MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	GOYAL FASHIONS PRIVATE LIMITED (TRANSFERRED FROM MAHARASHTRA)

Registered Office :	Goyal House, 24, Ajmer Road, Jaipur – 302006, Rajasthan

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	06.03.1981

Com. Reg. No.:	17-018803

Capital Investment / Paid-up Capital :	Rs.1.600 Millions

CIN No.: [Company Identification No.]	U18101RJ1981PTC018803

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Readymade Garments

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1830000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good 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

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. P. S. George
Designation :	Export Manager
Contact No.:	91-141-2223059
Date :	09.09.2014

LOCATIONS

Registered Office / Factory :	Goyal House, 24, Ajmer Road, Jaipur – 302006, Rajasthan, India
Tel. No.:	91-141-2223059
Fax No.:	91-141-2222192
E-Mail :	mail@goyalfashions.net rajneeshpandya@rediffmail.com
Website :	www.goyalfashions.net

DIRECTORS

As on 30.09.2013

Name :

Mr. Mukund Goyal

Designation :

Director

Address :

Avadh 303, Queens Road, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

26.09.1943

Date of Appointment :

06.03.1981

DIN No.:

00131218

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	U18101RJ1981PTC018803	GOYAL FASHIONS PVT.LTD.( TRANSFERRED FROM MAHARASHTRA)	Managing director	06/03/1981	06/03/1981	-	Active	NO
2	U74994RJ1987PTC004203	ASHISH APPARELS PVT LTD	Director	11/12/1987	11/12/1987	-	Amalgamated	NO
3	U18101RJ1989PTC005005	ANUPAM EXPORTS PRIVATE LIMITED	Director	15/06/1989	15/06/1989	-	Amalgamated	NO
4	U14102RJ1991PTC006011	MANGALSHRI GRANITES PRIVATE LIMITED	Director	29/05/1991	29/05/1991	22/10/2010	Active	NO
5	U80902RJ1991PTC006389	GOYAL MIT EDUCATION AND RESEARCH FOUNDATION PRIVATE LIMITED	Director	19/12/1991	19/12/1991	-	Active	NO
6	U45201RJ1992PTC006798	VINAYAKA COLONISERS AND DEVELOPERS PRIVATE LIMITED	Director	23/06/1992	23/06/1992	-	Active	NO
7	U45201RJ1993PTC007604	ANUKAMPA DEVELOPERS PVT. LTD	Director	30/11/1993	30/11/1993	-	Active	NO
8	U70101RJ1993PTC007555	TRIMURTI REAL ESTATES PVT. LTD	Director	30/11/1993	30/11/1993	-	Active	NO
9	U55102RJ1995PTC009818	MOHIT RESORTS PVT LTD	Director	04/04/1995	04/04/1995	-	Active	NO
10	U15209RJ1995PTC009817	MOHIT FARMS PVT LTD	Director	04/04/1995	04/04/1995	-	Active	NO
11	U67120RJ1995PTC010276	GOYAL FINCAP PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
12	U70101RJ1995PTC011151	SHIPRA COMPLEX PVT LTD	Director	29/11/1995	29/11/1995	-	Active	NO
13	U45201RJ1995PTC010293	POOJA BUILDCON PRIVATE LIMITED	Director	24/01/1996	24/01/1996	-	Active	NO
14	U45201RJ1996PTC011985	SANJAY COMPLEX PVT LTD	Director	01/05/1996	01/05/1996	-	Active	NO
15	U45201RJ1996PTC012063	GOYAL COMPLEX PVT LTD	Director	20/05/1996	20/05/1996	23/04/2012	Active	NO
16	U45201RJ1996PTC012367	MOHIT TOWERS PRIVATE LIMITED	Director	24/07/1996	24/07/1996	07/12/2013	Active	NO
17	U45201RJ1996PTC012366	RACHNA COMPLEX PRIVATE LIMITED	Director	24/07/1996	24/07/1996	-	Active	NO
18	U70101RJ1996PTC012598	MUKUND ESTATES PRIVATE LIMITED	Director	13/09/1996	13/09/1996	-	Active	NO
19	U55101RJ1987PTC004202	RACHNA CREATIONS PRIVATE LIMITED	Director	01/03/2000	01/03/2000	-	Amalgamated	NO
20	U70101RJ2000PTC016251	GOYAL RETREAT PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
21	U70101DL1985PLC020397	MANGAL SHRI ESTATES LTD	Director	01/09/2001	01/09/2001	-	Active	NO
22	U45201RJ1996PTC011664	SHIVANI ENCLAVES PVT LTD	Director	24/09/2001	24/09/2001	-	Active	NO
23	U55102RJ1993PTC007365	VRINDAVAN VATIKA PVT. LTD	Director	20/11/2003	20/11/2003	01/09/2010	Active	NO
24	U45201RJ2004PTC020077	SUDARSHAN BUILDCON PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
25	U45201RJ2005PTC020389	CITYPULSE MAINTENANCE SERVICES PRIVATE LIMITED	Director	07/03/2005	07/03/2005	-	Active	NO
26	U01122RJ2005PTC021429	MOHIT AGROTECH PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Active	NO
27	U45201RJ2005PTC020480	GOLDSTAR BUILDCON PRIVATE LIMITED	Director	30/09/2006	08/04/2006	-	Active	NO
28	U80302RJ2011NPL037480	MUKUND GOYAL EDUCATION AND RESEARCH FOUNDATION	Director	31/12/2011	31/12/2011	-	Active	NO

