MIRA INFORM REPORT

Report No. :	306714
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	MOR TECHFAB PRIVATE LIMITED (w.e.f.27.02.2013)
Formerly Known As :	LAVA BUILDTECH PRIVATE LIMITED
Registered Office :	111/B PTM Mill Compound, Behind Narol Court, Ahmedabad, Gujarat - 382405
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.10.2012
Com. Reg. No.:	04-072487
Capital Investment / Paid-up Capital :	Rs. 24.438 Millions
CIN No.: [Company Identification No.]	U25199GJ2012PTC072487
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of plastic fabrics
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Mr. Manish Patel, Accounts manager has denied to disclose any information to us. As per latest financial record of 2014, the company has started its production activities on trial run basis and its full fledge production will start from financial year 2014 – 2015. Further rating is constrained on account of company’s limited scale of business operations highly competitive as well as fragmented woven sack industry and loss incurred during financial year 2014. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with great caution.

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	CARE
Rating	Long term bank facilities : B+
Rating Explanation	Risk – prone – credit – quality and carries very high credit risk.
Date	09.06.2014

Rating Agency Name	CARE
Rating	Short term bank facilities : A4
Rating Explanation	Minimal degree of safety and carries very high credit risk.
Date	09.06.2014

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.

INFORMATION DENIED BY

Name :	Mr. Manish Patel
Designation :	Accounts Manager
Contact No.:	91-9099065435
Date :	04.02.2015

LOCATIONS

Registered Office / Corporate Office :	111/B PTM Mill Compound, Behind Narol Court, Ahmedabad, Gujarat – 382405, India
Tel. No.:	91-79-25733317
Mobile No.:	91-9377588047/ 9825035733 91-9099065435 (Mr. Manish Patel)
Fax No.:	91-79-22162084/25735710
E-Mail :	info@mortechfab.com
Website :	http://www.mortechfab.com
Manufacturing Facilities :	Survey No. 102, Near Elite School, Village Vavdi, Kheda – 387 411, Gujarat India
Mobile No.:	91-9377588047/ 9825035733

DIRECTORS

As on 30.09.2013

Name :

Amardeep Inderkumar Gupta

Designation :

Director

Address :

1 Shakti Park, Opposite New India Mill, Gate No. 2, Jetalpur, Road, Vadodara – 390005, Gujarat, India

Date of Birth/Age :

03.10.1974

Date of Appointment :

29.10.2012

DIN No.:

00464684

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	U24100GJ2009PTC056436	SWATI CHLORIDES PRIVATE LIMITED	Director	25-03-2009	25-03-2009	08-01-2013	Active	NO
2	U25199GJ2012PTC072487	MOR TECHFAB PRIVATE LIMITED	Director	29-10-2012	29-10-2012	-	Active	NO

Name :

Mr. Rajivkumar Giriraj Bansal

Designation :

Director

Address :

111/B PTM Mill Compound, Behind Narol Court, Ahmedabad, Gujarat – 382405, India

Date of Birth/Age :

22.08.1971

Date of Appointment :

29.10.2012

DIN No.:

01396673

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	U17119GJ1989PTC011995	CENTENARY POLYTEX PVT LTD	Director	20-03-2007	20-03-2007	-	Active	NO
2	U25199GJ2012PTC072487	MOR TECHFAB PRIVATE LIMITED	Director	29-10-2012	29-10-2012	-	Active	NO
3	AAA-8373	ARV POLY FILMS LLP	Designated Partner	14-03-2012	14-03-2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Amardeep Inderkumar Gupta	5000
Mr. Rajivkumar Giriraj Bansal	5000
Total	10000

As on 21.03.2014

Names of Allotters	No. of Shares
F. C. Pharmaceuticals Private Limited	250000
	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of plastic fabrics
Products :	PP Woven Sacks FIBC Jumbo Bags PP woven Fabrics BOPP Laminated Printed Sacks, etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	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 :	Not Divulged
Contact No.:	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 :

• State Bank of India, Madhupura Branch, Advani Market, Ahmedabad - 380023, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
SBI Loan	55.628	0.000
Total	55.628	0.000

Auditors :
Name :	Doshi Maru and Associates Chartered Accountants
Address :	217-218, Manek Centre, P. N. Marg, Jamnagar – 361008, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFD6545M
Memberships :	Not Divulged
Collaborators :	Not Divulged
Sister Concern :	Balaji Fabric Bansal Marketing

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 35.000 Millions.

