MIRA INFORM REPORT

Report No. :	350359
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	DUDANI EXPORTS PRIVATE LIMITED
Registered Office :	10, Solitaire Apartment, Plot 34-B, Pali Hill, Nargis, Dutta Road, Bandra, Mumbai – 400050, Maharashtra
Tel. No.:	91-22-32264001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.09.2003
Com. Reg. No.:	11-022618
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U51900MH2003PTC022618
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMD10419D
PAN No.: [Permanent Account No.]	AAACD2417R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and trader of garment
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a private limited company incorporated in the year 2003. It has moderate track. Management has failed to file its financial record with government department for the year 2014. For the financial year ended on 31St March 2013, the company has reported huge external borrowings and the earlier year losses has eroded the net worth position of the company. Mr. Nitin Dudani (Director) provided all general information but denied to disclose latest financial details about the subject to us. Business is active. Payment terms are not known. In view of absence of latest financials, the company can be considered for business dealings with fully safe and secured 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Nitin Haresh Dudani
Designation :	Director
Contact No.:	91-9821111334
Date :	19.11.2015

LOCATIONS

Registered Office :	10, Solitaire Apartment, Plot 34-B, Pali Hill, Nargis, Dutta Road, Bandra, Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-32264001
Mobile No.:	91-9821111334 (Mr. Nitin Haresh Dudani)
Fax No.:	Not Available
E-Mail :	snk011@rediffmail.com info@dudaniexports.com
Head Office :	Unit 108, Millenium Plaza, MTNL Lane Skinaka, Mumbai – 400072, Maharashtra, India
Factory :	Bangalore, Karnataka, India

DIRECTORS

AS ON 31.03.2015

Name :	Mansi Pradeep Datwani
Designation :	Director
Address :	10th Floor, Solitaire Building, Plot No.34b, Nurgis Dutt Road, Bandra, Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	08.08.1974
Date of Appointment :	01.12.2003
DIN No.:	02439131
Name :	Mrs. Poonam Haresh Dudani
Designation :	Director
Address :	10th Floor, Solitaire Building, Plot No.34b, Nurgis Dutt Road, Bandra, Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	27.08.1946
Date of Appointment :	01.12.2003
DIN No.:	02017050
Name :	Mr. Nitin Haresh Dudani
Designation :	Director
Address :	10th Floor, Solitaire Building, Plot No.34b, Nurgis Dutt Road, Bandra, Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	21.06.1975
Date of Appointment :	01.12.2003
DIN No.:	00927508

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Nitin Haresh Dudani	9000
Poonam Haresh Dudani	31990
Mansi Pradeep Datwani	9000
Herenmode Exports Private Limited, India	10
Total	50000

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2012

Category	Percentage
Directors or relatives of Directors	99.98
Other	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and trader of garment
Products :	Garment
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	European Countries
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, 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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End users

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 :

60 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Main Branch, Net to MMK Collage, Bandar (West), Mumbai, Maharashtra, 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

Banking Relations :
Financial Institute:	HDB Financial Services Limited, Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380009, Gujarat, India
Auditors :
Name :	N V Kelkar and Company Chartered Accountants
Address :	207/208, R R Reality, Off LBS Marg, Tank Road, Bhandup, Mumbai – 400078, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPK3236G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(5.462)	(6.425)	(6.577)
(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)	(4.962)	(5.925)	(6.077)
(3) Non-Current Liabilities
(a) long-term borrowings	44.654	43.832	47.530
(b) Deferred tax liabilities (Net)	3.832	3.337	2.780
(c) Other long term liabilities	9.983	16.197	16.572
(d) long-term provisions	1.710	1.028	0.202
Total Non-current Liabilities (3)	60.179	64.394	67.084
(4) Current Liabilities
(a) Short term borrowings	0.242	0.242	0.242
(b) Trade payables	3.328	2.319	1.688
(c) Other current liabilities	0.400	0.000	0.743
(d) Short-term provisions	6.176	1.478	1.583
Total Current Liabilities (4)	10.146	4.039	4.256
TOTAL	65.363	62.508	65.263
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.269	27.899	30.797
(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	0.152	0.148	0.524
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.085	20.970	20.910
(e) Other Non-current assets	9.381	8.182	7.439
Total Non-Current Assets	55.887	57.199	59.670
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.103	4.106	3.468
(c) Trade receivables	3.450	0.704	0.560
(d) Cash and cash equivalents	1.923	0.499	1.565
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9.476	5.309	5.593
TOTAL	65.363	62.508	65.263

