1. Summary Information

		Country	India
Company Name	Equi Plus (India) Exports Private Limited	Principal Name 1	Mr. Upendra Kumar Singh
Status	Satisfactory	Principal Name 2	Mr. Kashi Nath Singh
		Registration #	20-35424
Street Address	C – 40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India
Established Date	13.06.2008	SIC Code	--
Telephone#	91-512-2692180/ 81/ 82	Business Style 1	Traders
Fax #	91-512-2692280/ 2692183	Business Style 2	Export
Homepage	http://www.equiindia.in	Product Name 1	Textile Goods
# of employees	Not Available	Product Name 2	Garments Aprons
Paid up capital	Rs.37,500,000/-	Product Name 3	Rugs
Shareholders	Directors or relatives of directors – 100%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	4 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	59,710,000	Current Liabilities	44,076,000
Inventories	89,265,000	Long-term Liabilities	94,066,000
Fixed Assets	67,708,000	Other Liabilities	3,282,000
Deferred Assets	0,000	Total Liabilities	141,424,000
Invest& other Assets	3,978,000	Retained Earnings	41,737,000
		Net Worth	79,237,000
Total Assets	220,661,000	Total Liab. & Equity	220,661,000
Total Assets (Previous Year)	168,115,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	281,207,000	Net Profit	17,902,000
Sales(Previous yr)	NA	Net Profit(Prev.yr)	17,413,000

MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Name :	EQUI PLUS (INDIA) EXPORTS PRIVATE LIMITED
Registered Office :	C – 40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.06.2008
Com. Reg. No.:	20-35424
Capital Investment / Paid-up Capital :	Rs.37.500 Millions
CIN No.: [Company Identification No.]	U74900UP2008PTC035424
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business of Traders, Export and Import of Textile Goods, Garments Aprons, Harness, Rugs, Halters etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 320000
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 re reported to be usually 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 :	C-40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India
Tel. No.:	91-512-2692180/ 81/ 82
Fax No.:	91-512-2692280/ 2692183
E-Mail :	shweta2402@rediffmail.com upendra@equiindia.com id-contact@equiindia.in s_kumarcs@sify.com ca.anil.saxena@gmail.com
Website :	http://www.equiindia.in

DIRECTORS

(AS ON 18.07.2011)

Name :	Mr. Upendra Kumar Singh
Designation :	Director
Address :	C – 21, Pankl Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India
Date of Birth/Age :	12.10.1970
Date of Appointment :	13.06.2008
DIN No.:	02188151
Name :	Mr. Kashi Nath Singh
Designation :	Director
Address :	1203, Ratan Lal Nagar, Kanpur – 208005, Uttar Pradesh, India
Date of Birth/Age :	01.12.1947
Date of Appointment :	13.06.2008
DIN No.:	02188171

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 18.07.2011)

Names of Shareholders	No. of Shares
Upendra Kumar Singh	3400000
Kashi Nath Singh	350000
Total	3750000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To carry on the business of Traders, Export and Import of Textile Goods, Garments Aprons, Harness, Rugs, Halters etc.

GENERAL INFORMATION

Suppliers :

· A A Enterprises

· Agmotex Fabrics Limited

· B B corporation

· Bhagwati Enterprises

· Blue Bird Hosiery

· Creat Technology

· Diamond Enterprises

· Exim Packagers

· G S Internationa;

· Ganpati Graphics

· J M Textile

· Kailash Fastners Private Limited

· Kariwala Synthetic (Private) Limited

· Lion Tapes Private Limited

· Manohar Filament Private Limited

· Piller Textile

· Sheela Foams (Private) Limited

· Ruchi International

· Sterline Creation (Private) Limited

· United Synthetics

· V K brothers

· Vineet Industries

· Vishal Sewtech

· YKK India Private Limited

Customers :

· Decathlon SA

· Decathlon Shanghai Sports Private Limited

· Decathlon Russia

· Decathlon Sa Brazil

· Westgate-Efi Limited

· Group Go Sports

· A R S Enterprises

· Sethi Textile

No. of Employees :

Not Available

Bankers :

· State Bank of India,

Industrial Finance Branch, 13 – B, Sarvodaya Nagar, Kanpur – 208005, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
EPC Cash Credit	39.984	0.000
FBP (Advance)	11.221	0.000
SLC	7.588	3.000
Term Loan II	3.809	0.000
Term Loan III (Padding Plant)	6.049	0.000
Term Loan IV – Corporate Loan	2.039	0.000
Term Loan V – Corporate Loan	7.598	0.000
Term Loan SBI	0.000	15.750
SBI EPC A/c (Sub. To Bank Recon.)	0.000	28.786
SBI Current A/c (Sub. To Bank Recon.)	0.000	4.980
Total	78.288	52.516
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Magic House	4.472
Mr. Kashi Nath Singh	2.377
Equi Plus (India)	7.049	12.350
Upendra Singh	1.880
Total	15.778	12.350

