MIRA INFORM REPORT

Report No. :	307552
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	SWATI EXIM PRIVATE LIMITED
Registered Office :	34-C, Door Sanchar Apartments, Mandaawali Patparganj, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1998
Com. Reg. No.:	55-095179
Capital Investment / Paid-up Capital :	Rs.9.615 Millions
CIN No.: [Company Identification No.]	U18109DL1998PTC095179
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 and Exporter of Ready Made Garments.
No. of Employees :	Information declined by the management

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 140000
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 normal and acceptable for business dealings. 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

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 DENIED BY

Name :	Mr. Satender
Designation :	Accounts Manager
Contact No.:	91-120-4677700
Date :	11.02.2015

LOCATIONS

Registered Office :	34-C, Door Sanchar Apartments, Mandaawali Patparganj, Delhi – 110092, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	swati@swatiexim.net swatiexim@gmail.com
Website :	www.swatiexim.net
Head Office :	A-21 Sector 64, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-7677700 / 4677777 / 4677711
Fax No.:	91-120-4677701

DIRECTORS

AS ON 10.09.2014

Name :	Mr. Dhruv Nangia
Designation :	Director
Address :	D-97, Sector-26, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	21.03.1985
Date of Appointment :	01.01.2008
DIN No.:	00286373
Name :	Ms. Swati Shashi
Designation :	Director
Address :	D-97, Sector-26, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	26.09.1982
Date of Appointment :	04.03.2002
DIN No.:	00286430
Name :	Mr. Puran Chand Mahajan
Designation :	Director
Address :	E-8, Sector-20, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	01.04.1939
Date of Appointment :	01.09.2006
DIN No.:	00303868
Name :	Ms. Shashi Nangia
Designation :	Director
Address :	D-97, Sector-26, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	08.05.1956
Date of Appointment :	27.07.1998
DIN No.:	01113263

KEY EXECUTIVES

Name :	Mr. Satender
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 10.09.2014

Names of Shareholders	No. of Shares	% of Holding
Shashi Nangia	501715	52.18
Swati Shashi	16260	1.69
Dhruv Nangia	117500	12.22
Aries Textiles Private Limited	24000	2.50
Swati Designs Private Limited	302000	31.41
Total	961475	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 10.09.2014

Category	Percentage
Bodies corporate	33.97
Directors or relatives of Directors	66.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Ready Made Garments.
Products :	Ready Made Garments
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

· Punjab National Bank, International Banking Branch, DCM Building, 8^th Floor, Barakhamba Road, New Delhi - 110001, India

· IndusInd Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India

· Small Industries Development Bank of India, Ground Floor, Videocon Tower, E-1, Rani Jhansi Road, Jhandewalan Extension, New Delhi - 110005, India

Facilities :

PARTICULARS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loans
From banks	1.553	2.123
Small Industries Development Bank of India	12.598	0.000
Inter Corporate Deposits from others	0.081	0.081
Inter Corporate Deposits from related parties	2.475	2.475
Loans and advances from related parties	4.500	14.793
Less: Current maturities
Small Industries Development Bank of India	1.568	0.000
Term loan against car	0.633	0.570
Total [A]	19.006	18.902
Short Term Borrowings
Working capital loans from banks	78.316	62.126
Total [B]	78.316	62.126
Total [A+B]	97.322	81.028

Banking Relations :	--
Auditors :
Name :	P.C. Bindal and Company Chartered Accountants
Address :	101, Sita Ram Mansion, 718/21, Joshi Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-23549822 / 23
Fax No.:	91-11-23623829
Email :	info@pcbindia.in pcbindalco@gmail.com
PAN No.:	AAAFP9359H
Membership :	--
Enterprises owned or significantly influenced by key management personnel :	· Dhruv Enterprises Private Limited · Aries Textiles Private Limited · Swati Design Private Limited · Gemini Textiles Private Limited

CAPITAL STRUCTURE

AS ON 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
961475	Equity Shares	Rs.10/- each	Rs.9.615 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	9.615	9.615	9.615
(b) Reserves & Surplus	39.390	37.498	36.404
(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)	49.005	47.113	46.019
(3) Non-Current Liabilities
(a) long-term borrowings	19.006	18.902	9.927
(b) Deferred tax liabilities (Net)	3.931	2.964	2.514
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.465	0.369	0.560
Total Non-current Liabilities (3)	23.402	22.235	13.001
(4) Current Liabilities
(a) Short term borrowings	78.316	62.126	48.558
(b) Trade payables	27.468	28.945	6.197
(c) Other current liabilities	20.241	11.394	14.002
(d) Short-term provisions	0.612	0.320	0.315
Total Current Liabilities (4)	126.637	102.785	69.072
TOTAL	199.044	172.133	128.092
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.544	50.704	53.328
(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	0.200	0.185	0.175
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	49.744	50.889	53.503
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	82.930	62.870	48.263
(c) Trade receivables	54.730	45.420	20.333
(d) Cash and cash equivalents	0.287	0.125	1.369
(e) Short-term loans and advances	11.343	12.820	4.413
(f) Other current assets	0.010	0.009	0.211
Total Current Assets	149.300	121.244	74.589
TOTAL	199.044	172.133	128.092

PROFIT & LOSS ACCOUNT

Particulars	31.03.2014	31.03.2013	31.03.2012
Total Receipts	223.914	169.287	154.542
Net Profit/Loss	2.935	1.579	1.528
Exports of Goods at FOB Value	156.158	98.779	112.850
Value of Imports on CIF Basis	7.867	0.716	0.193

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.99	1.72	1.27
Current Ratio (Current Asset/Current Liability)	1.18	1.18	1.08

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	9.615	9.615	9.615
Reserves & Surplus	36.404	37.498	39.390
Net worth	46.019	47.113	49.005
long-term borrowings	9.927	18.902	19.006
Short term borrowings	48.558	62.126	78.316
Total borrowings	58.485	81.028	97.322
Debt/Equity ratio	1.271	1.720	1.986

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	154.542	169.287	223.914
		9.541	32.269

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	154.542	169.287	223.914
Profit	1.528	1.579	2.935
	0.99%	0.93%	1.31%

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	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10538651	26/09/2014	90,000,000.00	IndusInd Bank Limited	Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India	C38076139
2	10470774	02/01/2014	20,000,000.00	Small Industries Development Bank of India	Ground Floor, Videocon Tower, E-1, Rani Jhansi Road, Jhandewalan Extension, New Delhi - 110005, India	B93740272

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	NKT

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	6
--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		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.