MIRA INFORM REPORT

Report No. :	353224
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	LAXMI COTSPIN LIMITED (w.e.f. 07.03.2011)
Formerly Known As :	LAXMI COTSPIN PRIVATE LIMITED MAULI COTSPIN PRIVATE LIMITED
Registered Office :	Gut No.399, Samangoan Kajala Road, Infront of Meenatai Thakare Vridhashram, Samangoan, Jalna – 431203, Maharashtra
Mob. No.:	91-9923455817 (Mr. Sailesh)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.10.2005
Com. Reg. No.:	11-156866
Capital Investment / Paid-up Capital :	Rs. 171.477 Million
CIN No.: [Company Identification No.]	U17120MH2005PLC156866
IEC No.:	3105020349
TAN No.: [Tax Deduction & Collection Account No.]	NSKM05323D
PAN No.: [Permanent Account No.]	AAECM5186A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Cotton Yarn and Cotton Bales. (From Confirmed by Management)
No. of Employees :	292 (Approximately) (In Office: 40, In Branch: 02 and In Factory: 250)

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 1084000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was established in the year 2005 and it is engaged in the manufacturing, importing and exporting of cotton yarn and cotton bales. For the financial year ended 2015, revenue of the company has marginally declined by 6.08% but company has able to maintained profit margin and achieved average margin at 2.08% during the year under review. Rating continues to derive strength from the experience of the promoters in cotton business supported by company’s established track record of business operations along with satisfactory financial base and above average debt coverage indictors. Rating strength is partially offset by seasonal availability of raw material and associated volatility in raw material prices, working capital intensive nature of operations and presence in a highly fragmented and intense completion from organized and unorganized players in the ginning and spinning sector. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long term Bank facilities (Suspended) = BB+
Rating Explanation	Inadequate-credit-quality and high credit risk
Date	08.12.2014

Reason for Suspended: Absence of adequate information

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Sailesh
Designation :	Legal Adviser
Contact No.:	91-9923455817
Date :	07.12.2015

LOCATIONS

Registered Office/ Factory :	Gut No.399, Samangoan Kajala Road, Infront of Meenatai Thakare Vridhashram, Samangoan, Jalna – 431203, Maharashtra, India
Tel. No.:	91 2482-257295/ 257222/ 257444
Mobile No.:	91-9923455817 (Mr. Sailesh)
Fax No.:	91-2482-257200
E-Mail :	contact@laxmicotspin.com laxmicotspin@gmail.com skr_laxmicotspin@rediffmail.com
Website :	http://laxmicotspin.com
Location :	Owned
Branch Office :	14, Rayfreda, Near Hotel Sai Palace, Mahakali Caves Junction, Andheri Kurla Road, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-61274769
Location :	Rented

DIRECTORS

AS ON 21.08.2014

Name :

Mr. Rameshbhai Chhotabhai Patel

Designation :

Director

Address :

Swami, Ajantha Nagar, Devalgaonraja Road, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

12.10.1950

Qualification :

SSC

Date of Appointment :

25.09.2007

DIN No.:

00182693

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	U51900MH1992PTC066196	VIKRAM TEA PROCESSOR PRIVATE LIMITED	Managing director	20/06/2012	01/04/1992	-	Active	NO
2	U70100MH1999PTC122374	SHRI YOGEEJI ESTATES DEVELOPERS PRIVATE LIMITED	Director	26/10/1999	26/10/1999	-	Active	NO
3	U27100MH2004PTC148360	GAYATRI ISPAT PRIVATE LIMITED	Director	02/09/2004	02/09/2004	25/10/2013	Active	NO
4	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	25/09/2007	08/05/2006	-	Active	NO
5	U80200MH2008PTC178260	LOTUS CENTRE FOR PROFESSIONAL STUDIES AND RESEARCH PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO
6	U15143MH2008PTC185226	PARVATI SOLVENT EXTRACTION PRIVATE LIMITED	Director	30/07/2008	30/07/2008	-	Active	NO
7	U15122MH2013PTC246332	BHAISHREE BAKERY AND FOODS PRODUCTS PRIVATE LIMITED	Director	29/07/2013	29/07/2013	-	Active	NO
8	AAD-2945	BHAISHREE INFRA AND FACILITIES MANAGEMENT LLP	Designated Partner	02/02/2015	02/02/2015	-	Active	NO
9	AAD-4111	BHAISHREE INDUSTRIES LLP	Designated Partner	20/02/2015	20/02/2015	-	Active	NO

Name :

Mr. Sanjay Kachrulal Rathi

Designation :

Whole-Time Director

Address :

570, Vrindavan, College Road, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

10.03.1966

Qualification :

B.COM, BBM D.B.M.

