MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	PROLINE INDIA LIMITED
Formerly Known As :	PROLINE SPORTSWEAR PRIVATE LIMITED
Registered Office :	6 Sahas, 4th Floor, 414/2, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.08.1984
Com. Reg. No.:	11-033670
Capital Investment / Paid-up Capital :	Rs. 19.118 Millions
CIN No.: [Company Identification No.]	U36930MH1984PTC033670
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Readymade Garments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Short term non-fund based limits = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	September 2014

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 DECLINED BY

Name :	Mr. Ravi Kumar
Designation :	General Manager
Contact No.:	91-9448263322
Date :	26.12.2014

LOCATIONS

Registered Office :	6 Sahas, 4th Floor, 414/2, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66667474
Mobile No.:	91-9448263322 [Mr. Ravi Kumar]
Fax No.:	91-22-24313210
E-Mail :	sudhanshu@batragroup.com proline@prolineindia.com
Website :	http://www.prolineindia.com
Corporate Office :	No. 33, 4th B Cross, 5th Block, Koramangala Industrial Area, Bangalore – 560095, Karnataka, India
E-Mail :	customercare@prolineindia.com

DIRECTORS

AS ON 28.07.2014

Name :

Mr. Rajesh Ramkumar Batra

Designation :

Director

Address :

9A, Sunita, Ridge Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

20.03.1955

Date of Appointment :

06.08.1984

DIN No.:

00020764

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	U65920MH1981PTC023693	RAJESH RAJEEV INVESTMENTS PRIVATE LIMITED	Director	13/01/1981	13/01/1981	-	Amalgamated	NO
2	U65990MH1981PTC023695	PROLINE EXPORTS PRIVATE LIMITED	Director	13/01/1981	13/01/1981	-	Active	NO
3	L93010MH1951PLC008546	CRAVATEX LIMITED	Managing director	01/06/2011	30/11/1981	-	Active	NO
4	U51900MH1983PTC029187	LOCHNESS INVESTMENTS PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Amalgamated	NO
5	U51900MH1983PTC029190	JEHREEN INVESTMENTS PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Amalgamated	NO
6	U36930MH1984PTC033670	PROLINE INDIA LIMITED	Director	06/08/1984	06/08/1984	-	Active	NO
7	U51900MH1986PTC041927	PROMARK FITNESS AND LEISURE PRIVATE LIMITED	Director	18/12/1986	18/12/1986	-	Amalgamated	NO
8	U24110MH1981PTC227650	CITROFLEX PRIVATE LIMITED	Director	24/02/1988	24/02/1988	-	Amalgamated	NO
9	U67120MH1985PTC035498	SPRINGFLOWER INVESTMENTS PRIVATE LIMITED	Director	08/03/1988	08/03/1988	20/12/2013	Active	NO
10	U63090GA1983PLC000548	JACKSON MARINE (INDIA) LIMITED	Director	16/06/1988	16/06/1988	01/10/2007	Active	NO
11	U67120MH1982PTC026864	NITAPO HOLDINGS PRIVATE LIMITED	Director	07/09/1988	07/09/1988	20/12/2013	Active	NO
12	U65910MH1986PTC041407	HEERA HOLDINGS AND LEASING PRIVATE LIMITED	Director	07/09/1988	07/09/1988	20/12/2013	Active	NO
13	U29260MH1957PLC010955	B R T LIMITED	Director	11/11/1988	11/11/1988	-	Active	NO
14	U99999MH1982PTC165632	C P PLASTICS PRIVATE LIMITED	Director	16/01/1989	16/01/1989	-	Amalgamated	NO
15	U91110MH1990PTC055084	TRISTAR CHARITABLE FOUNDATION	Director	15/02/1990	15/02/1990	-	Active	NO
16	U91110MH1990NPL055085	GOODEED CHARITABLE FOUNDATION	Director	15/02/1990	15/02/1990	-	Active	NO
17	L74210MH1982PLC027651	TECHNOJET CONSULTANTS LIMITED	Director	19/03/1991	19/03/1991	17/12/2014	Active	NO
18	U91110MH1992NPL066940	NORTHSTAR CHARITABLE FOUNDATION	Director	26/05/1992	26/05/1992	-	Active	NO
19	U91110MH1992NPL066939	VENUS CHARITABLE FOUNDATION	Director	26/05/1992	26/05/1992	-	Under liquidation	NO
20	L24299MH1954PLC009254	NATIONAL PEROXIDE LIMITED	Director	11/08/2014	30/12/2005	-	Active	NO
21	U74900MH2013PTC241644	R.B. FITNESS AND TRADING PRIVATE LIMITED	Director	10/09/2014	02/04/2013	-	Active	NO
22	U18204MH2013PTC246160	BATRA APPAREL PRIVATE LIMITED	Director	30/09/2014	25/07/2013	-	Active	NO

