MIRA INFORM REPORT

Report No. :	302860
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	KAARTHIKA TEXFAB PRIVATE LIMITED [w.e.f.29.06.2010]
Formerly Known As :	KAARTHIKA CONSTRUCTION PRIVATE LIMITED
Registered Office :	318, Hubtown Viva Western Express Highway, Near Shankarwadi, Andheri (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.11.2009
Com. Reg. No.:	11-197148
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U17120MH2009PTC197148
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCK8201F
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Art and Silk Cloths.
No. of Employees :	5 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Basant Kumar Swain
Designation :	Chartered Accountant
Contact No.:	91-9909945444
Date :	10.01.2014

LOCATIONS

Registered Office :	318, Hubtown Viva Western Express Highway, Near Shankarwadi, Andheri (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9904707569 [Mr. Lalit Agrawal] 91-9909945444 [Mr. Basant Kumar Swain]
Fax No.:	Not Available
E-Mail :	omfilam@yahoo.com kcpl@yahoo.com
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Manju Vijaykumar Poddar

Designation :

Director

Address :

101, Shagun Villa, VIP Road, Surat, Gujarat, India

Date of Birth/Age :

25.05.1960

Qualification :

Under Graduate

Experience :

More than 14 Years

Date of Appointment :

22.12.2009

PAN No.:

AGTPP6963G

Background :

She is a hardworking and efficient person. She provides helping hand to her husband in day to day activity of the company. She is also engaged in textile business from 14 years and is aware of changing market trends.

DIN No.:

02186300

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	U17116GJ2004PLC043431	LASCO LIFESTYLE LIMITED.	Director	04/02/2012	02/01/2004	-	Active	NO
2	U17120MH2009PTC197148	KAARTHIKA TEXFAB PRIVATE LIMITED	Director	22/12/2009	22/12/2009	-	Active	NO
3	U52390MH2009PTC197680	DEVAK MERCANTILE PRIVATE LIMITED	Director	22/12/2009	22/12/2009	-	Active	NO
4	U71300MH2009PTC197548	KOSAS INDUSTRIES PRIVATE LIMITED	Director	22/12/2009	22/12/2009	13/11/2010	Active	NO
5	U74300WB1998PTC086595	JAIN INFRACON PRIVATE LIMITED	Director	15/10/2011	15/10/2011	11/01/2013	Active	NO

Name :

Mr. Vijay Daluram Poddar

Designation :

Director

Address :

101, Shagun Villa, VIP Road, Surat, Gujarat, India

Date of Birth/Age :

24.05.1963

Qualification :

Graduate

Experience :

More than 18 Years

Date of Appointment :

22.12.2009

PAN No.:

AGTPP6957A

Background :

He is engaged in textiles business since 18 years. As he has got very good knowledge and experience of this line as he is dealing into this line since so many years. He is in regular contact with the manufacturer of art silk cloth i.e. Yarn, this has provided him complete knowledge of manufacturing of yarn. He is taking care of the entire management of the company. He is in charge of purchases, liasoning with customers and overall administration.

DIN No.:

02876541

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	U17120MH2009PTC197148	KAARTHIKA TEXFAB PRIVATE LIMITED	Director	22/12/2009	22/12/2009	-	Active	NO
2	U52390MH2009PTC197680	DEVAK MERCANTILE PRIVATE LIMITED	Director	22/12/2009	22/12/2009	-	Active	NO
3	U71300MH2009PTC197548	KOSAS INDUSTRIES PRIVATE LIMITED	Director	22/12/2009	22/12/2009	13/11/2010	Active	NO
4	U74300WB1998PTC086595	JAIN INFRACON PRIVATE LIMITED	Director	15/10/2011	15/10/2011	11/01/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Basant Kumar Swain
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Manju Vijaykumar Poddar	35000	23.33
Vijay Daluram Poddar	115000	76.67
Total	150000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Art and Silk Cloths.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Credit [60 Days]
Purchasing :	Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Somnath Textiles Private Limited
Name of the Person (Designation):	Mr. Paresh Patel [Director]
Contact Number:	91-9879044979
Since how long known:	2 Years
Maximum limit dealt:	Rs. 220.000 Millions Yearly
Experience:	Payment Behaviour = Excellent Management = Good
Remark	Payment Behaviour is excellent, management is also good.