Experience :

26 Years

Date of Appointment :

25.09.2007

DIN No.:

00182739

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	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Whole-time director	25/09/2007	19/10/2005	-	Active	NO
2	U25190MH2010PTC209350	ORIENT POLYPACK PRIVATE LIMITED	Director	22/10/2010	22/10/2010	25/03/2015	Active	NO
3	U27100MH2005PTC152446	ASHVA MULTI TRADE PRIVATE LIMITED	Additional director	02/11/2010	02/11/2010	22/02/2011	Active	NO
4	U21098MH2011PTC223829	RAGHUSHREE POLYPACK PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
5	U17221MH2009PTC190300	VITTHAL POLYPACK PRIVATE LIMITED	Director appointed in casual vacancy	29/10/2015	29/10/2015	-	Active	NO

Name :

Mr. Rajesh Puranmal Bansal

Designation :

Director

Address :

Rajesh Vastra Bhandar, Main Road, Mantha, Jalna - 431504, Maharashtra, India

Date of Birth/Age :

07.02.1960

Date of Appointment :

08.05.2006

DIN No.:

00272612

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	08/05/2006	08/05/2006	Active	NO
2	U72900MH2009PTC190840	RTCAMP SOLUTIONS PRIVATE LIMITED	Director	12/03/2009	12/03/2009	Active	NO

Name :

Mr. Shivratan Shrigopal Mundada

Designation :

Managing Director

Address :

Shrigopal Smruti, Manik Nagar, Sambhaji Nagar, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

01.01.1964

Qualification :

D.M.A.

Experience :

21 Years

Date of Appointment :

25.09.2007

PAN No.:

ABPPM8459H

DIN No.:

00349668

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	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Managing director	25/09/2007	19/10/2005	-	Active	NO
2	U45400MH2007PTC171600	SSM CONSTRUCTIONS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	13/05/2013	Active	NO
3	U22100MH2008PTC189184	ANAND NAGARI PRAKASHAN PRIVATE LIMITED	Director	29/12/2008	29/12/2008	24/03/2012	Active	NO
4	U28999MH2010PTC201697	RIMS FASTNERS PRIVATE LIMITED	Additional director	14/07/2011	05/04/2010	-	Active	NO
5	U27100MH2005PTC152446	ASHVA MULTI TRADE PRIVATE LIMITED	Additional director	02/11/2010	02/11/2010	22/02/2011	Active	NO
6	U24233MH2013PTC251057	RAJURI PAINTS PRIVATE LIMITED	Director	16/12/2013	16/12/2013	-	Active	NO
7	U51109WB1996PTC078624	SAPTRISHI SUPPLIERS PRIVATE LIMITED	Additional director	27/02/2015	27/02/2015	-	Active	NO
8	U51109WB2007PTC119960	PARIJAT TIE-UP PRIVATE LIMITED	Additional director	04/04/2015	04/04/2015	06/08/2015	Active	NO

Name :

Mr. Singanallur Venkataraman Natarajan

Designation :

Director

Address :

33, Rajiv Gandhi Nagar, Sowripalayam, Coimbatore - 641028, Tamil Nadu, India

Date of Appointment :

30.09.2010

DIN No.:

01969101

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	U01405TG2007PTC054727	NCC VENKATESWARA COTTON FIBERS PRIVATE LIMITED	Director	05/01/2008	05/01/2008	27/10/2008	Active	NO
2	U17200MH2007PTC173157	NCC SHRI COTTON PRIVATE LIMITED	Director	05/01/2008	05/01/2008	27/10/2008	Active	NO
3	U17121MH2007PTC172490	NCC RADHAKRISHNA COTTON PRIVATE LIMITED	Director	05/01/2008	05/01/2008	27/10/2008	Active	NO
4	U17111MH2007PTC172496	NCC SANTOSH FIBERS PRIVATE LIMITED	Director	05/01/2008	05/01/2008	27/10/2008	Active	NO
5	U17121MH2007PTC173124	NCC NARSINH COTTON PRIVATE LIMITED	Director	05/01/2008	05/01/2008	27/10/2008	Active	NO
6	U17111MH2007PTC172499	NCC CJ COTTON PRIVATE LIMITED	Director	05/01/2008	05/01/2008	27/10/2008	Active	NO
7	U17200MH2008PTC183838	NCC SHRIRAM FIBERS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	02/02/2009	Strike off	NO
8	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	30/09/2010	25/09/2010	-	Active	NO

