MIRA INFORM REPORT

Report No. :	316326
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	EVOLV CLOTHING COMPANY PRIVATE LIMITED (w.e.f. 21.09.2010)
Formerly Known As :	ISEX FASHIONS PRIVATE LIMITED (w.e.f. 01.03.1995) INTERCRAFT SOUTH (EXPORTS) PRIVATE LIMITED
Registered Office :	6^th Floor, Fortune Towers, # 152, Thoraipakkam Pallavaram Radial Road, Kovilambakkam, Chennai – 600 117, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.09.1975
Com. Reg. No.:	18-006993
Capital Investment / Paid-up Capital :	Rs.42.238 million
CIN No.: [Company Identification No.]	U74994TN1975PTC006993
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00050B
PAN No.: [Permanent Account No.]	AAACI0900L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of apparel design, manufacturing and retail.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 778000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has reported decline in its total sales revenue and drastic dip in its profitability during FY 2014. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 – 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

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 (GENERAL DETAILS)

Name :	Mr. Mohan
Designation :	Operation Manager
Contact No.:	91-9840989470
Date :	08.04.2015

LOCATIONS

Registered Office :	6^th Floor, Fortune Towers, # 152, Thoraipakkam Pallavaram Radial Road, Kovilambakkam, Chennai – 600 117, Tamilnadu, India
Tel. No. :	91-44-66686666
Mobile No. :	91-9840989470 (Mr. Mohan)
Fax No. :	91-44-66686699
E-Mail :	sivakumar@evolvclothing.com info@evolvclothing.com info@evoluzionstyle.com info@vlove.in mohan@evolvclothing.com
Website :	http://www.evolvclothing.com
Factory 1 :	S.F. No.14/2, 3/3, Vedanthangal High Road, Kolambakkam Village, Maduranthagam, Kanchipuram District – 603 308, Tamilnadu, India
Tel. No. :	91-44-27565355/ 27565455
Factory 2 :	No.33, Corporation Road, Seevaram Village, Perungudi, Chennai – 600 096 Tamilnadu, India
Tel. No. :	91-44-42029441
Factory 3 :	No.41 /9, 4^th Street, Corporation Road, Seevaram Village, Perungudi, Chennai – 600 096, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Atul Ravee Malhotra

Designation :

Managing Director

Address :

New No.13, Cenotaph, 2^nd Lane, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

20.05.1968

Qualification :

BS.BA

Experience :

24 Years

Date of Appointment :

01.10.2014

DIN No. :

00243557

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	U74210TN1973PTC006359	VAK ENGINEERING PRIVATE LIMITED	Director	26/05/1973	26/05/1973	08/09/2014	Active	NO
2	U18101TN1992PTC023232	CAMICERIA APPARELS INDIA PRIVATE LIMITED	Director	17/08/1992	17/08/1992	-	Amalgamated	NO
3	U74994TN1975PTC006993	EVOLV CLOTHING COMPANY PRIVATE LIMITED	Managing director	01/10/2014	01/03/1995	-	Active	NO
4	U51393TN2003PTC052140	EURO ASIE INTERIORS PRIVATE LIMITED	Director	12/12/2003	12/12/2003	-	Active	NO
5	U55204TN2006PTC059729	MAISON DES GOURMETS PRIVATE LIMITED	Director	31/10/2007	04/06/2007	15/04/2009	Under Process of Striking off	NO
6	U55101TN2007PTC065058	MAISON RESTAURANTS PRIVATE LIMITED	Director	13/10/2007	13/10/2007	-	Active	NO
7	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	14/09/2011	-	Active	NO
8	U70109TN2012PTC086356	EVOS DESIGN LIVING PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO

Name :

Mr. Ravee Raman Malhotra

Designation :

Whole-time Director

Address :

New No.13, Cenotaph, 2^nd Lane, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

22.10.1944

Qualification :

B. Com

Experience :

49 Years

Date of Appointment :

01.10.2014

DIN No. :

00243509

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	U74210TN1973PTC006359	VAK ENGINEERING PRIVATE LIMITED	Director	26/05/1973	26/05/1973	08/09/2014	Active	NO
2	U18101TN1992PTC023232	CAMICERIA APPARELS INDIA PRIVATE LIMITED	Director	17/08/1992	17/08/1992	-	Amalgamated	NO
3	U74994TN1975PTC006993	EVOLV CLOTHING COMPANY PRIVATE LIMITED	Whole-time director	01/10/2014	01/03/1995	-	Active	NO

Name :

Ms. Hemalatha Ramaiah

Designation :

Director

Address :

4D, Rosemere, No.18, Harrington Road, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

13.08.1957

Date of Appointment :

30.09.2014

DIN No. :

