MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	GINI AND JONY LIMITED
Formerly Known As :	GINI AND JONY PRIVATE LIMITED GINI AND JONY APPAREL PRIVATE LIMITED (w.e.f. 24.12.2002) GINI AND JONY APPARREL PRIVATE LIMITED
Registered Office :	A-601, Citi Point, Next to Kohinoor Continental, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.11.1994
Com. Reg. No.:	11-082837
Capital Investment / Paid-up Capital :	Rs.89.830 Millions
CIN No.: [Company Identification No.]	U18101MH1994PLC082837
TAN No.: [Tax Deduction & Collection Account No.]	MUMG03944D
PAN No.: [Permanent Account No.]	AAACK1295N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Apparels.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded net worth of the company. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured trade terms and conditions. Note: Company has changed its financial year from 15 months to 12 months

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

N E W S

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 wih 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 (GENERAL DETAILS)

Name :	Mr. Shailesh Kalgutkar
Designation :	Accounts Executive
Contact No.:	91-22-40911000
Date :	26.07.2014

LOCATIONS

Registered/ Corporate Office :	A-601, Citi Point, Next to Kohinoor Continental, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40911000
Fax No.:	91-22-40911111
E-Mail :	admin@giniandjony.com shailesh.kalgutkar@giniandjony.com info@giniandjony.com
Website :	http://www.giniandjony.com
Location :	Owned
Locality :	Commercial
Manufacturing Unit 1 :	Plot No 56/2, 57/2, Ringanwada, Maheshwari Wadi, Somnath Road, Near Fire Brigade, Nani Daman – 396210, India
Manufacturing Unit 2:	Plot No 47, E P I P, Phase- I, Jharmajri Baddi, The Nalagarh, District Solan, Himachal Pradesh, India
Tel. No.:	91-1792-80501 / 80502
Sourcing Unit :	22, Lingai Gonder Street Extn., K N P. Puram, Oddakadu, Tirupur- 641 602, India
Tel. No.:	91-421- 3099026
Branch Office :	Located at: · Mumbai · Kolkatta · Gurgaon

DIRECTORS

As on 26.10.2013

Name :

Mr. Prakash Harichand Lakhani

Designation :

Managing Director

Address :

1402, A-Wing, Valencia, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

21.01.1960

Date of Appointment :

11.11.1994

PAN No.:

ABHPL3837A

DIN No.:

00021761

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	U18101MH1994PLC082837	GINI AND JONY LIMITED	Managing director	11/11/1994	11/11/1994	-	Active	NO
2	U52190MH2006PLC160377	GJ Freedom Fashions Limited	Director	08/03/2006	08/03/2006	-	Active	NO
3	U51900MH2007PTC175461	Realflag Multitrade Private Limited	Director	01/12/2007	01/12/2007	-	Active	NO
4	U51909MH2003PTC143076	G AND J GARMENT PROCESSORS PRIVATE LIMITED	Director	28/07/2010	10/12/2009	-	Active	NO

Name :

Mr. Jaikishan Harichand Lakhani

Designation :

Whole Time Director

Address :

1304, B-Wing, Valencia, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

05.06.1965

Date of Appointment :

01.04.2006

PAN No.:

AAAPL6659A

DIN No.:

00021684

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	U18101MH1994PLC082837	GINI AND JONY LIMITED	Whole-time director	01/04/2006	11/11/1994	-	Active	NO
2	U51909MH2003PTC143076	G AND J GARMENT PROCESSORS PRIVATE LIMITED	Director	08/12/2003	08/12/2003	-	Active	NO
3	U52190MH2006PLC160377	GJ Freedom Fashions Limited	Director	08/03/2006	08/03/2006	-	Active	NO
4	U51900MH2007PTC175461	Realflag Multitrade Private Limited	Director	01/12/2007	01/12/2007	-	Active	NO

Name :

Mr. Anil Harichand Lakhani

Designation :

Director

Address :