· Manu Tex

Address: F-51, City Industrial Estate, Near Swami Narayan Temple, Udhna, Surat, Gujarat, India

Mobile No.: 91-9227683624

· Shree Balaji Textile

Address: 121, Agrasen Market, Surat, Gujarat, India

Mobile No.: 91-9904177753

Customers :

Wholesalers

Reference:	Dhoomsain Sureshchand
Name of the Person (Designation):	Mr. Ashok [Proprietor]
Contact Number:	91-9320121521
Since how long known:	3 to 4 Years
Maximum limit dealt:	As per requirement [Rs. 5.000 Millions]
Experience:	Payment Behaviour = Excellent Management = Excellent Overall = Excellent
Remark	Having satisfactory trade record, management is good

· Shakti Enterprises

Address: 265, Engineering Building, 3^rd Floor, Princess Street, Mumbai, Maharashtra, India

Mobile No.: 91-9820583366

· Mohit International

Address: Shop No. 2001, Shree Shyam Market, Ring Road, Surat, Gujarat, India

Mobile No.: 91-9825287751

· Jai Baba Textiles

Address: Plot No. 7301/A, Road No. 7, GIDC, Sachin, Surat, Gujarat, India

Mobile No.: 91-9374274840

No. of Employees :

5 (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Churchgate Branch, Mumbai, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Kaarthika Texfab Private Limited
Account Number:	001020110000705
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Banks	2.983	4.356
SHORT TERM BORROWINGS
Loans repayable on demand	3.140	3.164
Total	6.123	7.520

Banking Relations :	--
Auditors :
Name :	AGKR and Company Chartered Accountants
Address :	H No. 2886/B/1-2, Ground Floor, Office A + B, F.S. Tower, Corporate House, Salabatpura, Ring Road B/H Trivid, Surat – 395002, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAKFG7532K
Related Party :	· Devak Mercantile Private Limited Address: 318 Hubtown Viva Western Express Highway Near Shankar Wadi Andheri (East), Mumbai-400060, Maharashtra, India Activity: Trading of Art and Silk Cloths.

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs. 10/- each	Rs. 3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 10/- each	Rs. 1.500 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	1.500	1.100	1.100
(b) Reserves & Surplus	6.157	4.343	4.194
(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)	7.657	5.443	5.294
(3) Non-Current Liabilities
(a) Long-term borrowings	7.500	4.356	5.570
(b) Deferred tax liabilities (Net)	0.067	0.053	0.031
(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)	7.567	4.409	5.601
(4) Current Liabilities
(a) Short term borrowings	3.140	3.164	3.598
(b) Trade payables	22.130	5.664	7.861
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.036	0.016	0.000
Total Current Liabilities (4)	25.306	8.844	11.459
TOTAL	40.530	18.696	22.354
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.806	6.744	7.834
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.806	6.744	7.834
(2) Current assets
(a) Current investments	0.000	2.501	2.501
(b) Inventories	9.118	2.360	1.346
(c) Trade receivables	24.329	5.847	9.526
(d) Cash and cash equivalents	1.258	1.177	1.099
(e) Short-term loans and advances	0.019	0.067	0.048
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	34.724	11.952	14.520
TOTAL	40.530	18.696	22.354

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	103.681	76.483	68.899
		Other Income	0.107	0.097	0.068
		TOTAL (A)	103.788	76.580	68.967
Less	EXPENSES
		Purchases of Stock-in-Trade	107.281	74.149	61.975
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.758)	(1.014)	2.563
		Employees benefits expense	0.385	0.312	0.448
		Other expenses	0.426	0.489	1.209
		TOTAL (B)	101.334	73.936	66.195
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.454	2.644	2.772
Less	FINANCIAL EXPENSES (D)		1.204	1.339	1.354
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.250	1.305	1.418
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.938	1.090	1.266
	PROFIT BEFORE TAX (E-F) (G)		0.312	0.215	0.152
Less	TAX (H)		0.099	0.066	0.048
	PROFIT AFTER TAX (G-H) (I)		0.213	0.149	0.104
	Earnings Per Share (Rs.)		1.42	1.35	0.95

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.21	0.19	0.15
Operating Profit Margin (PBDIT/Sales)	(%)	2.37	3.46	4.02
Return on Total Assets (PBT/Total Assets}	(%)	0.77	1.15	0.68
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.03
Debt Equity Ratio (Total Debt/Networth)		1.39	1.38	1.73
Current Ratio (Current Asset/Current Liability)		1.37	1.35	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.100	1.100	1.500
Reserves & Surplus	4.194	4.343	6.157
Net worth	5.294	5.443	7.657
Long-term borrowings	5.570	4.356	7.500
Short term borrowings	3.598	3.164	3.140
Total borrowings	9.168	7.520	10.640
Debt/Equity ratio	1.732	1.382	1.390

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	68.899	76.483	103.681
		11.007	35.561

