MIRA INFORM REPORT

Report Date :

06.03.2014

IDENTIFICATION DETAILS

Name :	CHANAKYA FASHION PRIVATE LIMITED
Registered Office :	218 Jaywant Industrial Estate, Tardeo Road, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.05.2006
Com. Reg. No.:	11-161771
Capital Investment / Paid-up Capital :	Rs.0.900 Million
CIN No.: [Company Identification No.]	U18101MH2006PTC161771
TAN No.: [Tax Deduction & Collection Account No.]	MUMC14362F
Legal Form :	Private Limited Liability Company
Line of Business :	To manufacture, produce, buy, sell, import and deal in all types of garments, readymade-ware, hand bags, shoes, panel’s and apparels for men, women and children.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 43000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has commenced operation but has not carried out any business activity during the year 2012 and 2013 due to unfavorable market conditions. However, the company has earned profits from other income during financial year 2013. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 PARTED

Unable to contact the company.

LOCATIONS

Registered Office :	218 Jaywant Industrial Estate, Tardeo Road, Mumbai – 400034, Maharashtra
Tel. No.:	Not Available
Fax No.:	91-22-66100866
E-Mail :	deepsoffice@gmail.com info@chanakyaintl.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vinod Maganlal Shah

Designation :

Director

Address :

7 C Ajantha Apartments, M. L. Dahanukar Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

21.11.1989

DIN No.:

00898319

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	U72300MH1989PTC054335	CHANAKYA INTERNATIONAL PRIVATE LIMITED	Director	21/11/1989	21/11/1989	-	Active	NO
2	U18101MH2006PTC161771	CHANAKYA FASHION PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
3	U72200MH2006PTC164841	SAMSAN TECHNOLOGIES PRIVATE LIMITED	Director	28/01/2011	28/01/2011	18/12/2012	Active	NO

Name :

Mrs. Karishma Vinod Shah

Designation :

Director

Address :

7 C Ajantha Apartments, M. L. Dahanukar Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

20.05.2004

DIN No.:

00898744

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	U72300MH1989PTC054335	CHANAKYA INTERNATIONAL PRIVATE LIMITED	Director	20/05/2004	20/05/2004	-	Active	NO
2	U18101MH2006PTC161771	CHANAKYA FASHION PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
3	U72900MH2009PTC192196	Pi Techniques Private Limited	Director	05/05/2009	05/05/2009	-	Active	NO

Name :

Nehal Vinod Shah

Designation :

Director

Address :

7 C Ajantha Apartments, M. L. Dahanukar Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

06.11.1996

DIN No.:

00898716

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	U72300MH1989PTC054335	CHANAKYA INTERNATIONAL PRIVATE LIMITED	Director	06/11/1996	06/11/1996	-	Active	NO
2	U18101MH2006PTC161771	CHANAKYA FASHION PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO

Name :

Mrs. Bharati Vinod Shah

Designation :

Director

Address :

7 C Ajantha Apartments, M. L. Dahanukar Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

11.05.2006

DIN No.:

01016566

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	U72300MH1989PTC054335	CHANAKYA INTERNATIONAL PRIVATE LIMITED	Director	06/11/1996	06/11/1996	-	Active	NO
2	U18101MH2006PTC161771	CHANAKYA FASHION PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Vinod Maganlal Shah	2250	25.00
Bharati Vinod Shah	2250	25.00
Nehal Vinod Shah	2250	25.00
Karishma Vinod Shah	2250	25.00
Total	9000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To manufacture, produce, buy, sell, import and deal in all types of garments, readymade-ware, hand bags, shoes, panel’s and apparels for men, women and children.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	A. M. Shah and Associates Chartered Accountants
Address :	314 Marine Chambers, 43 Sir Vithaldas T. Marg, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22067288/ 22010981
Mobile No.:	91-22-22010981
PAN No.:	AAASA6744R
Related Parties :	Chanakya Clothing Company

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs.0.900 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.900	0.900
(b) Reserves & Surplus	9.876	8.090
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	10.776	8.990
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.550
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	1.550
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.055	0.006
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.311	0.000
Total Current Liabilities (4)	0.366	0.006
TOTAL	11.142	10.546
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	5.431	8.822
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.431	8.822
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.013
(d) Cash and cash equivalents	1.579	0.519
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	4.132	1.192
Total Current Assets	5.711	1.724
TOTAL	11.142	10.546

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.900
2] Share Application Money		0.000
3] Reserves & Surplus		17.618
4] (Accumulated Losses)		0.000
NETWORTH		18.518
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		12.300
TOTAL BORROWING		12.300
DEFERRED TAX LIABILITIES		0.000
TOTAL		30.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		28.997
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	(0.007)
	Cash & Bank Balances	0.291
	Other Current Assets	0.000
	Loans & Advances	1.737
Total Current Assets		2.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.200
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.200
Net Current Assets		1.821
MISCELLANEOUS EXPENSES		0.000
TOTAL		30.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	2.114	0.114	0.688
		TOTAL	2.114	0.114	0.688
Less	EXPENSES		0.018	0.964	1.098
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.096	(9.528)	(0.410)
Less	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX		2.096	(9.528)	(0.410)
Less	TAX		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		2.096	(9.528)	(0.410)
	Earnings Per Share (Rs.)		232.89	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	99.15	(8357.89)	(59.59)
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	36.70	(552.67)	(20.29)
7
Return on Investment (ROI) (PBT/Networth)		0.19	(1.06)	(0.02)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.17	0.66
Current Ratio (Current Asset/Current Liability)		15.60	287.33	10.11

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	0.900	0.900	0.900
Reserves & Surplus	17.618	8.090	9.876
Net worth	18.518	8.990	10.776
Secured Loans	0.000	0.000	0.000
Unsecured Loans	12.300	1.550	0.000
Total borrowings	12.300	1.550	0.000
Debt/Equity ratio	0.664	0.172	0.000

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
Total Income	0.688	0.114	2.114
		(83.430)	1,754.386

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	0.688	0.114	2.114
Profit	(0.410)	(9.528)	2.096
	(59.59%)	(8357.89%)	99.15%

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Vinod Maganlal Shah	0.000	0.000
Bharati Vinod Shah	0.000	0.450
Nehal Vinod Shah	0.000	0.450
Karishma Vinod Shah	0.000	0.450
Chanakya Clothing Company	0.000	0.200
Total	0.000	1.550

BUSINESS OPERATIONS:

The returns on investment made were better, as a result the net profit during the year was Rs.2.096 Millions as compared to previous year’s loss of Rs.9.528 Millions.

NOTE: 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.61.86
UK Pound	1	Rs.103.06
Euro	1	Rs.84.92

INFORMATION DETAILS

Information Gathered by :	PDT
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	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.