Name :

Mr. Sanjay Goyal

Designation :

Director

Address :

Avadh 303, Queens Road, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

02.05.1964

Date of Appointment :

01.09.1985

DIN No.:

00131167

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	U18101RJ1981PTC018803	GOYAL FASHIONS PVT.LTD.( TRANSFERRED FROM MAHARASHTRA)	Director	01/09/1985	01/09/1985	-	Active	NO
2	U74994RJ1987PTC004203	ASHISH APPARELS PVT LTD	Director	11/12/1987	11/12/1987	-	Amalgamated	NO
3	U18101RJ1989PTC005011	SHUBHAM EXPORTS PRIVATE LIMITED	Director	16/06/1989	16/06/1989	-	Amalgamated	NO
4	U70101RJ1993PTC007555	TRIMURTI REAL ESTATES PVT. LTD	Director	30/11/1993	30/11/1993	-	Active	NO
5	U45201RJ1992PTC006798	VINAYAKA COLONISERS AND DEVELOPERS PRIVATE LIMITED	Director	19/12/1994	19/12/1994	-	Active	NO
6	U15209RJ1995PTC009817	MOHIT FARMS PVT LTD	Director	04/04/1995	04/04/1995	-	Active	NO
7	U67120RJ1995PTC010276	GOYAL FINCAP PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
8	U45201RJ1995PTC010290	KOHINOOR BUILDCON PRIVATE LIMITED	Director	24/01/1996	24/01/1996	-	Active	NO
9	U45201RJ1996PTC011985	SANJAY COMPLEX PVT LTD	Director	01/05/1996	01/05/1996	-	Active	NO
10	U45201RJ1996PTC012367	MOHIT TOWERS PRIVATE LIMITED	Director	24/07/1996	24/07/1996	07/12/2013	Active	NO
11	U45201RJ1996PTC012366	RACHNA COMPLEX PRIVATE LIMITED	Director	24/07/1996	24/07/1996	-	Active	NO
12	U80902RJ1991PTC006389	GOYAL MIT EDUCATION AND RESEARCH FOUNDATION PRIVATE LIMITED	Director	27/04/1998	27/04/1998	-	Active	NO
13	U55101RJ1987PTC004202	RACHNA CREATIONS PRIVATE LIMITED	Director	01/03/2000	01/03/2000	-	Amalgamated	NO
14	U70101RJ2000PTC016251	GOYAL RETREAT PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
15	U45201RJ1996PTC011664	SHIVANI ENCLAVES PVT LTD	Director	24/09/2001	24/09/2001	-	Active	NO
16	U45201RJ2004PTC020077	SUDARSHAN BUILDCON PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
17	U45201RJ2005PTC020389	CITYPULSE MAINTENANCE SERVICES PRIVATE LIMITED	Director	07/03/2005	07/03/2005	-	Active	NO
18	U01122RJ2005PTC021429	MOHIT AGROTECH PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Active	NO
19	U45201RJ2005PTC020480	GOLDSTAR BUILDCON PRIVATE LIMITED	Director	30/09/2006	08/04/2006	-	Active	NO
20	U45201RJ1995PTC010293	POOJA BUILDCON PRIVATE LIMITED	Director	28/09/2012	14/05/2012	-	Active	NO

Name :

Mr. Ashish Goyal

Designation :

Director

Address :

Avadh 303, Queens Road, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

31.01.1970

Date of Appointment :

08.04.1991

DIN No.:

