MIRA INFORM REPORT

Report No. :	306596
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	ROHINI TEXTILE INDUSTRY PRIVATE LIMITED
Registered Office :	No. 2, Rogini Garden, Kangeyam Road, Tirupur- 641604, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.10.2008
Com. Reg. No.:	18-014787
Capital Investment / Paid-up Capital :	Rs.550.000 Millions
CIN No.: [Company Identification No.]	U17111TZ2008PTC014787
TAN No.: [Tax Deduction & Collection Account No.]	CMBR05202B
PAN No.: [Permanent Account No.]	AAECR1396M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hosiery Garments.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2460000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but 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	CRISL
Rating	Long term rating = BB- [Suspended]
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	16.12.2013

Rating Agency Name	CRISL
Rating	Short term rating = A4+ [Suspended]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.12.2013

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.

INFORMATION DENIED BY

Name :	Mr.Shiva Prabhu
Designation :	Accountant
Contact No.:	91-9842261090
Date :	05.02.2015

LOCATIONS

Registered Office/Factory 1 :	No. 2, Rogini Garden, Kangeyam Road, Tirupur -641604, Tamilnadu, India
Tel. No.:	91-421-2422766
Fax No.:	91-421-2420147
E-Mail :	mail@rohini.co.in ao@rogini.com accounts@rohini.co.in
Website :	http://www.rohini.co.in
Location :	Owned
Factory 2:	Plot # FF2, Sipcot Industrial Growth Centre, Perundurai, Erode District, Perundurai-638052, Tamilnadu, India

DIRECTORS

AS ON 28.04.2014

Name :	Mr. Rasappa Gounder Semalaiappan Senthil Kumar
Designation :	Managing director
Address:	2 Rohini Garden, Kangayam Road, Tirupur-641604, Tamilnadu, India
Date of Birth/Age :	06.10.1971
Date of Appointment :	06.10.2008
DIN :	02338783

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	U17111TZ2008PTC014787	ROHINI TEXTILE INDUSTRY PRIVATE LIMITED	Managing director	30/01/2014	06/10/2008	-	Active	NO
2	U17111TZ2010PTC015949	Shakthi Kiran Spinning Mill Private Limited	Managing director	30/03/2010	30/03/2010	-	Active	NO

Name :	Mr. Senthil Kumar Kavitha
Designation :	Whole Time Director
Address:	2 Rohini Garden, Kangayam Road, Tirupur-641604, Tamilnadu, India
Date of Birth/Age :	28.01.1975
Date of Appointment :	06.10.2008
DIN :	02338795

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	U17111TZ2008PTC014787	ROHINI TEXTILE INDUSTRY PRIVATE LIMITED	Whole-time director	06/10/2008	06/10/2008	-	Active	NO
2	U17111TZ2010PTC015949	Shakthi Kiran Spinning Mill Private Limited	Director	30/03/2010	30/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shiva Prabhu
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.04.2014

Names of Shareholders	No. of Shares
R Semaliappan	2075000
S Kavitha	3425000
Total	5500000

Equity Share Breakup (Percentage of Total Equity)

AS ON 28.04.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hosiery Garments.

Products:

Product Description	ITC Code
Cotton Yarn	52052210
Knitted Fabric	60062100

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Imports :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Punjab National Bank, CCB Branch, 54, Sabari Street, Tirupur-641601, Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	958.947	707.572
Loans taken for vehicles [Guaranteed by all the directors of the company in their personal capacity.]	1.224	3.226
Short-term borrowings
Working capital loans from banks	492.416	518.612
Total	1452.587	1229.410

Note :

Long-term Borrowings

Secured by hypothecation of moveable assets and mortgage of immoveable properties of the company's spinning division at Sathyamangalam, windmill division Dharapuram by way of first charge with Punjab National Bank.

Short-term borrowings

Secured by hypothecation of moveable assets and mortgage of immoveable properties of the company's spinning division situate at Sathyamangalam and Wind Mill Division Dharapuram by way of first charge with PNB.

