MIRA INFORM REPORT

Report No. :	328782
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	BERAWALA TEXTILE PRIVATE LIMITED
Registered Office :	301-302, Anand Industrial Estate, Ahmedabad Ginning Mill Compound, Opposite Arvind Mills, Naroda Road, Ahmedabad – 380 025, Gujarat
Tel. No.:	91-79-22201441
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.1998
Com. Reg. No.:	04-034199
Capital Investment / Paid-up Capital :	Rs.5.573 million
CIN No.: [Company Identification No.]	U17119GJ1998PTC034199
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00909G
PAN No.: [Permanent Account No.]	AAACB9675K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Processor of Polyester, Polypropylene, P.O.Y. Man-Made Synthetic Fibres and Furnishing Fabrics.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 is established company incorporated in the year 1998 and it is having satisfactory track record. During the year 2014, company have achieved Rs.365.800 million sales turnover and reported topline growth of 16.67%. Company have reported minimal profitability of 0.40% from its operations. Rating remain constrained on account of company’s moderate financial risk profile and small networth base marked by leverage balance sheet profile of the company. However, trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual 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 – 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 DECLINED BY

Name :	Mr. Rishit V. Shah
Designation :	Director
Contact No.:	91-9825773383
Date :	23.06.2015

LOCATIONS

Registered Office/ Factory :	301-302, Anand Industrial Estate, Ahmedabad Ginning Mill Compound, Opposite Arvind Mills, Naroda Road, Ahmedabad – 380 025, Gujarat, India
Tel. No.:	91-79-22201441
Mobile No.:	91-9825773383 (Mr. Rishit V. Shah)
Fax No.:	Not Available
E-Mail :	goyalbaid@yahoo.co.in
Area :	2000 sq. ft.
Location :	Owned
Administrative Office :	9, Mezanine, Floor, New Cloth Market, O/s Raipur Gate, Ahmedabad – 380 001, Gujarat, India
Tel. No.:	91-79-22161689
Fax No.:	91-79-22161689

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Vikramkumar Lalchand Shah
Designation :	Director
Address :	B/1002, Spring Velly, Opposite Doctor House, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	07.02.1960
Qualification :	Engineer
Date of Appointment :	01.06.1998
DIN No.:	00278448
Name :	Mr. Rishit Vikram Shah
Designation :	Director
Address :	B/1002, Spring Velly, Opposite Doctor House, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	05.01.1984
Qualification :	B.Com
Date of Appointment :	11.03.2002
DIN No.:	00278492
Name :	Ms. Ratanben Vikramkumar Shah
Designation :	Director
Address :	C/O Hiren Textiles, 302, Anand Industrial Estate, Opposite Arvind Mill, Naroda Road, Ahmedabad – 380 025, Gujarat, India
Date of Birth/Age :	07.04.1963
Qualification :	HSC
Date of Appointment :	01.10.2004
DIN No.:	01162453
Name :	Niraksh Vikramkumar Shah
Designation :	Director
Address :	B/1002, Spring Velly, Opposite Doctor House, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	22.03.1986
Qualification :	MBA
Date of Appointment :	01.10.2004
DIN No.:	02459793
Name :	Miloni Rishit Shah
Designation :	Additional Director
Address :	B/1002, Spring Velly, Opposite Doctor House, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	02.12.1984
Date of Appointment :	01.11.2010
DIN No.:	03286591
Name :	Aradhi Niraksh Shah
Designation :	Additional Director
Address :	B/1002, Spring Velly, Opposite Doctor House, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	01.10.1985
Date of Appointment :	01.02.2012
DIN No.:	05210154

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vikrambhai Lalchand Shah	166220
Rishitbhai Vikram Shah	125100
Niraksh Vikram Shah	183600
Vikram Lalchand Shah Karta of Vikram Lalchand HUF	16100
Vikram Lalchand Shah Karta of Lalchand Rajmal HUF	54100
Ratanben Shah	12100
Radheyshyam Trading Company, India	40
Rushikha and Company, India	10
Dixit B. Patwa HUF Karta Dixit Patwa	10
Goenka Enterprise, India	10
Mansi Pradip	10
Megha Trivedi	10
Ginny Textile, India	10
Total	557320

