MIRA INFORM REPORT

Report Date :

15.10.2014

IDENTIFICATION DETAILS

Name :	AMBICA FABRICS PRIVATE LIMITED
Registered Office :	329 / 331, Badamwadi, 2^nd floor, Kalbadevi Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.11.1990
Com. Reg. No.:	11-058927
Capital Investment / Paid-up Capital :	Rs. 17.750 Millions
CIN No.: [Company Identification No.]	U17100MH1990PTC058927
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Grey cloth, Shirting and Suiting
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. 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 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 – 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.

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. Ramakanth
Designation :	Manager
Contact No.:	91-9974144385
Date :	14.10.2014

LOCATIONS

Registered Office :	329 / 331, Badamwadi, 2^nd floor, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-260-2563223
Mobile No.:	91-9974144385 (Mr. Ramakanth)
Fax No.:	Not Available
E-Mail :	amcfab@yahoo.com
Website :	http://www.indiamart.com
Factory :	Plot No. 1954, G.I.D.C. Umargam – 396171, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Praveen Hastimalji Shah

Designation :

Director

Address :

410, Bawla Wadi, 86D Parasi Bhawan, Flat No. 3, Ground Floor, Dr. B.A., Road, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

20.04.1962

Date of Appointment :

09.11.1990

DIN No. :

00243618

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	U17100MH1990PTC058927	AMBICA FABRICS PRIVATE LIMITED	Director	09/11/1990	09/11/1990	-	Active	NO
2	L36939DN1989PLC000377	NISSAN COPPER LIMITED	Director	09/05/2006	09/05/2006	-	Active	NO

Name :

Mr. Shailesh Hastimalji Shah

Designation :

Director

Address :

410, Bawla Wadi, 86D Parasi Bhawan, Flat No. 3, Ground Floor, Dr. B.A., Road, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

28.031971

Date of Appointment :

05.01.1991

DIN No. :

00974422

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	U17100MH1990PTC058927	AMBICA FABRICS PRIVATE LIMITED	Director	05/01/1991	05/01/1991	-	Active	NO
2	L36939DN1989PLC000377	NISSAN COPPER LIMITED	Director	08/09/2008	16/11/2006	-	Active	NO

Name :

Mr. Sanjay Hastimal Shah

Designation :

Director

Address :

410, Bawla Wadi, 86D Parasi Bhawan, Flat No. 3, Ground Floor, Dr. B.A., Road, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

02.07.1967

Date of Appointment :

05.01.1991

DIN No. :

02756682

Name :

Mr. Bharat Hastimal Shah

Designation :

Director

Address :

410, Bawla Wadi, 86D Parasi Bhawan, Flat No. 3, Ground Floor, Dr. B.A., Road, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

14.06.1963

Date of Appointment :

05.01.1991

DIN No. :

02756702

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	U17100MH1990PTC058927	AMBICA FABRICS PRIVATE LIMITED	Director	05/01/1991	05/01/1991	-	Active	NO
2	U93000GJ2012NPL070480	UMARGAM INDUSTRIES ASSOCIATION	Director	25/05/2012	25/05/2012	12/04/2014	Active	NO

Name :

Mr. Vasantiben Hastimal Shah

Designation :

Director

Address :

410, Bawla Wadi, 86D Parasi Bhawan, Flat No. 3, Ground Floor, Dr. B.A., Road, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

20.04.1962

Date of Appointment :

05.01.1991

DIN No. :

02765052

KEY EXECUTIVES

Name :	Mr. Ramakanth
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Bharat Shah	195600
Bharat Shah (HUF)	115000
Bharti Shah	77000
Kusum Shah	113000
Kiran Shah (HUF)	70000
Meena Shah	65000
Praveen Shah	169410
Praveen Shah (HUF)	128000
Pramod Bhavisker	22500
Sanjay Shah	151810
Shailesh Shah	134200
Sulochna Shah	95000
Suresh Singh	31500
Vasantiben Shah	182000
D. K. Agarwal	10000
Jignesh Shah	55000
Sanjay Shah (HUF)	80000
Shailesh Shah (HUF)	80000
Total	1775020

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Grey cloth, Shirting and Suiting
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

State bank of India, SME Backbay Reclamation Branch, Mittal Court, B Wing, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from bank (Term Loan borrowings and interest thereon are secured by equitable mortgage over immovable properties of the Co. at site together with structures present and future and are also secured by hypothecation of all movable assets except 800k Debts and subject to prior charges in favour Co's Bankers on the stock of Raw Materials goods in process Semi-Finished and Finished Goods Stores or Spare Parts not related to plant and machinery to secure borrowings for working Capital Requirements.)	0.000	2.802
SHORT TERM BORROWINGS
From Banks Cash and Credit (Working capital borrowing are secured by way of hypothecation of inventory and Book Debts and pesonal gurantee of the directors.)	51.659	43.810
Bank Over Draft	0.043	0.950
Total	51.702	47.562

