MIRA INFORM REPORT

Report No. :	314215
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	NIRMAL FIBRES PRIVATE LIMITED
Registered Office :	Om Towers, Premises No.1207, 12^th Floor, 32 Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.09.1995
Com. Reg. No.:	21-073964
Capital Investment / Paid-up Capital :	Rs.26.282 Million
CIN No.: [Company Identification No.]	U51495WB1995PTC073964
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALN01636F / DELN04173B
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Recycled polyester staple fiber
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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 an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Nilesh
Designation :	Not Divulged
Contact No.:	91-33-40645429
Date :	26.03.2015

LOCATIONS

Registered Office :	Om Towers, Premises No.1207, 12^th Floor, 32 Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-40645429
Fax No.:	Not Available
E-Mail :	nirmalfibres@gmail.com rajkumarjain4@yahoo.com rkjain@nirmalfibers.com ashok160@rediffmail.com sanjiv@nirmalfibers.com
Website :	www.nirmalfibers.com
Administrative Office :	Gastel House, 39, Panchsheel Colony, Moradabad – 244001, UP, India
Tel. No.:	91 591 2419973
Email ID:	admin@nirmalfibers.com
Marketing Office :	54, Todar Mal Road, Bengali Market, New Delhi - 110001, India
Tel. No.:	91-11-23323925 / 23328546
Fax No.:	91-11-23325489
E-Mail :	nirmalfi@bol.net.in marketing@nirmalfibers.com
Factory :	3rd, Mile Gajraulla to Moradabad Road, Gajraulla - 244235, Uttar Pradesh, India
Tel. No.:	91- 5924 252811
Fax No.:	91- 5924 253711

DIRECTORS

As on 30.09.2014

Name :

Mr. Raj Kumar Jain

Designation :

Director

Address :

39, Panchsil Colony, Near St. Marys School , Civil Lines, Moradabad – 244001, Uttar Pradesh, India

Date of Birth/Age :

11.05.1947

Date of Appointment :

04.09.1995

DIN No.:

01321635

Name :

Mr. Sanjeev Kumar Jain

Designation :

Director

Address :

54, Todormal Road, New Delhi – 110 001, India

Date of Birth/Age :

06.02.1967

Date of Appointment :

24.09.2004

DIN No.:

00418361

Name :

Mr. Ajit Prasad Jain

Designation :

Director

Address :

Flat No.10-C, 35/1, J. L. Nehru Road, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

02.02.1937

Date of Appointment :

04.09.1995

DIN No.:

00707456

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	U01132WB1923NPL004751	INDIAN MINING FEDERATION	Director	01/01/1985	01/01/1985	-	Active	NO
2	U10102WB1983NPL036471	INDIAN COAL MERCHANTS ASSOCIATION	Director	01/01/1985	01/01/1985	-	Active	NO
3	U51495WB1995PTC073964	NIRMAL FIBRES PRIVATE LIMITED	Director	04/09/1995	04/09/1995	-	Active	NO
4	U17220DL2008PTC180427	GOODWILL NON-WOVENS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
5	U40109WB1997PTC084169	GOODWILL FIBRES COMPANY PRIVATE LIMITED	Director	05/09/2014	29/03/2014	-	Active	NO

Name :

Mr. Ashok Kumar Jain

Designation :

Director

Address :

Flat no. 10-C351 J.L. Nehru Road, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

29.05.1970

Date of Appointment :

30.09.2014

DIN No.:

00418539

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	U40109WB1997PTC084169	GOODWILL FIBRES COMPANY PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
2	U17220DL2008PTC180427	GOODWILL NON-WOVENS PRIVATE LIMITED	Director	19/10/2010	03/07/2008	-	Active	NO
3	U51495WB1995PTC073964	NIRMAL FIBRES PRIVATE LIMITED	Director	30/09/2014	31/03/2014	-	Active	NO

Name :

Mr. Rajiv Kumar Jain

Designation :

Director

Address :

54, Todermal Road, New Delhi – 110001, India

Date of Birth/Age :

29.05.1968

Date of Appointment :

30.09.2014

DIN No.:

00418619

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 ofcessation	Company/ LLP Status	Defaulting status
1	U40109WB1997PTC084169	GOODWILL FIBRES COMPANY PRIVATE LIMITED	Director	24/02/2007	24/02/2007	-	Active	NO
2	U17220DL2008PTC180427	GOODWILL NON-WOVENS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
3	U51495WB1995PTC073964	NIRMAL FIBRES PRIVATE LIMITED	Director	30/09/2014	31/03/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Sanjeev Kumar Jain, Karta (HUF)	102856
Ajit Prasad Jain, Karta (HUF)	87620
Rajiv Kumar Jain, Karta (HUF)	166790
Ashok Kumar Jain, Karta (HUF)	262065
Sanjiv Kumar Jain	199745
Rupali Jain	109720
Rajiv Jain	195065
Mona Jain	50440
Ashok Kumar Jain	104145
Shalini Jain	46085
Samir Jain	45500
Samir Jain	43420
Rajni Jain	61880
Anita Jain	59540
Raj Kumar Jain, Karta (HUF)	240097
Pawan Kumar Jain, Karta (HUF)	255892
Abhishek Jain	162045
Ashish Jain	48165
Raj Kumar Jain	134745
Varun Jain	195065
Aryan Jain	195065