Name :

Mr. Narayanswamy Ramachandran Mahalingam

Designation :

Director

Address :

16, Supriya Homely CHS, 11^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

19.12.1942

Date of Appointment :

04.08.1998

DIN No.:

00035601

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	U25202MH1987PTC044958	TRIMPACKS SERVICES PRIVATE LIMITED	Director	15/12/1988	15/12/1988	25/04/2008	Active	NO
2	U51900MH1986PTC041927	PROMARK FITNESS AND LEISURE PRIVATE LIMITED	Director	05/03/1998	05/03/1998	-	Amalgamated	NO
3	U36930MH1984PTC033670	PROLINE INDIA LIMITED	Director	04/08/1998	04/08/1998	-	Active	NO
4	U65990MH1981PTC023695	PROLINE EXPORTS PRIVATE LIMITED	Director	30/11/1998	30/11/1998	-	Active	NO
5	L93010MH1951PLC008546	CRAVATEX LIMITED	Director	13/08/2014	01/01/2003	-	Active	NO
6	U99999MH1982PTC165632	C P PLASTICS PRIVATE LIMITED	Director	29/09/2008	25/04/2008	-	Amalgamated	NO
7	U18100MH1995PTC093360	CRAV APPARELS PRIVATE LIMITED	Director	01/09/2008	30/04/2008	22/09/2008	Active	NO
8	U74900MH2013PTC241644	R.B. FITNESS AND TRADING PRIVATE LIMITED	Director	10/09/2014	02/04/2013	-	Active	NO
9	U18204MH2013PTC246160	BATRA APPAREL PRIVATE LIMITED	Director	30/09/2014	25/07/2013	-	Active	NO

Name :

Mr. Rajiv Ramkumar Batra

Designation :

Director

Address :

Willow Farm, Paddock Lane, Off Rawley Lane, Barnet Herts, London United Kingdon EN53W

Date of Birth/Age :

02.05.1961

Date of Appointment :

06.08.1984

DIN No.:

00748729

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	Company/ LLP Status	Defaulting status
1	U65920MH1981PTC023693	RAJESH RAJEEV INVESTMENTS PRIVATE LIMITED	Director	13/01/1981	13/01/1981	Amalgamated	NO
2	U65990MH1981PTC023695	PROLINE EXPORTS PRIVATE LIMITED	Director	13/01/1981	13/01/1981	Active	NO
3	U36930MH1984PTC033670	PROLINE INDIA LIMITED	Director	06/08/1984	06/08/1984	Active	NO
4	L93010MH1951PLC008546	CRAVATEX LIMITED	Director	14/08/2012	26/12/1985	Active	NO
5	U51900MH1986PTC041927	PROMARK FITNESS AND LEISURE PRIVATE LIMITED	Director	18/12/1986	18/12/1986	Amalgamated	NO
6	U99999MH1982PTC165632	C P PLASTICS PRIVATE LIMITED	Director	16/01/1989	16/01/1989	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Ravi Kumar
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.07.2014

