MIRA INFORM REPORT

Report No. :	333968
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	SIDWIN FABRIC PRIVATE LIMITED
Registered Office :	Servy No. 898, At - Dhundhar, Ranasan Road, Near Anupam Ceramic, Ta - Himatnagar, Gambhoi – 383030, Gujarat
Tel. No.:	91-2772-250131
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.07.2011
Com. Reg. No.:	04-066503
Capital Investment / Paid-up Capital :	Rs.5.635 Million
CIN No.: [Company Identification No.]	U17120GJ2011PTC066503
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMS21222F
PAN No.: [Permanent Account No.]	AAQCS1718J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of all types of non-woven fabric and products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

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., Financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, Profitability of the company seems to be low. 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 cautions.

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

Rating Agency Name	ICRA
Rating	Term Loans = B+
Rating Explanation	Have High Risk of Default.
Date	March, 2013

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. Falgun Thakkar
Designation :	Manager
Contact No.:	91-2772-250131
Date :	30.07.2015

LOCATIONS

Registered Office / Factory :	Servy No. 898, At - Dhundhar, Ranasan Road, Near Anupam Ceramic, Ta - Himatnagar, Gambhoi – 383030, Gujarat, India
Tel. No.:	91-2772-250131 / 232343
Mobile No.:	91-9824604730 (Mr. Suresh)
Fax No.:	Not Available
E-Mail :	accounts@sidwinfabric.com info@sidwinfabric.com md@sidwinfabric.com sidwinfabric@gmail.com chirag@sidwinfabric.com piyush.sidwin@gmail.com sidwinfabric@live.com
Website :	www.sidwinfabric.com
Location :	Owned
Corporate Office :	FF 10-11, Raj Priya Complex, Near Sahkari Jin, Himmatnagar – 383001, Gujarat, India

DIRECTORS

As on 25.09.2014

Name :

Mr. Sureshbhai Ramanbhai Patel

Designation :

Director

Address :

6, Jivandhara Society, Street No. 1, Mahavirnagar, Himatnagar - 383001, Gujarat, India

Date of Birth/Age :

05.03.1969

Date of Appointment :

26.07.2011

DIN No.:

00106947

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	U26922GJ2002PTC040470	SANYO CERA TILES PRIVATE LIMITED	Director	14/02/2002	14/02/2002	25/05/2013	Active	NO
2	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Jashubhai Amichandbhai Patel

Designation :

Director

Address :

5, Yogi Parivar, Kaknol Road, Mahavirnagar, Himatnagar - 383001, Gujarat, India

Date of Birth/Age :

13.12.1977

Date of Appointment :

26.07.2011

DIN No.:

00256318

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	U26941GJ2002PLC041142	CITY TILES LIMITED	Whole-time director	01/10/2013	20/08/2002	-	Active	NO
2	U20211GJ2007PLC052019	AIRO LAM LIMITED	Additional director	16/01/2015	22/10/2007	-	Active	NO
3	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO
4	U74140GJ2014PLC081504	AIRONA TILES LIMITED	Director	11/12/2014	11/12/2014	-	Active	NO

Name :

Mr. Pravinbhai Amichandbhai Patel

Designation :

Director

Address :

6, Yogi Parivar, Kaknol Road, Maharvirnagar, Himatnagar - 383001, Gujarat, India

Date of Birth/Age :

16.12.1980

Date of Appointment :

26.07.2011

DIN No.:

00256357

Voter ID No.:

LQG5301916

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	U26941GJ2002PLC041142	CITY TILES LIMITED	Whole-time director	01/10/2013	24/09/2002	-	Active	NO
2	U20211GJ2007PLC052019	AIRO LAM LIMITED	Additional director	16/01/2015	01/06/2008	-	Active	NO
3	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Prafulkumar Devchandbhai Patel

Designation :

Director

Address :

2, Yogi Parivar Bunglows, Mahakali Mandir Road, Mahavirnagar, Himatnagar - 383001, Gujarat, India

Date of Birth/Age :

15.10.1965

Date of Appointment :

26.07.2011

Voter ID No.:

LQG5301742

DIN No.:

00256551

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	U26941GJ2002PLC041142	CITY TILES LIMITED	Whole-time director	01/10/2013	20/08/2002	-	Active	NO
2	U20211GJ2007PLC052019	AIRO LAM LIMITED	Additional director	16/01/2015	22/10/2007	-	Active	NO
3	U17120GJ2011PTC066503	SIDWIN FABRIC PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO
4	U74140GJ2014PLC081504	AIRONA TILES LIMITED	Director	11/12/2014	11/12/2014	-	Active	NO

Name :

Mr. Chirag Prafulbhai Patel

Designation :

Director

Address :

Yogipariwar, Mahavirnagar, Himmatnagr, District - Sabarkantha, Himmatnagr - 383001, Gujarat, India

Date of Birth/Age :

23.07.1989

Date of Appointment :

30.09.2013

DIN No.:

06465977

Name :

Mr. Piyushkumar Khetalal Sankhala

Designation :

