MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	VINITA SYNTHETIC INDUSTRIES PRIVATE LIMITED
Registered Office :	Gala No. 10 Ground Floor Casmos Platinum Gokhale Road Dadar (W), Mumbai-400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.09.1988
Com. Reg. No.:	11-048751
Capital Investment / Paid-up Capital :	Rs. 6.071 Millions
CIN No.: [Company Identification No.]	U17100MH1988PTC048751
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Readymade Garments
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 8000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses a moderate financial profile marked by modest networth base, mitigated by minimal equity infusion; along with leveraged capital structure partially on account of working capital intensive operations. Management has witnessed a moderate operating revenue as well as net profitability during FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of limited scale of business operations albeit extensive experience of the promoters; the company can be considered for business dealings with caution.

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	CRISIL
Rating	Long term rating BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	August 28, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ankur Gadia
Designation :	Director
Contact No.:	91-9820098314
Date :	20.11.2014

LOCATIONS

Registered Office :	Gala No. 10 Ground Floor Casmos Platinum Gokhale Road Dadar (W), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-24389600
Mobile No.:	91-9820098314 (Mr. Ankur)
Fax No.:	Not Available
E-Mail :	ankur@krixjeans.com
Area :	1600 Sq. Ft.
Location :	Owned
Factory 1 :	N 93 MIDC Boisar, Tarapur, India
Area :	20000 Sq. Ft
Location :	Leased
Factory 2 :	Plot no. J241, MIDC, Boisar, Tarapur, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Vishwambhardayal P. Gadia

Designation :

Director

Address :

18, Shyam Sadan, J B Nagar, Andheri (E), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

17.12.1948

Date of Appointment :

07.09.1988

DIN No.:

00446285

Name :

Mr. Ankur V. Gadia

Designation :

Director

Address :

18, Shyam Sadan, J B Nagar, Andheri (E), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

07.01.1979

Date of Appointment :

24.09.2013

DIN No.:

00446351

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	U17100MH1988PTC048751	VINITA SYNTHETIC INDUSTRIES PVT LTD	Director	24/09/2013	27/09/2002	-	Active	NO

Name :

Mr. Rajendraprasad B. Gadia

Designation :

Director

Address :

Radhika Building, 96, J. B. Nagar, Andheri (E), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

16.08.1945

Date of Appointment :

07.09.1988

DIN No.:

00446419

Name :

Mrs. Ritu A. Gadia

Designation :

Director

Address :

18, Shyam Sadan, J B Nagar, Andheri (E), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

05.11.1981

Date of Appointment :

01.10.2009

DIN No.:

02816888

Name :

Mrs. Sitadevi V. Gadia

Designation :

Director

Address :

18, Shyam Sadan, J B Nagar, Andheri (E), Mumbai-400059, Maharashtra, India

Date of Birth/Age :

21.10.1950

Date of Appointment :

24.09.2013

DIN No.:

06483608

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	U17100MH1988PTC048751	VINITA SYNTHETIC INDUSTRIES PVT LTD	Director	24/09/2013	01/01/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr. Vishwambhardayal P. Gadia	225040
Mr. Rajendraprasad B. Gadia	500
Mr. Ankur V. Gadia	8300
Mrs. Sitadevi V. Gadia	92500
Smt. Vinita M. Modi	1000
Smt. Laxmidevi A. Gadia	500
Smt. Shardadevi Gadia	500
Shree Parkash	10
Smt. Premilata	10
Mr. Ritu A. Gadia	204000
Mrs. Sweta A. Gadia	10
Shri. V. D. Gadia HUF	10
Total	607100

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.83
Others	0.17
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of readymade garments
Exports :
Products :	Readymade Garments
Countries :	Gulf countries
Imports :
Products :	Accessories
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers and Retailers

No. of Employees :

250 (Approximately)

Bankers :

Bank of Baroda, Zaveri Bazar, Mumbai-4000002, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loan from bank	7.892	8.333
SIDBI Loan (under GEM’s)	6.812	6.750
Short Term Borrowing
Term loan from bank	0.000	2.817
Working capital loans from banks	40.552	40.534
Total	55.256	58.434

Auditors :
Name :	Rajesh Balsara and Associates Chartered Accountant
Address :	12/13 Frank ‘D’ Mello Chawl J.B. M Road, Amboli, Andheri (W), Mumabi-400058, Maharashtra. India
PAN No.:	AAAPB7549K