Flat 2804, Heritage, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

05.06.1968

Date of Appointment :

27.12.2006

PAN No.:

ABFPL6333H

DIN No.:

00026145

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	U51909MH2003PTC143076	G AND J GARMENT PROCESSORS PRIVATE LIMITED	Director	08/12/2003	08/12/2003	-	Active	NO
2	U18101MH1994PLC082837	GINI AND JONY LIMITED	Whole-time director	27/12/2006	27/12/2006	-	Active	NO
3	U51900MH2007PTC175461	Realflag Multitrade Private Limited	Director	01/12/2007	01/12/2007	-	Active	NO
4	U52190MH2006PLC160377	GJ Freedom Fashions Limited	Director	16/09/2008	16/01/2008	-	Active	NO

Name :

Mr. Rahul Narendra Mehta

Designation :

Director

Address :

121A, Rewa Apartment, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

20.08.1950

Date of Appointment :

01.08.2007

DIN No.:

00165521

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	U51900MH1987PTC043759	CREATIVE CHAIN STORES PRIVATE LIMITED	Director	15/06/1987	15/06/1987	21/12/2009	Active	NO
2	U18101MH1982PTC027515	Creative Casual India Private Limited	Director	18/11/1987	18/11/1987	-	Active	NO
3	U18101MH1991PTC062720	CREATIVE TEXTILE MILLS PRIVATE LIMITED	Director	03/04/1992	03/04/1992	-	Amalgamated	NO
4	U67120MH1996PTC102710	CREATIVE GLOBAL STOCK BROKING PRIVATE LIMITED	Director	07/02/1998	07/02/1998	-	Active	NO
5	U74999MH1987PTC044924	APPAREL MEDIA PRIVATE LIMITED	Director	02/08/2000	02/08/2000	-	Active	NO
6	U18101MH2005PTC157231	KARL HOGAN CLOTHING PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
7	U18101MH1984PTC033537	CREATIVE GARMENTS PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
8	U18101MH1994PLC082837	GINI AND JONY LIMITED	Director	01/08/2007	27/12/2006	-	Active	NO
9	U18101MH2006PTC160058	CREATIVE LIFESTYLES PRIVATE LIMITED	Managing director	01/01/2011	04/01/2007	-	Active	NO
10	U74999MH2007PTC175184	CREATIVE CROSSOVER FASHIONS PRIVATE LIMITED	Director	19/10/2007	19/10/2007	-	Strike off	NO
11	U52322TG1985PLC005698	CHERMAS EXQUISITE LIMITED	Director	02/11/2007	02/11/2007	-	Active	NO
12	U74210MH2010PTC200672	Encompass Design India Private Limited	Director	09/03/2010	09/03/2010	16/03/2013	Active	NO
13	L17120MH1987PLC042424	Kamadgiri Fashion Limited	Director	23/08/2011	14/02/2011	-	Active	NO
14	U85191MH2011NPL222545	TRRAIN FOUNDATION	Director	29/09/2011	29/09/2011	-	Active	NO
15	U93000HR2013NPL051406	APPAREL MADE-UPS AND HOME FURNISHING SECTOR SKILL COUNCIL	Director	27/01/2014	27/01/2014	-	Active	NO
16	U52100MH2012PLC231654	FUTURE LIFESTYLE FASHIONS LIMITED	Additional director	19/05/2014	19/05/2014	-	Active	NO

Name :

Mr. Vinod Joshi

Designation :

Nominee Director

Address :

Cuffe Castle, Flat A 1, 1^st Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

30.06.1960

Date of Appointment :

28.06.2013

DIN No.:

06614421

KEY EXECUTIVES

Name :	Ms. Ami Nitin Tanna
Designation :	Secretary
Address :	27, Trilok Darshan, Cartar Road No.4, Borivli (East), Mumbai – 400 066, Maharashtra, India
Date of Birth/Age :	10.10.1986
Date of Appointment :	28.07.2009
PAN No.:	AJCPT7088A

MAJOR SHAREHOLDERS

As on 26.10.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 26.10.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	9.04
Bodies corporate	22.26
Directors or relatives of Directors	62.34
Other top fifty shareholders	6.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Apparels.

