MIRA INFORM REPORT

Report No. :	308062
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	POLYDRAPE
Registered Office :	1/58-59, Dhiraj Pen Compound, J B Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Establishment :	16.09.2004
Capital Investment :	Rs. 12.931 Millions
IEC No.:	0305003755
PAN No.: [Permanent Account No.]	AAIFP0114G
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Exporter of Fancy Yarns, Knit De-Knit (KDK) Yarn, Curtain and Suiting Fabrics.
No. of Employees :	53 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The concern 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.

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

Name :	Mr. Jatin Sunder Golani
Designation :	Partner
Contact No.:	91-9820400003
Date :	14.02.2015

LOCATIONS

Registered Office :	1/58-59, Dhiraj Pen Compound, J B Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28341567/ 66921134
Mobile No.:	91-9820400003 [Mr. Jatin Sunder Golani]
Fax No.:	91-22-66750544
E-Mail :	poly_mumbai@yahoo.co.in
Area :	1500 Sq. ft.
Location :	Owned
Factory :	13-A, Government Industrial Estate, Masat, Silvassa – 396230, Dadra and Nagar Haveli U.T., India
Tel. No.:	91-260-3296720/ 3296866
Fax No.:	91-260-2640677
E-Mail :	polyfabsilvassa@gmail.com
Area :	16000 Sq. ft. [Approx.]
Location :	Owned

PARTNERS

Name :	Mr. Sunder G Golani
Designation :	Partner
Address :	18, Colombia CHS Limited, St. Dominic Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	20.11.1944
Qualification :	B. Tech (TEXT.), F.I.E. and Chartered Engineer
Experience :	47 Years
Name :	Mr. Dinesh Sunder Golani
Designation :	Partner
Address :	4, Bandra Shelter CHS Limited, Manuel Gonsalves Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.08.1974
Qualification :	Diploma in Textile Engineering
Experience :	18 Years
Name :	Mr. Jatin Sunder Golani
Designation :	Partner
Address :	18, Colombia CHS Limited, St. Dominic Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	23.05.1977
Qualification :	Diploma in Textile Engineering
Experience :	15 Years

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Fancy Yarns, Knit De-Knit (KDK) Yarn, Curtain and Suiting Fabrics.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Knit De-Knit (KDK) Yarn
Countries :	· Iran Romania
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash
Purchasing :	--

PRODUCTION STATUS

PRODUCTS	INSTALLED CAPACITY	ACTUAL PRODUCTION
Yarn Manufacturing	100 Tons/ Month	90 Tons / Month.
Fabric Manufacturing	200000 Mtrs P.M.	175000 Mtrs P.M.

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Manufacturers

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

53 (Approximately)

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· Bank of Baroda

Address: 375/382, Kitchen Garden Lane, 1^st Floor, Mangaldas Market, Mumbai – 400002, Maharashtra, India

Facilities :

Credit Limit = Rs.8.000 Millions

Banking Relations :	--
Auditors :
Name :	R H Shah and Company Chartered Accountants
Address :	B/102, Ramji House, 1^st Floor, Jambulwadi, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22–22017187
Mobile No.:	91-9322262195
E-Mail :	rhshah.ca@gmail.com
Associates/Subsidiaries :	· Polyfab Address: 2-A, Government Industrial Estate, Masat, Silvassa – 396230, Dadra and Nagar Haveli U.T., India Activity: Manufacturer of Synthetics Yarn and Fabrics

CAPITAL STRUCTURE

AS ON 31.03.2014

PARTICULARS	AMOUNT IN MILLIONS
Dinesh Sunder Golani	1.412
Jatin Sunder Golani	1.658
Sunder G Golani	9.861
Total	12.931

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		12.931	12.917
2] Share Application Money		0.000	0.000
3] Profit and Loss Account		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		12.931	12.917
LOAN FUNDS
1] Secured Loans		7.028	8.032
2] Unsecured Loans		9.653	6.133
TOTAL BORROWING		16.681	14.165
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		29.612	27.082
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.601	12.606
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.598	7.207
	Sundry Debtors	17.834	13.055
	Cash & Bank Balances	0.151	0.192
	Other Current Assets [Deposits]	0.210	0.210
	Loans & Advances	0.823	0.866
Total Current Assets		23.616	21.530
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.794	6.327
	Other Current Liabilities	0.071	0.028
	Provisions	0.740	0.699
Total Current Liabilities		6.605	7.054
Net Current Assets		17.011	14.476
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		29.612	27.082