Banking Relations :	--
Auditors :
Name :	A.P. Sanzgiri and Company Chartered Accountants
Address :	Plot No. 21, House No. 167, Anand Nagar lane, Behind Vakola Police Station, Santacruz (East), Mumbai – 400055, India
Tel. No.:	91-22-66899900
Fax No.:	91-22-66899910
E-Mail :	contact@ca-aps.com apsanzgiri@vsnl.com
PAN No.:	AADFA5503F
Related Parties:	Aarti Textile Industries Ambica Textile Industries S.M. Enterprises Jainish Textile Blaji Plastic Ambica Weaving Industries

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2150000	Equity Shares	Rs.10/- each	Rs.21.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1775020	Equity Shares	Rs.10/- each	Rs. 17.750Millions

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	17.750	17.750	17.750
(b) Reserves & Surplus	95.808	91.818	82.045
(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)	113.558	109.568	99.795
(3) Non-Current Liabilities
(a) long-term borrowings	71.843	92.813	73.475
(b) Deferred tax liabilities (Net)	12.089	11.692	11.810
(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)	83.932	104.505	85.285
(4) Current Liabilities
(a) Short term borrowings	51.703	44.760	54.938
(b) Trade payables	52.624	44.745	61.463
(c) Other current liabilities	9.945	22.129	26.342
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	114.272	111.634	142.743
TOTAL	311.762	325.707	327.823
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	110.905	123.092	135.554
(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	0.110	0.110	0.110
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	111.015	123.202	135.664
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.013	18.109	20.218
(c) Trade receivables	72.980	72.123	87.481
(d) Cash and cash equivalents	1.361	6.962	1.435
(e) Short-term loans and advances	105.393	105.311	83.025
(f) Other current assets
Total Current Assets	200.747	202.505	192.159
TOTAL	311.762	325.707	327.823

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL	544.367	525.965	530.607
Less	EXPENSES
	TOTAL	523.794	503.465	508.107
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	20.573	22.500	22.500
Less/ Add	DEPRECIATION/ AMORTISATION	14.587	14.371	14.371
	PROFIT/ (LOSS) BEFORE TAX	5.986	8.129	8.129
Less	TAX	1.997	1.482	1.482
	PROFIT/ (LOSS) AFTER TAX	3.989	6.647	6.647
	Earnings / (Loss) Per Share (Rs.)	2.25	3.74	3.74

Particulars	31.03.2014
Sales Turnover (Approximately)	550.000

The above information has been parted by Mr. Ramakanth (Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.73	1.26	1.25
Net Profit Margin (PBT/Sales)	(%)	1.10	1.55	1.53
Return on Total Assets (PBT/Total Assets}	(%)	1.92	2.50	2.48
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.08
Debt Equity Ratio (Total Debt /Networth)		1.09	1.26	1.29
Current Ratio (Current Asset/Current Liability)		1.76	1.81	1.35

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	17.750	17.750	17.750
Reserves & Surplus	82.045	91.818	95.808
Net worth	99.795	109.568	113.558
long-term borrowings	73.475	92.813	71.843
Short term borrowings	54.938	44.760	51.703
Total borrowings	128.413	137.573	123.546
Debt/Equity ratio	1.287	1.256	1.088

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	530.607	525.965	544.367
		(0.875)	3.499

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	530.607	525.965	544.367
Profit	6.647	6.647	3.989
	1.25%	1.26%	0.73%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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

Note:

The Registered address of the company has been shifted 24A, Sutchanand Chawl, 4^th Floor, Room No. 49, CP Tank, Khattar Galli, Bombay – 4 Mumbai – 400004, Maharashtra, India to The present address but the same has not been in the government registry

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90350119	17/03/2011 *	93,900,000.00	STATE BANK OF INDIA	SME BACKBAY RECLAMATION BRANCH, MITTAL COURT, B W  ING, NARIMAN POINT, MUMBAI, Maharashtra - 400021,  INDIA	B09447608
2	90365146	06/03/1996 *	1,500,000.00	DEVELOPMENT CREDIT BANK LTD.	MOHAMMADALI ROAD BRANCH, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from others (Repayable in three years and rate of Interest is 14%)	5.590	9.184
From Related Party	66.254	80.827
Total	71.844	90.011

FIXED ASSETS

• Land
• Factory Building
• Office Building
• Plant and machinery
• Furniture
• Scooter and Motorcar
• Equipments
• Computer
• Electrical Installation

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.70
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.68

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.