MIRA INFORM REPORT

Report No. :	325536
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	WEAVETECH ENGINEERING
Registered Office :	T-75, Silicon Shoppers, Udhna Main Road, Surat – 394210, Gujarat
Mobile No.:	91-9825119302 [Mr. Jitendra J Patel]
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Year of Establishment :	March 2014
Capital Investment :	Rs. 3.500 Million
PAN No.: [Permanent Account No.]	ARVPP8360L
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer and Trader of Rapier Looms, Power Looms and all types of Textile Machinery.
No. of Employees :	20 (In Office 5 and In Factory 15) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Business
Payment Behaviour :	Unknown
Litigation :	Clear

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 DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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. Jitendra J Patel
Designation :	Proprietor
Contact No.:	91-9825119302
Date :	08.06.2015

LOCATIONS

Registered Office :	T-75, Silicon Shoppers, Udhna Main Road, Surat – 394210, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825119302 [Mr. Jitendra J Patel]
Fax No.:	Not Available
E-Mail :	weavetechengineering123@gmail.com
Area :	350 Sq. ft.
Location :	Rented
Factory :	Shed No. 5, Plot No.11 Road No. 8, 1^stFloor, Sardar Patel Main Road, Udhna Udhyog Nagar, Udhna, Surat – 394210, Gujarat, India
Area :	3510 Sq. ft.
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Jitendra J Patel
Designation :	Proprietor

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Rapier Looms, Power Looms and all types of Textile Machinery.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	L/C, Cash, Credit (30 days) and Others
Purchasing :	Cash, Credit (30 days) and Others

PRODUCTION STATUS:

Products	Installed Capacity	Actual Production
Looms Set (p.a.)	6,000 Looms set	5,500 Looms set

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 :

Wholesalers, Retailers and End Users

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

No. of Employees :

20 (In Office 5 and In Factory 15) (Approximately)

Bankers :

Bank Name	The Thakur Co-operative Bank Limited
Branch	Udhna, Udhyognagar, Surat - 394210, Gujarat, India
Person Name (With Designation)	Mr. Riteshbhai – Assistant Manager
Contact Number	91-9825149008
Name of Account Holder	Jitendra J Patel
Account Number	04020102759
Account Since (Date/Year of Account Opening)	2015
Average Balance Maintained (If Possible)	Rs.0.100 Million
Credit Facilities Enjoyed (If any)	No Facilities
Account Operation	Current Account
Remarks (If any)	New Account

Bank Name	Bank of Baroda
Branch	Khatodra, Surat, Gujarat, India
Person Name (With Designation)	Mr. Mittalbhai – Manager
Contact Number	91-9913927921
Name of Account Holder	Not Divulged
Account Number	09130200002115
Account Since (Date/Year of Account Opening)	2015
Average Balance Maintained (If Possible)	Rs.0.100 Million
Credit Facilities Enjoyed (If any)	No Facilities
Account Operation	Current Account
Remarks (If any)	New Account

Facilities :

--

Auditors :
Name :	Modh and Company Chartered Accountants
Address :	3013, World Trade Centre, Ring Road, Udhna Darwaja, Surat – 395002, Gujarat, India
Mobile No.:	91-9925602829
E-Mail :	ca_kdm@yahoo.com
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Jay Veer Krupa Textiles Address: A-105, Sai Residency, Kardava Road, Navagam Road, Surat, Gujarat, India Activity: Textile Machinery, Manufacturing and Trading

CAPITAL STRUCTURE

AS ON 31.03.2015 [PROVISIONAL]

Capital Investment :
Owned :	Rs. 3.500 Million
Borrowed :	--
Total :	Rs. 3.500 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
SHAREHOLDERS FUNDS
1] Proprietor Capital		3.500
2] Share Application Money		0.000
3] Profit and Loss Account		0.000
4] (Accumulated Losses)		0.000
NETWORTH		3.500
LOAN FUNDS
1] Secured Loans		6.500
2] Unsecured Loans		0.000
TOTAL BORROWING		6.500
DEFERRED TAX LIABILITIES		0.000
TOTAL		10.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.500
	Sundry Debtors	2.500
	Cash & Bank Balances	1.800
	Other Current Assets	0.200
	Loans & Advances	0.000
Total Current Assets		6.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	1.000
	Provisions	0.000
Total Current Liabilities		1.000
Net Current Assets		5.000
MISCELLANEOUS EXPENSES		0.000
TOTAL		10.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 Provisional
	SALES
		Income	200.000
		Other Income	0.000
		TOTAL (A)	200.000
Less	EXPENSES
		Cost of Goods sold	120.000
		Administrative Expenses	10.000
		Manufacturing Expenses	45.000
		Other Expenses	5.000
		TOTAL (B)	180.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.000
Less	FINANCIAL EXPENSES (D)		5.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.000
	PROFIT BEFORE TAX (E-F) (G)		10.000
Less	TAX (H)		3.000
	PROFIT AFTER TAX (G-H) (I)		7.000

KEY RATIOS

PARTICULARS		31.03.2015 Provisional
Net Profit Margin (PAT / Sales)	(%)	3.50
Operating Profit Margin (PBDIT/Sales)	(%)	10.00
Return on Total Assets (PBT/Total Assets}	(%)	90.90
Return on Investment (ROI) (PBT/Networth)		2.86
Debt Equity Ratio (Total Liability/Networth)		1.86
Current Ratio (Current Asset/Current Liability)		6.00

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

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	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	No
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one year	No
30	Major shareholders, if available	Yes
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

OBSERVATION DETAILS

DATE OF VISIT:	06.06.2015
COMPANY NAME:	WEAVETECH ENGINEERS
ADDRESS:	Shed No.5, Plot No.11, Road No.8, 1^st Floor, Sardar Patel Main Road, Udhna Udhyognagar, Udhna, Surat  - 394210, Gujarat, India
PERSON TO WHOM WE MET:	Mr. Jitendra Patel [Proprietor]
NAME BOARD:	Sighted
LOCATION:	Easy
LANDMARK (IF ANY):	Sardar Patel Main Road
TOTAL FLOORS OF THE BUILDING:	1
SUBJECT SITUATED ON	Ground Floor
LOCALITY:	Industrial
AREA OF PREMISES:	480 Sq. ft.
AREA:	Neutral
NO. OF EMPLOYEES SEEN AT PREMISES:	3
VISIBILITY OF ITEMS:	Telephone: Yes Fax Machine: No Telex: No Computers: Yes Air Conditioner: Yes Office Equipment: Yes Xerox Machine: No
FURNITURE ITEMS SIGHTED:	--
PROOF OF VISIT:	Photograph

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. 63.94
UK Pound	1	Rs. 98.27
Euro	1	Rs. 72.37

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	BVA

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.