MIRA INFORM REPORT

Report No. :	333791
Report Date :	27.07.2015

IDENTIFICATION DETAILS

Name :	SHREE AMAR TEXTILES
Registered Office :	4, Tiljala Road, Kolkata - 700039, West Bengal
Tel. No.:	91-33-65206919
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Date of Establishment :	21.04.1983
Capital Investment :	Rs. 30.319 Million
PAN No.: [Permanent Account No.]	AAUFS8020J
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of T-Shirts, Tracks, Shorts, Co-ordinate Sets for Boys and Girls.
No. of Employees :	150 (5 in Office and 145 in Factory) (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 :	Usually Correct
Litigation :	Clear
Comments :	Subject established as a partnership firm in the year 21^st April, 1983 with the name of Shree Amar Textiles and it is having satisfactory track record. Mr. Vivek Bhojnagarwala, Partner of the concern has provided the information to us. The concern shows healthy operational and financial risk profile supported by sound profitability margins. Rating strength on concern’s long track record backed by vast experience of the partners into textile business. Trade relations are fair. Business is active. Payments are reported to be usually correct. In a view aforesaid, the concern can be considered for the business dealings at usual 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vivek Bhojnagarwala
Designation :	Partner
Contact No.:	91-9831050501
Date :	24.07.2015

LOCATIONS

Registered Office/ Factory :	4, Tiljala Road, Kolkata - 700039, West Bengal, India
Tel. No.:	91-33-65206919
Mobile No.:	91-9831050501 [Mr. Vivek Bhojnagarwala]
Fax No.:	Not Available
E-Mail :	abvb21@hotmail.com
Area :	14000 Sq. ft.
Location :	Rented
Locality :	Commercial Area

PARTNERS

Name :	Mr. Vivek Bhojnagarwala
Designation :	Partner
Address :	5B, Old Ballygunge, 2^nd Lane, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	40 Years
Qualification :	B. Com
Experience :	21 Years
Name :	Mr. Naresh Bhojnagarwala
Designation :	Partner
Address :	5B, Old Ballygunge, 2^nd Lane, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	63 Years
Qualification :	B. Com
Experience :	43 Years
Name :	Mrs. Aditi Bhojnagarwala
Designation :	Partner
Address :	5B, Old Ballygunge, 2^nd Lane, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	36 Years
Qualification :	B. Com
Experience :	15 Years
Name :	Mrs. Usha Bhojnagarwala
Designation :	Partner
Address :	5B, Old Ballygunge, 2^nd Lane, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	63 Years
Qualification :	B. Com
Experience :	43 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of T-Shirts, Tracks, Shorts, Co-ordinate Sets for Boys and Girls.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit [90 Days]
Purchasing :	Credit [60 Days]

PRODUCTION DETAILS

Products	Installed Capacity	Actual Production
T-Shirts, Tracks, Shorts, Co-ordinate Sets for Boys and Girls.	60000 Pcs per month	60000 Pcs per month

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers

Reference:	Urja Fabrics Private Limited 8, Ganesh Chandra Avenue, Kolkata – 700012, West Bengal, India
Name of the Person (Designation):	Not Divulged
Contact Number:	91-9831120987
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Dilip Fabrics Private Limited

Address: 66, Vivekananda Road, Kolkata – 700006, West Bengal, India

Contact Person: Mr. Sanjay Agarwal [91-33-22410251]

No. of Employees :

150 (5 in Office and 145 in Factory) (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
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

· State Bank of India

Ballygunge Branch, 50A, Gariahat Road, Kolkata – 700019, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)
Cash Credit Account – S.B.I.	3.731
Total	3.731

Auditors :
Name :	S. Swarup and Company Chartered Accountants
Address :	21, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22130054
E-Mail :	ssc_gupta@rediffmail.com
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015 (PROVISIONAL)

Capital Investment :
Owned :	Rs. 30.319 Million
Borrowed :	--
Total :	Rs. 30.319 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		30.319	25.875	14.483
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.319	25.875	14.483
LOAN FUNDS
1] Secured Loans		0.000	3.731	6.997
2] Unsecured Loans		7.923	8.018	7.488
TOTAL BORROWING		7.923	11.749	14.485
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		38.242	37.624	28.968
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.171	5.218	2.671
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.163	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.028	8.919	9.409
	Sundry Debtors	19.475	13.297	15.576
	Cash & Bank Balances	5.764	10.024	5.045
	Other Current Assets	4.296	0.021	0.000
	Loans & Advances	0.181	3.930	3.557
Total Current Assets		38.744	36.191	33.587
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	3.285	6.790
	Other Current Liabilities	6.836	0.000	0.000
	Provisions	0.000	0.500	0.500
Total Current Liabilities		6.836	3.785	7.290
Net Current Assets		31.908	32.406	26.297
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		38.242	37.624	28.968

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
	SALES
		Income	100.027	94.183	87.934
		Other Income	1.281	0.751	0.438
		TOTAL	101.308	94.934	88.372
Less	EXPENSES
		Cost of Goods	62.086	59.658	62.493
		Administrative Expenses	13.127	0.000	0.000
		Manufacturing Expenses	18.824	17.291	17.033
		Opening Stock [Manufactured Items]	--	6.018	1.241
		Wages	--	1.551	0.451
		Carriage Inward	--	0.255	0.219
		Carriage Outward	--	1.082	1.152
		Central Sales Tax	--	0.904	0.918
		Electricity	--	0.867	0.754
		Employers PF Contribution	--	0.452	0.045
		Interest paid	--	3.131	2.507
		Motor Car Expenses	--	0.122	0.107
		Rent	--	0.900	0.900
		Repairs and Maintenance	--	0.280	0.105
		Salary	--	1.344	1.535
		Travelling	--	1.014	1.371
		Salary paid to Partners	--	1.674	1.454
		Other Expenses	3.291	0.762	0.849
		Closing Stock [Manufactured Items]	--	(4.313)	(6.018)
		TOTAL	97.328	92.992	87.116
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.980	1.942	1.256
Less/ Add	DEPRECIATION/ AMORTISATION		1.118	0.966	0.436
	NET PROFIT		2.862	0.966	0.820

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.86	1.03	0.93
Return on Total Assets (PBT/Total Assets}	(%)	6.37	2.33	2.26
Return on Investment (ROI) (PBT/Networth)		0.09	0.04	0.06
Debt Equity Ratio (Total Liability/Networth)		0.26	0.45	1.00
Current Ratio (Current Asset/Current Liability)		5.67	9.56	4.61

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Partners Capital	14.483	25.875	30.319
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	14.483	25.875	30.319
Long-term borrowings	6.997	3.731	0.000
Short term borrowings	7.488	8.018	7.923
Total borrowings	14.485	11.749	7.923
Debt/Equity ratio	1.000	0.454	0.261

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	87.934	94.183	100.027
		7.106	6.205

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	87.934	94.183	100.027
Profit	0.820	0.966	2.862
	0.93%	1.03%	2.86%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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. 63.89
UK Pound	1	Rs. 99.10
Euro	1	Rs. 70.12

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.