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Sales	84.752	70.907
		Other Income	0.143	0.018
		TOTAL	84.895	70.925
Less	EXPENSES
		Cost of Sales	60.434	50.850
		Direct Expenses Bonus [Silvassa]	0.168	0.066
		Clearing and Forwarding charges – Exports [Y]	0.010	0.000
		Conveyance [Silvassa]	0.011	0.007
		Electrical Expenses	0.111	0.027
		Electricity Charges [Silvassa]	2.585	2.845
		Freight	0.349	0.071
		General Expenses [Silvassa]	0.084	0.067
		Gratuity and Ex-Gratia Silvassa [W]	0.050	0.000
		Lease Rent paid [Silvassa]	0.060	0.060
		Loading/ Unloading Charges	0.060	0.008
		Machinery Repairs and Maintenance	1.399	1.152
		Oil Expenses	0.363	0.680
		Packing Materials	1.451	1.126
		Postage/ Telegram/ Courier Silvassa [W]	0.000	0.000
		Printing and Stationery [Silvassa]	0.048	0.004
		Processing charges	3.921	1.810
		Provident Fund	0.129	0.038
		Repairs and Maintenance – Others	0.007	0.002
		Salaries and Wages [Silvassa]	1.612	0.982
		Security charges	0.195	0.198
		Shipment charges – Exports [Y]	0.155	0.000
		Staff Welfare expenses [Silvassa]	0.052	0.045
		Transportation	0.329	0.250
		Travelling Expenses – Silvassa	0.034	0.000
		Vehicle Expenses [Silvassa]	0.010	0.007
		Yarn and Fabric Checking, Packing and Forwarding	3.907	4.080
		Indirect Expenses Audit Fees	0.025	0.025
		Bonus [Mumbai]	0.053	0.038
		Brokerage and Commission	0.649	0.193
		Computer Expenses	0.002	0.004
		Conveyance	0.044	0.025
		Electricity Charges [Office]	0.065	0.048
		General Expenses	0.059	0.092
		Insurance charges	0.052	0.042
		Leave Encashment	0.139	0.064
		Membership and Subscription	0.009	0.009
		Office rent	0.060	0.060
		Postage, Courier and Telegram	0.000	0.001
		Printing and Stationery	0.003	0.005
		Professional Fees	0.104	0.078
		Rent, Rates and Taxes	0.003	0.002
		Salaries	0.570	0.451
		Sample Expenses	0.001	0.041
		Staff Welfare charges	0.013	0.019
		Telephone charges [Mumbai]	0.017	0.027
		Travelling Expenses	0.037	0.051
		Vehicle Expenses	0.051	0.064
		Interest and Remuneration Remuneration to Partners	0.725	0.581
		TOTAL	80.215	66.295
	PROFIT BEFORE INTEREST, DEPRECIATION AND AMORTISATION		4.680	4.630
Less	FINANCIAL EXPENSES		2.619	2.784
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		2.061	1.846
Less/ Add	DEPRECIATION/ AMORTISATION		1.728	1.609
	NET PROFIT		0.333	0.237

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.39	0.33
Operating Profit Margin (PBDIT/Sales)	(%)	5.52	6.53
Return on Total Assets (PBT/Total Assets}	(%)	0.92	0.69
Return on Investment (ROI) (PBT/Networth)		0.03	0.02
Debt Equity Ratio (Total Debt/Networth)		1.29	1.10
Current Ratio (Current Asset/Current Liability)		3.58	3.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Partners’ Capital	12.917	12.931
Profit and Loss Account	0.000	0.000
Net worth	12.917	12.931
Secured Loans	8.032	7.028
Unsecured Loans	6.133	9.653
Total borrowings	14.165	16.681
Debt/Equity ratio	1.097	1.290

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	70.907	84.752
		19.526

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	70.907	84.752
Profit	0.237	0.333
	0.33%	0.39%

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	Yes
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 two years	Yes
12]	Profitability for last two 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	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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

FIXED ASSETS

· Computer and Printer

Electrical Installation

Factory Building

Furniture and Fixture

Land

Plant and Machinery

Vehicles

Air Conditioners

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

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.