MIRA INFORM REPORT

Report No. :	315121
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	SILK INDIA INTERNATIONAL LIMITED (w.e.f. 15.04.2011)
Formerly Known As :	SILK INDIA INTERNATIONAL PRIVATE LIMITED (w.e.f. 14.08.2010) OMSHREE SILK INDIA INTERNATIONAL PRIVATE LIMITED
Registered Office :	Room No. 6, Ground Floor 103/105, Shreenath Bhawan,  Old Hanuman Lane, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.10.2002
Com. Reg. No.:	11-137565
Capital Investment / Paid-up Capital :	Rs. 53.974 Million
CIN No.: [Company Identification No.]	U17100MH2002PLC137565
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACO5534G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, wholesaler, Trader of Fabrics, Unbranded Sarees Unstitched Salwar Suit, Unstitched Kurta’s
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Mahesh Khedwal
Designation :	Account Manager
Contact No.:	91-9223185415
Date :	31.03.2015

LOCATIONS

Registered /factory office :	Room No. 6, Ground Floor 103/105, Shreenath Bhawan,  Old Hanuman Lane, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-61540000/22050000
Mobile No.:	91-9223185415 (Mr. Mahesh)
Fax No.:	91-22-22030000
E-Mail :	silkind@vsnl.com
Website :	www.silk-india.com
Branch office :	381A, Narottam Wadi, 2^nd Floor, Room no. 21-27, Kalbadevi Road , Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-61540000 / 61540060
Fax No.:	91-22-22030000

DIRECTORS

As on 30.09.2014

Name :

Mr. Ravi Deviprasad Jhunjhunwala

Designation :

Managing Director

Address :

A/7, Paradise Apartment, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India.

Date of Birth/Age :

08.03.1969

Qualification :

B Com

Date of Appointment :

01.04.2011

PAN No.:

AADPJ2695R

DIN No.:

00321137

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	U17100MH2002PLC137565	SILK INDIA INTERNATIONAL LIMITED	Managing director	01/04/2011	16/10/2002	-	Active	NO
2	U45200MH2010PTC202538	SILK INDIA REALTY PRIVATE LIMITED	Director	29/04/2010	29/04/2010	05/05/2010	Active	NO
3	U74140MH2007PTC175606	SAINT TREASURIES PRIVATE LIMITED	Director	16/10/2012	16/10/2012	-	Active	NO
4	AAA-1572	SILK INDIA PRODUCTION LLP	Designated Partner	22/12/2014	22/12/2014	-	Active	NO

Name :

Mr. Ramesh Banwarilal Makharia

Designation :

Whole -Time Director

Address :

67/9, Saket Building, J.B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India.

Date of Birth/Age :

01.11.1965

Qualification :

B Com

Date of Appointment :

01.04.2011

PAN No.:

AAMPM0080E

DIN No.:

00336342

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	U17100MH2002PLC137565	SILK INDIA INTERNATIONAL LIMITED	Whole-time director	01-04-2011	16-10-2002	-	Active	NO
2	U45200MH2010PTC202538	SILK INDIA REALTY PRIVATE LIMITED	Director	29-04-2010	29-04-2010	05-05-2010	Active	NO
3	U74140MH2007PTC175606	SAINT TREASURIES PRIVATE LIMITED	Director	30-09-2013	23-08-2012	-	Active	NO
4	AAA-1572	SILK INDIA PRODUCTION LLP	Designated Partner	04-06-2010	04-06-2010	-	Active	NO
5	AAA-1572	SILK INDIA PRODUCTION LLP	Designated Partner	11-06-2010	11-06-2010	-	Active	NO

Name :

Mr. Manoj Keshavdeo Khandelwal

Designation :

Whole – Time Director

Address :

C – 10, Kailash Nagar, 61, Shankar Galli, Kandivali (West), Mumbai – 400067, Maharashtra, India.

Date of Birth/Age :

03.01.1967

Qualification :

B Com

Date of Appointment :

01.04.2011

PAN No.:

AAEPK6356K

DIN No.:

00336202

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	U17100MH2002PLC137565	SILK INDIA INTERNATIONAL LIMITED	Whole-time director	01-04-2011	16-10-2002	-	Active	NO
2	U45200MH2010PTC202538	SILK INDIA REALTY PRIVATE LIMITED	Director	29-04-2010	29-04-2010	05-05-2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahesh Khedwal
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares
Ravi Deviprasad Jhunjhunwala	1081850
Ramesh Banwarila Makharia	1774500
Manoj Keshavdeo Khandelwal	700000
Kiran M Khandelwal	332500
Ramotar Khandelwal	743750

