MIRA INFORM REPORT

Report No. :	348599
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	GIMA MANUFACTURING PRIVATE LIMITED (w.e.f. 14.07.2008)
Formerly Known As :	SHREE VINAY WASTE RECLAMATION PRIVATE LIMITED
Registered Office :	Ram Mandir Ward, Hinganghat Wardha – 442301, Maharashtra
Tel. No.:	91-7153-244217
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.02.1974
Com. Reg. No.:	11-017181
Capital Investment / Paid-up Capital :	Rs. 1.220 Million
CIN No.: [Company Identification No.]	U74999MH1974PTC017181
IEC No.:	0308065794
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCS4074P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Yarns.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 167000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old established company incorporated in the year 1974. It has satisfactory track. The rating takes into consideration sound financial risk profile of the company marked by adequate networth base and comfortable debt level in the year 2014. Management has reported decent top line growth, but has reported decease in profitability over previous year. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of long track record of business operations, the company can be considered for business dealings with 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

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 31-03-2015.

LOCATIONS

Registered Office :	Ram Mandir Ward, Hinganghat Wardha – 442301, Maharashtra, India
Tel. No.:	91-7153-244217
Fax No.:	Not Available
E-Mail :	accounts@gimatex.co.in

DIRECTORS

As on 30.09.2014

Name :

Mrs. Premlatadevi Basantkumar Mohota

Designation :

Director

Address :

Ram Mandir Ward, Hinganghat-442301, Maharashtra, India

Date of Birth/Age :

09.09.1960

Date of Appointment :

10.05.2006

DIN No.:

00268443

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	U74999MH1974PTC017181	GIMA MANUFACTURING PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
2	U67120MH1996PTC214884	ELLECHANT SECURITIES PRIVATE LIMITED	Director	21/02/2011	21/02/2011	15/12/2014	Active	NO
3	U17120MH2012PTC236782	SHRI SANKHESHWAR TEXTILE PRIVATE LIMITED	Director	15/10/2012	15/10/2012	10/03/2015	Active	NO
4	U45201MH2015PTC262813	HINGANGHAT INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	19/03/2015	19/03/2015	-	Active	NO

Name :

Mr. Omprakash Bhikamchand Joshi

Designation :

Director

Address :

Ram Mandir Ward, Hinganghat-442301, Maharashtra, India

Date of Birth/Age :

17.11.1957

Date of Appointment :

10.02.2006

DIN No.:

00832021

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	U74999MH1974PTC017181	GIMA MANUFACTURING PRIVATE LIMITED	Director	10/02/2006	10/02/2006	-	Active	NO
2	U45201MH2015PTC262813	HINGANGHAT INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	20/07/2015	20/07/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Gimatex Industries Private Limited, India	9000
Gima Investments and Securities Private Limited, India	47000
Girdhardasji Mohota (HUF)	18010
Basantkumar Mohota (HUF)	1000
Basantkumar Mohota	2850
Shantadevi Mohota	9000
Premlatadevi Mohota	10100
Prashantkumar Mohota	2700
Nidhi Mohota	7000
Vineet Kumar Mohota	12610
Anurag Kumar Mohota	2510
Harikishan Bhattad	210
Total	121990

As on 16.06.2015

Names of Allottees	No. of Shares
Gimatex Industries Private Limited, India	3850
Girdhardasji Mohota (HUF)	1470
Basantkumar Mohota (HUF)	80
Basantkumar Mohota	230
Shantadevi Mohota	730
Premlatadevi Mohota	830
Prashantkumar Mohota	220
Nidhi Mohota	1330
Vineet Kumar Mohota	1060
Anurag Kumar Mohota	200
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	45.91
Directors or relatives of Directors	54.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Yarns.
Products :	Yarns
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS (As on 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Textiles Division Unit
Ginning	M.T.	--	15000	13438
Pressing	M.T.	--	25000	26399
Pipe and tiles Division	M.T.	--	600000	201831
Packaging Unit Division	M.T.	--	10000	--

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	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 :	Not Available
Contact No.:	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	Axis Bank Limited
Branch	M.G. House Civil Lines, Nagpur-440001, Maharashtra, India
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 Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Bank of India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term borrowings
Term Loans (Secured by Hypothecation of Plant and M/c. building and Personal guarantee of Directors.)	0.000	6.499
Vehicle Loan (Secured by Hypothecation of Vehicle)	0.651	0.441
Short-term borrowings
O. D. Limit Borrowing from Bank of Baroda	0.000	1.169
Bank of Baroda hgt. L/C A/c	3.539	0.000
Axis Bank Limited L/C A/c	71.483	0.000
Total	75.673	8.109

