MIRA INFORM REPORT

Report Date :

01.12.2011

IDENTIFICATION DETAILS

Name :	GROVERSONS APPAREL PRIVATE LIMITED
Registered Office :	2665-A/2, Beadon Pura, Karol Bagh, New Delhi – 110 005
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.11.1987
Com. Reg. No.:	55-29924
Capital Investment/ Paid-up Capital:	Rs.4.528 Millions
CIN No.: [Company Identification No.]	U74899DL1987PTC029924
TAN No.: [Tax Deduction & Collection Account No.]	DELG08056G
PAN No.: [Permanent Account No.]	AAACG3098P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trading of Ladies under Garments.
No. of Employees:	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 130000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Gian Gandhi
Designation :	Account Department
Date :	01.12.2011

LOCATIONS

Registered Office :	2665-A/2, Beadon Pura, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-28758056 / 28758050 / 28758057 / 28758058 / 28758046 / 48
Fax No.:	91-11-28758760
E-Mail :	giangandhi@gsparisbeauty.com varuntanej@gmail.com info@gsparisbeauty.com pawan@gsparisbeauty.com
Website :	http://www.apparelsindiaonline.com http://www.gsparisbeauty.com
Area :	Owned
Factory 1:	135, Sector 4, IMT, Manesar, Haryana, India
Tel. No.:	91-124-2291765/ 66
Factory 2 :	2, Ajmal Khan Road, Karol Bagh, New Delhi-110005, India
Tel. No.:	91-11-28758046/ 48/ 28755878/ 28750160
Fax No.:	91-11-28758760

DIRECTORS

As on 30.09.2011

Name :	Mr. Rakesh Grover
Designation :	Managing Director
Address :	27/19, East Patel Nagar, New Delhi – 110 008, India
Date of Birth/Age :	06.07.1966
Date of Appointment :	10.03.2007
DIN No.:	00964826

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70101DL1986PTC024049	Shiva Apartments Private Limited	Director	28-04-86	28-04-86	-	Dormant	NO
2	U74899DL1987PTC029924	Groversons Apparel Private Limited	Managing director	10-03-07	27-11-87	-	Active	NO
3	U74899DL1992PTC051377	Chaman Lal Enterprises Private Limited	Managing director	10-03-07	16-12-92	-	Active	NO
4	U74999DL2000PTC104737	Craze Software Private Limited	Director	01-03-06	01-03-06	-	Active	NO
5	U17299DL2006PTC156585	A S A Textiles Private Limited	Director	23-01-07	23-01-07	15-02-08	Active	NO
6	U18109DL2006PTC156009	Premo Wear Private Limited	Director	03-05-07	03-05-07	-	Active	NO

Name :	Ms. Kanika Grover
Designation :	Director
Address :	27/19, East Patel Nagar, New Delhi – 110 008, India
Date of Birth/Age :	23.08.1967
Date of Appointment :	27.11.1987
DIN No.:	00527768

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1987PTC029924	Groversons Apparel Private Limited	Director	27-11-87	27-11-87	Active	NO
2	U74899DL1992PTC051377	Chaman Lal Enterprises Private Limited	Director	16-12-92	16-12-92	Active	NO
3	U74999DL2000PTC104737	Craze Software Private Limited	Director	01-03-06	01-03-06	Active	NO
4	U18109DL2006PTC156009	Premo Wear Private Limited	Director	03-05-07	03-05-07	Active	NO

Name :	Ms. Karuna Grover
Designation :	Director
Address :	27/19, East Patel Nagar, New Delhi - 110 008, India
Date of Birth/Age :	15.02.1954
Date of Appointment :	27.11.1987
DIN No.:	01843719

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70101DL1986PTC024049	Shiva Apartments Private Limited	Director	28-04-86	28-04-86	Dormant	NO
2	U74899DL1987PTC029924	Groversons Apparel Private Limited	Director	27-11-87	27-11-87	Active	NO
3	U74899DL1992PTC051377	Chaman Lal Enterprises Private Limited	Director	16-12-92	16-12-92	Active	NO

Name :	Mrs. Sheela Rani
Designation :	Director
Address :	27/19, East Patel Nagar, New Delhi – 110 008, India
Date of Birth/Age :	11.11.1936
Date of Appointment :	27.11.1987
DIN No.:	01843689

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1987PTC029924	Groversons Apparel Private Limited	Director	27-11-87	27-11-87	Active	NO
2	U74899DL1992PTC051377	Chaman Lal Enterprises Private Limited	Director	01-09-00	01-09-00	Active	NO

