MIRA INFORM REPORT

Report Date :

28.03.2013

IDENTIFICATION DETAILS

Name :	GINNI SPECTRA PRIVATE LIMITED
Registered Office :	85-86, Burmese Colony, Sethi Colony, Jaipur – 302004, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.11.1992
Com. Reg. No.:	17-007038
Capital Investment / Paid-up Capital :	Rs. 3.015 Millions
CIN No.: [Company Identification No.]	U17117RJ1992PTC007038
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polyester Wadding, Needle Punch Fabrics, Poly Fill, Vacuum Cushion Fillers, Computerised Quilting etc.
No. of Employees :	28 (Approximately) [4 In Office and 24 In Factory]

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 10000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with great 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

Name :	Mr. Jai Prakash
Designation :	Accountant
Contact No.:	91-141-2600061
Date :	20.03.2013

LOCATIONS

Registered Office :	85-86, Burmese Colony, Sethi Colony, Jaipur – 302004, Rajasthan, India
Tel. No.:	91-141-2600068
Mobile No.:	91-9829080600 (Nitin Poddar)
Fax No.:	91-141-4035320
E-Mail :	ginnispectra@sify.com amitkjainbaid@gmail.com
Area :	500 Sq. ft.
Location :	Owned
Factory :	F2, Road 2, Hirawala Industrial Area, Kanata, Jaipur, Rajasthan, India
Area :	20000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Nitin Poddar

Designation :

Director

Address :

85-86 Burmise Colony, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

23.04.1982

Qualification:

Post Graduate and MBA

Date of Appointment :

30.09.2006

DIN No.:

00270248

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	U17124RJ1999PTC015606	APC TEXTILES PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
2	U17117RJ1992PTC007038	GINNI SPECTRA PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
3	U17119RJ2011PTC034087	GINNI COMFORTS FAB PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO

Name :

Mr. Kiishan Poddar

Designation :

Director

Address :

85-86 Burmise Colony, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

05.02.1955

Qualification:

LLB

Date of Appointment :

12.11.1992

DIN No.:

00270398

Name :

Mr. Shashhi Kala Poddar

Designation :

Director

Address :

85-86 Burmise Colony, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

15.09.1958

Qualification:

HSC

Date of Appointment :

12.11.1992

DIN No.:

00270481

KEY EXECUTIVES

Name :	Mr. Jai Prakash
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Kishan Poddar	103215
Shashi Kala Poddar	40215
Pooja Poddar	47400
Nitin Poddar	58920
Swati Poddar	5850
Anand Lata Bantia	2550
Kaushaliya Devi Agarwal	2700
Kishan Poddar Huf	1650
Nitin Poddar Huf	30000
APC Textiles Private Limited, India	9000
Total	301500

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyester Wadding, Needle Punch Fabrics, Poly Fill, Vacuum Cushion Fillers, Computerised Quilting etc.
Exports :
Products :	Finish Goods
Countries :	Nepal
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	Depend
Purchasing :	Credit (90 days)

GENERAL INFORMATION

Suppliers :

• Reliance Industrial
• Amit Traders
• Ankit Associates
• Apex Traders
• Bhavesh Polymers Private Limited
• Capital Road Carrier
• Control Engineering Company
• Garima Enterprises
• Green Carrier
• Jaiprakash Keswani
• Jala Agro Industries
• Kalani Consultants
• Kay Ion Enterprises
• Kiran Quilting Works
• Mukesh Plastic
• Om Sanitary and Electrlcals
• PankaJ Malik and Company
• PM Consultants
• Poly Fibre Industries Private Limited
• Shivam Transport Company, Private Limited
• Shri Kami Kripa Road lines
• Shrl Ram Road lines
• Sidhant Rre Services
• Singh Computers and Printers
• Synergy Sourcing Inc.
• Tan ay Corporation
• The Indian Card Clothing Company Limited
• Venkateshwar Fibre
• Vinayak Enterprises
• VMS International Purchases

Customers :

Retailer And Exporter

• A A Home Furnishing
• Abheshik Enterprises
• Advance Fibre
• Ars Trading Company
• Asian Fabricx Private Limited
• Baig Sons
• Bajaj Jl
• Banglore Sales Corporation
• Better Home Funishing Private Limited
• Bhartiya International Limited
• Blue Skin
• Bombay Rayon Fashion Fashion Limited
• Chandra Quiltia
• Chaturvedi Trading Company Kan Pur
• Cheena Textiles
• Day An And Choudhry
• Deepa Panels Private Limited,
• Dharniiss Traders
• East India Co.
• Elitee Waddings
• Exclusive Overseas Private Limited
• Fashion Accessories
• Game and Company
• Ganpati Poly Pack
• Geeta Overseas
• Hanung Toys and Textile Limited
• Hi-Tech Speciality Fabrics Export Private Limited
• Indian Metal Works
• Indian Metal Works Aligarh
• Indira Hosiery Mills
• Intex Equestrian
• Jvs Exports Madurai
• K.P.N On Wovens

No. of Employees :

28 (Approximately) [4 In Office and 24 In Factory]

Bankers :

Bank of India, Jaipur Main Branch, M. I. Road, Jaipur - 302001, Rajasthan, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Bank Overdraft	6.277	4.165
Others Loans and Advances	0.000	0.043
Total	6.277	4.208

