MIRA INFORM REPORT

Report Date :

19.01.2008

IDENTIFICATION DETAILS

Name :	REUNION CLOTHING COMPANY – UNIT OF BANG OVERSEAS LIMITED
Registered Office :	Masjid Manor, 2^nd Floor, 16, Homi Modi Street, Fort, Mumbai – 400 023, Maharashtra
Country :	India
Financials (as on) :	30.09.2007
Date of Incorporation :	01.06.1992
Com. Reg. No.:	11-67013
CIN No.: [Company Identification No.]	U51900MH1992PLC067013
TAN No.: [Tax Deduction & Collection Account No.]	MUMB12486F
PAN No.: [Permanent Account No.]	AABCB2777M
Legal Form :	A closely held public limited liability company.
Line of Business :	The Company is engaged in Manufacturing, Importing, Exporting and Trading of Fabrics, Yarns and 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 260000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Financial position is satisfactory. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Masjid Manor, 2^nd Floor, 16, Homi Modi Street, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-22043496 / 22841422
Fax No.:	91-22-56607970
E-Mail :	bangs@bom3.vsnl.net.in dighe@banggroup.com banggroup@banggroup.com
Website :	http://www.banggroup.com
Area :	2500 sq. mtrs
Location :	Owned
Head Office/ Corporate Office :	144, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400 001, Maharashtra, India
Tel No. :	91-22-66607965
E-Mail :	bol@banggroup.com
Corporate office :	19/2, 9^th Mile, Basavapura Village Begur Hobli, Electronic city Post, Bangalore – 560 160, Karnataka, India
Tel. No.:	91-80-41245910
Fax No.:	91-80-41245911
Factory 1 :	Rajlaxmi Commercial Complex, Unit No. 19, 20, 21, Mane Farm House, Opp. Durgesh Park, Kalher Village, Bhiwandi - 421 302, District Thane, Maharashtra
Area :	5654 sq.mtrs
Location :	Rented
Units :	Unit No. 5, Krishnanagar Industrial Area, Hosur Road, Near Christ College, Bangalore. # 204/ 5, Parvathi Plaza, 105 Richmond Road, Bangalore – 560 025, Karnataka, India Tel. No.: 91-80-22108218-20 Fax No.: 91-80-41245911

DIRECTORS

Name :	Mr. Venugopal B. Bang
Designation :	Chairman
Address :	Bang Bhavan, 2^nd Floor, Sir Bhalchandra Road, Dadar, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	02.06.1954
Date of Appointment :	01.06.1992
Name :	Mr. Brijgopal B. Bang
Designation :	Managing Director
Address :	9, Arun Building, 34, Dr. N.D. Road, Walkeshwar, Mumbai - 400 006, Maharashtra, India.
Date of Birth/Age :	26.07.1967
Date of Appointment :	03.06.1992
Name :	Mr. Balaram Bang
Designation :	Director
Address :	122, Hindu Colony, Lane No. 5, Sir, Bhalchandra Road, Dadar, Mumbai – 400 014, Maharashtra, India
Name :	Mr. Mithilesh K Sinha
Designation :	Director
Address :	1604, Orchid, Film City Road, Malad (East), Mumbai – 400 097, Maharashtra, India
Date of Birth/Age :	02.09.1935
Date of Appointment :	12.03.2007
Other Directorship:	v Prag Bosimi Synthetics Limited v Pasupati Fabrics Limited v Austral Coke and Projects Limited v Radaan Media Works India Limited v K Sera Sera Productions Limited v APL Infotech Limited
Name :	Mr. Vishwanath Cheruvu
Designation :	Director
Address :	1-3-176/4/C/15, Saraswati Nilayam, Gandhi Nagar, Hyderabad – 500 080, Andhra Pradesh, India
Date of Birth/Age :	01.05.1954
Date of Appointment :	12.03.2007
Partnership Held:	Cheruvu and Associates Address: 1-3-176/4/C/15, Saraswati Nilayam, Gandhi Nagar, Hyderabad – 500 080, Andhra Pradesh, India
Name :	Mr. V D Ajgaonkar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Anuj Tiwari
Designation :	Company Secretary
Address :	144, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400 001, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Particulars	Pre – Issue		Post – Issue
	No. of Equity Shares	% of the present share capital	No. of Equity Shares	% of the present share capital
Promoter / Core Promoter	4227600	42.02	4227600	31.18
Promoter Group	5001140	49.72	4001140	36.88
Total Promoter and Promoter Group	9228740	91.74	9228740	68.06
Others	831260	8.26	831260	6.13
Public	--	--	3500000	25.81
Total	10060000	100.00	13560000	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in Manufacturing, Importing, Exporting and Trading of Fabrics, Yarns and Readymade Garments.

