MIRA INFORM REPORT

Report Date :

03.01.2014


Tel. No.:	0261-2325739

NOTE: Given address could not be confirmed.

IDENTIFICATION DETAILS

Name :	RAWALWASIA TEXTILE INDUSTRIES PRIVATE LIMITED

Registered Office :	3, Ring Road, Surat-395002, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	27.01.1988

Com. Reg. No.:	04-010302

Capital Investment / Paid-up Capital :	Rs. 10.538 Millions

CIN No.: [Company Identification No.]	U17110GJ1988PTC010302

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Textile Products

No. of Employees :	Information denied by the management

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 76000

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Exist

Comments :	Subject is an established company having a moderate track record. Profitability of the company appears to be low. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in. The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 DECLINED BY

Management non co-operative

LOCATIONS

Registered Office :	3, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2325739
Fax No.:	Not Available
E-Mail :	rawaloffice@yahoo.co.in

DIRECTORS

AS ON 30.08.2013

Name :	Mr. Samir Hanuman Prasad Agarwal
Designation :	Director
Address :	601, Rushabh Apartment, Krishi Farm Road, Ghod Dod Road, Surat-395007, Gujarat, India
Date of Birth/Age :	12.07.1979
Date of Appointment :	18.09.2002
DIN No.:	00056249

Name :	Mr. Sumit Hanuman Prasad Agarwal
Designation :	Director
Address :	601, Rushabh Apartment, Krishi Farm Road, Ghod Dod Road, Surat-395007, Gujarat, India
Date of Birth/Age :	04.08.1982
Date of Appointment :	18.09.2002
DIN No.:	00056333

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.08.2013

Names of Shareholders	No. of Shares
Smair Holding Private Limited, India	45000
Kaushik Enterprises Private Limited, India	75000
Glorious Synthetics Private Limited, India	26200
Sumit Agarwal	101065
Samir Agarwal	381140
Solartex (India) Private Limited, India	75000
Rawalwasia Synthetics Private Limited, India	75000
Sweta Agarwal	103350
Archana Agarwal	69670
Mamta Agarwal	102345
TOTAL	1053770

AS ON 30.08.2013

Equity Shares Break Up	Percentage of Holding
Bodies corporate	28.11
Directors or relatives of Directors	71.89
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader of Textile Products

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

· Bank of Baroda, Textile Market Branch, Ring Road, Surat-395002, Gujarat, India

· Bank of Baroda, Khatodara Industrial Estate Branch, Surat, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
SHORT TERM BORROWINGS
Working Capital Facilities from Schedule Bank	2.820	8.741

TOTAL	2.820	8.741
NOTES SHORT TERM BORROWINGS 1. Hypothecation of stocks and book debts 2. Additionally secured by. a. Equitable mortgage of Factory land and building situated at Plot No. B/2/P and B/3/P, Block No.57, R S No.66, Pipodara, Taluka : Mangrol. District Surat Standing in the name of M/s Rawalwasia Yarn Dyeing Private Limited b. Equitable mortgage of Factory land and building situated at Plot No. B-2 and B-3, Block No.57, R S No.66, Pipodara, Taluka : Mangrol. District Surat Standing in the name of M/s Rawalwasia Yarn Dyeing Private Limited c. Equitable mortgage of Factory land and building situated at Plot No. B/1 Paiki and B/2, Paiki being part and parcel of Block No.57, at Village : Pipodara, Taluka : Mangrol. District Surat Standing in the name of M/s Solartex (India) Private Limited d. Equitable mortgage of Residential Flat No.802, Rushabh Apartment, Opposite Krushi Farm, Ghod Dod Road, Surat standing in the name of Samir Hanuman Prasad Agarwal. e. Personally guaranteed by all the Directors of the company and Corporate Guarantee given by Rawalwasia Yarn Dyeing Private Limited, Solartex (India) Private Limited, Kaushik Enterprise Private Limited and Samir Holding Private Limited


Banking Relations :	--

Auditors :
Name :	L P Nahata and Company Chartered Accountant
Address :	424, Ajanta Shopping Centre, Ring Road, Surat-395002, Gujarat, India
PAN No.:	AANPN0582H

Related Parties :	· Rawalwasia Yarn Dyeing Private Limited · Shaligram Industries Private Limited · Suhani Jewels Private Limited · Sanskar Processors Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1053770	Equity Shares	Rs.10/- each	Rs. 10.538 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	10.538	10.538	10.538
(b) Reserves & Surplus	8.659	8.535	8.259
(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)	19.197	19.073	18.797

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.200	0.247	0.423
(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)	0.200	0.247	0.423