Names of Shareholders	No. of Shares
Jamna Batra	68500
Rajesh Kumar Batra	171810
Sujaya Batra	2750
Proline Exports Private Limited, India	811748
Rohan Kumar Batra	5000
Sujaya Batra	1500
Prathima Batra	3450
Rajesh Kumar Batra	39000
Prathima Batra	10000
Raj Batra	100000
Jamna Ramkumar Batra	81500
Rohan Kumar Batra	6500
R B Fitness and Trading Private Limited, India	125000
Rajesh Kumar Batra	320000
Jamna Ramkumar Batra	165000
Total	1911758

AS ON 28.07.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	49.00
Directors or relatives of directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Readymade Garments.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· The Saraswat Co-Operative Bank Limited

Jayanagar Branch, Sri Venkateshwara Arcade, 11th Main 33rd Cross, Bangalore - 560041, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From banks [Secured by hypothecation of Furniture and Fixtures and Vehicles]	9.901	5.168
SHORT TERM BORROWINGS
Loans repayable on demand From banks [Secured against hypothecation of stock and Book debts]	118.072	53.394
Term Loans from Bank	0.425	0.377
Total	128.398	58.939

Banking Relations :	--
Auditors :
Name :	M.R. Jayaprakash and Associates Chartered Accountants
Address :	#8, Fortune Chambers, 1st Floor, Lalbagh Road, Richmond Circle, Bangalore – 560027, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAAFJ5233E
Associate Company :	· Cravatex Limited · Proline Exports Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions
50,000	Preference Shares	Rs. 100/- each	Rs. 5.000 Millions
	Total		Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,911,758	Equity Shares	Rs. 10/- each	Rs. 19.118 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.118	19.118	19.118
(b) Reserves & Surplus	140.921	126.784	118.176
(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)	160.039	145.902	137.294
(3) Non-Current Liabilities
(a) Long-term borrowings	9.901	5.168	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11.424	11.787	9.034
(d) long-term provisions	2.184	1.896	1.631
Total Non-current Liabilities (3)	23.509	18.851	10.665
(4) Current Liabilities
(a) Short term borrowings	118.497	53.771	0.000
(b) Trade payables	102.672	69.145	63.580
(c) Other current liabilities	7.863	9.183	8.366
(d) Short-term provisions	16.045	13.125	11.491
Total Current Liabilities (4)	245.077	145.224	83.437
TOTAL	428.625	309.977	231.396
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.673	43.360	37.950
(ii) Intangible Assets	0.079	0.132	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	7.564	7.037	6.760
(c) Deferred tax assets (net)	0.896	0.319	0.401
(d) Long-term Loan and Advances	20.667	20.947	17.671
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	75.879	71.795	62.782
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.216	78.000	28.870
(c) Trade receivables	222.697	143.589	98.847
(d) Cash and cash equivalents	19.536	11.239	36.502
(e) Short-term loans and advances	5.420	4.561	3.434
(f) Other current assets	0.877	0.793	0.961
Total Current Assets	352.746	238.182	168.614
TOTAL	428.625	309.977	231.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales Turnover	568.800	473.300	437.900
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.747	25.066	28.330
Less	FINANCIAL EXPENSES (D)		11.598	2.959	0.546
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.149	22.107	27.784
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.993	4.292	4.028
	PROFIT BEFORE TAX (E-F) (G)		25.156	17.815	23.756
Less	TAX (H)		7.664	5.864	7.581
	PROFIT AFTER TAX (G-H) (I)		17.492	11.951	16.175
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.800	0.000	76.004
	Earnings Per Share (Rs.)		9.15	6.25	8.46

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.08	2.53	3.69
Operating Profit Margin (PBDIT/Sales)	(%)	7.52	5.30	6.47
Return on Total Assets (PBT/Total Assets}	(%)	5.99	5.89	10.59
Return on Investment (ROI) (PBT/Networth)		0.16	0.12	0.17
Debt Equity Ratio (Total Debt/Networth)		0.80	0.40	0.00
Current Ratio (Current Asset/Current Liability)		1.44	1.64	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	19.118	19.118	19.118
Reserves & Surplus	118.176	126.784	140.921
Net worth	137.294	145.902	160.039
Long-term borrowings	0.000	5.168	9.901
Short term borrowings	0.000	53.771	118.497
Total borrowings	0.000	58.939	128.398
Debt/Equity ratio	0.000	0.404	0.802