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Exporter of Recycled polyester staple fiber

Products :

Product Description	Item Code No. (ITC Code)
COAL	4402

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• Belgium
• Hong Kong
• Holland

Imports :

Products :

Raw Material

Countries :

• China
• Middle East
• America

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturers

Reference :	Not Divulged
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 :

125 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Station Road, Moradabad – 244001, Uttar Pradesh, 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 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	75.118	79.020
Total	75.118	79.020

Auditors :
Name :	Deepak Sharat Jain and Company Chartered Accountants
Address :	1101 Naurang House, 21 K G Marg, New Delhi – 110001, India
Tel No.:	91-11-43610382/ 23359530
Fax No.:	91-11-23359129
PAN No.:	ACUPJ4383R
Email :	djl@vsnl.com
Memberships :	--
Collaborators :	--
Key Management Personnel:	Goodwill Non-Wovens Private Limited CIN No.: U17220DL2008PTC180427

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,100,000	Equity Shares	Rs.10/- each	Rs. 41.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,628,210	Equity Shares	Rs.10/- each	Rs. 26.282 Million

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	26.282	26.282	26.282
(b) Reserves & Surplus	184.352	141.135	108.283
(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)	210.634	167.417	134.565
(3) Non-Current Liabilities
(a) long-term borrowings	22.219	22.219	25.243
(b) Deferred tax liabilities (Net)	8.562	6.436	6.596
(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)	30.781	28.655	31.839
(4) Current Liabilities
(a) Short term borrowings	75.118	79.020	83.963
(b) Trade payables	89.359	71.126	46.972
(c) Other current liabilities	35.849	76.556	43.277
(d) Short-term provisions	25.020	22.172	14.074
Total Current Liabilities (4)	225.346	248.874	188.286
TOTAL	466.761	444.946	354.690
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118.786	68.105	69.397
(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	0.025
(b) Non-current Investments	2.357	2.357	1.857
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.642	4.298	3.911
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	126.785	74.785	75.165
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.590	57.808	54.912
(c) Trade receivables	182.934	231.394	135.669
(d) Cash and cash equivalents	20.858	11.461	10.642
(e) Short-term loans and advances	48.923	68.828	77.516
(f) Other current assets	0.671	0.670	0.786
Total Current Assets	339.976	370.161	279.525
TOTAL	466.761	444.946	354.690

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	1569.178	1451.256	984.787
Less	EXPENSES
	TOTAL	1504.437	1400.928	951.332
	PROFIT/ (LOSS) BEFORE TAX	64.741	50.328	33.455
Less	TAX	21.524	17.476	13.110
	PROFIT/ (LOSS) AFTER TAX	43.217	32.852	20.345
	Earnings / (Loss) Per Share (Rs.)	16.44	12.50	7.74

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.75	2.26	2.07
Return on Total Assets (PBT/Total Assets}	(%)	13.94	11.37	9.48
Return on Investment (ROI) (PBT/Networth)		0.31	0.30	0.25
Debt Equity Ratio (Total Debt /Networth)		0.46	0.60	0.81
Current Ratio (Current Asset/Current Liability)		1.51	1.49	1.48

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	26.282	26.282	26.282
Reserves & Surplus	108.283	141.135	184.352
Net worth	134.565	167.417	210.634
long-term borrowings	25.243	22.219	22.219
Short term borrowings	83.963	79.020	75.118
Total borrowings	109.206	101.239	97.337
Debt/Equity ratio	0.812	0.605	0.462

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	984.787	1451.256	1569.178
		47.368	8.126

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	984.787	1451.256	1569.178
Profit	20.345	32.852	43.217
	2.07%	2.26%	2.75%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered office of the company has been shifted from, 2^nd Floor, Room No.7, Moon House, 21 Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India, to the present address w.e.f. 22.02.2012.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	22.219	22.219
Total	22.219	22.219

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80035687	02/12/2013 *	280,000,000.00	Indian Overseas Bank	STATION ROAD, MORADABAD, MORADABAD, Uttar Pradesh - 244001, INDIA	B94763265
2	90245930	08/05/2004 *	13,500,000.00	INDIAN OVERSEAS BANK	STATION ROAD, MORADABAD, Uttar Pradesh - 244001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Building

· Computer

· Electrical Equipment

· Furniture

· Lab Equipment

· Land

· Motor Cycle

· Office Equipment

· Plant and Machinery

· Tank

· Telephone

· Trucks

· 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 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 :	DIP
Analysis Done by :	RSM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.