MIRA INFORM REPORT

Report No. :	309657
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	KANDOI FABRICS PRIVATE LIMITED
Registered Office :	406, 4th Floor, 33-A, Lotus House, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.02.1990
Com. Reg. No.:	11-055377
Capital Investment / Paid-up Capital :	Rs. 5.376 Million
CIN No.: [Company Identification No.]	U17120MH1990PTC055377
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK3305M
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of manufacturing and exporting if High Density Polyethylene (HDPE), Poly Propylene (PP), Woven Sacks, Bags and Fabrics.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There is a rise in total revenue and profitability of the company. The company seems to be in sound financial position. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company 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.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DECLINED BY

Name :	Mr. Nirjan Aggarwal
Designation :	Director
Contact No.:	91-9773003370
Date :	25.02.2015

LOCATIONS

Registered Office :	406, 4th Floor, 33-A, Lotus House, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22–66338751 / 66342053 / 66338752 / 25655408
Mobile No.:	91-9773003370 (Mr. Nirjan Aggarwal)
Fax No.:	91-22-22072660
E-Mail :	narendra@damanpolyfabs.com info@damanpolyfabs.com
Website :	http://www.wovensacksonline.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Niranjankumar Laxminarayan Agarwal

Designation :

Managing director

Address :

C 802, Tirupati Apartments, Ashish Building, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

20.01.1948

Date of Appointment :

12.02.1990

PAN No.:

AABPA4307K

DIN No.:

01255616

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	U17120MH1990PTC055377	KANDOI FABRICS PRIVATE LIMITED	Managing director	12-02-1990	12-02-1990	-	Active	NO
2	U17110MH1987PTC045723	VICOTEX FABRICS PRIVATE LIMITED	Director	02-02-1999	02-02-1999	17-09-2013	Active	NO
3	U17110MH1997PTC108111	KANDOI POLYTEX PRIVATE LIMITED	Director	19-05-2000	19-05-2000	-	Active	NO

Name :

Mr. Vijaykumar Laxminarayan Agarwal

Designation :

Director

Address :

2301 and 2302, F: 23, W:B, P:1/268, B Wing, Raheja Atlantis, Lower Parel, Ganpatrao Kadam Marg, Delisle Road, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

13.05.1958

Date of Appointment :

20.02.2009

PAN No.:

AABPA4310N

DIN No.:

01250424

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	U28129MH1985PTC037106	MAHAVIR PACKAGING PVT LTD	Director	09-08-1985	09-08-1985	-	Amalgamated	NO
2	U17110MH1987PTC045723	VICOTEX FABRICS PRIVATE LIMITED	Director	30-12-1987	30-12-1987	17-09-2013	Active	NO
3	U17110MH1997PTC108111	KANDOI POLYTEX PRIVATE LIMITED	Director	19-05-1997	19-05-1997	-	Active	NO
4	U45200MH1987PTC042505	RIDDHI SIDDHI DEVELOPERS PVT LTD	Director	18-02-1998	18-02-1998	-	Active	NO
5	U51900MH1994PLC076021	SYNFAB SALES & INDUSTRIES LIMITED	Director	02-06-2008	02-06-2008	10-12-2011	Active	NO
6	U17120MH1990PTC055377	KANDOI FABRICS PRIVATE LIMITED	Director	20-02-2009	20-02-2009	-	Active	NO

Name :

Mr. Pradeepkumar Laxminarayan Agarwal

Designation :

Director

Address :

Tirupati Apartment, 802 Ashish Building, Peddar Road, Near Mahalaxmi Mandir, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

26.06.1963

Date of Appointment :

30.12.2008

PAN No.:

AABPA5295L

DIN No.:

02206116

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	U17110MH1997PTC108111	KANDOI POLYTEX PRIVATE LIMITED	Director	30-05-2008	30-05-2008	-	Active	NO
2	U17120MH1990PTC055377	KANDOI FABRICS PRIVATE LIMITED	Director	30-12-2008	30-12-2008	-	Active	NO

Name :

Mr. Rajeshkumar Vijaykumar Agarwal

Designation :

Director

Address :

2A, Jai Hind Building, Dr. Atamaram Merchan Road, Bhuleshwar, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

08.10.1988

Date of Appointment :

29.09.2012

PAN No.:

AEVPA0042H

DIN No.:

05163726

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	U17110MH1997PTC108111	KANDOI POLYTEX PRIVATE LIMITED	Director	29-09-2012	29-01-2012	-	Active	NO
2	U17120MH1990PTC055377	KANDOI FABRICS PRIVATE LIMITED	Director	29-09-2012	29-01-2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Poonamchand Agarwal	574
Poonamchand Agarwal - HUF	221
Chandadevi Agarwal	109
Dimple Agarwal	38
Arvindkumar Ashwinkumar Agarwal - HUF	113
Arvindkumar Agarwal	14
Niranjan Kumar Agarwal	8013
Niranjan Kumar Agarwal HUF	2691
Nirmala Agarwal	7081
Rahul Agarwal	529
Vijay Kumar Agarwal	4078
Vijay Kumar Agarwal HUF	885
Rajesh Agarwal	2076
Neeta	164
Pradeep Kumar Agarwal	2780
Pradeep Kumar Agarwal - HUF	2111
Rita Agarwal	7464
Subhashchand Agarwal - HUF	915
L.N. Kandoi & Sons - HUF	12409
Laxminarayan Agarwal - HUF	1131
Subhashchandra G Agarwal	22
Kandoi Polytex Private Limited	286
Mohanlal Pareek	55
Total	53759

