MIRA INFORM REPORT

Report Date :

04.05.2013

IDENTIFICATION DETAILS

Name :	SONIA TRENDZ PRIVATE LIMITED
Registered Office :	C-2/10, Road No-8, Hojiwala Industries Estate, Sachin, Surat-394230, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.05.2008
Com. Reg. No.:	04-053964
Capital Investment / Paid-up Capital :	Rs. 1.365 Millions
CIN No.: [Company Identification No.]	U17120GJ2008PTC053964
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Kids and Ladies Apparels.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 21000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal business dealings with some caution.

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

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 :	Mr. Vineet Linga
Designation :	Director
Contact No.:	91-9099713667
Date :	26.04.2013

LOCATIONS

Registered Office/ Factory :	C-2/10, Road No-8, Hojiwala Industries Estate, Sachin, Surat-394230, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9099713667 (Mr. Vineet)
Fax No.:	Not Available
E-Mail :	groupsonia@gmail.com mcafiling@yahoo.co.in
Website :	http://www.soniagroup.org
Area :	29000 sq. ft
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :	Mr. Ashok Kumar Bengani
Designation :	Director
Address :	3011-13, Shree Shiv Textile Market, Ring Road, Surat-395002, Gujarat, India
Date of Birth/Age :	01.05.1971
Date of Appointment :	23.03.2009
DIN No.:	01275485
Name :	Mrs Sonia Bengani
Designation :	Director
Address :	5/B, Meghrath Appartmets–1, Bhatar Road, Surat-395007, Gujarat, India
Date of Birth/Age :	26.02.1973
Date of Appointment :	29.04.2009
DIN No.:	02626501
Name :	Mrs. Ranju Devi Bengani
Designation :	Director
Address :	B-502, 5^th Floor, Tower-A-1, Meghrath Appartments, Gunatit Nagar, Bhatar Road, Surat-395007, Gujarat, India
Date of Birth/Age :	08.07.1970
Date of Appointment :	29.04.2009
DIN No.:	02626554
Name :	Mr. Vineet Linga
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Sonia Bengani	10000
Ashok Kumar Bengani	12500
Gyanchand Bengani	10000
Kani Devi Bengani	32500
Ranju Devi Bengani	25000
Ravi Jain	3500
Richa Jain	1500
Premlata Jain	1500
Divine Light Finance Limited	40000
Total	136500

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	29.30
Directors or relatives of Directors	65.94
Other top fifty shareholders	4.76
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Kids and Ladies Apparels.
Exports :
Products :	Kids and Ladies Apparels
Countries :	· UAE · South Africa · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Nidhi Dyeing, Surat, Gujarat, India

Customers :

End Users

· Ashoka Dresses, Surat, Gujarat, India

No. of Employees :

200 (Approximately)

Bankers :

The South Indian Bank Limited, 21^st Century building, Ring Road, Surat-395002, Gujarat, India

Facilities :

Rs in Millions

SECURED LOAN	31.03.2012	31.03.2011
Secured Borrowngs	7.508	8.208
Total	7.508	8.208

Auditors :
Name :	Deswal and Company Chartered Accountants
Address :	A-401, India Textile market, Ring Road, Surat-395002, Gujarat, India
PAN No.:	ABCPD7550K

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/-each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
136500	Equity Shares	Rs. 10/-each	Rs. 1.365 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.365	1.365	1.365
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.057	3.794	3.654
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.422	5.159	5.019
LOAN FUNDS
1] Secured Loans		7.508	8.208	10.459
2] Unsecured Loans		9.551	8.910	8.025
TOTAL BORROWING		17.059	17.118	18.484
DEFERRED TAX LIABILITIES		0.595	0.421	0.193
TOTAL		23.076	22.698	23.696
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.525	16.057	16.996
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.643	0.807	1.665
	Sundry Debtors	9.145	8.024	3.551
	Cash & Bank Balances	1.358	1.171	3.527
	Other Current Assets	0.008	1.002	0.000
	Loans & Advances	1.290	0.016	0.513
Total Current Assets		12.444	11.020	9.256
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.626	3.780
	Other Current Liabilities	0.000	0.000
	Provisions	0.267	0.599
Total Current Liabilities		4.893	4.379	2.579
Net Current Assets		7.551	6.641	6.677
MISCELLANEOUS EXPENSES		0.000	0.000	0.023
TOTAL		23.076	22.698	23.696

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	28.239	28.738	5.141
		Other Income	0.199	0.180	0.084
		TOTAL	28.438	28.918	5.225
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	26.091	26.740	4.792
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.347	2.178	0.433
Less/ Add	DEPRECIATION/ AMORTISATION		1.813	1.729	0.757
	PROFIT/ LOSS BEFORE TAX		0.534	0.449	(0.324)
Less	TAX		0.271	0.309	0.193
	PROFIT/ LOSS AFTER TAX		0.263	0.140	(0.517)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(0.014)
	BALANCE CARRIED TO THE B/S		NA	NA	(0.531)
	Earnings Per Share (Rs.)		1.93	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	30.000

Expected Sales 2013-2014 : Rs. 35.000 Millions

The above information has been parted by Mr. Vineet Linga (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.93	0.48	(9.89)
Net Profit Margin (PBT/Sales)	(%)	1.89	1.56	(6.30)
Return on Total Assets (PBT/Total Assets}	(%)	1.91	1.66	(1.23)
Return on Investment (ROI) (PBT/Networth)		0.10	0.09	(0.06)
Debt Equity Ratio (Total Debt /Networth)		3.15	3.32	3.68
Current Ratio (Current Asset/Current Liability)		2.54	2.52	3.59

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	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 three years	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	Yes
18]	Major customers	Yes
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	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

UNSECURED LOAN :

Rs in Millions

Particulars	31.03.2012	31.03.2011
Loans and advance from body corporate	8.851	8.275
Loans due within one years	0.700	0.635
Total	9.551	8.910

FUTURE OUTLOOK:

During the year, the turnover of the company has slightly reduced to Rs. 28.239 Millions. The reduction in turnover of the company is mainly attributable to tough competition prevailing in the textile market and recession in the economy. The hard efforts on the part of the directors have been helpful in increasing the profitability of the company. Moreover, the directors are making efforts to further improve the performance of the company and are hopeful that the company will come out with better results in the current year.

FIXED ASSETS :

· Air Conditioner

· Building

· Compressor

· Computer

· Electrical Equipment

· Furniture

· Generator

· Machinery

· Sew. Machine

· Shering Machine

· UPS System

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. 53.95
UK Pound	1	Rs. 83.81
Euro	1	Rs. 70.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.