MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	SHIVANK UDYOG LIMITED
Registered Office :	A 37/12, Mayapuri Industrial Area, Phase – I, New Delhi – 110064, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.11.1993
Com. Reg. No.:	55-56096
Capital Investment / Paid-up Capital :	Rs.10.302 Millions
CIN No.: [Company Identification No.]	U74899DL1993PLC056096
TAN No.: [Tax Deduction & Collection Account No.]	DELS13541D
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Garments
No. of Employees :	Approximately 500 (In Office – 100, In Factory - 400)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 PARTED BY

Name :	Mr. Ravindra
Designation :	Account Manager
Contact No.:	91-9871133848
Name :	Mr. Amit
Designation :	Accounts Executive
Date :	09.11.2011

LOCATIONS

Registered Office / Factory 1 :	A 37/12, Mayapuri Industrial Area, Phase – I, New Delhi – 110064, India
Tel No.:	Not Available
Mobile No.:	91-9871133848 (Mr. Ravindra)
Email :	accounts@shivainternational.com
Website :	http://www.shivainternational.com
Location :	Owned
Factory 2 :	Plot # 671-673, Udyog Vihar, Phase 5, Gurgaon – 122016, Haryana, India
Tel No.:	91-124-4321479

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Krisha Kumar Aggarwal

Designation :

Managing Director

Address :

B-16, Vishal Enclave, New Delhi, India

Date of Birth/Age :

03.12.1946

Date of Appointment :

18.11.1993

Din No.:

00819014

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	U74899DL1993PLC056096	SHIVANK UDYOG LIMITED	Director	18-11-93	18-11-93	-	Active	NO
2	U18109DL2006PTC152876	MONA TRENDS PRIVATE LIMITED	Additional director	23-12-10	23-12-10	-	Active	NO

Name :

Mr. Shyam Sunder Aggarwal

Designation :

Director

Address :

B-16, Vishal Enclave, New Delhi, India

Date of Birth/Age :

09.05.1975

Date of Appointment :

10.01.2006

Din No.:

00819207

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	U74899DL1993PLC056096	SHIVANK UDYOG LIMITED	Director	10-01-06	10-01-06	-	Active	NO
2	U17121DL2007PTC168631	PLUSS APPARELS PRIVATE LIMITED	Director	18-05-10	18-05-10	-	Active	NO
3	U18109DL2006PTC152876	MONA TRENDS PRIVATE LIMITED	Additional director	23-12-10	23-12-10	-	Active	NO

Name :

Mr. Ashish Aggarwal

Designation :

Director

Address :

B-16, Vishal Enclave, New Delhi, India

Date of Birth/Age :

14.02.1970

Date of Appointment :

18.11.1993

Din No.:

00819163

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	U74899DL1993PLC056096	SHIVANK UDYOG LIMITED	Director	18-11-93	18-11-93	-	Active	NO
2	U17121DL2007PTC168631	PLUSS APPARELS PRIVATE LIMITED	Director	18-05-10	18-05-10	-	Active	NO
3	U18109DL2006PTC152876	MONA TRENDS PRIVATE LIMITED	Additional director	23-12-10	23-12-10	-	Active	NO

Name :

Mrs. Krishna Aggarwal

Designation :

Director

Address :

B-16, Vishal Enclave, New Delhi, India

Date of Birth/Age :

15.03.1980

Date of Appointment :

01.01.1998

Din No.:

00819110

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Krishna Kumar Aggarwal	682800
Krishan Aggarwal	29700
Sandeep Aggarwal	6100
Ashish Aggarwal	42800
Sunita Aggarwal	1100
Shyam Sunder Aggrwal	72700
K.K. Aggarwal HUF	10000
Meenu Aggarwal	5000
Radhika Aggarwal	5000
Pluss Apparels Private Limited, India	175000
Total	1030200

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	16.99
Directors or relatives of Directors	83.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Garments
Exports :
Products :	Garments
Countries :	European Countries
Terms :
Selling :	L/C, Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 days)

GENERAL INFORMATION

Customers :

v Wholesalers

v Retailers

No. of Employees :

Approximately 500 (In Office – 100, In Factory - 400)

Bankers :

v Punjab National Bank (Custom House)

v Punjab National Bank (Naraina)

v State Bank of India – Mumbai, Maharashtra, India

v Canara Bank, Tagore Garden, New Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
(Including interest accrued and due)
Loans from bank against cars	2.663	0.000
Total	2.663	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Short terms loans and advances from Directors
From Others	0.000	0.531
Total	0.000	0.531