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	87.39
Other top fifty shareholders	12.61
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Processor of Polyester, Polypropylene, P.O.Y. Man-Made Synthetic Fibres and Furnishing Fabrics.
Products :	Suiting and Shirting Fabrics Corduroy Fabrics
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Branch Address	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 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

ICICI Bank Limited

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
ICICI Bank Limited (Against Hypothecation of Motor Car)	0.367	0.000
SHORT TERM BORROWINGS
From ICICI Bank Limited (Against Hypothecation of Car)	0.244	0.000
From HDFC Bank Limited – Cash Credit Limit (Against Hypothecation of stock and book debts and mortgage of property of Directors)	66.250	41.348
Total	66.861	41.348

Banking Relations :	--
Auditors :
Name :	Goyal Baid and Associates Chartered Accountants
Address :	806, P.B. Parekh Tower, Kankaria Road, Ahmedabad – 380 022, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGFG6024Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.10/- each	Rs.6.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
557320	Equity Shares	Rs.10/- each	Rs.5.573 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.573	5.573	5.573
(b) Reserves & Surplus	31.967	30.480	29.072
(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)	37.540	36.053	34.645
(3) Non-Current Liabilities
(a) Long-term borrowings	57.068	56.734	50.374
(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)	57.068	56.734	50.374
(4) Current Liabilities
(a) Short term borrowings	66.494	41.348	38.725
(b) Trade payables	86.566	72.080	65.296
(c) Other current liabilities	0.260	0.055	0.110
(d) Short-term provisions	1.853	1.695	1.383
Total Current Liabilities (4)	155.173	115.178	105.514
TOTAL	249.781	207.965	190.533
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.322	1.715	2.195
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.322	1.715	2.195
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	94.056	74.350	68.250
(c) Trade receivables	151.047	125.825	115.494
(d) Cash and cash equivalents	0.022	0.009	0.017
(e) Short-term loans and advances	1.715	5.444	3.958
(f) Other current assets	0.619	0.622	0.619
Total Current Assets	247.459	206.250	188.338
TOTAL	249.781	207.965	190.533

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	365.837	313.358	307.858
		Other Income		0.198	0.231
		TOTAL	365.837	313.556	308.089
Less	EXPENSES
		TOTAL	352.581	302.412	306.268 (Including Financial and Depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.256	11.144
Less	FINANCIAL EXPENSES		10.406	8.664
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.850	2.480
Less/ Add	DEPRECIATION/ AMORTISATION		0.548	0.493
	PROFIT/ (LOSS) BEFORE TAX		2.302	1.987	1.821
Less	TAX		0.815	0.579	0.613
	PROFIT/ (LOSS) AFTER TAX		1.487	1.408	1.208
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.881	8.473	7.265
	BALANCE CARRIED TO THE B/S		11.368	9.881	8.473
	Earnings/ (Loss) Per Share (Rs.)		2.67	2.53	2.17

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	0.45	0.39
Operating Profit Margin (PBIDT/Sales)	(%)	NA	3.56	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.92	0.96	0.96
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		3.29	2.72	2.57
Current Ratio (Current Asset/Current Liability)		1.59	1.79	1.78

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.573	5.573	5.573
Reserves & Surplus	29.072	30.480	31.967
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	34.645	36.053	37.540
Long-term borrowings	50.374	56.734	57.068
Short term borrowings	38.725	41.348	66.494
Total borrowings	89.099	98.082	123.562
Debt/Equity ratio	2.572	2.720	3.291

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	308.089	313.556	365.837
		1.774	16.674

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	308.089	313.556	365.837
Profit	1.208	1.408	1.487
	0.39%	0.45%	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	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
From Directors and their relatives	41.404	32.180
From Members	10.289	20.146
From Companies	5.008	4.408
Total	56.701	56.734

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10090560	26/09/2007	5,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A27578988
2	10024617	20/01/2014 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B94284700

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Computers

· Office Equipments

· Vehicles

· Motor Cars

· Air Conditioners

· 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.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.63

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KAS
Report Prepared by :	SMN

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	4
--LEVERAGE	1~10	4
--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		43

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.