MIRA INFORM REPORT

Report No. :	302027
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	INTERMARKET INDIA PRIVATE LIMITED (w.e.f.03.08.2000)
Formerly Known As :	INTERMARKET TRADING COMPANY PRIVATE LIMITED
Registered Office :	406, Western Edge-I Building, Western Express Highway, Magathane, Borivali (East), Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.10.1995
Com. Reg. No.:	11-093391
Capital Investment / Paid-up Capital :	Rs. 49.283 Millions
CIN No.: [Company Identification No.]	U51490MH1995PTC093391
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI5146A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Terry Towels, Table Covers, Napkins, Kitchen Towels, Fabrics, Made ups, Bed Sets, Blankets, etc.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – 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

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Atul Naik
Designation :	Manager
Contact No.:	91-9869165848
Date :	15.01.2015

LOCATIONS

Registered Office :	406, Western Edge-I Building, Western Express Highway, Magathane, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-61936700
Mobile No.:	91-9869165848 (Mr. Atul Naik)
Fax No.:	91-22-61936701
E-Mail :	intermarket@intermarket.co.in atul@intermarket.co.in imimumbai@intermarket.co.in imtcltd@vsnl.com
Website :	http://www.intermarket.co.in
Factory 1 :	H1, R32, 4th Cross, Textile Processing Zone, SIPCOT, Perundarai, Erode - 638052, Tamilnadu, India
Location :	Owned
Factory 2 :	6 - Sharnam Reality Private Limited - 1, Near Anupam Cinema, Khokhra, Ahmedabad – 380008, Gujarat, India
Location :	Owned

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Rakshit Mahendrabhai Shah
Designation :	Director
Address :	Nishant, Opposite Payal Park Tenament, Satellite Road, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	08.09.1948
Date of Appointment :	14.12.2012
PAN No.:	ADCPS7768J
DIN No.:	00030640
Name :	Mr. Kirit Dahyabhai Patel
Designation :	Director
Address :	31952, Apuesto Way, Coto De Caza, Ca, Irvine, 092679, United States of America
Date of Birth/Age :	21.02.1948
Date of Appointment :	09.10.1995
PAN No.:	AQZPP0618G
DIN No.:	00110578
Name :	Mr. Ashvin Kantilal Raythatha
Designation :	Alternate director
Address :	66, 6th Floor, Prem Milan, 87 B, Nepean Sea Road, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	21.05.1944
Date of Appointment :	22.01.1996
DIN No.:	00486567
Name :	Mr. Rajnikant Dahyabhai Patel
Designation :	Director
Address :	31952, Apuesto Way, Coto De Caza, Ca, Irvine, 092679, United States of America
Date of Birth/Age :	02.08.1949
Date of Appointment :	09.10.1995
DIN No.:	00936090

KEY EXECUTIVES

Name :	Mr. Atul Naik
Designation :	Manager
Name :	Mr. Nirav Dilipkumar Shah
Designation :	Secretary
Address :	A-02, Mahavir Krupa, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	30.07.1982
Date of Appointment :	05.02.2014
PAN No.:	AVZPS7674Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Prakash Mohanlal Shah	216015
Ashvin Kantilal Raythatha	15
International Waters, Mauritius	1069479
Kirit Dahyabhai Patel	1821383
Rajnikant Dahyabhai Patel	1821383
Total	4928275

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	95.62
Directors or relatives of directors	4.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Terry Towels, Table Covers, Napkins, Kitchen Towels, Fabrics, Made ups, Bed Sets, Blankets, etc.

Products/ Services :

ITC Code No.	Product Descriptions
63049250	Terry Bath Towel

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· US

Middle East

Australia

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Sumeru Label Private Limited, Mumbai
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 :

Wholesalers, Retailers and End Users

Reference:	Venus Textile, US
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 :

200 (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Andheri Mid Corporate Branch, 28 MDI Building, 1st Floor, S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, 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

Bank Name:	State Bank of India
Branch:	Industrial Finance Nranch, 194, M.V. Road, W.E. Highway - Metro Junction, Andheri (East), Mumbai - 400069, Maharashtra, 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

· Indian Overseas Bank

Indian Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	7.561	35.880
SHORT TERM BORROWINGS
Working capital loans from banks	82.588	182.333
Total	90.149	218.213

