MIRA INFORM REPORT

Report Date :

15.10.2014

IDENTIFICATION DETAILS

Name :	INDIAN TEXTILE ENGINEERS PRIVATE LIMITED
Registered Office :	1^st Floor, Shed No. 65/8/P, Opposite B.O.B., F Road, Phase -1, GIDC Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.06.2011
Com. Reg. No.:	04-065848
Capital Investment / Paid-up Capital :	Rs.16.000 Millions
CIN No.: [Company Identification No.]	U29100GJ2011PTC065848
Legal Form :	Private Limited Liability Company
Line of Business :	To Carry on the business of Manufacturers, traders, importers, exporters, installers, dealers in automatic and semi-automatic machines, flat bed screen machines, textile printing machines etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 64000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Even though the company was incorporated on 10^th June 2011, it has commenced its business operations during financial year 2012-13. It is having a moderate track record. Mr. Atul Vora, accounts executive has denied to disclose any information to us. As per available financial record of 2013, the rating is constrained on account of company’s limited track record of business operations and low reserves of the company. However, the company has achieved decent sales turnover in its first year of business operations. Trade relations are improving. Business is active. Payments are reported to be slow but correct. The company can be considering for business dealing with some 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.

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 DENIED BY

Name :	Mr. Atul Vora
Designation :	Accounts Manager
Contact No.:	91-79-25830192
Date :	14.10.2014

LOCATIONS

Registered Office :	1^st Floor, Shed No. 65/8/P, Opposite B.O.B., F Road, Phase -1, GIDC Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25830192
Fax No.:	Not available
E-Mail :	cabohras@yahoo.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Nikibhai Narendrabhai Thakore

Designation :

Director

Address :

18/394, Plot No. – 6, Sector – 4, Satyagrah Chavni Company Housing Society Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

23.09.1960

Date of Appointment :

10.06.2011

DIN No. :

01523158

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	U29259GJ1980PTC003828	INTEX MACHINERY PRIVATE LIMITED	Director	09/12/1985	09/12/1985	-	Active	YES
2	U29100GJ2011PTC065848	INDIAN TEXTILE ENGINEERS PRIVATE LIMITED	Director	10/06/2011	10/06/2011	-	Active	NO

Name :

Mr. Pritiben Nikibhai Thakore

Designation :

Director

Address :

394, Lane No. 18, Satyagrah Chavni, Near Bhavnirjar Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

22.01.1965

Date of Appointment :

10.06.2011

DIN No. :

03131351

Name :

Mr. Sagarbhai Narendrabhai Thakore

Designation :

Director

Address :

111 Bluff lane, Lafayette, Los Angeles, Los Angeles, America - 70508

Date of Birth/Age :

23.09.1955

Date of Appointment :

26.11.2012

DIN No. :

06441536

Name :

Mr. Ishan Niki Thakore

Designation :

Director

Address :

394 lane -18-satyagra, chavni, satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

03.12.1987

Date of Appointment :

20.12.2012

DIN No. :

06461822

KEY EXECUTIVES

Name :	Mr. Atul Vora
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Nikibhai Thakore	997500
Pritiben Thakore	2500
Indian Textile Engineers	600000
Total	1600000

As on30.09.2013

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 :

To Carry on the business of Manufacturers, traders, importers, exporters, installers, dealers in automatic and semi-automatic machines, flat bed screen machines, textile printing machines etc.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Bank of India, Ahmedabad Main Branch, Mezzanine Floor, bank of India, Building, Bhadra, Ahmedabad – 380001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Bank of India term Loan	6.302	1.999
SHORT TERM BORROWINGS
Bank of India CC	13.061	29.900
Total	19.363	31.899

Banking Relations :	--
Auditors :
Name :	Parikh and Vimawala Chartered Accountants
Address :	216, Pushpam Complex Opposite, Seema Hall, 100 ft Ring Road, Setellite, Ahmedabad – 380015, Gujarat, India
PAN No.:	ALMPV9042Q

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs. 16.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.000	16.000
(b) Reserves & Surplus	0.071	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.071	16.000
(3) Non-Current Liabilities
(a) long-term borrowings	38.401	4.707
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	38.401	4.707
(4) Current Liabilities
(a) Short term borrowings	13.061	29.900
(b) Trade payables	43.361	1.068
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.303	0.000
Total Current Liabilities (4)	56.725	30.968
TOTAL	111.197	51.675
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.637	5.120
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	13.637	5.120
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	40.884	1.578
(c) Trade receivables	47.433	0.000
(d) Cash and cash equivalents	0.102	32.146
(e) Short-term loans and advances	9.035	11.599
(f) Other current assets	0.106	1.232
Total Current Assets	97.560	46.555
TOTAL	111.197	51.675

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	59.152	0.000
	Other Income	0.000	0.000
	TOTAL	59.152	0.000
Less	EXPENSES
	TOTAL	58.306	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.846	0.000
Less/ Add	DEPRECIATION/ AMORTISATION	0.744	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.102	0.000
Less	TAX	0.032	0.000
	PROFIT/ (LOSS) AFTER TAX	0.070	0.000
	Balance Carried to the B/S	0.070	0.000
	Earnings / (Loss) Per Share (Rs.)	0.04	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.12	NA
Net Profit Margin (PBT/Sales)	(%)	0.17	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.09	0.00
Return on Investment (ROI) (PBT/Networth)		0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		3.20	2.16
Current Ratio (Current Asset/Current Liability)		1.72	1.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.000	16.000
Reserves & Surplus	0.000	0.071
Net worth	16.000	16.071
long-term borrowings	4.707	38.401
Short term borrowings	29.900	13.061
Total borrowings	34.607	51.462
Debt/Equity ratio	2.163	3.202

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	59.152

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	59.152
Profit	0.000	0.070
		0.12%

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	----------------------
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 two 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	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

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10352410	27/03/2012	46,750,000.00	BANK OF INDIA	AHMEDABAD MAIN BRANCH MEZZANINE FLOOR, BANK OF INDIA BUILDING BHADRA, AHMEDABAD, Gujarat - 380001,  INDIA	B38461414
2	10352409	24/03/2012	46,750,000.00	BANK OF INDIA	AHMEDABAD MAIN BRANCH MEZZANINE FLOOR, BANK OF INDIA BUILDING BHADRA, AHMEDABAD, Gujarat - 380001,  INDIA	B38461240

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Ashwarya Prints and Dyes	24.758	0.000
Nikibhai Thakore	7.081	1.958
Indian Textile Engineers	0.160	0.750
Paramount Suncot private Limited	0.100	0.000
Total	32.099	2.708

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and fixture
• Vehicle
• Office Equipment

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. 61.10
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.68

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		26

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.