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales Turnover	437.900	473.300	568.800
		8.084	20.177

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales Turnover	437.900	473.300	568.800
Profit	16.175	11.951	17.492
	3.69%	2.53%	3.08%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10525572	18/09/2014	20,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SRI VENKATESHWARA ARCHADE, 11TH MAIN, 33RD CROSS, 4TH "T" BLOCK, JAYANAGAR, BANGALORE, KARNATAKA -  560041, INDIA	C29454857
2	10415617	11/02/2013	1,250,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	JAYANAGAR BR, VENKATESHWARA ARCADE, 11 MAIN, 33RD CROSS, 4TH "T" BLOCK, JAYANAGAR,, BANGALORE, KARNATAKA - 560041, INDIA	B71964035
3	10389018	26/07/2014 *	175,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	JAYANAGAR BR, VENKATESHWARA ARCADE, 11 MAIN, 33RD CROSS, 4TH "T" BLOCK, JAYANAGAR,, BANGALORE, KARNATAKA - 560041, INDIA	C17743717
4	90218233	19/02/1999	566,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	CENTRAL ADMINISTRATIVE OFFICE; ASPARA CINEMA BULDG, 2ND FLOOR; DR. D.B. MARG; GRANT ROAD, MUMBAI, MAHARASHTRA - 400007, INDIA	-
5	90218230	06/02/1999	710,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	CENTRAL ADMINISTRATIVE OFFICE; ASPARA CINEMA BLDG., 2ND FLOOR; DR. D.B. MARG; GRANT ROAD, MUMBAI,  MAHARASHTRA - 400007, INDIA	-
6	90217699	11/08/1993	160,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	CENTRAL ADMINISTRATIVE OFFICE; ASPARA CINEMA BLDG., DR. D. BHADKAMKAR MARG, MUMBAI, MAHARASHTRA - 400007, INDIA	-
7	90217327	26/07/1989	75,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	CENTRAL ADMINISTRATIVE OFFICE; ASPARA CINEMA BULDG, 2ND FLOOR; DR. D.B. MARG; GRANT ROAD, MUMBAI, MAHARASHTRA - 400007, INDIA	-
8	90217139	24/06/1987	240,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	TAJ BUILDING; GROUND FLOOR; NEAR NEW EXCELSIOR CIN, A.K. NAYAK MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
9	90217134	01/09/1989 *	1,098,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	TAJ BUILDING; GROUND FLOOR; NEAR NEW EXCELSIOR CIN, A.K. NAYAK MARG, BOMBAY, MAHARASHTRA - 400001, INDIA	-
10	90217132	11/05/1987	482,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	TAJ BUILDING; GORUND FLOOR; NEAR NEW EXCELSIOR CIN, A.K. NAYAK MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
11	90219934	24/08/1987 *	482,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	TAJ BUILDING; GROUND FLOOR; NEAR NEW EXCELSIOR CIN, A.K. NAYK MARG, MUMBAI, MAHARASHTRA, INDIA	-
12	90216963	05/02/1985	1,200,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	TAJ BUILDING; GROUND FLOOR; NEAR NEW EXCELSIOR CIN, A;ROT KESHAV NAYAK MARG, MUMBAI, MAHARASHTRA -  400001, INDIA	-

* Date of charge modification

CORPORATE INFORMATION

Subject was incorporated on 06^th August, 1984 as a private limited Company under the Companies Act, 1956. The Registered Office of the Company is situated at Mumbai. Proline India Limited is established to carry on the business of trading in Readymade Garments in India and abroad.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Leasehold Improvement

· Computers

· Vehicles

· Office Equipment

· Electrical Installation

· Computer Software

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. 63.64
UK Pound	1	Rs. 98.98
Euro	1	Rs. 77.74

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.