Products :

Product Description	Item Code No.
Articles of Apparel Knitted or Crocheted, all sorts	6101
Articles of Apparel not Knitted or Crocheted, all sorts	6101

· T-shirts

· Shirts

· Jackets

· Trousers

· Cargos and Jeans for Boys and Capris

· Dungarees

· Skirts

· Co-ordinates Tops

· Jamaicans

· Jeans and Pants for Girls

· Garments for Infants

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

No. of Employees :

2500 (Approximately)

Bankers :

· Punjab National Bank, Mid Corporate Branch, Brady House, V. N. Road, Fort, Mumbai – 400023, Maharashtra, India

· Citi Bank, City Tower, Dr. S.S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· State Bank of India, Mid Corporate Loan Administration Unit, R.T.O. Lane, Andheri (West), Mumbai – 400053, Maharashtra, India

· Standard Chartered Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	68.943	82.691
Working capital loans from banks	152.307	182.753
Intercorporate borrowings	107.583	128.565
Loans taken for fixed assets	0.179	0.148
Short Term Borrowings
Rupee term loans from banks	54.703	58.178
Working capital loans from banks	1049.439	1023.978
Total	1433.154	1476.313

Banking Relations :	--
Auditors :
Name :	M. B. A. H. and Company (formerly Bhageria Naredi and Associates) Chartered Accountants
Address :	23-B, 2nd Floor, Mehta Estate, 88, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India
PAN No.:	AAIPB8304J
Subsidiary Company :	· GJ Freedom Fashions Limited CIN No.: U52190MH2006PLC160377 · G and J Garment Processors Private Limited CIN No.: U51909MH2003PTC143076
Associates :	· Realflag Multitrade Private Limited CIN No.: U51900MH2007PTC175461

CAPITAL STRUCTURE

As on 26.10.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8983000	Equity Shares	Rs.10/- each	Rs.89.830 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2013 (12 Months)	30.06.2012 (15 Months)	31.03.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	89.830	89.830	89.830
(b) Reserves & Surplus	(177.524)	(490.617)	420.701
(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)	(87.694)	(400.787)	510.531
(3) Non-Current Liabilities
(a) long-term borrowings	329.012	394.157	513.244
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	41.474	54.783	38.486
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	370.486	448.940	551.730
(4) Current Liabilities
(a) Short term borrowings	1,376.575	1,615.303	1,335.960
(b) Trade payables	160.249	221.191	254.006
(c) Other current liabilities	246.334	321.485	141.491
(d) Short-term provisions	34.905	27.551	22.690
Total Current Liabilities (4)	1,818.063	2,185.530	1,754.147
TOTAL	2,100.855	2,233.683	2,816.408
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	313.404	327.948	355.828
(ii) Intangible Assets	19.348	18.677	21.555
(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	154.840	154.840	154.840
(c) Deferred tax assets (net)	484.446	525.830	141.862
(d) Long-term Loan and Advances	165.234	183.674	197.919
(e) Other Non-current assets	0.258	1.441	13.610
Total Non-Current Assets	1,137.530	1,212.410	885.614
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	235.523	284.395	642.077
(c) Trade receivables	611.370	657.071	1,234.708
(d) Cash and cash equivalents	61.836	23.300	6.324
(e) Short-term loans and advances	43.012	43.012	40.000
(f) Other current assets	11.584	13.495	7.685
Total Current Assets	963.325	1,021.273	1,930.794
TOTAL	2,100.855	2,233.683	2,816.408