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	68.899	76.483	103.681
Profit	0.104	0.149	0.213
	0.15%	0.19%	0.21%

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	Yes
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	Yes
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	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

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2013
LONG-TERM BORROWINGS
From Other parties	4.517	0.000
Total	4.517	0.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

KAARTHIKA TEXFAB PRIVATE LIMITED

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.263
Profit before tax as per Profit and Loss account		0.312
Add: Depreciation Disallowed		0.938
		-----------
		1.250
Less: Allowed Depreciation		0.986
		-----------
		0.264
GROSS TOTAL INCOME			0.264
TOTAL INCOME			0.264
TOTAL INCOME ROUNDED OFF U/S 288A			0.264
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.264 Million @ 30%		0.079
		-----------
		0.079
Add: Education Cess @ 2%		0.002
		-----------
		0.081
Add: Secondary and Higher Education Cess @ 1%		0.001
		-----------
Tax as per Normal Provisions		0.082
CALCULATION OF BOOK PROFIT U/S 115JB
Net Profit as shown in the Profit and Loss Account	0.311
	-----------
Tax @ 18.5% on Book Profit of Rs. 0.311 Million u/s 115JB	0.057
Add: Education Cess @ 2%	0.001
	-----------
	0.058
Add: Secondary and Higher Education Cess @ 1%	0.001
	-----------
	0.059
Higher of (0.081 or 0.059)		0.081
Less: Credit u/s 115JAA Utlised		0.009
		-----------
		0.072
LESS: TAX DEDUCTED AT SOURCE
Contractors and Sub-Contractors	0.044
Other Interest	0.010	0.054
	-----------	-----------
		0.018
ADD: INTEREST PAYABLE
Interest u/s 234B	0.001
Interest u/s 234C	0.001	0.002
	-----------	-----------
		0.020
TAX PAYABLE		0.020
TAX ROUNDED OFF U/S 288B		0.020
		-----------

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

MRS. MANJU VIJAYKUMAR PODDAR

(RS. IN MILLIONS)

PARTICULARS	2012-2013
PROFITS AND GAINS FROM BUSINESS AND PROFESSION		0.176
Mrs. Manju Vijay Poddar
Profit before Tax as per Profit and Loss Account	0.176
	------------
	0.176
		------------
GROSS TOTAL INCOME		0.176
		------------
TOTAL INCOME		0.176
TOTAL INCOME ROUNDED OFF U/S 288A		0.176
COMPUTATION OF TAX ON TOTAL INCOME
TAX ON RS. 0.176 MILLION	0.000
TAX PAYABLE	0.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

MR. VIJAY DALURAM PODDAR

(RS. IN MILLIONS)

PARTICULARS	2012-2013
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.188
PROFIT U/S 44AD – PROFIT FROM RETAIL TRADE
Profit Deemed u/s 44AD @ 8% of Rs. 0.695 Million	0.056
Profit declared u/s 44AD	0.188
	------------
Profit [Higher of the above]	0.188
INCOME FROM OTHER SOURCES			0.000
Bank Interest		0.000
		------------
TOTAL		0.000
			------------
GROSS TOTAL INCOME			0.188
LESS: DEDUCTIONS UNDER CHAPTER VIA
80TTA Interest on Deposits in Savings Account		0.000
		------------
Total Deductions			0.000
			------------
TOTAL INCOME			0.188
TOTAL INCOME ROUNDED OFF U/S 288A			0.188
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.188 Million		Nil
Tax Payable		Nil

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

MR. OMPRAKASH RAMCHANDRA AGARWAL [GUARANTOR]

(RS. IN MILLIONS)

PARTICULARS	2012-2013
SALARIES			0.300
Lasco Lifestyle Limited: 204, Jay Durga Estate, Near Arihant Complex, Udhna, Surat, Gujarat - 394210
TAXABLE SALARY		0.300
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.007
PROFIT U/S 44AD – D.S. TEXTILES
Profit deemed u/s 44AD @ 8% of Rs. 0.085 Million	0.007
Profit declared u/s 44AD	0.007
	--------------
Profit [Higher of the above]	0.007
INCOME FROM OTHER SOURCES			0.001
Bank Interest		0.001
		--------------
		0.001
			--------------
GROSS TOTAL INCOME			0.308
LESS: DEDUCTIONS UNDER CHAPTER VIA
80C Deduction		0.100
80TTA Interest on deposits in Savings Account		0.001
		--------------
Total Deductions			0.101
			--------------
TOTAL INCOME			0.207
TOTAL INCOME ROUNDED OFF U/S 288A			0.207
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.207 Million		Nil
Tax Payable		Nil
DETAILS OF DEDUCTION U/S 80C
LIC	0.100
	--------------
TOTAL	0.100

