MIRA INFORM REPORT

Report Date :

06.02.2008

IDENTIFICATION DETAILS

Name :	RADHAMANI EXPORTS LIMITED
Registered Office :	176, Jamunalal Bajaj Street, Kolkata - 700 007, West Bengal,
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	08.02.1996
Com. Reg. No.:	21 - 77135
CIN No.: [Company Identification No.]	U51109WB1996PLC077135
TAN No.: [Tax Deduction & Collection Account No.]	CALR05936A
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer and Exporter of Woven Readymade Garments

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 390000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	176, Jamunalal Bajaj Street, Kolkata - 700 007, West Bengal, India
Tel. No.:	91-33-2269 6468
Fax No.:	91-33-2269 6468
E-Mail :	rdmncal@vsnl.net , kolkata@radhamonigroup.com
Head Office :	341, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Tel. No.:	91-22-2493 0911
Fax No.:	91-22-2493 0914
E-Mail :	mumbai@radhamanigroup.com
Factory 1/Warehouse :	325, # 3, Begur Hubli, Bommana Halli, Bangalore - 560 068
Tel. No.:	91-80-2573 7720 /21 / 047
Fax No.:	91-80-2573 5703
E-Mail :	bangalore@radhamanigroup.com

DIRECTORS

Name :	Mr. Murari Lal Agarwal
Designation :	Director
Address :	H-2, Cuffe Castle, Cuff Parade, 8^th floor, G. D. Somani Marg, Mumbai 400005, Maharashtra, India
Date of Birth/Age :	20.04.1946
Date of Appointment :	08.02.1996
Name :	Mr. Manish Kumar Poddar
Designation :	Director
Address :	H-2, Cuffe Castle, Cuff Parade, Colaba, Mumbai 400005, Maharashtra, India
Date of Birth/Age :	01.10.1974
Date of Appointment :	08.02.1996
Name :	Mr. Mukesh Kumar Poddar
Designation :	Director
Address :	H-2, Cuffe Castle, Cuff Parade, Mumbai 400005, Maharashtra, India
Date of Birth/Age :	29.10.1975
Date of Appointment :	08.02.1996
Name :	Mrs. Nirmala Devi Poddar
Designation :	Director
Address :	H-2, Cuffe Castle, Cuff Parade, Colaba, Mumbai 400005, Maharashtra, India
Date of Birth/Age :	10.10.1953
Date of Appointment :	31.03.2005
Name :	Mrs. Akshika Poddar
Designation :	Director
Address :	H-2, Cuffe Castle, Cuff Parade, Mumbai 400005, Maharashtra, India
Date of Birth/Age :	07.05.1976
Date of Appointment :	31.03.2005
Name :	Nidhi Goenka
Designation :	Director
Address :	H-2, Cuffe Castle, Cuff Parade, G. D. Somani Marg, Mumbai 400025, Maharashtra, India
Date of Birth/Age :	25.11.1978
Date of Appointment :	31.03.2005

KEY EXECUTIVES

Name :	Mr. Shiv Hari Jalan
Designation :	Director
Address :	104, Mahavir Building, 44/46, Popatwadi Lane, Kalbadevi, Mumbai, Maharashtra, India
Tel No. :	91-22-22075834
Fax No. :	91-22-22075835
Mobile No. :	91-9869035834

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Murarilal Agarwal	225100
Manish Poddar	225100
Mukesh Poddar	225100
Devi Nirmala Poddar	219700
Akshika Poddar	25000
Aman Poddar	15400
Nidhi Poddar	25000
Militia Commercial Private Limited	2000
Exude Vincom Private Limited	4000
Veeyu Traders Private Limited	2000
Darkin Dealcom Private Limited	3000
Sunshine Sales [Private] Limited	2000
Lupin Vinmay Private Limited	3000
Vindhya Merchant Private Limited	4000
Himalaya Commodeal Private Limited	3000
Sigma Suppliers Private Limited	3000
Abhinav Vinmay Private Limited	3000
Esquier Advisiory Services Private Limited	4000
Bhumika Distributors Private Limited	3000
Equity Share Break-up	Percentage of Holding
Bodies Corporate	21.00
Directors or relatives of the Directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Woven Readymade Garments
Terms :
Selling :	Cash, Contract, L/C, Credit
Purchasing :	Cash, Contract, L/C, Credit