Banking Relations :	--
Auditors :
Name :	K Vasudevan Chartered Accountant
Address:	No. 159, Upstairs Nataraj Layout, Near Ttp Mill, "C" Unit 15, Vellampalayam, Post Tirupur – 641652, INDIA
	AAGFV9867J
Associate / Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Rogini Garments

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 100/- each	Rs. 700.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,500,000	Equity Shares	Rs. 100/- each	Rs. 550.000 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	550.000	250.000	250.000
(b) Reserves & Surplus	308.584	218.365	136.474
(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)	858.584	468.365	386.474
(3) Non-Current Liabilities
(a) long-term borrowings	960.936	711.563	852.145
(b) Deferred tax liabilities (Net)	187.077	159.751	135.048
(c) Other long term liabilities	0.662	3.623	7.408
(d) long-term provisions	1.096	0.920	0.841
Total Non-current Liabilities (3)	1149.771	875.857	995.442
(4) Current Liabilities
(a) Short term borrowings	492.416	518.612	477.859
(b) Trade payables	457.683	415.215	241.097
(c) Other current liabilities	197.328	162.674	154.092
(d) Short-term provisions	26.059	23.537	16.421
Total Current Liabilities (4)	1173.486	1120.038	889.469
TOTAL	3181.841	2464.260	2271.385
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1412.929	1504.708	1571.566
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34.936	37.120	26.393
(e) Other Non-current assets	19.648	2.526	7.045
Total Non-Current Assets	1467.513	1544.354	1605.004
(2) Current assets
(a) Current investments	18.963	13.100	9.097
(b) Inventories	633.183	301.013	213.961
(c) Trade receivables	545.100	362.578	201.203
(d) Cash and cash equivalents	233.314	35.830	123.968
(e) Short-term loans and advances	283.768	207.385	118.152
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1714.328	919.906	666.381
TOTAL	3181.841	2464.260	2271.385

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	EXPENSES
	TOTAL (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	443.940	400.968	329.304
Less	FINANCIAL EXPENSES (D)	197.451	195.177	185.434
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	246.489	205.791	143.870
Less/ Add	DEPRECIATION/ AMORTISATION (F)	122.111	128.670	133.667
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	124.378	77.121	10.203
Less	TAX (H)	27.639	-12.042	5.775
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	96.739	89.163	4.428
	BALANCE CARRIED TO THE B/S	96.739	89.163	4.428
	IMPORTS
	Consumables and spares	2.164	1.423	0.176
	On account of Capital Items	12.094	14.765	19.337
	TOTAL IMPORTS	14.258	16.188	19.513
	Earnings / (Loss) Per Share (Rs.)	17.59	35.67	1.77

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.91	3.13	0.45
Return on Investment (ROI) (PBT/Networth)		0.14	0.16	0.03
Debt Equity Ratio (Total Liability/Networth)		1.69	2.63	3.44
Current Ratio (Current Asset/Current Liability)		1.46	0.82	0.75

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	250.000	250.000	550.000
Reserves & Surplus	136.474	218.365	308.584
Net worth	386.474	468.365	858.584
long-term borrowings	852.145	711.563	960.936
Short term borrowings	477.859	518.612	492.416
Total borrowings	1330.004	1230.175	1453.352
Debt/Equity ratio	3.441	2.627	1.693

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	Yes
10]	Designation of contact person	Yes
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	No
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

REVIEW OF PERFORMANCE

During the Fourth financial year, the Company has registered a net profit (before tax) of Rs.124.377 Millions after interest and depreciation. The turnover of the Company during the period under report amounted to Rs.2266.746 Millions. The directors are confident to improve the turnover during the year and all the infrastructure have been created for the same.

FINANCE

The Company’s working capital limit has been effectively utilized during the year under consideration. The Company is prompt in repayment of term loans. In view of future expansion and to maintain comfortable working capital position, the Directors feel the need to conserve every available resource and hence your Directors have not recommended declaration of dividend for the year under consideration.

NOTE : The company was Partnership Firm in the name of Rohini Textile Industry established in 1980 than it changed to private limited from October 2008

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from directors	0.765	0.000
Loans and advances from others	0.000	0.765
Total	0.765	0.765

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10334802	31/08/2013 *	856,600,000.00	ANDHRA BANK	MAIN BRANCH, 17, MILL ROAD, COIMBATORE, TAMIL NAD  U - 641001, INDIA	B86678737
2	10156375	06/01/2011 *	600,000,000.00	ANDHRA BANK	MAIN BRANCH, 17, MILL ROAD, COIMBATORE, TAMIL NAD  U - 641001, INDIA	B04811188
3	10150613	16/03/2009	585,000,000.00	ANDHRA BANK	CORPORATE & INDUSTRIAL FINANCE DEPARTMENT, COIMBA  TORE MAIN, COIMBATORE, TAMIL NADU - 641001, INDIA	A59542019
4	10136189	03/09/2014 *	866,600,000.00	PUNJAB NATIONAL BANK	CORPORATE /COMMERCIAL BANKING BRANCH, 54, SABARI  STREET, TIRUPUR, TAMIL NADU - 641601, INDIA	C35959626

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Building

· Computer

· Furniture and Fittings

· Land

· Vehicles

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--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		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.