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR NO	PARTICULARS	ESTIMATE 2014-15	PROJECTION 2015-16
1	GROSS SALES
	(i) Domestic Sales/ Job Work	134.786	148.264
	(ii) Export Sales	--	--
	(iii) Other Income	0.150	0.200
	Total	134.936	148.464
2	Less: Excise duty	--	--
3	Net Sales (1-2)	134.936	148.464
4	%age rise (+) or fall (-) in net sales as compared to previous year	30.01%	43.05%
5	COST OF SALES
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	152.533	144.370
	(ii) Other spares
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iii) Power and fuel	--	--
	(iv) Direct Labour (factory wages and salaries and job work)	0.423	0.466
	(V) Other Mfg. Expenses	0.501	0.551
	(vi) Depreciation	--	--
	(vii) Subtotal [(i) to (vi)]	154.038	145.436
	(viii) Add: Opening Stock of raw material and WIP	--	5.600
	Sub-total	154.038	151.036
	(ix) Deduct: Closing stock of raw material and WIP	5.600	5.700
	(x) Cost of production	148.438	145.336
	(xi) Add Opening stock of finished goods	9.118	25.849
	Subtotal	157.556	171.186
	(xii) Deduct Closing stock of finished goods	25.849	28.434
	(xiii) Subtotal - Total Cost of Sales	131.707	142.752
6	Selling, General and Administrative Expenses	0.346	0.381
7	Subtotal - [2+3]	132.053	143.132
8	Operating Profit before interest[1-4]	2.883	5.332
9	Bank Interest - CC	1.500	3.000
	TL	0.403	--
10	Operating Profit after interest [1-4]	0.979	2.332
11	(i) Add other non-operating income	--	--
	Sub-total (income)	--	--
	(ii) Deduct: Other non-operating expense
	(a) Remuneration	--	--
	(b) Preliminary Exp.	--	--
	Sub-total (expenses)	--	--
	(iii) Net of other non-operating incomes/expenses (net of 11(i) and 11(ii)	--	--
12	Profit before tax/loss (10-11(iii))	0.979	2.332
13	Provision for tax	0.309	0.721
14	Net Profit / (Loss) (12-13)	0.670	1.611
15	(i) Equity dividend paid/ Drawings	--	--
16	Retained Profit (14-15)	0.670	1.611
17	Retained Profit / Net Profit (%age)	100.00%	100.00%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR NO	PARTICULARS	ESTIMATE 2014-15	PROJECTION 2015-16
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant bank	25.000	25.000
	(ii) From other banks	--	--
	(iii) of which EP and BD	--	--
	Sub Total (A)	25.000	25.000
2	Short term borrowings from others	--	--
3	Sundry Creditors - Trade	2.507	4.846
4	Advance payments from customers/deposits from dealers	--	--
5	Provision for Taxation (Net of advance tax)	0.309	0.721
6	Dividend Payable	--	--
7	Other statutory liabilities (due within one year)	--	--
8	Deposits/Installments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--
9	Other Current Liabilities and Provisions (due within one year)	0.018	0.019
	Sub Total (B)	2.835	5.586
10	TOTAL CURRENT LIABILITIES [total of 1 to 9]	27.835	30.586
	TERM LIABILITIES
11	Debentures (not maturing within one year)	--	--
12	Preference Shares (redeemable after one year)	--	--
13	Term loans (excluding installments payable within one year)	--	--
14	Deferred Payment Credits (excl. installments due within one year)	--	--
15	Term deposits (repayable after one year)	--	--
16	Unsecured Loans
	(a) From friends and relatives	6.000	6.000
	(b) Others	--	--
17	TOTAL TERM LIABILITIES (Total of 11 to 16)	6.000	6.000
18	TOTAL OUTSIDE LIABILITIES [10+17]	33.835	36.586
	NETWORTH
19	Capital
	Share Capital	1.500	2.000
	Share Premium	5.600	5.600
	Share Application	0.500	0.500
23	Surplus (+) or deficit (-) in Profit and Loss Account	1.227	1.227
24	NETWORTH	8.827	9.327
25	TOTAL LIABILITIES [18+24]	42.662	45.913
	CURRENT ASSETS
26	Cash and Bank Balances	0.200	0.310
27	Investments (other than long term investments)
	(i) Government and other Trustee securities	--	--
	(ii) Fixed deposits with banks	--	--
28	(i) Receivables other than deferred and exports (incl. Bills purchased and discounted by banks)	15.945	16.474
	(ii) Export receivable (incl. Bills purchased and discounted by banks)	--	--
29	Installments of deferred receivable (due within one year)	--	--
30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Other consumable stores
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iv) Finished Goods	25.849	28.434
31	Advance to suppliers of Raw materials and stores/spares	--	--
32	Advance payment of taxes	--	--
33	Other current assets	0.218	0.250
34	TOTAL CURRENT ASSET [Total 26 to 33]	42.212	45.468
	FIXED ASSETS
35	Gross Block (land and building machinery work-in-progress)	0.500	0.500
36	Depreciation to date	0.050	0.055
37	NET BLOCK (35-36)	0.450	0.445
38	Investments/book debts /advances deposits which are not current assets	--	--
	i.(a) Investments in subsidiary companies/ affiliates	--	--
	(b) Others	--	--
	ii. Advances to suppliers of capital goods and contractors	--	--
	iii. Deferred Tax Assets	--	--
	iv. Security deposits/ tender deposits	--	--
	v. Others	--	--
39	Non consumables stores and spare	--	--
40	Other non-current assets (incl. Dues from director)	--	--
41	TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	--	--
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--
43	TOTAL ASSETS (Total of 34, 37, 41 and 42)	42.662	45.913
44	Tangible net worth (24-42)	8.827	9.327
45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	14.377	14.882
46	Current Ratio [34/10]	1.52	1.49
47	TOL / Net worth	3.83	3.92
48	TOL/Quasi Net worth	1.88	2.00
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	--	--
	B. Contingent Liabilities:
	(a) Arrears of cumulative dividends	--	--
	(b) Gratuity liability not provided for	--	--
	(c) Disputed excise/ customs/tax liabilities	--	--
	(d) Bills accepted/ guarantees extended to accommodate associate/ sister concerns or other third parties	--	--
	(e) Other liabilities not provided for	--	--

