MIRA INFORM REPORT

Report No. :	355183
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	BELL TEXTILES PRIVATE LIMITED
Registered Office :	A/6, Plot No.415/6, Central Road, No.5, Udhna Udhyog Nagar, Udhna, Surat – 394210, Gujarat
Tel. No.:	91-261-2278064
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1994
Com. Reg. No.:	04-021690
Capital Investment / Paid-up Capital :	Rs. 56.003 Million
CIN No.: [Company Identification No.]	U17110GJ1994PTC021690
IEC No.:	5297003661
TAN No.: [Tax Deduction & Collection Account No.]	SRTB00090G
PAN No.: [Permanent Account No.]	AAACB9563E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Woven and Knitted art Silk Cloth or Other fabrics from yarn. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 473000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It is engaged in the manufacturing of Bemberg Cloth and Pure silk Cloth and markets its products under the trade name “Batsons”. Management has failed to file its financial with the government department for the FY 15. The company has shown improvement in its operational activity by increase in profit earnings. The company possesses healthy financial base marked by low debt level along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. 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	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	ICRA
Rating	Long term fund based limits = BB+
Rating Explanation	Inadequate-credit-quality and high credit risk
Date	November, 2015

Rating Agency Name	ICRA
Rating	Short term non fund based limits = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	November, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Gandhi
Designation :	Director
Contact No.:	91-261-2278064
Date :	17.12.2015

LOCATIONS

Registered Office :	A/6, Plot No.415/6, Central Road, No.5, Udhna Udhyog Nagar, Udhna, Surat – 394210, Gujarat, India
Tel. No.:	91-261-2278064/ 2279418
Fax No.:	91-261-2759818
E-Mail :	belltextiles@batsons.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Maniben Tribhovandas Gandhi

Designation :

Director

Address :

4, Trishmdip, Tribhovan Estate, Jal Darshan Society, Behind Gokul Row House, S. M. Road, Parle Point, Surat - 395007, Gujarat, India

Date of Birth/Age :

20.12.1920

Date of Appointment :

06.12.1997

DIN No.:

00301256

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	U17110GJ1994PTC021690	BELL TEXTILES PRIVATE LIMITED	Director	06/12/1997	06/12/1997	Active	NO
2	U17300GJ1997PTC033452	MASTEK TEXTILE PRIVATE LIMITED	Director	30/12/1997	30/12/1997	Converted to LLP and dissolved	NO

Name :

Kshama Sanjivbhai Gandhi

Designation :

Additional Director

Address :

4, Jal Darshan Society, Somnath Mahadev Road,, Umra Jakat Naka, Surat - 395007, Gujarat, India

Date of Appointment :

24.03.2015

PAN No.:

ABGPG4308N

DIN No.:

00339860

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	U17300GJ1997PTC033452	MASTEK TEXTILE PRIVATE LIMITED	Director	25/07/2002	25/07/2002	Converted to LLP and dissolved	NO
2	U17110GJ1994PTC021690	BELL TEXTILES PRIVATE LIMITED	Additional director	24/03/2015	24/03/2015	Active	NO
3	AAA-9196	MASTEK TEXTILE LLP	Designated Partner	14/05/2012	14/05/2012	Active	NO

Name :

Mr. Prabhavatiben Dilipbhai Gandhi

Designation :

Additional Director

Address :

4, Jal Darshan Society, Tribhovan Estate, Behind Gokul Row House, Parle Point, Surat - 395007, Gujarat, India

Date of Appointment :

24.03.2015

PAN No.:

AAWPG3047M

DIN No.:

00339808

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	U17300GJ1997PTC033452	MASTEK TEXTILE PRIVATE LIMITED	Director	30/12/1997	30/12/1997	Converted to LLP and dissolved	NO
2	U17110GJ1994PTC021690	BELL TEXTILES PRIVATE LIMITED	Additional director	24/03/2015	24/03/2015	Active	NO

Name :

Mr. Sanjivbhai Dilipbhai Gandhi

Designation :

Additional director

Address :

4, Trishmdip Tribhovan Estate, Jal Darshan Society, Behind Gokul Row House, Parle Point, Surat - 395007, Gujarat, India

Date of Appointment :

24.03.2015

PAN No.:

AAVHS1002B

DIN No.:

00339763

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	U17300GJ1997PTC033452	MASTEK TEXTILE PRIVATE LIMITED	Director	01/08/1998	01/08/1998	Converted to LLP and dissolved	NO
2	U17110GJ1994PTC021690	BELL TEXTILES PRIVATE LIMITED	Additional director	24/03/2015	14/09/2007	Active	NO
3	AAA-9196	MASTEK TEXTILE LLP	Designated Partner	14/05/2012	14/05/2012	Active	NO

Name :

Mr. Bharat Tribhovandas Gandhi

Designation :

Managing Director

Address :

3, Maitree, Tribhuvan Estate, Jaldarshan Society, Surat - 395007, Gujarat, India

Date of Birth/Age :

14.11.1950

Date of Appointment :

01.04.2014

PAN No.:

ABEPG8145K

DIN No.:

00163960

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	U17110GJ1994PTC021690	BELL TEXTILES PRIVATE LIMITED	Managing director	01/04/2014	01/08/1999	Active	NO
2	U45201GJ2004NPL044389	SAR INFRACON	Director	29/09/2008	17/09/2006	Active	NO
3	U18109GJ1955PLC000576	THE SURAT ART SILK CLOTH MANUFACTURERS ASSOCIATION	Director	05/09/2007	05/09/2007	Active	NO
4	U17100MH1939NPL002965	SYNTHETIC AND ART SILK MILLS ASSOCIATION LIMITED	Director	26/09/2014	26/09/2014	Active	NO

Name :

Mr. Pranav Bharatbhai Gandhi

Designation :

Whole-time director

Address :

3, Maitree Tribhovan Estate, Jal Darshan Society, Behind Gokul Row House, Parle Pont, Surat - 395007, Gujarat, India

Date of Birth/Age :

27.03.1986

Date of Appointment :

01.04.2014

PAN No.:

AHNPG0488N

DIN No.:

00301211

Name :

Mrs. Lataben Bharatbhai Gandhi

Designation :

Whole-time director

Address :

3, Maitree Tribhovan Estate, Jal Darshan Society, Behind Gokul Row House, Parle Point, Surat - 395007, Gujarat, India

Date of Appointment :

01.04.2014

PAN No.:

AAWPG3045K

DIN No.:

00301187

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Gandhi Bharatbhai Tejal	160000
Gandhi Bharatbhai Amisha	160000
Gandhi Bharatbhai Pranav	1600000
Gandhi Tribhuvandas Maniben	160000
Gandhi Tribhovandas Bharatbhai	800160
Gandhi Bharatbhai Lataben	2400160
Bharatbhai Gandhi(HUF)	3200000
Total	8480320

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Woven and Knitted art Silk Cloth or Other fabrics from yarn. (Registered Activity)
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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 :

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 :

Not Divulged

Bankers :

Bank Name:	Not Divulged
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 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

· Bank of Baroda

Udhna Udhyog Nagar Sahakari Sangh, Udhna, Surat - 394210, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	0.000	5.302
SHORT TERM BORROWINGS
Rupee term loans from banks	265.096	203.935
Total	265.096	209.237

Banking Relations :	--
Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	First Floor, Riverpalace, Nanpura, Surat, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AADFN5448E
Memberships :	--
Collaborators :	--
Related Parties :	· Maniben T Gandhi Mat Industries Tejsons Twissters · Mastak Textile Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,600,320	Equity Shares	Rs. 10/- each	Rs. 56.003 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	56.003	56.003	56.003
(b) Reserves & Surplus	109.452	95.414	86.132
(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)	165.455	151.417	142.135
(3) Non-Current Liabilities
(a) Long-term borrowings	61.031	119.131	59.714
(b) Deferred tax liabilities (Net)	0.000	0.000	0.279
(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)	61.031	119.131	59.993
(4) Current Liabilities
(a) Short term borrowings	265.096	203.935	126.049
(b) Trade payables	18.198	18.284	39.477
(c) Other current liabilities	1.602	3.591	0.000
(d) Short-term provisions	15.195	15.609	24.861
Total Current Liabilities (4)	300.091	241.419	190.387
TOTAL	526.577	511.967	392.515
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.246	20.109	25.001
(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	0.004	0.004	0.000
(c) Deferred tax assets (net)	0.566	0.220	0.004
(d) Long-term Loan and Advances	0.122	32.415	0.076
(e) Other Non-current assets	0.000	0.000	26.232
Total Non-Current Assets	18.938	52.748	51.313
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	275.727	261.896	231.312
(c) Trade receivables	195.836	184.122	102.938
(d) Cash and cash equivalents	20.104	10.811	5.395
(e) Short-term loans and advances	15.026	1.539	0.765
(f) Other current assets	0.946	0.851	0.792
Total Current Assets	507.639	459.219	341.202
TOTAL	526.577	511.967	392.515

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		14.038	8.412	14.806
	Earnings Per Share (Rs.)		2.51	1.50	2.64

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	59.832	(98.123)	7.522

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	1.97	2.13	1.31
Current Ratio (Current Asset/Current Liability)	1.69	1.90	1.79

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	56.003	56.003	56.003
Reserves & Surplus	86.132	95.414	109.452
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	142.135	151.417	165.455
Long-term borrowings	59.714	119.131	61.031
Short term borrowings	126.049	203.935	265.096
Total borrowings	185.763	323.066	326.127
Debt/Equity ratio	1.307	2.134	1.971

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	No
26	Turnover of firm for last three years	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80011617	01/01/2014 *	281,200,000.00	BANK OF BARODA	UDHNA UDHYOG NAGAR SAHAKARI SANGH, UDHNA, SURAT - 394210,  GUJARAT, INDIA	B93116598

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate deposits	29.953	0.000
Loans and advances from directors	25.967	73.975
Other loans and advances, others	5.111	39.854
Total	61.031	113.829

FIXED ASSETS:

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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 records 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.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
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	4
--LIQUIDITY	1~10	5
--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	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		42

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.