MIRA INFORM REPORT

Report Date :

13.11.2014

IDENTIFICATION DETAILS

Name :	TEAM INTERVENTURE EXPORTS (INDIA) PRIVATE LIMITED
Registered Office :	Banu Mansion, 1st Floor, 16 Nadirsha Sukhia Street Off. Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.09.1990
Com. Reg. No.:	11-058290
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U51900MH1990PTC058290
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB2547E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Fabric and Cotton Yarns
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 940000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits=A4
Rating Explanation	Minimal degree of safety and very high credit risks.
Date	October 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 DENIED BY

Name :	Ms. Mamata
Designation :	Office Executive
Contact No.:	91-22-40622999
Date :	11.11.2014

LOCATIONS

Registered Office :	Banu Mansion, 1st Floor, 16 Nadirsha Sukhia Street Off. Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22045676
Fax No.:	91-22-22853530
E-Mail :	ritesh3015@gmail.com corporate@interaventure.com

DIRECTORS

As on 22.09.2012

Name :	Mr. Sureshkumar Umadatta Agarwal
Designation :	Director
Address :	C-3, Sunita Copri Colony, Near Mangala High School, Thane (East), Thane – 400603, Maharashtra, India
Date of Birth/Age :	04.06.1953
Date of Appointment :	06.02.2009
DIN No.:	01841964
Name :	Mr. Vinod Kumar Umadutta Agarwal
Designation :	Director
Address :	C-3, Sunita Copri Colony, Near Mangala High School, Thane (East), Thane – 400603, Maharashtra, India
Date of Birth/Age :	15.03.1963
Date of Appointment :	01.07.2010
DIN No.:	01826492
Name :	Mr. Mahendrakumar Umadatta Agarwal
Designation :	Director
Address :	2/3 182 Kannamvar Nagar Vikhroli Est Thane – 400083, Maharashtra, India
Date of Birth/Age :	02.02.1950
Date of Appointment :	01.07.2010
DIN No.:	03223566

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 22.09.2012

Names of Shareholders	No. of Shares	Percentage
Sureshkumar Umadatta Agarwal	3000000	60.00
Vinod Kumar Umadutta Agarwal	1250000	25.00
Mahendrakumar Umadatta Agarwal	750000	15.00
Total	5000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Fabric and Cotton Yarns

Products :

Category	ITC Code
Garments Industry	6207

Brand Names :

Not available

Agencies Held :

Not available

Exports :

Not available

Imports :

Not available

Terms :

Selling :

Not available

Purchasing :

Not available

GENERAL INFORMATION

Suppliers :

Not available

Customers :

Not available

No. of Employees :

Not Divulged

Bankers :

• Dena Bank, Overseas Branch, 17 - B, Horniman Circle, Dena Bank Building, Fort, Mumbai - 400023, Maharashtra, India
• Bank Of Baroda, Colaba Branch, Esperenca Building, Shahid Bhagat Singh Road, Colaba,, Mumbai - 400001, Maharashtra, India
• Indusind Bank Limited, Ground Floor, Maker Chambers Iv, Nariman Point,, Mumbai - 400021, Maharashtra, India
• Indian Bank, Mumbai Fort Branch,United India Building, Sir P M Road,Fort, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Borrowing from foreign companies (Foreign Bills Purchase (Against Hypothecation of Export Bills Receivables Backed by ECGC Cover))	842.018	633.968
Total	842.018	633.968

Banking Relations :	--
Auditors :
Name :	G.R. Shetty and Company Chartered Accountants
Address :	B 5, Sai Prasad, Telly Gally Cross Road, Andheri (East), Mumbai – 400069, Maharashtra, India
PAN.:	AAJPS0771M
Tal:	91-22-26844278
Memberships :	Not available
Collaborators :	Not available
Associates/Subsidiaries :	Not available
Sister Concern :	Not available

