MIRA INFORM REPORT

Report No. :	308138
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	NAVNITLAL PRIVATE LIMITED
Registered Office :	Office No. 807, BSEL Tech Park, Plot No. 39/5 and 39 Sector 30-A, Opposite Vashi Railway Station, Vashi, Navi Mumbai - 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.09.1994
Com. Reg. No.:	11-080906
Capital Investment / Paid-up Capital :	Rs.212.000 Millions
CIN No.: [Company Identification No.]	U17120MH1994PTC080906
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMN04514G / MUMN11529A
PAN No.: [Permanent Account No.]	AAACN1829P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Grey Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1010000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company having moderate track. The rating is constrained on account of loss incurred by a company during FY 2014. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some 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	INDIA RATING
Rating	Long Term Loans = B
Rating Explanation	High risk of default
Date	17.10.2014

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 :	Office No. 807, BSEL Tech Park, Plot No. 39/5 and 39 Sector 30-A, Opposite Vashi Railway Station, Vashi, Navi Mumbai - 400705, Maharashtra, India
Tel. No.:	91-22-27804200 / 67804299 / 22833954 / 22834027 / 22833743
Tel. No.:	91-22-22026215
E-Mail :	navnit@bom3.vsnl.net.in
Website :	http://www.navnitlal.com
Factory :	Khapoli Village, Dhamni, Savroli Kharpada, Taluka Khalapur, Raigad, Maharashtra, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Lalit P. Desai

Designation :

Director

Address :

Fortune, 2^nd Floor, 568 Lady Jahangir Road, Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

25.02.1947

Date of Appointment :

07.09.1994

PAN No.:

AACPD2600F

DIN No.:

00202901

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	U65990MH1993PTC073016	NAVNITLAL AND COMPANY INVESTMENT PRIVATE LIMITED	Director	20/07/1993	20/07/1993	-	Active	NO
2	U17120MH1994PTC080906	NAVNITLAL PRIVATE LIMITED	Director	07/09/1994	07/09/1994	-	Active	NO
3	U67120MH2001PTC134152	NAVNEETLAL HOLDINGS (INDIA) PRIVATE LIMITED	Director	07/12/2001	07/12/2001	-	Active	NO

Name :

Mr. Rishit L. Desai

Designation :

Whole Time Director

Address :

Fortune, 2^nd Floor, 568 Lady Jahangir Road, Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

11.10.1972

Date of Appointment :

24.04.2004

PAN No.:

AACPD2601E

DIN No.:

00223648

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	U65990MH1993PTC073016	NAVNITLAL AND COMPANY INVESTMENT PRIVATE LIMITED	Director	25/11/2002	25/11/2002	-	Active	NO
2	U17120MH1994PTC080906	NAVNITLAL PRIVATE LIMITED	Director	24/04/2004	24/04/2004	-	Active	NO

Name :

Mr. Mihir L. Desai

Designation :

Whole Time Director

Address :

Fortune, 2nd Floor, 568 Lady Jahangir Road, Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

11.10.1972

Date of Appointment :

15.10.2003

PAN No.:

AACPD2602H

DIN No.:

00223672

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	U65990MH1993PTC073016	NAVNITLAL AND COMPANY INVESTMENT PRIVATE LIMITED	Director	25/11/2002	25/11/2002	-	Active	NO
2	U17120MH1994PTC080906	NAVNITLAL PRIVATE LIMITED	Whole-time director	15/10/2003	15/10/2003	-	Active	NO

Name :

Mr. Arun D. Desai

Designation :

Director

Address :

71, B Road, Oak Lane, Machester, M-205 QB, United Kingdom

Date of Birth/Age :

11.12.1940

Date of Appointment :

10.03.2003

DIN No.:

02468023

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Itochu Corporation, Japan	3154000
Navneetlal Holding India Private Limited, India	13680000
Lalit P. Desai	1163000
Pushpa L. Desai	1000
Mihir L. Desai	1000
Rishit L. Desai	1000
Wrengate Limited, Manchester	1556800
Botraco Limited, Manchester	1643200
Total	21200000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	30.00
Bodies corporate	64.50
Directors or relatives of Directors	5.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Grey Fabrics.

