MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	CALZINI FASHIONS LIMITED
Registered Office :	D – 9/3 Okhla Industrial Area, Phase – II New Delhi, Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.06.2007
Com. Reg. No.:	55-164774
Capital Investment/ Paid-up Capital:	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U74994DL2007PLC164774
TAN No.: [Tax Deduction & Collection Account No.]	DELCO9738B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exports of Garments
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 66000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 :	D – 9/3 Okhla Industrial Area, Phase – II New Delhi, Delhi – 110020, India
Tel. No.:	91-11 – 40653300/01/02/03/04
Mobile No.:	91-9811515689 (Aayush Goenka)
Fax No.:	91-11 - 40560211
E-Mail :	accounts@indiarocks.com manojcagarwal@gmail.com
Website :	www.indiasocks.com
Factory/ Corporate office:	A -79, Sector -63, Opposite Fujjmoto, Company, Noida, Uttar Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Aayush Goenka

Designation :

Director

Address :

A – 41/5, DLF City Phase –I Gurgoan -122002, Haryana India

Date of Birth/Age :

25.11.1970

Date of Appointment :

14.06.2007

Din No.:

01240928

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	U27109DL1980PTC010559	KALINDI BRIGHT STEELS AND TUBES PRIVATE LIMITED	Director	18/06/1980	18/06/1980	-	Active	NO
2	U17309DL1995PLC070398	SONAL INTERTREND LIMITED	Director	3/7/1995	3/7/1995	-	Active	NO
3	U74994DL2007PLC164774	CALZINI FASHIONS LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
4	U51909DL1984PLC018740	YASH GLOBAL LIMITED	Director	1/2/2008	1/2/2008	-	Active	NO

Name :

Mr. Uma Shankar Goenka

Designation :

Director

Address :

A – 41/5, DLF City Phase –I Gurgoan -122002, Haryana India

Date of Birth/Age :

20.03.1948

Date of Appointment :

14.06.2007

Din No.:

02058132

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	U10200WB1963PTC025887	HANUMAN COAL MINES PVT LTD	Director	15/04/1966	15/04/1966	-	Active	NO
2	U51909HR1974PTC007578	STANDARD GUM AND INDUSTRIES PRIVATE LIMITED	Director	12/9/1977	12/9/1977	-	Active	NO
3	U17113DL1975PLC007853	KALINDI WOOLLEN MILLS LTD	Director	26/09/1985	26/09/1985	-	Active	NO
4	U70101UP2005PLC031130	DPK ESTATES LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
5	U74994DL2007PLC164774	CALZINI FASHIONS LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
6	U51909DL1984PLC018740	YASH GLOBAL LIMITED	Director	1/2/2008	1/2/2008	-	Active	NO
7	U74899DL1973PLC006582	WOOL SPUNS LIMITED	Director	1/10/2008	1/10/2008	-	Active	NO
8	U70109WB2012PTC173859	TANNIK INTERNATIONAL PRIVATE LIMITED	Director	10/2/2012	10/2/2012	-	Active	NO

Name :

Mr. Hari shanker goenka

Designation :

Director

Address :

A – 41/5, DLF City Phase –I Gurgoan -122002, Haryana India

Date of Appointment :

24.11.2010

Din No.:

00026279

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	U27109DL1980PTC010559	KALINDI BRIGHT STEELS AND TUBES PRIVATE LIMITED	Director	18/06/1980	18/06/1980	-	Active	NO
2	U10200WB1963PTC025887	HANUMAN COAL MINES PVT LTD	Director	12/9/1997	12/9/1997	-	Active	NO
3	L15141UP1940PLC000946	AMRIT CORP. LIMITED	Director	21/05/2003	21/05/2003	6/7/2007	Active	NO
4	L21012PB1997PLC035243	KUANTUM PAPERS LIMITED	Director	25/10/2006	25/10/2006	20/07/2007	Active	NO
5	L51909PB1985PLC006208	AMRIT BANASPATI COMPANY LIMITED	Director	14/09/2007	24/07/2007	16/07/2010	Active	NO
6	U17113DL1975PLC007853	KALINDI WOOLLEN MILLS LTD	Director	30/09/2008	30/09/2008	-	Active	NO
7	U17309DL1995PLC070398	SONAL INTERTREND LIMITED	Director	18/07/2010	18/07/2010	-	Active	NO
8	U67120DL2010PTC210021	KARMA HOLDINGS PRIVATE LIMITED	Director	1/11/2010	1/11/2010	-	Active	NO
9	U51909DL1984PLC018740	YASH GLOBAL LIMITED	Director	24/11/2010	24/11/2010	-	Active	NO
10	U74994DL2007PLC164774	CALZINI FASHIONS LIMITED	Director	24/11/2010	24/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Aayush Goenka	110000
Uma Shankar Goenka	76500
Hari shanker goenka	16500
Ansumang Oenka	12500
Vikash Project Private Limited	150000
Nivedita AGarwal	20000
Udit Agarwal	50000
Smt.Puspa Agarwal	255000
Kalindi Bright Steel and Tube Limited	250000
Radhey Shyam Goenka	12500
Neeral Goenka	12500
Abhilasha Goenka	19500
Renuka Goenka	15000
Total	1000000

As on 30.09.2011

Equity Shares Break - up

Category	Percentage
Bodies corporate	40.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exports of Garments
Products :	· Cotton Knitted Socks · Handkerchiefs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· UCO Bank, A – 7, DDA Shopping Complex, Defence Coloney, New Delhi -110024, Delhi, India

· State Bank of Travoncare

· ICICI Bank

Facilities :

Rs.in Millions

SECURED LOAN	31.03.2011	31.03.2010
	43.751	0.000
Uco Bank (Cash Credit)	0.000	22.268
UCO Bank(Bill Discounting)	0.000	0.006
UCO Bank (L/C)	0.000	2.229
Reliance Consumer Finance (Car Loan)	0.567	0.000
ICICI Bank (Car Loan)	0.152	0.190
Total	44.470	24.693
UNSECURED LOAN	31.03.2011	31.03.2010
Aayush Goenka	0.416	0.550
Abhilasha Goenka	0.000	0.045
Cutex India	3.343	2.958
Kishan Prasad and Company Limited	1.918	0.000
Neeral Goenka	0.320	0.200
Poonam Goenka	0.170	0.200
Radhey Shyam Goenka	0.300	0.300
Hari shanker goenka	0.000	0.040
Puspa Agarwal	0.000	0.700
Trupti Thread	3.100	0.000
Uma Shankar Goenka	0.000	0.100
Vikash Project Private Limited	5.922	0.000
Total	15.559	5.093

Banking Relations :	--
Auditors :
Name :	Manoj C. Agarwal Company Chartered Accountant
Address :	R- 32-33, Nand Gram, Ghaziabad – 201003, Uttar Pradesh, India
Tel. No.:	95-120-2870778
Mobile No.:	91-9810762332/9310062332
E-Mail :	manojcagarwal@gami.com
Pan No.:	AFBPA6097H