Name :	Ms. Achal Bhutani
Designation :	Director
Address :	247, H-Block, Ashok Vihar, Pase-I, Delhi – 110 052, India
Date of Birth/Age :	04.07.1981
Date of Appointment :	01.11.2007
DIN No.:	02121777
Name :	Mr. Siddharth Grover
Designation :	Director
Address :	27/19 East Patel Nagar, New Delhi – 110 008, India
Date of Birth/Age :	05.07.1991
Date of Appointment :	28.09.2009
DIN No.:	02733720

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1992PTC051377	Chaman Lal Enterprises Private Limited	Director	28-08-09	28-08-09	Active	NO
2	U74899DL1987PTC029924	Groversons Apparel Private Limited	Director	28-08-09	28-08-09	Active	NO
3	U70101DL1986PTC024049	Shiva Apartments Private Limited	Director	01-05-10	01-05-10	Dormant	NO

KEY EXECUTIVES

Name :	Mr. Gian Gandhi
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kanika Grover	65900
Rakesh Grover HUF	20000
Siddharth Grover	41510
Rakesh Grover	257362
Sheela Rani	10360
Karuna Grover	57503
Bimla Jain	1
Manju Gupta	1
Shyam Lal	10
Madhu Bala	10
Payal Gupta	10
Sumedha Gera	10
R K Sons HUF	10
Adesh Kumar Jain	10
Shanti Rani	20
J K Gera	10
Rajesh Jain	10
Ekta Khurana	10
Ramesh Chand HUF	10
Meenu Jain	10
Radha Gupta	10
Leela Jindal	1
Amita Gupta	1
Manju Enterprises	1
Nem Kumar Jain	10
Ramesh Chand Shastri	10
Satya Prakash and Sons HUF	10
Vinod Khurana	10
Neelam Jain	10
Chanderkanta Nagpal	10
Total	452840

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.95
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trading of Ladies under Garments.

GENERAL INFORMATION

No. of Employees:

Information declined by the management

Bankers :

Bank of India, Bank Street, New Delhi – 110 005, India

Facilities:

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Cash Credit (Against book debts, Stock and personal guarantee of the Directors’ of the company)	37.613	33.298
Term Loan (Against hypothecation of Plant and Machinery and equitable of Land and Building situated at Manesar and Tronica city)	0.000	1.470
Vehicles Loans (Against hypothecation of Vehicle)	0.244	0.341
Total	37.857	35.109
Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Companies	0.300	0.302
From Shareholders	8.315	8.490
Total	8.615	8.792

Banking Relations :

--

Auditors :

Name :

Dharam Taneja Associates

Chartered Accountants

Address :

13/17, Punjabi Bagh Extension, New Delhi – 110 026, India

Tel. No.:

91-11-25222339 / 25224932

E-Mail :

varuntaneja@gmail.com

PAN No.:

AAAFD4122A

Related Parties :

· Chamanlal Enterprises

· Shiva Appartment Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
452840	Equity Shares	Rs.10/- each	Rs.4.528 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.528	4.528	4.528
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.173	23.345	19.113
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.701	27.873	23.641
LOAN FUNDS
1] Secured Loans		37.857	35.109	26.640
2] Unsecured Loans		8.615	8.792	8.814
TOTAL BORROWING		46.472	43.901	35.454
DEFERRED TAX LIABILITIES		0.000	0.000	0.349
TOTAL		78.173	71.774	59.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.696	31.303	30.667
Capital work-in-progress		6.910	3.139	1.128
INVESTMENT		0.200	0.200	0.200
DEFERREX TAX ASSETS		0.610	0.683	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.830	52.867	39.572
	Sundry Debtors	13.050	22.384	30.550
	Cash & Bank Balances	1.125	0.444	0.173
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.813	6.470	6.414
Total Current Assets		107.818	82.165	76.709
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.702	42.046	43.202
	Other Current Liabilities	4.698	2.436	3.680
	Provisions	1.711	1.234	2.378
Total Current Liabilities		73.111	45.716	49.260
Net Current Assets		34.707	36.449	27.449
MISCELLANEOUS EXPENSES		0.050	0.000	0.000
TOTAL		78.173	71.774	59.444

