MIRA INFORM REPORT

Report No. :	338506
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	ARVIND DYEING AND BLEACHING MILLS PRIVATE LIMITED
Registered Office :	Marda Testile Corporation, C-B No. 117, Main Road, Ichalkaranji, Kolhapur-416115, Maharashtra
Mobile. No.:	91-9371299190
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.1982
Com. Reg. No.:	11-026818
Capital Investment / Paid-up Capital :	Rs.9.667 Million
CIN No.: [Company Identification No.]	U24113MH1982PTC026818
TIN No.:	27100236379
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Yarn.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in 1982 and is a part of the Ichalkaranji (Maharashtra) –based Arvind Group. It is an established company having satisfactory track record. External borrowing of the company seems to be huge during 2014. However, General financial position of the company seems to be decent. The rating also takes into consideration extensive experience of promoter’s in the textile industry and the company’s established relationships with customers and suppliers. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	April 9, 2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Sanjay Mane
Designation :	Senior Manager
Contact No.:	91-9371299190
Date :	25.08.2015

LOCATIONS

Registered Office :	Marda Testile Corporation, C-B No. 117, Main Road, Ichalkaranji, Kolhapur-416115, Maharashtra, India
Tel. No.:	91-230-2435486
Mobile No.:	91-9371299190 (Mr. Sanjay Mane)
Fax No.:	91-230-2435480
E-Mail :	bdm_adbm@dataone.in adbmmkt@arvindtex.com pgassociate@rediffmail.com
Website :	http://www.arvindtex.in
Administrative Office :	“Arvind House”, Plot No. 30, Old Industrial Estate, Ichalkaranji, District Kolhapur-416115, Maharashtra, India
Tel. No.:	91-230-2435480/81
Fax No.:	91-230-2435499
Factory :	Gat No. 685, Nimshirgaon, Kolhapur-Sangli Road, Taluka Shirol, District Kolhapur, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhikulal Dagdulal Marda

Designation :

Managing Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Birth/Age :

13.02.1953

Date of Appointment :

30.03.2013

Din No.:

00309549

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	U24113MH1982PTC026818	ARVIND DYEING AND BLEACHING MILLS PRIVATE LIMITED	Managing director	30/03/2013	31/03/1982	-	Active	NO
2	U17119MH1989PLC053781	ARVIND COTSYN INDIA LTD	Director	05/10/1989	05/10/1989	-	Active	NO

Name :

Mr. Rajgopal Dagdulal Marda

Designation :

Managing Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Birth/Age :

05.08.1961

Date of Appointment :

30.03.2013

Din No.:

00309500

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	U24113MH1982PTC026818	ARVIND DYEING AND BLEACHING MILLS PRIVATE LIMITED	Managing director	30/03/2013	31/03/1982	-	Active	NO
2	U17119MH1989PLC053781	ARVIND COTSYN INDIA LTD	Director	15/12/1992	15/12/1992	-	Active	NO
3	U17120MH1995PTC090551	ARVIND FABTEX PRIVATE LIMITED	Director	13/07/1995	13/07/1995	-	Active	NO

Name :

Mrs. Padma Laxmikant Marda

Designation :

Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Appointment :

31.03.1982

Din No.:

00821129

Name :

Mrs. Prema Shamsundar Marda

Designation :

Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Appointment :

31.03.1982

Din No.:

00317151

Name :

Mr. Anuragkumar Laxmikant Marda

Designation :

Whole Time Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Birth/Age :

14.02.1979

Date of Appointment :

30.03.2013

Din No.:

00318618

Name :

Mr. Gopalkrishna Bhikulal Marda

Designation :

Whole Time Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Birth/Age :

08.08.1979

Date of Appointment :

30.03.2013

Din No.:

00318561

Name :

Mr. Laxmikant Dagdulal Marda

Designation :

Additional Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Appointment :

30.10.2014

DIN No.:

00309360

Name :

Mr. Shyamsundar Dagdulal Marda

Designation :

Additional Director

Address :

10/287 (1), Bunglow Road, Ichalkaranji, District Kolhapur-416115, Maharashtra, India

Date of Appointment :

30.10.2014

DIN No.:

00311142

KEY EXECUTIVES

Name :	Mr. Sanjay Mane
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Bhikulal Dagdulal Marda	6100
Laxmikant Dagdulal Marda	4000
Shyamsundar Dagdulal Marda	5700
Rajgopal Dagdulal Marda	6100
Kamlabai Dagdulal Marda	7100
Prabha Bhikulal Marda	3800
Padma Laxmikant Marda	6100
Prema Shyamsundar Marda	6100
Sunita Rajgopal Marda	5700
Dipika Gopalkrishna Marda	200
Preeti Anuragkumar Marda	200
Priyanka Krishnakumar Marda	200
Yash Rajgopal Marda	2900
Preeti Laxmikant Marda	2900
Arvind Finlease Private Limited	4000
Krishnakumar Bhikulal Marda	1700
Gopalkrishna Bhikulal Marda	2700
Anuragkumar Laxmikant Marda	1500
Govind Shyamsundar Marda	2900
Nandkishore Ramanand Mundada	150
Ramesh Ramanand Mundada	150
Jamuna Nandkishor Mundada	150
Sarla Ramesh Mundada	150
Arvind Cotsyn India Limited	26175
Total	96675

