MIRA INFORM REPORT

Report Date :

22.08.2011

IDENTIFICATION DETAILS

Name :	KRIPLON SYNTHETICS PRIVATE LIMITED
Registered Office :	20/24, Morarjee Veljee Building R No. 16, Kolbhat Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.06.1989
Com. Reg. No.:	11-52253
Capital Investment / Paid-up Capital :	Rs.8.504 Millions
CIN No.: [Company Identification No.]	U17120MH1989PTC052253
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11194B
PAN No.: [Permanent Account No.]	AAACK4785B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fabrics
No. of Employees :	300 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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. Anand Kriplani
Designation :	Director
Contact No.:	91-9833505452
Date :	11.08.2011

LOCATIONS

Registered Office :	20/24, Morarjee Veljee Building R No. 16, Kolbhat Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-28505452 / 28501686 / 22069294
Mobile No.:	91-9833505452 (Mr. Anand Kriplani)
Fax No.:	91-22-28504142
E-Mail :	kriplon@sify.com ramdev@mtnl.net.in
Area :	2000 Sq. ft.
Location :	Owned
Corporate Office :	127, Sanjay Building, 5–B, Mittal Estate, Andheri (E), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28505452 / 28501686 / 28563748
Fax No.:	91-22-28504142
Factory 1 :	B-420, Tarapur, Mumbai, Maharashtra, India
Factory 2 :	N-97, 98, 99, 100, MIDC, Tarapur District, Thane, Maharashtra, India
Tel. No.:	91-2525-645279 / 645281 / 645282 / 645283
Fax No.:	91-2525-271237

DIRECTORS

As on 30.09.2010

Name :	Mr. Manohar R Kriplani
Designation :	Whole Time Director
Address :	Kalpak CHS, Flat No 11, 3^rd floor, 15^th Road, Khar (W), Mumbai – 400052, Maharasahtra, India
Date of Birth/Age :	18.06.1953
Date of Appointment :	02.11.1992
DIN No. :	00041625
Name :	Mr. Haresh R Kriplani
Designation :	Whole Time Director
Address :	Kandelwal Friends CHS, Flat No 05, 1^st Floor, 17^th Road, Khar (W), Mumbai – 400052, Maharasahtra, India
Date of Birth/Age :	18.11.1962
Date of Appointment :	02.11.1992
DIN No. :	00041715
Name :	Mr. Premchand R Kriplani
Designation :	Whole Time Director
Address :	Purab Pacchim CHs, Maya Mahal, 3^rd florr, 17^th Road, Khar (W), Mumbai 0 400052, Maharasahtra, India
Date of Birth/Age :	28.08.1955
Date of Appointment :	02.11.1992
DIN No. :	00114114
Name :	Mr. Satyawan R. Kriplani
Designation :	Whole Time Director
Address :	Murli Govind CHS, Flat No 12, 3^rd Floor, 15^th Road, Khar (W), Mumbai – 400052, Maharasahtra, India
Date of Birth/Age :	13.08.1958
Date of Appointment :	02.11.1992
DIN No. :	00073519
Name :	Mr. Anand M Kriplani
Designation :	Whole Time Director
Address :	Kalpak CHS, Flat No 11, 3^rd floor, 15^th Road, Khar (W), Mumbai – 400052, Maharasahtra, India
Date of Birth/Age :	12.09.1962
Date of Appointment :	16.08.1995
DIN No. :	00073373
Name :	Mr. Rupesh Premchand Kriplani
Designation :	Director
Address :	Kokanastha CHS, Vaibhav A-3, Maya Mahal 17^th Road, Khar (W), Mumbai – 400052, Maharasahtra, India
Date of Birth/Age :	25.05.1980
Date of Appointment :	30.09.2006
Other Directorship :	Ramdev Synthetics Private Limited CIN No. : U17111MH1990PTC055846
DIN No. :	00087814