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	174.007	164.519	144.728
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	8.803	7.672	6.388
Less/ Add	DEPRECIATION/ AMORTISATION	3.185	3.198	3.328
	PROFIT BEFORE TAX	5.618	4.474	3.060
Less	TAX	1.783	0.201	1.310
	PROFIT AFTER TAX	3.835	4.273	1.750
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	12.410	8.178	6.428
Less	Income tax for earlier year	0.007	0.041	0.000
	BALANCE CARRIED TO THE B/S	16.238	12.410	8.178
	EARNINGS IN FOREIGN CURRENCY	7.558	6.408	NA
	Earnings Per Share (Rs.)	8.47	9.44	3.86

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	3.23	2.72	2.11
Return on Total Assets (PBT/Total Assets}	(%)	3.91	3.94	2.85
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.13
Debt Equity Ratio (Total Liability/Networth)		3.77	3.22	3.58
Current Ratio (Current Asset/Current Liability)		1.47	1.80	1.56

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The turnover of the company increased to Rs.174.007 millions from 164.519 millions in 2010. In the budget 2011, the excise duty was levied on the products manufactured by the company w.e.f. 1^st March, 2011, which was protested by the industry nationwide as the result of which there was no sale during the month of March, 2011. In spite of not sale made during the month of March, 11 the company has earned net profit of Rs.5.618 millions. The Company has earned a profit of Rs.5.618 millions before tax and Rs.3.835 millions after making Provision of taxes. The net profit together with brought forward balances has been carried forward to next year. The new production facility is being set up by company at Tronica City, Ghaziabad, which is nearly completion and is expected to commence production shortly, which will further enhance the turnover and profitability of the company.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1987PTC029924
Name of the company	GROVERSONS APPAREL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2665-A/2,Beadon Pura, Karol Bagh, New Delhi-110005, India
Type of charge	Movable Property
Particular of charge holder	Bank of India, Bank Street, New Delhi-110005, India ritaca_1996@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Term Loan and Hypothecation of Movable Assets/ Goods/ Property/ Plant and Machinery dated 29.08.2008
Date of instrument Creating the charge	29.08.2008
Amount secured by the charge	Rs.16.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 0.50% below BPLR per annum, presently 13.50% p.a. Terms of Repayment Corporate Loan is repayable in 48 equal monthly installment of Rs. 0.338 Million commencing from September 2009. Interest is to be paid month as and when applied. Margin 40% Extent and Operation of the charge 100% Others The above is to secure all amounts payable under Corporate Loan of Rs. 16.200 Millions granted to the company together with all interests, costs, charges, expenses etc.
Short particulars of the property charged	All Tangible Movable assets including in particular all movable plant and machinery of the company both present and future where so ever situated and/ or in transit presently lying installed at Plot No. F/5 Sector A-2 Industrial Area Aronica City District Ghaziabad U.P. and Industrial Plot No. 135 Sector -4 Industrial Estate IMT Manesar District Gurgaon (Haryana)

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1987PTC029924
Name of the company	GROVERSONS APPAREL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2665-A/2, Beadon Pura, Karol Bagh, New Delhi-110005, India
Type of charge	Immovable Property
Particular of charge holder	Bank of India, Bank Street, New Delhi-110005, India
Nature of description of the instrument creating or modifying the charge	Bank Letter dated 29.08.2008
Date of instrument Creating the charge	29.08.2008
Amount secured by the charge	Rs.114.274 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As applicable to respective credit facilities aggregating to Rs. 114.274 Millions granted to/ enjoyed by the Company. Terms of Repayment As applicable to respective credit facilities aggregating to Rs. 114.274 Millions granted to/ enjoyed by the company. Margin As applicable to respective credit facilities aggregating to Rs. 114.274 Millions granted to / enjoyed by the company. Extent and Operation of the charge 100% Others To collaterally secure all amounts payable under various credit facilities aggregating to Rs. 114.274 Millions granted to enjoyed by the company together with all interests, costs, charges, expenses etc.
Short particulars of the property charged	Equitable Mortgage of following Immovable proeperties: 1) Industrial Plot No. 135, Sector 4, Industrial Estate, IMT Manesar, District Gurgaon, Haryana 2) Plot No. F-5, Industrial Sector A-2, I-A. Tronica City, Ghaziabad (Uttar Pradesh)

FIXED ASSETS

· Land

· Building

· Machinery

· Vehicles

· Office Equipments

· Furniture and Fixtures

· Computers

· Electrical Equipment

· Fire Extinguisher

· Water Treatment Plant

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.52.17
UK Pound	1	Rs.81.29
Euro	1	Rs.69.47

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	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.