MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	MIRACLE CLOTHING PRIVATE LIMITED
Registered Office :	4087/88, B Wing, Oberoi Garden Estate, Chandivali Farm Road Off.: Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.10.2004
Com. Reg. No.:	11-149205
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U18101MH2004PTC149205
TAN No.: [Tax Deduction & Collection Account No.]	MUMM25372E
PAN No.: [Permanent Account No.]	AAECM0471E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Shirts, Shorts and Dresses.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 25000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

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.

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 :	Mr. Ravi
Designation :	Admin Department
Contact No.:	91-22-28471722
Date :	17.05.2014

LOCATIONS

Registered Office :	4087/88, B Wing, Oberoi Garden Estate, Chandivali Farm Road Off.: Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28471722/ 28471720/ 26839090
M0obile No.:	91-9322669540 (Mr. Siddharth Chaudhary)
Fax No.:	91-22-28471724
E-Mail :	ymdesaiandco@gmail.com admin@miracle-clothing.com siddharth@miracle-clothing.com
Website :	http://www.miracle-clothing.com
Location :	Owned
Locality :	Commercial
Factory :	Kherani Road, Sakinaka, Andheri (East), Mumbai, Maharashtra, India

DIRECTORS

(AS ON 23.09.2013)

Name :

Mr. Siddharth Rampal Chaudhary

Designation :

Director

Address :

704/705, Panchritu, Panchshrishti Complex, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

09.04.1965

Date of Appointment :

21.10.2004

DIN No.:

00927950

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	Company/ LLP Status	Defaulting status
1	U18101MH2004PTC149205	MIRACLE CLOTHING PRIVATE LIMITED	Director	21/10/2004	21/10/2004	Active	NO
2	AAB-9782	TEAM ICON GLOBAL EXPORTS LLP	Designated Partner	03/01/2014	03/01/2014	Active	NO

Name :

Mrs. Jyoti Siddharth Chaudhary

Designation :

Director

Address :

704/705, Panchritu, Panchshrishti Complex, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

15.04.1968

Date of Appointment :

21.10.2004

DIN No.:

02475102

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 23.09.2013)

Name of Shareholders	No of Shares	Percentage
Siddharth Rampal Chaudhary	1025000	85.42
Jyoti Siddharth Chaudhary	175000	14.58
Total	1200000	100.00

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Shirts, Shorts and Dresses.
Exports :
Products :	Finished Goods
Countries :	France
Imports :
Products :	Fabrics
Countries :	· Hong Kong · China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

35 (Approximately)

Bankers :

· The Saraswat Co-Operative Bank Limited

SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

· ICICI Bank Limited

· Indian Overseas Bank

· Indian Bank

· State Bank of India

· Bank of India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
From Banks
a) BMW Car Saraswat Bank Loan (Against hypothecation of BMW Car)	0.918	1.272
From Others
a) Loans and advances from related parties Mr. Siddharth Chaudhary - Director	5.575	5.896
b) Other loans and advances Mr. Mukesh Bhargava	0.200	0.200
Short Term Borrowings
From Banks a) Export Packing Credit from Saraswat Bank	3.929	10.763
b) Advance Against Bill (Bill Discounting) from Saraswat Bank	0.000	1.086
All the above loans are secured by :- Primary Security- (Against hypothecation of Stock in hand and Sundry Debtors) Collataral Security- (Against mortgage of Gala No.4087/88, B Wing, 4th Floor, Oberoi Garden Estate, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai – 400072)
Total	10.622	19.217
NOTE: The company has purchased BMW Car in the name of the Director in FY 11-12 and was used for the purpose of the company, for which the company has taken loan from the Saraswat Bank and the dues payable in next 12 months are presented under "Current Maturities of Long Term Debts". The tenure of loan is 5 (five) years.

