MIRA INFORM REPORT

Report No. :	349056
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	P K WEAVING MILLS PRIVATE LIMITED
Registered Office :	H-2, Basant Vihar, Bhilwara – 311001, Rajasthan
Tel. No.:	91-1482-246003
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.11.2000
Com. Reg. No.:	17-016748
Capital Investment / Paid-up Capital :	Rs. 7.056 Million
CIN No.: [Company Identification No.]	U51311RJ2000PTC016748
IEC No.:	1304009408
TIN No.:	08501006604
TAN No.: [Tax Deduction & Collection Account No.]	JDHP02290B
PAN No.: [Permanent Account No.]	AACCP4118M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Textile Fabrics.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 104500
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established incorporated in the year 2000 having satisfactory track record. It is engaged in the business as manufacturer, trader, exporter and importer of textile fabrics. As per Registrar of Companies the date of balance sheets i.e. financial filed is shown as 31.03.2015 but the documents related to the financial for the year 2015 are not available from any source. Profit of the company has continuously declined during the FY 2014. However networth base of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. The rating further takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments are reported as slow but 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 – 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Pankaj Khaitan
Designation :	Director
Contact No.:	91-9414144149
Date :	07.11.2015

LOCATIONS

Registered Office :	H-2, Basant Vihar, Bhilwara – 311001, Rajasthan, India
Tel. No.:	91-1482-246003
Mobile No.:	91-9414144149 [Mr. Pankaj Khaitan]
Fax No.:	Not Available
E-Mail :	cs.vijeta@gmail.com pkweav@yahoo.co.in info@pkweavingmills.com
Website :	http://www.pkweavingmills.com
Head Office/ Factory :	E-56, RIICO Industrial Area Extension, Pur Road, Bhilwara - 311001, Rajasthan, India
Tel. No.:	91 1482 260203

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Prakash Chandra Khaitan
Designation :	Director
Address :	H-2, Basant Vihar, Bhilwara – 311001, Rajasthan, India
Date of Birth/Age :	21.10.1957
Date of Appointment :	24.11.2000
DIN No.:	00810582
Name :	Mr. Pankaj Khaitan
Designation :	Director
Address :	H-2, Basant Vihar, Bhilwara – 311001, Rajasthan, India
Date of Appointment :	24.11.2000
DIN No.:	00810613

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Prakash Chandra Khaitan	212605
Uma Khaitan	95600
Pankaj Khaitan	129935
Ruchi Khaitan	54000
Puneet Khaitan	103500
Megha Khaitan	49000
Remix Dealers Privae Limited	6000
Smarta Pay Carp Private Limited	10000
Karan Vyapar Private Limited	6000
Bhagwati Commercial Private Limited	14000
Grihalakshmi Tie up Private Limited	25000
Total	705640

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	8.65
Directors or relatives of directors	91.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trader of Textile Fabrics.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Dubai · Saudi Arabia · Afghanistan
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:	Toyota Industries Corporation, Japan
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Arvind Limited, Ahmedabad, Gujarat, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

70 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	SSI Branch, Bhilwara - 311001, Rajasthan, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-1482-244940 (Continuously Ringing)
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 Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan from Bank	1.393	3.546
Car Loan from HDFC	0.312	0.926
SHORT TERM BORROWINGS
Cash Credit Limit from Bank of Baroda	8.153	9.986
EPC Limit from Bank of Baroda	10.000	10.000
Total	19.858	24.458

Banking Relations :	--
Auditors :
Name :	K C Baheti and Company Chartered Accountants
Address :	Near Kamal KA Kunwa, Bhopal Gunj, Bhilwara – 311001, Rajasthan, India
Tel. No.:	91-1482-229862
Mobile No.:	91-9829045862
Income-tax PAN of auditor or auditor's firm :	AAVPB1928P
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
705,640	Equity Shares	Rs. 10/- each	Rs. 7.056 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	7.056	7.056	6.556
(b) Reserves & Surplus	29.527	27.872	24.444
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.000
Total Shareholders’ Funds (1) + (2)	36.583	34.928	32.000
(3) Non-Current Liabilities
(a) Long-term borrowings	2.535	5.393	8.485
(b) Deferred tax liabilities (Net)	1.026	1.885	1.951
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.088	0.074	0.000
Total Non-current Liabilities (3)	3.649	7.352	10.436
(4) Current Liabilities
(a) Short term borrowings	18.153	19.986	16.215
(b) Trade payables	8.981	3.351	4.039
(c) Other current liabilities	4.487	5.237	7.487
(d) Short-term provisions	1.762	1.067	0.586
Total Current Liabilities (4)	33.383	29.641	28.327
TOTAL	73.615	71.921	70.763
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.006	28.691	34.348
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.310	1.103	0.985
(e) Other Non-current assets	0.109	0.101	0.400
Total Non-Current Assets	24.425	29.895	35.733
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.058	14.194	19.301
(c) Trade receivables	18.093	16.068	6.946
(d) Cash and cash equivalents	11.401	6.485	6.870
(e) Short-term loans and advances	6.638	5.279	1.913
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	49.190	42.026	35.030
TOTAL	73.615	71.921	70.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	180.000 [Approx.]	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.519	12.216	11.941
Less	FINANCIAL EXPENSES (D)		2.165	3.512	3.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.354	8.704	8.718
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.796	5.775	5.782
	PROFIT BEFORE TAX (E-F) (G)		2.558	2.929	2.936
Less	TAX (H)		0.904	1.001	0.586
	PROFIT AFTER TAX (G-H) (I)		1.654	1.928	2.350
	Earnings Per Share (Rs.)		2.34	2.73	3.58

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	180.000

Expected Sales (2015-2016): Rs.200.000 Million

The above information has been parted by Mr. Pankaj Khaitan (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	2.388	3.388	5.796
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.47	4.07	4.15
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.09
Debt Equity Ratio (Total Liability/Networth)		0.63	0.82	0.95
Current Ratio (Current Asset/Current Liability)		1.47	1.42	1.24

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	6.556	7.056	7.056
Reserves & Surplus	24.444	27.872	29.527
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.000	0.000	0.000
Net worth	32.000	34.928	36.583
Long-term borrowings	8.485	5.393	2.535
Short term borrowings	16.215	19.986	18.153
CURRENT MATURITIES OF LONG-TERM DEBTS	5.796	3.388	2.388
Total borrowings	30.496	28.767	23.076
Debt/Equity ratio	0.953	0.824	0.631

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	No
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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10172205	21/08/2009	10,300,000.00	BANK OF BARODA	SSI BRANCH ,, BHILWARA, RAJASTHAN - 311001, INDIA	A68398544
2	90113479	20/10/2012 *	25,000,000.00	BANK OF BARODA	SSI BRANCH, BHILWARA, RAJASTHAN - 311001, INDIA	B61325858

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from Companies and Related Parties	0.066	0.265
Loan from Directors	0.764	0.656
Total	0.830	0.921

FINANCIAL PERFORMANCE

The Company has posted superior performance during the year. This year total production of the company is 1991859 Meters. The company has shown a net profit of Rs. 2.558 Million as against profit of Rs. 2.929 Million in the immediately preceding previous year. This year the directors set a target to increase sales by 20% and reduce the expenses to the extent possible.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Electric Installation

· 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. 65.79
UK Pound	1	Rs. 99.95
Euro	1	Rs. 71.55

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		44

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.