MIRA INFORM REPORT

Report No. :	303930
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	RABATEX INDUSTRIES
Registered Office :	Plot No-559, Opposite Road No 9, Kathwada GIDC, Ahmedabad-382430, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	14^th July 1976
Capital Investment / Paid-up Capital :	Rs. 14.772 Millions
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Textile Machinery Parts.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The concern can be considered for small to mediocre 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. Mahesh Salanki
Designation :	Account Manager
Contact No.:	91-9879433386
Date :	17.01.2015

LOCATIONS

Registered Office/Factory :	Plot No-559, Opposite Road No 9, Kathwada GIDC, Ahmedabad-382430, Gujarat, India
Tel. No.:	91-79-22901367/68/69/70/22871356
Mobile No.:	91-9879433386 (Mr. Mahesh)
Fax No.:	91-79-22901374
E-Mail :	maheshs@rabatex.com sales@rabatex.com
Web Site:	http://www.rabatex.com
Area:	5930 Sq. M
Location:	Rented

PARTNERS

Name :	Mr. Ishwar Bhai B. Panchal
Designation :	Partner
Name :	Mr. Arwind I. Panchal
Designation :	Partner
Name :	Mr. Deepak I. Panchal
Designation :	Partner
Name :	Mr. Harsh I. Panchal
Designation :	Partner
Name :	Mr. Jagdish I. Panchal
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Mahesh Salanki
Designation :	Account Manager

BUSINESS DETAILS

Line of Business :	Manufacturer of Textile Machinery Parts.
Products:	Textile Machinery parts.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Textile Machinery
Countries :	Bangladesh Russia Turkey Uzbekistan
Imports :
Products :	Machinery
Countries :	Italy
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :

Flaro Engineering Private Limited

Name of the Person :

Mr. Farrok [Account Manager]

Contact No.:

91-79-71512100

Since How Long Known :

More than 5 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

It’s very old company dealing with us, we are very much satisfied dealing

• A S Industrial Corporation
• Aakar Paints
• Anand Electroplaters
• Care Office Equipments Private Limited
• Carlise Trading and MFG India Private Limited
• Chevi Industries
• Color Tec
• Cyclo Transmission Limited MH
• Dhiren Hardware
• Digicon Automation Private Limited
• Envisafe Engineers

Customers :

Reference :	Laxmi Textiles - Surat
Name of the Person :	Contact no’s not given
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

• Abeer Textile Private Limited
• Arvind Limited
• Arvind PD Components Private Limited
• Borda Fabrics Private Limited
• FM Denim Company Limited
• Darshana Trading Company
• Dharmshil Industries Private Limited
• Urja Products Private Limited

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Odhav Branch
Person Name (With Designation)	Mr. Naresh Mulchandani (Officer)
Contact Number	91-79-22890421
Name of Account Holder	Rabatex Industries
Account Number	5/101
Account Since (Date/Year of Account Opening)	5 Years
Average Balance Maintained (If Possible)	Rs. 0.500 Million
Credit Facilities Enjoyed (If any)	Rs. 20.000 Millions
Account Operation	Good
Remarks (If any)	It’s good account, no negative remarks against them.

Auditors :
Name	G M Shaikh and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged
Sister Concern :	Les Tranic Technology Private Limited LOB: Manufacture of Lases cutting Machine Visco Machinery India, Odhav LOB: Manufacturer of Trally

CAPITAL STRUCTURE

As on: 31.03.2014

Arvind Kumar I Panchal

Capital Account

(Rs. in Millions)

Particular	Amount	Particular	Amount
To Advance Tax (11.09.2013)	0.100	By Opening Balance	3.163
To Advance Tax (11.12.2013)	0.100	By Income Tax Refund	0.051
To Advance Tax (14.03.2014)	0.075	By Addition	0.825
To TDS Receivable	0.045	By Interest	0.444
To Drawings	0.269	By Assets Addition	0.003
To Balance (Cr)	4.007	By Net Profit	0.110
Total	4.597	Total	4.597

Dipak I Panchal

Capital Account

(Rs. in Millions)

Particular	Amount	Particular	Amount
To Advance Tax (11.09.2013)	0.125	By Addition	0.700
To TDS Receivable	0.045	By Interest	0.038
To Drawings	0.083	By Net Profit	0.110
To Balance (Cr)	0.595
Total	0.848	Total	0.848

Haresh I Panchal

Capital Account

(Rs. in Millions)

Particular	Amount	Particular	Amount
To Advance Tax (11.09.2013)	0.125	By Addition	2.350
To TDS Receivable	0.045	By Interest	0.335
To Drawings	0.270	By Assets Addition	1.469
To Balance (Cr)	3.824	By Net Profit	0.110
Total	4.264	Total	4.264

Ishwarlal B Panchal

Capital Account

(Rs. in Millions)

Particular	Amount	Particular	Amount
To Advance Tax (11.09.2013)	0.100	By Opening Balance	4.748
To Advance Tax (11.12.2013)	0.100	By Income Tax Refund	0.077
To TDS Receivable	0.045	By Addition	1.400
To Drawings	0.180	By Interest	0.708
To Balance (Cr)	6.618	By Net Profit	0.110
Total	7.043	Total	7.043

Jagdish I Panchal

Capital Account

(Rs. in Millions)

Particular	Amount	Particular	Amount
To Advance Tax (11.09.2013)	0.050	By Addition	0.500
To Advance Tax (11.12.2013)	0.050	By Interest	0.032
To Advance Tax (14.03.2014)	0.150	By Assets Addition	0.056
To TDS Receivable	0.045
To Drawings	0.677
		By Balance (Dr.)	0.274
Total	0.972	Total	0.972

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Capital Account		14.772
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		14.772
LOAN FUNDS
1] Secured Loans		6.506
2] Unsecured Loans		7.675
TOTAL BORROWING		14.181
DEFERRED TAX LIABILITIES		0.000
TOTAL		28.953
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.000
Capital work-in-progress		0.000
INVESTMENT		1.350
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.703
	Sundry Debtors	2.985
	Cash & Bank Balances	6.938
	Other Current Assets	0.422
	Deposits	0.016
	Loans & Advances	4.220
Total Current Assets		33.284
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.939
	Other Current Liabilities	9.217
	Provisions	0.525
Total Current Liabilities		12.681
Net Current Assets		20.603
MISCELLANEOUS EXPENSES		0.000
TOTAL		28.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	92.998
		Other Income	1.734
		TOTAL	94.732
Less	EXPENSES
		Cost of Materials Consumed	61.428
		Labor Purchase	6.081
		working Salary Expenses	1.613
		Commission Expense Account	1.706
		Commission Expenses	3.582
		Consulting Expenses	1.447
		Interest to Partner	1.558
		Office Salary Expenses	2.108
		Transportation Expenses Sales	1.891
		Travelling Expenses	1.990
		Interest Expenses	0.895
		Other Expenses	8.593
		TOTAL	92.892
	PROFIT BEFORE DEPRECIATION AND TAX		1.840
Less/ Add	DEPRECIATION/ AMORTISATION		1.289
	NET PROFIT		0.551

Expected Sales 2014-15): Rs. 190.000 millions

The above information has been parted by Mr. Mahesh Salanki (Account Manager)

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

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.59
Debt Equity Ratio (Total Debt /Networth)		0.96
Current Ratio (Current Asset/Current Liability)		2.62

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one years	Yes
12]	Profitability for last one year	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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	Yes
26]	Buyer visit details	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

• Furniture
• Machinery and Plant
• Vehicle
• Printer
• Typewriter
• Telephone
• Mobile
• Laptop
• Electrical Installation

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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.