MIRA INFORM REPORT

Report No. :	320250
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	HEMA DYEING AND PRINTING MILLS PRIVATE LIMITED

Registered Office :	313, Sri Mayabai Chowk, Swadeshi Market, Kalbadevi Road, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-22004026

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.12.1995

Com. Reg. No.:	11-095210

Capital Investment / Paid-up Capital :	Rs. 9.995 Million

CIN No.: [Company Identification No.]	U22200MH1995PTC095210

IEC No.:	0305058061

TAN No.: [Tax Deduction & Collection Account No.]	MUMH03662B

PAN No.: [Permanent Account No.]	AAACH2581G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Blended Finished Fabrics.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 442000

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Company has good amount of reserves. Liquidity position seems to be good. However, company has modest scale of operations, working capital intensive nature of operations and presence in highly competitive industry. Tirade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for small 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

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	CARE
Rating	Long term rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	October 09, 2014

Rating Agency Name	CARE
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 09, 2014

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 :	313, Sri Mayabai Chowk, Swadeshi Market, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@hemadyeing.com hemadying@yahoo.com padmapriyafabrics@rediffmail.com nambawataca@hotmail.com
Website :	http://www.hemadyeing.com

Sales Office :	101, Paras Bhuvan, Ground Floor, Cornor of Dadiseth Agyari Lane and Cavel Street, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22004026/ 65323636/ 66343440

Factory :	Plot No 66-A, T.T.C. Industrial Area, M.I.D.C., Mahape, Near Ramnath Solar Bus Stop, Navi Mumbai – 400709, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Venkata Subrahmanyam Siram

Designation :

Director

Address :

5, Kalewar Mansion, 3/5, Dadiseth Lane, Babulnath, Mumbai - 400007, Maharashtra, India

Date of Appointment :

20.10.2003

DIN No.:

00340041

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	U17200MH1995PTC093975	KANTI TEXTILES PRIVATE LIMITED	Director	13/11/1997	13/11/1997	Active	NO
2	U22200MH1995PTC095210	HEMA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	20/10/2003	20/10/2003	Active	NO
3	U45200MH1993PTC070475	PADMAPRIYA DEVELOPERS PRIVATE LIMITED	Director	30/09/2014	01/07/2014	Active	NO

Name :

Mr. Hareshkumar Venkata Siram

Designation :

Director

Address :

Plot No. 225, Sector 21, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Appointment :

20.10.2003

DIN No.:

00340344

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	U22200MH1995PTC095210	HEMA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	20/10/2003	20/10/2003	Active	NO
2	U17200MH1995PTC093975	KANTI TEXTILES PRIVATE LIMITED	Director	06/11/2006	06/11/2006	Active	NO

Name :

Venkata Ramarao Siram

Designation :

Director

Address :

Plot No. 225, Sector 21, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Appointment :

12.12.2005

DIN No.:

00339343

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	U45200MH1993PTC070475	PADMAPRIYA DEVELOPERS PRIVATE LIMITED	Director	21/01/1993	21/01/1993	Active	NO
2	U17200MH1995PTC093975	KANTI TEXTILES PRIVATE LIMITED	Director	27/10/1995	27/10/1995	Active	NO
3	U22200MH1995PTC095210	HEMA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	12/12/2005	12/12/2005	Active	NO
4	U24309MH2014PTC256032	VIGHNESH INDUSTRIES PRIVATE LIMITED	Director	14/07/2014	14/07/2014	Active	NO

Name :

Janakamma Venkata Siram

Designation :

Additional director

Address :

Plot No. 225, Sector 21, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Appointment :

01.07.2014

DIN No.:

00340436

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	U45200MH1993PTC070475	PADMAPRIYA DEVELOPERS PRIVATE LIMITED	Director	21/01/1993	21/01/1993	Active	NO
2	U17200MH1995PTC093975	KANTI TEXTILES PRIVATE LIMITED	Director	27/10/1995	27/10/1995	Active	NO
3	U22200MH1995PTC095210	HEMA DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	30/09/2014	01/07/2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
S. V. Ramarao		544423
S. V. Subrahmanyam		277077
S. Haresh Kumar		117440
S. V. Subrahmanyam (HUF)		17671
S. Syamala		12054
S. V. Ramarao (HUF)		17671
S. V. Janakamma		12054
Amit Lalitkumar Sankhala		100
Kavita Amit Sankhala		100
Dhapu Devi Sankhala		100
Lalitkumar M. Sankhala (HUF)		100
Madan Lalit Sankhala (HUF)		100
Swati Sumeet Sankhala		100
S. Kantisri		10
Savitridevi Jalle Singh Choudhary		100
Jale Singh Choudhary		100
Shantidevi Choudhary		100
Vardhichand Mulchand Jain (HUF)		100
Amit Lalitkumar Sankhala H.U.F		100

Total		999500

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.89
Other top fifty shareholders	0.11

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Blended Finished Fabrics.

