MIRA INFORM REPORT

Report Date :

04.10.2013

Tel. No.:

0222440306

IDENTIFICATION DETAILS

Name :	RAMKA SILK HOUSE PRIVATE LIMITED
Registered Office :	191-E, 9th Caval, X Lane, Dr. Viegas Street, Kalbadevi, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.2002
Com. Reg. No.:	11-135360
Capital Investment / Paid-up Capital :	Rs. 37.500 Millions
CIN No.: [Company Identification No.]	U18101MH2002PTC135360
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21406A
PAN No.: [Permanent Account No.]	AACCR0696N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Readymade Garments.
No. of Employees :	30 (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 289700
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Mr. Sandeep
Designation :	Accounts Department
Contact No.:	91-22-24440336
Date :	03.10.2013

LOCATIONS

Registered Office :	191-E, 9th Caval, X Lane, Dr. Viegas Street, Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-24440336/ 66346425-27/ 66310597
Fax No.:	91-22-22073790
E-Mail :	ramkasilk@gmail.com
Location :	Owned
Factory :	Located at: · Surat · Bhiwandi

DIRECTORS

AS ON 29.09.2012

Name :

Kiran Amritlal Rochlaney

Designation :

Director

Address :

C-21, Palmlands, 20 Palinaka Road, Bandra [West], Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

19.05.1958

Date of Appointment :

01.04.2002

DIN No.:

01075910

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	Company/ LLP Status	Defaulting status
1	U18101MH2002PTC135360	RAMKA SILK HOUSE PRIVATE LIMITED	Director	01/04/2002	01/04/2002	Active	NO
2	U45200MH2008PTC182150	GOLDEN ORCHID HOMES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	Active	NO

Name :

Sharad Amritlal Rochlaney

Designation :

Director

Address :

1003, Rachana 'A' Somnath Lane, Hill Road, Bandra [West], Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

11.10.1965

Date of Appointment :

01.04.2002

DIN No.:

01075979

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	Company/ LLP Status	Defaulting status
1	U18101MH2002PTC135360	RAMKA SILK HOUSE PRIVATE LIMITED	Director	01/04/2002	01/04/2002	Active	NO
2	U45200MH2008PTC182150	GOLDEN ORCHID HOMES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	Active	NO
3	U70100MH1995PTC087678	POLESTAR REALTORS PRIVATE LIMITED	Director	19/10/2011	19/10/2011	Active	NO
4	U52322MH2003PTC141746	ROCHLON EXPORTS PRIVATE LIMITED	Additional director	08/08/2012	08/08/2012	Active	NO

Name :

Kanchan Sharad Rochlaney

Designation :

Director

Address :

904, Rachana 'A' Somnath Lane, Hill Road, Bandra [West], Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

20.02.1968

Date of Appointment :

13.01.2004

DIN No.:

01076134

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	Company/ LLP Status	Defaulting status
1	U18101MH2002PTC135360	RAMKA SILK HOUSE PRIVATE LIMITED	Director	13/01/2004	13/01/2004	Active	NO
2	U45200MH2008PTC182150	GOLDEN ORCHID HOMES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	Active	NO
3	U70100MH1995PTC087678	POLESTAR REALTORS PRIVATE LIMITED	Director	19/10/2011	19/10/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	% of Holding
Kiran A. Rochlaney	1447500	38.60
Sarla K. Rochlaney	377500	10.07
Sharad A. Rochlaney	1447500	38.60
Kanchan S Rochlaney	377500	10.07
Megha K. Rochlaney	50000	1.33
Jharna K. Rochlaney	50000	1.33
Total	3750000	100.00

AS ON 30.03.2013

Names of Allottees	No. of Shares
Kiran A. Rochlaney	1150000
Sharad A. Rochlaney	1150000
Kanchan S Rochlaney	200000
Total	2500000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Readymade Garments.
Exports :
Products :	Finished Goods
Countries :	· Sri Lanka
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

30 (Approximately)

Bankers :

· Bank of India-Lead Bank, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg, Kalbadevi, Mumbai - 400002, Maharashtra, India (Tel No.: 91-22-22082701)

· Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Term Loans
- From Bank	128.897	70.652
Total	128.897	70.652

Banking Relations :	--
Auditors :
Name :	N. K. Mittal and Associates Chartered Accountants
Address :	817, Building No. 3, Navjivan Commercial Premises, Lamington Road, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23096121
Income-tax PAN of auditor or auditor's firm :	AACPM4127E
Associates/Subsidiaries :	· Dolarteks · Rochlon Enterprises