CAPITAL STRUCTURE

As 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.30.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	1.000	1.000
2] Share Application Money		2.500	5.000	5.000
3] Reserves & Surplus		3.936	1.706	0.471
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.436	7.706	6.471
LOAN FUNDS
1] Secured Loans		44.471	24.693	14.925
2] Unsecured Loans		15.559	5.093	2.228
TOTAL BORROWING		60.030	29.786	17.153
DEFERRED TAX LIABILITIES		0.372	0.117	0.055
TOTAL		76.838	37.609	23.679
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.449	5.887	2.042
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.260	0.675	0.270
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	33.497	19.030	14.311
	Cash & Bank Balances	3.815	1.400	0.193
	Other Current Assets	38.330	22.944	20.011
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		75.642	43.374	34.515
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.803	6.209	8.039
	Other Current Liabilities and Provisions	7.710	6.118	5.109
Total Current Liabilities		12.513	12.327	13.148
Net Current Assets		63.129	31.047	21.367
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		76.838	37.609	23.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	177.865	108.729	68.752
		Other Income	1.388	3.229	1.486
		TOTAL (A)	179.253	111.958	70.238
Less	EXPENSES
		Cost of Goods Sold	118.351	55.933
		Manufacturing Expenses	27.644	28.587
		Communication and Connectivity Expenses	0.565	0.622
		Administrative expenses	8.319	9.448
		Personal Expenses	9.999	7.845
		Other Expenses	4.049	2.945
		TOTAL (B)	168.927	105.380	67.597
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.326	6.578	2.641
Less	FINANCIAL EXPENSES (D)		6.543	4.188	1.699
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.783	2.390	0.942
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.821	0.568	0.292
	PROFIT BEFORE TAX (E-F) (G)		2.962	1.822	0.650
Less	TAX (H)		0.732	0.587	0.264
	PROFIT AFTER TAX (G-H) (I)		2.230	1.235	0.386
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.706	0.471	0.085
	BALANCE CARRIED TO THE B/S		3.936	1.706	0.471
	Earnings Per Share (Rs.)		2.00	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.24	1.10	0.55
Net Profit Margin (PBT/Sales)	(%)	1.65	1.63	0.95
Return on Total Assets (PBT/Total Assets}	(%)	3.36	3.69	1.78
Return on Investment (ROI) (PBT/Networth)		0.18	0.24	0.10
Debt Equity Ratio (Total Liability/Networth)		4.41	5.46	4.68
Current Ratio (Current Asset/Current Liability)		6.05	3.52	2.63

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	-
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note: The Registered office of the company has been shifted form the D -6/4 Okhla industrial Area, Phase – II, New Delhi – 110020, Delhi, India to the present address w.e.f.01.12.2009

Form 8

Corporate identity number of the company	U74994DL2007PLC164774
Name of the company	CALZINI FASHIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	D – 9/3 Okhla Industrial Area, Phase – II New Delhi, Delhi – 110020, India Email: manojcagarwal@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book Debts · Movable property (not being pledge)
Particular of charge holder	State Bank Of Travancore, Aray Samaj Road, Karol Bagh, New Delhi -110005, Delhi, india Email: NEWDELHI@SBT.co.in.
Date of instrument Creating the charge	06.10.2010
Amount secured by the charge	Rs.60.000 Millions
Nature, Description and brief particular of the instrument creating modifying the charge	1. Sanction letter dated 23.08.2010 2. Term loan agreement dated 06.10.2010 3. Agreement of loan for overall working capital
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: On CC 5.25% above SBT base Rate Minimum 13% P.A ( Floating with monthly rest and on other facility as per sanction letter dated 23.08.2010, concession of 0.25% is approved letter dated 25.10.2010 Terms of Repayment: On demand Margin: Raw material 25% Stock in process 25% .Finished Goods 25% Receivable 50% Margin reduced to 25% vide letter darted 25.10.2010 Extent and Operation of the charge: 100% Others: Fund Based CC Limit of Rs.45.000 Millions FBD/IUBD (against LC) of Rs.10.000 Millions Term Loan rs.53.000 Millions Non Fund Based Letter of Credit ( Sub Limit Within cash credit Facility) (Rs.15.000 Millions) Bank Guarantee ( Sub Limit Within cash credit Facility) (Rs.15.000 Millions)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable Mortgage of property NO.56, Block –S Lower Ground Street Kailsah, Part – II New Delhi, Measuring 300 Sq Yards in the name of M/s Yash Global Limited Hypothecation of raw Material stock in process, finished goods, Stores and other Movable Assets and Book Debts of he company Present and future Both

Fixed Assets:

· Air Conditioner

· Computers and Printers

· Inverter and UPS

· Power Factor Equipments

· Telephones and Mobiles

· Plant and Machinery

· Car Hyundai

· Factory Shed

· Furniture and Fixtures

· Weighting Machine

· Car (AVEO)

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.