MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	DICITEX HOME FURNISHINGS PRIVATE LIMITED (w.e.f. 18.11.2011)
Formerly Known As :	MANOHAR PROCESSORS PRIVATE LIMITED
Registered Office :	306, Shop No. 2, Kakad Air-condition Market, Kalbadevi Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 (Provisional)
Date of Incorporation :	04.05.2000
Com. Reg. No.:	11-126317
IEC No.:	303005068
Capital Investment / Paid-up Capital :	Rs. 49.900 Millions
CIN No.: [Company Identification No.]	U18101MH2000PTC126317
PAN No.: [Permanent Account No.]	AACCM7535R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Home Furnishing, Upholstery Draperies, Curtains, Made-Ups etc.
No. of Employees :	925 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses a satisfactory financial profile marked by acceptable net worth base and moderate debt protection metrics along with working capital intensive operations. Management has witnessed a decent revenue profile whereas, has reported a low profit margin during FY 13. Moreover, the provisional financials of FY 14 are provided for your mere reference which shows that the company has improved its business profile backed by increase in its sales volume, profitability with decent margins leading to inflow of sufficient funds correcting the cash balance. Trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of extensive experience and on time support from the promoters, the company can be considered for business dealings 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	28.02.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.02.2014

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. Dinesh Hamirwasia
Designation :	Chief Executive Officer
Contact No.:	91-9702020278
Date :	09.09.2014

LOCATIONS

Registered Office :	306, Shop No. 2, Kakad Aircondition Market, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No. :	91-22-40812222
Fax No. :	91-22-28442644
E-Mail :	finance@dctex.com exports@dctex.com
Website :	www.dctex.com
Area:	110 Sq ft
Location:	Rented
Corporate Office / Branch Office :	301/9, Palm Court Complex, Malad Link Road, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-30812222/ 40812222
Area:	8760 Sq ft
Factory:	Plot No. 7/2/1 and 7/2/2, MIDC, Tarapur, Boisar, Thane – 401506, Maharashtra, India
Tel. No. :	91-2525-304444
Fax No. :	91-2525-270091
E-Mail :	dcfinance@dctex.com
Area:	314091 Sq ft
Location:	Rented

DIRECTORS

As on 31.07.2013

Name :

Mr. Nimish Manoharlal Arora

Designation :

Director

Address :

D. C. House, N. S. Road No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

17.12.1972

Qualification:

B Com

Experience:

17 Years

Date of Appointment :

04.05.2000

PAN No.:

AARPA2993B

DIN No. :

00054001

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	Company/ LLP Status	Defaulting status
1	U99999MH1981PTC024438	D C SYNTHETICS PRIVATE LIMITED	Director	26-11-1998	26-11-1998	Active	NO
2	U17120MH1999PLC119692	DICITEX FURNISHINGS LIMITED	Managing director	01-04-2010	03-05-1999	Active	NO
3	U18101MH2000PTC126317	DICITEX HOME FURNISHINGS PRIVATE LIMITED	Director	04-05-2000	04-05-2000	Active	NO
4	U17110MH2003PTC139149	VEENA POLYSTERS PRIVATE LIMITED	Director	13-02-2003	13-02-2003	Amalgamated	NO
5	U51420MH2001PTC130979	BELLEVUE TRADERS PRIVATE LIMITED	Director	19-12-2005	19-12-2005	Active	NO
6	U51900MH2006PTC160750	OSMOSIS TRADING AND LEASING PRIVATE LIMITED	Additional director	04-01-2008	04-01-2008	Active	NO
7	U45400MH2008PTC178665	VNA REALTY PRIVATE LIMITED	Director	08-02-2008	08-02-2008	Active	NO
8	U17110MH2004PTC145216	DICITEX LIFESTYLE PRIVATE LIMITED	Director	01-04-2009	01-04-2009	Active	NO
9	U52100MH2012PTC232710	DICITEX RETAIL PRIVATE LIMITED	Director	28-06-2012	28-06-2012	Active	NO
10	U51900MH1994PTC082401	TRESORIE TRADERS PRIVATE LIMITED	Director	28-09-2012	01-08-2012	Active	NO

Name :

Veena Manoharlal Arora

Designation :

Director

Address :

D. C. House, N. S. Road No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

15.12.1943

Qualification:

B Com

Experience:

17 Years

Date of Appointment :

04.05.2000

PAN No. :

AADPA1464D

DIN No. :