Issued, Subscribed & Paid-up Capital : Rs. 24.438 Millions.

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
1308500	Equity Shares	Rs.10/- each	Rs.13.085 Millions

Subscribed & Fully Paid-up

No. of Shares	Type	Value	Amount
946000	Equity Shares	Rs.10/- each	Rs.9.460 Millions
1125000	Equity Shares Not Fully paid up	Rs.5/- each	Rs.5.625 Millions
	Total		Rs.15.085 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	15.085	0.100	0.500
(b) Reserves & Surplus	28.247	0.001	0.014
(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)	43.332	0.101	0.514
(3) Non-Current Liabilities
(a) long-term borrowings	55.628	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.001	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	55.628	0.001	0.000
(4) Current Liabilities
(a) Short term borrowings	13.625	5.000	0.000
(b) Trade payables	9.598	0.055	0.419
(c) Other current liabilities	1.756	0.015	0.532
(d) Short-term provisions	0.356	0.000	0.009
Total Current Liabilities (4)	25.335	5.070	0.960
TOTAL	124.295	5.172	1.474
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	102.218	0.321	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.075	0.000	0.000
(d) Long-term Loan and Advances	2.229	0.015	0.040
(e) Other Non-current assets
Total Non-Current Assets	105.522	0.336	0.040
(2) Current assets
(a) Current investments
(b) Inventories	5.086	0.000	0.000
(c) Trade receivables	0.704	0.000	0.760
(d) Cash and cash equivalents	3.585	0.882	0.649
(e) Short-term loans and advances	8.658	3.697	0.000
(f) Other current assets	0.740	0.257	0.025
Total Current Assets	18.773	4.836	1.434
TOTAL	124.295	5.172	1.474

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3.311	0.000	0.760
	Other Income	0.405	0.023
	TOTAL	3.716	0.023	0.760
Less	TOTAL EXPENSES	(6.372)	0.019	0.735
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(2.656)	0.004	0.025
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(2.656)	0.004	0.025
Less/ Add	DEPRECIATION/ AMORTISATION	1.088	0.002	0.000
	PROFIT/ (LOSS) BEFORE TAX	(3.744)	0.002	0.025
Less	TAX	(1.075)	0.001	0.008
	PROFIT/ (LOSS) AFTER TAX	(2.669)	0.001	0.017
	Earnings / (Loss) Per Share (Rs.)	266.90	0.10	1.70

The above information has been denied by Mr. Manish Patel (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(80.61)	NA	2.24
Operating Profit Margin (PBIDT/Sales)	(%)	(80.22)	NA	3.29
Return on Total Assets (PBT/Total Assets}	(%)	(3.04)	0.04	1.70
Return on Investment (ROI) (PBT/Networth)		(0.09)	0.02	0.05
Debt Equity Ratio (Total Debt /Networth)		1.60	49.50	0.00
Current Ratio (Current Asset/Current Liability)		0.74	0.95	1.49

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	0.500	0.100	15.085
Reserves & Surplus	0.014	0.001	28.247
Net worth	0.514	0.101	43.332
long-term borrowings	0.000	0.000	55.628
Short term borrowings	0.000	5.000	13.625
Total borrowings	0.000	5.000	69.253
Debt/Equity ratio	0.000	49.505	1.598

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	0.760	0.000	3.311
		(100.000)	---

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	0.760	0.000	3.311
Profit	0.017	0.001	-2.669
	2.24%	---	-80.61%

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	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10475712	30/01/2014	150,000,000.00	STATE BANK OF INDIA	Madhupura Branch, Advani Market, Ahmedabad, Gujarat - 380023, INDIA	B95540795

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loan repayable on demand
Loans from directors	2.275	1.500
Loans from others	11.350	3.500
Total	13.625	5.000

FIXED ASSETS

• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment’s
• Computer

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	PAT
Analysis Done by :	KAR
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.