MIRA INFORM REPORT

Report No. :	349039
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	SWAMY COTTON MILL TIRUPUR PRIVATE LIMITED

Registered Office :	SF No. 407/2, Peerchankadu, Vellanchettipalayam, Mangalam, District Coimbatore-641663, Tamilnadu
Tel. No.:	91-421-2344042/ 2344996/ 2345192

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.04.2005

Com. Reg. No.:	18-011697

Capital Investment / Paid-up Capital :	Rs. 100.000 Million

CIN No.: [Company Identification No.]	U17111TZ2005PTC011697

IEC No.:	3205013841

TIN No. :	33492464010

TAN No.: [Tax Deduction & Collection Account No.]	CMBS07845F

PAN No.: [Permanent Account No.]	AAICS9165P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of All types of Woven Garments.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 incorporated in the year 2005. It is having satisfactory track. Rating takes into consideration sound financial risk profile of the company marked by adequate networth base along with comfortable gearing in FY14. The company has reported increase in its revenue base along with decent profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be usually 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

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	CRISIL
Rating	Long Term Rating = B
Rating Explanation	Risk – prone-credit quality and carries very high credit risk.
Date	17.09.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	minimal degree of safety and very high credit risk
Date	17.09.2014

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 31-03-2015.

INFORMATION DENIED

Unable to contact – (91-421-2344042) Constantly Ringing

LOCATIONS

Registered Office :	SF No. 407/2, Peerchankadu, Vellanchettipalayam, Mangalam, District Coimbatore-641663, Tamilnadu, India
Tel. No.:	91-421-2344042/ 2344996/ 2345192
Fax No.:	91-421-2345750
E-Mail :	swamy_mills@swamycottonmill.co.in info@swmycottonmill.co.in manoj@swamycottonmill.co.in
Website :	http://www.swammycottonmill.co.in

DIRECTORS

As on: 30.09.2014

Name :	Mr. Chinnaiah Gounder Easwaran
Designation :	Director
Address :	5/99B, Peerchankadu Vellanche, Tipalayam Mangalam-641663, Tamilnadu, India
Date of Birth/Age :	04.01.1956
Date of Appointment :	01.04.2005
DIN No.:	01984677

Name :	Mr. Vasuki Easwaran
Designation :	Director
Address :	5/99B, Peerchankadu Vellanche, Tipalayam Mangalam-641663, Tamilnadu, India
Date of Birth/Age :	13.07.1965
Date of Appointment :	01.04.2005
DIN No.:	01274001

Name :	Mr. Manojkumar Easwaran
Designation :	Additional Director
Address :	5/99B, Peerchankadu Vellanche, Tipalayam Mangalam-641663, Tamilnadu, India
Date of Birth/Age :	08.04.1987
Date of Appointment :	01.11.2010
DIN No.:	01984707

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
E. Kalaivani	75000
Vasuki Easwaran	200000
Manojkumar Easwaran	75000
A Chinnian Govnder	20000
Easwaran Kalaivani	600000
C Deivathal	20000
P Natraja Gounder	10000
TOTAL	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of All types of Woven Garments

Products :

Item Code No.	Product Description
61112000	Cloth and Yarn

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

C.S. Poly Industries
Harini Textile Spare Parts
Shree Mahaveer Textile Stores
Jhakan Textile
Nasa Fire Tech
Kamalam Tex Spares
Tex Tech Corporation
Sree Vari Cotton Traders
Malchand Export
Apollo Impex

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Saraswathi Fabrics, Tirupur
Sunrise Fabrics, Erode
Nagabaskar Cloth Store, Dwarapudi
Hindoostan Agency, Mumbai
Jimi Sales, Ahmedabad
Bhavesh Textiles, Coimbatore
Spinning King (India) Limited
Vennila Textiles
Rajalakshmi Textiles, Coimbatore
GB Raja Top Weaving Private Limited, Tiruchengode

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Allahabad Bank, Tirupur Branch, 342 Palladam Road, Coimbatore-641604, Tamilnadu, India

State Bank of Travancore, Tirupur Branch, Good Shed Road, Tirupur -641601, Tamilnadu, India

The Karur Vyasa Bank Limited, Overseas Branch, Post Box no. 6, 1^st Floor, Kumaran Road, Tirupur-641601, Tamilnadu, India