01056606

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	U93090TN1983PTC010166	PHOENIX ENTERPRISES PRIVATE LIMITED	Director	14/07/1983	14/07/1983	-	Strike off	NO
2	U74140MH1992PLC252981	TRENT RETAIL SERVICES LIMITED	Director	09/06/1992	09/06/1992	30/04/2008	Active	NO
3	U65991TN1993PTC024791	JAY SECURITIES PRIVATE LIMITED	Managing director	07/04/1993	07/04/1993	-	Active	NO
4	U72900MH2001PLC252980	LANDMARK ETAIL LIMITED	Director	14/03/2001	14/03/2001	30/04/2008	Active	NO
5	U45200TN2008PTC068322	IFRIEZE DESIGN SOLUTIONS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
6	U72400TN2008PTC068442	SHOP 4 SOLUTIONS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
7	U74900TN2014PTC094703	LEO COMMERCE PRIVATE LIMITED	Director	24/01/2014	24/01/2014	-	Active	NO
8	U74994TN1975PTC006993	EVOLV CLOTHING COMPANY PRIVATE LIMITED	Director	30/09/2014	18/08/2014	-	Active	NO

Name :

Mr. Pullala Varadharajulu Gopalakrishna

Designation :

Additional director

Address :

No.5/6, Hanuman Colony, Injambakkam, Chennai – 600 041, Tamilnadu, India

Date of Appointment :

30.01.2015

DIN No. :

00417691

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	U18209TN1997PLC037515	BACHI SHOES LIMITED	Managing director	01/11/2010	05/11/2001	-	Active	NO
2	U91110TN2004PTC053638	CONSORTIUM OF SHOES AND PRODUCTS MANUFACTURERS PRIVATE LIMITED	Director	05/07/2004	05/07/2004	-	Active	NO
3	U51900TN2009PTC073802	RITEBRAND RETAIL PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
4	U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Whole-time director	01/11/2010	01/11/2010	-	Active	NO
5	U74994TN1975PTC006993	EVOLV CLOTHING COMPANY PRIVATE LIMITED	Additional director	30/01/2015	30/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohan
Designation :	Operation Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Ravee Raman Malhotra	41976	9.94
Meenakshi Malhotra	41976	9.94
Atul Malhotra	250916	59.41
Ratika Malhotra	42008	9.94
Ananya Malhotra	15168	3.59
Arnav Malhotra	15168	3.59
Ahaanaa Malhotra (Minor Represented by Atul Malhotra)	15168	3.59
Total	422380	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of apparel design, manufacturing and retail.
Products :	Readymade Garments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Europe USA Asian Countries
Imports :
Products :	Raw Materials
Countries :	Asian Countries
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, 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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

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

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, 192, Anna Salai, Chennai – 600 002, Tamilnadu, India
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

• State Bank of India, Overseas Branch, 39, Rajaji Salai, Chennai – 600 001, Tamilnadu, India
• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Indian Rupee Term Loans
From Banks	97.506	30.737
Hypothecation Loans
From Banks	0.000	3.272
From Others	0.964	1.360
SHORT TERM BORROWINGS
Cash Credits and Working Capital Demand
From Banks	129.235	61.730
Total	227.705	97.099

Notes:

LONG TERM BORROWINGS

(a) Indian rupee term Loan from bank represents the loan taken for Land and Building of KNK Road, Nungambakkam, Land and Building at Kolambakkam and for plant and machinery located at Kolambakkam, Kovilambakkam and Perungudi which carries interest varying from @ 12% to 14% p.a. Term Loans are secured by way of first charge on all immovable properties, both present and future and by way of hypothecation of all movable properties and assets, present and future and also Equitable Mortgage of Factory Land and Building at Kolambakkam Village and Land and Building at KNK Road, Nungambakkam of Evolv Clothing Company Private Limited and Land and Building at KNK Road, Nungambakkam of Avastra Design Studio. Further loans are also covered by personal guarantee of directors and Corporate Guarantee from Avastra Design Studio. The term loan is repayable from 5 to 10 years in monthly installments.)

(b) Hypothecation Loans represents loans taken for vehicles: All Vehicle Loans are secured by way of Hypothecation of respective vehicles and the Interest rates varying from 8% to 14.50% and repayable in 3 to 4 years in monthly instalments.

SHORT TERM BORROWINGS

Packing Credit and cash credit from banks are secured by way of first charge on all immovable properties and movable properties including movable plant, machinery, equipment, machinery spares, tools, accessories, furniture, vehicles and all other movable assets, both present and future, whether installed or not or in the course of transit or high seas or on order or delivery and book debts and all the receivables and revenues, all current assets, present and future and also Equitable Mortgage of Factory Land and Building at Kolambakkam and Land and Building at KNK Road, Nungambakkam of Evolv Clothing Company Private Limited and Land and Building at KNK Road, Nungambakkam of Avastra Design Studio. Interest rates are varying from @ 9% to 13.50% p.a. Further loans are also covered by personal guarantee of directors and Corporate Guarantee from Avastra Design Studio. The working Capital loan is repayable on demand.