GENERAL INFORMATION

Customers :	Wholesalers, Retailers
Bankers :	Ø Oriental Bank of Commerce, Brabone Road Branch, Kolkata - 700 001. Ø Oriental Bank of Commerce Nariman Point Branch, Mumbai - 400 021. Ø Indian Overseas Bank 2/10, Elphinstone Building, Veer Nariman Road, Mumbai 400023, Maharashtra, India Ø ICICI Bank Limited ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400051, Maharashtra, India

Banking Relations :	Satisfactory
Auditors :
Name :	Ashok Bairagra and Associates Chartered Accountants
Address :	404, Shubham Centre, 2 B wing, Cardinal Gracious Road, Andheri [East], Mumbai 400099, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs. 10/- each	Rs. 16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1364400	Equity Shares	Rs. 10/- each	Rs. 13.644 Millions

As on 30.09.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs. 10/- each	Rs. 16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1589400	Equity Shares	Rs. 10/- each	Rs. 15.894 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		13.644	12.444	9.964
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.235	71.849	60.140
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		98.879	84.293	70.104
LOAN FUNDS
1] Secured Loans		192.379	0.000	0.000
2] Unsecured Loans		1.739	0.000	0.000
TOTAL BORROWING		194.118	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.015	0.009
TOTAL		292.997	84.308	70.113
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.651	4.124	4.389
Capital work-in-progress		79.552	0.000	0.000
INVESTMENT		51.000	69.179	65.160
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.925	0.000	0.000
	Sundry Debtors	79.467	0.000	0.000
	Cash & Bank Balances	1.670	0.005	0.018
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	42.479	11.001	0.548
Total Current Assets		129.541	11.006	0.566
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	51.083	0.008	0.013
	Provisions	2.500	0.000	0.000
Total Current Liabilities		53.583	0.008	0.013
Net Current Assets		75.958	10.998	0.553
MISCELLANEOUS EXPENSES		1.836	0.007	0.011
TOTAL		292.997	84.308	70.113

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		302.137	1.348	1.547
Other Income		53.812	0.000	0.000
Total Income		355.949	1.348	1.547
Profit/(Loss) Before Tax		5.822	1.031	1.249
Provision for Taxation		2.485	0.006	0.002
Profit/(Loss) After Tax		3.337	1.025	1.247
Earning in Foreign Currency		299.463	NA	NA
Total Imports		32.204	NA	NA
Expenditures :
	Raw Material Consumed	142.021	0.000	0.000
	Consumption of stores and spares parts	21.497	0.000	0.000
	Increase/(Decrease) in Finished Goods	[5.196]	0.000	0.000
	Salaries, Wages, Bonus, etc.	38.172	0.000	0.000
	Payment to Auditors	0.020	0.006	0.000
	Interest	8.802	0.000	0.000
	Insurance Expenses	1.098	0.000	0.000
	Power & Fuel	2.287	0.000	0.000
	Preliminary Expenses	0.000	0.000	0.005
	Depreciation & Amortization	8.402	0.265	0.256
	Other Expenditure	133.024	0.046	0.037
Total Expenditure		350.127	0.317	0.298

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	0.93	76.03	80.60
Net Profit Margin (PBT/Sales)	(%)	1.92	76.48	80.73
Return on Total Assets (PBT/Total Assets}	(%)	2.71	6.81	25.21
Return on Investment (ROI) (PBT/Networth)		0.05	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		2.50	0.000	0.00
Current Ratio (Current Asset/Current Liability)		2.41	1375.75	43.54