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Kriplani Asha	9520
Kriplani Manisha	7990
Kriplani P Geeta	360
Kriplani P Chetna	120
Kriplani R Manohar	6001
Kriplani R Premchand	6616
Kriplani R Satyawan	3001
Kriplani R Haresh	6646
Kriplani M Sarla	6875
Anand M Kriplani	1250
Aarti M Kriplani	500
Manohar R Kriplani Karta Of M R Kriplani HUF	1000
Kriplani P Jyoti	7720
Kriplani P Rupesh	250
Kriplani P Sunita	200
P R Kriplani Karta Premchad R Kriplani	1380
Kriplani H Juisha	950
Kriplani R Satyawan Karta Of Satyawan R Kriplani HUF	2280
Kriplani R Parameshwari	3250
Vaswani R Rajkumari	3550
Kriplani S Avinash	1000
Kriplani H Komal	500
Kriplani H Sarita	500
Shiv Sharma	13585
Total	85044

List of Allotment (As on 02.05.2011)

Names of Allottees	No. of Shares
Asha Kriplani	5000
Anand Kriplani	10000
Avinash Kriplani	11000
Aarti Kriplani	500
Chetana Kriplani	1500
Dipti Kriplani	2500
Geeta Kriplani	1500
Haresh Kriplani	15000
Jyoti Kriplani	5000
Junisha Kriplani	1500
Manisha Kriplani	10000
Manohar Kriplani	7000
Mahohar Kriplani HUF	5000
Premchand Kriplani	5000
Premchand Kriplani HUF	3500
Roopesh Kriplani	10000
Sarla Kriplani	5000
Satyawan Kriplani	12500
Satyawan Kriplani HUF	7500
Sunita Kriplani	1000
Sarita Kriplani	2500
Haresh Kriplani HUF	5000
Ishika Kriplani	2500
Pehr Kriplani	2500
Riya Kriplani	7500
Sakshi Kriplani	7500
Jiya Kriplani	2500
Total	150000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	84.03
Others	15.97
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Fabrics
Products :	· Shirts · Suits · Suiting Fabrics · Shirting Fabrics
Exports :
Products :	Fabrics
Countries :	· Japan · Sri Lanka · UK · US
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

300 Approximately

Bankers :

Karnataka Bank Limited

Fort Branch, 294-A, Haroon House, Perin Nariman Street, Behind RBI, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loan from Karnataka Bank Limited – Fort (secured by hypothecation of Plant and Machinery and Building)	10.051	7.048
Term Loan from HDFC, ICICI and TML Fin. (Secured against Car, Tempo and Qualis)	1.386	1.880
Working Capital Loans from Karnataka Bank Limited – Fort (Secured against stocks / Debtors hypothecated to bank)	25.993	26.270
Total	37.430	35.198

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Corporate Bodies	0.000	0.062
From Share Holders / Directors	27.205	17.654
Others	0.626	1.065
From State Government	3.205	3.205
From Banks	1.521	3.283
Total	32.557	25.269

Banking Relations :	-
Auditors :
Name :	Ray and Ray Chartered Accountant
Address :	G – 2, Ramkrishna, 11, Happy Home Society, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharasahtra, India
Tel. No.:	91-22-26146080 / 26150621
Fax No.:	91-22-26131586
E-Mail :	admin@raynraymumbai.com
Associates/Subsidiaries :	· Ramdev Synthetics Private Limited · Ramson Fabrics

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
235044	Equity Shares	Rs.100/- each	Rs.23.504 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85044	Equity Shares	Rs.100/- each	Rs.8.504 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.504	8.504	8.504
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.280	35.972	25.197
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.784	44.476	33.701
LOAN FUNDS
1] Secured Loans		37.430	35.198	44.276
2] Unsecured Loans		32.557	25.269	24.012
TOTAL BORROWING		69.987	60.467	68.288
DEFERRED TAX LIABILITIES		8.831	8.562	8.223
TOTAL		133.602	113.505	110.212
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.212	81.977	83.138
Capital work-in-progress		9.980	2.398	0.000
INVESTMENT		2.285	2.110	1.648
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.620	20.933	13.606
	Sundry Debtors	89.946	87.067	58.998
	Cash & Bank Balances	1.902	1.590	3.549
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.750	16.026	12.898
Total Current Assets		132.218	125.616	89.051
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.693	90.016	60.141
	Other Current Liabilities	1.888	4.163	0.268
	Provisions	6.512	4.417	3.216
Total Current Liabilities		98.093	98.596	63.625
Net Current Assets		34.125	27.020	25.426
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		133.602	113.505	110.212