Name :

Mr. Sunil Vinodrai Raithatha

Designation :

Director

Address :

Balaji Galli, Jalna - 431203, Maharashtra, India

Date of Appointment :

30.09.2010

DIN No.:

02064215

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27200MH2002PTC138083	VINODRAI ENGINEERS PRIVATE LIMITED	Director	02/12/2002	02/12/2002	Active	NO
2	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	30/09/2010	25/09/2010	Active	NO
3	U29253MH2014PTC254859	SHILPIN MACHINES PRIVATE LIMITED	Director	24/03/2014	24/03/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Sailesh
Designation :	Legal Adviser

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 21.08.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	73.24
Directors or relatives of directors	26.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Cotton Yarn and Cotton Bales. (From Confirmed by Management)

Products :

ITC Code No.	Product Descriptions
56011121	Cotton Yarn

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Cotton Yarn

Countries :

· China

· Turkey

Imports :

Products :

Cotton Yarn

Countries :

· Germany

· Switzerland

Terms :

Selling :

Cash, Credit and R.T.G.S (30 days)

Purchasing :

Cash, Credit and R.T.G.S (30 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:

Laxmi Cotspin Limited

Name of the Person (Designation):

Mr. Sanjay K. Rathi

Contact Number:

91-9923455817 (Not Reachable)

Since how long known:

10 Years

Maximum limit dealt:

Not Divulged

Experience:

Payment Behaviour	Good
Market Goodwill	Excellent
Over	Good

Remark

Not Divulged

Customers :

End Users

Reference:

A-L Karam Textile Mill Private Limited

Name of the Person (Designation):

Sajid Haroom, Director

Contact Number:

91-9221-35018638244 (Management non Co-Operative)

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Payment Behaviour	Excellent
Market Goodwill	Good
Over	Good

Remark

Not Divulged

No. of Employees :

292 (Approximately) (In Office: 40, In Branch: 02 and In Factory: 250)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Jalna Branch, Mumbai, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-9890603333 (Customer Care Number)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Shamrao Vithal Co-Operative Bank

· State Bank of India

Industrial Finance Branch, Aurangabad - 431005, Maharashtra, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	132.770	107.897
Loans taken for vehicles	0.124	0.255
SHORT TERM BORROWINGS
Working capital loans from banks	51.691	50.457
Loans repayable on demand	171.996	131.095
Total	356.581	289.704

Banking Relations :	--
Auditors :
Name :	CAN and Associates Chartered Accountant
Address :	2, Shakuntal’s Yogeshwari Silverwood, 1^st Floor, Osmanpura, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2352616 / 2342151 / 2356631
Income-tax PAN of auditor or auditor's firm :	AASPB6929K
Memberships :	--
Collaborators :	--
Associates :	Gayatri Ginning and Pressing Private Limited (U74900MH2007PTC171532)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
40,000,000	Equity Shares	Rs. 10/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,147,670	Equity Shares	Rs. 10/- each	Rs. 171.477 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	171.477	171.477	171.477
(b) Reserves & Surplus	207.777	195.496	146.554
(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)	379.254	366.973	318.031
(3) Non-Current Liabilities
(a) Long-term borrowings	137.894	113.152	139.272
(b) Deferred tax liabilities (Net)	12.850	12.207	12.384
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.328	1.099	1.257
Total Non-current Liabilities (3)	152.072	126.458	152.913
(4) Current Liabilities
(a) Short term borrowings	223.687	181.552	153.737
(b) Trade payables	30.115	75.057	34.640
(c) Other current liabilities	57.056	50.721	48.455
(d) Short-term provisions	17.936	20.049	6.848
Total Current Liabilities (4)	328.794	327.379	243.680
TOTAL	860.120	820.810	714.624
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	344.716	318.916	336.427
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	12.795	14.581
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.060	0.060	1.060
(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	0.000	0.000	0.192
Total Non-Current Assets	344.776	331.771	352.260
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	212.098	173.427	93.195
(c) Trade receivables	174.769	221.352	128.228
(d) Cash and cash equivalents	51.393	21.112	15.033
(e) Short-term loans and advances	20.159	12.135	67.818
(f) Other current assets	56.925	61.013	58.090
Total Current Assets	515.344	489.039	362.364
TOTAL	860.120	820.810	714.624

