MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	RIBBLE INTERNATIONAL LIMITED
Registered Office :	5A/ 4A, Ansari Road, Darya Ganj, New Delhi - 110 002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1992
Com. Reg. No.:	55-050010
Capital Investment / Paid-up Capital :	Rs. 2.274 Millions
CIN No.: [Company Identification No.]	U18109DL1992PLC050010
TAN No.: [Tax Deduction & Collection Account No.]	DELR09236D
PAN No.: [Permanent Account No.]	AAACR4715M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of wide Gamut of Disposable Surgical Products.
No. of Employees :	150 (Approximately)

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 220000
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

INFORMATION PARTED BY

Name :	Mr. Vikram Kanodia
Designation :	Director
Contact :	91-9810269373
Date :	19.04.2012

LOCATIONS

Registered/ Head Office :	5-A/ 4A, Ansari Road, Darya Ganj, New Delhi - 110 002, India
Tel. No.:	91-11-23264399 / 23279456
Mobile No.:	91-9810269373/8053111011 (Mr. Vikram Kanodia, Director)
Fax No.:	91-11-23264398/ 23844177
E-Mail :	ribbel@giasdl01.vsnl.net.in vikram@ribbel.com sales@ribbel.com ribbel@ribbel.com ribbel@giasdl01.vsnl.net.in
Website :	www.ribbel.com
Area :	2000 sq.fts.
Location :	Owned
Corporate Office / Factory :	20^th Mile Jatheri Road, P.O. Rai, Sonepat - 131029, Haryana, India
Tel. No.:	91-130-2368060/ 2368063/ 2368080/ 3204399
Fax No.:	91-130-2368061
Area :	172223 sq.fts.
Location :	Industrial – Owned
Factory 2 :	Plot No.10 and 11, Sector 6B, SIDCUL, Ranipur Industrial Area, Haridwar, Uttaranchal, India
Tel. No. :	91-1334-239334
Fax No.:	91-1334-239335
Branch Office / Warehouse:	4/ 2, Roop Nagar, Delhi, India
Area :	Owned
Location :	250 sq yard

DIRECTORS

As on 29.09.2011

Name :

Mr. Rajendra Kumar Kanodia

Designation :

Director

Address :

4/ 2, Roop Nagar, New Delhi – 110 007, India

Date of Birth:

02.11.1950

Qualification :

B.Sc.

Date of Appointment :

19.08.1992

DIN No :

00372425

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	U74899DL1964PTC004257	MODERN STRAW BOARD MILLS PRIVATE LIMITED	Director	13/02/1992	13/02/1992	-	Active	NO
2	U18109DL1992PLC050010	RIBBLE INTERNATIONAL LIMITED	Director	19/08/1992	19/08/1992	-	Active	NO

Name :

Mrs. Suman Kanodia

Designation :

Director

Address :

4/2, Roop Nagar, New Delhi – 110 007, India

Date of Birth:

11.09.1953

Date of Appointment :

14.08.1999

DIN No :

0372550

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	U18109DL1992PLC050010	RIBBLE INTERNATIONAL LIMITED	Director	14/08/1999	14/08/1999	-	Active	NO
2	U74899DL1964PTC004257	MODERN STRAW BOARD MILLS PRIVATE LIMITED	Director	11/8/2003	11/8/2003	-	Active	NO
3	U74300DL2003PTC122491	KANODIA MEDICAL DEVICES PRIVATE LIMITED	Director	6/10/2003	6/10/2003	-	Active	NO

Name :

Mr. Vikram Kanodia

Designation :

Director

Address :

4/ 2, Roop Nagar, New Delhi – 110 007, India

Date of Birth:

01.11.1979

Date of Appointment :

14.08.1999

DIN No :

00372505

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	U18109DL1992PLC050010	RIBBLE INTERNATIONAL LIMITED	Director	14/08/1999	14/08/1999	-	Active	NO
2	U74899DL1964PTC004257	MODERN STRAW BOARD MILLS PRIVATE LIMITED	Director	11/8/2003	11/8/2003	-	Active	NO

Name :

Mr. Avinash Kanodia

Designation :

Director

Address :

4/ 2, Roop Nagar, New Delhi – 110 007, India

Date of Birth:

04.01.1982

Date of Appointment :

02.06.2000

DIN No :

00469727

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	U18109DL1992PLC050010	RIBBLE INTERNATIONAL LIMITED	Director	2/6/2000	2/6/2000	-	Active	NO
2	U74300DL2003PTC122491	KANODIA MEDICAL DEVICES PRIVATE LIMITED	Director	6/10/2003	6/10/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Rajender Kanodia	6300
Suman Kanodia	6910
Vikram Kanodia	4400
Avinash Kanodia	4500
R.K. Kanodia and Sons (HUF)	250
Kanika Kanodia	200
Richa Kanodia	180
Total	22740

As on 21.12.2011

Names of Allotees	No. of Shares
Rajindra Kumar Kanodia	1359
Suman Kanodia	2000
Vikram Kanodia	2000
Avinash Kanodia	2000
Total	7359

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of wide Gamut of Disposable Surgical Products.
Products :	Surgical Blades Made of Steel Cotton Fabric Disposable Scalpel Thumbs Scalpels Safety Scalpel Skin Graft Blades Skin Grafting Knife Post Mortem Blades Disposable Blades Remover Opthalmic Blade Blood Lancet Surgical Knife Handle Special Blades (Veterinary, Podiatry and Dentistry) Stitch Cutter
Brand Names :	“RIBBEL”
Exports :
Products :	Disposable Surgical Blades and Syringes
Countries :	· USA · Europe
Imports :
Products :	Raw-Materials
Countries :	· China · Korea · Switzerland
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

150 (Approximately)