00131136

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	U18101RJ1989PTC005011	SHUBHAM EXPORTS PRIVATE LIMITED	Director	16/06/1989	16/06/1989	-	Amalgamated	NO
2	U18101RJ1981PTC018803	GOYAL FASHIONS PVT.LTD.( TRANSFERRED FROM MAHARASHTRA)	Director	08/04/1991	08/04/1991	-	Active	NO
3	U14102RJ1991PTC006011	MANGALSHRI GRANITES PRIVATE LIMITED	Director	29/05/1991	29/05/1991	22/10/2010	Active	NO
4	U80902RJ1991PTC006389	GOYAL MIT EDUCATION AND RESEARCH FOUNDATION PRIVATE LIMITED	Director	19/12/1991	19/12/1991	-	Active	NO
5	U45201RJ1993PTC007604	ANUKAMPA DEVELOPERS PVT. LTD	Director	30/11/1993	30/11/1993	-	Active	NO
6	U18101RJ1989PTC005005	ANUPAM EXPORTS PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Amalgamated	NO
7	U55102RJ1995PTC009818	MOHIT RESORTS PVT LTD	Director	04/04/1995	04/04/1995	-	Active	NO
8	U67120RJ1995PTC010276	GOYAL FINCAP PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
9	U45201RJ1992PTC006798	VINAYAKA COLONISERS AND DEVELOPERS PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO
10	U70101RJ1995PTC011151	SHIPRA COMPLEX PVT LTD	Director	29/11/1995	29/11/1995	-	Active	NO
11	U45201RJ1995PTC010290	KOHINOOR BUILDCON PRIVATE LIMITED	Director	24/01/1996	24/01/1996	-	Active	NO
12	U45201RJ1996PTC011985	SANJAY COMPLEX PVT LTD	Director	01/05/1996	01/05/1996	-	Active	NO
13	U45201RJ1996PTC012063	GOYAL COMPLEX PVT LTD	Director	20/05/1996	20/05/1996	23/04/2012	Active	NO
14	U45201RJ1996PTC012367	MOHIT TOWERS PRIVATE LIMITED	Director	20/06/1997	20/06/1997	07/12/2013	Active	NO
15	U45201RJ1996PTC012366	RACHNA COMPLEX PRIVATE LIMITED	Director	20/06/1997	20/06/1997	-	Active	NO
16	U70101RJ1996PTC012598	MUKUND ESTATES PRIVATE LIMITED	Director	05/10/1999	05/10/1999	-	Active	NO
17	U70101RJ2000PTC016251	GOYAL RETREAT PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
18	U70101DL1985PLC020397	MANGAL SHRI ESTATES LTD	Director	01/09/2001	01/09/2001	-	Active	NO
19	U55102RJ1993PTC007365	VRINDAVAN VATIKA PVT. LTD	Director	20/11/2003	20/11/2003	01/09/2010	Active	NO
20	U45201RJ1996PTC011664	SHIVANI ENCLAVES PVT LTD	Director	17/12/2003	17/12/2003	-	Active	NO
21	U45201RJ2004PTC020077	SUDARSHAN BUILDCON PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
22	U01122RJ2005PTC021429	MOHIT AGROTECH PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Active	NO
23	U45201RJ2005PTC020480	GOLDSTAR BUILDCON PRIVATE LIMITED	Director	30/09/2006	08/04/2006	-	Active	NO
24	U80302RJ2011NPL037480	MUKUND GOYAL EDUCATION AND RESEARCH FOUNDATION	Director	31/12/2011	31/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. P. S. George
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Shri Mukund Goyal		5825 *
Shri Sanjay Goyal		4295
Shri Ashish Goyal		3550
Smt. Rekha Goval		1920
Smt. Rachna Goyal		110
M.S. Goyal HUF		300

Total		16000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Readymade Garments

Exports :
Countries :	· Europe · North America · America

Imports :
Products :	Accessories
Countries :	· Hong Kong · China

Terms :
Selling :	L/C

Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

200 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Bank of Baroda, Johari Bazar, Jaipur, Rajasthan, India

· Punjab National Bank, MID Corporate Branch, Chamber Bhawan, M.I. Road, Jaipur – 302001, Rajasthan, India

· IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loan from Banks
Axis Bank (Verna – 8935)	0.165	0.423
HDFC Bank (INDIGO - 2452)	0.338	0.00
HDFC Bank (INNOVA – 4473)	0.589	0.000
HDFC Bank (VERNA – DIESAL - 7076)	0.629	0.000
ICICI Bank (CAR LOAN-RJ-14-9206)	0.000	0.289
IDBI Bank (TERM LOAN)	21.685	28.345
ICICI Bank (BEAT RJ- 14 CQ 8873)	0.248	0.000

SHORT TERM BORROWING
IDBI Bank (Term Loan)	6.660	6.660
HDFC Bank (VERNA - 7076)	0.271	0.000
HDFC Bank (Jetta Car Loan)	0.000	0.074
HDFC Bank (Indigo Car Loan)	0.150	0.000
AXIS Bank (Verna Car Loan – 8935)	0.260	0.236
ICICI Bank (Honda city Car Loan)	0.289	0.266
HDFC Bank (Innova Car Loan-4473)	0.307	0.000

Total	31.591	36.293

Banking Relations :	---

Auditors :
Name :	Akhilesh kumar Jain Chartered Accountants
Address :	A-411, Triveni Nagar, Gopalpura Bye-pass Road, Jaipur – 202018, Rajasthan, India
Tel. No.:	91-141-3234462
Mobile No.:	91-9414794478
E-Mail :	ajainak@rediffmail.com
PAN.:	ABMPJ3827F

