1. Summary Information

		Country	India
Company Name	Equi Plus (India) Exports Private Limited	Principal Name 1	Mr. Upendra Kumar Singh
Status	Satisfactory	Principal Name 2	Mr. Kashi Nath Singh
		Registration #	20-035424
Street Address	C – 40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India
Established Date	13.06.2008	SIC Code	--
Telephone#	91-512-2692180/ 81/ 82	Business Style 1	Traders
Fax #	91-512-2692280/ 2692183	Business Style 2	Export
Homepage	http://www.equiindia.in	Product Name 1	Textile Goods
# of employees	Not Available	Product Name 2	Garments Aprons
Paid up capital	Rs.37,500,000/-	Product Name 3	Rugs
Shareholders	Directors or relatives of directors – 100%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	5 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	59,710,000	Current Liabilities	44,076,000
Inventories	89,265,000	Long-term Liabilities	94,066,000
Fixed Assets	67,708,000	Other Liabilities	3,282,000
Deferred Assets	0,000	Total Liabilities	141,424,000
Invest& other Assets	3,978,000	Retained Earnings	41,737,000
		Net Worth	79,237,000
Total Assets	220,661,000	Total Liab. & Equity	220,661,000
Total Assets (Previous Year)	168,115,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	281,207,000	Net Profit	17,902,000
Sales(Previous yr)	NA	Net Profit(Prev.yr)	17,413,000

MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	EQUI PLUS (INDIA) EXPORTS PRIVATE LIMITED
Registered Office :	C – 40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.06.2008
Com. Reg. No.:	20-035424
Capital Investment / Paid-up Capital :	Rs.37.500 Millions
CIN No.: [Company Identification No.]	U74900UP2008PTC035424
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business of Traders, Export and Import of Textile Goods, Garments Aprons, Harness, Rugs, Halters etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for small to mediocre 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.

INFORMATION DENIED BY

Name :	Mr. Upendra Singh
Designation :	Director
Contact No.:	91-512-2692180
Date :	16.08.2013

LOCATIONS

Registered Office :	C-40, Panki Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India
Tel. No.:	91-512-2692180/ 81/ 82
Fax No.:	91-512-2692280/ 2692183
E-Mail :	shweta2402@rediffmail.com upendra@equiindia.com id-contact@equiindia.in s_kumarcs@sify.com ca.anil.saxena@gmail.com
Website :	http://www.equiindia.in

DIRECTORS

(AS ON 18.07.2011)

Name :	Mr. Upendra Kumar Singh
Designation :	Director
Address :	C – 21, Pankl Industrial Area, Site – 1, Kanpur – 208005, Uttar Pradesh, India
Date of Birth/Age :	12.10.1970
Date of Appointment :	13.06.2008
DIN No.:	02188151
Name :	Mr. Kashi Nath Singh
Designation :	Director
Address :	1203, Ratan Lal Nagar, Kanpur – 208005, Uttar Pradesh, India
Date of Birth/Age :	01.12.1947
Date of Appointment :	13.06.2008
DIN No.:	02188171

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 18.07.2011)

Names of Shareholders	No. of Shares
Upendra Kumar Singh	3400000
Kashi Nath Singh	350000
Total	3750000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To carry on the business of Traders, Export and Import of Textile Goods, Garments Aprons, Harness, Rugs, Halters etc.

GENERAL INFORMATION

Suppliers :

· A A Enterprises

· Agmotex Fabrics Limited

· B B corporation

· Bhagwati Enterprises

· Blue Bird Hosiery

· Creat Technology

· Diamond Enterprises

· Exim Packagers

· G S Internationa;

· Ganpati Graphics

· J M Textile

· Kailash Fastners Private Limited

· Kariwala Synthetic (Private) Limited

· Lion Tapes Private Limited

· Manohar Filament Private Limited

· Piller Textile

· Sheela Foams (Private) Limited

· Ruchi International

· Sterline Creation (Private) Limited

· United Synthetics

· V K brothers

· Vineet Industries

· Vishal Sewtech

· YKK India Private Limited

Customers :