CAPITAL STRUCTURE

As on 30.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000
(b) Reserves & Surplus	279.047	236.988
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	40.000	0.000
Total Shareholders’ Funds (1) + (2)	369.047	286.988
(3) Non-Current Liabilities
(a) long-term borrowings	343.173	248.904
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	6.423	4.874
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	349.596	253.778
(4) Current Liabilities
(a) Short term borrowings	842.018	633.968
(b) Trade payables	312.282	539.741
(c) Other current liabilities	1.933	8.407
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1156.233	1182.116
TOTAL	1874.876	1722.882
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.740	2.611
(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	17.400	16.900
(c) Deferred tax assets (net)	0.078	0.033
(d) Long-term Loan and Advances	0.482	0.482
(e) Other Non-current assets	0.282	0.376
Total Non-Current Assets	35.982	20.402
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	23.7870	19.124
(c) Trade receivables	1561.26	1479.286
(d) Cash and cash equivalents	196.126	158.782
(e) Short-term loans and advances	57.721	45.288
(f) Other current assets	0.000	0.000
Total Current Assets	1838.894	1702.480
TOTAL	1874.876	1722.882

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.633)
NETWORTH		(0.533)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.517
TOTAL BORROWING		0.517
DEFERRED TAX LIABILITIES		0.000
TOTAL		(0.016)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.002
	Other Current Assets	0.000
	Loans & Advances	0.027
Total Current Assets		0.029
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.030
	Provisions	0.015
Total Current Liabilities		0.045
Net Current Assets		(0.016)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(0.016)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
		TOTAL INCOME (A)	5260.423	4002.677	NA
Less	TOTAL EXPENSES
		TOTAL (B)	5227.540	3942.984	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		“(Including Financial and Depreciation Expenses)	54.873	(0.017)
Less	FINANCIAL EXPENSES (D)			25.318	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			29.555	(0.017)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.437	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		32.883	29.118	(0.017)
Less	TAX (H)		6.377	4.820	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		26.506	24.298	(0.017)
	Earnings / (LOSS) Per Share (Rs.)		5.30	4.86	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.77	1.71	(58.62)
Return on Investment (ROI) (PBT/Networth)		0.09	0.10	0.03
Debt Equity Ratio (Total Debt /Networth)		3.21	3.08	(0.97)
Current Ratio (Current Asset/Current Liability)		1.59	1.44	0.64

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Total Income	4002.677	5260.423
		31.423

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	4002.677	5260.423
Profit	24.298	26.506
	0.61%	0.50%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	--
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	No
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

Note:

The registered office of the company has been shifted from 164, Atlanta, Nariman Point Mumbai – 400021, Maharashtra, India to present address w.e.f. 21.06.2009

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Interoperate borrowings	343.173	248.904
Total	343.173	248.904

FIXED ASSETS

• Building
• Plant and equipment
• Factory Equipments
• Computer Equipments
• Computer Equipments
• Other Equipments
• Furniture Fixtures
• Vehicles

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10420246	13/02/2014 *	145,000,000.00	UCO BANK	359 D N ROAD, FORT, MUMBAI, MAHARASHTRA -400001, INDIA	C00829812
2	10336783	06/04/2013 *	300,000,000.00	INDIAN BANK	MUMBAI FORT BRANCH,UNITED INDIA BUILDING, SIR P M ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B73410581
3	10264020	11/01/2011	60,000,000.00	INDUSIND BANK LTD.	GROUND FLOOR, MAKER CHAMBERS IV,, NARIMAN POINT,,  MUMBAI, MAHARASHTRA - 400021, INDIA	B04080362
4	10257317	03/11/2010	250,000,000.00	BANK OF BARODA	COLABA BRANCH, ESPERENCA BLDG.,, SHAHID BHAGAT SINGH ROAD, COLABA,, MUMBAI, MAHARASHTRA - 400001, INDIA	A99877292
5	10244814	24/02/2012 *	590,000,000.00	DENA BANK	OVERSEAS BRANCH, 17 - B, HORNIMAN CIRCLE, DENA BANK BUILDING, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B37414745
6	10244818	24/02/2012 *	590,000,000.00	DENA BANK	OVERSEAS BRANCH, 17 - B, HORNIMAN CIRCLE, DENA BANK BUILDING, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B37414679

* Date of charge modification

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 records 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 records 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.61.48
UK Pound	1	Rs.97.92
Euro	1	Rs.76.79

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	MTN

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		28

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.