Banking Relations :	--
Auditors :
Name :	Anil Saxena and Associates Chartered Accountants
Address :	111/471, Bhram Nagar, Kanpur – 208005, Uttar Pradesh, India
PAN No.:	AMZPS3565P

CAPITAL STRUCTURE

(AS ON 18.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 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		37.500	37.500	37.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.737	23.835	6.421
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.237	61.335	43.921
LOAN FUNDS
1] Secured Loans		78.288	52.516	50.301
2] Unsecured Loans		15.778	12.350	11.035
TOTAL BORROWING		94.066	64.866	61.336
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		173.303	126.201	105.257
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.708	60.157	64.747
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.978	2.961	1.835
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.265	68.996	54.671
	Sundry Debtors	59.588	34.801	24.130
	Cash & Bank Balances	0.029	0.073	0.079
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.093	1.127	2.129
Total Current Assets		148.975	104.997	81.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	44.076	39.171	39.757
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.282	2.743	2.577
Total Current Liabilities		47.358	41.914	42.334
Net Current Assets		101.617	63.083	38.675
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		173.303	126.201	105.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income - Sales (Net)	281.207	177.277	77.836
		Other Income	NA
		TOTAL INCOME	NA	177.277	77.836
Less	EXPENSES
		TOTAL	NA	147.049	64.098
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		35.198	30.228	13.738
Less	FINANCIAL EXPENSES		8.969	5.533	3.578
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		26.229	24.695	10.160
Less/ Add	DEPRECIATION/ AMORTISATION		7.760	6.825	3.503
	PROFIT BEFORE TAX		18.469	17.870	6.657
Less	TAX		0.567	0.457	0.236
	PROFIT AFTER TAX		17.902	17.413	6.421
	Earnings Per Share (Rs.)		4.77	4.64	1.78

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	9.82	8.25
Net Profit Margin (PBT/Sales)	(%)	6.57	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.52	10.82	4.57
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.15
Debt Equity Ratio (Total Liability/Networth)		1.78	1.74	2.36
Current Ratio (Current Asset/Current Liability)		3.15	2.51	1.91

LOCAL AGENCY FURTHER INFORMATION

WORKING:

This year was an inspiring for the company, as it recorded excellent performance on all major financial parameters, right from its early years of commencement of business.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74900UP2008PTC035424
Name of the company	EQUI PLUS (INDIA) EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C – 40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India shweta2402@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10132922
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, Industrial Finance Branch, 13 – B, Sarvodaya Nagar, Kanpur – 208005, Uttar Pradesh, India sbi.08971@sbi.co.in
Nature of description of the instrument creating or modifying the charge	(i) Supplemental Agreement of Loan Cum Hypothecation (SME-4) (ii) Agreement cum Indemnity (iii) Memorandum for recording extension of mortgage by deposit of title deeds (SME-7) (iv)Letter of Confirmation for extension of mortgage by deposit of title deeds (SME-8)
Date of instrument Creating the charge	04/10/2011
Amount secured by the charge	Rs.128.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital - @1.75% over Base Rate, Present effective rate 11.75% p.a. with monthly rests. Term Loans - II, III, IV and V @7.25% over Base Rate, Present effective rate 17.25% p.a. with monthly rests. Terms of Repayment (i)Working Capital-Repayable on demand (ii)Term Loan -II, III, IV and V shall be repayable as per existing repayment schedule. Margin 25% on Raw Material-Imported/Indigenous 50% on Semi Finished Goods 25% on Finished Goods 100% on Components/Consumables/Spares 20% on FBP (Open delivery) 25% on LC Extent and Operation of the charge The Company's movable and immovable properties as mentioned in column 15 are hypothecated and mortgaged to secure credit facilities aggregating Rs.128.000 Millions granted by Bank to the Borrower.
Short particulars of the property charged	Hypothecation of all present and future stocks of raw materials, stocks in process, finished goods, goods covered under LC, stores, spares, vehicles and all other movable assets of the Borrower. Hypothecation of all the Borrower's present and future book debts, receivables, documents of title to goods, outstanding monies, bills, invoices, documents, contracts, guarantee, engagement, investments and rights. Hypothecation of all the Borrower's present & future machinery and fixed assets belonging to or in the possession or under control of the Borrower wherever lying, stored, kept or in transit. Equitable mortgage of immovable properties being land and building situated at Plot No.C-40, Panki Industrial Area, Site No. I, Kanpur admeasuring area 5235.31 square meters.
Date of latest modification prior to the present modification	27/12/2010
Particulars of the present modification	The aggregate amount of various credit facilities granted by the Bank has now been enhanced from Rs.96.250 Millions to Rs.128.000 Millions. Therefore, total amount of charge secured against hypothecation of entire current assets, fixed assets, stocks, book debt, plant and machinery etc. and equitable mortgage of immovable properties as per details mentioned in column No.15 above has now been enhanced from Rs.96.250 Millions to Rs.128.000 Millions.

FIXED ASSETS:

· Air conditioner

· Building

· Computer

· Electronic Installation

· Furniture and Fixture

· Land

· Office Equipment

· Plant and Machinery

· Tools and Dies

· Xerox

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.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.