MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	DURVASA TEXTILES PRIVATE LIMITED
Registered Office :	B-17, Vikas Centre, 106, S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra
Country :	India
Date of Incorporation :	31.07.2013
Com. Reg. No.:	11-246468
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U17291MH2013PTC246468
IEC No.:	0313085277
PAN No.: [Permanent Account No.]	AAECD7630C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and yet to establish itself gradually. Mr. C.A. Kutty from Finance Department provided general information and also confirmed that the company commenced its commercial activities from March 2015. Payment terms are unknown. The company can be considered for business dealings on a fully safe and secured trade terms and condition.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. C.A. Kutty
Designation :	Finance Department
Contact No.:	91-22-42766666
Date :	24.07.2014

LOCATIONS

Registered Office :	B-17, Vikas Centre, 106, S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India
Tel. No.:	91-22-42766666/ 121
Fax No.:	Not Available
E-Mail :	cakutty@hotmail.com csdeesangroup@dessantex.in
Website :	http://dessangroup.com
Location :	Owned
Factory :	Located at: · Shripur District, Maharashtra

DIRECTORS

Name :

Mrs. Jayshree Amrish Patel

Designation :

Director

Address :

Kushal Bunglow, Pallavi Beach, Angle Society, Ruia Park, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

01.09.1955

Date of Appointment :

31.07.2013

DIN No.:

00482104

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	U17120MH2004PTC145082	DWETA TEX FAB PRIVATE LIMITED	Director	16-03-2004	16-03-2004	-	Active	NO
2	U17120MH2004PTC148907	PRIYADARSINI GARMENT PRIVATE LIMITED	Director	30-09-2004	30-09-2004	05-03-2010	Active	NO
3	U51310MH2005PTC153564	DEESAN EXPORTS PRIVATE LIMITED	Director	16-06-2006	16-06-2006	-	Active	NO
4	U17120MH2004PTC145055	DEESAN TEX FAB PRIVATE LIMITED	Whole-time director	01-03-2012	16-06-2006	-	Active	NO
5	U51494MH2006PTC164876	DEESAN IMPEX PRIVATE LIMITED	Director	23-09-2006	23-09-2006	-	Active	NO
6	U18109MH2007PTC172422	PRATH EXPORTS PRIVATE LIMITED	Director	17-07-2007	17-07-2007	-	Strike off	NO
7	U18109MH2007PTC172683	DEESAN GARMENTS PRIVATE LIMITED	Director	30-07-2007	30-07-2007	-	Strike off	NO
8	U17200MH2007PTC169431	KRUSHNA COTEX PRIVATE LIMITED	Director	27-11-2007	27-11-2007	-	Active	NO
9	U70102MH2007PTC169800	DEESAN INFRASTRUCTURE PRIVATE LIMITED	Director	25-03-2008	25-03-2008	-	Active	NO
10	U17120MH2010PTC199874	SNEHA KNITTING PRIVATE LIMITED	Director	09-02-2010	09-02-2010	-	Active	NO
11	U17120MH2010PTC200417	MANDAR TEXFAB PRIVATE LIMITED	Director	25-02-2010	25-02-2010	-	Active	NO
12	U17120MH2010PTC211341	EMERALD COTEX PRIVATE LIMITED	Director	24-12-2010	24-12-2010	-	Active	NO
13	U17200MH2010PTC211386	CHATURBHUJ COTEX PRIVATE LIMITED	Director	27-12-2010	27-12-2010	-	Active	NO
14	U17120MH2011PTC219254	NANDADEVI TEXTILES PRIVATE LIMITED	Director	29-06-2011	29-06-2011	-	Active	NO
15	U17120MH2011PTC220622	MAHARSHI COTEX PRIVATE LIMITED	Director	06-08-2011	06-08-2011	-	Active	NO
16	U17230MH2011PTC223725	KASHYAP WEAVES PRIVATE LIMITED	Director	29-09-2012	10-11-2011	-	Active	NO
17	U17291MH2012PTC227854	SOMESHWAR FABRICS PRIVATE LIMITED	Director	09-03-2012	09-03-2012	-	Active	NO
18	U17291MH2012PTC238350	AVANEESH TEXFAB PRIVATE LIMITED	Director	29-11-2012	29-11-2012	-	Active	NO
19	U17299MH2012PTC238856	MARIGOLD TEXTILES PRIVATE LIMITED	Director	15-12-2012	15-12-2012	-	Active	NO
20	U17299MH2012PTC238852	LAVENDER COTSPIN PRIVATE LIMITED	Director	15-12-2012	15-12-2012	-	Active	NO
21	U17200MH2013PTC243995	BRAHMAPUTRA COTEX PRIVATE LIMITED	Director	04-06-2013	04-06-2013	-	Active	NO
22	U17291MH2013PTC246468	DURVASA TEXTILES PRIVATE LIMITED	Director	31-07-2013	31-07-2013	-	Active	NO
23	U17121MH2007PTC168837	ULHAS TEXTILES PRIVATE LIMITED	Director	24-09-2013	05-08-2013	-	Active	NO
24	U17291MH2007PTC167893	SANKALP TEXTILES PRIVATE LIMITED	Director	24-09-2013	08-08-2013	-	Active	NO
25	U17120MH2004PTC148908	KALADARSHAN GARMENT PRIVATE LIMITED	Director	26-09-2013	09-08-2013	-	Active	NO
26	U17291MH2013PTC247083	PRAMUKH COTEX PRIVATE LIMITED	Director	16-08-2013	16-08-2013	-	Active	NO
27	U17291MH2013PTC247096	AROGYA TEXTILES PRIVATE LIMITED	Director	17-08-2013	17-08-2013	-	Active	NO
28	U17200MH2013PTC247199	VARAHA TEXFAB PRIVATE LIMITED	Director	19-08-2013	19-08-2013	25-08-2013	Active	NO

