MIRA INFORM REPORT

Report No. :	341365
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	PADMANABH CREATION PRIVATE LIMITED (w.e.f. 13.03.2013)
Formerly known as :	KHUSHI FASHIONS PRIVATE LIMITED
Registered Office :	B 39, Flat No. 502, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400092, Maharashtra
Tel. No.:	91-22-28334639
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.02.2000
Com. Reg. No.:	11-124425
Capital Investment / Paid-up Capital :	Rs.2.000 Million
CIN No.: [Company Identification No.]	U51491MH2000PTC124425
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMK08017C
PAN No.: [Permanent Account No.]	AABCK2484L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of garment
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2000, it is an established company having moderate track. The company has achieve sales turnover Rs.28.600 million and net profit of Rs.0.131 million in its first year of operation i.e. FY-14. The rating is constrained on company moderated financial risk profile marked by its negative reserves and losses incurred from its operations leading to accumulated over the years. Due to accumulated losses and external borrowings reported by the company it has threaten the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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. Ajay Poddar
Designation :	Director
Contact No.:	91-9323599555
Date :	18.09.2015

LOCATIONS

Registered Office :	B 39, Flat No. 502, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28334639
Mobile No.:	91-9323599555 (Mr. Ajay)
Fax No.:	Not Available
E-Mail :	padmanabh.creation@gmail.com
Location :	Owned
Locality :	Residential
Factory :	160/8, GIDC, Phase-II, Vapi (East), Gujarat, India
Location :	Rented
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ajay Prahladrai Poddar
Designation :	Director
Address :	B-39 Flat No 502, Yogi Nagar, Borivali West, Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	27.09.1969
Date of Appointment :	23.02.2000
DIN No.:	01146462
Name :	Mr. Binay Kumar Prahladraj Poddar
Designation :	Director
Address :	B-39 Flat No 502, Yogi Nagar, Borivali West, Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	27.03.1973
Date of Appointment :	23.02.2000
DIN No.:	01341415
Name :	Mr. Naveen Kumar Sharma
Designation :	Director
Address :	Gali No.4, Kasyap Colony, Near Bus Stand, Bilaspur - 495001, Chhattisgarh, India
Date of Birth/Age :	19.08.1982
Date of Appointment :	18.08.2014
DIN No.:	06947076

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ajay Prahladrai Poddar	116490
Shaila Poddar	83500
Binay Poddar	10
Total	200000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of garment
Products :	Garment
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque
Purchasing :	Cash, Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Arvind Limited – Ahmedabad
Name of the Person :	Mr. Niraj Bhatt (Marketing Head)
Contact No.:	91-9624997555
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	Mr. Niraj have positive response about subject company in Payment behaviour overall it’s a good company.

Customers :

Company Name :	Future Lifestyle Fashion Limited
Name of the Person :	Mr. Jitu Jain (Category Head)
Contact No.:	91-9324274620
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	Ringing

No. of Employees :

70 (Approximately)

Bankers :

Banker Name :	Dena Bank
Branch :	Yogi Nagar, Borivali (West), Mumbai, Maharashtra, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	Gowadia and Company Chartered Accountants
Address :	Shop No. 13, Suyog Mandir CHSL, Ram Mandir Road, Babhai Naka, Borivali West, Mumbai – 400091, Maharashtra, India
PAN No.:	AADPG5504E
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 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	2.000	2.000	2.000
(b) Reserves & Surplus	(0.535)	(0.666)	(0.639)
(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)	1.465	1.334	1.361
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.052	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)	0.052	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	9.002	0.000	0.000
(b) Trade payables	7.508	0.000	0.000
(c) Other current liabilities	0.710	0.067	0.011
(d) Short-term provisions	0.090	0.000	0.055
Total Current Liabilities (4)	17.310	0.067	0.066
TOTAL	18.827	1.401	1.427
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.838	0.870	0.870
(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	0.307	0.318	0.000
Total Non-Current Assets	1.145	1.188	0.870
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.756	0.000	0.000
(c) Trade receivables	7.286	0.000	0.000
(d) Cash and cash equivalents	0.494	0.037	0.045
(e) Short-term loans and advances	0.146	0.176	0.176
(f) Other current assets	0.000	0.000	0.336
Total Current Assets	17.682	0.213	0.557
TOTAL	18.827	1.401	1.427

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	28.632	0.000	0.000
	Other Income	NA	0.000	0.000
	TOTAL	NA	0.000	0.000
Less	EXPENSES	NA	0.027	0.078
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.411	(0.027)	(0.078)
Less	DEPRECIATION/ AMORTISATION	0.138	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX	0.273	(0.027)	(0.078)
Less	TAX	0.142	0.000	0.000
	PROFIT/(LOSS) AFTER TAX	0.131	(0.027)	(0.078)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.666)	(0.639)	(0.561)
	BALANCE CARRIED TO THE B/S	(0.535)	(0.666)	(0.639)
	Earnings Per Share (Rs.)	0.66	--	--

Particulars	31.03.2015
Sales Turnover (Approximately)	45.000

Expected Sales (2015-2016): Rs.70.000 Million

The above information has been parted by Mr. Ajay

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 flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.46	0.00	0.00
Return on Total Assets (PBT/Total Assets)	(%)	1.45	(1.93)	(5.47)
Return on Investment (ROI) (PBT/Networth)		0.19	(0.02)	(0.06)
Debt Equity Ratio (Total Debt /Networth)		6.14	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.02	3.18	8.44

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	2.000	2.000	2.000
Reserves & Surplus	(0.639)	(0.666)	(0.535)
Net worth	1.361	1.334	1.465
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	9.002
Total borrowings	0.000	0.000	9.002
Debt/Equity ratio	0.000	0.000	6.145

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	0.000	0.000	28.632

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	0.000	0.000	28.632
Profit	(0.078)	(0.027)	0.131
			0.46%

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)	No
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	No
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	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

OPERATIONS:

During the year, it is first year of subject after discontinuation of business and it is expected to develop the business in future and hopes to achieve better results.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans and advances from related parties
From directors	2.979	0.000
From others	6.023	0.000
Total	9.002	0.000

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Air Condition

· Computer

· Furniture

· Machinery

· Mobile

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.65.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.