MIRA INFORM REPORT

Report No. :	310267
Report Date :	28.03.2015

IDENTIFICATION DETAILS

Name :	NEW LIGHT APPARELS LIMITED
Registered Office :	GC–25, Shivaji Enclave, Raja Garden, New Delhi - 110027
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.01.1995
Com. Reg. No.:	55-064005
Capital Investment / Paid-up Capital :	Rs. 27.238 Millions
CIN No.: [Company Identification No.]	L74899DL1995PLC064005
TAN No.:	Not Available
PAN No.: [Permanent Account No.]	AAACN2162M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Woolen Gloves, Industrial Gloves, Nylon Socks, Woolen and Cotton Socks.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. A reserves of the company is low. However, the rating takes into consideration company’s sound operational risk profile and fair profitability margins of the company Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and condition.

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

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.

INFORMATION PARTED BY

Name :	Mr. Sandeep Makkad
Designation :	Director
Contact No.:	91-9810192160
Date :	23.03.2015

LOCATIONS

Registered Office/ Factory :	GC–25, Shivaji Enclave, Raja Garden, New Delhi - 110027, India
Tel. No. :	91-11-45613885
Mobile No. :	91-9810192160 (Mr. Sandeep Makkad)
Fax No. :	91-11-45613882
E-Mail :	rastogifcs@yahoo.co.in parveenrastogi@rediffmail.com newlight.apparels@gmail.com
Website :	http://www.newlightapp.com
Location :	Owned
Locality :	Industrial
Ludhiana Office :	B-32/741, G.F., Bahadur Ke Road, Mack Hosiery Dana Mandi, Ludhiana -141005, Punjab, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr.Sandeep Makkad

Designation :

Whole time director

Address :

GC – 25, Shivaji Enclave, Raja Garden, New Delhi – 110027, India

Date of Birth/Age :

12.12.1969

Qualification :

B.Com

Date of Appointment :

03.01.1995

PAN No. :

AAGPM0274J

DIN No. :

01112423

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	Company/ LLP Status	Defaulting status
1	L74899DL1995PLC064005	NEW LIGHT APPARELS LIMITED	Whole-time director	01-04-2010	03-01-1995	Active	NO
2	U51909DL2006PTC146502	IIG TRADING PRIVATE LIMITED	Managing director	18-01-2008	18-01-2008	Active	YES

Name :

Mr. Gurcharan Lal Makkad

Designation :

Whole time director

Address :

GC–25, Shivaji Enclave, Raja Garden, New Delhi – 110027, India

Date of Birth/Age :

20.01.1945

Qualification :

H.S.C

Date of Appointment :

03.01.1995

DIN No. :

01689768

Name :

Meetu Makkad

Designation :

Whole time director

Address :

GC–25, Shivaji Enclave, Raja Garden, New Delhi – 110027, India

Date of Birth/Age :

02.07.1971

Qualification :

Master in CA

Date of Appointment :

30.10.2006

DIN No. :

01689785

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Gurcharan Lal Makkad	776513
Sandeep Makkad	245995
Rajnesh Makkad	230906
Shashi Makkad	26100
Meetu Makkad	68194
Rachna Makkad	100
Moti Ram MAkkad	100
Col Ram Chandra	10000
Kamlesh Khanna	2500
Gian Kaur	22000
Tarsem Kr Salhotra	10000
B S Katyal	12000
S L Katyal	12000
Romeshwar Dhobe	14000
Rajat Salhotra	10000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	41.00
Other top fifty shareholders	59.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Woolen Gloves, Industrial Gloves, Nylon Socks, Woolen and Cotton Socks.
Products :	· Used Gloves Knitting Machines · Used Collar Knitting Machines · Used Sweater Knitting Machines · Used Whole Garment Knitting Machines · New Gloves Knitting Machines from China (Brand - Qiangsheng) · 100% Cotton Safety Gloves · Industrial Safety Gloves · Woolen Gloves · Nylon Gloves · 100% Cotton Socks · Sweaters · Cotton Blended Socks · Nylon Socks · Dress Socks
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Woolen and Cotton Socks
Countries :	· USA · UK · UAE · Europe · Australia
Imports :
Products :	Machinery
Countries :	Japan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Retailers, Manufacturer and End Users

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Bank Name:	Canara Bank
Branch:	Tagore Garden, New Delhi - 110027 India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from Banks	0.375	0.947
SHORT TERM BORROWINGS
Rupee term loans from Banks	11.612	11.544
Total	11.987	12.491

