MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	GINZA INDUSTRIES LIMITED
Registered Office :	11, Clive Row, 4^th Floor, Room No-1A/A, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.07.1986
Com. Reg. No.:	21-040991
Capital Investment / Paid-up Capital :	Rs.88.831 Millions
CIN No.: [Company Identification No.]	U17297WB1986PLC040991
IEC No.:	0392070138
TAN No.: [Tax Deduction & Collection Account No.]	MUMG10867D
PAN No.: [Permanent Account No.]	AAACM4342C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Readymade Garments, Fabrics and Textiles
No. of Employees :	300 (Approximately) (Office + Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March, 2014

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 PARTED BY

Name :	Mrs. Anuja
Designation :	Business Development Manager
Contact No.:	91-22-40659600
Date :	10.04.2014

LOCATIONS

Registered Office :	11, Clive Row, 4^th Floor, Room No-1A/A, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22429984 / 32588589
Fax No.:	91-33-22429984
E-Mail :	hariaexports@vsnl.com suniljain73@rediffmail.com saraf_pralay@rediffmail.com ginza@vsnl.com ginza.kolkatta@ginzalimited.com
Website :	http://www.ginzalimited.com
Corporate Office :	A-501, 502 Lotus Corporate Park, Jay Coach Lane, Off Western Express Highway, Goregaon East, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-40659600
Fax No.:	91-22-40659650
E-Mail :	ginza@vsnl.com
Factory 1 :	Udhna [Godown] Plot No. A-2, 15-17, Sardar Patel Road No. 2, Udhana Udyog Nagar, Udhana – Surat – 394210 (Gujarat), India
Tel. No.:	91-261-2867 6227 / 2867 4015
E-Mail :	surat@ginzalimited.com
Factory 2 :	Yarn and Tape Unit Plot No. 6, 8 & 9, Unity Industrial Complex, Chala Daman Road, Kachhigam, Daman 396 210, Uttar Pradesh, India
Tel. No.:	91-2638-252986
Factory 3 :	Knitted Fabric Unit Plot No. A – 2/11, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat, Gujarat, India
Factory 4 :	Embroidery Unit Plot No. B 2, 29 and 30, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat, Gujarat, India
Factory 5 :	Knitted Fabric Unit Plot No 87, 88, 89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat, Gujarat, India
Factory 6 :	Process House Plot No. 362, GIDC, Road No. 3, Near Manilal Dyeing Mill, Sachin, GIDC Sachin, Surat – 394230, Gujarat, India
Factory 7 :	Torchon Lace Unit Genisis Ind. Complex, Phase III, Plot[s] No. 23/26, Village Kolgaon, Taluka : Palghar, Thane, Maharashtra, India
Factory 8:	Apparel Park – Garment Unit Plot No. 61, Road No. 4, Apparel Park, Vanz Road, Sachin, Surat, Gujarat, India
Factory 9 :	Workshop of garments : “In-Tense” 20/168 Unnat nagar No. 4, M. G. Road, Goregaon [West], Mumbai – 400062, Maharashtra, India

DIRECTORS

As on: 16.09.2013

Name :

Mr. Ashok Kumar Sethia

Designation :

Managing Director

Address :

1603, Galactica Tower, Lokhandwala Complex, Andheri [West], Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

17.11.1960

Qualification :

Chartered Accountant

Date of Appointment :

29.03.1991

DIN No.:

01283310

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	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Managing Director	01/04/2013	24/07/1986	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Managing Director	23/03/2011	23/03/2011	-	Active	NO
3	U17111WB1996PLC079636	TWISTEX INDIA LTD	Director	29/09/2012	22/12/2011	-	Active	NO

Name :

Mr. Manoj Kumar Sethia

Designation :

Joint Managing Director

Address :

611, Ashirwad palace, ‘F’ Tower, Bhatar Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

04.09.1966

Qualification :

B. Com.

Date of Appointment :

29.08.1997

DIN No.:

02528442

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	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Managing Director	01/04/2013	29/08/1997	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO
3	U17111WB1996PLC079636	TWISTEX INDIA LIMTED	Director	29/09/2012	22/12/2011	-	Active	NO
4	U17112GJ2007PTC049841	SUNSILK DYEING & PRINTING MILLS PRIVATE LIMITED	Director	24/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Laxmipat Banthia