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.97
Other top fifty shareholders	00.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, wholesaler, Trader of Fabrics, Unbranded Sarees Unstitched Salwar Suit, Unstitched Kurta’s
Products :	Sarees Punjabi Suits, Designer Punjabi Suits Readymade Punjabi Suits Fancy Fabrics Stoles Scarves Dupattas Unstitched Dress Material Unstitched Ladies Dress Material etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Sarees Punjabi Suits, Designer Punjabi Suits Readymade Punjabi Suits Fancy Fabrics Stoles Scarves Dupattas Unstitched Dress Material Unstitched Ladies Dress Material etc.
Countries :	Dubai UK
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

70 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	Kalbadevi, Mumbai, Maharashtra
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks	0.836	0.288
Total	0.836	0.288

Auditors :
Name :	GADIA MANISH R and Company Chartered Accountants
Address :	Vaastu Darshan, Above Central Bank Of India, Azad Road, Andheri (East) – 400069, Mumbai, Maharashtra
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Silk India International Trend India Silk India Creators Saint Treasuries Private Limited - (U74140MH2007PTC175606)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5397350	Equity Shares	Rs.10/- each	Rs.53.974 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	53.974	53.974	53.973
(b) Reserves & Surplus	79.276	68.721	56.791
(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)	133.250	122.695	110.764
(3) Non-Current Liabilities
(a) long-term borrowings	0.836	0.288	0.000
(b) Deferred tax liabilities (Net)	0.422	0.453	0.251
(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)	1.258	0.741	0.251
(4) Current Liabilities
(a) Short term borrowings	2.500	5.000	0.000
(b) Trade payables	70.949	71.969	63.142
(c) Other current liabilities	5.475	5.916	5.540
(d) Short-term provisions	0.405	0.069	0.732
Total Current Liabilities (4)	79.329	82.954	69.414
TOTAL	213.837	206.390	180.429
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.985	26.920	26.601
(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	3.156	2.928	1.681
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.083	24.596	10.602
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	55.224	54.444	38.884
(2) Current assets
(a) Current investments	23.332	11.304	8.216
(b) Inventories	22.722	28.970	18.287
(c) Trade receivables	109.068	108.716	106.401
(d) Cash and cash equivalents	1.368	0.939	5.848
(e) Short-term loans and advances	2.123	2.017	2.604
(f) Other current assets	0.000	0.000	0.189
Total Current Assets	158.613	151.946	141.545
TOTAL	213.837	206.390	180.429

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	315.742	318.491	345.325
	Other Income	2.091	1.677	1.288
	TOTAL (A)	317.833	320.168	346.613
Less	EXPENSES
	Cost of Materials Consumed	192.061	193.595	215.290
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.247	(10.683)	(5.027)
	Employees benefits expense	11.445	9.714	17.980
	Other expenses	90.733	108.428	93.963
	TOTAL (B)	300.486	301.054	322.206
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	17.347	19.114	24.407
Less	FINANCIAL EXPENSES (D)	0.073	0.050	0.007
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	17.274	19.064	24.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.250	1.253	1.088
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	16.024	17.811	23.312
Less	TAX (I)	5.470	5.882	7.432
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	10.554	11.929	15.880
	EARNINGS IN FOREIGN CURRENCY F.O.B. Value of Exports	0.000	3.508	2.884
	TOTAL EARNINGS	0.000	3.508	2.884
	Earnings / (Loss) Per Share (Rs.)	1.96	2.21	2.94

Expected Sales (2014-2015): Rs.190.000 Million

The above information has been parted by Mr. Mahesh Khedwal (Account Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.34	3.75	4.60
Operating Profit Margin (PBIDT/Sales)	(%)	5.49	6.00	7.07
Return on Total Assets (PBT/Total Assets}	(%)	7.61	8.75	13.04
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.21
Debt Equity Ratio (Total Debt /Networth)		0.03	0.04	0.00
Current Ratio (Current Asset/Current Liability)		2.00	1.83	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	53.973	53.974	53.974
Reserves & Surplus	56.791	68.721	79.276
Net worth	110.764	122.695	133.250
long-term borrowings	0.000	0.288	0.836
Short term borrowings	0.000	5.000	2.500
Total borrowings	0.000	5.288	3.336
Debt/Equity ratio	0.000	0.043	0.025

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	345.325	318.491	315.742
		(7.771)	(0.863)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	345.325	318.491	315.742
Profit	15.880	11.929	10.554
	4.60%	3.75%	3.34%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	Yes

Notes:

Corporate Information:

Silk India International Limited carries on the business as Wholesale Trader of Fabrics, Unbranded Sarees, Unstitched Salwar Suit, and Unstitched Kurta's. On October 16, 2002, Silk India International Limited (Originally known as Omshree Silk India International Private. Limited.) Received a Certificate of Incorporation from the Registrar of Companies under section 34 of the Companies Act, 1956 to carry on the business as a company. Accordingly, all provisions of the Companies Act, 1956 and rules and regulations relating thereto are applicable to Silk India International Limited.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Incorporated Deposits	2.500	5.000
Total	2.500	5.000

INDEX OF CHARGES

No Charges Exist For Company

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Books periodicals

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.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	DIV
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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		46

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.