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations (Net)	1063.436	1145.177	1015.061
		Other Income	4.253	1.635	8.720
		TOTAL (A)	1067.689	1146.812	1023.781
Less	EXPENSES
		Cost of Materials Consumed	771.456	875.711	754.031
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.464	1.913	(2.502)
		Employees benefits expense	36.332	29.876	32.743
		Other expenses	124.782	109.475	120.526
		TOTAL (B)	933.034	1016.975	904.798
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.655	129.837	118.983
Less	FINANCIAL EXPENSES (D)		43.358	35.867	41.690
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.297	93.970	77.293
Less/ Add	DEPRECIATION/ AMORTISATION (F)		61.873	47.493	43.068
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		29.424	46.477	34.225
Less	TAX (H)		7.178	9.122	11.852
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		22.246	37.355	22.373
	EARNINGS IN FOREIGN CURRENCY		257.607	(265.857)	NA
	Earnings Per Share (Rs.)		1.30	2.18	1.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	43.147	0.000	0.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	103.162	48.848	107.865

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.09	3.26	2.20
Operating Profit Margin (PBDIT/Sales)	(%)	12.66	11.34	11.72
Return on Total Assets (PBT/Total Assets}	(%)	3.42	5.75	4.90
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.11
Debt Equity Ratio (Total Debt/Networth)		1.07	0.80	0.92
Current Ratio (Current Asset/Current Liability)		1.57	1.49	1.49

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	171.477	171.477	171.478
Reserves & Surplus	146.554	195.496	207.777
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	318.031	366.973	379.255
Long-term borrowings	139.272	113.152	137.894
Short term borrowings	153.737	181.552	223.687
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	43.147
Total borrowings	293.009	294.704	404.728
Debt/Equity ratio	0.921	0.803	1.067

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)
Sales	1015.061	1145.177	1063.436
		12.819	-7.138

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1015.061	1145.177	1063.436
Profit	22.373	37.355	22.246
	2.20%	3.26%	2.09%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10552610	23/02/2015	361,991,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C45333309
2	10530526	30/10/2014	361,991,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C33173444
3	10496029	07/04/2014	66,500,000.00	THE SHAMRAO VITHAL COOP BANK LIMITED	GROUND FLOOR, PLOT NO. 27, BHOKARDAN ROAD, JALNA - 431203,  MAHARASHTRA, INDIA	C03976065
4	10489079	28/03/2014	66,500,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK	THE SHAMRAO VITHAL CO-OPERATIVE BANK, BHOKARDAN ROAD, JALNA, MAHARASHTRA - 431203, INDIA	C02920205
5	10224223	07/05/2010	1,790,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	A87340006

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate borrowings	5.000	5.000
Total	5.000	5.000

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from Ground Floor, Room No.27, Cotton Exchange Building Cotton Green, Mumbai – 400074, Maharashtra, India to the present address w.e.f. 01.11.2007.

FINANCIALS RESULTS

During the year their company has achieved sales Rs. 1067.700 million as against Rs. 1145.200 million, sales was marginally declined due to reduction of market prices of cotton bales and cotton yarn, however volume of sales of cotton yarn has increased by 15%. The cash profit of the company is marginally declined to Rs. 91.300 million from Rs. 94.000 million.

During the year their company has successfully implemented project of rotor open end mill due to this production capacity of the company to produce cotton yarn is increased, in-turn in coming years the company expects higher profitability.

Looking at good market conditions and lucrative textile policy of state and central Government to encourage and promote under “Make in India” initiative our company has planned to set-up additional 16000 ring spindles in 2015-16.

FIXED ASSETS:

· Land

· Factory Building

· Other Buildings

· Electrical Installations

· Plant and Machineries

· Computer Systems

· Furniture and Fixtures

· Office Equipment’s

· Vehicle and Others

· Plant and Machineries (Ginning Division)

· Factory Building (Ginning Division)

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.66.63
UK Pound	1	Rs.101.65
Euro	1	Rs.72.40

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		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.