Auditors :
Name :	Agrawal and Gupta Chartered Accountants
Address :	23 Pancsheel Cinema Building, Sitabuldi, Nagpur - 440010, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA0552L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
131,990	Equity Shares	Rs.10/- each	Rs. 1.320 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs.10/- each	Rs. 3.500 Million
100,000	Unclassified share	Rs.10/- each	Rs. 1.000 Million
	Total		Rs. 4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
121,990	Equity Shares	Rs.10/- each	Rs. 1.220 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	1.220	1.220	1.220
(b) Reserves & Surplus	57.122	53.207	51.331
(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)	58.342	54.427	52.551
(3) Non-Current Liabilities
(a) long-term borrowings	17.059	8.456	10.636
(b) Deferred tax liabilities (Net)	0.000	0.107	0.360
(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)	17.059	8.563	10.996
(4) Current Liabilities
(a) Short term borrowings	75.022	1.169	0.000
(b) Trade payables	5.551	0.630	2.308
(c) Other current liabilities	4.292	0.232	0.129
(d) Short-term provisions	2.277	1.043	1.293
Total Current Liabilities (4)	87.142	3.074	3.730
TOTAL	162.543	66.064	67.277
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.077	25.475	28.624
(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	18.268	8.618	8.618
(c) Deferred tax assets (net)	0.136	0.000	0.000
(d) Long-term Loan and Advances	19.445	1.711	12.514
(e) Other Non-current assets	0.000	14.500	0.000
Total Non-Current Assets	59.926	50.304	49.756
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.275	5.334	5.529
(c) Trade receivables	68.504	4.846	8.733
(d) Cash and cash equivalents	1.483	3.015	1.322
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	26.355	2.565	1.937
Total Current Assets	102.617	15.760	17.521
TOTAL	162.543	66.064	67.277

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	183.643	58.844	63.808
		Other Income	2.217	2.422	2.444
		TOTAL (A)	185.860	61.266	66.252
Less	EXPENSES
		Cost of Materials Consumed	1.417	1.502	2.175
		Purchases of Stock-in-Trade	144.533	21.858	18.171
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.172)	0.895	(1.715)
		Employees benefits expense	5.810	6.253	6.411
		Other expenses	22.689	22.310	26.413
		TOTAL (B)	172.277	52.818	51.455
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		13.583	8.448	14.797
Less	FINANCIAL EXPENSES (D)		3.682	0.806	0.537
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.901	7.642	14.260
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.282	4.881	6.610
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.619	2.761	7.650
Less	TAX (H)		1.704	0.885	3.811
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.915	1.876	3.839
	Earnings / (Loss) Per Share (Rs.)		32.09	15.38	31.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.13	3.19	6.02
Operating Profit Margin (PBIDT/Sales)	(%)	7.40	14.36	23.19
Return on Total Assets (PBT/Total Assets}	(%)	3.90	4.81	13.04
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.15
Debt Equity Ratio (Total Debt /Networth)		1.58	0.18	0.20
Current Ratio (Current Asset/Current Liability)		1.18	5.13	4.70

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	1.220	1.220	1.220
Reserves & Surplus	51.331	53.207	57.122
Net worth	52.551	54.427	58.342
long-term borrowings	10.636	8.456	17.059
Short term borrowings	0.000	1.169	75.022
Total borrowings	10.636	9.625	92.081
Debt/Equity ratio	0.202	0.177	1.578

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	63.808	58.844	183.643
		(7.780)	212.084

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	63.808	58.844	183.643
Profit	3.839	1.876	3.915
	6.02%	3.19%	2.13%

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	No
8]	Designation of contact person	No
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)	No
16]	No. of employees	No
17]	Details of sister concerns	No
18]	Major suppliers	No
19]	Major customers	No
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	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
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	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Loans and advance from related Parties	14.961	0.003
Loans and advance from others	0.130	0.097
Sales tax deferral loan	1.317	1.416
Total	16.408	1.516

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537929	14/11/2014	96,700,000.00	BANK OF INDIA	NAGPUR MID CORPORATE BRANCH, S. V. P. ROAD, NAGPUR, Maharashtra - 440001, INDIA	C37639820
2	10464059	03/12/2013	136,500,000.00	AXIS BANK LIMITED	M.G. House Civil Lines, NAGPUR, Maharashtra - 4400  01, INDIA	B91064733

* Date of charge modification

FIXED ASSETS

• Building
• Plant and machinery
• Furniture and fixture
• Vehicle
• Office equipment
• Computers

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 records 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.99.94
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.