00163737

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	Company/ LLP Status	Defaulting status
1	U99999MH1981PTC024438	D C SYNTHETICS PRIVATE LIMITED	Director	09-01-1989	09-01-1989	Active	NO
2	U17120MH1999PLC119692	DICITEX FURNISHINGS LIMITED	Director	03-05-1999	03-05-1999	Active	NO
3	U18101MH2000PTC126317	DICITEX HOME FURNISHINGS PRIVATE LIMITED	Director	04-05-2000	04-05-2000	Active	NO
4	U17110MH2003PTC139149	VEENA POLYSTERS PRIVATE LIMITED	Director	13-02-2003	13-02-2003	Amalgamated	NO
5	U17110MH2004PTC145216	DICITEX LIFESTYLE PRIVATE LIMITED	Director	19-03-2004	19-03-2004	Active	NO
6	U51420MH2001PTC130979	BELLEVUE TRADERS PRIVATE LIMITED	Director	19-12-2005	19-12-2005	Active	NO
7	U51900MH2006PTC160750	OSMOSIS TRADING AND LEASING PRIVATE LIMITED	Additional director	04-01-2008	04-01-2008	Active	NO
8	U45400MH2008PTC178665	VNA REALTY PRIVATE LIMITED	Director	08-02-2008	08-02-2008	Active	NO
9	U52100MH2012PTC232710	DICITEX RETAIL PRIVATE LIMITED	Director	28-06-2012	28-06-2012	Active	NO

Name :

Mr. Manoharlal Dharamchand Arora

Designation :

Director

Address :

D. C. House, N. S. Road No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

01.07.1942

Qualification:

B Com

Experience:

47 Years

Date of Appointment :

04.05.2000

PAN No. :

AABPA5853G

DIN No. :

00163773

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	Company/ LLP Status	Defaulting status
1	U99999MH1981PTC024438	D C SYNTHETICS PRIVATE LIMITED	Director	20-10-1989	20-10-1989	Active	NO
2	U17120MH1999PLC119692	DICITEX FURNISHINGS LIMITED	Director	03-05-1999	03-05-1999	Active	NO
3	U18101MH2000PTC126317	DICITEX HOME FURNISHINGS PRIVATE LIMITED	Director	04-05-2000	04-05-2000	Active	NO
4	U17110MH2003PTC139149	VEENA POLYSTERS PRIVATE LIMITED	Director	13-02-2003	13-02-2003	Amalgamated	NO
5	U17110MH2004PTC145216	DICITEX LIFESTYLE PRIVATE LIMITED	Director	19-03-2004	19-03-2004	Active	NO
6	U51420MH2001PTC130979	BELLEVUE TRADERS PRIVATE LIMITED	Director	19-12-2005	19-12-2005	Active	NO
7	U51900MH2006PTC160750	OSMOSIS TRADING AND LEASING PRIVATE LIMITED	Additional director	04-01-2008	04-01-2008	Active	NO
8	U45400MH2008PTC178665	VNA REALTY PRIVATE LIMITED	Director	08-02-2008	08-02-2008	Active	NO
9	U52100MH2012PTC232710	DICITEX RETAIL PRIVATE LIMITED	Director	28-06-2012	28-06-2012	Active	NO

Name :

Rajjnish Manoharlal Aroraa

Designation :

Director

Address :

D. C. House, N. S. Road No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

23.09.1968

Qualification:

B Com

Experience:

22 Years

Date of Appointment :

04.05.2000

PAN No. :

AADPA1466B

DIN No. :

00201764

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	Company/ LLP Status	Defaulting status
1	U99999MH1981PTC024438	D C SYNTHETICS PRIVATE LIMITED	Director	26-11-1998	26-11-1998	Active	NO
2	U17120MH1999PLC119692	DICITEX FURNISHINGS LIMITED	Director	03-05-1999	03-05-1999	Active	NO
3	U18101MH2000PTC126317	DICITEX HOME FURNISHINGS PRIVATE LIMITED	Director	04-05-2000	04-05-2000	Active	NO
4	U17110MH2003PTC139149	VEENA POLYSTERS PRIVATE LIMITED	Director	13-02-2003	13-02-2003	Amalgamated	NO
5	U51420MH2001PTC130979	BELLEVUE TRADERS PRIVATE LIMITED	Director	19-12-2005	19-12-2005	Active	NO
6	U51900MH2006PTC160750	OSMOSIS TRADING AND LEASING PRIVATE LIMITED	Additional director	04-01-2008	04-01-2008	Active	NO
7	U45400MH2008PTC178665	VNA Realty Private Limited	Director	08-02-2008	08-02-2008	Active	NO
8	U17110MH2004PTC145216	DICITEX LIFESTYLE PRIVATE LIMITED	Director	01-04-2009	01-04-2009	Active	NO
9	U52100MH2012PTC232710	DICITEX RETAIL PRIVATE LIMITED	Director	28-06-2012	28-06-2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Hamirwasia
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Manoharlal Dharamchand Arora	124750	25.00
Veena Manoharlal Arora	124750	25.00
Rajjnish Manoharlal Aroraa	124750	25.00
Nimish Manoharlal Arora	124750	25.00
Total	499000	100.00

As on 31.07.2013

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, Trader and Importer of Home Furnishing, Upholstery Draperies, Curtains, Made-Ups etc.