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR NO	PARTICULARS	ESTIMATE 2014-15	PROJECTION 2015-16
	A. CURRENT ASSETS:
1	Cash and Bank Balances	0.200	0.310
2	Investments (other than long term investments)
	(i) Government and other Trustee securities	--	--
	(ii) Fixed deposits with banks	--	--
3	(i) Receivables other than deferred and exports (incl. Bills purchased and discounted by banks)	15.945	16.474
	(ii) Export receivable (incl. Bills purchased and discounted by banks)	--	--
4	Installments of deferred receivable (due within one year)	--	--
5	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Other consumable stores
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iv) Finished Goods	25.849	28.434
6	Advance to suppliers of Raw materials and stores/spares	--	--
7	Advance payment of taxes	--	--
8	Other current assets	0.218	0.250
9	TOTAL CURRENT ASSETS [1 to 8]	42.212	45.468
	B. CURRENT LAIBILITES (Other than bank borrowings for working capital)
10	Short term borrowings from others	--	--
11	Sundry Creditors - Trade	2.507	4.846
12	Advance payments from customers/deposits from dealers	--	--
13	Provision for Tax	0.309	0.721
14	Dividend Payable	--	--
15	Other statutory liabilities (due within one year)	--	--
16	Deposits/Installments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--
17	Other current liabilities and Provisions (due within one year)	0.018	0.019
18	TOTAL CURRENT LIABILITIES [10 to 17]	2.835	5.586

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR NO	PARTICULARS	ESTIMATE 2014-15	PROJECTION 2015-16
1	Total Current Assets	42.212	45.468
2	Other Current Liabilities (other than bank borrowings)	2.835	5.586
3	Working Capital Gap (WCP) (1-2)	39.377	39.882
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables	10.553	11.367
5	Actual/projected net working capital	14.377	14.882
6	Item 3 minus item 4	28.824	28.515
7	Item 3 minus item 5	25.000	25.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	25.000	25.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL DETAILS

(RS. IN MILLIONS)

SR NO	PARTICULARS	ESTIMATE 2014-15	PROJECTION 2015-16
a)	Share capital	1.500	2.000
b)	Tangible Net worth	8.827	9.327
c)	Investment in cos	0.000	0.000
	(Of which in group cos)
d)	Adjusted TNW	8.827	9.327
e)	Term Liabilities	6.000	6.000
f)	Capital Employed	14.827	15.327
g)	Net Block	0.450	0.445
h)	Net Sales :	134.786	148.264
i)	Other Income	0.150	0.200
j)	EBIDTA	3.464	5.382
k)	Interest	1.903	3.000
l)	Taxes	0.309	0.721
m)	Cash Accruals	1.252	1.661
n)	Depreciation	0.582	0.050
o)	Net Profit/(Loss)	0.670	1.611
p)	Current Assets	42.212	45.468
q)	Current Liabilities	27.835	30.586
	RATIOS :
r)	Current Ratio	1.52	1.49
s)	Debt/Equity :
	Term Liabilities./ TNW	0.68	0.64
t)	TOL/TNW	3.83	3.92
u)	TOL/ Adjusted TNW	3.83	3.92
v)	TOL/Quasi Equity	1.88	2.00
w)	Profitability%: PAT/Net Sales	0.50%	1.09%
x)	Interest Coverage	0.166	0.155
y)	Inventory + Receivables/ Sales (%)	30.97%	30.25%

