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1. Summary Information

		Country	India
Company Name	Dhir Global Industria Private Limited	Principal Name 1	Mr. Mahender Kumar Dhir
Status	Satisfactory	Principal Name 2	Mr. Harsh Kumar Dhir
		Registration #	55-094872
Street Address	14, Navjivan Vihar, New Delhi – 110017, India
Established Date	07.07.1998	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturing
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Readymade Garments
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.124,972,480/-	Product Name 3	--
Shareholders	Bodies corporate -37.04%, Directors or relatives of directors- 62.96%	Banking	Punjab National Bank
Public Limited Corp.	No	Business Period	14 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Giovani Fashion Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	247,868,000	Current Liabilities	102,696,000
Inventories	264,851,000	Long-term Liabilities	226,257,000
Fixed Assets	146,215,000	Other Liabilities	19,032,000
Deferred Assets	0,000	Total Liabilities	347,985,000
Invest& other Assets	7,419,000	Retained Earnings	190,236,000
		Net Worth	318,368,000
Total Assets	666,353,000	Total Liab. & Equity	666,353,000
Total Assets (Previous Year)	564,024,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	Not Available	Net Profit	Not Available
Sales(Previous yr)	513,989,000	Net Profit(Prev.yr)	6,262,000

MIRA INFORM REPORT

Report Date :

27.02.2012

IDENTIFICATION DETAILS

Name :	DHIR GLOBAL INDUSTRIA PRIVATE LIMITED
Registered Office :	14, Navjivan Vihar, New Delhi – 110017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.07.1998
Com. Reg. No.:	55-094872
Capital Investment / Paid-up Capital :	Rs.124.972 Millions
CIN No.: [Company Identification No.]	U18101DL1998PTC094872
TAN No.: [Tax Deduction & Collection Account No.]	DELD04259d
PAN No.: [Permanent Account No.]	AAACD7431P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Readymade Garments.
No. of Employees :	Not Available

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 1300000
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

LOCATIONS

Registered Office :	14, Navjivan Vihar, New Delhi – 110017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Info_infotech@yahoo.co.in
Factory :	375, Udyog Vihar, Phase-Iv, Gurgaon – 122016, Haryana, India
Tel. No.:	91-124-2456473/ 2456477/ 2456480
Fax No.:	91-124-2456481

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Mahender Kumar Dhir

Designation :

Managing Director

Address :

14, Navjivan Vihar, New Delhi – 110017, India

Date of Appointment :

07.07.1998

DIN No.:

00494264

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	U74899DL1989PTC012801	DHIR INTERNATIONAL PRIVATE LIMITED	Managing director	9/12/1989	9/12/1989	Active	NO
2	U18101DL1998PTC094872	DHIR GLOBAL INDUSTRIA PRIVATE LIMITED	Managing director	7/7/1998	7/7/1998	Active	NO
3	U51311DL2006PLC148256	GIOVANI FASHION LIMITED	Director	21/06/2006	21/06/2006	Active	NO
4	U72900DL2007PTC166281	ROOTS TECHMART PRIVATE LIMITED	Director	26/07/2007	26/07/2007	Strike off	NO
5	U52100DL2010PTC203538	KBSH EXPORT HOUSE PRIVATE LIMITED	Director	2/6/2010	2/6/2010	Active	NO

Name :

Mr. Harsh Kumar Dhir

Designation :

Director

Address :

14, Navjivan Vihar, New Delhi – 110017, India

Date of Appointment :

07.07.1998

DIN No.:

00494310

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	U74899DL1989PTC012801	DHIR INTERNATIONAL PRIVATE LIMITED	Managing director	8/4/1996	8/4/1996	Active	NO
2	U18101DL1998PTC094872	DHIR GLOBAL INDUSTRIA PRIVATE LIMITED	Director	7/7/1998	7/7/1998	Active	NO
3	U51311DL2006PLC148256	GIOVANI FASHION LIMITED	Director	21/06/2006	21/06/2006	Active	NO
4	U72900DL2007PTC166281	ROOTS TECHMART PRIVATE LIMITED	Director	26/07/2007	26/07/2007	Strike off	NO
5	U52100DL2010PTC203538	KBSH EXPORT HOUSE PRIVATE LIMITED	Director	2/6/2010	2/6/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Mahender Kumar Dhir	6927150
Harsh Kumar Dhir	675098
Dhir International Private Limited, India	4630000
Shilpi Dhir	265000
Total	12497248