(4) Current Liabilities
(a) Short term borrowings	2.820	8.741	8.877
(b) Trade payables	3.815	4.350	5.597
(c) Other current liabilities	2.561	3.303	2.163
(d) Short-term provisions	0.027	0.049	0.135
Total Current Liabilities (4)	9.223	16.443	16.772

TOTAL	28.620	35.763	35.992

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.874	2.422	3.248
(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	1.325	1.303	0.842
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.199	3.725	4.090

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.131	4.958	10.847
(c) Trade receivables	10.496	5.208	13.839
(d) Cash and cash equivalents	0.160	0.125	0.146
(e) Short-term loans and advances	14.634	21.747	7.070
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	25.421	32.038	31.902

TOTAL	28.620	35.763	35.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	73.531	104.972	201.707
		Other Income	2.582	2.262	2.663
		TOTAL	76.113	107.234	204.370

Less	EXPENSES
		Cost of Material Consumed	75.827	106.915	203.489
		Purchase of Stock In Trade
		Employee benefits expenses
		TOTAL	75.827	106.915	203.489

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.286	0.319	0.881

	DEPRECIATION/ AMORTISATION		0.142	0.148	0.152

	PROFIT / (LOSS) BEFORE TAX		0.144	0.172	0.729

	TAX		0.020	(0.104)	(0.257)

	PROFIT / (LOSS) AFTER TAX		0.124	0.276	0.986

	Earnings / (Loss) Per Share (Rs.)		0.12	0.26	0.94

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.16	0.26	0.48

Net Profit Margin (PBT/Sales)	(%)	0.20	0.16	0.36

Return on Total Assets (PBT/Total Assets}	(%)	0.50	0.48	2.03

Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.04

Debt Equity Ratio (Total Debt /Networth)		0.15	0.46	0.47

Current Ratio (Current Asset/Current Liability)		2.76	1.95	1.90

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	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	Yes
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

CURRENT MATURITIES OF LONG TERM DEBT

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities Of Long Term Debt	NA	NA	NA

TOTAL	NA	NA	NA

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	90108000	29/10/2013 *	120,000,000.00	Bank of Baroda	Textile Market Branch,, Ring Road, Surat, Gujarat - 395002, India	B88296686
* Date of charge modification

HIGH COURT OF GUJARAT

TAX APPEAL No. 1173 of2009

Status : PENDING

( Converted from : ST/3995/2008 )

CCIN No : 001092200901173

Last Listing Date:

17/09/2009

Coram

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

Not Before :

· HONOURABLE MR.JUSTICE Z.K.SAIYED

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF CENTRAL EXCISE SURAT - II	MR YN RAVANI for: Appellant(s) 1

S.NO.	Name of the Respondent	Advocate On Record
1	RAWALWASIA TEXTILE INDUSTRIES PRIVATE LTD	RULE SERVED for :Opponent(s) 1

Presented On	: 11/12/2008	Registered On	: 11/12/2008
Bench Category	: SINGLE BENCH	District	: SURAT
Case Originated From	: THROUGH ADVOCATE	Listed	: 122 times
Stage Name	: FOR FINAL HEARING - TAX MATTERS

Act

CENTRAL EXCISES AND SALT ACT, 1944

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	30/01/2009	APPEARANCE NOTE	MR YN RAVANI ADVOCATE for PETITIONER(s) 1	-	MR YN RAVANI:1
2	15/08/2009	VAKALATNAMA	MR YN RAVANI ADVOCATE for PETITIONER(s) 1	-	MR YN RAVANI:1
3	15/08/2009	DOCUMENT	RULE SERVED for RESPONDENT(s) 1	-	RULE SERVED:1

LINKED MATTERS

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

CIVIL APPLICATION/113/2009

DISPOSED

02/07/2009

RULE ABSOLUTE/ALLOWED @ F.H

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

CIVIL APPLICATION/283/2009

PENDING

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

COURT PROCEEDINGS

No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

17/09/2009

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

AVAILABLE ORDERS

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

TAX APPEAL/847/2009

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

15/04/2010

JUDGMENT

N N N N N

Download

PERFORMANCE AND PROSPECTS

During the year, the turnover of the company has decline by approx 30% as compared to previous year. The Company has achieved turnover of Rs. 73.531 Millions and has earned negligible net profit of Rs. 0.124 Million after tax during the year. The economic slowdown, extremely challenging business scenario, cut throat competition and stagnant demand have adversely affected the performance of the Company. The Management is continuously exploring newer markets and has adopted intensive marketing strategy to boost up the performance of the Company.

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Vehicles

· Office 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 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. 61.90
UK Pound	1	Rs. 102.74
Euro	1	Rs. 85.15

INFORMATION DETAILS

Information Gathered by :	NAY

Report Prepared by :	DPT

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	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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.