MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	SHREE SIDDHIVINAYAK COTSPIN PRIVATE LIMITED
Registered Office :	4 Anant Niwas Building, 1^st Floor, 262/270 Narsi, Natha Street, Masjid Bunder, Mumbai - 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.09.2004
Com. Reg. No.:	11-148586
Capital Investment / Paid-up Capital :	Rs. 7.566 Millions
CIN No.: [Company Identification No.]	U17120MH2004PTC148586
TAN No.: [Tax Deduction & Collection Account No.]	MUMS47914G
PAN No.: [Permanent Account No.]	AAICS9963R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of Cotton Yarn and Cotton Bales with Related Activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 555000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and incurred a loss during current year. 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit : (BBB-) Suspended
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	November 8, 2012

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.

LOCATIONS

Registered Office :	4 Anant Niwas Building, 1^st Floor, 262/270 Narsi, Natha Street, Masjid Bunder, Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-23456780
Fax No.:	91-22-23456780
E-Mail :	kcco@mtnl.net.in sscpl@sscotspin.com rajesh.sscpl@gmail.com
Website :	http://www.sscotspin.com
Corporate Office :	105/106, Sangam Arcade, V.P. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26161439/ 26184093
Fax No.:	91-22-26182405
E-Mail :	info@sscotspin.com
Factory 1 :	Gat No. 634/645, Sangli Kolhapur Highway No. 3, Village: CHIPRI, Taluka: SHIROL, District: Kolhapur – 416101, Maharashtra, India
Tel No.:	91-2322-255798/ 799
Fax No.:	91-2322-255799
Email :	accounts@sscotspin.com sscpl_1@rediffmail.com
Factory 2 :	At Post: Deurwada Road, Taluka Arvi, District: Wardha – 442201, Maharashtra, India
Email :	kcco@mtnl.net.in

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Jaswantrai Damodardas Mehta
Designation :	Director
Address :	201, Cosmos Building, Plot No. 38, Swastik Society, Narsi Monji Lane, 2nd Floor, J.V. P.D. Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	10.12.1934
Date of Appointment :	14.09.2004
PAN No.:	AFVPM4942F
DIN No.:	00429046
Name :	Mr. Pradeep Jaswantrai Mehta
Designation :	Director
Address :	201, Cosmos Building, Plot No. 38, Swastik Society, Narsi Monji Lane, 2nd Floor, J.V. P.D. Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	29.12.1961
Date of Appointment :	14.09.2004
DIN No.:	00150104
Name :	Mr. Kiran Jaswantrai Mehta
Designation :	Director
Address :	201, Cosmos Building, Plot No. 38, Swastik Society, Narsi Monji Lane, 2nd Floor, J.V. P.D. Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	22.11.1964
Date of Appointment :	15.09.2004
PAN No.:	AFSPM6085N
DIN No.:	00150206
Name :	Mr. Rajesh Jaswantrai Mehta
Designation :	Director
Address :	Cosmos Building, Plot No. 38, Swastik Society, Narsi Monji Lane, 2nd Floor, J.V. P.D. Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	17.10.1974
Date of Appointment :	15.09.2004
PAN No.:	AGMPM0925A
DIN No.:	00150531

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Jaswantrai D. Mehta	37,300
Pradeep J. Mehta	143,300
Bharti P. Mehta	75,000
Kusum J. Mehta	96,300
Kiran J. Mehta	139,900
Rajesh J. Mehta	109,550
Pradeep J. Mehta - HUF	11,500
Kiran J. Mehta - HUF	13,000
Rajesh J. Mehta - HUF	11,150
Medhavi R. Mehta	19,500
Trupti K. Mehta	15,000
Aspire Mercantile Private Limited, India	10
Bombayia Films Private Limited, India	10
D. Pam Securities, India	10
H. N. Tradelink Private Limited, India	10
Kantilal Bagadia Jagjivandas	20
Origin Management and Consultant Private Limited, India	10
Vidyalaxmi Bagadia Kantilal	10
Niketan Mercantile Private Limited, India	10
Artillegence Bio Innovations Limited, India	20,000
Shakti Ispat Products Private Limited, India	20,000
Stocknet International Limited, India	10,000
Jasubhai D. Mehta - HUF	20,000
Software Horizon Private Limited, India	15,000
Sri Balaji and Company	10
Shailesh Swarupchand Mehta - Partner of Harmony Investment and Properties	10
Total	756,610

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	91.40
Others	8.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of Cotton Yarn and Cotton Bales with Related Activities.

Products :

ITC Code	Product Descriptions
52050120	Full Pressed Cotton Bales
52050120	Yarn Bags

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Yarn	Kgs	2700000	2928078

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, Commercial Branch, NGN Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India

Ø State Bank of Hyderabad

Ø Shamrao Vitthal Co-operative Bank Limited

Ø HDFC Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	212.045	156.844
Loans taken for vehicles	1.060	2.071
Loans repayable on demand from banks	129.283	123.074
Total	342.388	281.989
Note: State Bank of India: Secured by First charge created on Land & Building I and other specific fixed assets at factory, situated at Chipri. State Bank of Hyderabad : Secured by Second charge created on Land & Building I and other specific fixed assets at factory, situated at Chipri. Shamrao Vitthal Co-op Bank Limited : Secured by First charge created on Wind Power Project, situated at Maloshi. HDFC Bank Limited- Vehicle/Car Loan : Secured by hypothecation created on Honda City car of the Company. HDFC Bank Limited- Vehicle/Car Loan : Secured by hypothecation created on Swift D'zire car of the Company. HDFC Bank Limited- Vehicle/Car Loan : Secured by hypothecation created on Toyota Fortuner car of the Company.