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
IFCS CODE	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 :

SECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee term loans from Banks	52.822	85.425
Rupee term loans from other	0.117	0.322

SHORT TERM BORROWINGS
Working capital loan from Banks	178.880	186.385
Total	231.819	272.132

Auditors :
Name :	N Rajan and Associates Chartered Accountant
Address :	Amarjothi House, 157, Kumaran Road, Tirupur-641601, Tamilnadu, India
Tel No.:	91-421-2201980/4311622
Fax:	91-421-4326694
Email:	nrajanandassociates@yahoo.co.in
PAN No.:	AAFFN8571L

Memberships :	---

Collaborators :	---

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.100/- each	Rs. 100.000 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	100.000	60.000	60.000
(b) Reserves & Surplus	56.299	49.093	42.295
(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)	156.299	109.093	102.295

(3) Non-Current Liabilities
(a) long-term borrowings	66.886	131.790	153.048
(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)	66.886	131.790	153.048

(4) Current Liabilities
(a) Short term borrowings	178.880	186.384	178.873
(b) Trade payables	54.786	21.018	26.925
(c) Other current liabilities	2.590	2.389	2.586
(d) Short-term provisions	2.593	2.535	0.000
Total Current Liabilities (4)	238.849	212.326	208.384

TOTAL	462.034	453.209	463.727

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.872	161.492	174.555
(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	0.000	0.000	0.000
(e) Other Non-current assets	4.717	5.993	5.352
Total Non-Current Assets	153.589	167.485	179.907

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	230.332	214.818	200.352
(c) Trade receivables	53.065	50.069	65.418
(d) Cash and cash equivalents	0.155	1.132	1.223
(e) Short-term loans and advances	15.211	8.990	6.461
(f) Other current assets	9.682	10.715	10.366
Total Current Assets	308.445	285.724	283.820

TOTAL	462.034	453.209	463.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	659.901	562.908
		Other Income	0.762	0.938
		TOTAL	660.663	563.846	465.392

Less	EXPENSES
		TOTAL	636.708	495.870	402.515

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			67.976	62.877

Less	FINANCIAL EXPENSES			44.446	39.900

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		23.955	23.530	22.977

Less/ Add	DEPRECIATION/ AMORTISATION		13.646	14.936	16.269

	PROFIT BEFORE TAX		10.309	8.594	6.708

Less	TAX		3.103	1.796	1.286

	PROFIT AFTER TAX		7.206	6.798	5.422

	Earnings Per Share (Rs.)		7.21	11.33	9.04

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 operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.09	1.21	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.23	1.90	1.45

Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.07

Debt Equity Ratio (Total Debt /Networth)		1.57	2.92	3.24

Current Ratio (Current Asset/Current Liability)		1.29	1.35	1.36

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	60.000	60.000	100.000
Reserves & Surplus	42.295	49.093	56.299
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	102.295	109.093	156.299

long-term borrowings	153.048	131.790	66.886
Short term borrowings	178.873	186.384	178.880
Total borrowings	331.921	318.174	245.766
Debt/Equity ratio	3.245	2.917	1.572

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	465.392	563.846	660.663
		21.155	17.171

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	465.392	563.846	660.663
Profit	5.422	6.798	7.206
	1.17%	1.21%	1.09%

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	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 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	Yes
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

OPERATION FOR THE YEAR:

The company has achieved a turnover of Rs. 660.663 Million as against Rs. 563.846 Million in the previous year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Loan Repayable on demand from others	13.947	46.042
Total	13.947	46.042

INDEX OF CHARGES

No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

10501660

14/05/2015 *

323,365,000.00

THE KARUR VYSYA BANK LIMITED

D.NO 315, FIRST FLOOR, TIRUPUR OVERSEAS BRANCH, KUMARAN ROAD, TIRUPUR - 641601, TAMILNADU, INDIA

C58316753

10000001

06/06/2014 *

5,000,000.00

ALLAHABAD BANK

342 PALLADAM ROAD, THENNAMPALAYAM, TIRUPUR - 641604, TAMILNADU, INDIA

C06239149

* Date of charge modification

FIXED ASSETS

Building
Computer
Furniture and Fittings
Land
Machinery
Plant and Machinery

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.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KNL

Report Prepared by :	MTN

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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

Unit