MIRA INFORM REPORT

Report No. :	354060
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	TWENTY FIRST CENTURY MARKETING LIMITED

Registered Office :	B/116, Shree Ghantakaraan Mahavir Commercial Market, Sarangpur, Ahmedabad – 380002, Gujarat
Tel. No.:	91-79-30417117

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	13.12.1985

Com. Reg. No.:	04-046966

Capital Investment / Paid-up Capital :	Rs.20.000 Million

CIN No.: [Company Identification No.]	L51100GJ1985PLC046966

IEC No.:	Not Applicable (As claimed by company management that company does not export and import)

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 :	Job Work of Clothes, Fabrics. (Confirmed by management)

No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a part of “Aarvee Denims and Exports Limited”. It was incorporated in the year 1985 having satisfactory track record. The rating on company reflects the extensive experience of the promoters and satisfactory financial risk profile, decent capital structure along with improved cash and bank balance and debt free balance sheet profile. The rating also takes into account on company’s strong support in way of financial and managerial which company receives from its group company. This rating strength is partially offsets by risk associated with the job work nature of business operations and susceptibility to fluctuation on client order resulting into volatility in revenue of the company. However, trade relations are fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 PARTED BY

Name :	Mr. Pragnesh Patel
Designation :	Account Manager in Aarvee
Contact No.:	91-79-30417117
Date :	09.12.2015

LOCATIONS

Registered Office :	B/116, Shree Ghantakaraan Mahavir Commercial Market, Sarangpur, Ahmedabad – 380002, Gujarat, India
Tel. No.:	91-79-30417117
E-Mail :	pragnesh@aarvee_denims.com mishankshah@gmail.com
Website :	www.ambalal@aarvee_denims.com
Location:	Owned

DIRECTORS

As on 31.03.2015

Name :

Mr. Vinod Kumar Arora

Designation :

Director

Address :

Omkar, 239/2, FP No. 12/01/B, Hebatpur, Shila Road, Opposite Amimangal Bunglow-3, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

15.05.1951

Qualification :

B.Com

Date of Appointment :

08.11.2004

PAN No.:

AAJPA4266D

DIN No.:

00007065

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	L17110GJ1988PLC010504	AARVEE DENIMS AND EXPORTS LTD	Managing director	01/10/2014	28/03/1988	-	Active	NO
2	L51100GJ1985PLC046966	TWENTY FIRST CENTURY MARKETING LIMITED	Director	08/11/2004	08/11/2004	-	Active	NO
3	U65910GJ1982PLC005008	RENTEX WEAVERS LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO

Name :

Ms. Renu Arora

Designation :

Director

Address :

Omkar, 239/2, FP No. 12/01/B, Hebatpur, Shila Road, Opposite Amimangal Bunglow-3, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

15.08.1953

Qualification :

B.Com

Date of Appointment :

08.11.2004

PAN No.:

AAEPA7615F

DIN No.:

00062787

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	U17119GJ1989PTC011959	VEE BEE TEXTILES PRIVATE LIMITED	Director	27/03/1991	27/03/1991	-	Active	NO
2	L51100GJ1985PLC046966	TWENTY FIRST CENTURY MARKETING LIMITED	Director	08/11/2004	08/11/2004	-	Active	NO
3	U65910GJ1982PLC005008	RENTEX WEAVERS LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO

Name :

Mr. Nipun Vinodkumar Arora

Designation :

Director

Address :

Omkar, 239/2, FP No. 12/01/B, Hebatpur, Shila Road, Opposite Amimangal Bunglow-3, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

13.12.1974

Qualification :

B.Com

Date of Appointment :

30.05.2007

PAN No.:

ABJPA5013H

DIN No.:

00989835

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	U65910GJ1982PTC005011	ENNBEE TEXTILES PRIVATE LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
2	L51100GJ1985PLC046966	TWENTY FIRST CENTURY MARKETING LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
3	U74899DL1991PTC042781	PEE VEE SYNTHETICS PRIVATE LIMITED	Director	13/11/2013	13/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pragnesh Patel
Designation :	Account Manager in Aarvee

