MIRA INFORM REPORT

Report No. :	326999
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	EASTERN TEXTILES PRIVATE LIMITED
Registered Office :	14/2, Old China Bazar, Street No. 203, 3^rd Floor, Kolkata – 700001, West Bengal
Tel. No.:	91-33-40051013/ 22428053
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.01.1994
Com. Reg. No.:	21-065646
Capital Investment / Paid-up Capital :	Rs. 2.736 Million
CIN No.: [Company Identification No.]	U17299WB1994PTC065646
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALE01200D
PAN No.: [Permanent Account No.]	AAACE5838M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Textiles, Yarn and Fabrics.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 26^th October 1994, it is small company in its field and its scale of operations are limited. Subject is engaged into manufacturing of textile yarn and fabrics. As per registrar of companies the date of balance sheet (i.e. financial field) is shown as 31.03.2014 but the documents related to the financials are not been available from any sources. The rating limits on accounts of company’s small scale of business operation and small net worth of the company. However trade relations are fair. Business is active. Payments terms are slow but correct. In view of small scale operational base, the company can be considered for business dealings with some caution.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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. Shree Prakash Chandak
Designation :	Director
Contact No.:	91-9830088589
Date :	12.06.2015

LOCATIONS

Registered Office :	14/2, Old China Bazar, Street No. 203, 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40051013/ 22428053
Mobile No.:	91-9830088589 (Mr. Shree Prakash Chandak)
Fax No.:	91-33-22428053/ 22426395
E-Mail :	prash1308@yahoo.co.in
Area :	250 Sq. Ft
Location :	Rented
Factory :	Village Muragacha Post Office Jugberia Sodepur Gola, Kolkata – 700110, West Bengal, India
Area :	3000 Sq. Ft
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shree Prakash Chandak

Designation :

Director

Address :

5 Circus Range, Beckbagan, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

13.08.1967

Date of Appointment :

10.03.2007

DIN No.:

00766873

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	U17299WB1994PTC065646	EASTERN TEXTILES PRIVATE LIMITED	Director	10-03-2007	10-03-2007	-	Active	NO
2	U17200WB2011PTC158681	WEST BENGAL KNITWEAR PARK PRIVATE LIMITED	Director	09-02-2011	09-02-2011	-	Active	NO
3	U18109WB1996PTC080445	COZY CASUALS (INDIA) PRIVATE LIMITED	Director	23-09-2011	23-09-2011	31-03-2013	Active	NO

Name :

Mr. Vishwanath Chandak

Designation :

Director

Address :

5 Circus Range, Beckbagan, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

07.09.1937

Date of Appointment :

29.06.1997

DIN No.:

00313035

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	U17299WB1994PTC065646	EASTERN TEXTILES PRIVATE LIMITED	Director	29-06-1997	29-06-1997	-	Active	NO
2	U64202DL1995PLC072738	DIALNET COMMUNICATIONS LIMITED	Director	05-09-2002	05-09-2002	-	Active	NO
3	U74140WB1982PTC034452	WELLMAN POLY FIBRE PRODUCTS PRIVATE LIMITED	Director	16-08-2005	16-08-2005	-	Active	NO
4	L51109UP1987PLC009090	GANESHA ECOSPHERE LIMITED	Director	24-09-2009	28-02-2009	-	Active	NO
5	U17299WB2005PTC103263	ASTHA BUSINESS PRIVATE LIMITED	Director	01-01-2013	01-01-2013	-	Active	NO

Name :

Shanti Devi Chandak

Designation :

Director

Address :

5 Circus Range, Beckbagan, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

25.04.1944

Date of Appointment :

26.10.1994

DIN No.:

00771515

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Shree Prakash Chandak	1000
Ashok Kumar Sharma	27187
Shiv Prasad Chandak	10000
Chandak V.N.(HUF) (Karta-Vishwanath Chandak)	5000
Santosh Chandak	5000
Shailesh Kumar Chandak	5000
Sandeep Chandak	7500
Ganga Ram Sharma	6500
P L Mishra	1500
Uma Shankar Chandak	5000
Vishwanath Chandak	155000
Seema Sharma	2000
Punit Kumar Sharma	3000
Shankar Lal Chandak	2500
Shanti Devi Chandak	37500
Total	273687

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Textiles, Yarn and Fabrics.
Products :	Paisley Scarves Cotton Scarves Embroidered Scarf Ombre Scarf Head Scarves Pashmina muffler etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30, 60, 90 Days)
Purchasing :	Cash and Credit (30, 60, 90 Days)

PRODUCTION STATUS:

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Knitting Fabric	Kgs.	Not Applicable	360	50561 in Year

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEMs

Reference :	Cotton Casuals India Private Limited
Name of the Person :	Mr. Gaurang (Finance Manager)
Contact No.:	91-9831141035
Since How Long Known :	7 Years
Maximum Limit Dealt :	Product Quality: Excellent Delivery Behaviour: Excellent Overall: Excellent
Experience :	Rs. 15.000 Million
Remark:	Company is Very Good, they are satisfied by working with them.