Products :

Item Code No. (ITC Code)	Product Description
54076190	Manmade Fabrics
54025200	Polyester Filament Yarn- Twisted

Brand Names :

DICITEX

Terms :

Selling :

L/C, Cash and Credit (30 Days)

Purchasing :

L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

925 (Approximately)

Bankers :

· Union Bank of India, Goregaon (East) Branch, 172/73, Shri Sadan, Shanataben Estate, Goregaon (East), Mumnbai - 400063, Maharashtra, India

Indian Bank, Mumbai Fort Branch, United India Building, Sir P.M.Road, Fort, Mumbai - 400001, Maharashtra, India

· Axis Bank Limited

Kotak Mahindra Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	195.144	223.884
Foreign currency term loans from banks	0.000	95.288
SHORT TERM BORROWINGS
Loans repayable on demand from banks	268.999	188.548
Total	464.143	507.720

NOTE:

LONG TERM BORROWINGS

Term loans From Union Bank Of India in Rupees are secured by a first charge by way of hypothecation of all the Company's tangible moveable machinery and plant purchased under such Term Loans (b) Term Loans from Union Bank of India are secured by a first ranking pari passu mortgage over the leasehold land under the Land Lease Agreement and the building at G-7/2/2, MIDC, Tarapur, Thane with the pari passu charge of Indian Bank against the Land and building at G-7/2/2,MIDC, Tarapur, Thane against the Term Loans from Indian Bank.Also the collateral security of land situated at G-7/2/1, MIDC Tarapur, Thane and the building constructed thereon is given to Union Bank Of India for the Company's total credit facilities.

SHORT TERM BORROWINGS

Cash Credit limits from Union Bank of India is secured by hypothecation of present and future stock of raw materials, stocks-in-process, finished goods, stores and spares including the stock in transit lying at the Company's premises or any other place and book debts not older than 90 days of the Company.(b) Collateral security of land situated at G-7/2/1, MIDC Tarapur, Thane and the building constructed thereon is given to Union Bank Of India against the entire outstanding of cash credit loan.

Banking Relations :	--
Auditors :
Name :	Bagaria and Company Chartered Accountants
Address :	316 A, Chacha Bhatija Building, Shivsena Gali, Bhayander (West), Bhayandar – 401101, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAGFB9902N
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Dicitex Furnishings Limited CIN No.: U17120MH1999PLC119692 D C Synthetics Private Limited CIN No.: U99999MH1981PTC024438 Bellevue Traders Private Limited CIN No.: U51420MH2001PTC130979 Dicitex Lifestyle Private Limited CIN No.: U17110MH2004PTC145216 Dicitex Retail Private Limited CIN No.: U52100MH2012PTC232710

CAPITAL STRUCTURE

As on 31.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
499,000	Equity Shares	Rs.100/- each	Rs. 49.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		49.900
2] Share Application Money		0.000
3] Reserves & Surplus		175.793
4] (Accumulated Losses)		0.000
NETWORTH		225.693
LOAN FUNDS
1] Secured Loans		637.824
2] Unsecured Loans		335.892
TOTAL BORROWING		973.716
DEFERRED TAX LIABILITIES		0.0000
TOTAL		1199.409
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		664.733
Capital work-in-progress		1.772
INVESTMENT		0.050
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	543.481
	Sundry Debtors	109.012
	Cash & Bank Balances	9.378
	Other Current Assets	8.160
	Loans & Advances	39.588
Total Current Assets		709.619
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	176.765
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		176.765
Net Current Assets		532.854
MISCELLANEOUS EXPENSES		0.000
TOTAL		1199.409

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.900	49.900	49.900
(b) Reserves & Surplus	83.850	80.223	79.385
(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)	133.750	130.123	129.285
(3) Non-Current Liabilities
(a) long-term borrowings	647.571	726.245	798.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.944	3.179	1.233
(d) long-term provisions	3.018	2.514	0.000
Total Non-current Liabilities (3)	653.533	731.938	799.633
(4) Current Liabilities
(a) Short term borrowings	268.999	188.548	138.784
(b) Trade payables	115.642	79.007	87.207
(c) Other current liabilities	164.672	133.967	268.035
(d) Short-term provisions	4.628	4.113	4.127
Total Current Liabilities (4)	553.941	405.635	498.153
TOTAL	1341.224	1267.696	1427.071
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	669.234	745.938	861.834
(ii) Intangible Assets	0.005	0.013	0.033
(iii) Capital work-in-progress	1.459	4.240	0.012
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.050	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.445	11.255	13.919
(e) Other Non-current assets	2.230	3.824	2.924
Total Non-Current Assets	689.423	765.320	878.772
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	548.323	405.485	355.795
(c) Trade receivables	88.938	61.797	142.299
(d) Cash and cash equivalents	(2.550)	7.583	4.195
(e) Short-term loans and advances	12.991	15.966	18.151
(f) Other current assets	4.099	11.545	27.859
Total Current Assets	651.801	502.376	548.299
TOTAL	1341.224	1267.696	1427.071