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,250,000	Equity Shares	Rs. 10/- each	Rs. 62.500 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs. 10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,750,000	Equity Shares	Rs. 10/- each	Rs. 37.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.500	12.500
(b) Reserves & Surplus	34.921	27.855
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	5.000
Total Shareholders’ Funds (1) + (2)	72.421	45.355
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	157.091	80.348
(b) Trade payables	108.309	143.227
(c) Other current liabilities	0.731	10.910
(d) Short-term provisions	4.164	0.239
Total Current Liabilities (4)	270.295	234.724
TOTAL	342.716	280.079
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.322	4.555
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.240	0.180
(d) Long-term Loan and Advances	18.386	9.428
(e) Other Non-current assets	0.005	0.007
Total Non-Current Assets	22.953	14.170
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	122.814	84.032
(c) Trade receivables	161.796	167.362
(d) Cash and cash equivalents	13.925	(3.060)
(e) Short-term loans and advances	6.478	5.118
(f) Other current assets	14.750	12.457
Total Current Assets	319.763	265.909
TOTAL	342.716	280.079

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.500
2] Share Application Money		0.000
3] Reserves & Surplus		21.820
4] (Accumulated Losses)		0.000
NETWORTH		34.320
LOAN FUNDS
1] Secured Loans		53.696
2] Unsecured Loans		8.575
TOTAL BORROWING		62.271
DEFERRED TAX LIABILITIES		0.000
TOTAL		96.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.517
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.180
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.012
	Sundry Debtors	135.494
	Cash & Bank Balances	0.240
	Other Current Assets	0.000
	Loans & Advances	21.993
Total Current Assets		180.739
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.283
	Other Current Liabilities	26.312
	Provisions	15.258
Total Current Liabilities		87.853
Net Current Assets		92.886
MISCELLANEOUS EXPENSES		0.008
TOTAL		96.591

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	699.052	364.568	260.469
		Other Income	16.087	7.423	14.849
		TOTAL (A)	715.139	371.991	275.318
Less	EXPENSES
		Purchases of stock in trade	699.336	384.876
		Changes in inventories of finished goods, work in progress and stock in trade	(38.782)	(61.020)
		Employee benefit Expenses	2.417	2.780
		Other Expenses	30.795	32.335
		TOTAL (B)	693.766	358.971	264.278
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.373	13.020	11.040
Less	FINANCIAL EXPENSES (D)		10.264	6.161	5.257
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.109	6.859	5.783
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.955	0.824	0.569
	PROFIT BEFORE TAX (E-F) (G)		10.154	6.035	5.214
Less	TAX (H)		3.088	0.000	1.725
	PROFIT AFTER TAX (G-H) (I)		7.066	6.035	3.489
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	672.232	306.361	NA
	Earnings Per Share (Rs.)		1.88	6.04	5.21

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.99	1.62	1.27
Net Profit Margin (PBT/Sales)	(%)	1.45	1.66	2.00
Return on Total Assets (PBT/Total Assets}	(%)	2.96	2.16	2.83
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.15
Debt Equity Ratio (Total Debt/Networth)		2.17	1.77	1.81
Current Ratio (Current Asset/Current Liability)		1.18	1.13	2.06

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 three years	Yes
12]	Profitability for last three 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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10402559	21/01/2013	20,000,000.00	BANK OF INDIA	KALBADEVI BRANCH, ROUND BUILDING, SHAMALDAS GANDHI MARG, PRINCESS STREET, KALBADEVI, MUMBAI - 400002, MAHARASHTRA, INDIA	B67925628
2	10279439	28/02/2011	50,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B10331510
3	80007419	18/03/2013 *	180,000,000.00	BANK OF INDIA -LEAD BANK	KALBADEVI BRANCH, ROUND BUILDING, SHAMALDAS GANDHI MARG, PRINCESS STREET, KALBADEVI, MUMBAI - 400002, MAHARASHTRA, INDIA	B71727473

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
- From Directors	21.392	6.378
- From Shareholders	4.074	3.152
- From Others	2.728	0.166
Total	28.194	9.696

FIXED ASSETS:

· Air Conditioner

· Computer

· Fax Machine

· Furniture and Fixture

· Mobile Phone

· Vehicles

· Office Appliances

· Writing Machine

· Packing and Finishing

· Water Machine

· Coffee Machine

· Gems and Jewellery

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	Rs. 61.93
UK Pound	1	Rs. 100.44
Euro	1	Rs. 84.24

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.