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

Ø Office Premises

Ø Computer and Accessories

Ø Office Equipments

Ø Furniture and Fixtures

Form 8

Bankers Charges Report as per Registry

This Form is for	Creation of charge
Charge identification number of the charge to be modified	NA
Corporate identity number of the company	U51109WB1996PLC077135
Name of the company	RADHAMANI EXPORTS LIMITED
Address of the registered office or of the principal place of business in India of the company	176, Jamunalal Bajaj Street, Kolkata 700007, West Bengal, India
Type of charge	Ø Book Debts Ø Movable Property
Particular of charge holder	Indian Overseas Bank 2/10, Elphinstone Building, Veer Nariman Road, Mumbai 400023, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Letter of hypothecation dated 05.09.2007
Date of instrument Creating the charge	05.09.2007
Amount secured by the charge	Rs. 60.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	[a] Rate of interest As per circular in force and the loan agreement PC – BRPLR – 4.5% PCFC – LIBOR + 1% FBP – BPLR – 4.5% [b] Terms of repayment As per the loan agreement Working capital facilities repayable on demand [c] Margin PCFC – 25% FBP – NIL L/C – 10% [d] Extent and operation of the charge The charge operates on the movable assets of the company to secure the due repayment of the loan amount by the Company to the Bank and shall rank on first pari passu basis with the other lending banks.
Short particulars of the property charged	Stock of Raw materials, work in process, finished goods, accessories relating to manufacture and export of garments/fabrics and related book debts and receivables, as first charge ranking pari passi with other lending banks.
Date of latest modification prior to the present modification	NA
Particulars of the present modification	NA

Name of the company	RADHAMANI EXPORTS LIMITED
Presented By	Mr. Murarilal Agarwal
1) Date and description of instrument creating the change	Memorandum of Entry for deposit of title deeds title deeds for mortgage created by the Company in favour of ICICI Bank Limited in respect of the Company’s immovable properties admeasuring 1842.92 sq. fts. situate at Raheja Empress, 2001/2002, 20^th floor, No. 392, Veer Savarkar Marg, Bhur Industries Compound, Opposite Sidhivinayak Temple, Prabhadevi, Mumbai 400025, Maharashtra, India more particularly described in the Annexure hereunder written pursuant to the Resolution passed by the Company on the 18^th day of April, 2005
2) Amount secured by the charge/amount owing on the securities of charge	Rupee Term Loan of Rs. 21.300 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	To be as per your documentation immovable properties admeasuring 1842.92 sq. fts. situate at 2001/2002, 20^th floor, Raheja Empress No. 392, Veer Savarkar Marg, Bhur Industries Compound, Opposite Sidhivinayak Temple, Prabhadevi, Mumbai 400025, Maharashtra, India
4) Gist of the terms and conditions and extent and operation of the charge.	To be as per the terms of the loan agreement. In consideration of ICICI bank Limited having agreed to lend and advance to the company the facility, agreement and declaration by the Company, interalia as follows : 1. Convent by the Company to repay the facility and pay interest and all other monies in the manner set out in the facility agreement dated 18.04.2005 between the company and ICICI Bank Limited and to comply with the terms and conditions of the said facility agreement. 2. The said property was thereby mortgaged to ICICI bank Limited as and by way of first charge as security for and be charged with the repayment of the facility with all interest, costs charges and expenses and all other monies payable by the company to ICICI bank Limited in respect thereof. 3. The company to keep the said property in marketable and good condition and also insured as provided therein. 4. Power of entry, power to take charge and/or possession of, size, recover, receive, appoint receivers of and remove and/or sale by public auction or private contract, dispatch for realization or otherwise dispose off or deal with all or any part of the said property etc, as provided therein
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited ICICI Bank Towers, Bandra Kurla Complex, Mumbai 400051, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

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 records 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. 39.60
UK Pound	1	Rs. 77.85
Euro	1	Rs. 58.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
TOTAL		49

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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