491.473
Less	EXPENSES
		Purchases	863.282	719.918	418.769
		Manufacturing Expenses	15.451	16.432	33.352
		Administrative and Other Expenses	40.005	32.328	21.645
		Selling and Distribution Expenses	34.372	24.146	21.594
		Misc Income	(26.458)	(22.544)	(21.044)
		TOTAL (B)	926.652	770.280	474.316
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.197	28.453	17.157
Less	FINANCIAL EXPENSES (D)		21.470	15.534	9.878
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.727	12.919	7.279
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.929	3.242	2.484
	PROFIT BEFORE TAX (E-F) (G)		10.798	9.677	4.795
Less	TAX (H)		4.194	2.890	2.317
	PROFIT AFTER TAX (G-H) (I)		6.604	6.787	2.478
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.358	2.664	NA
	BALANCE CARRIED TO THE B/S		6.805	6.358	2.664
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	496.525	NA	NA
	TOTAL EARNINGS		496.525	NA	NA
	Earnings Per Share (Rs.)		1.47	2.11	0.92

Expected Sales (2011-2012) : Rs. 10800.000 millions

The above information has been parted by Mr. A.K. Singhal .

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.68	0.84	0.57
Net Profit Margin (PBT/Sales)	(%)	1.18	1.28	1.02
Return on Total Assets (PBT/Total Assets}	(%)	3.07	2.84	2.72
Return on Investment (ROI) (PBT/Networth)		0.12	0.17	0.13
Debt Equity Ratio (Total Liability/Networth)		6.06	5.11	6.64
Current Ratio (Current Asset/Current Liability)		2.84	2.26	4.44

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----------
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	-----
12. Profitability for last three years	----
13. Reasons for variation <> 20%	----
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	----
17. Major suppliers	----
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

NOTE:

Registered office of the company has been shifted from 15, First Floor, National Park, Behind Vikram Hotel, Lajpat Nagar Iv, New Delhi, Delhi, India to the present address w.e.f.10.12.2008.

FORM : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U51390DL1996PLC157651
Name of the company	BEST TEXTILES LIMITED.
Address of the registered office or of the principal place of business in India of the company	B-85, Okhla Industrial Area, Phase – II, New Delhi – 110020, Delhi India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Oriental Bank of Commerce, Overseas Branch, M-33 Greater Kailash Part II, New Delhi, Delhi – 110048, India
Nature of instrument creating charge	Agreement of Hypothecation of Assets And Letter For Continuity of Mortgage of Property
Date of instrument Creating the charge	30/06/2011
Amount secured by the charge	Rs. 10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 1% Over Base Rate With Minimum of 11% pa with monthly rests upto initial 180 days and stipulated higher rate thereafter. Penal/ overdue interest @ 2% PA Terms of repayment Adhoc Pc Facility Permitted For One Month Margin As Stipulated By The Bank Extent and operation of the charge 100% Other To Secure Adhoc Pc Facility Sanctioned For One Month
Short particulars of the property charged (Including location of the property)	Hypothecation of Present and Future Stocks of Any Kind And Receivables of The Company, Documents of Title To Goods And Entire Fixed Assets Except Those Specifically Financed By Other Banks/ Fis Equitable Mortgage Of Property At B-85 Okhla Industrial Area Phase Ii, New Delhi

TRADE REFERENCES :

• P.T. Apasa Inticorpara
• Halsted
• Schrodar
• IPEK

FIXED ASSETS:

· Air Conditioner

· Building

· Carpets

· Computer

· Cooler

· Vaccum Cleaner

· Vending Machine

· Weighing Scale

· Plant and Machinery

· Dryer Machine

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 records 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. 54.71
UK Pound	1	Rs. 82.79
Euro	1	Rs. 71.43

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	5
--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		45

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.