MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED
Registered Office :	Ram Tirth Road, Amritsar – 143001, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24-01-2005
Com. Reg. No.:	16-027880
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U17110PB2005PTC027880
TAN No.: [Tax Deduction & Collection Account No.]	AMRA10966E
PAN No.: [Permanent Account No.]	AAFCA0627F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Blankets
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some dip in the turnover of the company during the current year. Profitability of the company appears to low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A4+ (Bank Guarantee) (Suspended)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	28.02.2013

Rating Agency Name	CRISIL
Rating	BB+ (Short Bank) (Suspended)
Rating Explanation	Moderate risk of default
Date	28.02.2013

Note: Reason for suspended is not available

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. Sachin Khana
Designation :	Director
Contact No.:	91-9356014406
Date :	01.03.2013

LOCATIONS

Registered Office :	Ram Tirth Road, Amritsar – 143001, Punjab, India
Tel. No.:	91-183-2225618 / 2220782 / 5094716 / 3090796
Mobile No.:	91-9356014406 (Mr. Sachin Khana)
Fax No.:	91-183-5094717
E-Mail :	info@aswm.com rajivkrishankhanna@yahoo.co.in mail@aswm.com
Website :	http://aswm.com
Area :	2000 sq. ft.
Location :	Owned
Factory 1 :	Batala Road, Amritsar, Punjab, India
Tel. No.:	91-183-2263889, 2263903
Factory 2 :	Village Vallah Verka, Bye Pass, Amritsar, Punjab, India
Tel. No.:	91-183-3092600, 5092693
Branch Office :	405, Jolly Bhavan No.2, 7 New Marine Lines, Mumbai-400020, Maharashtra, India
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Sachin Khanna
Designation :	Director
Address :	79, The Mall, Amritsar, Punjab, India
Date of Birth/Age :	27.09.1974
Date of Appointment :	26.02.2005
PAN No.:	AEKPK7839K
DIN No.:	01585103

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	U74899DL2001PTC109816	KRISHTEX FELTS PRIVATE LIMITED	Director	27/02/2001	27/02/2001	Active	NO
2	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Director	26/02/2005	26/02/2005	Active	NO
3	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Director	27/09/2008	27/09/2008	Active	NO

Name :	Mr. Raj Krishna Khanna
Designation :	Director
Address :	72, Mount Blanc, Dady Seth Hill Road, August Kranti Marg, Mumbai, Maharashtra, India
Date of Birth/Age :	10.08.1933
Date of Appointment :	24.01.2005
PAN No.:	ABSPK4265C
DIN No.:	00458398

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	U51311MH1972GAP016172	INDIAN WOOLLEN MILLS' FEDERATION	Director	29/06/1983	29/06/1983	Active	NO
2	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Managing director	30/03/1995	30/03/1995	Active	NO
3	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	16/05/1997	16/05/1997	Active	NO
4	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Director	24/01/2005	24/01/2005	Active	NO

Name :	Mr. Lalit Krishna Khanna
Designation :	Director
Address :	219, Dr. Alagesan Road, Sai Baba Mission, P.O. Coimbatore, Tamilnadu, India
Date of Birth/Age :	11.04.1944
Date of Appointment :	24.01.2005
PAN No.:	AEKPK7838J
DIN No.:	01585862

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	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Director	29/03/1995	29/03/1995	Active	NO
2	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	16/05/1997	16/05/1997	Active	NO
3	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Director	24/01/2005	24/01/2005	Active	NO

Name :	Mr. Rajiv Krishan Khanna
Designation :	Director
Address :	79, The Mall, Amritsar, Punjab, India
Date of Birth/Age :	28.04.1946
Date of Appointment :	24.01.2005
PAN No.:	ABMPK9449E
DIN No.:	01585114

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	U17117PB1972PTC003177	REGAL WOOLLEN MILLS PRIVATE LIMITED	Director	22/09/1972	22/09/1972	Active	NO
2	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Director	20/05/1975	20/05/1975	Active	NO
3	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	17/09/1996	17/09/1996	Active	NO
4	U74899DL2001PTC109816	KRISHTEX FELTS PRIVATE LIMITED	Director	27/02/2001	27/02/2001	Active	NO
5	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Director	24/01/2005	24/01/2005	Active	NO

Name :	Mr. Siri Krishan Khanna
Designation :	Managing Director and Chairman
Address :	79, The Mall, Amritsar, Punjab, India
Date of Birth/Age :	15.8.1923
Date of Appointment :	26.02.2005
PAN No.:	ABSPK4344G
DIN No.:	01585109