Products :

Products	ITC Code No.
Fabrics	5208
Yarns	5205
Readymade Garments	6100

Imports from:

Italy, Mauritius, Austria, Germany, France, Portugal and Spain.

PRODUCTION STATUS

Particulars	Unit	Actual Production
Readymade shirts & trousers	Pcs	56822
Cotton shopping bags	Pcs	750750

GENERAL INFORMATION

No. of Employees :

110

Bankers :

+ The Federal Bank Limited, 32, Bombay Samachar Marg, Mumbai - 400 001

+ State Bank of Mauritius Limited, 101, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai - 400 021

Facility : Import L/C : Rs. 5.000 millions

+ The Nedungadi Bank Limited, 265, Birya House, Bazar Gate Street, Fort, Mumbai - 400 001

Facilities : Cash Credit : Rs. 5.000 millions

Import L/C : Rs. 23.500 millions

Cash Credit : Rs. 4.106 millions

+ Citibank, Mumbai

+ Saraswat Co-operative Bank Limited, Mumbai

+ A. P. Mahesh Urban Co-operative Bank

+ ING Vysya Bank Limited, Mittal Tower, A Wing, Nariman Point, Mumbai – 400 021.

Facilities :

Secured Loan	31.01.2007 Rs. in Millions
Cash Credit, term Loan and Packing Credit with ING Vysya Bank Limited (secured against hypothecation of stock / book debts and fixed assets)	89.081
ICICI / HDFC Bank Car Loan	1.675
Total	90.756
Unsecured Loan
From Directors and shareholders	109.476
From Others	10.000
Total	119.476

Banking Relations :	Satisfactory
Auditors :
Name :	Rajendra K. Gupta & Associates Chartered Accountants
Address :	Room No. 3, C-29, Kshipra Society, Akurli X Road No. 1, Kandivli (East), Mumbai - 400 101, Maharashtra, India
Tel. No.:	91-22-28871409 / 28874879
Fax No.:	91-22-28871409
Email:	Rkgupta-im@eth.net
Associates:	+ Bang Data Forms Private Limited - It is involved in producing all type of computer stationery, HDPE woven sacks, etc. It has owned factory at Solapur, Maharashtra + Bodywave Fashions Private Limited -Acts as traders and resellers of all types of textile goods. + Ramkumar Venugopal Investment Private Limited
Subsidiaries :	C Prag Bosimi Synthetics Limited CIN No.: U17124AS2006PTC002758 C Pasupati Fabrics Limited CIN No: U99999DL1991PLC046549 C Austral Coke and Projects Limited CIN No: L67120WB1994PLC063008 C Radaan Media Works India Limited CIN No: U92111TN1999PLC043163 C K Sera Sera Productions Limited CIN No: L21010MH1995PLC092438 C APL Infotech Limited CIN No: U99999MH2001PLC134291 C Vedanta Creations Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs. 10/- each	Rs. 160.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10060000	Equity Shares	Rs. 10/- each	Rs. 100.600 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2007 (6 months)	31.03.2007 (12 months)	31.03.2006 (12 months)
SHAREHOLDERS FUNDS
1] Share Capital		100.600	98.000	25.010
2] Reserves & Surplus		135.490	48.430	40.378
NETWORTH		236.090	146.430	65.388
LOAN FUNDS
1] Secured Loans		144.410	108.440	63.694
2] Unsecured Loans		155.140	137.010	118.746
TOTAL BORROWING		299.550	245.450	182.440
DEFERRED TAX LIABILITIES		11.860	9.290	3.280
TOTAL		547.500	401.170	251.108
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		126.830	114.590	74.500
INVESTMENT		8.780	8.780	1.260
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	180.220	126.700	111.488
	Sundry Debtors	332.620	176.750	81.607
	Cash & Bank Balances	41.910	11.340	10.386
	Loans & Advances	83.550	70.300	20.821
Total Current Assets		638.300	385.090	224.302
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	239.830	116.670	48.859
	Provisions	0.000	0.000	0.095
Total Current Liabilities		239.830	116.670	48.954
Net Current Assets		398.470	268.420	175.348
MISCELLANEOUS EXPENSES		13.420	9.380	0.000
TOTAL		547.500	401.170	251.108