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS FILE ATTACHED

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	70.46
Other top fifty shareholders	29.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Job Work of Clothes, Fabrics. (Confirmed by management)

Products :

Item Code No.	Product Description
63049190	Job Work

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cheque

Purchasing :

Cheque

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 :

Retailers and End Users

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 :

4 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Ashram Road Branch, Near Vallabhsadan, Ahmedabad – 380009, Gujarat, 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	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans taken from Vehicle (Secured by way of hypothecation of respective motor vehicle purchased)	0.000	0.121

Total	0.000	0.121


Auditors :
Name :	N.C. Shah and Associates Chartered Accountants
Address :	191/1, New Cloth Market, O/S Raipur Gate, Ahmedabad, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACXPS7327M

Memberships :	--

Collaborators :	--

Associates:	B.S.Textile, India Aarvee Denims Exports Limited, India

Sister Concern: (Confirmed by the management)	Virendra Bhogilala and Company Arore Agencies Pee Vee Synthetics Private Limited Vee Bee Tetiles Private Limited Kashi Investments Private Limited V.B. Investments Private Limited Kasshvi Holdings Private Limited New Ahmedabad Synthetic Private Limited Bhansali Tradelink Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	138.021	125.893	108.156
(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)	158.021	145.893	128.156

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.121	1.026
(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	0.121	1.026

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.218	0.954	1.169
(d) Short-term provisions	5.755	8.651	7.386
Total Current Liabilities (4)	5.973	9.605	8.555

TOTAL	163.994	155.619	137.737

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.548	3.865	5.318
(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	37.585	16.760	15.615
(c) Deferred tax assets (net)	1.700	1.837	1.910
(d) Long-term Loan and Advances	118.981	131.728	112.526
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	158.814	154.190	135.369

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	1.157	1.159
(d) Cash and cash equivalents	5.163	0.219	1.209
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.017	0.053	0.000
Total Current Assets	5.180	1.429	2.368

TOTAL	163.994	155.619	137.737

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4.165	14.281	14.280
	Other Income	15.316	15.138	12.070
	TOTAL (A)	19.481	29.419	26.350

Less	EXPENSES
	Employees benefits expense	0.507	0.997	0.991
	Other expenses	0.298	0.298	0.317
	TOTAL (B)	0.805	1.295	1.308

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	18.676	28.124	25.042

Less	FINANCIAL EXPENSES (D)	0.057	0.210	0.179

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	18.619	27.914	24.863

Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.600	1.453	1.800

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	18.019	26.461	23.063

Less	TAX (H)	5.891	8.724	7.423

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	12.128	17.737	15.640

	Earnings / (Loss) Per Share (Rs.)	6.06	8.87	7.82

Expected Sales (2015-2016) : Rs.Rs.20.000 Million

The above information has been parted by Mr Pragnesh Patel (Account Manager in Aarvee)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	0.905	1.051
Cash generated from operations	NA	NA	NA
	8.522	(12.742)	(8.082)
Net cash flow from operating activity	8.522	(12.742)	(8.082)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	291.19	124.20	109.52

Operating Profit Margin (PBIDT/Sales)	(%)	448.40	196.93	175.36

Return on Total Assets (PBT/Total Assets}	(%)	14.45	19.31	19.19

Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.18

Debt Equity Ratio (Total Debt /Networth)		0.00	0.01	0.02

Current Ratio (Current Asset/Current Liability)		0.87	0.15	0.28

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	20.000	20.000	20.000
Reserves & Surplus	108.156	125.893	138.021
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	128.156	145.893	158.021

long-term borrowings	1.026	0.121	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.077	1.026	0.000
Debt/Equity ratio	0.016	0.007	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)
Sales	14.280	14.281	4.165
		0.007	(70.835)

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	14.280	14.281	4.165
Profit	15.640	17.737	12.128
	109.52%	124.20%	291.19%

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

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments

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.66.79
UK Pound	1	Rs.101.36
Euro	1	Rs.73.46

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KSH

Report Prepared by :	SUD

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	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

Unit