MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	KARISHMA PRINTS PRIVATE LIMITED
Registered Office :	A-3045-48, Kohinoor Textile Market, Ring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.07.2011
Com. Reg. No.:	04-066494
Capital Investment / Paid-up Capital :	Rs. 9.500 Millions
CIN No.: [Company Identification No.]	U17120GJ2011PTC066494
TAN No.: [Tax Deduction & Collection Account No.]	SRTK03552D
PAN No.: [Permanent Account No.]	AAECK4378C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Supplier of Synthetic Sarees, Printed Synthetic Sarees etc.
No. of Employees :	40 (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 100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. It ssis company’s first year of operation and it has achieved a sizeable turnover. However profit margin appears to be low. Trade relations are reported to be improving. 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

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 (GENERAL DETAILS)

Name :	Mr. Manoj Kumar Manphool Singh Agrawal
Designation :	Director
Contact No.:	91-9824113490
Date :	18.02.2013

LOCATIONS

Registered Office/ Factory :	A-3045-48, Kohinoor Textile Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2352882/ 2364047/ 2894373
Mobile No.:	91-9824113490 (Mr. Manoj Kumar Manphool Singh Agrawal)
Fax No.:	Not Available
E-Mail :	karishma13045@gmail.com mcafiling@yahoo.co.in
Website:	www.karishmaprints.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Manoj Kumar Manphool Singh Agrawal

Designation :

Director

Address :

A-504, Monalisa Park, City Light Road, Surat – 395007, Gujarat, India.

Date of Birth/Age :

21.10.1972

Date of Appointment :

25.07.2011

DIN No.:

00392816

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	U17110GJ2005PTC047345	GRIHLAXMI SYNTHETICS PRIVATE LIMITED	Director	23/12/2005	23/12/2005	-	Active	NO
2	U17120GJ2011PTC066494	KARISHMA PRINTS PRIVATE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO

Name :

Mr. Pramod Kumar Manphool Singh Agrawal

Designation :

Director

Address :

A-404, MONALISA PARK, CITY LIGHT ROAD, Surat – 395007, Gujarat, India

Date of Birth/Age :

07.08.1964

Date of Appointment :

25.07.2011

DIN No.:

00392873

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	U17114GJ1999PTC036831	BHAGYALAXMI PRINTS PRIVATE LIMITED	Whole-time director	01/02/2013	01/11/1999	-	Active	NO
2	U17290GJ2005PTC047340	SAMBHAV SYNTHETICS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
3	U17120GJ2011PTC066494	KARISHMA PRINTS PRIVATE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Manoj Kumar Agrawal	90000
Pramod Kumar Agrawal	90000
Aditi Agarwal – Minor F and Ng: Anil Agarwal	5000
Aditya Agarwal – Minor F and Ng: Manoj Agarwal	5000
Anilkumar Agarwal Re:Anilkumar M Agarwal-Huf	10000
Anilkumar Agarwal	90000
Archana Agawral	90000
Dhruvi Agarwal – Minor F and Ng: Manoj Agarwal	5000
Kritika Agarwal – Minor F and Ng: Pramod Agarwal	5000
Vinodkumar Agarwal Re: Manphool Singh Agrawal (Huf)	5000
Manojkumar Agarwal Re: Manojkumar Agarwal (Huf)	10000
Promil Agarwal	90000
Pramod Kumar Agarwal Re: Pramod Kumar Agarwal-Huf	10000
Raghav Agarwal – Minor F and Ng: Manoj Agarwal	10000
Reena Agarwal	90000
Rishabh Agarwal – Minor F and Ng: Pramod Agarwal	15000
Shanti Devi Agarwal	60000
Siddharth Agarwal – Minor F and Ng: Anil Agarwal	15000
Sumegha Agarwal	5000
Sunita Agarwal	90000
Vaibhav Agarwal	45000
Vidhi Agarwal	5000
Vinod Kumar Agarwal Re: Vinod Kumar Agarwal (Huf)	10000
Vinod Kumar Agarwal	60000
Axiom Goods Private Limited, India	4000
Daisy Suppliers Private Limited, India	2000
Gangaur Tradelink Private Limited, India	4000
Girija Vincom Private Limited, India	4000
Kamdar Agriculture Private Limited, India	9000
Prapti Tradelink Private Limited, India	4000
Ranisati Merchandise Private Limited, India	3000
Sard (India) Private Limited, India	4000
Shivarpan Vanijya Private Limited, India	2000
Tatkal Electronics Services Private Limited, India	4000
Total	950000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	4.21
Directors or relatives of Directors	95.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Supplier of Synthetic Sarees, Printed Synthetic Sarees etc.
Products :	Synthetic Sarees Bridal Net Sarees Wedding Bridal Net Sarees Printed Sarees Embroidery Sarees Wedding Sarees Net Sarees Dress Material
Exports :
Products :	Finish Goods
Countries :	Africa Middle East
Terms :
Selling :	L/C, Cash, Credit and Advances
Purchasing :	L/C, Cash, Credit and Advances