PROFIT & LOSS ACCOUNT

PARTICULARS		30.09.2007 (6 months)	31.03.2007 (12 months)	31.03.2006 (12 months)
Sales Turnover [Including Other Income]		534.440	737.810	392.050
Profit/(Loss) Before Tax		83.340	105.130	32.681
Provision for Taxation		26.170	36.720	0.000
Profit/(Loss) After Tax		57.170	68.410	32.681
Export Value		NA	NA	64.993
Expenditures :
	Interest	17.370	25.460	16.290
	Depreciation & Amortization	5.780	8.580	3.640
	Other Expenditure	427.950	598.640	394.390
Total Expenditure		451.100	632.680	414.320

KEY RATIOS

PARTICULARS		30.09.2007 (6 months)	31.03.2007 (12 months)	31.03.2005 (12 months)
PAT / Total Income	(%)	10.69	9.27	7.63
Net Profit Margin (PBT/Sales)	(%)	15.57	14.24	7.63
Return on Total Assets (PBT/Total Assets}	(%)	10.76	20.67	10.00
Return on Investment (ROI) (PBT/Networth)		0.35	0.71	0.30
Debt Equity Ratio (Total Liability/Networth)		3.33	3.53	1.97
Current Ratio (Current Asset/Current Liability)		2.66	3.30	7.73

LOCAL AGENCY FURTHER INFORMATION

The company is in trade terms with:

+ Cotonificio Albini SPA, Italy

+ Oltolina SPA, Italy

+ GE TE CA, SPA, Italy

+ Leggiuno SPA, Italy

+ M.F.B., SPA, Italy

+ Consolidated Fabrics Limited, Mauritius

+ Socota Textile Mills Limited, Mauritius

+ Josef Otten GmbH, Austria

+ Brennet AG, Germany

+ Emanuel Lang Textiles, France

+ Chatelard S.A., France

+ Societe Industrielle Altkirchoise, France

+ Sidogras S.A., Spain

+ Mas Molas S.A., Spain

+ TMG - Tecidos Para Vestuario, Portugal

+ Fabrics Textiles De Vizela Lda, Portugal

+ Pantaloon Retail (India) Limited

+ Pantaloon House, G-11, MIDC, Cross Road "A", Andheri (East), Mumbai

+ S. Kumar's Nationwide Limited

"Avadh", Avadhesh Parisar, Shree Ram Mills Premises, Worli, Mumbai - 400 018

+ Bombay Dyeing Manufacturing Company Limited

Pandurang Budhkar Marg, Mumbai - 400 025

+ Swati Chemco

114, Gambhir Industrial Estate, C-Wing, Vishweswar Nagar, Goregaon (East), Mumbai

+ Styled Apparels

Ram Nimi Building, Mandlik Road, Colaba, Mumbai - 400 001

+ Globus Stores Private Limited

Raheja Main Avenue Junction, V. P. Road, Santacruz, Mumbai

+ Kewal Kiran & Company

B/101, Synthofine Industrial Estate, Opp. Veerwani Industrial Estate, Goregaon (East), Mumbai

