MIRA INFORM REPORT

Report No. :	309943
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	VIRAJ INTERNATIONAL
Registered Office :	A-2, Sainath Industrial Estate, Off Aare Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	2003
Capital Investment / Paid-up Capital :	Rs. 6.469 Millions
TIN No.:	27300254699
IEC No.:	0310001421
PAN No.: [Permanent Account No.]	AACPG9995L
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Textiles Fabrics, Grey Fabrics, Cotton Clothing, Jeans and different types of fabrics.
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietorship concern having moderate track record. Management has reported slow debtor realization which may act as a threat to the liquidity profile during FY 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings business dealings with 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

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. Vinay S. Garg
Designation :	Proprietor
Contact No.:	91-9320231177
Date :	11.02.2015

LOCATIONS

Registered Office :	A-2, Sainath Industrial Estate, off Aare Road, Goregaon (East), Mumbai – 400063, Maharashtra
Tel. No.:	91-22-32262277/ 29277417
Mobile No.:	91-9320231177 (Mr. Vinay S. Garg)
Fax No.:	Not Available
E-Mail :	vinaysgarg@hotmail.com
Area :	350 Sq. ft.
Location :	Owned

PROPRIETOR

Name :	Mr. Vinay S. Garg
Designation :	Proprietor
Address :	Kandivali [East], Mumbai, Maharashtra, India
Date of Birth/Age :	32 Years
Qualification :	B. Com
Experience :	4 Years

BUSINESS DETAILS

Line of Business :	Trader of Textiles Fabrics, Grey Fabrics, Cotton Clothing, Jeans and different types of fabrics.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C
Purchasing :	Credit (90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Hanuman Appearels Private Limited
Name of the Person :	Mr. Raj (Accounts Head)
Contact No.:	91-8652855075
Since How Long Known :	5 Years
Experience :	Product Quality – Excellent Delivery Behaviour – Excellent Overall - Excellent
Maximum Limit Dealt :	As per requirement
Remark :	Having good marketing position, good management.

Reference :	Sai Outfits Private Limited
Address:	Unit No. 502, 5th Floor, Amit Industrial Premises Co-Operative Society Limited, Dr S S Rao Road, Lalbaug, Mumbai - 400012, Maharashtra India
Name of the Person :	Mr. Prashant Vedant (Director)
Contact No.:	91-9820027417
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Vedant International Garments Manufacturing Limited
Name of the Person :	Mr. Mangesh Gurav (Accountant)
Contact No.:	91-8898452323
Since How Long Known :	5 Years
Experience :	Product Quality – Excellent Delivery Behaviour – Excellent Overall - Excellent
Maximum Limit Dealt :	As per requirement
Remark :	Having good product quality, delivery behavior is on time.

Reference :	Ashapura Garments Limited
Name of the Person :	Mr. Vyas (Accounts Head)
Contact No.:	91-9987554912
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

4 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Hardevi Society, Near Jain Mandir, Jogeshwari (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Ms. Ramshmi (Bank Executive)
Contact Number	91-9323151874 (Ms. Rashmi)
Name of Account Holder	Viraj International
Account Number	10192560000975
Account Since (Date/Year of Account Opening)	2011
Average Balance Maintained (If Possible)	Rs.0.025 Million (Minimum)
Credit Facilities Enjoyed (If any)	--
Account Operation	Satisfactory
Remarks (If any)	Banker are satisfied with subject record for banking transaction.

Facilities :

--

Auditors :
Name :	R S Sharma and Company Chartered Accountants
Address :	301/302, Apollo Arcade, R k Singh Marg, Andheri (East), Mumbai 400069, Maharashtra, India
Tel. No.:	91-22-42117900
Fax No.:	91-22-66990031
E-Mail :	Sharmaca34@yahoo.com
Sister Concern :	· VVG Comtrade Private Limited  Address: 504, New Diamonds Industry, Goregaon (East), Mumbai, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 6.469 Millions
Borrowed :	--
Total :	Rs. 6.469 Millions

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] Proprietor Capital		6.469	5.756
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		6.469	5.756
LOAN FUNDS
1] Secured Loans		0.280	0.372
2] Unsecured Loans		16.365	5.525
TOTAL BORROWING		16.645	5.897
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		23.114	11.653
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.995	1.102
Capital work-in-progress		0.000	0.000
INVESTMENT		17.992	16.511
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.165	208.395
	Sundry Debtors	144.366	32.548
	Cash & Bank Balances	6.147	1.502
	Other Current Assets	0.123	0.123
	Loans & Advances	47.892	11.817
Total Current Assets		246.693	254.385
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	242.566	260.345
	Provisions	0.000	0.000
Total Current Liabilities		242.566	260.345
Net Current Assets		4.127	(5.960)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23.114	11.653

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1,544.326	1,452.238
		Other Income	0.115	0.226
		TOTAL	1,544.441	1,452.464
Less	EXPENSES
		Cost of material consumed	1,517.962	1,437.815
		Administrative Expenses	0.686	1.363
		Indirect Expenses	24.002	10.254
		Direct Expenses	0.000	0.139
		TOTAL	1,542.650	1,449.571
	PROFIT/ (LOSS) BEFORE DEPRECIATION		1.791	2.893
Less	DEPRECIATION		0.147	0.165
	NET PROFIT/ (LOSS)		1.644	2.728

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.11	0.19
Return on Total Assets (PBT/Total Assets)	(%)	0.66	1.07
Return on Investment (ROI) (PBT/Networth)		0.25	0.47
Debt Equity Ratio (Total Debt /Networth)		2.57	1.02
Current Ratio (Current Asset/Current Liability)		1.02	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Share Capital	5.756	6.469
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	5.756	6.469
Secured Loans	0.372	0.280
Unsecured Loans	5.525	16.365
Total borrowings	5.897	16.645
Debt/Equity ratio	1.024	2.573

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	1,452.238	1,544.326
		6.341

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	1,452.238	1,544.326
Profit	2.728	1.644
	0.19%	0.11%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
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

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. 62.05
UK Pound	1	Rs. 96.03
Euro	1	Rs. 70.43

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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		30

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.