Banking Relations :	--
Auditors :
Name :	Pvar And Associates Chartered Accountant
Address :	G-3,5,6 Opel Plaza , H 8/23 Jagan Path, Chomu House, C- Scheme, Jaipur – 302001, Rajasthan, India
PAN.:	AAAFJ8443N
Associates/Subsidiaries :	K. p. Non Woven Address: 85-86, Burmese Colony, Sethi Colony, Jaipur – 302004, Rajasthan, India Line of Business: Manufacturer of Polyester Wadding, Needle Punch Fabrics, Poly Fill, Vacuum Cushion Fillers, Computerised Quilting etc. Syenv Sourcing INC Address: 503, Mary Home, Near Pharam, Sing Circle, Moti Dangrl Line of Business: Service Provider

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
301500	Equity Shares	Rs.10/- each	Rs. 3.015 Millions

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each Share holder is entitled to one vote per share and dividend as and when declared

In the event of liquidation of the company, the homers of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all prefential amounts

Reconcialiation of the number of shares outstanding at the beginning and at the end of reporting period

Shares outstanding at the beginning of the year Add: Shares Issued during the year Less: Shares bought back during the year	301500 - -
Shares outstanding at the end of the year	301500

Shares held by each shareholder holding more than 5 percent of number of shares

	Number of Shares	% of holding
Kishan Poddar	34405	11.41
Sha5hi Kala Poddar	40215	13.34
Pdoja Poddar	47400	15.72
Nitin Poddar Huf	30000	9.95
Nitin Poddar	58920	19.54
Total	210940	69.96

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		3.015	3.015	2.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.644	0.510	1.260
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.659	3.525	3.261
LOAN FUNDS
1] Secured Loans		6.277	4.208	0.284
2] Unsecured Loans		10.834	11.153	11.469
TOTAL BORROWING		17.111	15.361	11.753
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.770	18.886	15.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.575	5.219	4.780
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.356	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.508	7.032	5.822
	Sundry Debtors	9.632	8.967	17.779
	Cash & Bank Balances	0.711	0.424	0.124
	Other Current Assets	0.183	0.298	0.259
	Loans & Advances	0.181	0.181	0.188
Total Current Assets		14.215	16.902	24.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.052	2.373	3.778
	Other Current Liabilities	0.259	0.758	10.034
	Provisions	0.065	0.104	0.125
Total Current Liabilities		0.376	3.235	13.937
Net Current Assets		13.839	13.667	10.235
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.770	18.886	15.015

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	73.148	51.121
		Other Income
		TOTAL	NA	73.148	51.121
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	72.780	50.794
		Advertising Expenses
		TOTAL	NA	72.780	50.794
	PROFIT BEFORE TAX		NA	0.368	0.237
Less	TAX		NA	0.089	0.124
	PROFIT AFTER TAX		0.198	0.279	0.203
	Earnings Per Share (Rs.)		NA	NA	1.01

Particulars	31.03.2012
Sales Turnover (Approximately)	40.000
	(Because marksheet slow down sales affect in 2011-12)

Expected Sales (2012-13) : Rs. 90.000 Millions

The above information has been parted by Mr. Jai Prakash

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.38	0.39
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.66	0.82
Return on Investment (ROI) (PBT/Networth)		NA	0.11	0.07
Debt Equity Ratio (Total Debt /Networth)		4.67	4.36	3.61
Current Ratio (Current Asset/Current Liability)		1.03	1.24	1.73

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

FINANCIAL RESULTS

The Profit and Loss of the company shows a Net Profit amounting to Rs. 0.198 Million

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17117RJ1992PTC007038
Name of the company	GINNI SPECTRA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	85-86, Burmese Colony, Sethi Colony, Jaipur – 302004, Rajasthan, India amitkjainbaid@gmail.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Jaipur Main Branch, M. I. Road, Jaipur - 302001, Rajasthan, India. jaipur.rajasthan@bankofindia.co.in
Nature of instrument creating charge	1.Term Loan Agreement 2.Hypothecation of Movable Machinery 3.Sanction Letter 4.Board Resolution 5.DP Note
Date of instrument Creating the charge	31.12.2012
Amount secured by the charge	Rs. 4.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 3.50% above BOI Base Rate, plus tenor premium of 0.50%, presently 14.50% p.a. with monthly rests, subject to change from time to time. Terms of Repayment Repayable in 40 monthly installments of Rs.0.100 Million each commencing with effect from next month of first disbursement. Margin 27.27% Extent and Operation of the charge The charge will operate as a first charge to the extent of Rs. 4.000 Millions to secure Term Loan granted to the Company by the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of Hypothecation of Equipments / Plant and Machinery to be purchased out of proposed Term Loan. Hypothecation of all stocks of raw material, semi finished and finished goods, stock in process, consumable goods, stores and spares, all present and future book debts, all present and future movable plant, machinery and all present and future current and fixed assets of the company as a security to cover Term Loan of Rs. 4.000 Millions granted to the company by the bank. Equitable Mortgage is extended on immovable property of the company comprising factory land and building constructed or to be constructed, Fixed plant and machinery, erected or to be erected both present and future situated at Plot No. F-2, Heerawala Industrial Area, Kanota, Agra Road, Jaipur as a security to cover Term Loan of Rs. 4.000 Millions granted to the company by the bank.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and Advances from Related Parties	10.834	11.153
Total	10.834	11.153

TRADE REFERENCES

• Reliance Industrial, Jaipur

FIXED ASSETS

• Air Conditioner
• CC Camera
• Computer
• Cycle
• Electric Installation
• Fan
• Fine Engineering
• Land
• Mobiles
• Motor Cycle
• Plant and Machinery
• Furniture
• Building

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. 54.27
UK Pound	1	Rs. 82.49
Euro	1	Rs. 69.88

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	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	YESS
--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.