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	37.04
Directors or relatives of directors	62.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Readymade Garments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank

IBB Branch, DCM Building, Barakhamba Road,, New Delhi – 110001, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	11.380	12.142
Rupee term loans others secured	8.161	5.697
Working capital loans banks secured	167.740	103.967
Total	187.281	121.806
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks unsecured	2.157	3.184
Working capital loans financial institutions unsecured	1.710	2.552
Working capital loans others unsecured	35.000	0.000
Loans directors unsecured	0.109	0.109
Total	38.976	5.845

Banking Relations :	--
Auditors :
Name :	Rajesh Radhey and Company Chartered Accountant
Address :	House No-672, Ground Floor, Sector-47, Gurgaon, Haryana, India
PAN No.:	ACLPA7839A
Associates Companies :	· Dhir International Private Limited · Giovani Fashion Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Share	Rs.10/- each	Rs.130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12497248	Equity Share	Rs.10/- each	Rs.124.972 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		124.972	124.972	124.972
2] Share Application Money		3.160	3.160	3.160
3] Reserves & Surplus		190.236	171.169	164.907
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		318.368	299.301	293.039
LOAN FUNDS
1] Secured Loans		187.281	121.806	117.978
2] Unsecured Loans		38.976	5.845	7.505
TOTAL BORROWING		226.257	127.651	125.483
DEFERRED TAX LIABILITIES		15.984	18.703	13.851
TOTAL		560.609	445.655	432.373
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		146.215	150.936	160.216
Capital work-in-progress		6.519	6.519	6.519
INVESTMENT		0.824	1.372	0.126
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	264.851	248.077	194.482
	Sundry Debtors	179.880	94.827	77.809
	Cash & Bank Balances	47.484	44.416	45.841
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.504	17.777	15.597
Total Current Assets		512.719	405.097	333.729
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	65.449	54.340	43.721
	Other Current Liabilities	37.247	61.042	23.529
	Provisions	3.048	2.987	0.974
Total Current Liabilities		105.744	118.369	68.224
Net Current Assets		406.975	286.728	265.505
MISCELLANEOUS EXPENSES		0.076	0.100	0.007
TOTAL		560.609	445.655	432.373

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		513.989	359.134
		Other Income		2.001	35.694
		TOTAL (A)		515.990	394.828
Less	EXPENSES
		Raw Materials Consumed		418.279	189.633
		Manufacturing Expenses		38.826	29.419
		Payment and Provision to Employees		35.961	33.158
		Others Expenses		33.810	46.916
		Selling and Distribution Expenses		6.538	8.723
		Increase/(Decrease) in Stock		(57.387)	67.845
		Preliminary Expenses		0.031	0.007
		TOTAL (B)		476.058	375.701
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Not Available	39.932	19.127
Less	FINANCIAL EXPENSES (D)			16.005	18.085
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			23.927	1.042
Less/ Add	DEPRECIATION/ AMORTISATION (F)			10.800	10.707
	PROFIT BEFORE TAX (E-F) (G)			13.127	(9.665)
Less	TAX (H)			6.865	(11.472)
	PROFIT AFTER TAX (G-H) (I)		19.067	6.262	1.807
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			103.557	101.750
	BALANCE CARRIED TO THE B/S			109.819	103.557
	EARNINGS IN FOREIGN CURRENCY		168.541	151.860	205.900
	IMPORTS
		Raw Materials	95.886	61.380	108.148
		Stores & Spares	1.355	2.430	2.158
		Capital Goods	0.000	0.881	0.973
		Others	8.103	4.874	3.408
	TOTAL IMPORTS		105.344	69.565	114.687
	Earnings Per Share (Rs.)		1.53	0.50	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.21	0.46
Net Profit Margin (PBT/Sales)	(%)	NA	2.55	(2.69)
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.36	(1.96)
Return on Investment (ROI) (PBT/Networth)		NA	0.04	(0.03)
Debt Equity Ratio (Total Liability/Networth)		1.04	0.82	0.66
Current Ratio (Current Asset/Current Liability)		4.85	3.42	4.89