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
607100	Equity Shares	Rs.10/- each	Rs. 6.071 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.071	3.071	3.071
(b) Reserves & Surplus	22.071	19.648	17.187
(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)	28.142	22.719	20.258
(3) Non-Current Liabilities
(a) long-term borrowings	22.703	24.851	10.603
(b) Deferred tax liabilities (Net)	1.816	1.863	1.755
(c) Other long term liabilities	3.578	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	28.097	26.714	12.358
(4) Current Liabilities
(a) Short term borrowings	40.552	44.211	29.938
(b) Trade payables	32.973	27.181	51.416
(c) Other current liabilities	13.022	13.633	6.100
(d) Short-term provisions	2.640	0.821	1.844
Total Current Liabilities (4)	89.187	85.846	89.298
TOTAL	145.426	135.279	121.914
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.890	36.690	26.726
(ii) Intangible Assets	0.146	0.096	0.000
(iii) Capital work-in-progress	2.177	0.807	0.030
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.336	0.337	0.331
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.256	4.179	3.997
(e) Other Non-current assets	0.095	0.061	0.027
Total Non-Current Assets	41.900	42.170	31.111
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.469	50.232	56.991
(c) Trade receivables	39.864	36.040	30.094
(d) Cash and cash equivalents	1.033	2.149	0.545
(e) Short-term loans and advances	1.583	2.566	3.173
(f) Other current assets	4.577	2.122	0.000
Total Current Assets	103.526	93.109	90.803
TOTAL	145.426	135.279	121.914

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	N.A	N.A	N.A
Less	EXPENSES
		TOTAL	N.A	N.A	N.A
	PROFIT BEFORE TAX		3.674	3.625	4.825
Less	TAX		1.251	1.164	1.526
	PROFIT AFTER TAX		2.423	2.461	3.299
	Earnings Per Share (Rs.)		3.99	---	----

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.57	2.70	3.97
Return on Investment (ROI) (PBT/Networth)		0.13	0.16	0.24
Debt Equity Ratio (Total Debt /Networth)		2.25	3.04	2.00
Current Ratio (Current Asset/Current Liability)		1.16	1.08	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.071	3.071	6.071
Reserves & Surplus	17.187	19.648	22.071
Net worth	20.258	22.719	28.142
long-term borrowings	10.603	24.851	22.703
Short term borrowings	29.938	44.211	40.552
Total borrowings	40.541	69.062	63.255
Debt/Equity ratio	2.001	3.040	2.248

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	Yes
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 three years	No
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	Yes

UNSECURED LOAN

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans from director	3.276	6.521
Loans from related and shareholders	4.723	3.248
Short Term Borrowing
Loans from related and shareholders	0.000	0.859
Total	7.999	10.628

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10391197	11/12/2012	6,750,000.00	SIDBI INDUSTRIES DEVELOPMENT BANK OF INDIA	Samruddhi Venture Park, Upper Ground Floor,, MIDC  Road, Marol, Andheri (East),, MUMBAI, Maharashtra  - 400093, INDIA	B63831812
2	10337162	24/01/2012	12,500,000.00	Bank of Baroda	Zaveri Bazar Branch, Trishla Building,, 122, Shei  kh Memon Street, Zaveri Bazar,, Mumbai, Maharashtra - 400002, INDIA	B32760092
3	90223547	03/06/2004	1,250,000.00	BANK OF BARODA	ZAVERI BAZAR BRANCH, TRISHUL BUILDING, MUMBAI, Ma  harashtra - 400002, INDIA	-
4	90223456	06/06/2003	4,557,000.00	BANK OF BARODA	ZAVERI BAZAR BRANCH, TRISHUL BUILDING, MUMBAI, Ma  harashtra - 400002, INDIA	-
5	90223311	06/06/2003 *	1,500,000.00	BANK OF BARODA	ZAVERI BAZAR BRANCH, TRISHUL BUILDING, MUMBAI, Maharashtra - 400002, INDIA	-
6	80026874	12/03/2014 *	50,694,000.00	Bank of Baroda	Zaveri Bazar, MUMBAI, Maharashtra - 400002, INDIA	C00686469
7	90221994	24/01/2012 *	45,332,000.00	Bank of Baroda	Zaveri Bazar Branch, Trishla Building,, 122, Shei  kh Memon Street, Zaveri Bazar,, Mumbai, Maharashtr  a - 400002, INDIA	B32866519
8	90243104	16/12/2005 *	3,850,000.00	BANK OF BARODA	ZAVERI BAZAR BRANCH, MUMBAI, Maharashtra - 400002,  INDIA	-
9	90221696	04/01/1990	3,320,000.00	BANK OF BARODA	ZAVERI BAZAR BRANCH, TRISHUL BUILDING, MUMBAI, Maharashtra - 400002, INDIA	-

* 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 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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.