MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	PARISHUDH FIBRES PRIVATE LIMITED
Registered Office :	E-365, RIICO, Industrial,Sitapura, Jaipur – 302022, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.01.1994
Com. Reg. No.:	17-007978
Capital Investment / Paid-up Capital :	Rs.1.950 Millions
CIN No.: [Company Identification No.]	U24302RJ1994PTC007978
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Non-woven Fabrics.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 77000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Ramesh
Designation :	Account Executive
Contact No.:	91-141-3294862
Date :	09.04.2014

LOCATIONS

Registered Office / Factory :	E-365, RIICO, Industrial,Sitapura, Jaipur – 302022, Rajasthan, India
Tel. No. :	91-141-3294862
Fax No. :	91-141-2770284
E-Mail :	parishudhfibers@yahoo.com pfpljp@gmail.com

DIRECTORS

As on 28.09.2013

Name :

Mr. Santosh Pareek

Designation :

Director

Address :

48, Keshav Vihar, Gopal Pura Bye Pass, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

01.04.1961

Date of Appointment :

17.12.2006

DIN No. :

01165473

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	U74910RJ1999PTC015644	SATYAM NON WOVENS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	17/12/2006	Active	NO
2	U24302RJ1994PTC007978	PARISHUDH FIBRES PVT. LTD	Director	17/12/2006	17/12/2006	-	Active	NO
3	U45201RJ2003PTC018451	BEVERLLY PARK PENTHOUSE PRIVATE LIMITED	Additional director	01/10/2009	01/10/2009	15/03/2010	Active	NO
4	U70101RJ2011PTC034051	ARIHANT DREAM BUILDESTATE PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
5	U17121RJ2012PTC040826	PARISHUDH NONWOVENS PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO

Name :

Mr. Anil Solanki

Designation :

Director

Address :

132 – 133, Keshav Vihar, Gopal Pura Bye Pass, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

01.06.1961

Date of Appointment :

25.01.1994

DIN No. :

01601275

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	U24302RJ1994PTC007978	PARISHUDH FIBRES PVT. LTD	Director	25/01/1994	25/01/1994	-	Active	NO
2	U74910RJ1999PTC015644	SATYAM NON WOVENS PRIVATE LIMITED	Director	25/05/1999	25/05/1999	03/04/2012	Active	NO
3	U00082RJ2006PTC022378	FAIRMOUNT DEVELOPERS PRIVATE LIMITED	Additional director	30/09/2008	01/10/2007	22/06/2011	Active	NO
4	U26933RJ2007PTC025436	OCEAN CERATECH PRIVATE LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
5	U45201RJ2004PTC018979	VGS BUILDCON PRIVATE LIMITED	Whole-time director	11/03/2010	11/03/2010	04/03/2013	Active	NO
6	U70101RJ2011PTC034051	ARIHANT DREAM BUILDESTATE PRIVATE LIMITED	Director	02/02/2011	02/02/2011	-	Active	NO
7	U45201RJ2012PTC040602	ANNANT DREAM BUILD ESTATE PRIVATE LIMITED	Director	05/11/2012	05/11/2012	-	Active	NO
8	U17121RJ2012PTC040826	PARISHUDH NONWOVENS PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO

Name :

Ms. Hansa Solanki

Designation :

Director

Address :

132 – 133, Keshav Vihar, Gopal Pura Bye Pass, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

03.09.1964

Date of Appointment :

01.11.2012

DIN No. :

01601328

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	U14101RJ1998PTC015269	SIMOND TOOLS PRIVATE LIMITED	Director	20/09/2001	20/09/2001	01/12/2012	Active	NO
2	U24302RJ1994PTC007978	PARISHUDH FIBRES PVT. LTD	Director	01/11/2012	01/11/2012	-	Active	NO
3	U70101RJ2012PTC041049	AADHAAR DREAM BUILDESTATES PRIVATE LIMITED	Director	18/12/2012	18/12/2012	-	Active	NO

Name :

Mr. Rajeev Solanki

Designation :

Director

Address :

136, Vasundhara Colony, Tonk Road, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

13.12.1971

Date of Appointment :

16.12.2004

DIN No. :

02032302

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	U74910RJ1999PTC015644	SATYAM NON WOVENS PRIVATE LIMITED	Director	21/12/2001	21/12/2001	03/04/2012	Active	NO
2	U24302RJ1994PTC007978	PARISHUDH FIBRES PVT. LTD	Director	16/12/2004	16/12/2004	-	Active	NO
3	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	16/04/2010	16/04/2010	-	Active	NO
4	U17121RJ2012PTC040826	PARISHUDH NONWOVENS PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO

