MIRA INFORM REPORT

Report No. :	305673
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	MODELAMA EXPORTS LIMITED
Registered Office :	B-57, Okhla Industrial Area Phase I, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.08.1995
Com. Reg. No.:	55-071844
Capital Investment / Paid-up Capital :	Rs.27.742 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC071844
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM4832B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Garments.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	12.12.2014

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 31-03-2014.

LOCATIONS

Registered Office :	B-57, Okhla Industrial Area Phase I, New Delhi – 110020, India
Tel. No.:	91-11-6810103 / 26815891 / 26815892 / 26817138 / 26815706
Mobile No.:	91-9818899254 (Mr. Shailandra Shriwastav) 91-9810793613 (Mr. Naren Somani)
Fax No.:	91-11-6817969 / 26810957
E-Mail :	info@modelamaexports.com saraf@modelamaexports.com modelama@del2.vsnl.net.in
Website :	http://www.modelama.com
Corporate Office :	184, Udyog Vihar Phase -1, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2397838-42
Fax No.:	91-124-2397843
Factory :	Basement Floor, 184, Udyog Vihar Phase -1, Gurgaon – 122001, Haryana, India
Production Units :	HARYANA · 105, Udyog Vihar, Phase-I, Gurgaon, Haryana, India · 106, Udyog Vihar, Phase-I, Gurgaon, Haryana, India · 200, Udyog Vihar, Phase 1,Gurgaon, Haryana, India · 201, Udyog Vihar, Phase 1, Gurgaon, Haryana, India · 204, Udyog Vihar, Phase 1, Gurgaon, Haryana, India · 184, Udyog Vihar, Phase-I, Gurgaon, Haryana, India · Plot No 7, IMT Manesar, Sector 5, IMTManesar, Gurgaon, Haryana, India · Plot No-5, IMT Manesar, Sector-4, Gurgaon, Haryana, India · Plot No 18, IMT Manesar, Sector 5, IMT Manesar, Gurgaon, Haryana, India · Plot No 89, IMT Manesar, Sector 8, IMT Manesar, Gurgaon, Haryana, India · Plot No 1, Sector 8, Bawal, District Rewari, Haryana, India · 529, Phase-I, Bahrhi, District Sonipat, Haryana, India DELHI · B-33, Okhla Industrial Area, Phase -1, New Delhi, India · B-57, Okhla Industrial Area, Phase -1, New Delhi, India CHENNAI · Plot No - K 46/47/48/49, Appragel Park, Irun Gattukottai, Tairnatur, Chennai, Tamilnadu, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Vineet Lall

Designation :

Whole-Time Director

Address :

D-172, Defence Colony, New Delhi -110024, India

Date of Birth/Age :

22.08.1977

Date of Appointment :

01.10.2011

PAN No.:

ABGPL6920K

DIN No.:

00174570

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	U74899DL1977PTC008570	AARTI SILVERWARE PRIVATE LIMITED	Director	30/05/1996	30/05/1996	-	Active	NO
2	U74140DL1998PTC092376	PARADIGM ENTERPRISES PRIVATE LIMITED	Director	02/08/1999	02/08/1999	-	Active	NO
3	U74899DL1995PLC071844	MODELAMA EXPORTS LIMITED	Whole-time director	31/03/2014	01/10/2011	-	Active	NO
4	U17239DL2013PTC249084	MAUVE TEXKRAFT PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO
5	U80902DL2008PTC177027	MODELAMA SKILLS PRIVATE LIMITED	Director	30/09/2014	08/02/2014	-	Active	NO

Name :

Mr. Lalit Gulati

Designation :

Director

Address :

1, Avenue Gulmohar, Westend Greens, Rajokari, New Delhi - 110038, India

Date of Birth/Age :

08.02.1954

Date of Appointment :

22.08.1995

PAN No.:

AANPG3663Q

DIN No.:

00305632

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	U74899DL1983PTC015728	SLEEK FASHIONS PRIVATE LIMITED	Director	28/04/1987	28/04/1987	-	Active	NO
2	U74899DL1995PTC064989	LOTUS EXPORTS PRIVATE LIMITED	Director	02/02/1995	02/02/1995	20/02/2009	Active	NO
3	U74899DL1988PTC033094	CCPL DEVELOPERS PRIVATE LIMITED	Director	06/05/1995	06/05/1995	-	Active	NO
4	U74899DL1995PLC071844	MODELAMA EXPORTS LIMITED	Director	22/08/1995	22/08/1995	-	Active	NO
5	U55101DL1996PTC078397	MODELAMA HOTELS PRIVATE LIMITED	Director	23/04/1996	23/04/1996	-	Active	NO
6	U70101DL2003PTC123596	EDM MALL MANAGEMENT PRIVATE LIMITED	Director	18/12/2003	18/12/2003	-	Amalgamated	NO
7	U45201DL2005PTC138207	BLUE AND GREEN ESTATES PRIVATE LIMITED	Director	25/09/2006	12/12/2005	-	Active	NO
8	U55101DL2006PTC144532	CANARY HOTELS PRIVATE LIMITED	Director	17/09/2007	09/07/2007	18/05/2012	Active	NO
9	U45400DL2008PTC176761	WELMOUNT REALITY PRIVATE LIMITED	Director	15/04/2008	15/04/2008	-	Active	NO
10	U80902DL2008PTC177027	MODELAMA SKILLS PRIVATE LIMITED	Additional director	10/12/2014	22/04/2008	-	Active	NO
11	U55101GA2005PTC004136	ANANTARA HOSPITALITY PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
12	U55101DL2008PTC180552	GXG RESORTS AND REALTORS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	10/12/2011	Active	NO
13	U51109DL2008PTC180541	THALAJ RESORTS AND REALTORS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
14	U55101DL2006PTC154089	INDRAPRASTHA MOTELS PRIVATE LIMITED	Director	28/09/2009	25/04/2009	-	Active	NO
15	U55101DL2006PTC154253	WEST DELHI MOTELS PRIVATE LIMITED	Director	22/09/2009	25/04/2009	-	Active	NO
16	U45400DL2007PTC169323	PLATINUM BUILDWELL PRIVATE LIMITED	Director	30/09/2009	01/06/2009	05/12/2009	Active	NO
17	U18109DL2009PTC194244	MODINDIA EXIM PRIVATE LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
18	U51909DL2009PTC196555	MIRARI INTERNATIONAL PRIVATE LIMITED	Director	02/12/2009	02/12/2009	-	Active	NO
19	U74140DL2007PTC169861	PSK Resorts & Hotels Private Limited	Director	30/09/2010	15/02/2010	18/05/2012	Active	NO
20	U55101DL2005PTC212230	MANAKIN RESORTS PRIVATE LIMITED	Director	30/09/2010	15/02/2010	18/05/2012	Active	NO
21	U70101HR2010PLC041559	RAJASTHAN INTEGRATED APPAREL CITY LIMITED	Director	20/12/2011	23/07/2011	-	Active	NO
22	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	26/09/2014	26/09/2014	-	Active	NO

Name :

Mr. Prabha Gulati

Designation :

Director

Address :

1, Avenue Gulmohar, Westend Greens, Rajokari, New Delhi - 110038, India

Date of Birth/Age :

04.12.1956

Date of Appointment :

22.08.1995

DIN No.:

00738030

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	U74899DL1983PTC015728	SLEEK FASHIONS PRIVATE LIMITED	Director	28/04/1987	28/04/1987	-	Active	NO
2	U74899DL1995PTC064989	LOTUS EXPORTS PRIVATE LIMITED	Director	02/02/1995	02/02/1995	20/02/2009	Active	NO
3	U74899DL1988PTC033094	CCPL DEVELOPERS PRIVATE LIMITED	Director	06/05/1995	06/05/1995	-	Active	NO
4	U74899DL1995PLC071844	MODELAMA EXPORTS LIMITED	Director	22/08/1995	22/08/1995	-	Active	NO
5	U55101DL1996PTC078397	MODELAMA HOTELS PRIVATE LIMITED	Director	23/04/1996	23/04/1996	-	Active	NO
6	U70101DL2003PTC123596	EDM MALL MANAGEMENT PRIVATE LIMITED	Director	18/12/2003	18/12/2003	-	Amalgamated	NO
7	U45201DL2005PTC138207	BLUE AND GREEN ESTATES PRIVATE LIMITED	Director	25/09/2006	12/12/2005	-	Active	NO
8	U55101DL2006PTC144532	CANARY HOTELS PRIVATE LIMITED	Director	17/09/2007	09/07/2007	18/05/2012	Active	NO
9	U45400DL2008PTC176761	WELMOUNT REALITY PRIVATE LIMITED	Director	15/04/2008	15/04/2008	-	Active	NO
10	U80902DL2008PTC177027	MODELAMA SKILLS PRIVATE LIMITED	Additional director	10/12/2014	22/04/2008	-	Active	NO
11	U55101GA2005PTC004136	ANANTARA HOSPITALITY PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
12	U55101DL2008PTC180552	GXG RESORTS AND REALTORS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	10/12/2011	Active	NO
13	U51109DL2008PTC180541	THALAJ RESORTS AND REALTORS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
14	U55101DL2006PTC154089	INDRAPRASTHA MOTELS PRIVATE LIMITED	Director	28/09/2009	25/04/2009	-	Active	NO
15	U55101DL2006PTC154253	WEST DELHI MOTELS PRIVATE LIMITED	Director	22/09/2009	25/04/2009	-	Active	NO
16	U45400DL2007PTC169323	PLATINUM BUILDWELL PRIVATE LIMITED	Director	30/09/2009	01/06/2009	05/12/2009	Active	NO
17	U18109DL2009PTC194244	MODINDIA EXIM PRIVATE LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
18	U51909DL2009PTC196555	MIRARI INTERNATIONAL PRIVATE LIMITED	Director	02/12/2009	02/12/2009	-	Active	NO
19	U74140DL2007PTC169861	PSK Resorts & Hotels Private Limited	Director	30/09/2010	15/02/2010	18/05/2012	Active	NO
20	U55101DL2005PTC212230	MANAKIN RESORTS PRIVATE LIMITED	Director	30/09/2010	15/02/2010	18/05/2012	Active	NO
21	U70101HR2010PLC041559	RAJASTHAN INTEGRATED APPAREL CITY LIMITED	Director	20/12/2011	23/07/2011	-	Active	NO
22	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	26/09/2014	26/09/2014	-	Active	NO

Name :

Mr. Gagan Gulati

Designation :

Whole-Time Director

Address :

1,Avenue Gulmohar, Westend Greens, Rajokari, New Delhi - 110038, India

Date of Birth/Age :

03.11.1981

Date of Appointment :

31.03.2014

PAN No.:

AGYPG5523E

DIN No.:

00738165

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	U74899DL1995PLC071844	MODELAMA EXPORTS LIMITED	Whole-time director	31/03/2014	08/04/2004	-	Active	NO
2	U74899DL1995PTC064989	LOTUS EXPORTS PRIVATE LIMITED	Director	01/08/2004	01/08/2004	20/02/2009	Active	NO
3	U55101DL1996PTC078397	MODELAMA HOTELS PRIVATE LIMITED	Director	01/08/2004	01/08/2004	-	Active	NO
4	U74899DL1983PTC015728	SLEEK FASHIONS PRIVATE LIMITED	Director	01/08/2004	01/08/2004	-	Active	NO
5	U45400DL2008PTC176761	WELMOUNT REALITY PRIVATE LIMITED	Director	15/04/2008	15/04/2008	21/08/2008	Active	NO
6	U80902DL2008PTC177027	MODELAMA SKILLS PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
7	U51109DL2008PTC180541	THALAJ RESORTS AND REALTORS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	21/08/2008	Active	NO
8	U55101DL2008PTC180552	GXG RESORTS AND REALTORS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
9	U18109DL2009PTC194244	MODINDIA EXIM PRIVATE LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
10	U51909DL2009PTC196555	MIRARI INTERNATIONAL PRIVATE LIMITED	Director	02/12/2009	02/12/2009	-	Active	NO
11	U17200DL2010PTC202486	Sai Polycoats Private Limited	Director	11/05/2010	11/05/2010	-	Active	NO
12	U74999DL2013PTC261376	EDM MAINTENANCE SERVICES PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Active	NO
13	U74899DL1988PTC033094	CCPL DEVELOPERS PRIVATE LIMITED	Additional director	25/02/2014	25/02/2014	06/08/2014	Active	NO
14	U74999DL2014PTC273851	MODELAMA GLOBAL VENTURES PRIVATE LIMITED	Director	06/12/2014	06/12/2014	-	Active	NO

