MIRA INFORM REPORT

Report No. :	353221
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	BHALCHANDRAM CLOTHING LIMITED (w.e.f. 11.12.2014)

Formerly Known As :	BHALCHANDRAM CLOTHING PRIVATE LIMITED

Registered Office :	2201, Dhavalgiri, August Kranti Marg, Nana Chowk, Mumbai – 400036, Maharashtra
Tel. No.:	91-22-40500100

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	27.09.2005

Com. Reg. No.:	11-156451

Capital Investment / Paid-up Capital :	Rs. 5.000 Million

CIN No.: [Company Identification No.]	U17120MH2005PLC156451

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in the business of trading of Cotton textiles and to specialize in the export of quality Cotton Yams and fabrics. (Registered Activity)

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 120200

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is established company incorporated in the year 2005 and it is having satisfactory track record. The ratings draw strength from the extensive experience of the promoters in the textile industry, decent capital structure along with debt free balance sheet, healthy operations with good profit margin and long operational track record of its integrated business. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered normal for business dealings at usual trade terms and conditions. Note:- On 6th July, 2015 the company has applied to get listed in the EMERGE Institutional Trading Platform of NSE-SME, to expose to a wide variety of institutional investors. The company got listed on NSE-SME, at present company’s equity shares are listed as it has paid Listing Fees to the above Stock Exchange for the year 2015-16. Currently company shares are not been traded on BSE and NSE.

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

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Chirag
Designation :	Accountant
Contact No.:	91-22-40500100
Date :	03.12.2015

LOCATIONS

Registered Office :	2201, Dhavalgiri, August Kranti Marg, Nana Chowk, Mumbai – 400036, Maharashtra, India
Tel. No.:	91-22-40500100
Fax No.:	91-22-40500150
E-Mail :	investor@bhalchandram.com
Website :	www.bhalchandram.com

Corporate Office :	307, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Ujwal Rambilas Lahoti

Designation :

Managing Director

Address :

2201 Dhawalgiri, Phapanaswadi, Nana Chowk, Grantroad, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

31.07.1965

Date of Appointment :

26.02.2015

DIN No.:

00360785

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	L51900MH1984PLC085440	HIND COMMERCE LIMITED	Director	17/04/1991	17/04/1991	-	Active	NO
2	U51900PN1993PLC073349	LAHOTI TERRA KNITFAB LIMITED	Director	05/08/1993	05/08/1993	11/01/2011	Active	NO
3	U65990MH1993PTC073280	BAUBLE INVESTMENT PRIVATE LIMITED	Whole-time director	01/09/1993	01/09/1993	-	Active	NO
4	U67190MH1995PTC087316	KIRTI STOCKBROKERS PRIVATE LIMITED	Director	03/06/1995	03/06/1995	-	Active	NO
5	U72900MH1988PTC046892	PSWARE INFORMATION PRIVATE LIMITED	Whole-time director	13/10/1995	13/10/1995	-	Active	NO
6	L74999MH1995PLC087643	LAHOTI OVERSEAS LIMITED	Whole-time director	01/03/2012	02/09/1996	-	Active	NO
7	U65990MH1996PTC100190	Morgan Stanley India Capital Private Limited	Director	23/02/2000	23/02/2000	15/06/2007	Active	NO
8	U29299MH1960PLC011656	G VARADAN LIMITED	Director	04/01/2002	04/01/2002	-	Active	NO
9	U72900PN2000PLC014615	WEBSOURCE TECHNOLOGIES LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
10	U40102MH2007PLC168316	LAHOTI SPINTEX AND ENERGY LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
11	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	21/09/2007	21/09/2007	-	Active	NO
12	U29262MH2005PTC157070	JANAKSUTA TEXTILE AND YARNS PRIVATE LIMITED	Director	23/09/2010	20/08/2010	-	Active	NO
13	U51109MH2011PLC224111	Crystal Tradecom Limited	Director	19/11/2011	19/11/2011	-	Active	NO
14	U45208MH2013PTC250518	ELEMENTARY REALTORS PRIVATE LIMITED	Director	01/02/2014	01/02/2014	-	Active	NO
15	U17120MH2005PLC156451	BHALCHANDRAM CLOTHING Limited	Managing director	26/02/2015	22/10/2014	-	Active	NO
16	U17120MH2005PTC156908	PAWANSOOT TEXTILES PRIVATE LIMITED	Director	24/09/2015	26/06/2015	-	Active	NO
17	U17300MH2005PTC157699	YASHODANANDAN TEXTILES PRIVATE LIMITED	Director	29/09/2015	29/06/2015	-	Active	NO

Name :

Mr. Prakash Ramchandra Bang

Designation :

Director

Address :

459, Sindh Housing Society, Aundh, Pune-411007, Maharashtra, India

Date of Appointment :

12.02.2015

DIN No.:

00088837

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	L51900MH1984PLC085440	HIND COMMERCE LIMITED	Director	27/09/2014	16/05/1991	-	Active	NO
2	U55101PN1999PTC014046	MILLENNNIUM-FUSION FOOD AND HOTELS PRIVATE LIMITED	Director	05/10/1999	05/10/1999	-	Under Process of Striking off	NO
3	U72900PN2000PLC014615	WEBSOURCE TECHNOLOGIES LIMITED	Director	31/03/2012	21/03/2000	-	Active	NO
4	L74999MH1995PLC087643	LAHOTI OVERSEAS LIMITED	Director	29/09/2014	12/07/2001	-	Active	NO
5	L22190MH1996PLC103009	VINTAGE CARDS AND CREATIONS LIMITED	Director	02/10/2001	02/10/2001	17/04/2008	Under liquidation	NO
6	U72900PN2010PLC135291	roomsXML Solutions Limited	Managing director	01/04/2015	08/01/2010	-	Active	NO
7	L24231PN1992PLC065801	INDRAYANI BIOTECH LIMITED	Managing director	03/11/2010	20/08/2010	-	Active	NO
8	U17120MH2005PLC156451	BHALCHANDRAM CLOTHING Limited	Director	12/02/2015	22/10/2014	-	Active	NO

Name :

Mr. Mahesh Murlidhar Bhattad

Designation :

Director

Address :

C/O. Kamlakar Deshmukh, Omkar Apartments, Pawannagar, Nalribaug, Aurangabad-431001, Maharashtra, India

Date of Appointment :

12.02.2015

DIN No.:

00564107

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	U51999PN1994PTC081954	RASHYAP IMPEX PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
2	U17120MH2005PTC157220	DNYANESHWAR TEXTILE TRADING PRIVATE LIMITED	Director	09/11/2005	09/11/2005	30/12/2013	Active	NO
3	U17120MH2005PLC156451	BHALCHANDRAM CLOTHING Limited	Director	12/02/2015	22/10/2014	-	Active	NO

Name :

Mr. Umesh Rambilas Lahoti

Designation :

Director

Address :

Era - IV, Maraton Nextgen, Flat No. 3401, G. K. Marg, Lower Parel, Mumbai-400013, Maharashtra, India

Date of Appointment :

12.02.2015

DIN No.:

00361216

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	U51900PN1993PLC073349	LAHOTI TERRA KNITFAB LIMITED	Director	05/08/1993	05/08/1993	11/01/2011	Active	NO
2	L51900MH1984PLC085440	HIND COMMERCE LIMITED	Managing director	15/03/2014	27/01/1995	-	Active	NO
3	L74999MH1995PLC087643	LAHOTI OVERSEAS LIMITED	Managing director	13/08/2015	24/04/1995	-	Active	NO
4	U67190MH1995PTC087316	KIRTI STOCKBROKERS PRIVATE LIMITED	Director	03/06/1995	03/06/1995	-	Active	NO
5	L28910MH1979PLC020959	KALYANI FORGE LIMITED	Director	26/03/1996	26/03/1996	29/05/2015	Active	NO
6	U65990MH1996PTC100190	Morgan Stanley India Capital Private Limited	Director	23/02/2000	23/02/2000	15/06/2007	Active	NO
7	U29299MH1960PLC011656	G VARADAN LIMITED	Director	04/01/2002	04/01/2002	-	Active	NO
8	U40102MH2007PLC168316	LAHOTI SPINTEX AND ENERGY LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
9	U67110MP2006PLC018933	MADHYA PRADESH STOCK EXCHANGE LIMITED	Director	15/04/2008	15/04/2008	03/10/2015	Active	NO
10	U29262MH2005PTC157070	JANAKSUTA TEXTILE AND YARNS PRIVATE LIMITED	Director	23/09/2010	20/08/2010	-	Active	NO
11	L24231PN1992PLC065801	INDRAYANI BIOTECH LIMITED	Director	30/09/2010	20/08/2010	-	Active	NO
12	U51109MH2011PLC224111	Crystal Tradecom Limited	Director	19/11/2011	19/11/2011	-	Active	NO
13	U45208MH2013PTC250518	ELEMENTARY REALTORS PRIVATE LIMITED	Director	01/02/2014	01/02/2014	-	Active	NO
14	U17120MH2005PLC156451	BHALCHANDRAM CLOTHING Limited	Director	12/02/2015	22/10/2014	-	Active	NO
15	U17120MH2005PTC156908	PAWANSOOT TEXTILES PRIVATE LIMITED	Director	24/09/2015	26/06/2015	-	Active	NO
16	U17300MH2005PTC157699	YASHODANANDAN TEXTILES PRIVATE LIMITED	Director	29/09/2015	29/06/2015	-	Active	NO
17	U65990MH1993PTC073280	BAUBLE INVESTMENT PRIVATE LIMITED	Additional director	27/10/2015	27/10/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Saurabh Umesh Lahoti
Designation :	Chief Financial Officer
Address :	No.3401, ERA - 4 Maraton Nextgn, Off Ganpatrao, Kadam Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Date of Appointment :	26/02/2015
PAN No.:	ACTPL2413P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2014

