MIRA INFORM REPORT

Report Date :

21.03.2012

Tel. No.:	91-261-2364645/3251428
Fax No.:	91-261-2364645

IDENTIFICATION DETAILS

Name :	RINKY FASHIONS PRIVATE LIMITED
Registered Office :	House No. 27, Rathi Palace, Ring Road, Surat-395002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.06.1995
Com. Reg. No.:	04-026291
Capital Investment / Paid-up Capital :	Rs. 0.730 Million
CIN No.: [Company Identification No.]	U65910GJ1995PTC026291
TAN No.: [Tax Deduction & Collection Account No.]	SRTR00081E
PAN No.: [Permanent Account No.]	AABCR1095C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Textile Items.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 :	Director
Contact No.:	91-9974702538
Date :	03.03.2012

LOCATIONS

Registered Office/ Factory :	House No. 27, Rathi Palace, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2364645/3251428
Mobile No.:	91-9974702538 (Mr. Ravindra Shah)
Fax No.:	91-261-2364645
E-Mail :	rinkyfashions@hotmail.com
Website :	http://www.rinkyfashions.com
Area :	5000 sq. ft.
Location :	Owned

/DIRECTORS

AS ON 30.09.2011

Name :	Mr. Chhaganmal Tekchand Shah
Designation :	Chairman
Address :	7, Yogikrupa, Society, New Civil Road, Surat-395007, Gujarat, India
Date of Birth/Age :	05.02.1948
Date of Appointment :	12.06.1995
DIN No.:	01397112

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	U65910GJ1995PTC026291	RINKY FASHIONS PRIVATE LIMITED	Director	12-06-95	12-06-95	Active	NO
2	U72200GJ1994PTC022184	DITECH COMPUTERS PRIVATE LIMITED	Director	22-03-04	22-03-04	Active	NO

Name :	Mr. Ravindra Tekchand Shah
Designation :	Director
Address :	7, Yogikrupa, Society, New Civil Road, Surat-395007, Gujarat, India
Date of Birth/Age :	13.12.1971
Date of Appointment :	12.06.1995
DIN No.:	01397129

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	U72200GJ1994PTC022184	DITECH COMPUTERS PRIVATE LIMITED	Director	03-06-94	03-06-94	Active	NO
2	U30000GJ1995PTC024861	DITECH SOFTWARE EXPORTS PRIVATE LIMITED	Director	02-03-95	02-03-95	Active	NO
3	U65910GJ1995PTC026291	RINKY FASHIONS PRIVATE LIMITED	Director	12-06-95	12-06-95	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Tekchand C Shah	14860
Ravindra T. Shah	38710
Chunilal C. Shah	1250
Lalchand C. Shah	1250
Venichand C. Shah	1250
Pushpa T. Shah	100
Bhavana T. Shah	100
Dinesh T. Shah	15000
Champaklal C. Shah HUF	100
Hiren M. Kansara	100
Narendrakumar Chandmal	100
Rasilaben M. Kansra	100
Kunjam M. Kansara	100
Total	73020

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Textile Items.
Products :	v Fabrics v Dress Materials v Embroidered Sarees v Synthetic Fabrics v Natural Fabrics v Embroidered Dress Materials v Dyeable Fabrics v Dyed Sarees v Embroidered Fabrics v Dyed Fabrics v Viscose Fabrics
Exports :
Products :	Textile Items
Countries :	· UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Jagdamba Textiles

Customers :

Wholesalers and Retailers

· Jindal Sareee Centre Private Limited

No. of Employees :

20 (Approximately)

Bankers :

· Citi Bank

· ICICI Bank

· Kotak Mahindra Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cholamandalam DBS Finance Limited (Against House)	24.584	16.866
Citi Bank Credit Card	0.007	0.008
ICICI Bank (On Hypothecation of new car)	0.000	0.050
Kotak Mahindra Bank Limited	0.000	0.160
Total	24.591	17.084
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Chhaganlal Bherulal Shah	0.034	0.034
Nanibai Chhaganlal Shah	0.027	0.027
Ravindra Tekchand Shah	0.026	0.151
Tekchand Chhaganlal Shah	0.675	0.888
Total	0.762	1.100