PROFIT & LOSS ACCOUNT

	PARTICULARS			30.06.2013 (12 Months)	30.06.2012 (15 Months)	31.03.2011 (12 Months)
	SALES
		Income		1,783.804	2002.143	2048.455
		Other Income		6.434	8.683	9.485
		TOTAL (A)		1,790.238	2,010.826	2,057.940
Less	EXPENSES
		Cost of Materials Consumed		781.191	1240.517	1016.869
		Purchase of Stock-in-trade		58.062	319.906	82.506
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		355.042	398.744	279.378
		Employee Benefits Expenses		433.498	589.616	399.36
		Other Expenses		0.000	478.001	478.918
		TOTAL (B)		1,627.793	3,026.784	2,257.031
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			162.445	(1,015.958)	(199.091)
Less	FINANCIAL EXPENSES (D)			29.748	242.936	243.824
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			132.697	(1,258.894)	(442.915)
Less	DEPRECIATION/ AMORTISATION (F)			24.696	34.639	27.191
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			108.001	(1,293.533)	(470.106)
Less	TAX (H)			41.384	(382.215)	(185.967)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			66.617	(911.318)	(284.139)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	5.717	1.470	0.000
	TOTAL EARNINGS			5.717	1.470	0.000
	IMPORTS
			Raw Materials	5.531	7.216	13.812
	TOTAL IMPORTS			5.531	7.216	13.812
	Earnings Per Share (Rs.)			7.42	(101.45)	(31.63)

KEY RATIOS

PARTICULARS		30.06.2013 (12 Months)	30.06.2012 (15 Months)	31.03.2011 (12 Months)
PAT / Total Income	(%)	3.72	(45.32)	(13.81
Net Profit Margin (PBT/Sales)	(%)	6.05	(64.61)	(22.95)
Return on Total Assets (PBT/Total Assets}	(%)	7.39	(83.29)	(18.66)
Return on Investment (ROI) (PBT/Networth)		(1.23)	3.23	(0.92)
Debt Equity Ratio (Total Debt /Networth)		(19.45)	(5.01)	3.62
Current Ratio (Current Asset/Current Liability)		0.53	0.47	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	30.06.2012	30.06.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	89.830	89.830	89.830
Reserves & Surplus	420.701	(490.617)	(177.524)
Net worth	510.531	(400.787)	(87.694)
long-term borrowings	513.244	394.157	329.012
Short term borrowings	1335.960	1615.303	1376.575
Total borrowings	1849.204	2009.460	1705.587
Debt/Equity ratio	3.622	(5.014)	(19.449)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	30.06.2012	30.06.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,048.455	2,002.143	1,783.804
		(2.261)	(10.905)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	30.06.2012	30.06.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,048.455	2,002.143	1,783.804
Profit	(284.139)	(911.318)	66.617
	(13.87%)	(45.52%)	3.73%

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

LITIGATION DETAILS

Case Details
Bench:- Bombay
Lodging No.:-	CHOLL/187/2013	Filing Date:-	25/04/2013		Reg. No.:-	CHOL/187/2013		Reg. Date:-	25/04/2013
Main Matter
Lodging No.:-				CPL/457/2012
Petitioner:-	PERCEPT LIMITED		Respondent:-		GINI AND JONY LIMITED – U18101MH1994PLC082837
Petn.Adv:-			Resp. Adv.:		0 (0)
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Pre-Admission
Last Date:-	26/04/2013		Stage:-				FOR HEARING & FINAL DISPOSAL
Last Coram:-	REGISTRAR (OS) / PROTHONOTARY AND S R. MASTER.
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from banks	12.218	308.943
Loans repayable on demand from others	14.199	22.368
Loans and advances from directors	70.387	53.526
Other loans and advances, others	175.629	148.310
Total	272.433	533.147

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10165960	13/08/2011 *	1,790,100,000.00	Punjab National Bank	Mid Corporate Branch, Brady House, V.N. Road, Fort, Mumbai, Maharashtra - 400023, India	B22123384
2	90158425	13/08/2011 *	1,790,100,000.00	Punjab National Bank	Mid Corporate Branch, Brady House, V.N. Road, Fort, Mumbai, Maharashtra - 400023, India	B22149868

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 :	PLK
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		14

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.