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	0.53
Directors or relatives of Directors	76.28
Other top fifty shareholders	23.19
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of manufacturing and exporting if High Density Polyethylene (HDPE), Poly Propylene (PP), Woven Sacks, Bags and Fabrics.

Products :

Item Code No.	Product Description
39231090	HDPE/ PP Woven

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 :

Information declined by the management

Bankers :

• The Royal Bank Of Scotland N V, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India
• The Royal Bank Of Scotland N.V., 74, Sakhar Bhavan, 7th Floor, Nariman Point,, Mumbai - 400021, Maharashtra, India
• The Zoroastrian Co-Operative Bank Limited, Fort (Main) Branch, Yusuf Building, Ground Floor, V. N. Road, Fort, Mumbai - 400001, Maharashtra, India
• Citibank N. A., First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand	58.301	24.017
Total	58.301	24.017

Auditors :

Name :

Lalit Mehta Associates

Chartered Accountants

Address :

Bharat House, 2^nd Floor, Office No. 5, 104 Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AACFL5763D

Memberships :

Not Divulged

Collaborators :

Not Divulged

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their

Relatives :

• Mahavir Packaging
• Vijay Exports

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
537590	Equity Shares	Rs.10/- each	Rs. 5.376 Million

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	5.376	5.376	7.413
(b) Reserves & Surplus	448.749	350.348	253.568
(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)	454.125	355.724	260.981
(3) Non-Current Liabilities
(a) long-term borrowings	59.996	159.525	192.379
(b) Deferred tax liabilities (Net)	10.626	2.155	2.219
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	70.622	161.680	194.598
(4) Current Liabilities
(a) Short term borrowings	58.301	24.017	75.005
(b) Trade payables	42.732	23.65	38.212
(c) Other current liabilities	14.566	19.887	12.954
(d) Short-term provisions	115.550	64.350	31.000
Total Current Liabilities (4)	231.149	131.904	157.171
TOTAL	755.896	649.308	612.750
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	182.540	193.489	211.708
(ii) Intangible Assets	3.971	3.971	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	22.324	25.283	26.187
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	42.585	50.753	35.758
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	251.420	273.496	273.653
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.747	86.322	96.244
(c) Trade receivables	271.945	192.008	178.810
(d) Cash and cash equivalents	20.694	19.570	16.404
(e) Short-term loans and advances	113.292	71.976	33.835
(f) Other current assets	13.798	5.936	13.804
Total Current Assets	504.476	375.812	339.097
TOTAL	755.896	649.308	612.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	1725.627	1414.546	1220.985
Less	EXPENSES
		TOTAL	NA	1308.391	1149.304
	PROFIT BEFORE TAX		NA	106.155	71.681
Less	TAX		NA	33.391	25.907
	PROFIT AFTER TAX		98.401	72.764	45.774
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11787.995	971.143	818.493
	Earnings Per Share (Rs.)		183.04	135.35	617.52

The above information has been denied by Mr. Nirjan Aggarwal (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.70	5.14	3.75
Operating Profit Margin (PBIDT/Sales)	(%)	100.00	7.50	5.87
Return on Total Assets (PBT/Total Assets}	(%)	235.24	17.01	12.22
Return on Investment (ROI) (PBT/Networth)		3.80	0.30	0.27
Debt Equity Ratio (Total Debt /Networth)		0.26	0.52	1.02
Current Ratio (Current Asset/Current Liability)		2.18	2.85	2.16

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	7.413	5.376	5.376
Reserves & Surplus	253.568	350.348	448.749
Net worth	260.981	355.724	454.125
long-term borrowings	192.379	159.525	59.996
Short term borrowings	75.005	24.017	58.301
Total borrowings	267.384	183.542	118.297
Debt/Equity ratio	1.025	0.516	0.260

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	1220.985	1414.546	1725.627
		15.853	21.992

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	1220.985	1414.546	1725.627
Profit	45.774	72.764	98.401
	3.75%	5.14%	5.70%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455172	10/03/2014 *	60,000,000.00	CITI BANK N. A.	First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra (E), Mumbai, Maharashtra - 400051, India	B98515414

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	51.132	150.661
Other loans and advances	8.864	8.864
Total	59.996	159.525

CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Residential building

· Office building

· Other building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

· Other equipment’s

Intangible assets

• Goodwill

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.61.94
UK Pound	1	Rs.96.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.