Banking Relations :	--
Auditors :
Name :	H. G. Joshi and Company Chartered Accountants
Address :	307, Sangam Arcade, Vallabhbhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPJ9498D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
756,610	Equity Shares	Rs. 10/- each	Rs. 7.566 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		7.566	7.566	7.566
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		131.098	150.486	108.476
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.664	158.052	116.042
LOAN FUNDS
1] Secured Loans		342.388	281.989	176.069
2] Unsecured Loans		79.858	104.017	48.936
TOTAL BORROWING		422.246	386.006	225.005
DEFERRED TAX LIABILITIES		52.893	28.658	16.760
TOTAL		613.803	572.716	357.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		410.871	302.249	203.626
Capital work-in-progress		0.000	29.183	1.381
INVESTMENT		0.003	0.003	0.003
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.656	224.699	121.995
	Sundry Debtors	87.335	47.723	28.341
	Cash & Bank Balances	8.610	7.900	6.652
	Other Current Assets	7.835	8.097	0.000
	Loans & Advances	47.310	44.332	50.864
Total Current Assets		305.746	332.751	207.852
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.446	41.011	31.179
	Other Current Liabilities	62.518	47.759	14.295
	Provisions	0.853	2.700	9.600
Total Current Liabilities		102.817	91.470	55.074
Net Current Assets		202.929	241.281	152.778
MISCELLANEOUS EXPENSES		0.000	0.000	0.019
TOTAL		613.803	572.716	357.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	1247.664	988.101	1018.914
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1207.083	902.592	953.852
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		40.581	85.509	65.062
Less/ Add	DEPRECIATION/ AMORTISATION		35.642	22.941	19.419
	PROFIT/ (LOSS) BEFORE TAX		4.939	62.568	45.643
Less	TAX		24.328	20.558	16.003
	PROFIT/ (LOSS) AFTER TAX		(19.389)	42.010	29.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		93.041	51.031	21.391
	BALANCE CARRIED TO THE B/S		73.652	93.041	51.031
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	577.483	189.934	15.682
	Earnings/ (Loss) Per Share (Rs.)		(25.63)	55.52	39.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.55)	4.25	2.91
Return on Total Assets (PBT/Total Assets}	(%)	0.69	9.85	11.09
Return on Investment (ROI) (PBT/Networth)		0.04	0.40	0.39
Debt Equity Ratio (Total Debt/Networth)		3.05	2.44	1.94
Current Ratio (Current Asset/Current Liability)		2.97	3.64	3.77

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	No
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]	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 LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	76.106	100.303
Loans and advances from directors	0.781	0.781
Other loans and advances	2.971	2.933
Total	79.858	104.017

OPERATIONS:

The Company has achieved the total Sales & Other Receipts of Rs. 1247.664 Millions during the year. However, the margins were under severe pressure due to increase in the input cost, finance cost & depreciation. This coupled with stiff competition from other manufacturers/ dealers, has resulted into erosion of margins, as the Company could not pass on the increase in the input cost to the ultimate customers. The Company continues to focus on supply of the good quality products and aims to achieve its customer’s satisfaction.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120MH2004PTC148586
Name of the company	SHREE SIDDHIVINAYAK COTSPIN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4 Anant Niwas Building, 1^st Floor, 262/270 Narsi, Natha Street, Masjid Bunder, Mumbai - 400009, Maharashtra, India Email: kcco@mtnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	10010654
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Commercial Branch, NGN Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India Email: kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No instrument. Memorandum of entry
Date of instrument Creating the charge	24.04.2012
Amount secured by the charge	Rs. 302.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge As per sanction terms
Short particulars of the property charged	All that piece or parcel of land bearing Gat Nos.635, 637, 638, 639,643,644, 427 at Village Chipri and Gat No.16 At Village Kondigre, Taluka Shirol District Kolhapur alongwith incomplete construction thereon admeasuring about 28 acres 35 gunthas.
Date of Modification	28.01.2011
Particulars of the present modification	Now by the present modfn. Dt.24.4.2012 a memo. Of entry was executed by SBI, & SBI acting as lead bank for itself & for the benefit of SBH acting as the lead bank for itself & for the benefit of SBH & also on behalf of the SVCBL by way of an extension of charge by way of an equitable mortgage by deposit of title deeds over the immovable property to secure the extended credit facilities from Rs. 238.900 Millions to Rs. 302.900 Millions. The details of the immovable properties

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Factory building

Ø Plant and equipment

Ø Factory equipments

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer equipments

Ø Other equipments

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 transaction 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. 53.95
UK Pound	1	Rs. 84.03
Euro	1	Rs. 70.72

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.