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, 32nd Floor, Tower 3, Senapati Bapat Marg, Elphinstone Mill Compound, Elphinstone (West), Mumbai - 400013, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Enterprises/ Individuals having significant influence over the company :	· International Waters, Mauritius Venus Group Inc. (Formerly known as Venus Textile Inc.)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,928,275	Equity Shares	Rs. 10/- each	Rs. 49.283 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	49.283	49.283	49.283
(b) Reserves & Surplus	558.514	510.992	466.601
(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)	607.797	560.275	515.884
(3) Non-Current Liabilities
(a) Long-term borrowings	7.561	35.880	24.919
(b) Deferred tax liabilities (Net)	27.225	28.467	26.732
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.511	3.567	2.728
Total Non-current Liabilities (3)	37.297	67.914	54.379
(4) Current Liabilities
(a) Short term borrowings	82.588	182.333	237.716
(b) Trade payables	24.170	27.812	25.290
(c) Other current liabilities	21.972	27.743	22.010
(d) Short-term provisions	4.080	2.716	18.869
Total Current Liabilities (4)	132.810	240.604	303.885
TOTAL	777.904	868.793	874.148
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	348.083	364.477	327.170
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.884	0.000	31.043
(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	15.462	13.906	35.361
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	371.429	378.383	393.574
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.322	113.443	101.901
(c) Trade receivables	174.128	255.074	281.660
(d) Cash and cash equivalents	59.066	29.022	55.852
(e) Short-term loans and advances	20.443	40.027	21.784
(f) Other current assets	44.516	52.844	19.377
Total Current Assets	406.475	490.410	480.574
TOTAL	777.904	868.793	874.148

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	880.415	1329.920	1237.754
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		111.158	101.500	137.825
Less/ Add	DEPRECIATION/ AMORTISATION		35.303	31.568	28.717
	PROFIT BEFORE TAX		75.855	69.932	109.108
Less	TAX		25.958	23.234	36.946
	PROFIT AFTER TAX		49.897	46.698	72.162
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		362.210	317.818	251.135
Less	APPROPRIATIONS
		Dividend on Equity Shares	1.971	1.971	4.714
		Corporate Dividend Tax	0.404	0.335	0.765
	BALANCE CARRIED TO THE B/S		409.732	362.210	317.818
	Earnings Per Share (Rs.)		9.48	15.31	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.67	3.51	5.83
Return on Total Assets (PBT/Total Assets}	(%)	9.85	8.05	12.94
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.21
Debt Equity Ratio (Total Debt/Networth)		0.15	0.39	0.51
Current Ratio (Current Asset/Current Liability)		3.06	2.04	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.283	49.283	49.283
Reserves & Surplus	466.601	510.992	558.514
Net worth	515.884	560.275	607.797
Long-term borrowings	24.919	35.880	7.561
Short term borrowings	237.716	182.333	82.588
Total borrowings	262.635	218.213	90.149
Debt/Equity ratio	0.509	0.389	0.148

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	1237.754	1329.920	880.415
		7.446	(33.799)

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	1237.754	1329.920	880.415
Profit	72.162	46.698	49.897
	5.83%	3.51%	5.67%

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90151974	20/06/2014 *	325,800,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE NRANCH, 194, M.V.ROAD,, W.E. HIGHWAY - METRO JUNCTION, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	C11374766

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 401-A, Gokul Arcades, N Marg, Vile Parle (East), Mumbai - 400057, Maharashtra, India to the present address w.e.f.07.01.2011.

COMPANY BACKGROUND

The Company was incorporated on 9th October, 1995, as a private limited company. The Company is engaged in the business of manufacturing and trading in made-ups, fabrics and home fashion products. Company has one manufacturing facility in State Industrial Promotion Corporation of Tamilnadu Limited (SIPCOT), Perundurai, Tamilnadu. Substantial portion of Company?s manufactured and traded products are exported.

OPERATIONS

During the year, the turnover of the Company has decreased to the extent of about 33.7995% to Rs. 880.400 Millions excluding scrap sale. Decrease in sales mainly on account of trading activity. Almost place of the head of the marketing and Sales vacated for more than 5 Months after Resignation of Mr. Prakash M Shah (Director) w.e.f.31/01/2013 and Romal P Shah (Head of Marketing and Sales) w.e.f.22/05/2013 as they were involved in purchase and marketing activities. Company could not recruit/ identified any resource who can take over the responsibility of Marketing and Purchase on the said resignation. The Net Profit after tax of the Company has increased to Rs 49.900 Millions (Previous Year Rs. 46.700 Millions).

The Directors explained that the increase in Operating Profits of the Company is mainly on account of cost control mainly in the area/activity of finance cost, processing charges, and transportation and freight charges, clearing and forwarding charges, commission on sales, Insurance and other expenses.

The Director explained that the current assets, Loans and advances are approximately of the value stated if realised in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary. The Export Entitlements as reflected in the financial statements under Loans and Advances are in order considering AS 9 for Revenue recognition. There is no uncertainty for the amount to be realised and hence the revenue is being recognised entirely in the related financial year itself. The Director stated that no contingent liability of the disputed demand is pending as on date.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

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

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.