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MRS. MANJU VIJAYKUMAR PODDAR

(RS. IN MILLIONS)

[AS ON 31.03.2014]

PARTICULARS	NATURE	BOOK VALUE	MARKET VALUE
ASSETS
Investment in Business
Share in Kaarthika Texfab Private Limited	Movable	5.550	5.550
Share in Devak Mercantile Private Limited	Movable	2.550	2.550
Current Assets
Gold Jewellery	Movable	0.000	1.850
Cash and Bank	Movable	0.478	0.478
Loans and Advances	Movable	0.075	0.075
Total		8.653	10.503
LIABILITIES		0.000	0.000
Total		0.000	0.000
NETWORTH		8.653	10.503

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. VIJAY DALURAM PODDAR

(RS. IN MILLIONS)

[AS ON 31.03.2014]

PARTICULARS	NATURE	BOOK VALUE	MARKET VALUE
ASSETS
Investment in Business
Share in Kaarthika Texfab Private Limited	Movable	1.550	1.550
Share in Devak Mercantile Private Limited	Movable	6.800	6.800
Current Assets
Gold Jewellery	Movable	0.000	1.500
Cash and Bank	Movable	0.483	0.483
Total		8.833	10.333
LIABILITIES		0.000	0.000
Total		0.000	0.000
NETWORTH		8.833	10.333

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. OMPRAKASH RAMCHANDRA AGARWAL [GUARANTOR]

(RS. IN MILLIONS)

[AS ON 31.03.2014]

PARTICULARS	NATURE	BOOK VALUE	MARKET VALUE
ASSETS
Fixed Assets
Laxmi Narayan Industrial Estate, Plot No. D-112 Bhedwad, Surat	Immovable	1.561	9.000
Laxmi Narayan Industrial Estate, Plot No. D-112-M Bhedwad, Surat	Immovable	1.561	9.000
Laxmi Narayan Industrial Estate, Plot No. F-35 Bhedwad, Surat	Immovable	0.400	9.000
Laxmi Narayan Industrial Estate, Plot No. F-36 Bhedwad, Surat	Immovable	0.400	9.000
Flat No. 202, Shyam Villa, Bharthana-Vesu, Surat	Immovable	5.000	15.000
Investments
Investment in Lasco Lifestyle Limited	Movable	1.650	1.650
Reliance Growth Fund	Movable	0.100	0.100
Star Union Dai-Ichi [Life Insurance]	Movable	0.075	0.075
Current Assets
Gold Jewellery	Movable	0.000	3.035
Closing Stock	Movable	0.009	0.009
Sundry Debtors	Movable	0.172	0.172
Cash and Bank	Movable	1.000	1.000
Loans and Advances	Movable	3.212	3.212
Total		15.140	60.253
LIABILITIES
Sundry Creditors		0.864	0.864
Provisions		0.009	0.009
Total		0.873	0.873
NETWORTH		14.267	59.380

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

For ascertaining fair market value of the property to be offered to Bank of India

Date on which valuation is made

16.09.2014

Name of the Owner

Mr. Omprakash Ramchandra Agrawal

It the property is under Joint Ownership/ Co Ownership Share of each such owner. Are the shares undivided?

Ownership

Brief description of the property

The subject property under valuation is cluster of two industrial open plots situated at Plot Nos. D-112 and D-112-M, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna Navsari Road, Udhna, Surat

Location, Street, Ward No. (Postal Address)

Plot Nos. D-112 and D-112-M, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna Navsari Road, Udhna, Surat

Survey/Plot No. of Land

R.S. No. 1, Moje Udhna, Ta. Surat City, District Surat

Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area

Mixed Area

Classification of Locality – high class/ middle class/ poor class?

Middle Class

Proximity to civic amenities like School, Hospitals, cinema etc.

Within the radius of 1-2 Kms

Means and proximity to surface communication by which the locality is served

By Auto rickshaw / City Bus/ Own Vehicles.

LAND

Area of land

Land Area = 3200 Sq. ft.