+ Advin Impex

Opp. Vrundavan Shopping Centre, Nagori Pole Ratan Pole, Ahmedabad - 380 001, Gujarat

+ Chandra Textiles

504, Chandra Chowk, Kalbadevi, Mumbai - 400 002

+ Business Inc.,

2/2, Madhuban Apartment, Pitampura, Delhi - 110 034

Fixed Assets:

v Plant & Machinery

v Office Equipments

v Furniture

v Computer System

v Vehicles

v Factory Land and Building

Form 8

Name of the company	BANG OVERSEAS PRIVATE LIMITED
Presented By	ING Vysya Bank Limited, Mittal Tower, A Wing, Nariman Point, Mumbai – 400 021.
1) Date and description of instrument creating the change	General hypothecation Agreement dated 10.11.2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 55.000 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	Hypothecation by way of exclusive charge on the entire stock of raw material, stock in process, finished goods, plant & machinery, office equipment, furniture, computers, vehicles and all other movables, both present and future wherever lying, situated or in transit. Hypothecation by way of exclusive charge on the entire book debts, receivables, claims of the company, both present and future.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest for CC @ ING Vysya Bank Reference Rate (IVRR)+ 0.25% p.a. compounded monthly or such other rate as may be prescribed by the bank from time to time. Commission and charges on FLC shall be as per bank Norms / FEDAI Guidelines from time to time. Security to secure CC of Rs. 15.000 Millions, FLC (DA/DP) of Rs. 40.000 Millions together with interest, cost, expenses, charges, commission etc.
5) Name and Address and description of the person entitled to the charge.	ING Vysya Bank Limited, Mittal Tower, A Wing, Nariman Point, Mumbai – 400 021.
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

Name of the company

BANG OVERSEAS PRIVATE LIMITED

Presented By

Mr. Venugopal Bang Director of the company

1) Date and description of instrument creating the change

Cash Credit agreement, Demand Promissory note, Hypothecation note dated 10.12.2002 executed by Bang Overseas Private Limited in favour of “The A P Mahesh Co-operative Urban Bank Limited”. (There in and herein after referred to as ‘said Bank’)

2) Amount secured by the charge/amount owing on the securities of charge

Cash Credit Rs. 10.000 Millions (8.000 Millions against Book Debts and Rs. 2.000 Millions against Stock)

Foreign Letter of Credit limited Rs. 40.000 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

Hypothecation of Stock consisting of Raw Fabrics and process fabrics with 25% margin in the company’s own godown or in open with in the firm premises.

Hypothecation and first charge on all book debts margin of 30 % outstanding money receivable claim bill which are now due and in future also may becoe due and owing to the company.

4) Gist of the terms and conditions and extent and operation of the charge.

Cash Credit Limit: 10.000 Millions (8.000 Millions against Book Debts and Rs. 2.000 Millions against Stock)

Rate of Interest: 16% p.a. Subject to change from time to time as decided by the Banks Board of Directors.

Period of Sanction: One year

Security:

Primary: First Charge on all current assets of the company.

Collateral Security:

First charge on all the fixed assets of the company book value as on 31.03.2002 is Rs. 2.428 Millions.

Drawing of the account should be regulated strictly on the basis of stock held keeping the stipulated margin of 25% and Book Debts with margin of 30%.

Document should be drawn in strict conformity with the term FLC and all exports are backed up by LCs opened by banks of international repute.

5) Name and Address and description of the person entitled to the charge.

The A P Mahesh Co-operative Urban Bank Limited, Bhuleshwar Branch

103, 1^st Floor, Hotel Adarsh Baug,Dr. Atamaram Merchant Road, Bhuleshwar, Mumbai – 400 002.

6) Date and brief description of instrument modifying the charge

Agreement dated 09.06.2004

Instrument of Hypothecation of Goods.

Instrument of Hypothecation of Book Debts.

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.

The charge of the A P Mahesh Co-operative Urban Bank Limited on Hypothecation of goods & book debts, are modified as enhancement of Cash Credit Limit from 10.000 Millions to Rs. 15.000 Millions. The hypothecation of goods, Book Debts cover following credit limits.

