MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	SOU VASANTI MANOHAR JATHAR
Registered Office :	House No. 2147, gate No. 634, Hatkanangale – Ichalkaranji Road, Hatkanangale – 416109, Kolhapur, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	20.06.2002
Capital Investment / Paid-up Capital :	Rs. 43.012 Millions
IEC No.:	03102002421
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	ABAPJ6644G
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of fabrics.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 130000
Status :	Small Concern
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small proprietary concern in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The concern 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Satish Jathar
Designation :	Chief Executive Officer
Contact No.:	91-9822260643
Date :	22.12.2014

LOCATIONS

Registered Office / Factory :	House No. 2147, gate No. 634, Hatkanangale – Ichalkaranji Road, Hatkanangale – 416109, Kolhapur, Maharashtra, India
Tel. No.:	91-230-2483125/ 2422025
Fax No.:	Not Available
E-Mail :	jathargroup@rediffmail.com
Website :	http://jathargroup.com

SOLE PROPRIETOR

Name :	Mrs. Vasanti Manohar Jathar
Designation :	Proprietary

KEY EXECUTIVES

Name :	Mr. Satish Jathar
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Manufacturer of fabrics.
Products :
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Machinery
Countries :	Belgium
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

6 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Ichalkaranji Road, Kolhapur Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-230-2432196
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	N. D. Jagu and Company Chartered Accountant
Memberships :	--
Collaborators :	--
Sister Concern :	Shri Satish Manaohar Jathar Shri Manaohar Balkrishna Jathar Sou Shubhangi Vishnu Jathar Sou Geeta Sachin Jathar Shri Deepak Manohar Jathar

CAPITAL STRUCTURE

As on: 31.03.2014

Particulars	Amount	Particulars	Amount
Drawings	0.046	Balance B/D	38.678
M/s. Balkeishna Sizing Ind (TDS 2012:13)	0.271	Interest on PPF	0.140
Ms/s. Balkrishna Sizing Ind (Advance Tax 2012:13)	2.994	Factory Rent	0.048
		Share of M/S. Balkrishna Sizing Ind	6.408
Balance C/F	43.012	Net Profit transferred from Profit and Loss Account	1.049
TOTAL	46.323	TOTAL	46.323

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		43.012	38.678
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.856	0.856
4] (Accumulated Losses)		0.000	0.000
NETWORTH		43.868	39.534
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.150
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		43.868	39.684
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.614	3.622
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Shares	0.135	0.135
	Investment and Deposit	37.188	34.898
	Cash and Bank balance	0.024	0.083
	Stock in Trade	0.122	0.366
	Sundry Debtors and Receivable	0.406	0.376
	Loans and Advance	1.242	0.015
	Prepaid Insurance	0.000	0.001
	T.D.S. Receivable	0.184	0.105
	Advance Tax	1.150	0.250
Total Current Assets		40.451	36.229
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.121	0.095
	Provisions	0.076	0.072
Total Current Liabilities		0.197	0.167
Net Current Assets		40.254	36.062
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		43.868	39.684

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	TOTAL INCOME		2.776	1.793
Less	EXPENSES
		Cost of Goods Sold	0.244	(0.106)
		Mill stores	0.100	0.143
		Electricity and Power	0.615	0.568
		Wages	0.449	0.417
		Repairs and Maintenance	0.065	0.017
		Vahiphani Expenses	0.026	0.028
		Transport Expenses	0.004	0.001
		Professional Tax	0.002	0.013
		Office Expenses	0.009	0.003
		Consultation Fees	0.001	0.007
		Petrol and Vehicle	0.004	0.001
		Printing and Stationary	0.001	0.003
		Leave pay and Bonus	0.023	0.070
		Office Salary	0.013	0.013
		Insurance	0.008	0.007
		Municipal Tax	0.154	0.000
		TOTAL	1.718	1.185
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1.058	0.608
Less/ Add	DEPRECIATION/ AMORTISATION		0.009	0.009
	NET PROFIT/ (LOSS)		1.049	0.599

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	2.59	1.65
Return on Investment (ROI) (PBT/Networth)		0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		205.34	216.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	38.678	43.012
Reserves & Surplus	0.856	0.856
Net worth	39.534	43.868
long-term borrowings	0.000	0.000
Short term borrowings	0.150	0.000
Total borrowings	0.150	0.000
Debt/Equity ratio	0.004	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	1.793	2.776
		54.824

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	1.793	2.776
Profit	0.599	1.049
	33.41%	37.79%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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	No
25]	Conduct of the banking account	-----------
26]	Buyer visit details	-----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.30

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.