MIRA INFORM REPORT

Report No. :	303493
Report Date :	17.01.2014

IDENTIFICATION DETAILS

Name :	MITTAL FABRICS PRIVATE LIMITED
Registered Office :	1, Shop No 14, Bagh Deewar, Fatehpuri, NCT of Delhi, New Delhi - 110006
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.2005
Com. Reg. No.:	55-133419
Capital Investment / Paid-up Capital :	Rs.2.635 Millions
CIN No.: [Company Identification No.]	U18101DL2005PTC133419
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of fabrics.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of Balance Sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available for any sources. As per available financial record of 2013, the company has taken huge external borrowings, which acts as threatening to the liquidity position of the company. 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 with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Mahesh Mittal
Designation :	Director
Contact No.:	91-9312214078
Date :	16.01.2014

LOCATIONS

Registered Office :	1, Shop No 14, Bagh Deewar, Fatehpuri, NCT of Delhi, New Delhi – 110006, India
Tel. No.:	91-11-23931502
Mobile No.:	91-9312214078 (Mr. Mahesh Mittal) 91-9999865864 (Mr. Ankit Mittal )
Fax No.:	Not Available
E-Mail :	info@dineshaarjav.com mittal.fabrics@yahoo.in
Corporate Office :	9/1463, Subhash Road, Gandhi Nagar, New Delhi – 110031, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Mahesh Mittal

Designation :

Director

Address :

A-42, Surajmal Vihar, Delhi – 110092, India

Date of Birth/Age :

24.10.1961

Date of Appointment :

28.02.2005

DIN No.:

00070758

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	U70101DL2004PTC132555	MITTAL BUILDCON PRIVATE LIMITED	Director	01-02-05	01-02-05	-	Active	NO
2	U18101DL2005PTC133419	MITTAL FABRICS PRIVATE LIMITED	Director	28-02-05	28-02-05	-	Active	NO
3	U67200RJ2003PTC018693	AJAY FINETECH DEVELOPERS PRIVATE LIMITED	Director	24-06-05	24-06-05	03-09-07	Active	NO
4	U52100DL2006PTC146211	VIMAL TRENDS PRIVATE LIMITED	Director	13-02-06	13-02-06	-	Active	NO
5	U74899DL1995PTC065762	VARUNA FINANCE PRIVATE LIMITED	Director	04-04-06	04-04-06	04-06-08	Active	NO
6	U70101DL2006PTC148841	SANJEEVANI BUILDWELL PRIVATE LIMITED.	Director	26-05-06	26-05-06	26-10-13	Active	NO
7	U74140DL1999PTC102543	PJS PROJECTS PRIVATE LIMITED	Director	25-08-06	25-08-06	30-01-13	Active	NO
8	U70101DL2005PTC131923	J P KANSAL BUILDCON PRIVATE LIMITED	Director	09-12-06	09-12-06	-	Active	NO
9	U45201DL2005PTC133898	ISHIKA BUILDCON PRIVATE LIMITED	Director	15-12-06	15-12-06	-	Active	NO
10	U72200DL2001PTC111262	OMKAR DWELLERS PRIVATE LIMITED	Director	23-02-07	23-02-07	-	Active	NO
11	U30009DL1996PTC082930	TIMELESS INFOTECK PRIVATE LIMITED	Director	02-06-07	02-06-07	14-03-14	Active	NO
12	U74140DL1989PTC035240	KRISHNAPRIYA CONSULTANTS PRIVATE LIMITED	Director	02-06-08	02-06-08	14-07-09	Active	NO
13	U70200DL2009PTC191610	MAHAJANS BUILDCON PRIVATE LIMITED	Director	26-06-09	26-06-09	15-11-11	Active	NO
14	U17200DL2010PTC207763	SOUBHAGYA PROCESSOR PRIVATE LIMITED	Director	01-09-10	01-09-10	24-11-13	Active	NO

Name :

Renu Mittal

Designation :

Director

Address :

A-42, Surajmal Vihar, Delhi – 110092, India

Date of Birth/Age :

16.01.1961

Date of Appointment :

28.02.2005

DIN No.:

00070869

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	U18101DL2005PTC133419	MITTAL FABRICS PRIVATE LIMITED	Director	28-02-05	28-02-05	-	Active	NO
2	U52100DL2006PTC146211	VIMAL TRENDS PRIVATE LIMITED	Director	13-02-06	13-02-06	-	Active	NO
3	U72200DL2001PTC111262	OMKAR DWELLERS PRIVATE LIMITED	Director	30-12-14	30-12-14	-	Active	NO

Name :

Mr. Ankit Mittal

Designation :

Director

Address :

A-42, Surajmal Vihar, Delhi – 110092, India

Date of Appointment :

15.11.2014

DIN No.:

01725440

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	U21022DL2005PTC133652	AUV PACKAGING PRIVATE LIMITED	Director	31-07-07	31-07-07	-	Active	NO
2	U52100DL2006PTC146211	VIMAL TRENDS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
3	U17200DL2010PTC207763	SOUBHAGYA PROCESSOR PRIVATE LIMITED	Director	01-09-10	01-09-10	24-11-13	Active	NO
4	U18101DL2005PTC133419	MITTAL FABRICS PRIVATE LIMITED	Director	15-11-14	15-11-14	-	Active	NO