Nature	Old Limit (Rs. In Millions)	New Limit (Rs. In Millions)	Rate of Interest (New)
C/C (Stock)	2.000	5.000	12.50% Old (16.00%)
C/C (Book Debts)	8.000	10.000	12.50% Old (16.00%)
F L/C	40.000	30.000

Margin:

Stock Raw Materials – 25%

Stock in Process – 40%

Finished Goods – 30%

Book Debts – 40% on debt should be 60 days only.

Period of Sanction:

12 months from the date of availment.

Repayable: on Demand

Name of the company	BANG OVERSEAS PRIVATE LIMITED
Presented By	Mr. Venugopal Bang Director of the company
1) Date and description of instrument creating the change	Cash Credit agreement, Demand Promissory note, Hypothecation note dated 10.12.2002 executed by Bang Overseas Private Limited in favour of “The A P Mahesh Co-operative Urban Bank Limited”. (There in and herein after referred to as ‘said Bank’)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit Rs. 10.000 Millions (8.000 Millions against Book Debts and Rs. 2.000 Millions against Stock) Foreign Letter of Credit limited Rs. 40.000 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	Hypothecation of Stock consisting of Raw Fabrics and process fabrics with 25% margin in the company’s own godown or in open with in the firm premises. Hypothecation and first charge on all book debts margin of 30 % outstanding money receivable claim bill which are now due and in future also may becoe due and owing to the company.
4) Gist of the terms and conditions and extent and operation of the charge.	Cash Credit Limit: 10.000 Millions (8.000 Millions against Book Debts and Rs. 2.000 Millions against Stock) Rate of Interest: 16% p.a. Subject to change from time to time as decided by the Banks Board of Directors. Period of Sanction: One year Security: Primary: First Charge on all current assets of the company. Collateral Security: First charge on all the fixed assets of the company book value as on 31.03.2002 is Rs. 2.428 Millions. Drawing of the account should be regulated strictly on the basis of stock held keeping the stipulated margin of 25% and Book Debts with margin of 30%. Document should be drawn in strict conformity with the term FLC and all exports are backed up by LCs opened by banks of international repute.
5) Name and Address and description of the person entitled to the charge.	The A P Mahesh Co-operative Urban Bank Limited, Bhuleshwar Branch 103, 1^st Floor, Hotel Adarsh Baug,Dr. Atamaram Merchant Road, Bhuleshwar, Mumbai – 400 002.
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

Corporate identity number (CIN) Foreign company registration number	U51900MH1992PTC067013
Name of the Company	BANG OVERSEAS PRIVATE LIMITED
Address	Masjid Manor, 2^nd Floor, 16, Homi Modi Street, Fort, Mumbai – 400 023, Maharashtra
This form is for	Modification of charge
Type of Charge	A Charge on: v Book Debts v Movable Property (not being pledge) v Floating charge
Particulars of the charge holder	Ing Vysya Bank Limited Mittal Tower, A wing, 210, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: narimanpointbr@ingvysyabank.com
Nature or description of the instrument(s) creating or modifying the charge	Supplemental general hypothecation agreement
Date of the instrument creating or modifying the charge	24.04.2007
Amount secured by the charge	Rs. 327.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	(a) Rate of Interest CC: IVRR – 2.5% PCL/PSL: Upto 90 days IVRR – 3.5% STL: IVRR – 3% ILC / FLC (Commission): As per Bank’s guidelines BG (Commission): 1% per annum, on performance of guarantees and financial guarantees. (b) Terms of repayment Working Capital Limits: On Demand TL: No Charge in repayment terms (c) Margin CC: Raw Materials, Stock in process and finished goods 25%, Book Debts 40% PCL / PCFC: 10% PSL / EBRD: Nil ILC/FLC: 10% BG: 20% (d) Extent and operation of the charge First charge on entire current assets such as raw materials, stock in process, finished goods, book debts, spares and stores of the company and all the movable fixed assets both present and future.
Short particulars of the property charged (including location of the property)	Entire current assets such as raw materials, stock in process, finished goods, book debts, spares and stores of the company and all the movable fixed assets both present and future located at different places as detailed in annexure.
Particular of the present modification	The total limit is enhanced to Rs. 327.000 millions