Designation :

Whole Time Director

Address :

Flat No. 902, 9^th Floor Wing A, Reema Residency 607, 608, TPSIII CTS 17FP, Shimpoly, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

31.10.1974

Date of Appointment :

06.05.2002

DIN No.:

02464903

Name :

Mr. Arvind Kumar Sethia

Designation :

Director

Address :

610, Ashirwad Palace, ‘F’ Tower, Bhatar Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

29.08.1958

Qualification :

B. Com.

Date of Appointment :

22.01.2002

DIN No.:

02502282

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	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Managing Director	01/04/2013	22/01/2002	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO
3	U17111WB1996PLC079636	TWISTEX INDIA LIMITED	Director	29/09/2012	22/12/2011	-	Active	NO
4	U17112GJ2007PTC049841	SUNSILK DYEING & PRINTING MILLS PRIVATE LIMITED	Director	24/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Mihir Mehta

Designation :

Director

Address :

7^th Floor, Gangalaheri, Banganga, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Appointment :

27.07.2011

DIN No.:

00219614

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	U17100MH1939NPL002965	SYNTHETIC AND ART SILK MILLS ASSOCIATION LIMITED	Director	03/03/1979	03/03/1979	-	Active	NO
2	U17100MH1937PTC002721	NEW MAHALAXMI SILK MILLS PRIVATE LIMITED	Director	03/03/1979	03/03/1979	-	Active	NO
3	U51900MH1965PLC013114	RAYEX (INDIA) LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
4	L17120MH1992PLC068861	DHANLAXMI FABRICS LIMITED	Director	23/09/2006	28/07/2006	-	Active	NO
5	U17100MH1956PLC009890	THE RAYON MILLS COMMERCIAL CORPORATION LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
6	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Director	02/09/2011	27/07/2011	-	Active	NO
7	U80300MH1928GAP001375	VANITA VISHRAM	Director	26/09/2011	26/09/2011	-	Active	NO

Name :

Mr. Ajay Kumar Agarwal

Designation :

Whole Time Director

Address :

A-502, Citiscape, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Birth/Age :

14.07.1969

Qualification :

Chartered Accountant

Date of Appointment :

30.11.2010

DIN No.:

00278298

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	L17291MH1991PLC063752	PIONEER EMBROIDERIES LIMITED	Whole-time director	15/10/2003	15/10/2003	30/07/2007	Active	NO
2	U74899DL2000PTC104065	MAS EMBROIDERIES PRIVATE LIMITED	Director	31/03/2006	31/03/2006	20/07/2007	Active	NO
3	U17119GJ1986PTC009209	KIRAN INDUSTRIES Private Limited	Director	17/05/2006	17/05/2006	07/08/2007	Active	NO
4	U17291MH1994PLC076439	CRYSTAL LACE (INDIA) LIMITED	Director	07/11/2006	07/11/2006	04/08/2007	Active	NO
5	U70101MH2007PLC169361	PIONEER REALTY LIMITED	Director	29/03/2007	29/03/2007	13/08/2007	Active	NO
6	U18101MH1994PLC082837	GINI & JONY LIMITED	Director	16/09/2008	01/09/2007	31/12/2008	Active	NO
7	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Director	01/04/2013	30/11/2010	-	Active	NO
8	U17291MH2012PTC228741	AMBIGUITY TRADING PRIVATE LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO
9	U99999MH1988PTC048503	Buckwise Management Consultants Private Limited	Director	15/02/2013	15/02/2013	-	Active	NO
10	U51909MH2003PTC142336	ACE SIGN IMPEX PRIVATE LIMITED	Director	04/07/2013	04/07/2013	-	Active	NO

Name :

Mr. Pratik Agarwal

Designation :

Additional Director

Address :

A-1002, Prakriti, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Appointment :

24.06.2011

DIN No.:

03445304

Name :

Mr. Abhay Vinodrai Chhapia

Designation :

Additional Director

Address :

70, Vallabh Niwas, Road No.25, Scheme No.6, Opposite D. S. High School, Sion (West), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

27.10.1958

Date of Appointment :

30.09.2012

DIN No. :