Banking Relations :	--
Auditors :
Name :	Rajan Malik and Company Chartered Accountants
Address :	11024,Motiakhan, New Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAAPJ2801K
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,723,765	Equity Shares	Rs.10/- each	Rs. 27,238 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	27.238	27.238	27.238
(b) Reserves & Surplus	7.908	4.180	4.068
(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)	35.146	31.418	31.306
(3) Non-Current Liabilities
(a) long-term borrowings	2.178	2.980	7.991
(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)	2.178	2.980	7.991
(4) Current Liabilities
(a) Short term borrowings	11.612	11.544	10.568
(b) Trade payables	4.616	5.474	3.887
(c) Other current liabilities	1.292	5.648	0.663
(d) Short-term provisions	0.804	0.140	0.195
Total Current Liabilities (4)	18.325	22.806	15.313
TOTAL	55.649	57.204	54.610
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.909	12.722	12.910
(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)	1.429	1.284	1.168
(d) Long-term Loan and Advances	0.738	0.942	1.092
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.076	14.948	15.170
(2) Current assets
(a) Current investments
(b) Inventories	24.665	23.909	20.539
(c) Trade receivables	16.048	17.376	16.420
(d) Cash and cash equivalents	0.172	0.140	1.592
(e) Short-term loans and advances	2.688	0.831	0.889
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	43.573	42.256	39.439
TOTAL	55.649	57.204	54.610

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	54.250	51.945	50.421
		Other Income	4.078	0.195	0.000
		TOTAL	58.328	52.140	50.421
Less	EXPENSES
		Cost of Materials Consumed	44.222	40.964	37.378
		Employees benefits expense	2.953	3.014	2.433
		Other expenses	3.059	3.536	4.647
		TOTAL	50.234	47.514	44.458
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.094	4.626	5.963
Less	FINANCIAL EXPENSES		2.019	2.613	2.902
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.075	2.013	3.061
Less/ Add	DEPRECIATION/ AMORTISATION		1.854	1.877	2.035
	PROFIT/ (LOSS) BEFORE TAX		4.221	0.136	1.026
Less	TAX		0.492	0.024	(0.284)
	PROFIT/ (LOSS) AFTER		3.729	0.112	1.310
	Earnings / (Loss) Per Share (Rs.)		1.37	0.04	0.05

Expected Sales (2014-2015): Rs. 80.000 Millions

The above information has been parted by Mr. Sandeep Makkad (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.87	0.22	2.60
Operating Profit Margin (PBDIT/Sales)	(%)	14.92	8.91	11.83
Return on Total Assets (PBT/Total Assets}	(%)	7.78	0.24	1.92
Return on Investment (ROI) (PBT/Networth)		0.12	0.00	0.03
Debt Equity Ratio (Total Debt/Networth)		0.39	0.46	0.59
Current Ratio (Current Asset/Current Liability)		2.38	1.85	2.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	27.238	27.238	27.238
Reserves & Surplus	4.068	4.180	7.908
Net worth	31.306	31.418	35.146
long-term borrowings	7.991	2.980	2.178
Short term borrowings	10.568	11.544	11.612
Total borrowings	18.559	14.524	13.790
Debt/Equity ratio	0.593	0.462	0.392

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.421	51.945	54.250
		3.023	4.437

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.421	51.945	54.250
Profit	1.310	0.112	3.729
	2.60%	0.22%	6.87%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

SR. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10226936	17/04/2013 *	480,000.00	CANARA BANK	TAGORE GARDEN, NEW DELHI, DELHI - 110027, INDIA	B76614940
2	10209353	16/03/2010	7,100,000.00	CANARA BANK	TAGORE GARDEN, NEW DELHI, DELHI - 110027, INDIA	A82018433
3	10181600	09/10/2009	3,294,000.00	CANARA BANK	TAGORE GARDEN, NEW DELHI, DELHI - 110027, INDIA	A71998496
4	90053049	01/03/1997	50,000,000.00	STATE BANK OF INDIA	G.T. ROAD, PANIPAT, HARYANA, INDIA	-
5	90052803	17/04/2013 *	11,500,000.00	CANARA BANK	TAGORE GARDEN, NEW DELHI, DELHI - 110027, INDIA	B76614403

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from Banks	1.803	2.033
Total	1.803	2.033

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from B-160, Bawana Industrial Area Phase – IV, Delhi – 110039, India to the present address w.e.f.01.06.2010.

OUTLOOK:

The company is taking all efforts to improve the quality and productivity to get more orders at competitive rates. Due to the own processing Plant& Machinery the company is able to quote better rates and maintain high quality & productivity in the finished goods manufactured. Barring unforeseen circumstances the company is confident of achieving better results in the current year.

FIXED ASSETS:

· Office equipments

· Vehicles

· Furniture and fixtures

· Building,

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.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	KAR
Report Prepared by :	ARC

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	4
--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	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		42

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.