Brand Names :	“HEMLON“

Agencies Held :	--

Exports :
Products :	Not Available
Countries :	Not Available

Imports :
Products :	Not Available
Countries :	Not Available

Terms :
Selling :	Not Available

Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Yes Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loan from Bank State Bank of India [Term Loan Installments repayable within 12 months] [Secured against hypothecation of plant and machinery and other fixed assets situated at Navi Mumbai and collateral securities of equitable mortgage of land and factory building at Navi Mumbai and personal guarantees of directors]	0.000	6.863
State Bank of India [Cash Credit] [Secured against hypothecation of current assets and collateral securities of equitable mortgage of land and factory building, plant and machinery and other fixed assets situated at Navi Mumbai and personal guarantees of directors]	45.786	34.262

Total	45.786	41.125


Banking Relations :	--

Auditors :
Name :	Sanghvi Sanghvi and Sanghvi Chartered Accountants
Address :	10, La Citadelle, 2nd Floor, 99, Maharshi Karve Road, Mumbai – 400020, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFS2693D

Related Parties :	· Raghuveer Synthetics · Ragukul Synthetics

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,100,000	Equity Shares	Rs. 10/- each	Rs. 11.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

999,500	Equity Shares	Rs. 10/- each	Rs. 9.995 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	9.995	10.245	10.245
(b) Reserves & Surplus	144.701	136.215	126.858
(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)	154.696	146.460	137.103

(3) Non-Current Liabilities
(a) Long-term borrowings	6.139	9.210	54.936
(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)	6.139	9.210	54.936

(4) Current Liabilities
(a) Short term borrowings	68.007	54.557	71.896
(b) Trade payables	42.229	21.891	19.722
(c) Other current liabilities	12.979	12.095	16.791
(d) Short-term provisions	2.843	0.053	0.999
Total Current Liabilities (4)	126.058	88.596	109.408

TOTAL	286.893	244.266	301.447

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.440	55.887	64.044
(ii) Intangible Assets	0.332	0.336	0.207
(iii) Capital work-in-progress	44.882	16.327	3.170
(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)	1.897	2.258	1.132
(d) Long-term Loan and Advances	5.409	4.046	4.961
(e) Other Non-current assets	0.000	0.000	1.110
Total Non-Current Assets	99.960	78.854	74.624

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	49.731	33.603	106.992
(c) Trade receivables	131.964	126.501	118.603
(d) Cash and cash equivalents	0.232	0.345	0.543
(e) Short-term loans and advances	3.651	3.678	0.685
(f) Other current assets	1.355	1.285	0.000
Total Current Assets	186.933	165.412	226.823

TOTAL	286.893	244.266	301.447

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	460.905	523.457	410.606 [Gross Receipts]
		Other Income	1.984	2.481	NA
		TOTAL	462.889	525.938	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT AFTER TAX		8.236	9.358	5.711

	IMPORTS
		Stores & Spares	0.886	3.229
		Capital Goods	0.762	2.085
	TOTAL IMPORTS		1.648	5.314	NA

	Earnings Per Share (Rs.)		8.24	9.13	5.44

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.79	1.79	NA

Debt Equity Ratio (Total Debt/Networth)		0.48	0.44	0.93

Current Ratio (Current Asset/Current Liability)		1.48	1.87	2.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.245	10.245	9.995
Reserves & Surplus	126.858	136.215	144.701
Net worth	137.103	146.460	154.696

Long-term borrowings	54.936	9.210	6.139
Short term borrowings	71.896	54.557	68.007
Total borrowings	126.832	63.767	74.146
Debt/Equity ratio	0.925	0.435	0.479

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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10563831	09/03/2015	114,930,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C51035319

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Directors	6.139	1.970
From Related Parties	0.000	4.763
From other shareholders and other parties	0.000	2.477
SHORT TERM BORROWINGS
From Directors	4.245	11.730
From Related Parties	15.203	1.702
From other shareholders and other parties	2.773	0.000

Total	28.360	22.642

FIXED ASSETS:

· Buildings

· Furniture and Fixture

· Plant and Machinery

· Office Equipment

· Vehicles

· Goodwill

· Software

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. 63.57
UK Pound	1	Rs. 97.98
Euro	1	Rs. 70.53

INFORMATION DETAILS

Analysis Done by :	SAN

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.

MIRA INFORM REPORT

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