Products :

Product Description	Item Code No. (ITC Code)
Cotton Grey Fabric (Unbleached)	5207

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 :

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

No. of Employees :

Not Available

Bankers :

· Bank of India, Andheri Corporate Banking Branch, M.D. Building, S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India

· Axis Bank Limited, Western Zonal Office ,Fortune-2000 "C" Wing, Ground Floor, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

· Corporation Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	4.209	31.958
Term loans from others	75.981	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	153.107	195.077
Total	233.297	227.035

Auditors :
Name :	D.S. Gala and Company Chartered Accountant
Address :	14-D, Roy Villa, Kalina, Santacruz (East), Mumbai-400029, Maharashtra, India
Tel. No.:	91-22-26660961
Fax No.:	91-22-26654880
PAN No.:	ACBPG2289E
Memberships :	--
Collaborators :	--
Holding Company :	Navneetlal Holdings (India) Private Limited CIN No.: U67120MH2001PTC134152

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
21200000	Equity Shares	Rs.10/- each	Rs.212.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21200000	Equity Shares	Rs.10/- each	Rs.212.000 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	212.000	212.000	212.000
(b) Reserves & Surplus	141.523	171.506	171.205
(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)	353.523	383.506	383.205
(3) Non-Current Liabilities
(a) long-term borrowings	117.346	60.108	68.181
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.023	0.019	0.008
(d) long-term provisions	0.364	0.840	0.302
Total Non-current Liabilities (3)	117.733	60.967	68.491
(4) Current Liabilities
(a) Short term borrowings	153.107	195.077	218.408
(b) Trade payables	37.259	33.766	58.779
(c) Other current liabilities	20.996	21.074	32.482
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	211.362	249.917	309.669
TOTAL	682.618	694.390	761.365
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	415.321	432.002	450.628
(ii) Intangible Assets	0.227	0.239	0.000
(iii) Capital work-in-progress	0.000	0.000	0.089
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.000	0.000
(c) Deferred tax assets (net)	46.765	37.113	37.378
(d) Long-term Loan and Advances	9.133	15.421	14.562
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	471.447	484.775	502.657
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	124.210	130.866	152.797
(c) Trade receivables	70.479	65.356	92.254
(d) Cash and cash equivalents	1.337	2.099	2.915
(e) Short-term loans and advances	15.145	11.294	10.742
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	211.171	209.615	258.708
TOTAL	682.618	694.390	761.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	640.023	801.340	631.178
Less	EXPENSES
		TOTAL (B)	631.852	752.506	610.440
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.171	48.834	20.738
Less	FINANCIAL EXPENSES (D)		29.119	28.479	30.613
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(20.948)	20.355	(9.875)
Less	DEPRECIATION/ AMORTISATION (F)		18.687	19.592	31.582
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(39.635)	0.763	(41.457)
Less	TAX (H)		(9.653)	0.462	(13.701)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(29.982)	0.301	(27.756)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(97.049)	(97.350)	(69.594)
	BALANCE CARRIED TO THE B/S		(127.031)	(97.049)	(97.350)
	Earnings / (Loss) Per Share (Rs.)		(1.41)	0.01	(1.31)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(6.23)	0.12	(5.73)
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.00	(0.11)
Debt Equity Ratio (Total Debt /Networth)		0.77	0.67	0.75
Current Ratio (Current Asset/Current Liability)		1.00	0.84	0.84

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	212.000	212.000	212.000
Reserves & Surplus	171.205	171.506	141.523
Share Application money pending allotment	0.000	0.000	0.000
Net worth	383.205	383.506	353.523
Long Term borrowings	68.181	60.108	117.346
Short Term borrowings	218.408	195.077	153.107
Total borrowings	286.589	255.185	270.453
Debt/Equity ratio	0.748	0.665	0.765

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
Total Income	631.178	801.340	640.023
		26.959	(20.131)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	631.178	801.340	640.023
Profit	(27.756)	0.301	(29.982)
	(4.40%)	0.04%	(4.68%)

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	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	Yes
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	37.156	28.150
Total	37.156	28.150

CURRENT YEAR OUTLOOK

The Directors are taking effective steps to maintain its operations in the cyclical changes in the both domestic as well as international market of Textile Industry. Considering the Industry’s performance your directors are taking cautious view for growth in current Financial Year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445979	26/08/2013	50,000,000.00	PNB Housing Finance Limited	9th Floorantriksh Bhawan, 22 K G Marg, New Delhi,  Delhi - 110001, India	B83526079
2	10036739	05/01/2007	30,000,000.00	Bank Of India	Andheri Corporate Banking Branch,, 28, M.D.I Building, S. V. Road, Andheri (West), Mumbai, Maharashtra - 400058, India	A10213049
3	80065124	20/04/2012 *	135,000,000.00	Corporation Bank	Earnest House, 1st Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	B39779863
4	90164161	31/01/2014 *	90,000,000.00	Bank Of India	Andheri Corporate Banking Branch, M.D.I. Building, S. V. Road, Andheri (West), Mumbai, Maharashtra  - 400058, India	B96431812

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--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		28

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.