Subsidiaries :	Goyal Retreat Private Limited CIN No.: U70101RJ2000PTC016251

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

41000	Equity Shares	Rs.100/- each	Rs.4.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

16000	Equity Shares	Rs.100/- each	Rs.1.600 Millions

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	1.600	1.600	1.600
(b) Reserves & Surplus	455.649	433.542	427.043
(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)	457.249	435.142	428.643

(3) Non-Current Liabilities
(a) long-term borrowings	30.380	29.583	36.159
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	30.380	29.583	36.159

(4) Current Liabilities
(a) Short term borrowings	7.937	7.236	5.680
(b) Trade payables	25.002	19.803	17.668
(c) Other current liabilities	36.007	11.977	2.571
(d) Short-term provisions	3.606	0.000	0.842
Total Current Liabilities (4)	72.552	39.016	26.761

TOTAL	560.181	503.741	491.563

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	247.071	267.839	237.813
(ii) Intangible Assets	0.127	0.211	0.352
(iii) Capital work-in-progress	90.013	20.196	32.574
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	62.695	69.847	76.869
(c) Deferred tax assets (net)	7.749	8.343	8.618
(d) Long-term Loan and Advances	1.192	0.418	0.338
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	408.847	366.854	356.564

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.288	18.721	19.291
(c) Trade receivables	49.302	31.878	35.132
(d) Cash and cash equivalents	12.877	15.391	5.477
(e) Short-term loans and advances	70.201	68.991	73.635
(f) Other current assets	2.666	1.906	1.464
Total Current Assets	151.334	136.887	134.999

TOTAL	560.181	503.741	491.563

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	218.580	206.180	168.713
		Other Income	15.951	19.411
		TOTAL (A)	234.531	225.591	168.713

Less	EXPENSES
	Cost of Materials Consumed		41.810	56.991
	Purchases of Stock-in-Trade		2.371	2.258
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		2.674	0.479
	Employees benefits expense		32.686	24.885
	Other expenses		54.909	41.386
	Direct Expenses		40.587	58.126
	Loss on Sale of fixed assets		0.108	0.080
		TOTAL (B)	175.145	184.205	125.907
					(Including depreciation and Finance expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.386	41.386

Less	FINANCIAL EXPENSES (D)		5.211	6.102

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.175	35.284

Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.487	28.510

	PROFIT BEFORE TAX (E-F) (G)		26.687	6.774	42.806

Less	TAX (H)		4.581	0.275	1.794

	PROFIT AFTER TAX (G-H) (I)		22.106	6.499	41.012

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.542	27.043	11.262

	BALANCE CARRIED TO THE B/S		55.648	33.542	27.043

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	121.181	107.392	107.392
	TOTAL EARNINGS		121.181	107.392	107.392

	Earnings Per Share (Rs.)		1381.65	406.22	2563.25

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.43	2.88	24.31

Net Profit Margin (PBT/Sales)	(%)	11.38	3.00	25.37

Return on Total Assets (PBT/Total Assets}	(%)	6.68	1.67	11.46

Return on Investment (ROI) (PBT/Networth)		0.06	0.02	0.10

Debt Equity Ratio (Total Debt /Networth)		0.08	0.08	0.10

Current Ratio (Current Asset/Current Liability)		2.09	3.51	5.04

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	1.600	1.600	1.600
Reserves & Surplus	427.043	433.542	455.649
Net worth	428.643	435.142	457.249

long-term borrowings	36.159	29.583	30.380
Short term borrowings	5.680	7.236	7.937
Total borrowings	41.839	36.819	38.317
Debt/Equity ratio	0.098	0.085	0.084

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	168.713	225.591	234.531
		33.713	3.963

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	168.713	225.591	234.531
Profit	41.012	6.499	22.106
	24.31%	2.88%	9.43%

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 office of the company has been shifted from 301, Sin Industrial Estate, Sun Mill Road, Lower Parel, Mumbai, Maharashtra, India to present address w.e.f. 06.11.2003

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
A.S.P. Investment Limited	0.500	0.500
Bharti Hexacon Limited	0.025	0.025
From Directors	6.200	0.000

Total	6.725	0.525

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10474563	29/01/2014	149,600,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B95070181
2	10117557	24/10/2008 *	300,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A49356751
3	90072519	21/02/1992	3,000,000.00	BANK OF BARODA	JODHPUR BAZAR, JAIPUR, Rajasthan, INDIA	-

* Date of charge modification

FIXED ASSETS

Land
Tube Well
Furniture and Fixture
Motor Car
Scooter
Fans
Electric Iron
Stitching Machine
Cleaning Machine
Cutting Machine

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.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	RAS

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.

MIRA INFORM REPORT

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