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	U17117PB1972PTC003177	REGAL WOOLLEN MILLS PRIVATE LIMITED	Director	22/09/1972	22/09/1972	Active	NO
2	U74899DL1975PTC007764	AMRITSAR SWADESHI WOOLLEN MILLS PRIVATE LIMITED	Director	30/03/1995	30/03/1995	Active	NO
3	U74999DL1996PTC081995	SWADESHI KOREATEX PRIVATE LIMITED	Director	17/09/1996	17/09/1996	Active	NO
4	U17110PB2005PTC027880	AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED	Managing director	26/02/2005	26/02/2005	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
S. K. Khanna	3000000
Raj Krishna Khanna	3000000
Lalit Krishna Khanna	3000000
Vinod Khanna	1400000
Vimal Khanna	1400000
Vijay Khanna	1400000
Rajiv Khanna	1600000
Akhil Khanna	600000
Sachin Khanna	600000
Amritsar Swadeshi Woollen Mills Private Limited, India	4000000
TOTAL	20000000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	20.00
Directors or relatives of Directors	80.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Blankets
Products :	Relief Blankets Institutional Blankets Traditional Blankets Mink Blankets Lifestyle Products Garments Fabrics Yarn Readymade Garments for Men’s, Women’s and Kids Garments Shirts Trousers Short and Skirts Coats Vests & Sportswear Jackets
Exports :
Products :	Finished Goods
Countries :	US Canada Australia Europe
Imports :
Products :	Raw Materials
Countries :	Argentina
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

• Columbia Sportswear Company

No. of Employees :

300 (Approximately)

Bankers :

• Union Bank of India, Chowk Fuwara, Amritsar-143001, Punjab, India
• HDFC bank Limited, HDFC bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• Punjab and Sind Bank, Hall Bazar, Amritsar-143001, Punjab, India
• Punjab National Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Working Capital Loans from Banks	99.679	159.718
TOTAL	99.679	159.718

Banking Relations :	--
Auditors :
Name :	R L Mehra And Company Chartered Accountant
Address :	M.M. Malviya Road, Amritsar – 143001, Punjab, India
Tel. No.:	91-183-229114 / 503603
PAN No.:	AADFR2154F
Related Parties :	Eskay Industries Regal Woollen Mills Private Limited Amritsar Swadeshi Woolen Mills Private Limited Khanna Spinning Mills Swadeshi Koreatex Private Limited Hansa Cloth and General Mills

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

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		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		305.770	304.939	319.755
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		505.770	504.939	519.755
LOAN FUNDS
1] Secured Loans		99.679	159.718	141.127
2] Unsecured Loans		27.751	54.740	99.946
TOTAL BORROWING		127.430	214.458	241.073
DEFERRED TAX LIABILITIES		7.375	2.675	0.000
TOTAL		640.575	722.072	760.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		248.498	520.141	525.836
Capital work-in-progress		7.668	0.971	0.000
INVESTMENT		0.111	0.111	0.110
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	176.960	142.739	171.637
	Sundry Debtors	55.933	78.132	90.388
	Cash & Bank Balances	125.185	19.317	5.187
	Other Current Assets	4.044	7.286	0.000
	Loans & Advances	107.977	29.262	36.047
Total Current Assets		470.099	276.736	303.259
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.549	27.036	54.102
	Other Current Liabilities	44.824	48.851	0.000
	Provisions	18.428	0.000	14.775
Total Current Liabilities		85.801	75.887	68.877
Net Current Assets		384.298	200.849	234.382
MISCELLANEOUS EXPENSES		0.000	0.000	0.500
TOTAL		640.575	722.072	760.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	243.200	335.700	341.900
		Other Income	NA	NA	17.424
		TOTAL	NA	NA	359.324
Less	EXPENSES
		Office Expenses	NA	NA	348.927
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	348.927
	PROFIT / (LOSS) BEFORE TAX		NA	NA	10.397
Less	TAX		NA	NA	3.375
	PROFIT / (LOSS) AFTER TAX		NA	NA	7.022
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	108.873	146.223	135.294
	TOTAL EARNINGS		108.873	146.223	135.294
	IMPORTS
		Purchase	46.463	57.827	21.475
		Stores and Accessories	1.685	1.872	2.065
	TOTAL IMPORTS		48.148	59.699	23.540
	Earnings Per Share (Rs.)		--	--	0.36

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.95
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.04
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	1.25
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.02
Debt Equity Ratio (Total Debt /Networth)		0.25	0.42	0.46
Current Ratio (Current Asset/Current Liability)		5.48	3.65	4.40

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	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 one 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	Yes
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Deposits from Directors	27.751	54.740
TOTAL	27.751	54.740

FINANCIAL RESULTS AND AFFAIRS OF THE COMPANY

The total turnover of the company during the year is Rs.243.200 Millions as compared to Rs. 335.700 Millions during the previous year.

FUTURE PROSPECTS OF THE COMPANY

The New Project will bring better efficiency and cost effectiveness and will result in economies of scale. The production capacities will increase three times and the production lines will be well synchronized and systematic. This project will have a gestation period of about 18 months.

TRADE REFERENCES

• Columbia Sportswear Company

FIXED ASSETS

• Land
• Factory Building
• Office Building
• Plant And Machinery
• Furniture And Fittings
• Motor Vehicles
• Computers
• Transportation Vehicles
• Motor Bikes and Scooters

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. 54.09
UK Pound	1	Rs. 82.46
Euro	1	Rs. 70.49

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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	-

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