Name :

Ms. Sarika Solanki

Designation :

Director

Address :

136, Vasundhara Colony, Tonk Road, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

13.04.1977

Date of Appointment :

01.11.2012

DIN No. :

06406767

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares	%age
Anil Solanki	72150	36.99
Rajeev Solanki	72180	37.01
Santosh Pareek	50700	26.00
Total	195030	100.00

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	74.00
Other top fifty shareholders	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Non-woven Fabrics.
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

40 (Approximately)

Bankers :

• Oriental Bank of Commerce, Sita Bari Tonk Road, Sangana, Jaipur - 302030, Rajasthan, India
• HDFC Bank Limited

Facilities :

Term loan Rs. 10.000 Millions (From Oriental Bank of Commerce)

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
HDFC Car Loan	1.392	1.935
Oriental Bank of Commerce	11.296	13.216
Oriental Bank of Commerce (OD)	12.419	0.000
Total	25.107	15.151

Banking Relations :	--
Auditors :
Name :	Arvind Mathur and Company Chartered Accountants
Address :	202, Sidhi Vinayak, D-54, Ahinsa Circle, Ashok Marg, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No. :	91-141-2367240 / 2370126
E-Mail :	cajaipur@hotmail.com
PAN No. :	AACFA1995Q

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
195030	Equity Shares	Rs.10/- each	Rs.1.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.950	1.950	1.950
(b) Reserves & Surplus	17.304	13.419	10.587
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.254	15.369	12.537
(3) Non-Current Liabilities
(a) long-term borrowings	35.988	30.348	16.375
(b) Deferred tax liabilities (Net)	0.493	0.406	0.051
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	36.481	30.754	16.426
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	20.551	22.857	14.993
(c) Other current liabilities	7.667	4.673	2.056
(d) Short-term provisions	2.031	1.013	0.960
Total Current Liabilities (4)	30.249	28.543	18.009
TOTAL	85.984	74.666	46.972
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.686	34.117	15.105
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.196	0.000
Total Non-Current Assets	30.686	34.313	15.105
(2) Current assets
(a) Current investments	3.403	3.141	2.914
(b) Inventories	9.996	2.589	1.721
(c) Trade receivables	23.810	19.512	18.082
(d) Cash and cash equivalents	14.295	11.882	4.094
(e) Short-term loans and advances	2.366	1.886	4.170
(f) Other current assets	1.428	1.343	0.886
Total Current Assets	55.298	40.353	31.867
TOTAL	85.984	74.666	46.972

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.657	7.571	4.400
Less/ Add	DEPRECIATION/ AMORTISATION		4.781	3.473	1.449
	PROFIT/ (LOSS) BEFORE TAX		5.876	4.098	2.951
Less	TAX		1.991	1.266	0.907
	PROFIT/ (LOSS) AFTER TAX		3.885	2.832	2.044
	Earnings / (Loss) Per Share (Rs.)		19.92	14.52	10.48

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.83	5.49	6.28
Return on Investment (ROI) (PBT/Networth)		0.31	0.27	0.24
Debt Equity Ratio (Total Debt/Networth)		1.87	1.97	1.31
Current Ratio (Current Asset/Current Liability)		1.83	1.41	1.77

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.950	1.950	1.950
Reserves & Surplus	10.587	13.419	17.304
Net worth	12.537	15.369	19.254
long-term borrowings	16.375	30.348	35.988
Short term borrowings	0.000	0.000	0.000
Total borrowings	16.375	30.348	35.988
Debt/Equity ratio	1.306	1.975	1.869

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)	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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors and Relatives	10.881	15.197
Total	10.881	15.197

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10385431	02/11/2012	25,000,000.00	Oriental Bank of Commerce	Sanganer Branch, Jaipur, Rajasthan - 302030, INDIA	B61711842
2	10253983	27/09/2010	16,800,000.00	ORIENTAL BANK OF COMMERCE	SITABARI, SANGANER, JAIPUR, Rajasthan - 302011, INDIA	A98574437

FIXED ASSETS

œ Land

œ Building

œ Plant and Machinery

œ Furniture and Fixture

œ Cycle

œ Flat (WIP)

œ Computer

œ Motor Car

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.