MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	Ariatex Garments Private Limited	Principal Name 1	Mr. Saluja Harash Vardhan
Status	Moderate	Principal Name 2	Mr. Ranjit Sukumar Pillai
		Registration #	044776
Street Address	Plot No.351, 4^th Main, 9^th Cross, 4^th Phase, Peenya, Bangalore – 560 058, Karnataka, India
Established Date	24.12.2007	SIC Code	--
Telephone#	91-80-28361596 / 97	Business Style 1	Manufacturing
Fax #	91-80-28361595	Business Style 2	Exporting
Homepage	http://www.ariatex.net	Product Name 1	Garments
# of employees	25 Approximately	Product Name 2	--
Paid up capital	Rs.24,783,000/-	Product Name 3	--
Shareholders	--	Banking	State Bank of India
Public Limited Corp.	--	Business Period	4 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	B
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	--	Current Liabilities	--
Inventories	--	Long-term Liabilities	--
Fixed Assets	--	Other Liabilities	--
Deferred Assets	--	Total Liabilities	--
Invest& other Assets	--	Retained Earnings	--
		Net Worth	--
Total Assets	--	Total Liab. & Equity	--
Total Assets (Previous Year)	--
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	300,000,000	Net Profit	--
Sales(Previous yr)	200,000,000	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	ARIATEX GARMENTS PRIVATE LIMITED

Registered Office :	Plot No.351, 4^th Main, 9^th Cross, 4^th Phase, Peenya, Bangalore – 560 058, Karnataka

Country :	India

Date of Incorporation :	24.12.2007

Com. Reg. No.:	044776

Capital Investment / Paid-up Capital :	Rs.24.783 millions

CIN No.: [Company Identification No.]	U17212KA2007PTC044776

TAN No.: [Tax Deduction & Collection Account No.]	BLRA12839B

PAN No.: [Permanent Account No.]	AAGLA8409G

Legal Form :	Private Limited Liability Company.

Line of Business :	Manufacturer and Exporter of Garments.

No. of Employees :	25 Approximately

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a company having moderate track. The management has not filed the financials of the company with the government departments since its inception. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ranjit Pilliai
Designation :	Director
Date :	10.08.2011

LOCATIONS

Registered Office/ Factory :	Plot No.351, 4^th Main, 9^th Cross, 4^th Phase, Peenya, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-28361596 / 97
Fax No.:	91-80-28361595
E-Mail :	ranjit.pillai@ariatex.net anish.kunnath@ariatex.net info@ariatex.com nsuresh_ca@yahoo.com
Website:	http://www.ariatex.net
Location :	Owned

DIRECTORS

Name :	Mr. Saluja Harash Vardhan
Designation :	Director
Address :	46 Via Los Altos, Tiburon, California – 949202001
Date of Birth/Age :	16.03.1950
Date of Appointment :	06.02.2008
DIN No. :	01989583

Name :	Mr. Ranjit Sukumar Pillai
Designation :	Director
Address :	D 6/ 11, Platinum City, HMT Road, Peenya, Bangalore – 560 022, Karnataka, India
Date of Birth/Age :	17.09.1964
Date of Appointment :	06.02.2008
DIN No. :	02008087

Name :	Mr. Nishit Harwalkar
Designation :	Director
Address :	Block C, Flat No.409, Platinum City, HMT Factory Road, Peenya, Bangalore – 560 022, Karnataka, India
Date of Birth/Age :	27.11.1962
Date of Appointment :	25.04.2008
DIN No. :	02168031

Name :	Mr. Bethmangala Raghavendra Rao
Designation :	Director
Address :	No.72, 11^th Cross, 3^rd Block, T.R. Nagar, Bangalore – 560 028, Karnataka, India
Date of Birth/Age :	29.07.1943
Date of Ceasing :	27.02.2008
DIN No. :	01935817

Name :	Ms. Preethi Bethmangalkar
Designation :	Director
Address :	No.72, 11^th Cross, 3^rd Block, T.R. Nagar, Bangalore – 560 028, Karnataka, India
Date of Birth/Age :	19.12.1980
Date of Ceasing :	27.02.2008
DIN No. :	01935806

Name :	Mr. Raghupathy Vasanthkumar
Designation :	Additional Director
Address :	45-A, ATT Colony, Coimbatore – 641 018, Tamil Nadu, India
Date of Birth/Age :	08.08.1969
Date of Appointment :	24.01.2008
DIN No. :	00003355

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

List of Allotment (As on 21.06.2011)

Names of Allottees		No. of Shares
Hersh V Saluja		383256
Total		383256

List of Allotment (As on 21.01.2011)

Names of Allottees		No. of Shares
Hersh V Saluja		434725
Total		434725

List of Allotment (As on 30.03.2010)

Names of Allottees		No. of Shares
Shaluja Harash Vardhan		78822
Total		78822

List of Allotment (As on 28.12.2009)

Names of Allottees		No. of Shares
Shaluja Harash Vardhan		133536
Total		133536

List of Allotment (As on 13.04.2009)

Names of Allottees		No. of Shares
Shaluja Harash Vardhan		540563
Total		540563

List of Allotment (As on 13.04.2009)

Names of Allottees		No. of Shares
Hersh V Saluja		807434
Total		807434

List of Allotment (As on 13.04.2009)

Names of Allottees		No. of Shares
Hersh V Saluja		99000
Ranjit S Pillai		1000
Total		100000

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Garments.

Exports :
Products :	Garments
Countries :	· USA · Europe

Imports :
Products :	Raw Material
Countries :	Korea

Terms :
Selling :	Cash and Credit (30 days / 60 days)

Purchasing :	Cash and Credit (30 days / 60 days)

PRODUCTION STATUS

Particulars	Unit			Actual Production
Garments	Units (P.M)			150000

GENERAL INFORMATION

Customers :	Wholesalers

No. of Employees :	25 Approximately

Bankers :	· HSBC Bank, Branch M.G. Road, Bangalore, Karnataka, India · State Bank of India, Peenya Industrial Area, Bangalore, Karnataka, India


Banking Relations :	--

Auditors :
Name :	A.B.S. and Company Chartered Accountants

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
4080000	Equity Shares	Rs.10/- each	Rs.40.800 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2478336	Equity Shares	Rs.10/- each	Rs.24.783 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars

31.03.2011

31.03.2010

31.03.2009

Sales Turnover (Approximately)

300.000

200.000

140.000

The above information has been parted by Mr. Ranjit

LOCAL AGENCY FURTHER INFORMATION

NIL

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.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

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

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