MIRA INFORM REPORT

Report No. :	329777
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	THE CREATIVE TEXTURE
Registered Office :	No. 4/194-B, S N Puram, Sivakasi - 626130, Tamilnadu
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2005
Capital Investment / Paid-up Capital :	Rs.15.084 Million (As on 31.03.2013)
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer and Exporter of Organic Grey Fabrics, Organic Dyed Fabrics, etc.
No. of Employees :	200 (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 :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern incorporated during 2005 having a moderate track record. Mr. Murugesh Account Manager Provided all information and also provided turnover figure for the year 2012-13 as Rs.208.000 Million, 2013-14 as Rs.300.000 Million and 2014-2015 as 350.000 Million which is not verified. As per available financial of the concern is progressing well. However, the rating takes into consideration the concern small scale of operations in fragmented textile industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The concern can be considered for business dealings with some caution. Note : Partial information is gathered through indirect source i.e., CRISIL

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	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	High risk of default
Date	14.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = B
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	14.05.2015

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. Murugesh
Designation :	Accounts Manager
Contact No.:	91-9790023461
Date :	27.06.2015

LOCATIONS

Registered Office / Factory :	No.4/194-B, S N Puram, Sivakasi-626130, Tamilnadu, India
Tel. No.:	91-4562-223461
Mobile No.:	91-7708003487 (Mr. P Venkat)
Fax No.:	91-4562-220461
E-Mail :	venkat@thecreativetexture.com
Website :	www.creativetexture.com
Area :	1000 Sq. mtr.
Location :	Owned

PARTNERS

Name :	Mr. Balaji R
Designation :	Partner
Name :	Mr. R Ramswami
Designation :	Partner
Name :	Mrs. R. Kavita
Designation :	Partner
Name :	Mrs. R. Kamala
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Murugesh
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Organic Grey Fabrics, Organic Dyed Fabrics, etc.
Products :	Organic Fabrics Made Ups Bed Mattress Kare Bed Mattress Coir Mattress Foam Mattress Mattresses Home Textiles
Brand Names :	---
Agencies Held :	---
Exports :
Products :	Fabric
Countries :	USA UK
Imports :
Products :	Weaving Room
Countries :	Japan
Terms :
Selling :	Cash, L/C, Credit and CAF
Purchasing :	Cash, L/C, Credit and TT

GENERAL INFORMATION

Suppliers :

Reference :	Hill Lines Limited
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 :

Wholesalers, Retailers

Reference :	King of cotton, UK
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 :

200 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch Address :	Sivakasi, Tamilnadu, India
Facilities :	Not Divulged
Person Name :	Mr. Venkatesh Subramaniam
Contact No.:	91-456-227994 (Ringing)
Report :	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)	Fund and Non-fund Rs.100.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Vetriventha and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 31.03.2013

Capital Account of Partners

Particular	Rs. In Million
A Ramasamy	3.249
R Balaji	2.519
R Kamala	2.515
R Kavita	6.801
Total	15.084

Current Account of Partners

Particular	Rs. In Million
A Ramasamy	3.157
R Balaji	0.759
R Kamala	1.710
R Kavita	3.212
Total	8.838

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Capital Account of Partners		15.084	15.084
2] Current Account of Partners		8.838	1.161
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		23.922	16.245
LOAN FUNDS
1] Secured Loans		84.463	6.860
2] Unsecured Loans		0.144	35.274
TOTAL BORROWING		84.607	42.134
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		108.529	58.379
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.461	32.902
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.161	22.376
	Sundry Debtors	16.083	6.867
	Cash & Bank Balances	0.123	0.023
	Other Current Assets	1.830	8.077
	Loans & Advances	0.848	0.741
Total Current Assets		49.045	38.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.947	2.807
	Other Current Liabilities	0.200	9.214
	Provisions	0.830	0.586
Total Current Liabilities		24.977	12.607
Net Current Assets		24.068	25.477
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		108.529	58.379

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	208.051	142.757
		Other Income	2.502	4.193
		TOTAL	210.553	146.950
Less	EXPENSES
		Cost of Good Sold	155.816	98.333
		Accounting and Auditing Expenses	0.613	0.000
		Commission	1.857	0.918
		Courier Charges	0.541	0.609
		Bonus	0.292	0.248
		EPF Paid	0.918	5.054
		Genset Fuel	2.946	2.047
		Interest on CC A/c	4.930	2.649
		Interest on T/L	5.446	1.252
		Machinery Maintenance	0.864	1.246
		Sales Promotion	0.826	0.969
		Staff mess Expenses	0.970	0.123
		Telephone Charges	0.271	0.197
		Travelling Expenses	0.830	0.341
		VAT 5%	1.003	0.000
		Interest on capital	1.953	1.544
		Partners Salary	1.060	1.600
		Other Expenses	19.125	23.141
		TOTAL	200.261	140.271
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		10.292	6.679
Less/ Add	DEPRECIATION/ AMORTISATION		6.294	4.809
	NET PROFIT		3.998	1.870

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	350.000	300.000

The above information has been parted by Mr. Murugesh (Account Manager)

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

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.92	1.31
Return on Total Assets (PBT/Total Assets}	(%)	2.99	2.63
Return on Investment (ROI) (PBT/Networth)		0.17	0.12
Debt Equity Ratio (Total Debt /Networth)		3.54	2.59
Current Ratio (Current Asset/Current Liability)		1.96	3.02

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	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

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.63.92
UK Pound	1	Rs.100.40
Euro	1	Rs.70.41

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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		30

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.