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Yarn

Products :

Item Code No.	Product Description
84450000	Cotton Yarn

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Information declined by the management

Bankers :

Bank Name	Tamilnad Mercantile Bank Limited
Branch	Ward No. 7/122, Navnale Galli, Narayanpeth, Ichalkaranji, Kolhapur-416115, Maharashtra, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	389.886	422.273
Short-term borrowings
Rupee term loans from banks	16.237	41.945
Total	406.123	464.218

Auditors :
Name :	Bhutada Associates Chartered Accountants
Address :	33, Seva Sadan, New Kapad Market, Ichalkaranji, Kolhapur-416115, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADGPB0399G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	S D Marketing, India Bhikulal Marda HUF, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96675	Equity Shares	Rs.100/- each	Rs.9.667 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	9.667	9.667	6.445
(b) Reserves & Surplus	123.786	63.019	45.180
(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)	133.453	72.686	51.625
(3) Non-Current Liabilities
(a) long-term borrowings	505.764	448.592	148.695
(b) Deferred tax liabilities (Net)	0.000	11.687	10.043
(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)	505.764	460.279	158.738
(4) Current Liabilities
(a) Short term borrowings	51.739	160.443	24.295
(b) Trade payables	254.038	246.296	143.794
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	26.698	12.464	8.446
Total Current Liabilities (4)	332.475	419.203	176.535
TOTAL	971.692	952.168	386.898
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	361.668	477.970	62.527
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	52.045
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11.877	11.304	12.873
(c) Deferred tax assets (net)	6.350	0.000	0.000
(d) Long-term Loan and Advances	0.321	4.350	43.506
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	380.216	493.624	170.951
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	162.080	143.085	26.454
(c) Trade receivables	375.900	285.432	165.194
(d) Cash and cash equivalents	10.113	7.200	16.417
(e) Short-term loans and advances	4.089	1.603	1.279
(f) Other current assets	39.294	21.224	6.603
Total Current Assets	591.476	458.544	215.947
TOTAL	971.692	952.168	386.898

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	1796.018	1509.092	779.356
Less	TOTAL EXPENSES	1618.223	1416.216	750.712
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	177.795	92.876	28.644
Less/ Add	DEPRECIATION/ AMORTISATION	117.028	75.038	15.701
	PROFIT/ (LOSS) BEFORE TAX	60.767	17.838	12.943
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	60.767	17.838	12.943
	Earnings / (Loss) Per Share (Rs.)	3.3	1.18	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	59.212	24.382	27.145

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.38	1.18	1.66
Return on Total Assets (PBT/Total Assets}	(%)	6.37	1.90	4.02
Return on Investment (ROI) (PBT/Networth)		0.46	0.25	0.25
Debt Equity Ratio (Total Debt /Networth)		4.18	8.38	3.35
Current Ratio (Current Asset/Current Liability)		1.78	1.09	1.22

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	6.445	9.667	9.667
Reserves & Surplus	45.180	63.019	123.786
Net worth	51.625	72.686	133.453
long-term borrowings	148.695	448.592	505.764
Short term borrowings	24.295	160.443	51.739
Total borrowings	172.990	609.035	557.503
Debt/Equity ratio	3.351	8.379	4.178

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	779.356	1509.092	1796.018
		93.633	19.013

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	779.356	1509.092	1796.018
Profit	12.943	17.838	60.767
	1.66%	1.18%	3.38%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deposits	115.878	26.319
Short-term borrowings
Other loans and advances	35.502	118.498
Total	151.380	144.817

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10561408	13/04/2015 *	180,100,000.00	INDIAN BANK	12/27 Main Road,Ichalkaranji,, Teh. Hatkanangale,  Dist. Kolhapur, Ichalkaranji, Maharashtra - 416115  , INDIA	C55429658
2	10347425	31/03/2012	140,000,000.00	TAMILNAD MERCANTILE BANK LTD	Ward No. 7/122, Navnale Galli, Narayapeth, Ichakaranji, Maharashtra - 416115, INDIA	B36927788
3	10347573	31/03/2012 *	382,000,000.00	TAMILNAD MERCANTILE BANK LTD	Ward No. 7/122, Navnale Galli, Narayapeth,, Ichakaranji, Maharashtra - 416115, INDIA	B37892361

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.66.70
UK Pound	1	Rs.105.10
Euro	1	Rs.77.10

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RSM
Report Prepared by :	SUJ

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	3
--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		43

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.