MIRA INFORM REPORT

Report No. :	311391
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	S B T APPARELS PRIVATE LIMITED
Registered Office :	SF No. 346/1, Kosamvampalayam Road, Palladam – 641664, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.05.2005
Com. Reg. No.:	18-011775
Capital Investment / Paid-up Capital :	Rs. 49.493 Million
CIN No.: [Company Identification No.]	U18101TZ2005PTC011775
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Apparels, Grey Woven Fabrics etc.
No. of Employees :	Not Available

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. The rating is constrained on account of some accumulated losses incurred by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

LOCATIONS

Registered Office/ Factory :	SF No. 346/1, Kosamvampalayam Road, Palladam – 641664, Tamilnadu, India
Tel. No.:	91-4255-329203
Mobile No.:	91-9789114254 (Mr. Kadhiresan)
Fax No.:	Not Available
E-Mail :	sharanca@gmail.com
Location :	Owned

DIRECTORS

AS ON 26.09.2014

Name :

Palanisamy Balasubramanian

Designation :

Director

Address :

Saral Thottam, Kosamvampalayam Road, District Coimbatore, Palladam – 641664, Tamilnadu, India

Date of Birth/Age :

10.05.1954

Date of Appointment :

04.05.2005

DIN No.:

00379448

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	U17115TZ1991PTC003167	VIGNESHKUMAR SPINNING MILLS PRIVATE LIMITED	Managing director	30/12/2011	17/06/1992	-	Active	NO
2	U18101TZ2005PTC011775	S B T APPARELS PRIVATE LIMITED	Director	04/05/2005	04/05/2005	-	Active	NO

Name :

Palaniswamy Gounder Rathanasamy

Designation :

Director

Address :

Saral Thottam, Kosamvampalayam Road, District Coimbatore, Palladam – 641664, Tamilnadu, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

04.05.2005

DIN No.:

00379501

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	U18101TZ2005PTC011775	S B T APPARELS PRIVATE LIMITED	Director	04/05/2005	04/05/2005	-	Active	NO
2	U17115TZ1991PTC003167	VIGNESHKUMAR SPINNING MILLS PRIVATE LIMITED	Additional director	20/03/2014	20/03/2014	-	Active	NO

Name :

Balasubramaniam Shanmugavadivel

Designation :

Director

Address :

Saral Thottam, Kosamvampalayam Road, District Coimbatore, Palladam – 641664, Tamilnadu, India

Date of Birth/Age :

30.01.1980

Date of Appointment :

04.05.2005

DIN No.:

00379455

Name :

Balasubramaniiam Gunasekaran

Designation :

Director

Address :

Saral Thottam, Kosamvampalayam Road, District Coimbatore, Palladam – 641664, Tamilnadu, India

Date of Birth/Age :

30.12.1981

Date of Appointment :

04.05.2005

DIN No.:

00379487

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Palanisamy Balasubramanian	958849
Palaniswamy Gounder Rathanasamy	854549
Balasubramaniam Shanmugavadivel	1142772
Balasubramaniiam Gunasekaran	761684
B. Nachammal	253251
R. Chitradevi	268251
R. Srivignesh	237431
B. Geetha	472500
Total	4949287

AS ON 26.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Apparels, Grey Woven Fabrics etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, Knit City Branch, No. 37, 60 Feet Road, J G Nagar, Kumarananthapuram, Tirupur - 641602, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Sizing Term Loan from - Indian Overseas Bank, Tpr	0.828	1.351
Sizing Term Loan from - Indian Overseas Bank, Tpr	2.909	3.851
Spinning Term Loan from - Indian Overseas Bank, Tpr	7.230	8.140
Spinning Unit Term Loan from - Indian Overseas Bank, Tpr	23.312	32.753
WindMill Term Loan from - Indian Overseas Bank, Tpr	9.609	13.147
Working Capital Loan from - Indian Overseas Bank, Tpr [Primarily secured against machinery purchased out of bank finance. Collaterally secured against factory Land and Building, land and buildings of directors and their relatives]	0.000	5.625
SHORT TERM BORROWINGS
Loans repayable on demand Working Capital Loan from - Indian Overseas Bank, Tpr [Primarily secured against stock and receivables. Collaterally secured by Land and buildings of promoter, guarantors]	82.025	79.024
Total	125.913	143.891