Banking Relations :	--
Auditors :
Name :	Rasesh Shah and Associates Chartered Accountant
Address :	O-1, Silver Palm Building, Timaliywad, Surat-395001, Gujarat, India
Pan No.:	AAAFR1004L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73020	Equity Shares	Rs.10/- each	Rs. 0.730 Million

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		0.730	0.730	0.730
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.433)	(0.469)	(0.525)
NETWORTH		0.297	0.261	0.205
LOAN FUNDS
1] Secured Loans		24.591	17.084	13.804
2] Unsecured Loans		0.762	1.100	1.436
TOTAL BORROWING		25.353	18.184	15.240
DEFERRED TAX LIABILITIES		0.066	0.063	0.052
TOTAL		25.716	18.508	15.497
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.049	1.128	0.966
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.037	0.037	0.037
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.508	12.824	11.497
	Sundry Debtors	13.695	14.562	16.633
	Cash & Bank Balances	0.979	1.264	0.774
	Other Current Assets	0.013	0.000	0.000
	Loans & Advances	0.931	0.275	0.134
Total Current Assets		34.126	28.925	29.038
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.321	11.493	14.443
	Other Current Liabilities	0.162	0.076	0.064
	Provisions	0.013	0.013	0.037
Total Current Liabilities		9.496	11.582	14.544
Net Current Assets		24.630	17.343	14.494
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.716	18.508	15.497

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	46.479	42.525	46.937
		Other Income
		TOTAL	46.479	42.525	46.937
Less	EXPENSES
		Office Expenses	46.297	42.326	46.558
		Administrative Expenses
		Advertising Expenses
		TOTAL	46.297	42.326	46.558
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.182	0.199	0.379
			0.133
Less/ Add	DEPRECIATION/ AMORTISATION			0.119	0.109
	PROFIT BEFORE TAX		0.049	0.080	0.270
Less	TAX		0.013	0.024	0.031
	PROFIT AFTER TAX		0.036	0.056	0.239
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.469)	(0.525)	(0.764)
	BALANCE CARRIED TO THE B/S		(0.433)	(0.469)	(0.525)
	Earnings Per Share (Rs.)		0.49	0.77	3.27

Expected Sales (2011-2012) : Rs. 52.000 Millions

The above information has been parted by Mr. Ravindra.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.08	0.13	0.51
Return on Total Assets (PBT/Total Assets}	(%)	0.14	0.27	0.90
Return on Investment (ROI) (PBT/Networth)		0.16	0.31	1.32
Debt Equity Ratio (Total Liability/Networth)		117.56	114.05	145.29
Current Ratio (Current Asset/Current Liability)		3.59	2.50	2.00

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%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	Yes
18. Major customers	Yes
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	No
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	------

NOTE:

The registered office of the company has been shifted from 03267 Surat Textile Marketing Road, Surat-395002, Gujarat, India to the present address w.e.f. 01.11.2007

FINANCIAL RESULTS

The Directors report that due to decrease in sales, the Company has posted gross income of Rs. 46.479 Millions in the current year as compared to Rs. 43.579 Millions in the corresponding previous year. As a result, the company has posted net profit of Rs. 0.036 Million as compared to net profit of Rs. 0.056 Million in the corresponding previous year. In view of the previous year losses, the directors are unable to recommend any dividend and the entire amount of profit is carried to the balance sheet under the head “Profit and Loss Account”.

TRADE REFERENCE

· Jindal Saree Centre Private Limited

· Jagdamba Textiles

FIXED ASSETS:

• Computer
• Motor Car
• Kinetic Honda
• Air Conditioner
• Furniture
• Hero Honda

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. 50.25
UK Pound	1	Rs. 79.76
Euro	1	Rs. 66.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.