Director

Address :

Patel Saw Mill, Mahetapura,, Himatnagar, District - Sabarkatha, Himatnagar - 383001, Gujarat, India

Date of Birth/Age :

08.02.1988

Date of Appointment :

30.09.2013

DIN No.:

06466099

KEY EXECUTIVES

Name :	Mr. Falgun Thakkar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 25.09.2014

SHAREHOLDERS FILE ATTACHED

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of all types of non-woven fabric and products.
Products :	Non-woven Fabric
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Oman Sri Lanka Dubai Saudi Arabia
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	Cash, L/C and Credit (30 Days)
Purchasing :	Cash, L/C and Credit (30 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Indian Corporation - Haryana
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	J. K. Interprises – Nashik
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Bank Of Baroda
Branch Address	Motipura Branch, Himatnagar, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-2772-246742
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
From Banks : Bank of Baroda, Himatnagar	20.170	22.847
Short Term Borrowing
Cash Credit – Bank of Baroda, Himatnagar	39.063	0.000
Total	59.233	22.847

Auditors :
Name :	Deepak R. Soni and Company Chartered Accountant
Address :	Opposite Shree Swaminarayan Temple, Near Gandhi Road, Himatnagar – 383001, Gujarat, India
Tel. No.:	91-2772-242780 / 242781
E-Mail :	drsoniandco@yahoo.com deepak_soni11@yahoo.com
PAN No.:	ACDSP9854R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
623545	Equity Shares	Rs.10/- each	Rs.6.235 Million

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
563545	Equity Shares	Rs.10/- each	Rs.5.635 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.635	3.289
(b) Reserves & Surplus	26.882	12.756
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	32.517	16.045
(3) Non-Current Liabilities
(a) long-term borrowings	22.670	27.047
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.670	27.047
(4) Current Liabilities
(a) Short term borrowings	39.063	0.000
(b) Trade payables	21.909	0.000
(c) Other current liabilities	11.607	8.496
(d) Short-term provisions	0.042	0.000
Total Current Liabilities (4)	72.621	8.496
TOTAL	127.808	51.588
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.258	17.363
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.015	0.015
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.176	4.097
(e) Other Non-current assets	0.510	0.243
Total Non-Current Assets	59.959	21.718
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	21.897	0.000
(c) Trade receivables	36.921	0.000
(d) Cash and cash equivalents	1.779	3.690
(e) Short-term loans and advances	0.633	23.964
(f) Other current assets	6.619	2.216
Total Current Assets	67.849	29.870
TOTAL	127.808	51.588

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013
	TURNOVER	124.391
	EXPENSES	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	10.503
Less	FINANCIAL EXPENSES	7.540
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.963
Less/ Add	DEPRECIATION/ AMORTISATION	2.741
	PROFIT/ (LOSS) BEFORE TAX	0.222
Less	TAX	0.042
	PROFIT/ (LOSS) AFTER TAX	0.180
	Earnings / (Loss) Per Share (Rs.)	0.31

Particulars	31.03.2014
Sales Turnover (Approximately)	240.000

The above information has been parted by Mr. Falgun Thakkar (Accounts Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012
Current Maturities of Long term borrowing	10.428	5.213
Cash generated from operations	NA	NA
Net cash flows from	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Operating Profit Margin (PBDIT / Sales)	(%)	8.44	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.17	NA
Return on Investment (ROI) (PBT/Networth)		0.01	NA
Debt Equity Ratio (Total Debt/Networth)		1.90	1.69
Current Ratio (Current Asset/Current Liability)		0.93	3.52

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	3.289	5.635
Reserves & Surplus	12.756	26.882
Net worth	16.045	32.517
long-term borrowings	27.047	22.670
Short term borrowings	0.000	39.063
Current Maturities of Long Term Debt	5.213	10.428
Total borrowings	32.260	72.161
Debt/Equity ratio	2.011	2.219

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	No
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	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
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	No
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 one year	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

Note:

Registered office of the company has been shifted from the FF-10-11, Raj Priya Complex, Near Sahkari Jin, NH-8, Himatnagar – 383 001, Gujarat, India to the present address w.e.f. 01.06.2013.

OPERATION

The company has achieved Rs.124.391 Million. During the year the company earned net profit of Rs.0.180 Million. Barring unforeseen circumstances the Directors are hopeful to get better financial performance during the current year.

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Deposits - Other	2.500	4.200
Total	2.500	4.200

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10500746	25/03/2014	1,537,180.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	C05454848
2	10320926	26/08/2013 *	89,388,000.00	BANK OF BARODA	MOTIPURA BRANCH, MOTIPURA, HIMATNAGAR -  383001, GUJARAT, INDIA	B85193977
3	10320928	19/08/2013 *	89,388,000.00	BANK OF BARODA	MOTIPURA BRANCH, HIMATNAGAR, HIMATNAGAR -  383001, GUJARAT, INDIA	B86446713

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Electrification
• Computer

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.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	TRI
Report Prepared by :	PNM

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	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.