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (Provisional)
	SALES
	Income	1343.323
	Other Income	1.883
	TOTAL (A)	1345.206
Less	EXPENSES (B)	1099.597
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	245.609
Less	FINANCIAL EXPENSES (D)	54.236
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	191.373
Less/ Add	DEPRECIATION/ AMORTISATION (F)	99.429
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	91.944
Less	TAX (I)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	91.944
	Earnings / (Loss) Per Share (Rs.)	184.26

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1054.855	1056.535	1056.662
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		210.544	221.822	212.479
Less	FINANCIAL EXPENSES (D)		101.785	99.180	81.734
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		108.759	122.642	130.745
Less/ Add	DEPRECIATION/ AMORTISATION (F)		105.132	120.050	138.932
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		3.627	2.592	(8.187)
Less	TAX (H)		0.000	1.754	(1.159)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.627	0.838	(7.028)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(32.481)	(8.461)	27.264
Less	UTILISED FOR BUY BACK		--	--	0.175
Less	APPROPRIATIONS
		Transferred to Capital Reserve	18.758	24.858	28.522
	BALANCE CARRIED TO THE B/S		(47.612)	(32.481)	(8.461)
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.514
	Earnings / (Loss) Per Share (Rs.)		7.27	1.68	(14.06)

KEY RATIOS

PARTICULARS		31.03.2014 (Provisional)	31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.84	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	6.83	0.34	0.25	(0.77)
Return on Total Assets (PBT/Total Assets}	(%)	6.69	0.27	0.21	(0.57)
Return on Investment (ROI) (PBT/Networth)		0.41	0.03	0.02	(0.06)
Debt Equity Ratio (Total Debt/Networth)		4.31	6.85	7.03	7.25
Current Ratio (Current Asset/Current Liability)		4.01	1.18	1.24	1.10

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	49.900	49.900	49.900
Reserves & Surplus	79.385	80.223	83.850
Net worth	129.285	130.123	133.750
long-term borrowings	798.400	726.245	647.571
Short term borrowings	138.784	188.548	268.999
Total borrowings	937.184	914.793	916.570
Debt/Equity ratio	7.249	7.030	6.853

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	1056.662	1056.535	1054.855
		(0.012)	(0.159)

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	1056.662	1056.535	1054.855
Profit	(7.028)	0.838	3.627
	(0.67%)	0.08%	0.34%

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 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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10453772	29/10/2013 *	205,000,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	B91387811
2	10335890	23/01/2012	10,000,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	B32271579
3	10076057	11/09/2007	90,000,000.00	INDIAN BANK	MUMBAI FORT BRANCH,UNITED INDIA BLD, SIR P.M.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A27239839
4	10073947	30/08/2007	420,000,000.00	INDIAN BANK	MUMBAI (FORT BRANCH),UNITED INDIA BUILDING, SIR P .M.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A26121368
5	10004967	09/02/2010 *	225,600,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	A80020340
6	80025202	09/02/2010 *	105,500,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	A80021017
7	80025203	29/10/2013 *	20,000,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	B91389312
8	80051497	23/01/2012 *	52,500,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	B32270183
9	90148366	29/10/2013 *	320,000,000.00	UNION BANK OF INDIA	GOREGAON (EAST) BRANCH, 172/73, SHRI SADAN, SHANATABEN ESTATE,GOREGAON (EAST), MUMNBAI, MAHARASHTRA - 400063, INDIA	B91388603

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	22.764	14.538
Loans and advances from directors	429.663	392.535
Total	452.427	407.073

CHANGE OF ADDRESS

The registered office of the company has been shifted from 302, Shop No. 2, Kakad Aircondition Market, Kalbadevi Road, Mumbai – 400002, Maharashtra, India to the present address w.e.f. 18.11.2011.

RESULTS OF OPERATION

During the year, the Turnover of the Company was Rs. 1054.800 Millions against Rs. 1056.500 Millions in the previous year. Thus the Company has maintained the sales and has achieved the profit after tax of Rs. 3.627 Millions as against the profit of Rs. 0.838 Millions achieved last year.

FIXED ASSETS

Tangible Assets

· Land

Buildings

plant and equipment

Furniture and fixtures

Motor vehicles

Computer equipments

Office equipment

Other equipments

Intangible Assets

· Computer Software

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.