Name :

Mr. Gaurav Gulati

Designation :

Director

Address :

1, Avenue Gulmohar, Westend Green Farms, Rajokari, New Delhi - 110038, India

Date of Birth/Age :

26.09.1984

Date of Appointment :

01.04.2009

DIN No.:

02212304

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	U74899DL1995PLC071844	MODELAMA EXPORTS LIMITED	Director	01/04/2014	01/04/2009	-	Active	NO
2	U55101DL2008PTC180552	GXG RESORTS AND REALTORS PRIVATE LIMITED	Director	29/09/2012	01/12/2011	-	Active	NO
3	U74899DL1988PTC033094	CCPL DEVELOPERS PRIVATE LIMITED	Director	29/09/2012	06/12/2011	-	Active	NO
4	U74999DL2013PTC261376	EDM MAINTENANCE SERVICES PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Active	NO
5	U80902DL2008PTC177027	MODELAMA SKILLS PRIVATE LIMITED	Director	30/09/2014	18/03/2014	-	Active	NO
6	U74999DL2014PTC273851	MODELAMA GLOBAL VENTURES PRIVATE LIMITED	Director	06/12/2014	06/12/2014	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Shailandra Shriwastav
Designation :	Account Executive

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Lalit Gulati	1855424
Gagan Gulati	137218
Gaurav Gulati	38
Mira Gulati	38
Ruchica Gulati	38
Sleek Fashions Private Limited, India	38
Total	1992794

Names of Shareholders (Preference Shares)	No. of Shares
CCPL Developers Private Limited, India	747580
H.N. Kaul	4193
Prefect Homes Finance Private Limited, India	29677
Total	781450

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	0.10
Directors or relatives of Directors	99.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Garments.
Products :	Garment
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

Customers :

· Potterybara

· Mervyns

· Chambers

· West Elm

· Sears

· Nordstrom

· Kohls

· Marshalls

· Aeo

· Belk

· HBC

· Zellers

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, 10, Parliament Street, New Delhi - 110001, India

· Bank of India, 13/38A, Arya Samaj Road, Karol Bagh Branch, Karol Bagh, New Delhi - 110005, India

· Bank of India, Karol Bagh, New Delhi – 110005, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term loans from banks	2.200	4.619
SHORT TERM BORROWINGS
Rupee term loans from banks	550.851	394.108
Foreign currency term loans from banks	90.158	57.877
Total	643.209	456.604

Auditors :
Name :	S.K Bharti and Company Chartered Accountants
Address :	302 Surya Tower, 31 DDA Community Centre, Paschim Vihar, Delhi, India
PAN No.:	AACFS6942B
Memberships :	--
Collaborators :	--
Subsidiary Company :	· Modindia Exim Private Limited CIN No.: U18109DL2009PTC194244 · Modelama Skills Private Limited CIN No.: U80902DL2008PTC177027 · PT. Mod Indo
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relative :	· CCPL Developers Private Limited CIN No.: U74899DL1988PTC033094 · GXG Resorts and Realtors Private Limited CIN No.: U55101DL2008PTC180552 · EDM Maintenance Services Private Limited CIN No.: U74999DL2013PTC261376

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions
2500000	Preference Shares	Rs.10/- each	Rs.25.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1992794	Equity Shares	Rs.10/- each	Rs.19.928 Millions
781450	Preference Shares	Rs.10/- each	Rs.7.815 Millions
	Total		Rs.27.742 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	27.742	24.178	19.927
(b) Reserves & Surplus	882.654	744.487	605.848
(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)	910.396	768.665	625.775
(3) Non-Current Liabilities
(a) long-term borrowings	367.486	258.767	4.008
(b) Deferred tax liabilities (Net)	53.241	55.469	48.746
(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)	420.727	314.236	52.754
(4) Current Liabilities
(a) Short term borrowings	641.009	451.985	443.234
(b) Trade payables	155.634	222.110	61.209
(c) Other current liabilities	19.269	11.361	5.727
(d) Short-term provisions	54.571	42.203	30.956
Total Current Liabilities (4)	870.483	727.659	541.126
TOTAL	2,201.606	1,810.560	1,219.655
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	952.090	774.646	366.825
(ii) Intangible Assets	0.622	0.667	0.000
(iii) Capital work-in-progress	0.000	49.383	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	31.254	0.200	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.583	5.489	354.544
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	992.549	830.385	721.369
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	686.896	490.336	379.121
(c) Trade receivables	290.866	305.514	69.395
(d) Cash and cash equivalents	115.749	82.774	(20.440)
(e) Short-term loans and advances	52.720	53.298	43.448
(f) Other current assets	62.826	48.253	26.762
Total Current Assets	1,209.057	980.175	498.286
TOTAL	2,201.606	1,810.560	1,219.655