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	TOTAL INCOME	394.452	371.671	288.078
	EXPENDITURE	377.524	355.851	276.901
	PROFIT BEFORE TAX	16.928	15.820	11.177
Less	TAX	6.534	5.045	3.931
	PROFIT AFTER TAX	10.394	10.775	7.246
	Earnings Per Share (Rs.)	122.22	126.70	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	280.000

The above information has been parted by Mr. Anand Kriplani

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.64	2.90	2.52
Return on Total Assets (PBT/Total Assets}	(%)	7.71	7.62	6.49
Return on Investment (ROI) (PBT/Networth)		0.31	0.36	0.33
Debt Equity Ratio (Total Liability/Networth)		3.07	3.58	3.91
Current Ratio (Current Asset/Current Liability)		1.35	1.27	1.40

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The company posted a turnover of Rs.379.169 millions compared to Rs.348.807 millions in the last year.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90212997
Corporate identity number of the company	U17120MH1989PTC052253
Name of the company	KRIPLON SYNTHETICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	20/24, Morarjee Veljee Building R No. 16, Kolbhat Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others o Stocks of RMs, WIP, FGs, plant, machineries etc.
Particular of charge holder	Karnataka Bank Limited Fort Branch, 294-A, Haroon House, Perin Nariman Street, Behind RBI, Fort, Mumbai – 400001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	(i) Hypothecation Agreement (2 Nos.); (ii) Export Credit Agreement; (iii) Letter of Hypothecation; all together purporting to modify a single charge and (iv) No instrument was executed. Charge over immovable properties extended by deposit of title deeds by constructive delivery.
Date of instrument Creating the charge	28.02.2011
Amount secured by the charge	Rs.55.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest (i) Overdraft = Base rate + 4.00% i.e. presently 13.75% p.a. and (ii) Preshipment and Post shipment Limit: As per bank's sanction ref.no. MDS (LCFD) 190/10-11 dated 16.12.10, subject to revision by bank. Terms of repayment (i) Overdraft: On Demand / As per OD rules (ii) Pre Shipment: Out of Post shipment / Proceeds of Export Bills Realized (iii) Post Shipment [LC/NLC-DA/DP/Direct Bills]: Realization of Export Bills Margin i. Overdraft : 25% on stock and book debts considered good and outstanding for not more than 90 days, ii. Preshipment Credit : 25% on stock, advance to suppliers, iii. Post shipment : Nil, or at such other rate as may be stipulated by the bank from time to time. Extent and operation of the charge Security created in respect of the following credit facilities: OD Rs.25.000 millions Pre shipment credit Rs.10.000 millions Post shipment credit Rs.20.000 millions Total... Rs.55.000 millions
Short particulars of the property charged	· Movable properties viz., entire plant and machineries and all other fixed assets, stocks of raw materials, work in process, finished goods including stocks covered under WTPCG of ECGCI, goods meant for · export etc. lying at N. 97, 98 and 99, 100 MIDC, Tarapur Indl. Area, Tarapur, and entire receivables / book debts accessories, furniture, fixtures etc. · Immovable properties at Plot Nos. N-97 and N-98 MIDC, Tarapur Indl Area, admg. 2100 sq. mtrs. and 1800 sq. mtrs. respectively and building constructed / to be constructed thereon
Particulars of the present modification	The total amt secured now stands enhanced from Rs.49.500 millions to Rs.55.000 millions, consequent to the increase in the OD limit from Rs.19.500 millions to Rs.25.000 millions. The enhanced limit of Rs.55.000 millions is additionally secured agst the properties viz., (i) Plot No. N-99, MIDC, Tarapur Indl Area, admg.1800 sq. mtrs and bldg constructed / to be constructed thereon (ii) Lease hold indl land at Plot N 100, Tarapur Indl Area, Village Pamtembhi, Palghar Taluka, Thane Dist. admg. 1800 sq. mtrs. and bldg. constructed thereon.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

· Computers

· Capital WIP

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		46

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.