Name :

Ms. Saroj Bansal

Designation :

Additional Director

Address :

130, Betal Mohalla, Ward No.16, District Bharatpur – 321 203, Deeg, Rajasthan, India

Date of Birth/Age :

01.11.1951

Date of Appointment :

05.08.2013

DIN No.:

06634380

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	U17291MH2013PTC246468	DURVASA TEXTILES PRIVATE LIMITED	Additional director	05-08-2013	05-08-2013	-	Active	NO
2	U17291MH2013PTC248298	VIKAS COTEX PRIVATE LIMITED	Additional director	18-09-2013	18-09-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. C.A. Kutty
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2013

Names of Shareholders	No. of Shares	% of Holding
Jayshree Amrish Patel	5000	50.00
Tapan Mukesh Patel	5000	50.00
Total	10000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Textile.
Imports :
Products :	· Machinery
Countries :	· Germany · China · Japan

GENERAL INFORMATION

No. of Employees :	Information declined by the Management.
Bankers :	Bank of Baroda, 10/12, Mumbai Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Shrikesh V. Rathi and Company Chartered Accountants
Address :	Shripur District, Maharashtra, India
Deesan Group of Companies :	· Deesan Cotex Private Limited · Param Tex Fab Private Limited · Laxmi Textiles Private Limited · Mahacot Textiles Private Limited · Krushna Cotex Private Limited · Dweta Garments Private Limited · Priyadarshini Sahakari Soot Girani Limited · Deesan Texfab Private Limited · Kashyap Weaves Private Limited · Atri Textiles Private Limited · Jamadagni Textiles Private Limited · Parsu Textiles Private Limited · Amethyst Cotex Private Limited · Valmiki Textiles Private Limited · Maandu Textiles Private Limited · Narad Textiles Private Limited · Krish Knitting Private Limited · Marichi Textiles Private Limited · Kutsa Cotex Private Limited · Saubhagya Cotex Private Limited · Pulastya Textiles Private Limited · Gautama Cotex Private Limited · Angiras Textiles Private Limited · Pulaha Textiles Private Limited · Vikas Cotex Private Limited · Ageti Textiles Private Limited · Surabhi Cotex Private Limited · Kanchan Cotex Private Limited · Varah Texfab Private Limited · Arogya Textiles Private Limited · Vamdev Textiles Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW COMPANY

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	No
12]	Profitability for last three years	No
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	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10489718	02/04/2014 *	38,497,000.00	BANK OF BARODA	10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI – 400 001, MAHARASHTRA, INDIA	C07150832

* Date of charge modification

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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	SMN

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.