No. of Employees :

10 (Approximately)

Bankers :

Banker Name	UCO Bank
Branch Address	Mid Corporate Branch, 2, India Exchange Place., Kolkata - 700001,West Bengal, India
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 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
Cash Credit from UCO Bank	1.156	1.095
Total	1.156	1.095

NOTE:

Cash Credit from UCO Bank is secured on hypothecation of Plant and Machinery, Stock, Book Debts and Personal guarantee of all the directors of the company.

Auditors :
Name :	Rakesh Kedia and Associates Chartered Accountants
Address :	G-D, Laxmi apartment, 541A, Rabindra Sarani, Kolkata – 700003, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AFZPK5513Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
273687	Equity Shares	Rs.10/- each	Rs. 2.736 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.736	2.736	2.736
(b) Reserves & Surplus	1.780	1.716	1.691
(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)	4.516	4.452	4.427
(3) Non-Current Liabilities
(a) long-term borrowings	3.561	3.325	2.785
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	3.561	3.325	2.785
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.608	0.976	0.210
(c) Other current liabilities	0.308	0.257	1.561
(d) Short-term provisions	0.000	0.000	0.082
Total Current Liabilities (4)	1.916	1.233	1.853
TOTAL	9.993	9.010	9.065
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.711	0.845	1.032
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.771	2.771	2.271
(e) Other Non-current assets	0.019	0.014	0.005
Total Non-Current Assets	3.501	3.630	3.308
(2) Current assets
(a) Current investments
(b) Inventories	3.051	2.567	2.332
(c) Trade receivables	2.487	1.970	2.686
(d) Cash and cash equivalents	0.692	0.705	0.604
(e) Short-term loans and advances	0.262	0.138	0.135
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6.492	5.380	5.757
TOTAL	9.993	9.010	9.065

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	15.509	10.972	82.505
	Other Income	2.720	2.581	2.291
	TOTAL (A)	18.229	13.553	84.796
Less	EXPENSES
	Cost of Materials Consumed	0.519	0.559	0.734
	Purchases of Stock-in-Trade	14.836	10.424	80.376
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.484)	(0.235)	0.857
	Employees benefits expense	0.557	0.464	0.477
	Other expenses	2.367	1.923	1.851
	TOTAL (B)	17.795	13.135	84.295
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.434	0.418	0.501
Less	FINANCIAL EXPENSES (D)	0.186	0.190	0.150
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.248	0.228	0.351
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.152	0.187	0.235
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.096	0.041	0.116
Less	TAX (H)	0.033	0.016	0.036
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.063	0.025	0.080
	Earnings / (Loss) Per Share (Rs.)	0.23	0.09	0.29

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	25.000	20.000

The above information has been parted by Mr. Mr. Shree Prakash Chandak (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.41	0.23	0.10
Operating Profit Margin (PBIDT/Sales)	(%)	2.80	3.81	0.61
Return on Total Assets (PBT/Total Assets}	(%)	0.96	0.46	1.28
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.03
Debt Equity Ratio (Total Debt /Networth)		0.79	0.75	0.63
Current Ratio (Current Asset/Current Liability)		3.39	4.36	3.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.736	2.736	2.736
Reserves & Surplus	1.691	1.716	1.780
Net worth	4.427	4.452	4.516
long-term borrowings	2.785	3.325	3.561
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.785	3.325	3.561
Debt/Equity ratio	0.629	0.747	0.789

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	82.505	10.972	15.509
		(86.701)	41.351

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	82.505	10.972	15.509
Profit	0.080	0.025	0.063
	0.10%	0.23%	0.41%

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)	No
16	No. of employees	Yes
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	No
26	Turnover of firm for last five 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	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

COMPANY INFORMATION:

Eastern Textiles Private Limited was incorporated on 26.10.1994 with the object of running the business in the manufacturing & trading in the textiles, yarn & fabrics. The company presently continuing with the aforesaid operations along with an expansion plan of operating in the national markets as well. In near future the company is considering to take up the new profitable ventures.

UNSECURED LOAN

PARTICULARS	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Prakash Chanak	1.380	1.380
Shanti Devi Chandak	0.325	0.400
V. N. Chandak	0.700	0.450
Total	2.405	2.230

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80034134	09/07/2007 *	61,390,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE., KOLKATA, WEST BENGAL - 700001, INDIA	A18990432

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Electrical Installation

· Compressor Parts

· Furniture and Fixture

· Transformer

· Refrigerators

· Motor Car

· Motor Cycle

· Computers

· D.G Set Machine

· Air Conditioner

· Office Equipment

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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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	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		29

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.