MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	RAMSON GARMENT FINISHING EQUIPMENTS PRIVATE LIMITED
Registered Office :	Door No-350/5, Mysore Road, Bangalore – 560026, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.01.1994
Com. Reg. No.:	08-15114
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U18101KA1994PTC015114
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Laundry Equipments and Garment Finishing Equipment
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1000000
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 – 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.

INFORMATION PARTED BY

Name :	Ms. Sabita Bhattacharya
Designation :	Marketing Manager
Contact No.:	91-9611101205/9845398852/9611101205/9945103000
Date :	01.10.2012

LOCATIONS

Registered Office / Factory :	Door No. 350/5, Mysore Road, Bangalore – 560026, Karnataka, India
Tel. No.:	91-80-26746983
Mobile No.:	91-9845398852 (Mr. Sunder Belani)
Fax No.:	91-80-26746042
E-Mail :	info@ramsonsindia.com accounts@ramsonsindia.com
Website :	www.ramsonsindia.com
Location :	Owned
Head Office :	320, Mysore Road, Bangalore – 560026, India.
Tel. No.:	91-80-26743737/26745885
Fax No.:	91-80-26746042
Email:	info@ramsonsindia.com
Branch Office :	D-85, Okhla, Phase-I, New Delhi-110020, India
Tel. No.:	91-11-26811186
Fax No.:	91-11-26811186
Other Branch Office :	Located at · Ludhiana · Delhi · Gurgaon · Jaipur · Kolkata · Mumbai · Pune · Hyderabad · Bangalore · Tirupur · Vijayawada · Chennai · Cochin

DIRECTORS

As on: 31.03.2011

Name :

Mr. Sunder Ramchand Belani

Designation :

Director

Address :

No. 1/33, (77), Ulsoor Road, Panchavati, Bangalore – 560042, Karnataka, India

Date of Birth/Age :

02.06.1959

Date of Appointment :

12.01.1994

DIN No.:

02107703

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	U18101KA1994PTC015114	RAMSONS GARMENTS FINISHING PRIVATE LIMITED	Director	12-01-94	12-01-94	-	Active	NO
2	U18101KA1995PTC019270	RAMSONS VEIT PRIVATE LIMITED	Director	27-11-95	27-11-95	-	Active	NO
3	U18101KA2000PTC026476	RAMSONS UDHYOG PRIVATE LIMITED	Director	25-02-00	25-02-00	-	Active	NO
4	U74999KA2006PTC041196	ELKAY RAMSONS TEXTILE PROCESSING PRIVATE LIMITED	Director	25-08-08	25-08-08	-	Active	YES

Name :

Mr. Prakash Ramchand Belani

Designation :

Director

Address :

No. 320, Mysore Road, Bangalore – 560026, Karnataka, India

Date of Birth/Age :

28.11.1948

Date of Appointment :

03.04.1995

DIN No.:

01627353

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	U18101KA1994PTC015114	RAMSONS GARMENTS FINISHING PRIVATE LIMITED	Director	03-04-95	03-04-95	-	Active	NO
2	U18101KA1995PTC019270	RAMSONS VEIT PRIVATE LIMITED	Director	27-11-95	27-11-95	-	Active	NO
3	U18101KA2000PTC026476	RAMSONS UDHYOG PRIVATE LIMITED	Director	25-02-00	25-02-00	-	Active	NO

Name :

Mr. Chand Ramachand Belani

Designation :

Managing director

Address :

No. 77, Panchavavati, Ulsoor Road, Bangalore – 560042, Karnataka, India

Date of Birth/Age :

18.01.1954

Date of Appointment :

03.04.1995

DIN No.:

01898840

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	U18101KA1994PTC015114	RAMSONS GARMENTS FINISHING PRIVATE LIMITED	Managing director	03-04-95	03-04-95	-	Active	NO
2	U18101KA1995PTC019270	RAMSONS VEIT PRIVATE LIMITED	Director	27-11-95	27-11-95	-	Active	NO
3	U18101KA2000PTC026476	RAMSONS UDHYOG PRIVATE LIMITED	Director	25-02-00	25-02-00	-	Active	NO

Name :

Ms. Preeti Belani

Designation :

Director

Address :

No. 77, Ulsoor Road, Bangalore – 560042, Karnataka, India

Date of Birth/Age :

25.02.1951

Date of Appointment :

12.01.1994

DIN No.:

02107824

KEY EXECUTIVES

Name :	Ms. Sabita Bhattacharyya
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 23.09.2011

Names of Shareholders	No. of Shares
Sunder Ramchand Belani	96500
Preeti Belani	10100
Prakash Ramchand Belani	106400
Chand Ramachand Belani	97000
Rani Belani	20000
Ravina Belani	20000
Total	350000

Equity Share Break up (Percentage of Total Equity)

