MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	TRIBHUVAN APPARELS PRIVATE LIMITED
Registered Office :	25 and 26, Kallampalayam East, Tirupur-641601, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.2009
Com. Reg. No.:	18-015646
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U17115TZ2009PTC015646
TAN No.: [Tax Deduction & Collection Account No.]	CMBT05466G
PAN No.: [Permanent Account No.]	AADCT3159K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Garments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 58000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is relatively new and established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered normal for business dealing at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	25 and 26, Kallampalayam East, Tirupur-641601, Tamil Nadu, India
Tel. No.:	Not Divulged
Fax No.:	Not Divulged
E-Mail :	blend@airtelmail.in tapld1@gmail.com pkpereturn@rediffmail.com

DIRECTORS

As on 01.08.2011

Name :

Vinit Kumar Gogia

Designation :

Director

Address :

No 5 , Sithappa Avenue, Rayapuram, Tirupur-641601, Tamilnadu, India

Date of Birth/Age :

25.06.1967

Date of Appointment :

01.12.2009

DIN No.:

01661321

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17115TZ2009PTC015646	TRIBHUVAN APPARELS PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
2	U45201TZ2010PTC015822	BHAVI PROFINA PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO

Name :

Bharat Bhushan Gogia

Designation :

Director

Address :

10, Vinayaga Puram Rayapuram Extension, Tirupur-641601, Tamil Nadu, India

Date of Birth/Age :

27.05.1959

Date of Appointment :

01.12.2009

DIN No.:

02155497

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17115TZ2009PTC015646	TRIBHUVAN APPARELS PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
2	U45201TZ2010PTC015822	BHAVI PROFINA PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO

Name :

Dalpat Singh Chouhan

Designation :

Additional director

Address :

45 College Road, Tirupur-641602, Tamil Nadu, India

Date of Birth/Age :

07.10.1974

Date of Appointment :

30.08.2010

DIN No.:

02879368

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.08.2011

Names of Shareholders	No. of Shares
Vinit Kumar Gogia	250000
Bharat Bhushan Gogia	250000
Dalpat Singh Chouhan	500000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 01.08.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Garments

GENERAL INFORMATION

Suppliers :

• BD Textiles, Tirupur
• Carton Craft
• Chitra Plastic Industries
• Classic Printers
• Gateway Systems
• M and M Trading Agencies
• Ponmani KNIT Clothing
• Raayal Labels, Tirupur
• Sri Sai Labels
• Vishal Label and Company
• Smart Fashion Makers
• Toben Logistics Private Limited
• S. Bhanshali and Associates
• Jayam Computer Printer, Tirupur
• Shaan’s Cargo Private Limited, Tirupur
• V.N.S. Transports, Tirupur

Customers :

• Harmoney Readymade Garments TRD
• Sapna General TRD, Ajman (UAE)

No. of Employees :

Not Available

Bankers :

State Bank of Patiala, Pudur Piruvu, Dharapuram Main Road, Tirupur-641608, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
State Bank of Patiala - EPC	32.756	0.000
Total	32.756	0.000
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Bharat Bhushan Gogia	0.306	1.105
Vinit Kumar Gogia	0.355	1.556
Total	0.661	2.661

Banking Relations :	--
Auditors :
Name :	P.Kothandapani Chartered Accountant
Address :	NO.41, Old Market Street, Tirupur- 641601, Tamil Nadu, India
PAN No.:	AFPPK2717N
Related Parties :	Adson Apparels Aditi Creation

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		4.603	0.396
4] (Accumulated Losses)		0.000	0.000
NETWORTH		14.603	0.496
LOAN FUNDS
1] Secured Loans		32.756	0.000
2] Unsecured Loans		0.661	2.661
TOTAL BORROWING		33.417	2.661
DEFERRED TAX LIABILITIES		0.002	0.002
TOTAL		48.022	3.159
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.113	0.033
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.125	1.214
	Sundry Debtors	22.664	9.546
	Cash & Bank Balances	5.739	0.075
	Other Current Assets	0.000	0.000
	Loans & Advances	23.173	2.354
Total Current Assets		51.701	13.189
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.729	9.818
	Other Current Liabilities	0.000	0.000
	Provisions	2.073	0.255
Total Current Liabilities		3.802	10.073
Net Current Assets		47.899	3.116
MISCELLANEOUS EXPENSES		0.010	0.010
TOTAL		48.022	3.159

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010
	SALES
		Income		144.832	17.784
		Other Income
		TOTAL (A)		144.832	17.784
Less	EXPENSES
		Office Expenses		137.611	17.162
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)		137.611	17.162
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			7.221	0.622
Less	FINANCIAL EXPENSES (D)			0.993	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			6.228	0.622
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.027	0.002
	PROFIT BEFORE TAX (E-F) (G)			6.201	0.620
Less	TAX (I)			1.995	0.224
	PROFIT AFTER TAX (G-I) (J)			4.206	0.396
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.396	0.000
	BALANCE CARRIED TO THE B/S			4.602	0.396
	EARNINGS IN FOREIGN CURRENCY			129.879	16.265
	Earnings Per Share (Rs.)			4.21	39.63

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	2.90	2.23
Return on Total Assets (PBT/Total Assets}	(%)	11.97	4.69
Return on Investment (ROI) (PBT/Networth)		0.42	1.25
Debt Equity Ratio (Total Liability/Networth)		2.55	25.67
Current Ratio (Current Asset/Current Liability)		13.60	1.309

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17115TZ2009PTC015646
Name of the company	TRIBHUVAN APPARELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	25 and 26, Kallampalayam East, Tirupur-641601, Tamil Nadu, India Email: blend@airtelmail.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10242988
Type of charge	· Book debts · Movable property (not being pledge) Stock in Trade
Particular of charge holder	State Bank of Patiala, Pudur Piruvu, Dharapuram Main Road, Tirupur-641608, Tamil Nadu, India Email: sbpcbnd@yahoo.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Goods and Assets dated 24.12.10
Date of instrument Creating the charge	24.12.2010
Amount secured by the charge	Rs.40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of Repayment repayable on demand Margin 25 % on Stocks and 35% on book debts Extent and Operation of the charge First and Exclusive charge on Current assets including Raw Material, work in progress, finished goods and Book debts - present and future
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and Exclusive charge on Current assets including Raw Material, work in progress, finished goods and Book debts - present and future Extension of EMT on personal property of Directors Personal guarantee of Directors
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
In whose name it is registered	Vinit Kumar Gogia Bharat Bhushan Gogia
Date of instrument modifying the charge	27.08.2010
Particulars of the present modification	Increase in Limits from Rs.10.000 Millions to Rs.40.000 Millions with interchangeable limits of EPC - Rs.30.000 Millions and Rs.10.000 Millions on FBP and FDD

FIXED ASSETS:

• Plant and Machinery

• Fusing Machine

• Computer
• Furniture and Fittings

• Table and Chairs
• Fan

• Office Equipments

• Mobile Phone
• Water Purifier
• Electronic Weighing SCA

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 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 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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.