Banking Relations :	Satisfactory
Auditors :
Name :	Ashok Khandelwal Associates Chartered Accountants
Address :	912 B, Indra Prakash, 21, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23319140 91-11-28744317 (Res.)
Mobile No.:	91-9312221061 / 9810313391
Fax No.:	91-11-23730523
E-Mail :	akhandelwal@vsnl.net

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030200	Equity Shares	Rs.10/- each	Rs.10.302 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		10.302	10.302	9.152
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.508	53.799	42.383
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.810	64.101	51.535
LOAN FUNDS
1] Secured Loans		2.663	0.000	4.928
2] Unsecured Loans		0.000	0.531	0.859
TOTAL BORROWING		2.663	0.531	5.787
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		68.473	64.632	57.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.697	39.715	39.468
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.625	20.520	8.052
	Sundry Debtors	58.441	20.645	41.459
	Cash & Bank Balances	29.614	28.969	1.998
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51.785	15.101	7.442
Total Current Assets		166.465	85.235	58.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	135.399	51.865	33.621
	Other Current Liabilities	3.335	7.886	7.429
	Provisions	0.955	0.567	0.047
Total Current Liabilities		139.689	60.318	41.097
Net Current Assets		26.776	24.917	17.854
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		68.473	64.632	57.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	472.851	327.103	131.425
		Other Sales	3.603	1.185	4.461
		Other Income	0.288	0.000	0.095
		Duty Drawback	38.056	30.849	11.779
		Bank Interest	1.244	0.681	0.006
		TOTAL	516.044	359.818	147.766
Less	EXPENSES
		Raw Material Consumed	318.143	220.884	58.641
		Manufacturing Expenses	154.441	115.607	61.410
		Increase and Decease in Stock	(5.487)	(11.199)	4.122
		Other Expenses	41.626	29.110	19.611
		TOTAL	508.724	354.402	143.784
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.320	5.417	3.982
Less/ Add	DEPRECIATION/ AMORTISATION		4.655	3.783	3.736
	PROFIT BEFORE TAX		2.665	1.633	0.245
Less	TAX		0.955	0.567	0.191
	PROFIT AFTER TAX		1.710	1.066	0.054
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.949	1.883	1.868
	BALANCE CARRIED TO THE B/S		4.658	2.949	1.883
	Earnings Per Share (Rs.)		1.66	1.03	NA

Expected Sales (2011-2012) : Rs. 750.000 millions

The above information has been parted by Mr. Ravindran and Mr. Amit.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.33	0.29	0.03
Net Profit Margin (PBT/Sales)	(%)	0.56	0.49	0.18
Return on Total Assets (PBT/Total Assets}	(%)	1.28	1.30	0.24
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.00
Debt Equity Ratio (Total Liability/Networth)		2.16	2.16	0.90
Current Ratio (Current Asset/Current Liability)		1.19	1.41	1.43

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	Yes
15. Capital in the business	No
16. Details of sister concerns	--
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	----
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

GENERAL REVIEW

The company made export sales of garments amounting to Rs. 472.851 millions as against Rs. 327.103 Millions in the preceding year.

The net profit for the year was Rs. 2.664 millions as compared to Rs. 1.633 millions in the preceding year.

Provision for tax has been made at Rs. 0.955 million and balance in the profit and loss appropriation account amounting to Rs. 4.658 millions after taking in to account the balance brought forward from last year, provision for tax and profit for the year has been carried over.

FORM 8

Corporate identity number of the company	U74899DL1993PLC056096
Name of the company	SHIVANK UDYOG LIMITED
Address of the registered office or of the principal place of business in India of the company	A 37/12 Mayapuri Industial Areindustial Area, Phase 1, New Delhi – 110064, Delhi, INDIA
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Canara Bank, Tagore Garden, New Delhi, Delhi – 110027, India
Nature of instrument creating charge	Common Hypothecation Agreement dated 30.01.2009.
Date of instrument Creating the charge	30/01/2009
Amount secured by the charge	Rs. 15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest @ 10.75% p.a. at monthly rests or at such rate(s) as may be specified by the Bank from time to time. Terms of repayment Payable on demand. Margin 25% Extent and operation of the charge 100% Other To secure all amounts payable under Packing Credit limit of Rs. 7.500 millions and FDB/FBE (Orders/PBLC) limit of Rs. 7.500 millions aggregating to Rs. 15.000 millions granted to the Company together with all interests, costs, charges, expenses, commission etc.

FIXED ASSETS

v Land

v Building

v Furniture and Fixture

v Plant and Machinery

v Scooter

v Computer

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. 49.78
UK Pound	1	Rs. 80.10
Euro	1	Rs. 68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	.3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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	-

Maximum Credit Limit :

USD 263000

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.