05274546

KEY EXECUTIVES

Name :	Mrs. Anuja
Designation :	Business Development Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.09.2013

Names of Shareholders	No. of Shares
Ashok Kumar Sethia	1770400
Manoj Kumar Sethia	142000
Rithu Sethia	1149800
Karuna Sethia	160000
Mahesh Bhagchandka (HUF)	5000
Twitsex India Limited, India	5114956
Raj Diamond Private Limited, India	91000
Kiran Dugar	1000
Rakesh Surana	2000
Rajesh Surana	3000
Naresh Kothari	1000
Urmila Singrodia	1000
Kamal Singh Nahata	100
Raj Kumar Pugalia	1000

Equity Share Break up (Percentage of Total Equity)

As on: 16.09.2013

Category	Percentage
Bodies corporate	58.77
Directors or relatives of directors	40.36
Other top fifty shareholders	0.87
Total	100

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Readymade Garments, Fabrics and Textiles
Products :	Cotton Men’s Shirts Cotton Ladies Shirts Cotton Fabrics Raschel / Lycra Fabrics and Laces Elastic Tapes Nylon Crimped Yarn
Exports :
Products :	Readymade Garments, Fabrics and Textiles
Countries :	· UAE · USA · Australia Europe
Imports :
Products :	Raw Materials
Countries :	China

GENERAL INFORMATION

No. of Employees :

300 (Approximately) (Office + Factory)

Bankers :

· Bank of India, Mumbai Corporate Banking Branch, 70/80 M.G. Road, Fort, Mumbai – 400023, Maharashtra, India

· Union Bank of India, Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Andul Rehman Street, Mumbai – 400003, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loans repayable on demands from Bank	227.918	348.442
Loans repayable on demand from others	84.469	3.641
Short Term Borrowings
Loans repayable on demand from banks	706.825	586.287
Total	1019.212	938.370

Banking Relations :

--

Auditors :

Name :

Agarwal Sanganeria and Company

Chartered Accountants

Address :

7, Ravindra Sarani, 5th Floor, Room No. 513, Kolkata – 700001, West Bengal, India

PAN No.:

AADFA8676M

Holding Company :

Twistex India Limited

CIN No.:U1711WB1996PLC079636

Subsidiary :

Ginza Lifestyle Limited

CIN No.: U17290MH2011PLC215134

CAPITAL STRUCTURE

As on: 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8883106	Equity Shares	Rs.10/- each	Rs.88.831 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	88.831	88.831	88.831
(b) Reserves & Surplus	629.075	594.686	544.462
(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)	717.906	683.517	633.293
(3) Non-Current Liabilities
(a) long-term borrowings	385.915	400.483	419.505
(b) Deferred tax liabilities (Net)	83.173	86.257	84.836
(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)	469.088	486.740	504.341
(4) Current Liabilities
(a) Short term borrowings	706.825	586.287	481.034
(b) Trade payables	224.720	176.616	175.498
(c) Other current liabilities	218.600	212.951	201.885
(d) Short-term provisions	8.927	3.554	25.555
Total Current Liabilities (4)	1,159.072	979.408	883.972
TOTAL	2,346.066	2,149.665	2,021.606
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,221.479	1,120.978	1,094.057
(ii) Intangible Assets	3.972	4.144	4.205
(iii) Capital work-in-progress	11.203	0.000	0.450
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	24.652	1.177	0.827
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.844	14.738	14.075
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,274.150	1,141.037	1,113.614
(2) Current assets
(a) Current investments	0.000	1.483	0.000
(b) Inventories	472.961	502.812	454.909
(c) Trade receivables	436.789	376.067	316.172
(d) Cash and cash equivalents	20.373	16.881	23.257
(e) Short-term loans and advances	101.912	64.036	55.769
(f) Other current assets	39.881	47.349	57.885
Total Current Assets	1,071.916	1,008.628	907.992
TOTAL	2,346.066	2,149.665	2,021.606