Name :

Mr. Mini Mittal

Designation :

Director

Address :

A-42, Surajmal Vihar, Delhi – 110092, India

Date of Appointment :

15.11.2014

DIN No.:

07044799

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Mahesh Mittal	45000	17.08
Renu Mittal	82500	31.31
Vimal Trends (Private) Limited, India	120000	45.54
Mini Mittal	16000	6.07
Total	263500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	45.54
Directors or relatives of Directors	54.46
Other top fifty shareholders	100
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of fabrics.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Darshit Textile

Name of the Person :

Mr. Viky Bhai (Proprietor)

Contact No.:

91-9312507832

Since How Long Known :

10 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their product quality and delivery behaviour

Customers :

Reference :

Unify Texturisers Private Limited

Name of the Person :

Mr. Imran (Director)

Contact No.:

91-9820025032

Since How Long Known :

10 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

They gave us positive response about subject company they are satisfied with their payment behaviour

No. of Employees :

12 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Axis Bank Limited, Statesman House, 148, Barakhamba Road, New Delhi - 110001, Delhi, India

· Development Credit Bank Limited, 4th Floor, Hansalaya Building, 15, Barakhamba Road, Connaught Place, New Delhi - 110001, Delhi, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Car Loan from Kotak Mahindra Bank	0.440	1.134
Short-term borrowings
Development Credit Bank L Limited td. - Overdraft Limit	0.000	30.030
HDFC Bank - Overdraft Limit	22.458	0.000
Total	22.898	31.164

Banking Relations :	--
Auditors :
Name :	Dinesh Aarjav and Associates Chartered Accountants
Address :	8, Rishabh Vihar, New Delhi – 110092, India
Tel. No.:	91-11-22378870/22379870
Fax No.:	91-11-45629768
E-Mail :	info@dineshaarjav.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFD7868B
Memberships :	--
Collaborators :	--
Associates:	· Vimal Trends Private Limited · Veer Textile Mills

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
263500	Equity Shares	Rs.10/- each	Rs. 2.635 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.635	2.475	2.475
(b) Reserves & Surplus	6.916	6.017	5.447
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.007	0.007
Total Shareholders’ Funds (1) + (2)	9.551	8.499	7.929
(3) Non-Current Liabilities
(a) long-term borrowings	29.613	24.107	4.803
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	29.613	24.107	4.803
(4) Current Liabilities
(a) Short term borrowings	22.458	30.030	27.325
(b) Trade payables	4.520	11.735	1.090
(c) Other current liabilities	1.386	0.987	0.380
(d) Short-term provisions	0.428	0.261	0.225
Total Current Liabilities (4)	28.792	43.013	29.020
TOTAL	67.956	75.619	41.752
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.225	4.125	0.287
(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	2.676	0.600	0.000
(c) Deferred tax assets (net)	0.165	0.037	0.066
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.045	0.149	0.089
Total Non-Current Assets	6.111	4.911	0.442
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.530	42.813	26.199
(c) Trade receivables	18.011	20.242	9.802
(d) Cash and cash equivalents	0.781	0.892	0.436
(e) Short-term loans and advances	5.301	6.569	4.014
(f) Other current assets	0.222	0.192	0.259
Total Current Assets	61.845	70.708	40.710
TOTAL	67.956	75.619	41.152

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	NA	121.771	89.018
	Other Income	NA
	TOTAL	NA	121.771	89.018
Less	EXPENSES	NA	120.933	88.373
	PROFIT/ (LOSS) BEFORE TAX	NA	0.838	0.645
Less	TAX	NA	0.268	0.214
	PROFIT/ (LOSS) AFTER TAX	0.579	0.570	0.431
	Earnings / (Loss) Per Share (Rs.)	2.28	2.30	2.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.12	1.57
Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.08
Debt Equity Ratio (Total Debt /Networth)		5.45	6.37	4.05
Current Ratio (Current Asset/Current Liability)		2.15	1.64	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.475	2.475	2.635
Reserves & Surplus	5.447	6.017	6.916
Net worth	7.922	8.492	9.551
long-term borrowings	4.803	24.107	29.613
Short term borrowings	27.325	30.030	22.458
Total borrowings	32.128	54.137	52.071
Debt/Equity ratio	4.056	6.375	5.452

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 two 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	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	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

YEAR IN RETROSPECT

During the year, the Company incurred profit of Rs 0.579 Million. The Directors are putting their best efforts to further improve the performance of the Company.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans from Related Parties	29.173	22.973
Total	29.173	22.973

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10397345	15/03/2014 *	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C00600734

* Date of charge modification

FIXED ASSETS

· Furniture and Fixtures

· Car

· Computer

· Weighing

· Machine

· Water

· Dispensar

· Air Conditionar

· Mobile

· Motor Cycle

· Wraping

· Machine

· Inverter

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	KVT

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.