MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	DURHAM SPINTEX AND HOLDINGS PRIVATE LIMITED (w.e.f. 15.12.2009)
Formerly Known As :	DURHAM INVESTMENTS AND FINANCE PRIVATE LIMITED
Registered Office :	Shop No. 3, Vora Ashish Building, Pandit Solicitor Road, Rani Sati Marg, Malad (East), Mumbai – 400097, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.06.1982
Com. Reg. No.:	11-027421
Capital Investment / Paid-up Capital :	Rs.0.502 Million
CIN No.: [Company Identification No.]	U65990MH1982PTC027421
TAN No.: [Tax Deduction & Collection Account No.]	MUMD06386C
PAN No.: [Permanent Account No.]	AAACD3934H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, selling and trading of textile and related products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. External borrowing of the company seems to be huge during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Jayesh Thakkar
Designation :	Finance Head
Contact No.:	91-9879796933
Date :	25.06.2014

LOCATIONS

Registered Office :	Shop No. 3, Vora Ashish Building, Pandit Solicitor Road, Rani Sati Marg, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28836432
Mobile No.:	91-9879796933 (Mr. Jayesh Thakkar)
Fax No.:	Not Available
E-Mail :	durhamspintex@yahoo.co.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Amit Navnitlal Parikh

Designation :

Whol Time Director

Address :

802, Ashima Tower, Opposite Sandesh Press, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

22.06.1957

Date of Appointment :

01.01.2007

PAN No.:

AGMPP3349K

DIN No.:

00159656

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	U25200GJ1981PTC004219	ANANG POLYFIL PRIVATE LIMITED	Director	01/08/1992	01/08/1992	16/08/2013	Active	NO
2	U17110GJ1996PTC031285	NEWMAN COTTONS PRIVATE LIMITED	Director	13/12/1996	13/12/1996	-	Strike off	NO
3	U55909GJ1986PTC008849	ARTH TRADING PRIVATE LIMITED	Director	02/02/1998	02/02/1998	05/12/2009	Active	NO
4	U65910GJ1982PTC005176	AKSHAT HOLDINGS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Strike off	NO
5	U65990MH1982PTC027421	DURHAM SPINTEX AND HOLDINGS PRIVATE LIMITED	Whole-time director	01/01/2007	01/01/2007	-	Active	NO
6	U67120GJ1998PLC034784	MANSAROVAR FINCAP LIMITED	Director	29/09/2007	30/05/2007	05/12/2009	Active	NO
7	U65910GJ1981PTC004897	ABHIKRAM HOLDINGS PRIVATE LIMITED	Additional director	12/05/2008	12/05/2008	07/12/2009	Active	NO

Name :

Mr. Kishorebhai Anantrai Ghoghari

Designation :

Director

Address :

K-13, Suvas Apartment, Gulab Toner Road, Park Avenue Bunglow Lane, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

15.12.1951

Date of Appointment :

30.09.2009

PAN No.:

ACMPG3254E

DIN No.:

02561741

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	U65990MH1982PTC027421	DURHAM SPINTEX AND HOLDINGS PRIVATE LIMITED	Director	30/09/2009	01/02/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayesh Thakkar
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Amit Navnitlal Parikh	1770	35.26
Kishorebhai Anantrai Ghoghari	2000	39.84
Bhavsar Jivanlala Navinchandra	1250	24.90
Total	5020	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	75.10
Directors or relatives of Directors	24.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, selling and trading of textile and related products.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Sunil M. Jain and Associates Chartered Accountants
Address :	3, Regency, Near Sangeeta Cinema, Datta Mandir Road, Malad ( East), Mumbai-400097, Maharashtra, India
PAN No.:	AABPJ3708M

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions
20000	Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.4.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5020	Equity Shares	Rs.100/- each	Rs.0.502 Million