Names of Shareholders		No. of Shares
Hind Commerce Limited, India		92500
Kirti Stock Brokers Private Limited, India		81000
Billon Way Garment Private Limited, Hong Kong		240200
Thakurji Textile Trading Private Limited, India		61300
Janaksuta Textile and Yarns Private Limited, India		10000
Mast Mast Textile Trading Private Limited, India		15000
Total		500000

As on 27.05.2015

Names of Allottees		No. of Shares
Reliance Commercial Company Limited, India		60000
Total		60000

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading of Cotton textiles and to specialize in the export of quality Cotton Yams and fabrics. (Registered Activity)

Products :

Item Code No.	Product Description
99611311	Clothing

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Shri Mookambiga Spinning Mills Private Limited
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 :

Not Divulged

Bankers :

Bank Name	ICICI Bank Limited
Branch	Not Divulged
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

Oriental Bank of Commerce

Punjab National Bank

Auditors :
Name :	S. R. Marda and Company Chartered Accountants
Address :	1st Floor, Siddheshwar Cloth Market, Chati Galli, Solapur-413002, Maharashtra, India
Tel. No.:	91-217-2324035, 2324035
Mobile No.:	91-9422380012
E-Mail :	srmarda@yahoo.com srmarda@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAZPM3786G

Memberships :	--

Collaborators :	--

Entities in which KMP / relative of KMP have significant influence :	Lahoti Overseas Limited Garudvahak Textiles Private Limited Pawansoot Textiles Private Limited Triloltinath Textiles Private Limited Yashodanandan Textiles Private Limited

CAPITAL STRUCTURE

As on 24.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

600000	Equity Shares	Rs.10/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

560000	Equity Shares	Rs.10/- each	Rs. 5.600 Million

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

600000	Equity Shares	Rs.10/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	37.079	35.240	32.089
(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)	42.079	40.240	37.089

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3.969	0.088	0.281
(c) Other current liabilities	0.013	0.003	0.000
(d) Short-term provisions	0.339	0.000	0.023
Total Current Liabilities (4)	4.321	0.091	0.304

TOTAL	46.400	40.331	37.393

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.025	0.025	0.025
Total Non-Current Assets	0.025	0.025	0.025

(2) Current assets
(a) Current investments	0.000	3.952	7.761
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	11.805	0.000	0.000
(d) Cash and cash equivalents	2.401	18.259	0.270
(e) Short-term loans and advances	31.725	18.095	29.337
(f) Other current assets	0.444	0.000	0.000
Total Current Assets	46.375	40.306	37.368

TOTAL	46.400	40.331	37.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	12.211	3.799
		Other Income	2.371	4.468
		TOTAL (A)	14.582	8.267	7.305

Less	EXPENSES
		Purchases of Stock-in-Trade	11.376	3.950
		Other expenses	0.545	0.132
		TOTAL (B)	11.921	4.082	5.275 (including financial expenses)

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		2.661	4.185

Less	FINANCIAL EXPENSES (D)		0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.661	4.185	2.030

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.661	4.185	2.030

Less	TAX (H)		0.822	1.034	0.475

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.839	3.151	1.555

	EARNINGS IN FOREIGN CURRENCY		11.766	3.799	5.509

	Earnings / (Loss) Per Share (Rs.)		3.68	6.30	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(21.660)	10.771	NA
Cash Flows from Operating Activities	(22.143)	9.724	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Total Income)	(%)	12.61	38.11	21.29

Operating Profit Margin (PBIDT/ Total Income)	(%)	18.25	50.62	NA

Return on Total Assets (PBT/Total Assets}	(%)	5.73	10.38	5.43

Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.05

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		10.73	442.92	122.92

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	32.089	35.240	37.079
Net worth	37.089	40.240	42.079

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	7.305	8.267	14.582
		13.169	76.388

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	7.305	8.267	14.582
Profit	1.555	3.151	1.839
	21.29%	38.12%	12.61%

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	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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	No
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

NOTE: The registered office of the company has been shifted from 145/A 35 Pansare Chawlsane Guruji Marg, Chinchpokli, Mumbai-400011, Maharashtra, India to the present address w.e.f. 22.10.2009

NATURE OF BUSINESS

The Company is engaged in the business of trading of Cotton textiles and to specialize in the export of quality Cotton Yams and fabrics. The Company covers a wide variety of Cotton Yarns including carded & combed ring spun yams of coal-se & fine counts, ply yams, special yarns and grey Fabrics.

During the year there has been no change in the nature of business of the company. However the Company has been converted from a private to public thereby changing the name from M/s Bhalchandram Clothing Private Limited TO M/S Bhalchandram Clothing Limited CIN : U17120MH2005PLC156451 Later the Company on application to get Listed in the EMERGE Institutional Trading Platform of KSE SME, was listed in the said platform with effect from 6th July, 2015 to expose to a wide variety of institutional investors.

RESULTS OF OPERATIONS

During the year the Company has reported a total income of Rs.12.210 Million out of which the sale realization has increased by 209.76% at Rs.11.766 Million when compared to previous year’s proceeds of Rs.3.798 Million the Company has received income through duty drawback of Rs.0.443 Million during the year. The Company has shown a considerable growth in in sales though the cotton textile industry has had general slowdown in the market

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	KAS

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

Unit