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600 014, Tamilnadu, India
Tel. No. :	91-44-28131128/ 28131138/ 28131148/ 28131158
Fax No. :	91-44-28131158
E-Mail :	mail@brahmayya.com
PAN No.:	AAAFB2481J
Memberships :	Not Available
Collaborators :	Not Available
Enterprises/ individuals exercising significant influence or their relatives or enterprises significantly influenced by them :	Euro Asie Interiors Private Limited Sales Service Co. (Agencies) Avastra Design Studio Maison Restaurant Private Limited Dayachand Malhotra Charitable Trust VAK Engineering Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
422380	Equity Shares	Rs.100/- each	Rs.42.238 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	42.238	42.238	42.238
(b) Reserves & Surplus	230.217	223.227	183.244
(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)	272.455	265.465	225.482
(3) Non-Current Liabilities
(a) Long-term borrowings	98.470	35.369	35.208
(b) Deferred tax liabilities (Net)	26.840	25.332	22.419
(c) Other long term liabilities	0.948	0.948	0.948
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	126.258	61.649	58.575
(4) Current Liabilities
(a) Short term borrowings	129.235	61.730	40.660
(b) Trade payables	33.072	29.664	33.945
(c) Other current liabilities	58.718	43.514	65.300
(d) Short-term provisions	15.338	51.885	51.136
Total Current Liabilities (4)	236.363	186.793	191.041
TOTAL	635.076	513.907	475.098
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	280.255	232.242	188.918
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	14.391	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.510	7.611	7.611
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	55.534	50.159	53.924
(e) Other Non-current assets	0.000	0.152	0.420
Total Non-Current Assets	354.690	290.164	250.873
(2) Current assets
(a) Current investments	0.149	3.549	5.874
(b) Inventories	100.290	47.507	56.281
(c) Trade receivables	122.895	80.346	32.414
(d) Cash and cash equivalents	36.362	47.953	89.196
(e) Short-term loans and advances	20.690	44.081	39.867
(f) Other current assets	0.000	0.307	0.593
Total Current Assets	280.386	223.743	224.225
TOTAL	635.076	513.907	475.098

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	791.953	856.233	802.896
	Other Income
	TOTAL	791.953	856.233	802.896
EXPENSES
	TOTAL	705.808	724.023	674.654
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		86.145	132.210	128.242
FINANCIAL EXPENSES		22.378	18.792	16.844
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		63.767	113.418	111.398
DEPRECIATION/ AMORTISATION		50.059	13.450	11.728
PROFIT/ (LOSS) BEFORE TAX		13.708	99.968	99.670
TAX		4.564	35.439	32.729
PROFIT/ (LOSS) AFTER TAX		9.287	64.529	66.941
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		176.000	142.469	106.816
APPROPRIATIONS
	Dividend/ Dividend Distribution Tax	2.455	24.545	24.594
	Transfer to General Reserve	0.944	6.453	6.694
BALANCE CARRIED TO THE B/S		182.044	176.000	142.469
EARNINGS IN FOREIGN CURRENCY
	Export of Goods:
	- Camiceria-EOU Division	47.086	110.907	105.612
	- Evolv	628.127	670.783	653.569
TOTAL EARNINGS		675.213	781.690	759.181
IMPORTS
	Raw Materials and Components	109.611	85.649	79.417
	Capital Goods	1.504	2.349	8.642
TOTAL IMPORTS		111.115	87.998	88.059
Earnings / (Loss) Per Share (Rs.)		21.99	152.77	158.48

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	1.17	7.54	8.34
Operating Profit Margin (PBDIT/ Total Income)	(%)	10.88	15.44	15.97
Return on Total Assets (PBT/Total Assets}	(%)	2.22	19.74	21.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.38	0.44
Debt Equity Ratio (Total Debt/Networth)		0.84	0.37	0.34
Current Ratio (Current Asset/Current Liability)		1.19	1.20	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	42.238	42.238	42.238
Reserves & Surplus	183.244	223.227	230.217
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	225.482	265.465	272.455
Long Term borrowings	35.208	35.369	98.470
Short Term borrowings	40.660	61.730	129.235
Total borrowings	75.868	97.099	227.705
Debt/Equity ratio	0.336	0.366	0.836

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	802.896	856.233	791.953
		6.643	(7.507)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	802.896	856.233	791.953
Profit	66.941	64.529	9.287
	8.34%	7.54%	1.17%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from 471, M.K.N. Road, Alandur, Madras – 600 016, Tamilnadu to the present address w.e.f. 28.11.2013.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540234	30/12/2014	50,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU NILAYAM, NO.192, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	C39016498
2	10102330	20/10/2014 *	414,200,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU NILAYAM, NO.192, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	C30149884
3	90303174	23/07/1981	2,250,000.00	CANARA BANK	TAGORE GARDEN, NEW DELHI, DELHI - 110027, INDIA	-
4	90299135	22/12/1983 *	4,500,000.00	PUNJAB AND SIND BANK	I.B.D. MOUNT ROAD, MADRAS, TAMILNADU - 600002, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
a) Foreign bills discounted	Nil	12.628
b) Letter of Credit	32.152	27.024
c) Bank Guarantee	0.010	Nil
d) Bonds executed to the customs authorities	70.000	70.000
e) Claims against the company not acknowledged as debts
i. TNVAT	0.636	Nil
ii. Income Tax	59.919	47.445
iii. ESI	1.506	1.506

FIXED ASSETS

· Computer

· Freehold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· 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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		32

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.