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

40 (Approximately)

Bankers :

Oriental Bank of Commerce, Jash Textile Market, Ring Road, Surat - 395002,

Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Loan repayable on demand (Cash Credit Facilities)	18.979
Total	18.979
Terms of Security: Cash Credit facility from Oriental Bank of Commerce is secured by hypothecation of stock and book debts The Said loans are guaranted by directors

Banking Relations :	--
Auditors :
Name :	Agarwal Robin and Company Chartered Accountantss
Address :	5027, Trade House, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-3064771/ 3015836
PAN.:	AGWPA1618C
Associates/Subsidiaries :	Grihlaxmi Synthetic Private Limited Address: Plot No. 29, Unity Industrial Estate, Surat, Gujarat, India

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs. 9.500 Millions

Details of Shareholding as at 31, March 2012

Shareholders holding more than 5 % of equity shares:

Name of Shareholder	Number of Share held	% holding In that class of shares
Ami Kumar Agarwal	90000	9 47
Archana Agarwal	90000	9.47
Manoj Kumar Agarwal	90000	9.47
Pramod Kumar Agarwal	90000	9.47
Promil Agarwal	90000	9.47
Reena Agarwal	90000	9.47
Shantidevi Agarwal	60000	6.32
Sunita Aqarwal	90000	9.47
Vinod Kumar Agarwal	60000	6.32

Reconciliation of the number of Equity Shares Outstanding

Particulars	Number of Shares
Number of shares at the beginning of the year	-
Add: Shares Issued	950,000
Less: Shares forfeited
Number of shares at the end of year	950,000

Each Equity Share is entitled to one voting right only

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		9.500
2] Share Application Money		0.000
3] Reserves & Surplus		20.540
4] (Accumulated Losses)		0.000
NETWORTH		30.040
LOAN FUNDS
1] Secured Loans		18.979
2] Unsecured Loans		24.887
TOTAL BORROWING		43.866
DEFERRED TAX LIABILITIES		0.008
TOTAL		73.914
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.275
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.267
	Sundry Debtors	88.952
	Cash & Bank Balances	1.127
	Other Current Assets	0.749
	Loans & Advances	0.000
Total Current Assets		109.095
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.524
	Other Current Liabilities	0.673
	Provisions	1.259
Total Current Liabilities		35.456
Net Current Assets		73.639
MISCELLANEOUS EXPENSES		0.000
TOTAL		73.914

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012
	REVENUE FROM OPERATION	NA
	TOTAL EXPENDITURE	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	1.402
	DEPRECIATION/ AMORTISATION	0.024
	PROFIT BEFORE TAX	1.377
Less	TAX	0.437
	PROFIT AFTER TAX	0.940
	Earnings Per Share (Rs.)	0.99

KEY RATIOS

PARTICULARS		31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.26
Return on Investment (ROI) (PBT/Networth)		0.05
Debt Equity Ratio (Total Debt /Networth)		1.46
Current Ratio (Current Asset/Current Liability)		3.07

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 one year	Yes
12]	Profitability for last one year	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

YEAR IN RETROSPECT AND FUTURE OUTLOOK:

The company has been incorporated and commenced its business operations and achieved turnover of Rs. 136.261 Millions. The company has earned net profit after tax of 0.940 Million. This was first full year of operation and the company has achieved satisfactory results in terms of both profitability and turnover.

However, the directors are planning various new steps to further improve the profitability of the company and are confident that the company will grow manifold in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120GJ2011PTC066494
Name of the company	KARISHMA PRINTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-3045-48, Kohinoor Textile Market, Ring Road, Surat – 395002, Gujarat, India mcafiling@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10305884
Type of charge	Book debts Floating charge Others
Particular of charge holder	Oriental Bank of Commerce, Jash Textile Market, Ring Road, Surat - 395002, Gujarat, India bm0102@obc.co.in
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/Loan Facilities
Date of instrument Creating the charge	19.10.2012
Amount secured by the charge	Rs. 37.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+2.75%, i.e. 13.15% P.A. to be recovered on Monthly rests and subject to change from time to time. (Present BR is 10.40%). Penal Interest @2.00% P.A. on irregular portion Terms of Repayment On Demand / Subject to renewal Margin 25% on Stock and Book Debts Extent and Operation of the charge First and Exclusive charge on the Assets for entire dues of the Company until fully repaid together with interest and costs.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all kinds of Goods, Stocks and Book Debts
Date of instrument modifying the charge	02.09.2011
Particulars of the present modification	Cash Credit (Hypothecation) of Rs. 20.000 Millions is enhanced to Rs. 37.500 Millions Cash Credit (Book Debts) sub limit of Cash Credit (Hypothecation) (Rs. 27.500 Millions)

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012
From Others	24.887
Total	24.887

FIXED ASSETS

• Furniture and Fixtures
• Plant and Machinery
• Computer

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. 54.10
UK Pound	1	Rs. 82.47
Euro	1	Rs. 70.49

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	UDS

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	4
--CREDIT LINES	1~10	2
--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	-

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.