Banking Relations :	--
Auditors :
Name :	Sarulatha and Saravanan Chartered Accountants
Address :	L 375/54 First Floor, Periyar Nagar, Surampatti, Erode – 638009, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAXFS7038P
Enterprise over which Key Managerial Personnel have Control :	Sri Palaniandavar Textiles
Enterprise over which Key Managerial Personnel have Significant influence :	· Vigneshkumar Spinning Mills Private Limited · VBP Textile Mills

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,949,287	Equity Shares	Rs. 10/- each	Rs. 49.493 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	49.493	49.493	49.493
(b) Reserves & Surplus	(28.441)	(27.025)	(31.265)
(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)	21.052	22.468	18.228
(3) Non-Current Liabilities
(a) long-term borrowings	54.073	77.552	109.281
(b) Deferred tax liabilities (Net)	12.622	12.622	12.622
(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)	66.695	90.174	121.903
(4) Current Liabilities
(a) Short term borrowings	82.025	79.024	77.313
(b) Trade payables	30.659	24.165	16.361
(c) Other current liabilities	0.003	0.017	0.133
(d) Short-term provisions	2.039	4.500	0.000
Total Current Liabilities (4)	114.726	107.706	93.807
TOTAL	202.473	220.348	233.938
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.199	93.349	90.309
(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	2.142	1.996	1.930
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.972	4.941	16.129
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	94.313	100.286	108.368
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.549	57.537	72.536
(c) Trade receivables	31.824	46.072	31.795
(d) Cash and cash equivalents	8.170	2.271	10.445
(e) Short-term loans and advances	5.316	13.266	10.200
(f) Other current assets	1.301	0.916	0.594
Total Current Assets	108.160	120.062	125.570
TOTAL	202.473	220.348	233.938

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	443.924	374.393	310.596
	Other Income
	TOTAL INCOME	443.924	374.393	310.596
Less	EXPENSES
	TOTAL	409.594	329.929	272.834
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	34.330	44.464	37.762
Less	FINANCIAL EXPENSES	20.120	19.500	21.061
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	14.210	24.964	16.701
Less/ Add	DEPRECIATION/ AMORTISATION	14.626	16.225	16.242
	PROFIT BEFORE TAX	(0.416)	8.739	0.459
Less	TAX	1.000	4.500	0.000
	PROFIT AFTER TAX	(1.416)	4.239	0.459
	Earnings Per Share (Rs.)	(0.29)	0.86	0.09

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(0.21)	4.00	0.20
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.39	0.03
Debt Equity Ratio (Total Debt/Networth)		6.46	6.97	10.24
Current Ratio (Current Asset/Current Liability)		0.94	1.11	1.34

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	49.493	49.493	49.493
Reserves & Surplus	(31.265)	(27.025)	(28.441)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18.228	22.468	21.052
long-term borrowings	109.281	77.552	54.073
Short term borrowings	77.313	79.024	82.025
Total borrowings	186.594	156.576	136.098
Debt/Equity ratio	10.237	6.969	6.465

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)
Sales	310.596	374.393	443.924
		20.540	18.572

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	310.596	374.393	443.924
Profit/Loss	0.459	4.239	(1.416)
	0.15%	1.13%	(0.32%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90001959	26/09/2013 *	182,576,000.00	INDIAN OVERSEAS BANK	KNIT CITY BRANCH, NO 37, 60 FEET ROAD, JG NAGAR,  KUMARANANTHAPURAM, TIRUPUR, TAMIL NADU - 641602, INDIA	B88643309

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Vigneshkumar Spinning Mills Private Limited (Directors having substantial interest)	10.185	12.685
Total	10.185	12.685

COMPANY'S PERFORMANCE

The directors report that they have not made any cash loss during the year. Due to substantial depreciation charges of Rs. 14.626 Million, The Company has made loss of Rs.1.416 Million.

OPERATION AND TURNOVER

The Company's turnover for the year 2013-2014 is Rs. 443.924 Million. The company's turnover has increased by about 18.57% as compared to the previous year. The company is functioning at optimum level of production with integrated spinning, weaving, sizing and windmill divisions.

BUSINESS

The company has continued to function at optimum level of production and has achieved increased sales turnover. The company has not incurred cash losses during the year.

FIXED ASSETS

· Lands

· Buildings

· Office Equipments

· Plant and Machinery

· Vehicles

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 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. 62.57
UK Pound	1	Rs. 93.57
Euro	1	Rs. 65.95

INFORMATION DETAILS

Analysis done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.