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
INCOME	NA	NA	NA
EXPENSES	NA	NA	NA
BALANCE OF EARLIER YEAR	6.424	6.577	NA
NET PROFIT / (LOSS)	2.108	2.515	(4.488)
DEFERRED TAX	0.495	0.557	0.527
PROVISION FOR INCOME TAX	0.651	0.645	0.071
PROVISIONS FOR EARLIER YEAR	0.000	1.160	1.166
BALANCE CARRIED OVER TO NEXT YEAR	5.462	6.424	NA
F.O.B. Value of Exports	0.368	0.000	2.232

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	(9.05)	(7.44)	(7.86)
Current Ratio (Current Asset/Current Liability)	0.93	1.31	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	(6.577)	(6.425)	(5.462)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(6.077)	(5.925)	(4.962)
long-term borrowings	47.530	43.832	44.654
Short term borrowings	0.242	0.242	0.242
Total borrowings	47.772	44.074	44.896
Debt/Equity ratio	(7.861)	(7.439)	(9.048)

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	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	No
26	Turnover of firm for last three years	No
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	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	10481137	30/09/2013	27,000,000.00	HDB FINANCIAL SERVICES LIMITED	RADHIKA, 2ND FLOOR, LAW GARDEN ROAD,, NAVRANGPURA ,, AHMEDABAD, GUJARAT - 380009, INDIA	B91726034
2	10035836	16/02/2010 *	43,049,000.00	INDIAN OVERSEAS BANK	BANDRA (WEST) BRANCH, RADHASWAMI APARTMENTS, 36TH TPS III, BANDRA (WEST), MUMBAI, MAHARASHTRA - 400 050, INDIA	A83049163
3	90232312	23/02/2005	1,000,000.00	INDIAN OVERSEAS BANK	BANRA WEST BRANCH, 36; ROAD; TPS - III; BANDRA WE ST, MUMBAI, MAHARASHTRA, INDIA	-
4	90154675	08/04/2002	10,000,000.00	KARNATAKA STATE INDUSTRIAL & INVESTMENT DEVELOPME NT CORPO.	MSIL HOUSE;36;CUNNINGHAM ROAD, BANGALORE, KARNATAK A - 560052, INDIA	-
5	90153871	22/05/2006 *	10,000,000.00	INDIAN OVERSEAS BANK	BANDRA (WEST) BRANCH, RADHASWAMI APARTMENTS, 36TH TPS III, BANDRA (WEST), MUMBAI, MAHARASHTRA - 40 0050, INDIA	-
6	90154316	07/04/2004 *	10,000,000.00	INDIAN OVERSEAS BANK	RADHASWAMI APARTMENTS, 36 ROAD BANDRA, BOMBAY, MA HARASHTRA - 400050, INDIA	-
7	90154666	13/12/2002 *	10,000,000.00	INDIAN OVERSEAS BANK	BANDRA EAST BRANCH, BANDRA, BOMBAY, MAHARASHTRA - 400050, INDIA	-
8	90154387	16/12/1987	1,500,000.00	PUNJAB & SIND BANK	IDB BRANCH, DILWARA SOCIETY; MK ROAD;NARIMAN POIN T, BOMBAY, MAHARASHTRA - 400021, INDIA	-
9	90154114	11/06/1985 *	1,000,000.00	INDIAN OVERSEAS BANK	RADHASWAMI APARTMENTS, 36 ROAD BANDRA, BOMBAY, MA HARASHTRA - 400050, INDIA	-
10	90154386	21/03/1995 *	1,000,000.00	INDIAN OVERSEAS BANK	RADHASWAMI APARTMENTS, 36 ROAD BANDRA, BOMBAY, MA HARASHTRA - 400050, INDIA	-

* Date of charge modification

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.66.11
UK Pound	1	Rs.101.03
Euro	1	Rs.70.78

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.