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		2,055.446	1,514.567	1,746.605
		Other Income		19.359	4.990	3.850
		TOTAL		2,074.805	1,519.557	1,750.455
Less	EXPENSES
		Cost of Materials Consumed		871.694	714.416	882.755
		Purchase of Stock-in-trade		137.694	170.437	13.452
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(69.459)	(109.630)	202.007
		Employee Benefits Expenses		152.967	114.816	207.075
		Other Expenses		806.744	502.361	402.902
		Prior Period Items		0.000	0.000	10.665
		Exceptional Items		0.000	0.000	6.907
		TOTAL		1,899.640	1,392.400	1,725.763
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			175.165	127.157	24.692
Less	FINANCIAL EXPENSES			99.545	68.665	14.822
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			75.620	58.492	9.870
Less	DEPRECIATION/ AMORTISATION			30.560	25.751	14.650
	PROFIT/(LOSS) BEFORE TAX			45.060	32.741	(4.780)
Less	TAX			13.828	21.612	(2.714)
	PROFIT (LOSS) FROM DISCONTINUING OPERATIONS BEFORE TAX			0.000	0.000	11.579
	PROFIT/(LOSS) AFTER TAX			31.232	11.129	9.513
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1886.879	1411.593	1469.989
	TOTAL EARNINGS			1886.879	1411.593	1469.989
	IMPORTS
			Raw Materials	59.756	295.194	169.771
			Stores & Spares	0.000	0.586	0.270
			Capital Goods	0.000	0.000	1.306
	TOTAL IMPORTS			59.756	295.780	171.347
	Earnings / (Loss) Per Share (Rs.)			15.67	5.58	4.77

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.52	0.73	0.54
Operating Profit Margin (PBDIT/Sales)	(%)	8.52	8.40	1.41
Return on Total Assets (PBT/Total Assets}	(%)	2.08	1.86	-0.39
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	-0.01
Debt Equity Ratio (Total Debt /Networth)		1.11	0.92	0.71
Current Ratio (Current Asset/Current Liability)		1.39	1.35	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	19.927	24.178	27.742
Reserves & Surplus	605.848	744.487	882.654
Share Application money pending allotment	0.000	0.000	0.000
Net worth	625.775	768.665	910.396
Long Term borrowings	4.008	258.767	367.486
Short Term borrowings	443.234	451.985	641.009
Total borrowings	447.242	710.752	1008.495
Debt/Equity ratio	0.715	0.925	1.108

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,746.605	1,514.567	2,055.446
		(13.285)	35.712

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,746.605	1,514.567	2,055.446
Profit	9.513	11.129	31.232
	0.54%	0.73%	1.52%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	365.286	254.148
Total	365.286	254.148

REVIEW OF OPERATION

During the year, the Company has earned total revenue of Rs.2074.805 Millions as compared to last year Rs.1519.557 Millions. The net profit for the year has been Rs.31.231 Millions as against profit of Rs.11.129 Millions during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10503769	29/04/2014	70,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India,, Dr.  Annie Besant Road, Worli,, Mumbai, Maharashtra -  400018, India	C07054984
2	10383151	11/04/2014 *	200,000,000.00	Standard Chartered Bank	10, Parliament Street, New Delhi, Delhi - 110001,  India	C05867940
3	90063129	30/11/2011 *	720,000,000.00	Bank of India	13/38a, Arya Samaj Road, Karol Bagh Branch, Karol  Bagh, New Delhi, Delhi - 110005, India	B27780998

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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.