Roads, Streets or lanes on which the land is abutting

Udhna-Navsari Road

Is it freehold or leasehold land

Freehold

If lease-hold, the name of lesser/ lessee nature of lease, dates of commencement and termination of lease and terms and renewal of lease.

No

Is there any restrictive convenant in regard to the use of land? If so, attach a copy of the convenant

No

Are there any agreements of easements

No

Does land fall in an area included in any town Planning Scheme or any Development Plan of Government or any statutory body? Give Particulars

No

Has any contribution been made towards development or is any demand for such contribution still outstanding.

No

IMPROVEMENTS

Furnish technical details of the building on a separate sheet

Not Applicable

Is the Shop, owner-occupied/ tenanted/ both?

Open plot in possession of owner

If party owner-occupied, specify portion and extent of area under owners occupation

Not Applicable

WHAT IS THE FLOOR SPACE INDEX?

Permissible

Not Applicable

Percentage actually utilized GFI

Not Applicable

RENTS

Name of tenants/ lessees/ licenses etc.

Not Applicable

Portions in their occupation

Not Applicable

Monthly or annual rent/ compensation/ license fee

Not Applicable

Gross amount received for the whole property

Not Applicable

Are any of the occupants related to or close business associates of the owner?

Not Applicable

Is separate amount being recovered for the use of fixtures like fans, geyser, refrigerators cooking ranges, built in wardrobes etc. or for service charges? If so, give details

Not Applicable

Give details of water and electricity charges if any to be borne by owner

Not Applicable

Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give particulars

Not Applicable

If a lift is installed who is to be bear the cost of maintenance and operation owner or tenant?

Not Applicable

Is a pump is installed, who has to bear the cost of maintenance and operations owner or tenant?

Not Applicable

Who has to bear the cost of electricity charges for lighting of common spaces like entrance hall, stairs, passages – owner / tenant?

Not Applicable

What is the amount of property tax? Who is to bear it? Give details with documentary proof.

Details are not provided

Is building insured? If so, give Policy No., Amount Rs., Annual premium

Not Applicable

Is there any dispute between landlord and tenant regarding rent pending in a court of law

Not Applicable

Has any standard rent been fixed for the premises under any law relating to the control of rent

Not Applicable

SALES

Give instances of sales of immovable property in locality on separate sheet indicating name and address of the property, registration no. sale price and area of land sold

Sales instances are not relied upon but they have made substantial market inquired before finalizing the rate.

Prevailing market rate adopted in this valuation

Rs. 5100/- per Sq. ft.

If sale instances are not available or not relied upon, the basis of arriving at the land rate

Inquiries made with various estate agencies, upcoming societies, builders, developers of nearby area and other reliable sources.

Year of Commencement of Construction

Not Applicable

Year of Completion of Construction

Not Applicable

What was the method of construction by contract/ by employing labour directly/ both?

Not Applicable

For items of work done on contract, produce copies of agreements

Not Applicable

For items of work done by engaging labour directly, give basic rates of material and labor supported by documentary proof.

Not Applicable

VALUATION

BASIS OF VALUATION

The Market Value Definition, as per International Valuation Standards, which has been adopted in this Valuation Exercise, is as follows:

“The Market Value is the estimated amount for which an Asset should exchange on the date of Valuation between a willing buyer and willing seller in an arm’s length transaction after proper marketing wherein the parties has each acted knowledgeably, prudently and without compulsion.”

VALUATION OF LAND

The Methodology is Sales Comparison Method in which due weightages have been given to factors such as:

· Demand and Prospective buyers for such sized plots of land.

· Shape, Size, Prominence and location of land.

· The Marketability, Utility, Demand and Supply of similar land in the surrounding area.

· The Land rates as derived from the Sale instances of comparable instances found upon market enquiry.

· The Land rates prevailing in nearby areas.

· Legal and Physical Encumbrance on Land

· Freehold and Leasehold nature of Land etc.

· Usage – Residential, Commercial or Industrial

· Locational Advantages/ Disadvantages

· Easements/ Covenants regarding the usage of land

· Availability of basic facility and Amenities

Areas of the subject plots are 3200 Sq. ft. hence, documented area i.e. 3200 Sq. ft. adopted for the purpose of this valuation exercise.