As on: 23.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Laundry Equipments and Garment Finishing Equipment
Exports :
Products :	Laundry Equipments and Garment Finishing Equipment
Countries :	· Europe · African Countries · Saudi Arebia · Srilanka · Bangladesh
Imports :
Products :	Raw Material
Countries :	· USA · Italy · China · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS As on 31.03.2011

Particulars	Units	Actual Production
Garment Finishing Machinery	Nos.	3790
Industrial Laundry Machinery	Nos.	1226
Others	Nos.	8861

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	400 (Approximately)
Bankers :	· Indian Overseas Bank, Bangalore, Karnataka, India · Indian Bank, Sadashivnagar Branch, Lower Palace Orchard, Sanky Road, Bangalore – 560003, Karnataka, India

Banking Relations :	--
Auditors :
Name :	Harish Kumar Dogra Chartered Accountant
Address :	No.384, 17^th Main, 4^th T Block, Jayanagar, Bangalore – 560041, Karnataka, India
PAN No.:	ADPPD4280P
Sister Concern :	Ramsons Veit Ramson Udyog

CAPITAL STRUCTURE

As on: 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
45,000,00	Equity Shares	Rs.10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35,00,00	Equity Shares	Rs.10/- each	Rs. 3.500 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		3.500	3.500	3.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		254.084	234.564	217.967
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		257.584	238.064	221.467
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		257.584	238.064	221.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.047	60.696	27.730
Capital work-in-progress		9.057	0.000	28.006
INVESTMENT		1.000	1.000	0.000
DEFERREX TAX ASSETS		2.548	2.283	1.206
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.855	36.020	35.653
	Sundry Debtors	305.810	273.526	238.756
	Cash & Bank Balances	229.702	217.411	187.113
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.353	68.983	67.045
Total Current Assets		673.720	595.940	528.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.504	136.972	139.918
	Other Current Liabilities	461.993	271.167	211.116
	Provisions	14.291	13.716	13.008
Total Current Liabilities		493.788	421.855	364.042
Net Current Assets		179.932	174.085	164.525
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		257.584	238.064	221.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	697.898	523.554	497.676
		TOTAL (A)	697.898	523.554	497.676
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	646.175	474.28	451.113
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.723	49.274	46.563
Less	FINANCIAL EXPENSES (D)		14.133	15.428	13.550
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.590	33.846	33.013
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.966	6.950	4.047
	PROFIT BEFORE TAX (E-F) (G)		29.624	26.896	28.966
Less	TAX (H)		10.105	10.299	11.713
	PROFIT AFTER TAX (G-H) (I)		19.519	16.597	17.253
	BALANCE CARRIED TO THE B/S		19.519	16.597	17.253
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	39.753	33.099	51.499
	TOTAL EARNINGS		39.753	33.099	51.499
	IMPORTS
		Raw Materials	83.168	61.894	72.698
		Capital Goods	4.587	0.000	0.000
	TOTAL IMPORTS		87.755	61.894	72.698
	Earnings Per Share (Rs.)		55.77	47.42	49.29

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000
	(Due to Market Fluctuation)

Expected Sales (2012-2013): Rs. 1000.000 Millions

The above information has been parted by Ms. Sabita Bhattacharya

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.79	3.17	3.47
Return on Total Assets (PBT/Total Assets}	(%)	4.01	4.10	5.21
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.13
Debt Equity Ratio (Total Liability/Networth)		1.92	1.77	1.64
Current Ratio (Current Asset/Current Liability)		1.36	1.41	1.45

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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	U18101KA1994PTC015114
Name of the company	RAMSONS GARMENTS FINISHING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	320,Mysore Road, Bangalore - 560026, Karnataka, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Sadashivnagar Branch, Lower Palace Orchard, Sanky Road, Bangalore – 560003, Karnataka, India sadashivnagar@indianbank.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Movables
Date of instrument Creating the charge	09.08.2012
Amount secured by the charge	Rs. 40.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest BR + 2.00% Presently 12.50 Terms of repayment Payable on demand Margin Export Packing Credit (240 days)/FBN (DA-270 days)-25% Extent and operation of the charge Hypothecation of stocks including finished goods/ work in process/ raw materials/ receivables
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks including finished goods/ work in process/ raw materials/ receivables

OPERATIONS

This year witnessed a turnover of Rs.697.898 Millions (Previous Year Rs.523.554 Millions) which resulted in profit Rs.229.624 Millions (Previous year Rs.26.896 Millions), after providing Rs.7.966 Millions for depreciation (Previous Year Rs.6.950 Millions)

FIXED ASSEST

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Vehicles

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 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	52.38
UK Pound	1	84.00
Euro	1	67.99

INFORMATION DETAILS

Information Gathered by :	SVD
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.