MIRA INFORM REPORT

Report No. :	303228
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	TAJ NEEDLE CRAFT PRIVATE LIMITED
Registered Office :	B 4, Alok Nagar, Agra – 282010, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.07.2011
Com. Reg. No.:	20-045803
Capital Investment / Paid-up Capital :	Rs.4.900 Millions
CIN No.: [Company Identification No.]	U74120UP2011PTC045803
TIN No.:	09800118391
IEC No.:	Not Available
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, Supplier and Retailer of Garments.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and secured 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. Aditya Singhal
Designation :	Manager
Contact No.:	91-9719192233
Date :	14.01.2015

LOCATIONS

Registered Office :	B 4, Alok Nagar, Agra – 282010, Uttar Pradesh, India
Tel. No.:	91-562-4049900
Mobile No.:	91-9719192233 (Mr. Aditya Singhal)
Fax No.:	Not Available
E-Mail :	info@kishorexports.com custcare@gronstockholm.com
Website :	http://www.gronstockholm.com
Factory :	B-57, 58, 59, E.P.I.P, Shastripuram, Sikandra, Agra – 282007, Uttar Pradesh, India
Tel. No.:	91-562-4049999 / 3290287
Fax No.:
E-Mail :	91-562-4049988
Location :	Owned
Branch Office 1 :	Shop No. 102, First Floor, DT Mega Mall, Gurgaon, Haryana India
Tel. No.:	91-124-4027397
Branch Office 2 :	Shop No. 224, First floor,  DLF Place, Saket, New Delhi, India
Tel. No.:	91-11- 41422009
Branch Office 3 :	Shop No. 253, First Floor, DLF Promenade, Vasant Kunj, New Delhi, India
Tel. No.:	91-11- 41011087

DIRECTORS

As on 30.09.2013

Name :

Mrs. Shakshi Agarwal

Designation :

Director

Address :

B-4 Alok Nagar, Agra - 282010, Uttar Pradesh, India

Date of Birth/Age :

25.10.1978

Date of Appointment :

20.07.2011

PAN No.:

AAUPA1941N

DIN No.:

03574043

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	U74120UP2011PTC045803	Taj Needle Craft Private Limited	Director	20/07/2011	20/07/2011	-	Active	NO
2	U74120UP2012PTC049566	Freedom Shoe Private Limited	Director	26/03/2012	26/03/2012	-	Active	NO
3	AAB-2791	FREEDOM SHOES LLP	Designated Partner	24/12/2012	24/12/2012	-	Active	NO

Name :

Mr. Deepak Agarwal

Designation :

Director

Address :

B-4 Alok Nagar, Agra - 282010, Uttar Pradesh, India

Date of Birth/Age :

29.10.1975

Date of Appointment :

20.07.2011

PAN No.:

AEGPA0679F

DIN No.:

03575012

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	U74120UP2011PTC045803	Taj Needle Craft Private Limited	Director	20/07/2011	20/07/2011	-	Active	NO
2	U74120UP2012PTC049566	Freedom Shoe Private Limited	Director	26/03/2012	26/03/2012	-	Active	NO
3	U74900UP2014PTC061984	KISHOR EXPORTS ZONE PRIVATE LIMITED	Director	15/01/2014	15/01/2014	-	Active	NO

Name :

Mr. Satish Prakash Agarwal

Designation :

Director

Address :

B-4 Alok Nagar, Agra - 282010, Uttar Pradesh, India

Date of Appointment :

22.02.2014

DIN No.:

05265152

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	U74120UP2012PTC049566	Freedom Shoe Private Limited	Director	25/06/2012	25/06/2012	-	Active	NO
2	U74900UP2014PTC061984	KISHOR EXPORTS ZONE PRIVATE LIMITED	Director	15/01/2014	15/01/2014	-	Active	NO
3	U74120UP2011PTC045803	Taj Needle Craft Private Limited	Director	12/08/2014	22/02/2014	-	Active	NO
4	AAB-2791	FREEDOM SHOES LLP	Designated Partner	24/12/2012	24/12/2012	-	Active	NO

Name :

Mrs. Sneha Lata Agarwal

Designation :

Director

Address :

B-4 Alok Nagar, Agra - 282010, Uttar Pradesh, India

Date of Appointment :

22.02.2014

DIN No.:

06948605

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	U74120UP2011PTC045803	Taj Needle Craft Private Limited	Director	12/08/2014	22/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Aditya Singhal
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Deepak Agarwal	7000
Shakshi Agarwal	3000
Total	10000

Names of Allottees	No. of Shares
Deepak Agarwal	270000
Shakshi Agarwal	210000
Total	480000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Retailer of Garments.
Products :	Garments
Brand Names :	“GRON STOCKHOLM”
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Oriental Bank of Commerce, E-15-B, Prince Tower, Sanjay Place, Agra - 282002,

Uttar Pradesh, India

Facilities :

--

Auditors :
Name :	Piyush Mathur and Associates Chartered Accountants
Address :	Nakshtra, 35, Pandav Nagar, Agra – 282010, Uttar Pradesh, India
PAN No.:	AAHFP0379G
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

After 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
490000	Equity Shares	Rs.10/- each	Rs.4.900 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	(4.248)	(2.081)	0.098
(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)	(4.148)	(1.981)	0.198
(3) Non-Current Liabilities
(a) long-term borrowings	22.586	10.554	0.991
(b) Deferred tax liabilities (Net)	0.034	0.074	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)	22.620	10.628	0.991
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.496	3.097	0.023
(c) Other current liabilities	0.000	4.907	0.000
(d) Short-term provisions	0.895	0.507	0.158
Total Current Liabilities (4)	2.391	8.511	0.181
TOTAL	20.863	17.158	1.370
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.989	4.654	0.000
(ii) Intangible Assets	0.374	0.510	0.000
(iii) Capital work-in-progress	0.104	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.606
(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	0.007	0.010	0.013
Total Non-Current Assets	4.474	5.174	0.619
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.760	3.649	0.000
(c) Trade receivables	0.144	4.274	0.679
(d) Cash and cash equivalents	0.264	0.653	0.072
(e) Short-term loans and advances	1.034	0.363	0.000
(f) Other current assets	3.187	3.045	0.000
Total Current Assets	16.389	11.984	0.751
TOTAL	20.863	17.158	1.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	12.097	4.660	0.543
		Other Income	6.136	3.801	0.843
		TOTAL (A)	18.233	8.461	1.386
Less	EXPENSES
		Cost of Materials Consumed	4.122	2.523	0.000
		Purchase of Stock-in-trade	7.025	2.995	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(8.111)	(3.649)	0.000
		Employee Benefits Expenses	3.741	2.276	1.011
		Other Expenses	12.230	5.924	0.229
		TOTAL (B)	19.007	10.069	1.240
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.774)	(1.608)	0.146
Less	FINANCIAL EXPENSES (D)		0.505	0.074	0.002
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.279)	(1.682)	0.144
Less	DEPRECIATION/ AMORTISATION (F)		0.928	0.423	0.003
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(2.207)	(2.105)	0.141
Less	TAX (H)		(0.040)	0.074	0.042
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(2.167)	(2.179)	0.099
	Earnings / (Loss) Per Share (Rs.)		(21.67)	(21.79)	6.48

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(17.91)	(46.76)	18.23
Operating Profit Margin (PBDIT/Sales)	(%)	(6.40)	(34.51)	26.89
Return on Total Assets (PBT/Total Assets}	(%)	(10.63)	(12.27)	18.46
Return on Investment (ROI) (PBT/Networth)		0.53	1.06	0.71
Debt Equity Ratio (Total Debt /Networth)		(5.45)	(5.33)	5.01
Current Ratio (Current Asset/Current Liability)		6.85	1.41	4.15

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	0.100	0.100	0.100
Reserves & Surplus	0.098	(2.081)	(4.248)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.198	(1.981)	(4.148)
Long Term borrowings	0.991	10.554	22.586
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.991	10.554	22.586
Debt/Equity ratio	5.005	(5.328)	(5.445)

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	0.543	4.660	12.097
		758.195	159.592

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	0.543	4.660	12.097
Profit	0.099	(2.179)	(2.167)
	18.23%	(46.76%)	(17.91%)

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

GENERAL INFORMATION:

Subject is a manufacturer, supplier and trader of garments. The company’s manufacturing facilities are situated at

Agra (Uttar Pradesh).

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420313	30/03/2013	5,000,000.00	Oriental Bank Of Commerce	E-15-B, Prince Tower,, Sanjay Place, Agra, Uttar Pradesh - 282002, India	B73350878

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.