Banking Relations :	--
Auditors :
Name :	Y M Desai and Company Chartered Accountants
Address :	Office 93, Building No.4, Nityanand Nagar, Vibhag 4, Swami Nityanand Marg, Andheri (East), Mumbai – 400069, Maharashtra, India
PAN No.:	AABPD7677H

CAPITAL STRUCTURE

(AS ON 23.09.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs.12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs.12.000 Millions

(AS ON 31.03.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 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	1.000	1.000	0.800
(b) Reserves & Surplus	5.198	4.327	3.020
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.480
Total Shareholders’ Funds (1)+(2)	6.198	5.327	4.300
(3) Non-Current Liabilities
(a) long-term borrowings	6.693	7.368	4.596
(b) Deferred tax liabilities (Net)	0.032	0.026	0.000
(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)	6.725	7.394	4.596
(4) Current Liabilities
(a) Short term borrowings	3.929	11.849	21.924
(b) Trade payables	4.731	7.316	4.076
(c) Other current liabilities	0.705	0.941	0.975
(d) Short-term provisions	0.073	0.067	0.087
Total Current Liabilities (4)	9.438	20.173	27.062
TOTAL	22.361	32.894	35.958
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.544	4.119	0.991
(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	1.261	1.261	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.019
(d) Long-term Loan and Advances	0.403	0.589	0.670
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.208	5.969	1.705
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.502	16.042	20.286
(c) Trade receivables	1.055	4.585	11.772
(d) Cash and cash equivalents	1.168	0.000	0.000
(e) Short-term loans and advances	2.428	6.298	2.195
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	17.153	26.925	34.253
TOTAL	22.361	32.894	35.958

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	144.325	NA
Less	EXPENSES
		TOTAL	NA	142.313	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1.888	2.012	1.582
Less/ Add	DEPRECIATION/ AMORTISATION		0.607	0.519	0.193
	PROFIT/(LOSS) BEFORE TAX		1.281	1.493	1.389
Less	TAX		0.410	0.462	0.378
	PROFIT/(LOSS) AFTER TAX		0.871	1.031	1.011
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.047	3.020	2.009
Less	APPROPRIATIONS		--	(0.004)	--
	BALANCE CARRIED TO THE B/S		4.918	4.047	3.020
	Earnings Per Share (Rs.)		8.71	10.31	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	0.71	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.07	4.72	3.87
Return on Investment (ROI) (PBT/Networth)		0.21	0.28	0.32
Debt Equity Ratio (Total Debt/Networth)		1.71	3.61	6.17
Current Ratio (Current Asset/Current Liability)		1.82	1.33	1.27

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.800	1.000	1.000
Reserves & Surplus	3.020	4.327	5.198
Share Application money pending allotment	0.480	0.000	0.000
Net worth	4.300	5.327	6.198
long-term borrowings	4.596	7.368	6.693
Short term borrowings	21.924	11.849	3.929
Total borrowings	26.520	19.217	10.622
Debt/Equity ratio	6.167	3.607	1.714

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 one 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	Yes
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	No

BACKGROUND

The Company was incorporated on 21 October, 2004, this being the 8^th year of business of Company. The company is in carrying on the business of exports and imports of textiles products and accessories, to manufacture and deal in textiles, to market in India all kinds of textiles products, to trade in textiles items and textiles related products, to undertake business of processing, dyeing and bleaching grey and all kinds of clothes, to undertake business of texturing and / or twisting, to undertake business of manufacturing, trading and/or processing of unfinished grey clothes, terry towels, bed-sheets, to undertake business of manufacturing all sorts of readymade garments, to buy, sell, export and / or import readymade garments.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10324172	09/12/2011	5,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg. Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, India	B28230290
2	10324174	09/12/2011	5,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg. Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, India	B28230696
3	10305467	27/08/2011	4,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg. Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, India	B20165064
4	10256798	09/12/2010	4,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg. Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, India	B01407832
5	10230569	28/06/2010	2,318,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg. Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, India	A89761654
6	10044663	05/12/2011 *	23,700,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg. Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, India	B27759703
7	90387669	08/07/2005 *	9,500,000.00	UCO BANK	159 Churchgate Reclamation, Mumbai, Maharashtra, India	-
8	90376282	20/10/1998	4,000,000.00	ANDHRA BANK	Basheer Bagh, Hyderabad, Andhra Pradesh, India	-

* Date of charge modification

FIXED ASSETS:

· Computer

· Laptop

· Printer Cum Xerox Machine

· Furniture and Fixtures

· EPABX System

· Plant and Machinery

· Air Conditioner

· Motor Car

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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.79

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.