Contingent Liabilities

Particular	As on 31.01.2007
Bang Guarantees	Rs. 5.130 millions
Letter of Credit	Rs. 92.500 millions
Total	Rs. 97.630 millions

AS PER WEBSITE

Profile

Subject is a manufacturers and exporters of men's wear. Headquartered in Mumbai, their fast growing company was established in the year 1992. Since then they have engaged themselves in apparel, textile and retail market. They have always focused on the men's wear section but however they also deal in providing rare services like concept development, designing, manufacturing to logistic and marketing.

All their products are made from superior quality fabrics & are ranged very competitively. They have rigorous quality norms for their products and services, hence they have always been able to meet international standards. Their company has built two fully equipped and modern apparels manufacturing units in Bangalore. These units have been made with state of art machinery that helps them to manufacture flawless clothing for men. These two modern manufacturing units are named as Reunion Clothing Company and Formal Clothing Company.

Their range of men's wear has been made after careful research on the on going fashion trends. They closely follow both national and international clothing trends and work with innovative yet matured fashion designers to manufacture highly fashionable clothing for men. They cater to the demand of leading international and domestic brands and they also supply their high end products under their own brand name "Thomas Scott".

Product range

Their range - men's formal wear & casual wear are a unique combination of style and comfort that has led to their rapid growth and progress. Their wide range of quality products has enabled them to develop a strong customer loyalty. Every product of their company bears the mark of excellence in terms of quality and innovation. Their products are available in a wide range of colors, sizes, designs and patterns. They offer customized products based on customer specifications.

Mens Formal

Trousers

Shirts

Ties

Belts

Socks

Mens Casual

Trousers

Shirts

Jackets

Jeans

T-shirts

Infrastructure

They have been toning up their infrastructure and have done everything needed to be globally recognized. After careful planning, they have developed two highly efficient manufacturing units in Bangalore. In these units, they use modern machinery that is pretty flawless when it comes to manufacturing of flawless quality products. They have acquired a set of highly professional designers who are well versed with the characteristic of different fabrics used in their clothes. These well-versed designers work in close co-ordination with the manufacturing engineers to keep making impeccable clothing for men. Their manufacturing units have an added advantage of being in close co-ordination with their vendors, which helps them in fast and on time delivery of their products. The infrastructure for their company has been built keeping in mind their values of quality, and commitment to provide flawless products in stipulated time frame.

Quality

Quality is not just a norm for them, it is a commitment they follow. They have employed qualified professionals who endlessly perform quality checks at various stages of manufacturing to assure superior quality for their products. They import their raw materials from the most reliable sources in European markets. Their quality department cross checks these high quality and rare fabrics. They have engaged their quality control managers in the process of monitoring at every step of the production process. Maintaining high quality standards at every stage helps them to manufacture excellent quality clothes and hence maximize customer satisfaction.

Clientele

Their premium quality men's wear and accessories have received positive feedback from all across the globe. Their products have established themselves firmly in the mainstream garment industry in India and abroad. These qualities of their products have made them join hands with highly renounced international and domestic clients. Moreover they are now planning to expand their business horizons and attain unmatched customer loyalty.

Their company is built with a team of professionals who have fair experience in the garment manufacturing industry. Their high quality imported fabrics are very rarely used in the garment industry, which gives their clothes an edge over others. Managing very high quality standards for their products makes them flawless and impeccable, for which they have been accepted worldwide. They constantly keep a track and update their designers with the latest global fashion trends.

Their designers have been provided full leverage to use their innovation in their clothing, which at most times is very logically fashionable too. Their strong infrastructure and organized networking chain makes it really easy and simple on the clients end on receiving high quality and most trendy men wear and accessories at any stipulated time.

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. 39.27
UK Pound	1	Rs. 77.33
Euro	1	Rs. 57.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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

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