· Decathlon SA

· Decathlon Shanghai Sports Private Limited

· Decathlon Russia

· Decathlon Sa Brazil

· Westgate-Efi Limited

· Group Go Sports

· A R S Enterprises

· Sethi Textile

No. of Employees :

Not Available

Bankers :

· State Bank of India,

Industrial Finance Branch, 13 – B, Sarvodaya Nagar, Kanpur – 208005, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
EPC Cash Credit	39.984	0.000
FBP (Advance)	11.221	0.000
SLC	7.588	3.000
Term Loan II	3.809	0.000
Term Loan III (Padding Plant)	6.049	0.000
Term Loan IV – Corporate Loan	2.039	0.000
Term Loan V – Corporate Loan	7.598	0.000
Term Loan SBI	0.000	15.750
SBI EPC A/c (Sub. To Bank Recon.)	0.000	28.786
SBI Current A/c (Sub. To Bank Recon.)	0.000	4.980
Total	78.288	52.516

Banking Relations :	--
Auditors :
Name :	Anil Saxena and Associates Chartered Accountants
Address :	111/471, Bhram Nagar, Kanpur – 208005, Uttar Pradesh, India
PAN No.:	AMZPS3565P

CAPITAL STRUCTURE

(AS ON 18.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		37.500	37.500	37.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.737	23.835	6.421
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.237	61.335	43.921
LOAN FUNDS
1] Secured Loans		78.288	52.516	50.301
2] Unsecured Loans		15.778	12.350	11.035
TOTAL BORROWING		94.066	64.866	61.336
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		173.303	126.201	105.257
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.708	60.157	64.747
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.978	2.961	1.835
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.265	68.996	54.671
	Sundry Debtors	59.588	34.801	24.130
	Cash & Bank Balances	0.029	0.073	0.079
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.093	1.127	2.129
Total Current Assets		148.975	104.997	81.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	44.076	39.171	39.757
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.282	2.743	2.577
Total Current Liabilities		47.358	41.914	42.334
Net Current Assets		101.617	63.083	38.675
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		173.303	126.201	105.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income - Sales (Net)	281.207	177.277	77.836
		Other Income	NA
		TOTAL INCOME	NA	177.277	77.836
Less	EXPENSES
		TOTAL	NA	147.049	64.098
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		35.198	30.228	13.738
Less	FINANCIAL EXPENSES		8.969	5.533	3.578
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		26.229	24.695	10.160
Less/ Add	DEPRECIATION/ AMORTISATION		7.760	6.825	3.503
	PROFIT BEFORE TAX		18.469	17.870	6.657
Less	TAX		0.567	0.457	0.236
	PROFIT AFTER TAX		17.902	17.413	6.421
	Earnings Per Share (Rs.)		4.77	4.64	1.78

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	9.82	8.25
Net Profit Margin (PBT/Sales)	(%)	6.57	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.52	10.82	4.57
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.15
Debt Equity Ratio (Total Debt/Networth)		1.19	1.06	1.40
Current Ratio (Current Asset/Current Liability)		3.15	2.51	1.91

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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
29]	Last accounts filed at ROC	No
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 LOANS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Magic House	4.472
Mr. Kashi Nath Singh	2.377
Equi Plus (India)	7.049	12.350
Upendra Singh	1.880
Total	15.778	12.350

WORKING:

This year was an inspiring for the company, as it recorded excellent performance on all major financial parameters, right from its early years of commencement of business.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10298036	03/06/2011	45,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, B-13 SARVODAYA NAGAR, KANPUR, Uttar Pradesh - 208005, INDIA	B17160037
2	10132922	04/10/2011 *	128,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, B-13 SARVODAYA NAGAR, KANPUR, Uttar Pradesh - 208005, INDIA	B23319551

* Date of charge modification

FIXED ASSETS:

· Air conditioner

· Building

· Computer

· Electronic Installation

· Furniture and Fixture

· Land

· Office Equipment

· Plant and Machinery

· Tools and Dies

· Xerox

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.66.04
UK Pound	1	Rs. 103.10
Euro	1	Rs. 86.99

INFORMATION DETAILS

Information Gathered by :	SAV
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.