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	0.502	0.502	0.502
(b) Reserves & Surplus	95.013	71.802	45.548
(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)	95.515	72.304	46.050
(3) Non-Current Liabilities
(a) long-term borrowings	427.315	190.000	297.477
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.508	0.395	19.206
Total Non-current Liabilities (3)	427.823	190.395	316.683
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	245.135	510.083	537.029
(c) Other current liabilities	12.631	12.255	12.448
(d) Short-term provisions	11.670	12.970	0.070
Total Current Liabilities (4)	269.436	535.308	549.547
TOTAL	792.774	798.007	912.280
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.026	0.119	0.160
(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	64.195	21.236	16.725
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.150	0.150	19.146
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	64.371	21.505	36.031
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	89.341	114.083	53.695
(c) Trade receivables	34.936	80.550	165.675
(d) Cash and cash equivalents	28.256	12.958	11.727
(e) Short-term loans and advances	575.285	568.685	644.945
(f) Other current assets	0.585	0.226	0.207
Total Current Assets	728.403	776.502	876.249
TOTAL	792.774	798.007	912.280

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1320.879	983.895	129.504
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			34.902	39.266	41.336
Less	DEPRECIATION/ AMORTISATION			0.020	0.042	0.076
	PROFIT/(LOSS) BEFORE TAX			34.882	39.224	41.260
Less	TAX			11.600	12.900	13.600
	PROFIT/(LOSS) AFTER TAX			23.282	26.324	27.660
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			67.798	42.244	15.354
Less	APPROPRIATIONS
			Transfer to General Reserve	0.600	0.700	0.700
			Dividend	0.060	0.060	0.060
			Tax on Dividend	0.010	0.010	0.010
	BALANCE CARRIED TO THE B/S			90.410	67.798	42.244
	EARNINGS IN FOREIGN CURRENCY			202.491	38.301	109.213
	Earnings Per Share (Rs.)			4637.71	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	2.64	3.99	31.86
Return on Total Assets (PBT/Total Assets}	(%)	4.79	5.05	4.61
Return on Investment (ROI) (PBT/Networth)		0.37	0.54	0.90
Debt Equity Ratio (Total Debt /Networth)		4.47	2.63	6.46
Current Ratio (Current Asset/Current Liability)		2.70	1.45	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.502	0.502	0.502
Reserves & Surplus	45.548	71.802	95.013
Net worth	46.050	72.304	95.515
long-term borrowings	297.477	190.000	427.315
Short term borrowings	0.000	0.000	0.000
Total borrowings	297.477	190.000	427.315
Debt/Equity ratio	6.460	2.628	4.474

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	129.504	983.895	1,320.879
		659.741	34.250

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	129.504	983.895	1,320.879
Profit	27.660	26.324	23.282
	21.36%	2.68%	1.76%

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	No
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	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	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. :	EXAL/1968/2011	Failing Date:-	29/11/2011	Reg No.:	EXA/345/2012	Reg. No.:	10/04/2012
Petitioner:-	RABO INDIA FINANCIAL PRIVATE LIMITED AND ANR. -		Respondent:-	DURHAM SPINTEX AND HOLDINGS PRIVATE LIMITED
Petn.Adv:-	A R MALHOTRA (I3164)		Resp. Adv.:	0 (0)
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Pre-Admission		Category:-	EXECUTION APPLICATIONS

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	4.823	4.179
Other loans and advances	422.492	185.821
Total	427.315	190.000

PERFORMANCE OF THE COMPANY:-

During the year the company has continued its trading activity of cotton fabrics and interlining material i.e. processed fabrics. The company has also continued merchant exports business of cotton fabrics in various countries. The sales turnover of the company has been increased to Rs.1320.879 Millions against Rs.983.895 Millions in previous year. The company has made profit of Rs.34.881 Millions before tax as compared to Rs.39.224 Millions in last year reported a marginal decline in Profitability due to unfavorable market condition. The directors are putting in their best efforts to further improve upon the performance of the company and are hopeful of better result in the coming years

NO CHARGES EXIST FOR THE COMPANY

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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.80.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.