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	2,291.200	2,059.192	1,908.903
	Other Income	3.600	1.186	1.389
	TOTAL (A)	2,294.800	2,060.378	1,910.292
Less	EXPENSES
	Cost of Materials Consumed		1,162.183	1,051.764
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(47.325)	31.802
	Employees benefits expense		253.507	181.866
	Other expenses		353.081	247.905
	TOTAL (B)	1,933.200	1,721.446	1,513.337
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	361.600	338.932	396.955
Less	FINANCIAL EXPENSES (D)	175.200	155.081	98.138
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	186.400	183.851	298.817
Less	DEPRECIATION/ AMORTISATION (F)	133.800	114.961	107.128
Less	Exceptional Items	2.800	1.260	45.168
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	49.800	67.630	146.521
Less	TAX (I)	15.400	17.407	20.630
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	34.400	50.223	125.891
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	532.380	482.157	356.266
	Balance Carried to the B/S (J+K+L-M)	566.780	532.380	482.157
	EARNINGS IN FOREIGN CURRENCY	181.600	109.400	142.200
	IMPORTS	244.200	191.600	282.600
	Earnings / (Loss) Per Share (Rs.)	3.87	5.65	14.17

Particulars	31.03.2014
Sales Turnover (Approximately)	2500.000

The above information has been parted by Mrs. Anuja (Business Development Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.50	2.44	6.59
Net Profit Margin (PBT/Sales)	(%)	2.17	3.28	7.68
Return on Total Assets (PBT/Total Assets}	(%)	2.16	3.15	7.25
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.23
Debt Equity Ratio (Total Debt/Networth)		1.52	1.44	1.42
Current Ratio (Current Asset/Current Liability)		0.92	1.03	1.03

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	88.831	88.831	88.831
Reserves & Surplus	544.462	594.686	629.075
Net worth	633.293	683.517	717.906
long-term borrowings	419.505	400.483	385.915
Short term borrowings	481.034	586.287	706.825
Total borrowings	900.539	986.770	1,092.740
Debt/Equity ratio	1.422	1.444	1.522

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	1,908.903	2,059.192	2,291.200
		7.873	11.267

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	1,908.903	2,059.192	2,291.200
Profit	125.891	50.223	34.400
	6.59%	2.44%	1.50%

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 four 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)	Yes
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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2013
Long Term Borrowings
Loans repayable on demands from others	73.528	48.400
Total	73.528	48.400

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10471675	24/12/2013 *	339,400,000.00	UNION BANK OF INDIA (AS LEAD BANK OF UNION BANK CO  NSORTIUM)	Abdul Rehman Street Branch, Bhagat Mansion, 1st, 2^nd & 3^rd Floor, 176/180, Abdul Rehman Street, Mumbai, Maharashtra - 400003, INDIA	B94598372
2	10462645	22/11/2013	91,000,000.00	STATE BANK OF INDIA	Mid Corporate Group Industrial Finance Branch, Race Course Circle, Vadodara - 390007, Gujarat, India	B90520602
3	10416366	18/03/2013	80,000,000.00	UNION BANK OF INDIA	Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Abdul Rehman Street, Mumbai - 400003, Maharashtra, India	B72187842
4	10353560	05/05/2012	85,000,000.00	ADITYA BIRLA FINANCE LIMITED	Indian Rayon Compound, Veraval - 362266, Gujarat,  INDIA	B38886156
5	10314742	29/09/2011	55,000,000.00	UNION BANK OF INDIA	Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Abdul Rehman Street, Mumbai - 400003, Maharashtra, India	B24152530
6	10280584	30/03/2011	255,000,000.00	UNION BANK OF INDIA (Lead Bank)	Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Abdul Rehman Street, Mumbai - 400003, Maharashtra, India	B10708477
7	10131494	24/12/2013 *	253,341,647.00	UNION BANK OF INDIA (AS LEAD BANK OF UNION BANK CO  NSORTIUM)	Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Abdul Rehman Street, Mumbai - 400003, Maharashtra, India	B94067659
8	10106989	24/12/2013 *	760,000,000.00	UNION BANK OF INDIA (LEAD BANK OF UNION BANK CONSO  RTIUM)	Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Abdul Rehman Street, Mumbai - 400003, Maharashtra, India	B94060787

* Date of charge modification

FIXED ASSETS

• Land
• Factory Building
• Non- Factory Building
• Plant and Machinery
• Electrical Installation
• Air Conditioner
• Furniture and Fixture
• Computer
• Office Equipment’s
• Vehicles
• Residential Flats

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 judgment 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 exist 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.60.21
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KRN
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.