They visited the above property under valuation and inspected the same minutely. After the detailed inspection, carrying out independent market survey/ inquires, after having a complete overview of the prevailing rates of similar property sales, purchase, based upon their years of valuation experience and their independent judgment, they have determined the Fair Market Value of the property as on 15.09.2014 as mentioned hereunder:

Available for Sale instances:

Sale Instance Sr. No.	Particulars	Land Area in Sq. ft.	Total Consideration in Millions	Prevailing Rate in Rs.
A-1	One open Industrial Plot is available for sale in same Society.	1600 Sq. ft.	8.640	Rs. 5400/-
A-2	One open Industrial Plot is available for sale in City Industrial Society. It is located about 150 Mt. away from subject property.	1800 Sq. ft.	9.900	Rs. 5500/-

As above sale instance No. A-1 is comparable with property under valuation, they have adopted the same rate for the purpose of the Valuation.

Market Rate	Rs. 5400/- per Sq. ft.
Less: 5% for Negotiation	Rs. 270/- per Sq. ft.
Derived Market Rate	Rs. 5130/- per Sq. ft.
Adopted Rate	Rs. 5100/- per Sq. ft.
Land Area in Sq. ft.	3200 Sq. ft.
Value of Land	Rs. 16.320 Millions

FAIR MARKET VALUE: RS. 16.320 MILLIONS AS ON 15.09.2014

It is the estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller at an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeable, prudently and without compulsion.

NET REALIZABLE VALUE: RS. 14.688 MILLIONS AS ON 15.09.2014

The value of an asset that can be realized by a company or entity upon the sale of the asset, less a reasonable prediction of the costs associated with either the eventual sale or the disposal of the asset in question.

DISTRESS VALUE: RS. 13.056 MILLIONS @ 80% OF THE FAIR MARKET VALUE

The value of a property offered for immediate sale by its owner, who is under legal compulsion for immediate recovery of legal dues from him and where there is absolute urgency to liquidate assets in terms of Money is called the Distress Value of the property.

TECHNICAL DETAILS

No of floors and height

Not Applicable

Built up area

Not Applicable

Year of Construction

Not Applicable

Estimated future life

Not Applicable

Type of construction –load bearing walls/ RCC frame steel frame

Not Applicable

Type of foundations

Not Applicable

Brick Masonry Walls

Not Applicable

Partitions

Not Applicable

Door and Windows

Not Applicable

Flooring (Floor-wise)

Not Applicable

Finishing (Floor Wise)

Not Applicable

Roofing and Terracing

Not Applicable

Special architectural or decorative

Not Applicable

Internal Wiring – Surface or Conduit

Not Applicable

Class of fittings

Not Applicable

Sanitary Installations

· No. of water closets

· No. of lavatory basins

· No. of urinals

· No. of sinks

· No. of bath tubs

· No. of bidets

· No. of geysers

Not Applicable

--

--

--

--

--

--

--

Class of fittings Superior colored/ Superior white/ Ordinary

Not Applicable

Compound Wall

· Height and length

· Type of construction

Provided to Laxminarayan Industrial Park

8 feet

RCC frame structure

No of lifts and carrying capacity

Not Applicable

Underground sump capacity and type of construction

Not Applicable

Overhead tank

· Where located

· Size

· Type of construction

Not Applicable

--

--

--

Pumps – No. and their horse power

Not Applicable

Roads and paving within the compound

· Approximate area and

· Type of paving

Not Provided

--

--

Sewage disposal/ whether if septic tanks provide No. and capacity

Not Applicable

Value of the property as per Jantry

Rs. 3.121 Millions

Boundaries of the property

North: Plot No. D-111

South: Plot No. D-113

East: Internal Society Road

West: Plot No. C-112 and C-112-M

------------------------------------------------------------------------------------------------------------------------------

COMPANY PROFILE

Subject was established on 19-11-2009. The company incorporated with the main objective of Manufacturing of art and silk clothes. Since its incorporation the company was totally indulged in carrying on the activity of Manufacturing of art and silk cloth. Now the Company decided to close its manufacturing unit and Started trading in Art and Silk Cloths. The Company is engaged in trading as well as value addition as per the requirement of customer.

In value addition the Company purchases Ready Cloth from the local market/ vendors, and same is send for Value Addition. The value added cloth is then sold in Bombay as well as Local Market.

Textile business is the traditional business of the promoters of the company. The company decided to expand its business portfolio by entering into the activity of Trading in Art and Silk Cloths.

The main founder and promoter of the company are also acting as the directors of the company. The directors have good background in the textile line and belong to the business families.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10238248	26/08/2010	9,800,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A93756104

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from I-401, Tapovan-D-1, Rani Sati Marg (Extension) (N), Malad (East), Mumbai – 400097, Maharashtra, India to the present address.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Leasehold Equipments

· Computer

· Mobile Sets

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. 62.10
UK Pound	1	Rs. 94.10
Euro	1	Rs. 73.42

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	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.