Bankers :

• Indian Overseas Bank, M 13, Punj House, Connaught Place, New Delhi 110001, India
• Bank of America
• Haryana Financial Corporation
• Union Bank of India, 26/ 2, East Patel Nagar, New Delhi – 110 008, India

Facilities :

C.C Rs.50.000 Millions

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Post-shipment Credit	5.045	5.423
Union Bank of India Cash Credit	17.010	18.437
Packing Credit (Secured against hypothecation of raw materials, work-in-progress, finished goods, stores and spares and book debts of the company)	14.999	14.935
Term Loan (Haridwar)	7.693	11.526
Other Loan	5.581	8.384
Total	50.328	58.705
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Share Holders	20.149	9.594
From Banks Through Credit Cards	0.153	0.203
Total	20.302	9.797

Banking Relations :	--
Auditors :
Name :	Gopal Mittal and Associates Chartered Accountant
Address :	301 and 302, 3^rd Floor, 79 Shyam Lal Marg, Daryaganj, New Delhi-110 002, India
Tel. No.:	91-11-23282206/ 23285390
Fax No.:	91-11-23285390
PAN.:	AAAFG9401F

CAPITAL STRUCTURE

After As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30099	Equity Shares	Rs.100/- each	Rs. 3.010 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22740	Equity Shares	Rs.100/- each	Rs. 2.274 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		2.274	2.274	2.274
2] Share Application Money		0.736	0.736	0.736
3] Reserves & Surplus		53.600	51.126	49.886
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.610	54.136	52.896
LOAN FUNDS
1] Secured Loans		50.328	58.705	51.460
2] Unsecured Loans		20.302	9.797	3.394
TOTAL BORROWING		70.630	68.502	54.854
DEFERRED TAX LIABILITIES		7.753	6.578	5.155
TOTAL		134.993	129.216	112.905
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.205	89.479	76.470
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	30.383	37.122	21.054
	Sundry Debtors	25.519	19.405	36.552
	Cash & Bank Balances	5.275	5.112	7.176
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.498	9.470	6.058
Total Current Assets		70.675	71.109	70.840
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.656	27.045	26.862
	Other Current Liabilities	1.527	1.591	5.895
	Provisions	2.704	2.736	1.648
Total Current Liabilities		24.887	31.372	34.405
Net Current Assets		45.788	39.737	36.435
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		134.993	129.216	112.905

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	127.654	118.194	129.540
		Other Income	1.931	3.771	1.690
		TOTAL (A)	129.585	121.965	131.230
Less	EXPENSES
		Manufacturing Expenses	98.959	99.349	92.588
		Administrative and Other Expenses	14.238	15.531	16.173
		Increase/(Decrease) in Stock	(1.342)	(8.718)	(2.383)
		TOTAL (B)	111.855	106.162	106.378
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.730	15.803	24.852
Less	FINANCIAL EXPENSES (D)		7.242	7.397	7.284
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.488	8.406	17.568
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.913	5.273	4.522
	PROFIT BEFORE TAX (E-F) (G)		4.575	3.133	13.046
Less	TAX (I)		2.151	1.947	3.003
	PROFIT AFTER TAX (G-I) (J)		2.474	1.186	10.043
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.126	49.886	39.843
Add	Prior Period Adjustment		0.000	0.054	0.000
	BALANCE CARRIED TO THE B/S		53.600	51.126	49.886
	EARNINGS IN FOREIGN CURRENCY		57.850	65.237	66.814
	Earnings Per Share (Rs.)		108.79	52.15	441.64

(Rs. In Millions)

Particulars	313.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012 - 2013): Rs.160.000 Millions

The above information has been parted by Mr. Vikram

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.90	0.97	7.65
Net Profit Margin (PBT/Sales)	(%)	3.58	2.65	10.07
Return on Total Assets (PBT/Total Assets}	(%)	2.86	1.95	8.86
Return on Investment (ROI) (PBT/Networth)		0.08	0.05	0.25
Debt Equity Ratio (Total Liability/Networth)		1.68	1.84	1.69
Current Ratio (Current Asset/Current Liability)		2.83	2.26	2.06

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

Note:

As confirmed by Mr. Vikram (Director) they don’t have any sister concern Company and they are dealing with only Union Bank of India.

COMMERCIAL ACTIVITIES:

During the year 2010-11 the total turnover was amounting to Rs. 1.277 millions (Previous year Rs 118.200 millions), which includes Rs. 56.600 millions (Previous year Rs 61.000 millions) export out of India. The Profit and Loss Account shows a Net Profit of Rs. 4.575 millions (Previous year net profit Rs. 3.133 millions) after charging Depreciation of Rs. 5.913 millions (Previous year Rs. 5.272 millions)

Bankers Charges Report as per Registry

Corporate identity number of the company	U18109DL1992PLC050010
Name of the company	RIBBLE INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	5A/ 4A, Ansari Road, Darya Ganj, New Delhi - 110 002, India ribbel@ribbel.com
This form is for	Creation of charge
Type of charge	Others – Corporate Guarantee
Particular of charge holder	Indian Overseas Bank, M 13, Punj House, Connaught Place, New Delhi 110001, India Email: pankajkpc@gmail.com
Nature of instrument creating charge	Guarantee For Cash Credit Etc.
Date of instrument Creating the charge	06.12.2010
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 BASE RATE+2.75% (Presently 11.25%). Terms of repayment As per terms of sanction. Margin 25% on Stock 25% Book-debts. Extent and operation of the charge Corporate Guarantee For The Cash Credit Limit Of Rs.15.000 millions Sanctioned To The Ribbel Surgicals.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Corporate Guarantee.

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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.67.37

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

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	YES
--AFFILIATION	YES/NO	NO
--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.