MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	SWET EXIM PRIVATE LIMITED

Registered Office :	Room No. 18, 1^st Floor, 316, Kalbadevi Road, Swadeshi Market, Mumbai-400002, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	04.05.2000

Com. Reg. No.:	11-126324

Capital Investment / Paid-up Capital :	Rs.0.120 Million

CIN No.: [Company Identification No.]	U51900MH2000PTC126324

TAN No.: [Tax Deduction & Collection Account No.]	MUMS28493D

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Grey Fabric.

No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 16800

Status :	Moderate

Payment Behaviour :	Slow

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 which act as a threat to the liquidity. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Yogesh Jadhav
Designation :	Accountant
Contact No.:	91-22-22075499
Date :	18.10.2013

LOCATIONS

Registered Office :	Room No. 18, 1^st Floor, 316, Kalbadevi Road, Swadeshi Market, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22075499
Fax No.:	Not Available
E-Mail :	ddvora_ca@rediffmai.com yogesh816@gmail.com
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Sushil Jagmohan Bagarka

Designation :

Director

Address :

63, J.B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

04.05.1954

Date of Appointment :

18.04.2000

Din No.:

00908175

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17110MH1990PTC058346	SIDDHIVINAYAK TWISTING PRIVATE LIMITED	Director	27-09-90	27-09-90	Active	NO
2	U25202MH1989PTC052889	SURABHI PACKAGING PRIVATE LIMITED	Director	01-04-93	01-04-93	Active	NO
3	U51311MH2000PTC125885	EKTA CREATIONS PRIVATE LIMITED	Director	17-04-00	17-04-00	Active	NO
4	U51311MH2000PTC125908	SHREE BALAJI TRADING PRIVATE LIMITED	Director	18-04-00	18-04-00	Active	NO
5	U51311MH2000PTC125919	BHAGYA LAXMI FASHION PRIVATE LIMITED	Director	18-04-00	18-04-00	Active	NO
6	U51900MH2000PTC126324	SWET EXIM PRIVATE LIMITED	Director	04-05-00	04-05-00	Active	NO
7	U51101MH1995PTC087232	NEGRAWAL TEXTILES PRIVATE LIMITED	Director	08-03-10	08-03-10	Active	NO

Name :

Mr. Ashok Hariram Thakkar

Designation :

Director

Address :

402 A, Shubdha Society, 64A, Sir Pochkanwala Road, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

21.11.1950

Date of Appointment :

18.04.2000

Din No.:

00908187

Other Directorship:

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	U51311MH2000PTC125885	EKTA CREATIONS PRIVATE LIMITED	Director	17-04-00	17-04-00	-	Active	NO
2	U51311MH2000PTC125908	SHREE BALAJI TRADING PRIVATE LIMITED	Director	18-04-00	18-04-00	-	Active	NO
3	U51311MH2000PTC125919	BHAGYA LAXMI FASHION PRIVATE LIMITED	Director	18-04-00	18-04-00	-	Active	NO
4	U51900MH2000PTC126324	SWET EXIM PRIVATE LIMITED	Director	04-05-00	04-05-00	-	Active	NO
5	U51310MH1997PTC105470	NEW WEST TEXTILE COMPANY PRIVATE LIMITED	Director	01-02-07	01-02-07	03-05-10	Active	NO
6	U51101MH1995PTC087232	NEGRAWAL TEXTILES PRIVATE LIMITED	Director	29-03-10	29-03-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Jadhav
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders		No. of Shares
Sushil Jagmohan Bagarka		5000
Ashok Hariram Thakkar		7000

TOTAL		12000

AS ON 28.09.2012

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Trader of Grey Fabric.

Products:

PRODUCT DESCRIPTION

ITEM CODE

Fabric Grey

99611311

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :	End Users

No. of Employees :	3 (Approximately)

Bankers :	Axis Bank, Fort, Mumbai, Maharashtra, India Tel. No.: 91-22-66107224

Facilities :	--


Banking Relations :	--

Auditors :
Name :	Deepak D Vora Chartered Accountants
Address :	169/4, Jawahar Nagar, Goregaon (West), Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-28732217
Mobile No.:	91-9869060520
PAN No:	AABPV8717E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

12000	Equity Shares	Rs.10/- each	Rs.0.120 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.120	0.120
(b) Reserves & Surplus	4.085	2.955
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4.205	3.075

(3) Non-Current Liabilities
(a) long-term borrowings	1760.635	314.443
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1760.635	314.443

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	142.782	130.519
(c) Other current liabilities	271.280	85.462
(d) Short-term provisions	0.734	0.169
Total Current Liabilities (4)	414.796	216.150

TOTAL	2179.636	533.6668

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1762.178	316.743
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1762.178	316.743

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	144.045	130.919
(d) Cash and cash equivalents	0.422	0.292
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	272.991	85.714
Total Current Assets	417.458	216.925

TOTAL	2179.636	533.6668

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.120
2] Share Application Money		0.000
3] Reserves & Surplus		2.578
4] (Accumulated Losses)		0.000
NETWORTH		2.698
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1031.213
TOTAL BORROWING		1031.213
DEFERRED TAX LIABILITIES		0.000

TOTAL		1033.911

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	20.331
	Cash & Bank Balances	0.276
	Other Current Assets	0.000
	Loans & Advances	1031.398
Total Current Assets		1052.005
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.834
	Other Current Liabilities	0.000
	Provisions	0.260
Total Current Liabilities		18.094
Net Current Assets		1033.911

MISCELLANEOUS EXPENSES		0.000

TOTAL		1033.911

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	399.872	169.118	464.875
		Other Income	195.893	85.714	0.000
		TOTAL (A)	595.765	254.832	464.875

Less	EXPENSES
		Purchase of Stock in Trade	398.431	168.605	463.479
		Employee Benefit Expenses	0.178	0.106	0.183
		Other Expenses	0.412	0.135	0.390
		TOTAL (B)	399.021	168.846	464.052

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		196.744	85.986	0.823

Less	FINANCIAL EXPENSES (D)		194.881	85.439	0.007

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.863	0.547	0.816

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.863	0.547	0.816

Less	TAX (H)		0.734	0.170	0.238

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.129	0.377	0.578

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.955	2.577	1.999

	BALANCE CARRIED TO THE B/S		4.084	2.955	2.577

	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.000

	IMPORTS		0.000	0.000	0.000

	Earnings / (Loss) Per Share (Rs.)		94.09	31.50	48.17

Particulars

31.03.2013

Sales Turnover (Approximately)

610.000

The above information has been parted by Mr. Yogesh Jadhav

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.19	0.15	0.12

Net Profit Margin (PBT/Sales)	(%)	0.47	0.32	0.18

Return on Total Assets (PBT/Total Assets}	(%)	0.09	0.10	0.08

Return on Investment (ROI) (PBT/Networth)		0.44	0.17	0.30

Debt Equity Ratio (Total Debt/Networth)		418.70	102.25	382.21

Current Ratio (Current Asset/Current Liability)		1.01	1.00	58.14

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

Unsecured Loan

As on 31.03.2012

[Rs. in Millions]

As on 31.03.2011

[Rs. in Millions]

Intercorporate Deposit

1760.635

314.443

TOTAL

1760.635

314.443

OPERATIONS:

During the year, the company has achieved a turnover of Rs. 399.900 Millions and made a profit of Rs. 1.129 Millions before making provision for taxes. The company is hopeful of achieving better performance in the next year.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	NTH

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	NO
--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
--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.

MIRA INFORM REPORT

0.19

0.47

0.09

0.44

418.70

1.01

Unit