MIRA INFORM REPORT

Report No. :	354079
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	KASHVI HOLDINGS PRIVATE LIMITED
Registered Office :	26, New Cloth Market, Outside Raipur Gate, Ahmedabad-380001, Gujarat
Tel. No.:	91-79-30417117
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	04.03.1996
Com. Reg. No.:	04-028961
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U65993GJ1996PTC028961
IEC No.:	Not Divulged
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 :	Providing Financial Services. (Confirmed by Management)
No. of Employees :	03 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Very small company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was established in the year 1996 and it is engaged into providing financial services. It is a very small company in its field and its scales of activities are limited. During the FY 2015, the company has reported total revenue of Rs. 0.021 Million against revenue of Rs. 0.024 Million during the previous year. The net profit of the company has increased from Rs. 0.007 Million to Rs. 0.009 Million. Rating remain constrained on account of company’s limited scale of business operations marked by moderate financial profile along with modest net worth base and weak debt coverage indicators. Payments are reported to be slow. In view of aforesaid, the company can be considered for small business dealings on a safe and secured 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

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 :	Accounts Manager (Aarvee Denims and Exports Private Limited)
Contact No.:	91-79-30417117
Date :	09.12.2015

LOCATIONS

Registered Office :	26, New Cloth Market, Outside Raipur Gate, Ahmedabad-380001, Gujarat, India
Tel. No.:	91-79-30417117
Fax No.:	Not Available
E-Mail :	cs@aarvee-denims.com ambalal@aarvee-denims.com
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Ashish Virendrabhai Shah
Designation :	Director
Address :	2, Jain Merchant Society, Paldi, Ahmedabad-380007, Gujarat, India
Date of Birth/Age :	04.09.1958
Date of Appointment :	04.03.1996
DIN No.:	00007201
Name :	Mr. Kalpesh Virendrabhai Shah
Designation :	Director
Address :	20,Merchant Park Society, B/H Jain Merchant Society, Paldi, Ahmedabad- 380007, Gujarat, India
Date of Birth/Age :	23.09.1951
Date of Appointment :	07.07.2000
DIN No.:	00007262

KEY EXECUTIVES

Name :	Mr. Pragnesh Patel
Designation :	Accounts Manager (Aarvee Denims and Exports Private Limited)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Ashish V Shah	5000
Renu V. Arora	10
Kalpesh V Shah	4990
Total	10000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.90
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Financial Services. (Confirmed by Management)
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cheque
Purchasing :	Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Others (Corporate)

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

03 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	Fatenpur Branch, Ahmedabad, 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 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

Facilities :

--

Banking Relations :	--
Auditors :
Name :	ASA and Associates LLP Chartered Accountants
Address :	A/1, 2^nd Floor Safal Profitaire Corporate Road Prahladnagar, Ahmedabad-380015, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAAFA4690A
Memberships :	--
Collaborators :	--
Associates :	· Parmanand Vinodkumar · Virendra Bhogilal and Co. · Pari Bhogilal Laxmichand · Arora Agencies · Pee Vee Synthetics Private Limited · Vee Bee Textiles Private Limited · Kashi Investments Private Limited · V. B. Investments Private Limited · New Ahmedabad Synthetic · Bhansali Tradelink Private Limited · Shilpa Fabrics Private Limited · Twenty First Century Marketing Limited · Rentex Weaver Limited · Enbee Textile Private Limited · Aarvee Denims and Export Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million
4,900	Preference Shares	Rs. 1000/- each	Rs. 4.900 Million
	Total		Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	5.107	5.098	5.091
(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)	5.207	5.198	5.191
(3) Non-Current Liabilities
(a) Long-term borrowings	8.600	8.600	8.600
(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)	8.600	8.600	8.600
(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	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.000	0.000	0.000
TOTAL	13.807	13.798	13.791
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	13.766	13.784	13.774
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.001	0.001	0.001
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13.767	13.785	13.775
(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	0.000	0.000
(d) Cash and cash equivalents	0.040	0.013	0.016
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.040	0.013	0.016
TOTAL	13.807	13.798	13.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	0.021	0.024	0.353
		Other Income	0.000	0.000	0.000
		TOTAL	0.021	0.024	0.353
Less	EXPENSES
		Miscellaneous expenses	0.012	0.017	0.009
		TOTAL	0.012	0.017	0.009
	PROFIT BEFORE TAX		0.009	0.007	0.344
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.009	0.007	0.344
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.398	0.391	4.747
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	0.000	0.000	4.700
	BALANCE CARRIED TO THE B/S		0.407	0.398	0.391
	Earnings Per Share (Rs.)		0.90	0.69	34.44

Expected Sales (2015-2016): Rs. 0.020 Million (Due to Market Fluctuation)

The above information has been parted by Mr. Pragnesh Patel (Accounts Manager) (Aarvee Denims and Exports Private Limited)

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	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	42.86	29.17	97.45
Return on Total Assets (PBT/Total Assets}	(%)	21.95	50.00	2023.53
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.07
Debt Equity Ratio (Total Debt/Networth)		1.65	1.65	1.66
Current Ratio (Current Asset/Current Liability)		0.00	0.00	0.00

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	0.100	0.100	0.100
Reserves & Surplus	5.091	5.098	5.107
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.191	5.198	5.207
Long-term borrowings	8.600	8.600	8.600
Short term borrowings	0.000	0.000	0.000
Total borrowings	8.600	8.600	8.600
Debt/Equity ratio	1.657	1.654	1.652

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	0.353	0.024	0.021
		(93.201)	(12.500)

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	0.353	0.024	0.021
Profit	0.344	0.007	0.009
	97.45%	29.17%	42.86%

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	Yes
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	Yes
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

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Kalpesh V. Shah	6.250	6.250
Ashish V. Shah	2.350	2.350
Total	8.600	8.600

STATE OF COMPANY’S AFFAIRS AND OPERATIONS:

Over the years, the company’s dedicated services have been well organized by their customers and it is expected that there will be a good growth of business in coming years.

During the year the company has reported total turnover of Rs. 0.021 Million against a turnover of Rs. 0.024 Million during the previous year. The Net Profit of the company has increased from Rs. 0.007 Million to Rs. 0.009 Million. The Directors expects better results in the coming year.

GENERAL INFORMATION:

Subject is a private limited dominciled in India and Incorporated under the provisions of the Companies Act, 1956. The company is an investment 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. 66.79
UK Pound	1	Rs. 101.10
Euro	1	Rs. 73.10

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		18

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.