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES ARE NOT PROVIDED FOR IN RESPECT OF,

· The company has filed appeal to Provident fund appellate tribunal and obtained stay against demand of Rs.0.477 Million raised by asst. provident fund commissioner (Previous year Rs. 2.287 Millions).

· Outstanding letter of credit amounting to Rs.69.868 Millions (previous year Rs 57.462 Millions).

· Income Tax department has raised demand of Rs.0.531 Million of Fringe Benefit Tax for the assessment year 2007-08, demand of Rs.8.693 Millions for the assessment year 2006 -2007 vide the order dated 29.12.2008 and demand of Rs.1.666 Millions for the assessment year 2003-2004 vide the order dated 31.12.2008. These demands are pending with CIT (Appeal).

FORM 8:

Corporate identity number of the company	U18101DL1998PTC094872
Name of the company	DHIR GLOBAL INDUSTRIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14, Navjivan Vihar, New Delhi – 110017, India info_infotech@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	10146049
Type of charge	Immovable Property Book debts Movable Property (not being pledge)
Particular of charge holder	Punjab National Bank IBB Branch, DCM Building, Barakhamba Road, New Delhi – 110001, India goyalvinodkumar@gmail.com
Nature of description of the instrument creating or modifying the charge	Packing Credit Agreement (Hypothecation), Hypothecation of Current Assets, Hypothecation of Moveable Assets forming part of Fixed/ Block Assets, Hypothecation of Goods / Book Debts to secure Cash Credit Facility, General Counter Indemnity, Deed of Hypothecation to secure LC on DA Basis, Supplementary Agreement, FOBNLC / FOUBNLC Agreement, Letter of Continuity
Date of instrument Creating the charge	07/12/2011
Amount secured by the charge	Rs.338.238 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest PC: 11.50% per annum (BR+0.75% i.e. Base Rate is 10.75%) CC: 15.75% per annum (BR+5%) subject to Change from time to time. As Per Agreement. Terms of Repayment CC: On Demand PC: On Demand As Per Agreement. Margin Stocks 25% Book Debts 40% As Per Bank Norms Extent and Operation of the charge Full Charge 100%
Short particulars of the property charged	Hypothecation of Stocks, Goods/ Book Debts, Current Assets, Movable Assets forming part of Fixed/ Block Assets, Bills, Counter Indemnity both present and future. IP at Plot No 375 Phase IV Udyog Vihar, Gurgaon. Haryana As per Agreement.
Particulars of the present modification	Limits Modified as (Rs. In Millions):- PC – 90.000 Millions, FOBNLC / FOUBNLC – 65.000 Millions, (Sub Limit FOBP/ FOUBP*/FOBD) – 65.000 Millions, * Sub Limit for FOUBP is restricted upto 50% of PS limit – 32.500 Millions, ODD (Clean)/ODD (Doc)/ OBD Sub Limit of FOBP / FOUBP) 15.000 Millions, CC (Hyp) 85.000 Millions, Ceiling FB – 210.000 Millions, ILC/ FLC (DA/DP) – 95.000 Millions, ILG – 5.000 Millions, Ceiling NFB – 100.000 Millions T/Loan- (I to VI) O/s Cars and Machinery 30.09.11- 28.238 Millions, Total Commitment Rs. 338.238 Millions. IP EM 375 Phase IV Udyog Vihar, Gurgaon. Stocks, Current Assets, Fixed Movable Block Assets.

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Plant and Machinery

· Electrical Installation

· Office Equipment

· Computers

· Motor Vehicles

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.49.07
UK Pound	1	Rs.77.19
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	YES
--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.